According to Jinshi, the CITIC Construction Investment Research Report pointed out that the trend of year-on-year recovery of PPI readings in the second quarter is relatively certain. This is mainly due to the fact that since late April, as the supply of interest rate bonds has increased, the physical workload of infrastructure projects has been effectively promoted, the supply and demand of the domestic steel market has partially improved, and prices have increased. In addition, the marginal recovery of domestic investment is combined with the impact of last year's lower base. There is a high probability that PPI will continue to recover in the second quarter of this year year-on-year. The continued momentum for PPI repair during the year mainly comes from export resilience and adjustments to the supply of some overseas products. The prosperity of the manufacturing industry is still driven by external demand, and export-oriented industrial data is significantly better than other industries. Supply factors may still support the prices of some midstream and upstream raw materials for a period of time. Affected by supply-side adjustments, the production capacity of some overseas commodities has shrunk, most notably in the chemical industry and downstream (textile and apparel).