According to CoinMeta, Dai Zhifeng, the general manager of Zhongtai Securities Research and Consulting Branch, stated that the adjustment of A-share valuations is due to both the digestion of previous price increases and the impact of performance disparities and external fluctuations. The continuous implementation of market-stabilizing policies has provided support for stabilizing expectations and improving liquidity. According to data from the China Listed Companies Association, the combined revenue and net profit of companies on the GEM board, STAR Market, and Beijing Stock Exchange increased by 27.0% and 79.8% respectively in the first three quarters. Overall, the market's pricing of the technology sector is shifting from focusing on valuation expansion to emphasizing performance realization. There are still opportunities ahead, but it will be more difficult for industries to experience widespread gains. Investors will place greater emphasis on the matching of actual orders, profit quality, cash flow, and valuation. Dai Zhifeng noted that there have been signs of market stabilization recently. Looking ahead, the fundamental conditions for the long-term improvement of the A-share market remain unchanged, but whether the market can further improve depends on whether corporate profits, incremental funds, and macroeconomic data continue to improve.