What to Look for in Media and Internet Rebound [GF]

English summary

Sector positioning at historical lows, some tracks with profit release + low valuation +, watch for recovery ~ Macau Gaming: Recently, the Macau gaming sector has been driven by Hong Kong stocks + high-to-low switching funds. Valuations: Macau gaming operators' EV/EBITDA generally at 6-9x, at historical low range. Internet: (1) Tencent, Meituan, Bilibili, Pop Mart: Tencent Hy4+Workbuddy expected to boost confidence within the year. Meituan may achieve better-than-expected food delivery UE repair. Pop Mart is still digesting high bases from blockbuster products in the short term. (2) AI asset revaluation: Kuaishou (Q3 watch for Keling iteration), Baidu (included in Connect in September + Kunlunxin IPO), Alibaba (Pingtouge supernode adapted for Kimi). (3) Low valuation + defensive: NetEase, Pinduoduo, NetEase Cloud Music (Qingshui user growth slowing, NetEase Cloud Music interim results in line or may repair valuation), Joyy (stable main business + high dividend).