Yongyi Co., Ltd. said at the performance briefing on May 15 that overseas channel side inventory is currently at a low level, and overall orders are showing a marginal improvement trend. (1) Judging from channel vendor inventory logic, channel vendors were affected by early inventory in the first half of last year, and procurement demand was suppressed. In the first half of this year, channel vendors were not dragged down by early inventory, and procurement orders increased over the same period. The above logic has been verified from the company and industry's overall export data. (2) Judging from the logic of terminal demand, current data shows that there has been no marginal improvement in consumer demand for durable goods in the US. This is not only affected by inflation and interest rate hikes, but may also be related to the uncertainty of future policies in the context of the US election. However, at present, some US channel providers have high confidence in the recovery in demand in the fourth quarter and next year.