CITIC Securities: The third stage of the Seahorse 2.0 project is challenging with difficulties and setbacks, focusing on the importance of the Hang Seng Internet.

Guotai Junan Securities released a research report stating that based on economic recovery and market liquidity, the investment theme can be narrowed down to three directions: 1) Technological AI breakthrough led by Deepseek and open source, 2) Internal and external resonance, gradual economic recovery, with the bullish market theme of "the strong getting stronger", but there may be some performance in the later stages of the cycle, 3) Undervalued dividends continue to rise. Dividend pullbacks often occur when there is a strong industry trend, so the height of undervalued dividends depends on the progress of the AI industry trend, which in turn depends on breakthroughs in AI applications and consumption, focusing on Hang Seng Internet. In the early stages of the bull market, funds prefer a few high-growth tracks, while in later stages, funds gather to focus on the main theme, making it harder for new funds to profit, and cyclical stocks with low valuations and high betas have the potential to perform well as the fundamentals continue to improve, gaining favor from incremental funds.