摩根大通：中国互联网-市场反馈：更关注宏观因素而非人工智能

Investment Rating - The sector top pick remains Alibaba, with a focus on its ecommerce business and overall profit growth rather than the AI theme [2]. Core Insights - North American investors are more focused on the macro outlook of China and the competitive landscape, showing less enthusiasm for AI's potential compared to Asian investors [2][4]. - There is a general hope among North American investors for signs of a consumption recovery in China, although their conviction remains low [2]. - The competitive landscape in the ecommerce and local service sectors is a concern, but there is a belief that competition may be milder than feared, supporting a potential valuation re-rating for ecommerce names [4][5]. Summary by Sections North America Marketing Feedback - Investors in North America are primarily focused on the macro outlook and competitive landscape in China, with less confidence in AI as a sustainable share price driver [2]. - Interest was mainly from long-only emerging market funds, with selective interest from global funds and hedge funds [2]. AI Development - North American investors are less excited about AI potential in China due to unclear use cases and doubts about China's AI capabilities [4]. - There is a concern that the AI-driven rally in China may not be sustainable, leading investors to focus on more fundamental themes [4]. Macro Outlook - Investors in North America believe the Chinese economy is at the bottom with potential upside from government stimulus, contrasting with Asian investors who view policies as stabilizing the economy [4]. Competitive Landscape - Concerns exist regarding competition in the ecommerce and local service sectors, particularly from PDD and Douyin [4]. - Many investors agree that competition may be less intense than anticipated, which could support a valuation re-rating for ecommerce companies [4]. Political/Regulatory Risks - Positive sentiment exists regarding government support for private enterprises, particularly following President Xi's meetings with top private company leaders [5]. - Ongoing US policies targeting China have raised concerns, but extreme scenarios like delisting of Chinese ADRs are considered unlikely in the near term [5]. Company-Specific Insights - Alibaba is viewed positively, with investors interested in its ecommerce business improvements rather than AI developments [5]. - JD is noted for its growth momentum from trade-in policies, while PDD's investment strategy remains a topic of discussion but with low interest in ownership [5]. - Trip.com is seen as having potential upside following a share price correction, while Meituan faces uncertainties regarding overseas losses [5].