According to a research report by CITIC Securities, NVIDIA has recently released its local large-scale model application Chat With RTX, which we believe has benchmark significance for the definition of AI PC software and hardware, and is expected to accelerate the development of PC from AI Ready to AI On stage. We are optimistic about the mid-term development opportunities of end-to-end AI. As one of the most powerful heavyweight AI products among toC products, AI PC is expected to become a battleground for competitors. From an industry perspective, there is a clear signal of the PC market bottoming out, and the combined replacement cycle and Win10 services will end in 2025. The global PC market is expected to enter a mild recovery trend in 2024, with AI assistance becoming a key factor in accelerating the replacement cycle.