On September 30th, Goldman Sachs aligns e-commerce stocks with gaming stocks, considering them the most preferred sector in mainland China's internet industry. Based on mainland China's stronger-than-expected growth and loose policies, the e-commerce market situation is expected to stabilize under the general stability of market share, with Alibaba, PDD Holdings, and JD.com having a PE ratio of only 9 to 12 times, with a combined market cap of only $500 billion, compared to Amazon's $2.1 trillion market cap. The bank believes that mainland China's e-commerce, as the world's largest e-commerce market, will provide the most significant value recovery among mainland China's internet stocks. Industry growth is faster than mainland China's economic and consumer growth, benefiting from the upward trend in monetization driven by the shift to online shopping and advertising technology. Based on improved visibility of macro and market conditions and consumer outlook, the bank raised the target PE ratios for Tencent Advertising and Fintech to 22 times and 18 times, for Meituan's in-store, hotel, and travel sectors to 20 times, for Alibaba Taotian Group to 10 times, for JD.com Retail to 10 times, and maintained PDD Holdings' local platform target PE ratio at 13 times. Goldman Sachs raised Tencent's target price from HKD 464 to HKD 521, Alibaba's target price from HKD 105 to HKD 131, JD.com's target price from HKD 157 to HKD 178, Meituan's target price from HKD 157 to HKD 194, and PDD Holdings' target price from $165 to $169, all rated as 'buy'.