Goldman Sachs said in a report today，2010-2015，Fierce competition has caused profit margins of Chinese 188bet online sports betting companies to decline，At the same time, they also need to actively acquire users。But things are very different now，Since 2010，For the first time, there is a "high degree of confidence" in the long-term growth and profit prospects of Chinese 188bet online sports betting companies，Optimistic about the Big Three of BAT。

Report writes，After experiencing a large number of mergers and acquisitions of Internet companies in 2015，The impact of competition and disruptive innovative companies on the profit margins of the Internet 188bet online sports betting，Already alleviated，Especially for BAT (Baidu、Alibaba and Tencent)。

188bet online sports betting believes thatGame、Online advertising、E-commerce、Travel、O2O service、Internet finance and cloud services constitute the seven "pillars" for the long-term development of China's Internet industry。By 2020，The total market size of these seven pillar industries 188bet online sports betting reach 65 trillion yuan，The profit scale reached 393 billion yuan。

Seven "pillars" of China's Internet 188bet online sports betting (chart from Goldman Sachs research report)

Reported，By the end of 2020，BAT’s cumulative operating profit is expected to reach 308 billion yuan，Accounting for 78% of the total profits of the Internet 188bet online sports betting。Last year，BAT’s operating profit is billion。

Goldman Sachs believes thatIn the field 188bet online sports betting，Social media advertising、Online video and search business are its main growth engines:

For search business，Baidu and market leaders such as Google and Yandex jointly dominate the pay-per-click and cost-per-click trends。

Given the large social media user base in China，We believe social ad spending 188bet online sports betting reach billion by 2020，Mobile ad spend 188bet online sports betting become an important theme then。

Judging from Facebook’s success in mobile social monetization，We believe Tencent, with its strong social assets, 188bet online sports betting biggest beneficiary。

Goldman Sachs says，In view of BAT’s social media advertising、Business coverage in 188bet online sports betting video and search fields，Currently optimistic about these three companies，Rating them all “Buy”。

Goldman Sachs’ ratings of major Chinese 188bet online sports betting companies

The report also stated，The online gaming 188bet online sports betting is the first major vertical Internet 188bet online sports betting to be successfully “monetized” in China，The first online game was launched as early as 2000，This is earlier than the emergence of online advertising and e-commerce。Until now，This 188bet online sports betting is still the main source of profit for China’s Internet giants，Take Tencent as an example，The gaming business accounted for 55% of its revenue in 2015。

Report writes，In 2015, China surpassed the United States to become the world’s largest game market，It is expected that the game industry revenue 188bet online sports betting double from 144 billion yuan last year to 277 billion yuan by 2020。This also means，By then China’s game market share 188bet online sports betting account for 41% of the world’s total。

Also，Goldman Sachs also said，China has the world’s largest e-commerce market，The structural shift of consumers from offline shopping to online shopping will continue to drive the growth of this industry，Alibaba and JD.com 188bet online sports betting biggest beneficiaries。The report reads:

The expansion in geographical scope has extended the reach of online retail，The expansion of product categories is also increasing per capita expenditure，Internet finance and O2O can further lower the barriers。Therefore，Previously low-penetration geographies (such as smaller cities and rural areas) and product categories (such as food and beverages) 188bet online sports betting provide new growth areas。

We believe Alibaba and JD.com 188bet online sports betting long-term beneficiaries of geographic and category expansion，Because they target the general public。Alibaba and JD.com together accounted for 88% of online retail GMV (gross merchandise transactions) in 2015，They all have the unique advantage of generating value for consumers and merchants/suppliers。

By 2020，188bet online sports betting penetration rate and market size of the seven pillars

[Extra number] with "fusionThe "Zhihui·2016 China 188bet online sports betting Consumption Innovation Summit" with the theme of "Joining New Ecology" will be held on June 16 at the National Convention Center，Domestic travel at that time、Investment、Sports、Marketing、Entertainment、Media、Nearly a thousand elites from all walks of life will gather together，Go straight to the forefront of the 188bet online sports betting consumption industry，Explore the vast future，Share the most innovative product experience，Aggregation of the best investment and marketing resources，Accumulate energy，Create value together。Welcome to click the link to view details and register:http://www.tripvivid.com/activity/new-eco#join