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<Research>CMS Recommends Overweighting Meta/ Pinduoduo/ NetEase; AI Productivity Driving Tech Industry Divergence
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The tech and internet sectors will exhibit significant sub-sector divergence between 2H25 and 2026, China Merchants Securities said in its research report. The "Magnificent Seven" and tech hardware are benefiting from long-term demand for AI infrastructure and robust AI capital expenditure, showing strong performance. On the other hand, global consumer SaaS is experiencing simultaneous weakness, with different companies facing various bottom-up issues. China Merchants Securities remains optimistic about AI leaders, suggesting that investors should seek selective opportunities in the consumer SaaS sector after significant pullbacks. Chinese companies, such as Pinduoduo (PDD.US), NTES-S (09999.HK) (NTES.US), BOSS ZHIPIN-W (02076.HK), and TME-SW (01698.HK) (TME.US), have demonstrated solid growth, profitability, and valuation support. The broker recommended overweighting Alphabet (GOOG.US), Meta (META.US), Netflix (NFLX.US), Roblox (RBLX.US), Pinduoduo, NTES-S, BOSS ZHIPIN-W, and TME-SW. AAStocks Financial News |
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