For global market，both the earning and guidance of Nvidia beat the market consensus，reflecting the continuous increase in procurement of AI services by major U.S. internet giants. Companies are striving to enhance their capabilities in large-scale models within their domains. We expected a sustainable global demand for AI computing power in the future. 

For Domestic market，the national market support funds began massive purchases of ETFs in February to impede liquidity crisis, which also resulted in significant rebounds for small and medium-sized companies. During the Spring Festival, we noticed total consumption exceeded expectations, but per capita consumption still remained below the pre-pandemic level. Sales for real estate in January and February remained low. Economic data still indicated a weak economic recovery. We will closely monitor the policy guidance from the upcoming sessions of the National People's Congress and the Chinese People's Political Consultative Conference.