According to AI Express, CITIC Securities believes that looking forward to 2 years, we expect that the market of China's Internet sector will focus on AI progress, macro and liquidity changes, changes in the competitive landscape, shareholder returns and other factors. The capability and iteration speed of the AI base model, the growth rate of cloud computing revenue of leading cloud vendors, and the upgrade of AI application capabilities will be the focus of investors in the short term. From the perspective of the external environment, the uncertainty of tariffs may cause short-term liquidity shocks to the market, bringing medium- and long-term allocation opportunities. In this context, we recommend two main lines: 0) leading Internet companies with absolute leading advantages in model capabilities and application scenarios; 0) In the uncertain external environment, the competition pattern is clear, and the profit is more certain.

National Business Daily