Group 1: Virtual Assets and Stablecoins - The trend of virtual assets is continuously improving due to the enhancement of regulatory frameworks and increased institutional participation, with expectations of liquidity easing [2][18][25] - The global stablecoin market is projected to grow significantly, from approximately $5 billion in 2020 to around $200 billion by the end of 2024, indicating a clear expansion path for trading scenarios [25][26] - Various regions are implementing stablecoin policies, such as the U.S. passing the "Genius Act" and Hong Kong enacting the "Stablecoin Ordinance," which will take effect on August 1, 2025 [25][29] Group 2: Streaming Platforms - Music streaming platforms are identified as high-quality internet assets driven by domestic demand, with continuous scale effects driving profit leverage [2] - The market for music subscriptions is expected to grow, with major players like Spotify and Tencent Music holding significant market shares [33] Group 3: O2O Service Platforms - The trend of strong players becoming stronger is evident, with major platforms like Beike and Tuhu expected to increase market share amid a shrinking real estate and automotive aftermarket demand [2][39] - The used housing transaction volume in key cities showed a month-on-month decline, indicating a buyer's market, which may benefit established platforms [39] Group 4: Coffee, Tea, and E-commerce Delivery Platforms - The online retail sales of physical goods grew by 6.3% year-on-year from January to May 2025, indicating a competitive landscape where marketing expenses are rising [2][56] - The coffee and tea segment is highlighted as a key beneficiary in the delivery battle, with significant growth in order volumes and city coverage [68][75] Group 5: K12 Education and Training - The K12 education sector is experiencing a resurgence in non-subject training demand, with a significant reduction in subject-based training institutions, leading to a scarcity of quality compliant products [2][86] - Major players in the K12 sector, such as New Oriental and TAL Education, are showing strong performance with revenue growth exceeding 20% year-on-year [91]