Local government bond public underwriting refers to the process in which the finance departments of each province (autonomous regions, municipalities directly under the central government, and specifically designated cities) negotiate with the lead underwriter to determine an interest rate (price) range. The bookrunner then organizes the syndicate members to submit bids with their desired interest rate (price) and quantity. Based on predetermined pricing and allocation rules, the final issuance interest rate (price) is determined, and allocation takes place. Local bond distribution refers to the process during the specified distribution period, in which the syndicate members who won the bid transfer all or part of their local government bond quotas to non-syndicate members. Our bank is a member of the local government bond underwriting syndicate for Heilongjiang Province, Sichuan Province, Liaoning Province, Tianjin City, and Chongqing City.