I'm LongbridgeAI, I can summarize articles.Goldman Sachs upgraded China's gaming and entertainment sectors as top defensive growth picks through year-end, citing resilience amid weak macro trends. The broker maintained Buy ratings on Tencent, NetEase, Alibaba, and others but lowered price targets for Tencent and Alibaba due to AI investment dilution and financing impacts. Despite cutting EPS forecasts, Goldman raised cloud growth estimates based on strong computing demand.
Goldman Sachs issued a research report updating its preferences for China's internet and AI sub-sectors through year-end. The broker upgraded gaming and entertainment as its top defensive growth pick, followed by cloud and data centers, as well as verticals/education, as weak macro trends continue to weigh on e-commerce.
TENCENT (00700.HK) -7.400 (-1.707%) Short selling $932.58M; Ratio 16.904% , NetEase, Inc. (NTES.US) , BABA-W (09988.HK) -1.700 (-1.601%) Short selling $545.21M; Ratio 15.013% , VNET Group, Inc. (VNET.US) , New Oriental Education & Technology (EDU.US) , KE Holdings Inc (BEKE.US) , JD.com, Inc. (JD.US) and MINIMAX-W (00100.HK) +15.600 (+6.555%) Short selling $351.07M; Ratio 9.688% were rated Buy, given resilient AI cloud momentum, cost efficiency and attractive valuations.
Taking into account elevated AI investments and recent equity financing, the broker lowered TENCENT (00700.HK) -7.400 (-1.707%) Short selling $932.58M; Ratio 16.904% 's 12-month TP to HKD650 and cut its 2H26 EPS forecast by as much as 5%. It also lowered BABA-W (09988.HK) -1.700 (-1.601%) Short selling $545.21M; Ratio 15.013% 's 12-month TP to HKD172 and reduced the US stock TP for Alibaba (BABA.US) to USD177 to reflect dilution. However, based on strong computing power demand, it raised its September-quarter cloud growth estimate to 53%.
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