天风证券：赛点2.0第三阶段攻坚不易，重视恒生互联网

Group 1 - The core viewpoint is that the withdrawal of dividends often occurs when strong industrial trends emerge, and the extent of undervaluation of dividends depends on the progress of the AI industry trend [1] - The advancement of the AI industry trend relies on breakthroughs in both AI applications and consumer sectors [1] - The key factor for investment in the consumer sector is valuation, and the current low valuation, declining interest rates, and policy catalysts indicate a recovery cycle [1] Group 2 - There is a risk in being overly pessimistic about consumption based on macro narratives, especially given the current market conditions [1] - Emphasis is placed on the importance of Hang Seng Internet in the investment landscape [1]