Goldman Sachs: Cloud and Data Centers Rank as China's Top Sub-Industries in Internet Sector; Recommend Alibaba and Kingsoft Cloud

SadMoneyMeow · 2026-04-06T05:37:20+00:00

Goldman Sachs research report indicates that cloud and data centers are the preferred sub-industries due to the growth in AI demand, with main investment targets including GDS Holdings, China Unicom, Alibaba, and Kingsoft Cloud. E-commerce and mobile travel have been upgraded to the second sub-industry, with targets including Pinduoduo and Manbang Group. Gaming and entertainment are the third sub-industry, focusing on Tencent and Bilibili.

SadMoneyMeow

2026-04-06 05:37:20

Abstract generation in progress

Goldman Sachs released a research report saying that after its earnings announcement and its trip to China to investigate the internet industry, it will continue to list cloud and data centers as its preferred sub-sector. The main reasons are growth in enterprise and AI agent usage, as well as the widespread adoption of AI assistants on the consumer side. The report said it will continue to drive expansion in demand for AI tokens. At the same time, the cloud and token pricing power will be enhanced accordingly. The core investment target holdings involved include 万国数据-SW（09698）, 世纪互联（VNET.US）, 阿里巴巴-W（09988）, and 金山云（03896）。

The firm upgraded e-commerce and mobile mobility to the second preferred sub-sector. Its core investment target holdings are 拼多多（PDD.US） and 满帮集团（YMM.US）, because their valuations are attractive and trends improved in the first quarter. Games and entertainment are listed as the third preferred sub-sector, with core investment target holdings including 腾讯控股（00700） and 哔哩哔哩-W（09626）. This is because users’ time spent further shifts toward the entertainment sector, and advertising revenue growth remains steady.

(Editor: Wang Zhiqiang HF013)

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