Furui's report states that referencing the performance of the internet industry cycle in the past 20 years, key events can trigger re-rating and changes in valuation methods. With a series of recent policy measures introduced, it is expected to be crucial for the future recovery of the internet industry. It maintains a 'buy' rating on the mainland internet industry for 2025. Due to the low industry valuation of the e-commerce sector, Furui expects to benefit from potential valuation reassessment, with target prices for PDD Holdings (PDD.US), Alibaba (09988.HK), and jd.com (09618.HK) raised to $181, HK$137, and HK$210 respectively.

Furthermore, although there is uncertainty in the macro economy, FURUI believes that local services and OTA demand will continue to grow. Companies such as Meituan (03690.HK), Ctrip (09961.HK) (TCOM.US), and Tongcheng (00780.HK) still have relatively good profit visibility. In terms of vertical sectors, the real estate, recruitment, and digital logistics industries are more sensitive to the economic recovery trend. The bank is more bullish on Full Truck Alliance (YMM.US), KE Holdings (02423.HK) (BEKE.US), and Kanzhun (02076.HK)(BZ.US).

FURUI believes that Tencent (00700.HK) has a strong social ecosystem, while maintaining a solid position in the gaming sector. Its advertising market share is constantly expanding, giving it a greater advantage in the macroeconomic downturn and intensified competitive environment. The target price has also been raised from 490 yuan to 540 yuan.