According to the CICC research report, chemical product profits have now fallen back to a historically low position, but under the trend of weak recovery in domestic demand and a slowdown in overseas demand, compounded by a new round of chemical production capacity cycles, we believe that the bottom position of some chemicals may last longer. We are optimistic about three major directions: new developments in new energy materials and technology, semiconductor materials where localization is expected to break through, and some highly prosperous fine molecular industries.