According to the CITIC Securities Research Report, since the second quarter of 2026, the valuation of the Hang Seng Technology Index has remained low and fluctuating, and the core pricing factors of the Internet sector have shifted from differentiation in external risk appetite to market liquidity expectations, sector performance resilience, and cash flow. Looking ahead to the second half of 2026, the sector market will still be definitively interpreted around AI progress and main business performance. From an AI perspective, it is recommended to focus on the model iteration of leading Internet companies, the pace of intelligent penetration, application expansion, and the catalysis brought about by commercialization expectations; from an industry perspective, it is recommended to focus on companies with high performance certainty and good cash flow and shareholder returns.

According to the CITIC Securities Research Report, since the second quarter of 2026, the valuation of the Hang Seng Technology Index has remained low and fluctuating, and the core pricing factors of the Internet sector have shifted from differentiation in external risk appetite to market liquidity expectations, sector performance resilience, and cash flow. Looking ahead to the second half of 2026, the sector market will still be definitively interpreted around AI progress and main business performance. From an AI perspective, it is recommended to focus on the model iteration of leading Internet companies, the pace of intelligent penetration, application expansion, and the catalysis brought about by commercialization expectations; from an industry perspective, it is recommended to focus on companies with high performance certainty and good cash flow and shareholder returns.