Huatai Securities has observed that, in the current landscape shaped by antitrust regulations and post-privacy policy changes, the global advertising industry is experiencing a profound transformation driven by artificial intelligence (AI), particularly in terms of monetization efficiency. The fundamental operational logic of the industry has evolved from relying on tag-based tracking methods to embracing real-time intent prediction techniques. The once-dominant closed ecosystems, which were built upon user ID systems, are now gradually loosening their grip. In contrast, leading platforms that possess comprehensive full-stack AI capabilities within open networks are emerging as new powerhouses.

These platforms are capitalizing on their superior monetization efficiency and profit elasticity to spearhead structural adjustments in advertising budgets, thereby driving up their market valuations. Against this backdrop, Huatai Securities recommends that investors focus their attention on companies that boast a well-integrated industrial chain, possess a wealth of vertical data resources, and have demonstrated strong capabilities in self-developed algorithms and engineering.