This week, the operating rate of enamelled wire production equipment rebounded by 0.13 percentage points to 77.8% WoW, while new orders also increased by 1.08 percentage points. The industry overall continues to experience an off-season cycle, with downstream demand showing no significant improvement. Additionally, copper prices have rebounded to above 80,000 yuan/mt, which continues to suppress downstream orders, resulting in generally weak performance in new orders. However, it is worth noting that orders from end-user air conditioning applications showed slight signs of recovery this week, with some enterprises reporting certain growth in new orders. This also contributed to the rebound in the operating rate and new orders. Overall, SMM expects the operating rate to continue its slight rebound to 78.47% next week, supported by the anticipated continuation of improving air conditioning demand. Nevertheless, caution is warranted as the suppression of overall downstream demand by high copper prices has not yet eased. If demand in other downstream sectors does not improve simultaneously, the extent of the industry's recovery may be limited, and the overall situation remains in a sluggish phase of slow recovery.