I have a slightly different view from the wizard: there is still no innovation in essence. If there is innovation, even in the current limited and relaxed state, there can still be market trends. Without innovation, there can be no expectations, and naturally, expectations cannot be boosted or consensus cannot be gathered. The imagination of the market is limited. Water release is a catalyst, and it is easy for chickens and dogs to ascend to the sky during the water release stage. The secondary market can wait for the release of water. If the industry only needs to wait for the release of water to have innovation, then this innovation is most likely just a narrative. In the short term, people can speculate and make money, but in the long run, it will return to the mean. For an industry, continuous innovation is still necessary to have the power to continuously lift the market upwards. Just like the innovation wave of the Internet, mobile Internet and AI that we have experienced, the corresponding capital markets of these industries also experienced a low ebb, which was horrible at that time, but there was continuous innovation and value landing. The corresponding capital markets of these industries tend to go out of the low ebb before the whole macro market, and continue to rise in terms of the large cycle. Why? Due to continuous innovation and value implementation, investors can see growth, and funds dare to continue flowing in, forming a positive cycle. These true innovations do not rely on a large release of macro liquidity (even if macro liquidity is tight, it may fall, but as soon as macro liquidity warms up, it will quickly emerge), but they will bounce higher during a large release,