[营销星球]巴克莱-中国互联网高歌猛进，除了股价-2018.8.15-70页

EquityResearch15August2018FOCUSBarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE65.ChinaInternetEverythingIsAccelerating,ExceptStockPricesThestartof2018markedaninflectionpointforChinamobileInternetbasedonQuestmobiledata,whichcapturestheepic“Vcurve”ofuserengagementoverthepastyearandshowsacceleratinggrowthacrossmajorusermetricsin1H18.Notably,totalusertimespentonmobileincreased30%y/yinJune18(vs.10%inDec17),anddailytimespentpersmartdevicebrokethrough4.1hoursinJune18vs.3.2-3.4hoursin