CITIC Securities: Traditional business in the internet industry will gradually enter a mature stage in 2024. According to a research report by CITIC Securities, in 2023, the China Concept Internet sector will exhibit a range of fluctuating trends around macroeconomic recovery and interest rate environment. The Hang Seng Technology/China Concept Internet Index for the whole year of 2023 has accumulated -8.8%/-10.6%. Looking ahead to 2024, we believe that traditional businesses in the internet industry will gradually enter a mature stage, with an increasing correlation between revenue and macro cycles, and profit margins being disrupted by changes in the competitive landscape. We suggest selecting top companies with stable competitive landscape and increased market share at different levels of economic recovery. In the context of significant macroeconomic improvement, it is recommended to pay attention to companies in the online recruitment, advertising, e-commerce and other fields; In the context of uncertain macroeconomic prospects, it is recommended to pay attention to track companies such as online music, ticketing platforms, and online freight.