中信证券：展望2026年 AI依然是板块估值上行的核心催化

Core Viewpoint - The internet sector is expected to experience a fluctuating upward trend by 2025, driven primarily by AI-induced value reassessment and improved liquidity [1] Group 1: AI as a Catalyst - AI will remain the core catalyst for valuation increases in the sector through 2026 [1] - Key focus areas include: 1) model iteration, application implementation, and performance realization that strengthen narratives [1] 2) valuation benchmarks from model companies post-IPO, which may further drive the reassessment of AI business value in internet companies [1] Group 2: Short-term Stock Selection - For companies with lower short-term correlation to AI, performance visibility and valuation attractiveness will be critical factors for stock selection [1] - Recommendations include focusing on relatively stable competitive landscapes, companies with strong performance resilience, high-growth sectors driven by supply innovation, and absolute return targets under low valuations [1]