点击文件名下载附件
Executive summary
6 Key themes worth monitoring in 2022
Growth: Transitioning from user growth to operational optimisation
Regulation: Focus on implementation
Ecosystem: Inter-connectivity entering the next phase
Competitive landscape: Levelling the playing field
Investment focus: Hard technology, overseas market and shareholder returns
Earnings: Consenses earnings may still see meaningful adjustment
Subsector outlook
Online games: Opportunities still exist in the new normal
E-commerce: Opportunities may arise in 2H22
Advertising: Stay selective as macro weighs demand
Local services: Weak near-term visibility despite penetration potential
Education: Vocational education riding on policy tailwinds
Travel: The eventual recovery could be on the horizon
Online Entertainment: Long tunnel before light
Stock implications
Stock picks: Tencent, NetEase, Kuaishou, PDD, JOYY, Trip.com