Recently, Fidelity published an article stating that they are committed to seizing opportunities where value within the value chain is undervalued and benefiting from long-term structural trends. As the market begins to expand, Fidelity is also searching for opportunities in various industries and regions. At the regional and industry level, based on bottom-up stock selection factors, Fidelity is optimistic about China's comprehensive retail, interactive media, and communication equipment sectors, more so than the US semiconductor/semiconductor equipment and technology hardware sectors. The technology industry relies on global trade. Many technology fields involve cross-border operations. If the US proposes high tariffs to encourage production reshoring and reduce reliance on overseas supply chains, investors should pay attention to the related impact. However, given that many technology hardware companies have gradually moved their operations out of China in recent years, the impact of high tariffs should be limited, and companies intending to establish operations in the US may receive exemptions. Investors need to understand that the market's response to events is usually quick, so volatility after election results are announced is unlikely to last long. Furthermore, amidst market rotations and short-term profit impacts caused by macro factors that confuse most investors, such volatile market conditions may present some investment opportunities for disciplined and long-term-focused investors. Fidelity has always taken a bottom-up approach and does not spend too much time trying to assess the impact of macro or political variables. Instead, they focus on discovering companies with strong fundamentals, attractive risk-return profiles, and good valuations within the dynamic technology industry.