1.The A-share market is in a downturn, and the profit-making effect of the fixed-income strategy is not good, which makes Public Offering of Fund's enthusiasm for participating in the fixed-income market low, thus causing the fund income of consignment agencies to generally shrink.

2. The market will be depressed, and the number of listed companies that implement private placement will be greatly reduced. The quantity and quality of the targets that Public Offering of Fund can participate in are not as good as in previous years.