Daiwa's research report states that among mainland technology companies, the top choices are Tencent (00700.HK) and Ctrip (TCOM.US) tied for first place, followed by Meituan-W (03690.HK), Pinduoduo (PDD.US), and Alibaba (BABA.US). The target price for Meituan has been raised from 145 yuan to 160 yuan.

The report points out that the macro situation may continue to be a major disadvantage for mainland network technology stocks, citing negative impacts on e-commerce this year due to the decline in average order price and price competition. However, attention is paid to the main positive factors of Meituan and Ctrip, believing that Ctrip's hotel business is ready to further increase market share in the next two years, with the main catalyst being the increase in revenue contribution from international travel business; while Meituan's in-store merchandise transaction volume recorded a year-over-year increase of over 40% in July and August, and the lower rider costs resulted in unit economic improvement in its delivery business.