CT Securities: Internet ecology enters the third stage dominated by AI, suggesting focusing on two major investment themes.

The Zhongtai Securities research report stated that the AI application traffic battle during the 2026 Spring Festival is a landmark event in the industry, marking the third stage of the Internet ecology entering the AI dominance era, and reshaping the industry competition logic. Zhongtai Securities recommends focusing on two major investment themes: 1. AI applications: The competition for AI super entry points is not only a competition of basic models and agent capabilities, but also a comprehensive competition of existing Internet format coverage capabilities, specific consumer/lifestyle scenario reach capabilities, and user data resource accumulation capabilities. The industry landscape is accelerating towards concentration of top players. Head platforms with full-domain ecology and full-stack AI capabilities will enjoy a revaluation of permeability and valuation. 2. Marketing demand: The transition of traffic patterns during the marketing budget expansion period will inevitably lead to a significant increase in marketing budgets. The competition for AI traffic will shift from pulse investments during the Spring Festival to high investments throughout the year. Online and offline brand media will become the core lever for occupying user minds, and leading companies will benefit greatly.