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《大行》滙豐研究:近期市場對內地MaaS Token價格戰擔憂可能過度
滙豐研究發表報告指,中國互聯網板塊今年以來表現落後,主要受投資者以下幾方面擔憂影響,包括AI支出增加及AI代理帶來的顛覆導致盈利風險;持續的監管審查,包括因平台商家食品安全問題開出的罰款,以及最近對電商補貼、稅務合規、跨境投資限制的審查,加上地緣政治不確定性,尤其是更多公司被美國列入中國軍事企業名單;以及消費情緒疲弱。報告指,雖然部分因素短期內仍將構成壓力,...
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《大行》滙豐研究:近期市場對內地MaaS Token價格戰擔憂可能過度
Recommend
39
Positive
72
Negative
28
 
 

滙豐研究發表報告指,中國互聯網板塊今年以來表現落後,主要受投資者以下幾方面擔憂影響,包括AI支出增加及AI代理帶來的顛覆導致盈利風險;持續的監管審查,包括因平台商家食品安全問題開出的罰款,以及最近對電商補貼、稅務合規、跨境投資限制的審查,加上地緣政治不確定性,尤其是更多公司被美國列入中國軍事企業名單;以及消費情緒疲弱。

報告指,雖然部分因素短期內仍將構成壓力,但認為具備即時催化劑的個股仍存在機會。此外,中國大型互聯網股相對美國同業仍存在47%的市盈率折讓,而中國AI概念股則有40%的市盈率折讓。

該行認為,近期對MaaS(模型即服務)中token價格戰的擔憂可能過度。MaaS業務目前在阿里(09988.HK)  -0.900 (-0.817%)    Short selling $982.12M; Ratio 10.761%   的股價估值中被嚴重低估。若按6月15億美元年化收入及21倍P/ARR,潛在價值可達每股13美元。雲業務毛利率擴張及芯片業務潛在分拆亦帶來價值上行。

該行指快手(01024.HK)  +0.360 (+0.785%)    Short selling $154.42M; Ratio 15.102%   可靈的外部融資可能是重要催化劑,若按5億美元ARR及21-30倍P/ARR計算,潛在價值為每股22至32港元。

股份 | 投資評級 | 目標價

騰訊控股(00700.HK)  -4.000 (-0.863%)    Short selling $1.14B; Ratio 12.425%   | 買入 | 720港元
快手-W(01024.HK)  +0.360 (+0.785%)    Short selling $154.42M; Ratio 15.102%   | 買入 | 65港元
美團-W(03690.HK)  +0.350 (+0.449%)    Short selling $470.09M; Ratio 24.619%   | 買入 | 104港元
網易(NTES.US)      | 買入 | 162美元
京東(JD.US)      | 買入 | 37美元
阿里(BABA.US)      | 買入 | 180美元

(ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-15 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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