Multiple factors have put pressure on the industry, with the operating rate of brass billet producers continuing to decline to 55%: According to SMM data, the operating rate of brass billet producers this week was 55.03%, down 2.37 percentage points MoM, indicating clear signs of an early off-season. According to feedback from enterprises, new orders for brass billets remained weak this week, particularly in the connector sector, where orders decreased by approximately 15% YoY. In the new energy sector, orders decreased by approximately 10% YoY. Currently, enterprises are mainly relying on backlog orders from earlier periods to sustain production. However, most enterprises reported that orders on hand can only meet production needs for 2-3 weeks. In terms of inventory, the industry as a whole maintains a strategy of operating with low inventory levels. Raw material inventory decreased by 0.37 days MoM to 5.3 days, and finished product inventory decreased by 1.19 days MoM to 7.18 days, but still remained above healthy inventory levels.