[CITIC Securities: Science and Technology Progress+Policy Expectations: Both Offensive and Defensive in the Internet Sector] The CITIC Securities Research Report said that at the meeting of the Political Bureau of the CPC Central Committee on December 9, 2024, it was pointed out that more active fiscal policies and moderately loose monetary policies should be implemented next year, and consumption should be vigorously boosted, investment efficiency improved, and domestic demand expanded in an all-round way. We believe that the valuation of the Internet sector has reflected the current conservative expectations, and strong shareholder returns provide sufficient margin of safety, while the sector's performance is expected to benefit significantly from macro improvement, which will lead to double click on performance and valuation, and focus on recommending pro cyclical sectors, such as e-commerce, local life, travel, freight, online recruitment, real estate service platforms, etc; Content companies focus on improving the pace and valuation of high-quality content supply.