CITIC Securities has expressed a bullish outlook on the internet sector, citing its pro-cyclical characteristics and the concurrent upward trajectory of AI development. As AI technology advances, internet giants are strategically positioned to capitalize on opportunities while also safeguarding against potential risks. Specifically, if AI technology surpasses current expectations, it is likely that internet giants and their collaborators will reap the rewards. Conversely, should the AI market experience a downturn or "bubble burst," these companies' robust balance sheets and steady cash flows will provide a crucial safety net. Regarding stock selection, CITIC Securities notes that while disparities in model capabilities exist, they have not yet translated into significant divergences in company fundamentals. Instead, stock price movements are predominantly driven by evolving AI-related narratives, which are subject to rapid change. Therefore, prior to the emergence of truly groundbreaking innovations, investors are advised to adopt a contrarian approach, seeking investment opportunities during periods of market undervaluation.