In terms of Chinese-funded tech stocks, the investment atmosphere has improved. Zhuang Yaohong, Managing Director of the Internet and Media Industry Research Department at Furui Asia-Pacific, stated that the Internet industry is in the early stages of a new cycle, with profit growth potential, market leaders, and companies benefiting from policies beginning to use the PEG (Price-Earnings Growth) valuation method, driving stock prices higher. Zhuang Yaohong pointed out that in the past few years, the valuation of Internet companies has mainly been based on PE (Price-Earnings Ratio), with a range of 8 to 16 times. Recently, the valuation of some companies has significantly exceeded this range, including local services like Meituan (03690), travel companies like Ctrip (09961), vertical sectors like Beike (02423), BOSS Zhipin (02076), and Manbang (YMM.US). These companies have characteristics such as maintaining profit growth, market leadership, and sensitivity to policies. The market has started evaluating these companies using PEG, leading to a wave of stock price increases. Regarding the issue of whether valuations have peaked, Zhuang Yaohong believes that the market has not yet seen significant upward adjustments in profit forecasts or premiums, indicating that there is still room for industry valuation adjustments. Zhuang Yaohong also stated that the recent slight stabilization of the Internet reflects the market's observation of policy direction, and that fluctuations in stock prices in the new cycle are normal. As major e-commerce platforms enter the Double 11 sales season again, Zhuang Yaohong stated that this year's activities are characterized by more direct subsidies, an extended promotion period, and market attention on the integration between Alibaba's Taobao and Tencent's WeChat Pay. This integration has brought in incremental users for the former, and after the slowdown following the 618 shopping festival, live e-commerce is expected to perform well. He also predicted that China's policy of trading in old appliances for new ones will drive overall performance in the home appliance sector. Zhuang Yaohong believes that e-commerce platforms are shifting their focus from absolute low prices to improving user services. The past focus on low-price competition in the industry was not healthy and even led to cutthroat competition. The shift towards focusing on GMV (Gross Merchandise Value) will be a long-term trend for development.