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<Research>JPM Expects Current Rebound in CN Internet Sector More Sustainable, Won't Advise Switching from BABA-W to TENCENT Now
Recommend 96 Positive 177 Negative 85 |
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According to a report from JPMorgan, the average return of China's internet sector, as measured by KWEB (KWEB.US), has reached 22% YTD, mainly attributable to the renewed trading activity brought about by the generative AI boom in China. Most of the stocks related to generative AI under JPMorgan's coverage have outpaced the industry average level YTD. BABA-W (09988.HK) (BABA.US)/ KUAISHOU-W (01024.HK)/ KINGSOFT CLOUD (03896.HK) (KC.US)/ BIDU-SW (09888.HK) (BIDU.US) outperformed by 47%/ 29%/ 98%/ 16%. However, TENCENT (00700.HK) only outperformed by 14%, a relatively weaker performance. JPMorgan currently does not recommend that investors should switch from BABA-W to TENCENT or BIDU-SW given that the stock prices of TENCENT and BIDU-SW may be driven by AI development in different ways and face different risks. For example, investors' expectations for the value of the Tencent Cloud service business have already been fully reflected in the stock performance, and the market may also be concerned that BIDU-SW's core search business could be impacted by the application of generative AI. AAStocks Financial News |
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