Fang Jinchong, head of internet research at UBS Investment Bank in China, stated that competition in the mainland internet industry has eased, with platforms moving towards cooperation. This will help improve monetization rates, driving revenue growth and profit margin improvement. Currently, the mainland internet industry's price/earnings to growth ratio (PEG) is around 1.1 times, at historical average levels. However, considering factors such as the implementation of stimulus economic policies in the mainland and reduced competition, Fang believes that the valuation of the internet sector is still undervalued, with room for further growth. A PEG ratio of 1.3 times would be a more reasonable expectation. The loosening of "walls" between mainland internet companies, speeding up connectivity with rival products, such as Alibaba's Taobao and Tmall platforms recently integrating with Tencent's WeChat Pay, is seen as a positive development by Fang Jinchong. He believes that cooperation between platforms will help individual platform user growth and improve conversion rates. Sharing anonymized data between platforms could further enhance the precision of targeted advertising. Regarding the consumption atmosphere in the mainland, Fang Jinchong mentioned that direct stimulus measures for consumption have shown quick results, such as the appliance replacement program boosting appliance sales and the issuance of consumption vouchers in different cities. However, for consumer sentiment to continue improving, support from factors such as a property market recovery and positive job prospects is needed. Fang expects consumer confidence to take two to three quarters to fully recover.