瑞银-中国-互联网服务业-中国互联网2017年Q4社交视频盈利预览：YY与WB势头持续，Momo预期会有改观-2018.1.31-34页

www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesAsiaLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE29.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch31January2018ChinaInternetSectorQ417socialvideoearningspreview:YY&WBmomentumcontinues;MomoshouldimproveYY:newfeatures,techandmarketingtodrivegrowthWeexpectYYtobeatourQ417revenueandearningsofRmb3.47bandRmb12.51.WhileYoYpayingusergrowthwilldecelerateafterastrongQ3,ARPUshouldcontinuetoimprove.Weremainpositiveon2018andbeyondasnewfeatures,bettertechnology(newAIhead),andmarketing(incl.shortvideo)dri