Q3 DeepSeek has been a buzzword and surprised the world starting this year. AI technology has been deeply integrated with various industries around the world. What opportunities do you foresee for your business from AI technology? What's your view on China's ability to sustain innovation in breakthrough technologies in the coming years?

HU: We see AI as a critical tool, not only for enhancing efficiency and risk management, but also for unleashing new industry opportunities, such as in smart manufacturing. UBS is actively embracing the transformative power of AI. Currently, we are rolling out 50,000 Microsoft 365 Copilot licenses globally, the largest Copilot deployment within the global financial services industry to date. With this, we are enhancing productivity and reshaping our business capability. DeepSeek demonstrates the ability for China to innovate in the technological field and could drive the growth of AI applications in many industries in China. We are confident in China's ability to achieve breakthrough innovations.

RATHNINDE: At Johnson Controls, we have been actively embracing digital transformation and deeply exploring digital solutions supported by advanced technologies, including artificial intelligence, 5G and the internet of things. Johnson Controls' OpenBlue digital platform, along with other cutting-edge digital technologies, enables the efficient integration and interconnectivity of buildings. Our OpenBlue digital platform uses AI to optimize building operations, improve energy efficiency and enhance occupant experience. As AI technology continues to evolve, we see significant opportunities in applying our solutions empowered by advanced AI technologies to enhance the operational efficiency of buildings, reduce energy consumption and support green transformation and growth.

XIE: Artificial intelligence is reshaping how Vale manages its processes and resources. For example, our use of AI-powered process control models in ore beneficiation plants has generated a 2 percent uplift in recovery. China is a provider of good solutions with very competitive implementation and maintenance costs. At the beginning of 2025, global hot topics and trends were brimming with remarkable Chinese elements including DeepSeek. China has demonstrated remarkable progress in innovation, particularly in fields like AI, renewable energy and biotechnology. With strong government support, substantial investment in research and development, and a growing pool of skilled professionals, China is well-positioned to sustain and even accelerate its advancements in breakthrough technologies. The country's commitment to fostering innovation and collaboration with global partners will likely drive continued success in the coming years.

XU: AI technology presents significant opportunities for businesses to enhance efficiency, improve customer experience and drive innovation. We are closely monitoring its development and are keen to see how AI could be applied to the aerospace industry and contribute to building a smart civil aviation sector, which is advocated by the Chinese authorities. China has demonstrated a strong commitment and capability in terms of technological innovation. The country's robust ecosystem — supported by government policies, a strong talent pool and a large market — well positions it to sustain innovation in technologies breakthroughs in the coming years. Airbus is more than happy to embrace China's innovative research power and extend this technological experience to the aerospace sector to drive progress of the aerospace industry.