On December 16, Gelonghui reported that CMB International published a report forecasting that China’s Internet Plus-Related Industry will move forward against the headwinds next year. The introduction of substantial consumer-driven policies may still be a key driving factor for the structural improvement of the sector’s valuation. Before that, the sector may maintain fluctuations, with shareholder return levels, profit growth, and certainty being key supports for valuation. CMB International suggests focusing on three main lines: the first is the moat of mature businesses and new development space, which is expected to drive a double rise in performance and valuation, such as the gaming sector benefiting from new game releases, local life with further online penetration in core businesses, and advertising effectiveness improvements enabled by AI technology, along with new advertising and cloud services brought by GPU cloud business, as well as e-commerce with the potential for increased monetization rates that may benefit from incremental consumer-driven policies; recommended companies include Tencent, NetEase, Alibaba, and Meituan. The second line is sectors where rapid profit growth has been largely anticipated, but valuation may still offer investment opportunities for further adjustments: such as OTA, Short Video, and Education, with recommendations for focusing on Ctrip, Kuaishou, and New Oriental. The third line is sectors expected to bring profits and valuation increases in the medium to long term through overseas expansion, such as e-commerce and OTA.