At the economic level, the overall weak recovery trend continues. Export and manufacturing investment performed stronger than property sector. Consumption is relatively stable. In terms of policy, we expect the upcoming third Plenum of the Central Committee will introduce major reform measures. The policy will focus on reshaping the relations of production and strive to establish a new type of production relations that can adapt to the development of new quality productive forces. We will pay close attention. CSRC continues to strictly review the financial statements of listed companies which led to the high volatility and price correction of small market cap companies. We expect the companies with health and strong balance sheet will be rerated. Overall, for the Chinese market, we believe that the low valuation has already reflected most fundamental concerns, and subsequent policy reforms will enhance investors' confidence. We are more optimistic  regarding  the current Chinese market.