天风证券：赛点2.0第三阶段攻坚不易，波折难免，重视恒生互联网

Group 1 - The core viewpoint of the report indicates that after the market reaches new highs, there is an acceleration of capital entering the market, leading to a short-term overheating and increased volatility, suggesting a cautious approach [1] Group 2 - Investment themes are categorized into three main directions: 1) Breakthroughs in Deepseek and leadership in AI technology; 2) Valuation recovery in consumer stocks and gradual recovery in consumer segmentation; 3) Continued rise of undervalued dividends [2] - The core factor for investment in the consumer sector is valuation, with a recovery cycle emerging due to low valuations, declining interest rates, and policy catalysts, despite a macro narrative that may be overly pessimistic [2] - The Hang Seng Internet ETF (513330) supports T+0 trading and focuses on the internet platform economy, including major players like Alibaba, JD.com, Tencent, Meituan, Kuaishou, and Baidu, with a high DeepSeek content of 86%, making it a suitable tool for investors to allocate to AI application and "AI + Internet" core assets [2]