I am optimistic about the overall valuation revaluation of Hong Kong stocks under enterprise+ evolution. 1. Tianfeng Securities believes that China's Internet valuation is more attractive globally, and that the Hang Seng Index and Hang Seng Technology Index have significant valuation advantages. 2. Unlike previous Internet companies that placed more emphasis on shareholder returns, the Internet will return to progress and evolve in 2025. 3. While boosting the overall valuation level of Internet companies in China, the AI business layout is also expected to help Internet companies increase efficiency. Recommended attention: Tencent Holdings, Alibaba, Xiaomi, JD Group, Kuaishou, Pinduoduo, Meituan, and Bilibili.

I am optimistic about the overall valuation revaluation of Hong Kong stocks under enterprise+ evolution. 1. Tianfeng Securities believes that China's Internet valuation is more attractive globally, and that the Hang Seng Index and Hang Seng Technology Index have significant valuation advantages. 2. Unlike previous Internet companies that placed more emphasis on shareholder returns, the Internet will return to progress and evolve in 2025. 3. While boosting the overall valuation level of Internet companies in China, the AI business layout is also expected to help Internet companies increase efficiency. Recommended attention: Tencent Holdings, Alibaba, Xiaomi, JD Group, Kuaishou, Pinduoduo, Meituan, and Bilibili.