1, there is no sign of relaxation between China and the United States.

2. The world epidemic situation is not optimistic.

3. At present, CRRC in China is dominated by the national team, which only has the responsibility of stabilizing the overall situation, but has no obligation to violently pull CRRC in China. China CRRC, those wind power, IGBT chips, collaborative development of new energy vehicles, hydrogen energy, etc. without private equity funds to follow up. They are all entertaining themselves and have little contribution to performance growth.