Japanese: Ali, Tencent, Ctrip, and Pinduoduo are the top recommended companies in the Chinese internet industry.

Daiwa released a report on the Chinese internet industry, stating that the China Internet Index ETF and the Hang Seng Tech Index have respectively declined by 10% and 10.5% in the past month, influenced by geopolitical uncertainties. The bank believes that US-China relations have reached a "peak of confrontation" and may return to a more constructive development in the future. Daiwa's top recommendations are Alibaba, Ctrip, Tencent, Pinduoduo, and Sea, also looking positively at Manbang. The bank believes that Alibaba, as a leader in the cloud market, is most likely to benefit from the growth in public cloud spending; expects Ctrip to benefit from the growth in China's inbound tourism demand; sees potential for Tencent's valuation to rise compared to its average price-to-earnings ratios over the past three and five years.