CITIC Securities believes that the overall performance of the Internet sector in the US stock market in the first quarter is expected to exceed expectations, driven by macroeconomic resilience, share improvement, cost reduction and efficiency increase. In terms of sub sectors, online advertising and e-commerce, as the most certain sub sectors, are expected to further accelerate their revenue and profit growth due to the continuous upgrading of recommendation systems by macroeconomics and AI. The streaming industry, driven by factors such as relatively slow content release, advertising membership, and cracking down on shared accounts, is expected to benefit top companies. In the local living sector, the trend of major companies reducing losses continues, and demand remains stable. In addition, the improvement of cash flow of major Internet companies also brings potential opportunities for shareholder return growth. In terms of valuation, although the Federal Reserve's expectation of interest rate reduction continues to fluctuate, the valuation of major Internet companies has not deviated significantly from the valuation hub of the past five years, and the overall cost performance ratio is still outstanding.