中信证券：互联网板块AI叙事强化，垂类赛道呈现结构性机遇

Core Viewpoint - The report from CITIC Securities indicates that the internet sector is expected to experience a fluctuating upward trend driven by AI-related value reassessment and improved liquidity by 2025 [1] Group 1: AI Impact on Valuation - AI will remain the core catalyst for valuation increases in the sector through 2026, with a focus on model iteration, application implementation, and performance realization strengthening narratives [1] - The listing of model companies is anticipated to provide valuation benchmarks, further driving the reassessment of internet companies' AI business value [1] Group 2: Short-term Stock Selection Criteria - For companies with lower short-term AI correlation, performance visibility and valuation cost-effectiveness will be key factors in stock selection [1] - Recommendations include focusing on relatively stable competitive landscapes, resilient performance leaders in niche markets, high-growth sectors driven by supply innovation, and absolute return targets at low valuations [1]