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CITIC Securities believes that driven by factors such as macroeconomic resilience, share improvement, cost reduction and efficiency improvement, the overall performance of the US Internet sector in the first quarter is expected to exceed expectations. In terms of sectors, online advertising and e-commerce are the sub-sectors with the highest certainty. Benefiting from the macroeconomics and the continuous upgrade of AI recommendation systems, revenue and profit growth are expected to further accelerate. In the streaming media industry, driven by factors such as the relatively slow release of content, membership advertising, and crackdowns on shared accounts, leading companies are expected to benefit. In the local life sector, the trend of major companies reducing losses continues and demand remains stable. In addition, the improvement in cash flow of major Internet companies also brings potential opportunities for shareholder return growth. In terms of valuation, although expectations for interest rate cuts by the Federal Reserve continue to fluctuate, the valuations of major Internet companies have not deviated significantly from the valuation center of the past five years, and the overall price/performance ratio remains outstanding.