Goldman Sachs' research report indicates that with mainland internet giants to announce third-quarter earnings next week one after another, most companies' revenues are expected to meet expectations. Investors will shift their focus to the fourth quarter guidance due to policy changes in mainland China at the end of September, as well as management's comments on recent consumer trends, advancements in advertising technology, AI cloud growth and capital expenditure investments, how companies are responding to cross-border business under potential US tariffs, and any updates regarding shareholder return policies.

The bank remains bullish on large-cap companies in the industry, such as Tencent (00700.HK), as well as the e-commerce sector, including Alibaba (09988.HK), PDD Holdings (PDD.US), and jd.com (09618.HK). The bank has raised the target price of PDD Holdings from $169 to $172, and the target price of Meituan (03690.HK) from 194 HKD to 212 HKD, both rated as 'buy'.

Stocks | Investment Rating | Target Price

Tencent (00700.HK) | Buy | 521 HKD

Alibaba (09988.HK) | Buy | 131 HKD

PDD Holdings (PDD.US) | Buy | $169 → $172

jd.com (09618.HK) | Buy | 178 HKD

Meituan (03690.HK) | Buy | 194 → 212 HKD

(vc/u)

~