In the first half of 2023, I joined the Fudan Securities🧭. Many senior members taught me everything from scratch, including business logic, investment knowledge, career development, and life planning. I am truly grateful to them. Fortunately, during the winter break, I independently completed an analysis report on Spring Airlines✈️ and passed the newcomer defense. The writing of this report held special significance for me. From research approaches to analytical frameworks and filling in specific content, it embodied my substantial effort and dedication. For me, this report was not only my first entirely independent deliverable but also marked the beginning of my in-depth thinking about business logic and profound understanding of an industry. I take pride in this report.