We believe that the current pharmaceutical industry is a dilemma reversal investment, and our Anxin strategy proposes three major elements of dilemma reversal investment: a reversal of the business cycle, a low valuation level, and product explosive power or explosive sales. Taking media as an example, it met these three factors in early 2023, experienced a reversal in the business cycle, had a low valuation, and had popular products such as ChatGPT, thus driving the active pricing of the entire sector. For fields such as medicine, we believe that there are many similarities with media, both of which have strong product attributes. Although it is difficult to directly replicate the pricing impact of ChatGPT on the media sector in early 2023 to the current impact of weight loss drugs on pharmaceuticals, it is clear that the real market often accompanies new changes in product sales in the pharmaceutical sector. We are optimistic that there will be many potential explosive products in the future pharmaceutical industry.