Citi said that in the second quarter, the performance of Chinese Internet companies was released, and there were more cases of profits exceeding expectations than of revenue exceeding expectations. One reason for this is that companies have actively reduced subsidies to focus on quality returns. It is expected that this trend will continue into the second half of the year, and the prospects for profitability may further improve. Tencent is still the preferred stock, with a bullish outlook on service-heavy Meituan and Ctrip, as well as the growth potential of Manbang. The recent price correction of Tencent Music is an attractive defensive investment. Century Huatong is bullish in the A-share market.
花旗：中国互联网公司料继续压减补贴以提升盈利，首选股仍为腾讯
Citigroup: Chinese internet companies are expected to continue reducing subsidies to improve profitability, with Tencent as the preferred stock.
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