Huatai Securities: Overseas advertising platforms enter a new cycle of technological dividends and valuation restructuring.

Huatai Securities pointed out that in the era of anti-monopoly and post-privacy policy, overseas advertising is embracing an AI-driven revolution in monetization efficiency. The industry's core logic has shifted from tag tracking to real-time intent prediction. The previously closed garden based on user ID systems is loosening, and top platforms with full-stack AI capabilities in open networks are rising strongly. With leading monetization efficiency and profit elasticity, they are dominating budget structuring and enjoying valuation premiums. It is recommended to focus on targets in this round of long technological cycles with relatively complete industrial chain layouts, deep accumulation of vertical data, self-developed algorithms, and strong engineering capabilities.