Galaxy Securities: Suggest to continue to pay attention to the low-position layout opportunities of Hong Kong Internet technology giants.

Galaxy Securities research report stated that, with the continuous improvement of domestic large-scale model capabilities, the battle of large models has entered the knockout stage, and may move towards Token inflation. Native large model companies, due to their business purity, have advantages over traditional internet giants. In the short term, they have enjoyed the favor and pursuit of funds, but the competition for traffic entrances by traditional internet giants in the AI era is necessary. Traffic is still 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 with their traffic advantages. Native large model factories may become an important part of their industry chain. It is recommended to continue to pay attention to the low-position layout opportunities of Hong Kong Internet technology giants. It is recommended to focus on the following specific 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 and communication technology companies; 5. AI Agents and applications; 6. Cloud computing manufacturers; 7. All-in-one machines and edge AI; 8. Companies in the data element industry chain supply, circulation, and application; 9. Industrial software.