The content platform's "618" growth is impressive, and Hong Kong's Internet plus-related industry continues to be recommended. During the same period, according to Analysys data, the comprehensive e-commerce large cap GMV during the "618" promotion grew by 11.2% year-on-year, among which the content platform's e-commerce showed outstanding performance, and the number of merchants selling products on Kuaishou increased by 26% year-on-year, the number of small and medium-sized merchants selling products on Kuaishou increased by 28% year-on-year, and the number of orders placed by small and medium-sized merchants on Kuaishou increased by 25% year-on-year; The GMV of Bilibili's e-commerce business grew rapidly by 146% year-on-year, and the overall order volume increased by 154% year-on-year. The number of advertisers on Bilibili was four times that of last year (according to Sina Finance). We believe that as consumer demand gradually recovers, the content platform's e-commerce business is expected to rebound in revenue. Coupled with the performance of other businesses such as gaming, we maintain a strong recommendation for the Hong Kong internet plus-related industry. The film and television multimodal sector also has the potential to be boosted by the summer season.