国信证券：互联网板块筑底确认推荐配置竞争格局清晰的腾讯、美团等_老虎社区_美港股上老虎

国信证券：互联网板块筑底确认推荐配置竞争格局清晰的腾讯、美团等

国信证券07-08

2024 上半年行情回顾：恒生科技累计下跌5.6%，纳斯达克互联网指数累计涨幅14%。个股方面，港股腾讯音乐、美团、腾讯控股为年初至今表现前三的股票，累计涨幅为57%、35%、28%。美股英伟达、SEA、META 为年初至今表现前三的股票，累计涨幅为179%、76%、42%。从市盈率看，恒生科技指数PE-TTM 为22.7x，处于恒生科技指数成立以来15.12%分位点。国内互联网公司纵览：1）...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

关于我们·老虎社区守则·老虎社区账号管理规范·老虎社区服务协议·老虎社区隐私政策

公司名称：北京至简风宜信息技术有限公司

违法和不良信息投诉：010-5681-3562（工作时间9:30-18:30）

邮箱：service@laohu8.com

营业执照：91110105MA01A4U55R

ICP备：京ICP备18016422号

网安备：京公网安备11010502036490

关注我们

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2449743055?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-07-08 13:10","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2449743055","market":"us","top_or_hot":-1,"title":"国信证券：互联网板块筑底确认 推荐配置竞争格局清晰的腾讯、美团等","media":"国信证券","content":"<div>\n<p>2024 上半年行情回顾：恒生科技累计下跌5.6%，纳斯达克互联网指数累计涨幅14%。个股方面，港股腾讯音乐、美团、腾讯控股为年初至今表现前三的股票，累计涨幅为57%、35%、28%。美股英伟达、SEA、META 为年初至今表现前三的股票，累计涨幅为179%、76%、42%。从市盈率看，恒生科技指数PE-TTM 为22.7x，处于恒生科技指数成立以来15.12%分位点。国内互联网公司纵览：1）...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20240708131048958e2a5d&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>国信证券：互联网板块筑底确认 推荐配置竞争格局清晰的腾讯、美团等</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n国信证券：互联网板块筑底确认 推荐配置竞争格局清晰的腾讯、美团等\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-08 13:10 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20240708131048958e2a5d&s=b><strong>国信证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2024 上半年行情回顾：恒生科技累计下跌5.6%，纳斯达克互联网指数累计涨幅14%。个股方面，港股腾讯音乐、美团、腾讯控股为年初至今表现前三的股票，累计涨幅为57%、35%、28%。美股英伟达、SEA、META 为年初至今表现前三的股票，累计涨幅为179%、76%、42%。从市盈率看，恒生科技指数PE-TTM 为22.7x，处于恒生科技指数成立以来15.12%分位点。国内互联网公司纵览：1）...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20240708131048958e2a5d&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0348723411.USD","symbol_name":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20240708131048958e2a5d&s=b","article_id":"2449743055","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20240708131048958e2a5d&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2449743055","pubTimestamp":1720415442,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2）美团：外卖运营提效，到店业务竞争压力趋缓，经营利润率环比回升。此外，各家互联网公司今年以来陆续推出大额回购计划，整个上半年腾讯、美团、快手的回购金额分别为523 亿/77 亿/9.7 亿港元。我们当前推荐优先配置竞争格局清晰的港股互联网龙头腾讯、美团等。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"80700":"腾讯控股-R","83690":"美团-WR","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4588":"碎股","BABA":"阿里巴巴","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0079474960.USD":"联博美国增长基金A","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0082616367.USD":"摩根大通美国科技A（dist）","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","NVDA":"英伟达","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","00700":"腾讯控股","LU0234572021.USD":"高盛美国核心股票组合Acc","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","03690":"美团-W","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","META":"Meta Platforms","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","BK4077":"互动媒体与服务","BK4592":"伊斯兰概念","MSFT":"微软","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","BK4585":"ETF&股票定投概念","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","BK4507":"流媒体概念","GOOG":"谷歌","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","AMZN":"亚马逊","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","JD":"京东","BK4587":"ChatGPT概念","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","BK4524":"宅经济概念","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","TCEHY":"腾讯控股ADR","PDD":"拼多多","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC"},"translate_title":"Guosen Securities: The Internet sector bottomed out and confirmed the recommended allocation of Tencent, Meituan, etc. with clear competitive landscape","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80700":0.9,"83690":0.9,"TCEHY":1,"03690":0.9,"00700":0.9,"BABA":0.7,"PDD":0.6,"JD":0.6,"GOOG":0.5,"META":0.5,"MSFT":0.5,"NVDA":0.5,"AMZN":0.5},"content_text":"2024 上半年行情回顾：恒生科技累计下跌5.6%，纳斯达克互联网指数累计涨幅14%。个股方面，港股腾讯音乐、美团、腾讯控股为年初至今表现前三的股票，累计涨幅为57%、35%、28%。美股英伟达、SEA、META 为年初至今表现前三的股票，累计涨幅为179%、76%、42%。从市盈率看，恒生科技指数PE-TTM 为22.7x，处于恒生科技指数成立以来15.12%分位点。国内互联网公司纵览：1）腾讯控股：游戏业务预计将企稳回升，视频号广告开启清晰成长曲线，整体业务组合向高质量优化，利润增长持续跑赢收入增长。2）美团：外卖运营提效，到店业务竞争压力趋缓，经营利润率环比回升。3）阿里巴巴：内部战略改革，聚焦淘宝天猫发展，预计上半年收入平稳增长，GMV 份额逐步企稳。4）拼多多:海外Temu 持续高增长，近期推出半托管业务，预计将持续改善利润率，主站方面仍保持健康增长。5）京东集团：家电类产品有望推出换新补贴，上半年收入稳健增长，利润表现亮眼。海外互联网公司纵览：1）微软：AI 背景下，云业务加速增长，AI PC 助力AI+办公发展。2）谷歌：广告业务稳健、云增长复苏，关注Gemini 后续AI建设。3）META：广告稳健且成本控制良好，Reels 短视频持续拉动增长，关注宏观与AI 技术发展。4）亚马逊：降本增效持续提升利润率，AWS 持续加速增长。5）海外SaaS：IT 支出仍处在弱周期，AI 对板块需求带来结构化差异，AI 应用商业化进展较慢同时AI 使得大部分SaaS 公司重回投资周期，关注业绩加速增长的公司。投资建议：整个上半年，港股互联网各龙头公司已表现出微观基本面筑底回升的特征，尽管宏观经济仍表现出一定压力，我们观察到腾讯的主业游戏海外流水已率先回暖、美团外卖业务每单盈利能力在Q1 也开始环比回升、美团本地生活业务跟字节的竞争也逐步走向差异化方向等，我们认为现在正处在微观企业经营效率的小周期回升的起点，因此将推动港股互联网板块开启长期基本面修复行情。此外，各家互联网公司今年以来陆续推出大额回购计划，整个上半年腾讯、美团、快手的回购金额分别为523 亿/77 亿/9.7 亿港元。目前港股互联网公司多数交易在24 年经调整净利润15-20x 水平，相比较美股纳斯达克科技巨头多数交易在24 年PE25-30x，整体估值较低，投资价值凸显。我们当前推荐优先配置竞争格局清晰的港股互联网龙头腾讯、美团等。风险提示：政策风险，疫情反复的风险，短视频行业竞争格局恶化的风险，宏观经济下行导致广告大盘增速不及预期的风险。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}