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<Research>CLSA Expects US-CN AI Race to Sour in 2026; 6 Top Picks Include TENCENT, BABA-W
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The Chinese internet sector delivered strong performance in 2025, with DeepSeek leading domestic AI trends, CLSA opined in a research report. The growth was expected to carry forward into 2026, particularly with intensified competition in agentic and video generation applications. China and the US will engage in direct competition globally in AI models, applications, cloud services, and autonomous driving (Robotaxi). Despite geopolitical challenges, Chinese gaming and e-commerce sectors continued to expand briskly in overseas markets. However, the broker maintained a cautious outlook on the domestic e-commerce sector. In terms of investment strategy, CLSA favored AI, gaming, and health-related sectors, forecasting sector revenue and adjusted EBIT to grow by 12% and 29% YoY, respectively, and believed China is poised to lead globally in AI application implementation. CLSA named six top picks for 2026, including TENCENT (00700.HK), XIAOMI-W (01810.HK), BABA-W (09988.HK), NETEASE MUSIC (09899.HK), KUAISHOU-W (01024.HK), and JD HEALTH (06618.HK), specifically highlighting optimism about BABA-W's cloud business, TENCENT's AI applications, and XIAOMI-W's consumer AI devices. AASTOCKS Financial News Website: www.aastocks.com |
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