Industry performance: On June 27, the steel sector fell 1.00%, the Shanghai Composite Index fell 0.23%, and the Shanghai and Shenzhen 300 Index fell 0.31%. The plate trend was weaker than the broader market. In terms of individual stocks, Sifangda led the gains and Jinzhou Pipelines led the decline. Industry view: In the context of global economic uncertainty and the continued deterioration of the debt crisis, the overcapacity of steel in Europe reached 20%, and the utilization rate of crude steel capacity in the United States during the same period was also less than 80%. The form of my country's steel exports is not optimistic. At present, the overall domestic steel industry is overcapacity and the situation of oversupply of steel production continues to exist, coupled with the decline in downstream investment growth, the contradiction between steel supply and demand is difficult to effectively improve in the short term. Due to the continued sluggish demand and increasing pressure on repayment at the end of the month, traders are increasingly willing to sell goods, and social inventories are expected to continue to decline. Accelerated investment may drive demand. Steel prices are already at the bottom and are expected to fluctuate upward. We are optimistic about high-quality companies with location and product advantages.