Galaxy Securities of China: Domestic large-scale Token inflation continues to pay attention to the low-position layout opportunities of Hong Kong Internet technology giants.

China Galaxy Securities released a research report stating that with the continuous improvement of domestic large-scale model capabilities, the "Battle of the Giants" has entered the elimination round and may move towards token inflation. Original large model companies, due to their business purity, have an advantage over traditional Internet giants in the short term, gaining financial favor and attention. However, the battle for traffic access by traditional Internet giants in the AI era is a necessary option, as traffic remains one of the most important assets in the AI era. In the long run, internet companies are expected to regain their status in the AI era by leveraging their traffic advantages, and original large model factories may become an important part of their industrial chain. It is recommended to continue monitoring opportunities for laying out positions at a low level for Hong Kong internet technology giants.