23Q1's zero/physical e-commerce was +5.8%/+7.3% compared to the same period, and the two-year average dimension was +4.5%/+9.5%. The consumer market recovered moderately in the first quarter after the shift in epidemic prevention policies. Against the backdrop of a relatively lull market, the short-term differentiation of e-commerce platforms is still quite obvious. The growth rates of Ali and Jingdong Topline are relatively weak, while Pinduoduo and Douyin have maintained relatively impressive growth. Pre-sale of the 618 promotions on various platforms has recently started. We have taken stock of the gameplay and promotion efforts of various companies. It is recommended to pay attention to the platform's growth potential and consumer sentiment reflected in subsequent big promotion data. As we have entered a low base quarter since April and the superimposed recovery process continues to advance, it is recommended that we continue to pay attention to the subsequent trend of warming consumer sentiment. Currently, investors' financial sentiment and confidence in the consumer market are low, and PE on all e-commerce platforms has reached a low level. It is recommended to pay attention to the pace of financial sentiment and fundamentals warming to seize opportunities for valuation repair.