Rephrasing a view of Robin, Chief China Strategist at Morgan Stanley. He believes that in the second half of the year, China needs to introduce some positive policies for domestic household consumption. The reasons are, on one hand, to improve the K-shaped economic divergence, and on the other hand, to stimulate the household sector, ensuring that domestic big players like ByteDance and Alibaba maintain their continuous cash-generating capabilities, so as to increase their competitiveness with foreign AI companies, rather than blindly subsidizing hard tech, because the buyers of hard tech are ultimately these big companies.

That's roughly the idea. When it comes to enhancing Sino-US AI competitiveness, I really think it's possible. Today Baba finally rallied 10%, but relative to its price, it's not expensive yet. It's like buying Qianwen and getting Baba for free. But the key is whether Baba is a positive or negative asset — hard to say. So the mid-year meeting at the end of July is important, but my instinct is that it's hard to see a turning point relying solely on policies.