Nomura's research report pointed out that due to the low valuation of China's Internet industry, combined with attractive capital return on investment, European and American investors are generally optimistic about the industry. Some investors, especially hedge funds, are revealing that they are reinvesting in Chinese Internet stocks to seize the growth opportunities brought by the potential rebound of the Chinese economy. Their top stock picks for the next 12 months are Tencent (00700.HK) and Meituan (03690.HK), both rated as "buy", while showing a more positive outlook in the short term for Alibaba (09988.HK)(BABA.US) and Bilibili (09626.HK)(BILI.US), also rated as "buy".

Additionally, the bank also favors JD.com (09618.HK)(JD.US) and PDD Holdings (PDD.US), with a "buy" rating. They believe that over the past year, JD.com and Alibaba have generously rewarded their shareholders and have pledged to continue their capital return plans. Looking forward to the recovery of the Chinese real estate market, which can drive demand for household appliances, Nomura believes that JD.com will benefit from this trend.

Despite the fierce competition in the mainland e-commerce market, Nomura expects that the economic stimulus policies announced by the central government last week seem to help boost market sentiment, focusing on stabilizing the property market and promoting the recovery of consumer demand. Therefore, they anticipate that the performance of the e-commerce sector in the short term may be relatively strong.