Recently, the AI track has been gaining momentum, with two major targets officially launched. Today, I'll briefly share my thoughts with you. Let's start with MiniMax, which focuses on the global general AI route, leveraging low-cost open-source inference models to expand overseas markets. Its overseas revenue accounts for a high proportion, and the pace of commercialization is quite impressive. The other one is Zhipu, which hails from Tsinghua University and is a leader in domestic general AI. With its self-developed GLM architecture and a well-established open-source ecosystem, its technical foundation is solid.