Macquarie Equity Research 26 January 2026 China Internet Entering a dramatic stage of agentic reform Key Points Chinese New Year: Navigating a volatile transition China's internet sector is in a period of sharp transition as it reshapes online traffic flows and hierarchy. While we remain confident in China's long-term AI sovereignty, the upcoming Chinese New Year holiday could mark a key point where macroeconomic weakness meets aggressive reform. In this report, we introduce a Three-Level Traffic Order (3LT ...