互联网行业周报：AI概念持续引爆市场，关注后续宏观经济指标-20260113

Investment Rating - The report suggests a balanced allocation strategy, recommending investments in both stable platform giants and high-growth small-cap stocks in the AI application sector [2][35]. Core Insights - The AI sector is expected to dominate the internet industry throughout 2026, with significant investor interest in AI-related stocks following recent IPOs of AI companies like MINIMAX and Zhiyu [2][35]. - The report highlights a structural differentiation within the internet sector, where AI-related stocks are gaining traction while larger internet platforms are underperforming [2][35]. - Investors are advised to focus on companies with solid fundamentals, reasonable valuations, and strong cash flows that are actively embracing AI, alongside smaller companies with core technologies and high growth potential [2][35]. Market Performance - The Hang Seng Index and the Hang Seng Tech Index experienced declines of -0.41% and -0.86% respectively during the week of January 5-9, 2026 [4][9]. - The software and services sector's PE-TTM stands at 28.9x, while the PS-TTM is at 5.3x, indicating high valuation levels compared to historical data [11][13]. - The Nasdaq 100 Index's dynamic PE valuation is approximately 36.5x, reflecting a high valuation relative to its historical performance [13][37]. Sector Analysis - The report notes that the information technology sector saw a weekly decline of -1.65%, with the software sector down by -0.57% and the media sector up by +5.64% [9][11]. - In the gaming industry, the domestic market's actual sales revenue reached 350.79 billion yuan in 2025, marking a year-on-year growth of 7.68% [27][29]. - The Chinese film market's total box office for the week of January 5-11, 2026, was approximately 362 million yuan, a decrease of 21.1% compared to the same period in 2025 [25][28]. Company Focus - Recommended companies for investment include: - Reading Group (772.HK) - Tencent Music (TME.N) - Inspur Digital Enterprise (596.HK) - Baidu Cloud (6608.HK) - Alibaba (BABA.N) [2][35].