CITIC SEC Research Reports indicate that looking ahead to 2025, the overall opportunities in the Internet Plus-Related Sector are greater than the downward risks. Currently, the sector's performance expectations, valuations, and foreign ownership ratios are all at historical lows, and the strengthening of buybacks will continue to enhance the EPS of Internet companies, providing a strong safety margin. Furthermore, positive changes in macro policies will bring a double impact of performance and valuation to the sector, offering significant upside potential. CITIC SEC believes that cyclically sensitive sectors such as e-commerce, local living, travel, freight, online recruitment, and real estate service platforms will benefit significantly, and symbols with a stable landscape and performance certainty will enjoy valuation premiums.