Whether it is traditional steel, cement, glass, or the new three of our emerging industries-automobiles, photovoltaic panels , power batteries and so on, in fact, we should do the best in the world in the new three, and we have not made money for two years. It quickly enters the state of involution. Like photovoltaics, as we all know, the year before last, we still had a price of 80 cents per watt. China's photovoltaics accounted for 85% of the world's total. At the same time, China's quality and technology are the highest. But, sorry, we have rolled up again in China. Now, last year, it was 65 cents, and the cash flow of the whole industry is negative. If an enterprise has no profit, it will be very difficult to spend money on basic research and development, which will make everyone's technology homogeneous, everyone is reluctant to invest in research and development, all in the existing technology to copy, and then enter the low-price competition, the whole industry has lost money, this year is still a loss, you see the first half of the report is still a loss. So, this is also the most tragic involution market I have ever seen.
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