> **来源：[研报客](https://pc.yanbaoke.cn)** # Singapore Investor Roadshow Feedback Summary — Internet ## Core Content This summary outlines the key insights and feedback gathered from Singapore-based investors during a roadshow focused on LLMs.AI and the internet/e-commerce sector. The discussion covered a range of topics, including the future of food delivery platforms, the competitive landscape in AI models, and the valuation strategies for AI-driven companies. ## Main Discussion Topics ### 1. Food Delivery Battle - **Meituan's Profitability**: Investors showed a more positive outlook on Meituan's long-term normalized profit level compared to their usual Hong Kong counterparts. - **2027E Profitability Outlook**: The idea of reduced market intensity by 2027E is not new, but the level of conviction among investors varied. - **JD as a Potential Beneficiary**: JD was identified as a possible beneficiary of the market shift, though this idea was under-socialized and not widely discussed. - **Market Dynamics**: The discussion highlighted the evolving competitive dynamics in the food delivery space, with a focus on sustainability and long-term value. ### 2. AI and Models Investors raised several critical questions about the AI and large language model (LLM) space: - **Relative Standing of Model Players**: How to evaluate the competitive position of different AI model providers and predict their future trajectories. - **Coding vs. Multi-modal Capabilities**: The distinction between coding-focused and multi-modal AI models, and the importance of multi-modal features in current success. - **Tracking Token Consumption**: How to monitor and assess the progress of token consumption as an indicator for AI model performance and company valuation. - **Long-term Success Factors**: What drives the sustained success of certain LLM companies, and what factors differentiate them from others (e.g., MiniMax, Zhipu). - **Valuation Challenges**: The difficulty of justifying long-term discounted cash flow (DCF) valuations for AI companies, and the consideration of public-private premiums and discounts. ## Key Insights from the Discussion - **Demand vs. Supply Imbalance**: The current market is characterized by a significant imbalance between the demand for AI intelligence and its supply, which is a key driver of growth and investment interest. - **Competition Concerns**: While competition is a valid concern, the discussion emphasized the importance of focusing on organizational strength and human capital rather than just market share. - **Valuation Strategy**: Given the uncertainty of long-term performance, investors are encouraged to adopt an "upcycle mindset" when evaluating AI stocks, rather than relying on traditional DCF models. - **Investor Mindset**: Most investors are not equipped to underwrite a 3-5 year investment thesis, which makes it more reasonable to focus on near-term opportunities and growth potential. ## Investment Considerations - **Market Trends**: The rapid growth in AI demand indicates a strong potential for continued investment in the sector. - **Company Differentiation**: Smaller LLM players are thriving despite the advantages of larger competitors in terms of chip access and capital, suggesting that innovation and niche capabilities can drive success. - **Valuation Complexity**: Valuation of AI companies remains challenging due to the high uncertainty and evolving nature of the technology, requiring a flexible and forward-looking approach. ## Conclusion The Singapore roadshow highlighted a growing interest in AI and internet/e-commerce opportunities, particularly in the context of long-term profitability and technological differentiation. While the market is still in early stages, investors are increasingly focused on the fundamentals of AI companies, including their organizational capabilities and the trackability of key performance indicators. The discussion also emphasized the need for a more dynamic valuation approach that accounts for the rapid changes in the AI landscape. --- **Analyst**: 王宪策 Nathan **Disclaimer**: This document is for informational purposes only and does not constitute investment advice, recommendation, or an offer to buy or sell any securities. The information and opinions provided are based on data available at the time of publication and may be subject to change. No responsibility is accepted for any direct or indirect loss arising from reliance on this information.