bocom intl has released a research report giving a leading rating for the mainland internet-plus-related industry. In May, the year-on-year growth rate of physical e-commerce increased by 13%, compared with 12% and 9.6% for the first quarter and April, respectively. The report indicated that the improvement in industry data in May may be related to changes in the pace of large promotions, and it is expected that the growth rate of large cap will be stabilized in May and June. The price and competition of e-commerce platforms are still fierce, and pdd holdings and TikTok will continue to gain market share. Alibaba and jd.com have shown a growth trend, with jd.com surpassing the social zero large cap, and Alibaba's growth rate turning positive. It is worth paying attention to the potential upward adjustment space of pdd holdings' main station monetization rate, whether the GMV growth rate of Kuaishou e-commerce can be maintained and the shareholder feedback, the pulling effect of Alibaba's new realization method on monetization rate, and whether jd.com can maintain its market share and achieve healthy profit growth in the future.