According to a research report by China Merchants Securities, judging from the performance bulletins and reports that have been disclosed so far, the overall profitability of the Science and Technology Innovation Board is still under pressure, with revenue outperforming profits, and large-cap companies performing better. Profits of AI hardware, overseas pharmaceuticals, and some mid-to-high-end manufacturing industries have recovered first. According to the latest data, downward pressure on exports has initially emerged, and the need to expand domestic demand has become increasingly prominent; the recent two sessions have expressed positive views on consumption, and the growth rate of fiscal expenditure in 2025 has hit a five-year high. Subsequent special plans to boost consumption are expected to be introduced to further boost demand, and consumption may temporarily take over from technology.