麦格理资本12月6日发布公告。We believe the manufacturing sector may go through another two to three months of overhang as the actual implementation of procurement may be different from expectation. There are still a lot of unanswered questions such as when the next round of centralized procurement will be and what companies and drugs will be involved. For SINO, we put our numbers under review. Positive catalysts will come from new launches from its strong pipeline. We prefer the safer haven among drug distributors, which should not be affected much by near-term policy risks.