智通财经网·2026-01-06 03:24Group 1 - The core focus of the Chinese internet industry in 2026 will be on three main themes: growth in recurring revenue from cloud infrastructure, model stacks, and the use of inference tokens; competition among major internet companies for user traffic in AI chatbots for future ecosystem monetization; and vertical companies deploying proprietary data AI agents to maintain competitive advantages and enhance user engagement and monetization potential [1] - Most internet companies are expected to improve operational leverage through AI-assisted cost optimization, with some likely to accelerate revenue growth due to effective deployment of AI agents [1] - The rapid adoption of AI assistant tools is anticipated to enhance consumer work and life efficiency, allowing more time for leisure activities [1] Group 2 - Continued demand in tourism and online gaming is expected to support stable revenue growth for online travel and gaming companies, providing good diversification for investment portfolios to offset the higher risks associated with AI hype [1] - Citigroup's preferred stocks in the Chinese internet sector are Tencent Holdings (00700) and Alibaba-W (09988) as core AI investment concepts [1] - Citigroup maintains a "Buy" rating on Tencent Holdings with a target price of HKD 751, citing strong prospects for AI development in enterprise and user applications; similarly, Alibaba is given a "Buy" rating with a target price of HKD 223, focusing on growth in cloud revenue and efficiency improvements [1]