Galaxy Securities: Recommends Continuous Attention to Hang Seng Internet Technology Giants' Low-Position Layout Opportunities

Galaxy Securities Research Report states that as the capabilities of domestic large models continue to improve, the hundred-model competition has entered the elimination stage and may lead to token inflation. Native large model companies, due to their pure business nature, have advantages over traditional internet giants and are short-term favored and sought after by capital. However, the competition for traffic entry in the AI era among traditional internet giants is necessary, as traffic remains one of the most important assets in the AI era. In the long run, internet companies are expected to regain their position in the AI era through their traffic advantages. Native large model manufacturers may become an important part of their industry chain. It is recommended to continuously monitor Hang Seng Internet Technology giants’ low-position deployment opportunities. Suggested focus on the following sub-sectors and companies: 1. Domestic computing power industry chain; 2. IDC service providers and computing power leasing; 3. Large model manufacturers; 4. Domestic information innovation manufacturers; 5. AI agents and applications; 6. Cloud computing providers; 7. All-in-one machines and edge AI; 8. Data element industry chain including supply, circulation, and application companies; 9. Industrial software. (People’s Financial News)