news flash·2025-05-13 00:23Core Viewpoint - The report from CITIC Securities indicates that mainstream internet companies exhibit strong performance resilience, with expectations for continued high resilience in the first half of 2025, despite potential adjustments in the second half due to changes in tariff policies [1] Group 1: Performance Outlook - Internet companies are expected to maintain strong performance resilience in the first half of 2025 [1] - The worst-case scenario for performance has likely already occurred, suggesting a stabilization in outlook [1] Group 2: Sector Analysis - Streaming, gaming, and local services sectors are less affected by tariffs and are seen as safe havens in the short to medium term [1] - If tariff negotiations improve, cyclical sectors such as online advertising, e-commerce, and consumer finance may experience a reversal in performance expectations [1] Group 3: Investment Recommendations - The report recommends focusing on aggressive selections related to tariff and policy reversals [1] - Defensive selections for the short to medium term are also advised [1] - Attention should be given to potential deregulation targets in the future [1]