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In the future, Internet players will focus on three major directions: cultivating the first interval (volume efficiency), ambushing the second curve (expanding business) and finding incremental markets (expanding overseas). Combined with the three major tracks of Internet realization, an echelon of Internet steady state has been formed, and BTP (Byte, Tencent, Pinduoduo) will be in a relatively steady state pattern for a relatively long period of time.With the government's increasing support for the digital economy, Chinese Internet companies are expected to play a greater role in the digital economy. In addition, with the promotion of international cooperation projects such as the "Belt and Road", Chinese Internet companies are also expected to achieve broader development space by expanding overseas markets.5. Investment strategy

1. Valuation advantagesThe Investment Value of Internet ETF(SH513050)3. Changes in policy and market environment

The Investment Value of Internet ETF(SH513050)This paper will deeply discuss the future development of China's Internet industry and the investment value of China's Internet ETF(SH513050).1. Industry changes and steady-state pattern