UBS: Alibaba is the most promising e-commerce company in mainland China, Tencent remains the top choice in the Internet industry.

UBS research report indicates that among mainland e-commerce companies, Alibaba is most favored, as the rapid easing of e-commerce competition and the recovery of H20 chip supply may refocus investors on its AI initiatives. If successful, UBS expects Alibaba's operations to achieve significant value, synergies within the TTT group, Ant Group, and AI plans, rating it as a "buy" with a target price of $158. UBS also sees potential in Pinduoduo, believing in its strong domestic growth and lower base in the second half of the year, recommending a "buy" rating with a target price of $165. As for JD.com, investors may closely monitor its investment scale in the food delivery sector, which has been quite cautious, with a "buy" rating and a target price of $50. In the Chinese internet industry, UBS's top pick is still Tencent, rating it as a "buy" with a target price of HK$710.