Zhuye Group announced a loss of 0.15 yuan per share for the first half of 2011, mainly due to large fluctuations in lead and zinc prices. In addition, rising electricity, labor, and environmental protection costs also increased profit pressure. The good news is that in the first half of the year, based on an optimistic judgment on the price prospects of high-margin indium products, the company adopted a sell-hesitant attitude. We expect that in the second half of the year, the company may concentrate on selling these products to boost profits. Since 2011, the price of refined indium has entered a steady recovery channel. We believe that in the future, emerging industries such as energy saving, environmental protection, and new energy will continue to receive policy dividends, and demand for refined indium may continue to improve. Looking at the second half of 2011, global economic recovery may be blocked, and the outlook for lead-zinc demand is not optimistic. Based on careful considerations, we have lowered our lead-zinc price forecast and the company's profit forecast. The valuation of the non-ferrous sector has been drastically adjusted since the second quarter, so we have also lowered the valuation of the company. We lowered the company's target price to 21.30 yuan, but maintained the company's buying rating.