Initiating on Internet Stocks with a Positive Outlook
Given Strong Secular Growth and Emerging Trends
英文111页。

Table of Contents
Industry Overview ....................................................................3
Industry Themes.......................................................................7
Strong Revenue Growth Is Scarce..........................................9
Platform Wars Intensifying ....................................................10
Mobile Breaking Down Barriers ............................................13
“Appification” of the Mobile Internet ....................................17
Social Networking Leading the Platform Buildout ..............20
Growth in Display Advertising Driven by the Continued
Shift of Branded Dollars Online ............................................23
Investing in the Digital Economy ..........................................26
Local Becoming a Key Battleground ....................................29
Convergence of Online and Offline Shopping .....................32
Healthy M&A Activity Likely to Continue .............................34
Internet Companies ................................................................37
Netflix Inc ................................................................................38
Amazon.com ...........................................................................47
Google .....................................................................................55
eBay, Inc..................................................................................65
Yahoo Inc ................................................................................73
Company Models....................................................................82