[CITIC Securities: The Internet sector market in the second half of the year will still revolve around AI progress and main business performance.] On September 18, CITIC Securities reported that since the second quarter of 2026, the valuation of the Hang Seng Technology Index has remained low and volatile, and the core pricing factors of the Internet sector have shifted from the differentiation of external risk preferences to market liquidity expectations, sector performance resilience and cash flow conditions. Looking forward to the second half of 2026, the sector market will still be deterministically based on the progress of AI and the performance of the main business. From an AI perspective, it is recommended to pay attention to the potential catalysis brought about by model iterations of leading Internet companies, the pace of agent penetration, application expansion, and commercialization; from an industry perspective, it is recommended to focus on companies with higher performance certainty, better cash flow and shareholder returns.