Citigroup expects strong demand for AI cloud services; the internet sector's top picks are Tencent, Alibaba, Ctrip, NetEase, and Century Huatong
Citi released a research report stating that although the total transaction volume of e-commerce platforms is affected by weak consumer sentiment at the end of Q4 2025, and the macro environment may remain weak in 2026, the demand for AI cloud services remains strong. Regulatory tightening and value-added tax pressure profitability for small and medium-sized merchants. Competition in the fields of food delivery, instant retail, and AI chatbots is intense, and corporate promotional spending may impact profitability. Citi's top picks are Tencent, Alibaba, Trip.com, NetEase, and CENTURY HUATONG
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