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The cumulative year-on-year growth rate of total investment in fixed assets and the number of newly started projects remained sluggish in the first four months of 2012, while the growth rate of mining, real estate and infrastructure investment in the main downstream fixed assets investment industry of construction machinery also did not improve. We believe that the growth rate of short-term investment will continue to be sluggish, but we see that with the continuous increase of the government's "steady growth", the future investment growth rate will be restored. From the output of major construction machinery products, the output of concrete machinery, lifting machinery and compaction machinery still maintained positive growth year-on-year, and it was at the best level in the same period of history. Short-term major enterprises faced certain inventory pressure, but gradually relaxed with the relevant tightening policies. The growth rate of infrastructure and real estate investment is expected to recover, the main business operations will improve, and the performance will resume rapid growth. In terms of products, the export of loaders, bulldozers and excavators still maintained a positive monthly growth rate and became the best level in the same period of history. Exports have become the highlight of the growth of the construction machinery industry in the first four months of 2012, but the current European debt crisis continues. The global economic growth is highly uncertain, and exports continue to increase pending further observation. We saw that the sales of the main products in the first four months remained sluggish. In May and June, we believe that the industry sales will not be able to improve significantly. However, with the gradual relaxation of the tightening policy, industry sales will show significant in the third and fourth quarters. The rebound will be in a downturn, and the performance of major companies will resume rapid growth. With the relaxation of the tightening policy, the construction machinery industry will usher in an inflection point in the second half of the year. The rebound in the growth rate of fixed asset investment will push the demand for construction machinery to pick up.