中信证券：2026年中概互联网板块关注两大主线

Core Viewpoint - The report from CITIC Securities suggests that the internet sector will experience a fluctuating upward trend driven by AI-related value reassessment and liquidity improvement by 2025 [1] Group 1: Investment Opportunities - By 2026, investment opportunities in the Chinese internet sector will focus on two main themes: the acceleration of AI industrialization and the visibility of performance along with valuation cost-effectiveness [1] - The acceleration of AI industrialization will be catalyzed by model iteration, application penetration, and performance realization within the internet sector [1] - The report recommends paying attention to potential opportunities arising from marginal changes in the competitive landscape of food delivery and instant retail [1] Group 2: Performance and Valuation Factors - For companies with lower relevance to AI, performance visibility and valuation cost-effectiveness will be the core factors influencing stock prices [1] - Key influencing factors from a performance perspective include competitive landscape stability and macro sensitivity [1] - Companies that are leading in stable verticals are expected to maintain performance resilience, while sentiment-driven consumption fueled by supply innovation is likely to remain highly prosperous [1] - Starting from Q4 2025, major instant retail platforms will begin to focus on efficiency optimization, and if industry competition intensity marginally eases in 2026, core players may have opportunities for stock price reversal [1]