On December 19, Gelonghui reported that although facing some macro headwinds, leading platform Internet companies still maintain business resilience, benefiting from continuous cost reduction and efficiency enhancement, healthy profit growth, and stable returns to Shareholders. Currently, the Industry valuation is at a low point and is defensively strong, with potential profit-up factors next year coming from macro policy stimulation, overseas expansion opportunities, and progress in AI business. The firm's preference for sub-sectors includes local life services, advertising, games = value-added services, e-commerce, and cloud live streaming, with a top choice for Meituan, Tencent, Tencent Music, and Alibaba. The firm noted that the performance of leading Internet platforms in the third quarter remained resilient, with an average year-on-year revenue growth of 12%, and core Net income increased by 28% year-on-year, thanks to efficiency improvements, with most companies continuing to achieve profit growth exceeding expectations. In terms of business segments, it was observed that key companies' local life services and advertising businesses achieved a year-on-year growth of 10% to 20% in the third quarter, while e-commerce, gaming, and cloud businesses realized medium to high single-digit year-on-year growth, and the live streaming business continued to show a trend of year-on-year decline.