CITIC Securities: Continue to be optimistic about the investment opportunities of U.S. Internet companies in the next 6-12 months

Golden Ten Data on March 17, CITIC Securities Research Report said that in the short term, affected by Trump's tariffs and macro data and other disturbances, the stock prices of major Internet companies in the United States fluctuated greatly, but we believe that this pullback has also brought opportunities to build positions. At the macro level, short-term high-frequency data and guidance from large retail companies still show that the US middle-class consumers are relatively resilient, the tariff expectations have not significantly hurt consumer demand, and major Internet companies have been able to pass on related costs through supply chain management and the provision of value-added services. In the medium term, AI is still in the commercialization acceleration cycle, and AI's empowerment of recommendation systems and cloud computing services, as well as cost reduction and efficiency increase are also important driving forces for the medium-term growth of Internet companies. In terms of valuation, the current valuation of major Internet companies has fallen back to the level of early 2023, and considering the high earnings quality and valuation value performance of major companies, we continue to be optimistic about the investment opportunities of US Internet companies in the next 6-12 months.