Nomura's head of China Internet and New Media Research Department, Shi Jialong, said that investors are cautious about China's internet industry, but believe that the fundamentals of the internet industry remain healthy. Overall company profits are better than expected, with strong balance sheets, high cash levels, and plans to buy back shares and pay dividends. Shi Jialong pointed out that the central government's regulation of the internet industry is lenient. In the second half of the year, the focus will be on competition issues. It is expected that Alibaba's subsidies will continue for a period of time to regain lost consumers. Another focus area is artificial intelligence. Currently, no internet company has launched a super AI application, but if one is successfully launched in the second half of the year, it will help stimulate the market. Nomura's head of China Real Estate and Consumer Industry Research, Dong Jizhou, stated that the central government's support for the mainland real estate industry has limited effects. Recent trends in housing prices and transactions reflect a lack of confidence in the market. He believes that downgrading in the consumer industry and overseas expansion will continue. He also believes that if the real estate industry improves in the second half of the year, consumer confidence will also be restored. Nomura's head of China Healthcare Research, Zhang Jialin, said that the investor sentiment in the healthcare industry in the first quarter was weak, but they are cautiously optimistic about the second quarter. They expect that the government will implement policies favorable to the pharmaceutical industry, and interest rate cuts will also benefit the biopharmaceutical industry.