Recently, Hong Kong and US stocks continued to rebound. In terms of US stocks, hot US-listed stocks rose 13% in the past three trading days; in Hong Kong, the Hang Seng Technology Index rose more than 9% in 3 days.$Meituan-W (03690.HK) $、$BABA-SW (09988.HK) $It has rebounded by 75% and 35% from this year's lows, respectively.

One of the biggest drivers of the rebound of these Chinese technology Internet sectors comes from better-than-expected performance.$Kuaishou Technology-W (01024.HK) $Q1 losses continued to narrow this year, exceeding Bloomberg's expectations. BABA 、$Baidu, Inc. (BIDU.US) $、$Pinduoduo (PDD.US) $Revenue and earnings also exceeded Bloomberg's expectations. After the announcement of the results, these stocks reacted violently. For example, Pinduoduo, who announced results before trading on Friday, closed up more than 15 per cent on the day, while Baidu, Inc. 's US shares rose 16.6 per cent in the two days after their results.

In terms of financial highlights, Aliyun made an annual profit for the first time; Pinduoduo's e-commerce platform revenue and net profit margin greatly exceeded market expectations; Baidu, Inc. 's transformation is beginning to bear fruit, and smart cloud and self-driving business continue the momentum of rapid growth. Kuaishou Technology's revenue grew by 24% compared with the same period last year, and his loss continued to narrow.

Tianfeng Securities believes thatThe fundamentals of China's science and technology Internet sector are likely to bottom in the second quarter, and performance visibility will gradually boost market confidence.With the improvement of the macro environment and the realization of the high-quality growth strategy of enterprises, the gradual resonance of income growth and operating leverage is expected to promote the elastic recovery of performance.At present, it has entered the medium and long term configuration range of the plate.It is recommended that you continue to pay attention. In the follow-up, we will continue to pay attention to the control of the local epidemic situation and realize the strategy of reducing costs and losses for enterprises.

Citic Construction Investment said that as the quarterly report draws to a close, the market's expectations for the second quarter and the whole year of the Internet leader are gradually revised.The bottom of the second quarter results is just around the corner..

On the other hand, with the Politburo meeting at the end of April and the successful holding of the Internet forum in early May, the regulatory attitude of the domestic industry has changed obviously. In the future, domestic policy supervision will tend to be normalized, which will help the Internet to return to the original heart of innovation, and innovation is the driving force for the development of the Internet.New model breakthroughs and technological breakthroughs will dominate the new growth of the Internet industry in the next stage..