[营销星球]J.P.摩根-中国互联网垂直细分报告：保持垂直，着眼长远-2018.8.29-78页

AsiaPacificEquityResearch29August2018ChinaInternetVerticalStayingvertical,eyeinglongtermInternetBinbinDingAC(852)28008572binbin.ding@jpmorgan.comAlexYaoAC(852)2800-8535alex.yao@jpmorgan.comBloombergJPMAYAODanielChen(852)2800-8579daniel.q.chen@jpmorgan.comJ.P.MorganSecurities(AsiaPacific)LimitedSeepage74foranalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.www.jpmorganmarkets.comWeassumecoverageofChinaInternetverticalnames–Bitauto,Autohome,FangHoldings,Leju–aswellasWeibo,Sina,ChinaLiteratureandPhoenixNewMedia.ChinaIntern