Investment Rating - Industry Rating: Overweight [2] Core Insights - The bottle chip industry has experienced significant capacity expansion, leading to increased market concentration and improved bargaining power for leading companies [5][29] - Domestic demand remains stable, with a compound annual growth rate (CAGR) of 10.63% over the past five years, while exports are expected to reach 5.85 million tons in 2024, accounting for 36% of total production [5][35] - A substantial production cut of 3.36 million tons, approximately 15.7% of total capacity, is planned starting June 2025, which, combined with seasonal demand peaks, is expected to improve industry profitability [5][35] Summary by Sections 1. Overview of the Bottle Chip Industry - Polyester bottle chips are widely used as packaging materials due to their high transparency, mechanical strength, and safety [11][12] - The PTA method is the mainstream production process for PET, which is more efficient than the DMT method [17][19] - The peak of capacity expansion has passed, with the industry concentration ratio (CR4) reaching 74% [26][29] 2. Domestic and Export Demand - The soft drink sector is the largest market for bottle chips, accounting for about 50% of demand, with total domestic consumption expected to reach 8.61 million tons in 2024 [35][36] - The online food delivery market is driving growth in the application of bottle chips in packaging [38] - China is the largest exporter of polyester bottle chips, with exports growing at a CAGR of 15.04% from 2019 to 2024 [40][43] 3. Profitability and Production Cuts - The industry is expected to see profitability improvements due to planned production cuts and seasonal demand [5][35] - The overall operating rate of the industry decreased to approximately 79% in July 2025, indicating a tightening supply-demand balance [5] 4. Key Companies and Investment Recommendations - Key companies include Wan Kai New Materials, China Resources Materials, and Sanfangxiang, each with distinct competitive advantages [5][35][36]

Quantitative Models and Construction Methods - **Model Name**: DeepSeek-V3-671B **Model Construction Idea**: Transition from "black-box" scoring to structured, interpretable scoring for financial reports **Model Construction Process**: Utilizes structured task rules to avoid "hallucination" outputs, ensuring controlled and consistent information extraction. The model is deployed via local and cloud API for efficient processing. DeepSeek-V3-671B was selected for its superior output format compliance, result stability, and batch processing efficiency[160][157][64] **Model Evaluation**: Demonstrates high accuracy in structured scoring tasks, with stable results across multiple tests[62][64][160] Quantitative Factors and Construction Methods - **Factor Name**: Report Scoring Factors **Factor Construction Idea**: Integrate multiple dimensions such as sentiment categories, text proportion, sentiment density, and category importance weights to predict future returns **Factor Construction Process**: 1. **Simple Weighted and Concentration Adjustment**: Formula: $score\_mean\_hhi = score\_mean * 1/\sqrt{0.01 + HHI}$ HHI measures the concentration of sentiment categories in the report[119][121][123] 2. **Text Proportion Weighted**: Formula: $score\_by\_len = \sum_{k=1}^{10} cat\_sentiment_{k} * cat\_len_{k}$ Adjusted with HHI and power function smoothing to avoid overemphasis on single categories[122][123][124] 3. **Category Importance Weighted**: Formula: $score\_by\_cat = \sum_{k=1}^{10} cat\_sentiment_{k} * cat\_w_{k}$ Category weights derived from regression coefficients and significance levels[125][127][128] 4. **Combined Text Proportion & Category Importance Weighted**: Formula: $score\_by\_LenCat = \sum_{k=1}^{10} cat\_sentiment_{k} * cat\_len_{k} * cat\_w_{k}$ Adjusted with HHI and power function smoothing for balanced scoring[131][132][134] **Factor Evaluation**: - Factors like `score_by_cat_w3` and `score_by_LenCat3` show strong predictive power for short-term and medium-term returns[130][134][151] - Combined factors (`score_report_llm`) exhibit balanced performance across multiple metrics, including RankIC, IC victory rate, and annualized excess returns[151][152][153] Factor Backtesting Results - **Factor Name**: Comprehensive Scoring Factor (`score_report_llm`) **Backtesting Metrics**: - RankIC: 1.77% - IC Victory Rate: 66.2% - Annualized Excess Return: 13.5% - Maximum Drawdown: Controlled within 4% relative to equal-weighted group[151][152][154] **Performance Summary**: - Strictly monotonic five-group return structure - 100% annual victory rate against CSI 800 since 2020 - Low correlation with traditional factors, indicating its potential as an alternative factor[151][152][156] Application of Sentiment Density in Stock Selection - **Factor Name**: Sentiment Density Factors (`profit improvement density`, `performance surprise density`) **Backtesting Metrics**: - Profit Improvement Density (Top30, N=20): Annualized Return: 15.0%, Excess Return: 15.6%, Maximum Drawdown: 27.5% - Performance Surprise Density (Top30, N=40): Annualized Return: 14.2%, Excess Return: 14.8%, Maximum Drawdown: 31.1% **Performance Summary**: - Short-term signals (N=20) are more effective for profit improvement density - Long-term signals (N=40) are more effective for performance surprise density[96][98][105][106] Sentiment Emphasis Analysis - **Factor Name**: Sentiment Emphasis (Order & Proportion) **Key Findings**: - Positive sentiment appearing earlier in the report correlates with stronger pricing effects, especially for categories like "performance surprise" and "shareholder behavior"[112][111][108] - Text proportion positively impacts future returns for categories like "penetration rate" and "policy-driven factors"[118][114][115] - Basic financial categories (e.g., "profit improvement") show weaker signal effectiveness due to their commonality in reports[118][114][115] Summary of Comprehensive Scoring Factor - **Factor Name**: Comprehensive Scoring Factor (`score_report_llm`) **Performance Metrics**: - RankIC: 1.77% - IC Victory Rate: 66.2% - Annualized Excess Return: 13.5% - Maximum Drawdown: Controlled within 4% relative to equal-weighted group **Key Advantages**: - Balanced performance across multiple metrics - Strong predictive power for short-term and medium-term returns - Low correlation with traditional factors, indicating its potential as an alternative factor[151][152][154][156]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights that the company, Visionary Technology, has become one of the few global enterprises with full-stack self-research capabilities in silicon-based OLED technology, including display chips, micro-displays, and optical systems [3][15] - Visionary Technology is the first company globally to achieve mass production of silicon-based OLED micro-displays using 12-inch wafer backplanes, positioning itself as a key player in China's silicon-based OLED industry [3][15] - The company's silicon-based OLED micro-displays are expected to benefit significantly from the rapid growth of the XR (Extended Reality) market, with a projected compound annual growth rate (CAGR) of 67.3% from 2024 to 2030 [7][8] Summary by Sections Company Overview - Visionary Technology has established itself as a leading provider of micro-display solutions, with its core product being silicon-based OLED micro-displays [15] - The company has been recognized as a national leader in the new display industry chain and is tasked with enhancing the resilience and security of the supply chain [3][15] Financial Performance - From 2022 to 2024, the company's revenue from silicon-based OLED micro-displays is projected to increase from 61.71% to 79.70% of its total revenue, indicating its core product's growing importance [4][32] - The company's total revenue for 2022, 2023, and 2024 is expected to be 190.39 million, 215.45 million, and 280.06 million yuan respectively, with a significant portion coming from its main business [32][37] Market Position and Strategy - Visionary Technology has formed deep partnerships with major clients in the XR field, which is crucial for future bulk orders [4][7] - The company has a strategic focus on developing high-performance silicon-based OLED micro-displays that meet the increasing demands of the XR industry, outperforming traditional silicon-based OLED manufacturers [3][4] Industry Trends - The global XR device market is expected to grow from 31.89 billion yuan in 2024 to 700.04 billion yuan by 2030, with silicon-based OLED technology being the only mass-produced display technology applicable to both AR and VR industries [7][8] - The report indicates that the silicon-based OLED display market is projected to grow from 390 million yuan in 2020 to 1.27 billion yuan in 2024, with a CAGR of 34.3% [8] Customer Base - Visionary Technology has established itself as a strategic supplier for numerous leading clients, including ByteDance and Lenovo, with significant market share in the XR device sector [7][18] - The company has contracts with major clients that ensure a steady demand for its products, contributing to its revenue growth [7][18]

Group 1 - The market continues to build momentum for a breakthrough, supported by liquidity, with a mid-term positive trend remaining unchanged. Exports maintain resilience, while domestic demand still needs to be boosted, with limited marginal changes in the domestic fundamentals. Overseas monetary policy expectations have slightly improved [4][5][6] - In July, exports continued to show strong resilience, with a year-on-year growth of 7.2%, up from 5.9% in the previous month. Imports also increased to 4.1% year-on-year, compared to 1.1% previously. The strong performance in foreign trade is attributed to the pause in US-China tariff negotiations, allowing companies to seize export opportunities [14][15] - The defense and military industry is expected to maintain strong continuity, with at least a month of upward movement anticipated unless the ChiNext index drops more than 10% within a month, which is considered unlikely. The current market conditions suggest that the military sector has a determined opportunity for continued growth [7][23][24] Group 2 - In the AI market, the media sector's subfields show significant differentiation. The gaming industry has outperformed, with a notable increase of 52.9% from April 7 to August 8, while education and advertising sectors have shown weakness [31][33] - The report indicates that the gaming sector is likely to continue its strong performance, while the film and television sector may see a rebound. Conversely, advertising and education sectors are at risk of further decline [32][33] - The report emphasizes the importance of focusing on high-elasticity growth technology sectors, including AI, robotics, and military industries, as the primary investment direction. Additionally, sectors with strong performance support or exceeding expectations in earnings, such as rare earth permanent magnets and precious metals, are also highlighted [48][49]

Report Information - Report Title: "Fixed Income Weekly: Have Large Banks Started Buying Long-Term Bonds? - Weekly Report on Bond Market Institutional Behavior (Week 1 of August)" [1] - Report Date: August 10, 2025 [2] - Chief Analyst: Yan Ziqi [3] - Analyst: Hong Ziyan [3] 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report Core View - The bond market ran smoothly this week, with the 10-year Treasury yield slightly dropping to 1.69%, the funding rate staying around 1.42%, and the 5-year AAA medium - short note yield dropping to 1.91% [3][11] - Large banks continued to buy short - term bonds, and although they bought some long - term bonds, the volume was less than 10 billion yuan, so it's hard to say they have started buying long - term bonds. However, they have bought long - term local government bonds in multiple weeks since June, which may be related to duration balance and return requirements [3][4][12] - Funds further increased their purchases of credit bonds and Tier 2 capital bonds. With the easing of the funding situation, the bond market leverage ratio climbed, and there is still an opportunity for credit spreads to compress [4][13] 3. Summary by Directory 3.1 This Week's Institutional Behavior Review - **Yield Curve**: Treasury yields declined overall, with the 1Y yield down 2bp, 3Y down 3bp, 5Y down about 3bp, 7Y down 1bp, 10Y down 2bp, 15Y flat, and 30Y up 1bp. For CDB bonds, short - term yields declined and long - term yields increased, with the 1Y yield changing less than 1bp, 3Y down 1bp, 5Y down 1bp, 7Y changing less than 1bp, 10Y up 2bp, 15Y up 2bp, and 30Y up 1bp [14] - **Term Spread**: Treasury interest spreads rose, and the spreads widened overall; CDB bond interest spreads were stable, and the middle - term spreads widened [15][16][17] 3.2 Bond Market Leverage and Funding Situation - **Leverage Ratio**: It dropped to 107.51%. From August 4th to August 8th, it first decreased and then increased during the week. As of August 8th, it was about 107.51%, down 0.07 pct from last Friday and up 0.24 pct from Monday [21] - **Average Daily Turnover of Pledged Repurchase**: The average daily turnover of pledged repurchase this week was 8.1 trillion yuan, with the average daily overnight proportion at 89.87%. The average overnight turnover was 7.3 trillion yuan, up 1.53 trillion yuan month - on - month, and the overnight trading proportion was up 3.10 pct [27][28] - **Funding Situation**: Bank lending showed a fluctuating upward trend. As of August 8th, large and policy banks' net lending was 5.22 trillion yuan; joint - stock and urban/rural commercial banks' average daily net borrowing was 0.57 trillion yuan, and the net borrowing on August 8th was 0.74 trillion yuan. The net lending of the banking system was 4.47 trillion yuan. DR007 fluctuated upward, and R007 fluctuated downward [31] 3.3 Duration of Medium - and Long - Term Bond Funds - **Median Duration**: The median duration of medium - and long - term bond funds decreased to 2.81 years (de - leveraged) and 3.12 years (leveraged). On August 8th, the de - leveraged median duration was 2.81 years, down 0.02 years from last Friday; the leveraged median duration was 3.12 years, down 0.06 years from last Friday [45] - **Duration by Bond Fund Type**: The median duration (leveraged) of interest - rate bond funds decreased to 3.92 years, up 0.04 years from last Friday; the median duration (leveraged) of credit bond funds decreased to 2.89 years, down 0.07 years from last Friday. The de - leveraged median duration of interest - rate bond funds was 3.44 years, down 0.03 years from last Friday; the de - leveraged median duration of credit bond funds was 2.65 years, down 0.04 years from last Friday [48] 3.4 Category Strategy Comparison - **Sino - US Yield Spread**: It generally narrowed, with the 1Y narrowing by 8bp, 2Y by 10bp, 3Y by 6bp, 5Y by 9bp, 7Y by 7bp, 10Y by 6bp, and 30Y by 3bp [54] - **Implied Tax Rate**: It generally widened. As of August 8th, the CDB - Treasury spread widened by 2bp for 1Y, 2bp for 3Y, 1bp for 5Y, about 1bp for 7Y, 3bp for 10Y, about 2bp for 15Y, and less than 1bp for 30Y [55] 3.5 Bond Lending Balance Changes - On August 8th, the lending concentration of the active 10 - year Treasury bond increased, while the lending concentration trends of the second - active 10 - year Treasury bond, active 10 - year CDB bond, second - active 10 - year CDB bond, and active 30 - year Treasury bond declined. All institutions showed a decline [59]

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected outperformance compared to the market benchmark over the next 6-12 months [10]. Core Insights - The company achieved steady profit growth in H1 2025, with operating revenue of 178.886 billion yuan, up 7.3% year-on-year, and a net profit attributable to shareholders of 30.485 billion yuan, up 33.3% year-on-year [6][10]. - The company's market share continues to rise, holding the top position globally with a 38.1% share in the first five months of 2025 [7]. - The gross margin for Q2 2025 was 25.58%, showing a quarter-on-quarter increase, attributed to the growth in overseas revenue, which accounted for 61.21 billion yuan, up 21.1% [8][10]. Financial Performance - In Q2 2025, the company reported revenue of 94.181 billion yuan, a year-on-year increase of 8.3% and a quarter-on-quarter increase of 11.2% [6]. - The net profit for Q2 2025 was 16.523 billion yuan, reflecting a year-on-year increase of 33.7% and a quarter-on-quarter increase of 17.5% [6]. - The company’s overseas revenue growth is a key driver of performance, with a gross margin of 29% compared to 22.9% domestically [8]. Market Position - The company maintained its leading position in the domestic market with a 43.05% market share in H1 2025, despite a slight year-on-year decrease of 2.85 percentage points [7]. - The company is recognized for its diverse product offerings, including the Kirin battery and the Godspeed battery, which cater to various consumer needs in the electric vehicle sector [9]. Future Projections - The report forecasts net profits for the company to be 68.779 billion yuan in 2025, 78.497 billion yuan in 2026, and 91.474 billion yuan in 2027, with corresponding P/E ratios of 17X, 15X, and 13X respectively [10].

Investment Rating - Investment rating is maintained at "Buy" [3] Core Views - The company reported FY25Q3 revenue of $94 billion, a year-over-year increase of 9.6%, slightly above Bloomberg consensus expectations by 5.30% [6] - Operating profit reached $28.2 billion, up 11.2% year-over-year, exceeding Bloomberg consensus by 9.26% [6] - GAAP net profit was $23.4 billion, reflecting a 9.3% year-over-year increase, also above Bloomberg consensus by 9.31% [6] - Service revenue was $27.4 billion, up 13.3% year-over-year, surpassing Bloomberg expectations by 2.14% [6] - Product revenue was $66.6 billion, a year-over-year increase of 8.2%, exceeding Bloomberg expectations by 6.83% [6] - iPhone revenue was $44.6 billion, up 13.5% year-over-year, higher than Bloomberg expectations by 11.29% [6] - The Greater China region saw a revenue increase of 4.35% year-over-year, marking the first positive growth in two years, driven by national subsidy policies and promotional activities [6][7] - The company anticipates revenue growth of $416.5 billion, $438.1 billion, and $464.3 billion for FY2025, FY2026, and FY2027 respectively, with year-over-year growth rates of 6.5%, 5.2%, and 6.0% [9] Summary by Sections Financial Performance - FY25Q3 revenue was $94 billion, operating profit was $28.2 billion, and GAAP net profit was $23.4 billion, all exceeding expectations [6] - Service revenue reached $27.4 billion, while product revenue was $66.6 billion, with notable performance in iPhone and Mac sales [6][7] Regional Performance - The Greater China region achieved a revenue of $15.4 billion, marking a 4.35% increase year-over-year, attributed to national subsidies and promotional sales [6][7] - Other regions, including the US, Europe, Japan, and Asia-Pacific, also showed positive growth trends [6] Product Insights - Mac revenue increased by 15% year-over-year, driven by new M4 chip products [7] - iPad revenue declined by 8.1% year-over-year due to high base effects from the previous year [7] - Service business revenue reached a record high, with significant growth in Apple TV+ viewership and Apple Store revenue [7] Future Outlook - The company plans to launch the iPhone 17 series in September, with a focus on new product features [8] - Attention is drawn to the progress of Apple intelligence and the Google antitrust case, which may impact service revenue and overall profits [8][9]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints - Convertible bond ETFs are a type of hybrid ETF product that combines the stability of fixed - income products with the growth potential of equity assets. They are highly flexible and efficient in terms of capital utilization, attracting continuous inflows of large - scale institutional funds [2]. - The convertible bond ETF market has witnessed rapid growth in scale and high trading enthusiasm, with both soaring returns and significant drawdowns. It has a high allocation value as it can balance risks and returns in investment portfolios [3][4]. - Given the current supply - demand imbalance, institutional recognition, and policy support, convertible bond ETFs have the potential for further expansion and product iteration [6]. 3. Summary by Directory 3.1 Convertible Bond ETFs: Hybrid Asset Tools with Bond - like Defense and Stock - like Growth - **1.1 T + 0 and Dual - Market Mechanisms: High Flexibility and Liquidity** - Convertible bond ETFs adopt a trading - open structure, allowing investors to trade on the secondary market like stocks and conduct large - scale subscriptions and redemptions on the primary market. They have no fixed term, enabling long - term holding. The T + 0 trading mechanism enhances capital efficiency, and the "physical + cash" redemption mechanism reduces costs and provides arbitrage opportunities. Market makers ensure on - exchange liquidity [14][16]. - **1.2 Different Portfolio Construction Styles of Two Convertible Bond ETFs** - Bosera focuses on balanced and diversified portfolios, with the top ten heavy - position bonds having relatively balanced proportions. Haitong concentrates on top - tier bonds, with the top two heavy - position bonds accounting for over 27%. Bosera has better risk - resistance in volatile markets, while Haitong may achieve higher returns in unilateral up - trends [18]. - **1.3 Regulatory Red Lines and Transparent Disclosure** - Regulators have set multiple red lines in investment ratios, concentration limits, leverage control, and information disclosure to prevent risks and enhance transparency. For example, at least 80% of the fund's assets must be invested in component bonds and alternative bonds of the target index. Fund managers are required to disclose net asset values, portfolios, subscription and redemption lists, and temporary events frequently [22]. 3.2 The Convertible Bond ETF Market is Booming, with Scale Reaching a Record High - **2.1 Rapid Growth in Market Scale** - As of July 25, 2025, the convertible bond ETF market scale reached 5.1171 billion yuan, accounting for 7.7% of the convertible bond market. It grew 5.72 times in 2024 and increased by 29.54% from June 20 to July 25, 2025 [3]. - **2.2 Active Trading** - In the past month, the turnover rate of the two convertible bond ETFs exceeded 14%. Bosera's convertible bond ETF had a turnover rate of 22.89% on July 4, and Haitong's reached 20.80% on June 24. The trading volume reached a peak of 9.448 billion yuan on July 4 and has remained at a high level since September 2024. The market participants are becoming more diversified [30][32]. - **2.3 Soaring Returns and Fluctuating Drawdowns** - From 2024 - 2025, convertible bond ETFs showed significant returns, with cumulative returns of products like Bosera's exceeding 30%. However, in 2025, the drawdowns increased, with Bosera's maximum drawdown at about - 10% and Haitong's at about - 8%. Bosera had a relatively strong recovery ability after the drawdown, taking 79 days to recover [35]. 3.3 Low Fees, High Liquidity, Transparent Portfolio, and Balanced Offense - Defense: Advantages of Convertible Bond ETFs - **3.1 Characteristics of Convertible Bond ETFs** - Convertible bond ETFs are flexible in trading, closely track the index, have transparent positions, and low fees. They can be traded on the exchange, and the T + 0 system improves capital efficiency. The ETF managers disclose the full position list and weight information daily, and the annual management fee is about 0.2% [44][46]. - **3.2 Allocation Value of Convertible Bond ETFs** - Convertible bond ETFs can balance risks and returns in investment portfolios, enhancing returns and adapting to changing market environments. They can provide equity - like returns in rising stock markets and bond - like protection in falling markets [5]. 3.4 Possibility of New Convertible Bond ETF Issuance - **4.1 Increasing Demand for Allocation** - Leading products like Bosera's have received large - scale net inflows during market fluctuations, indicating strong institutional demand for bond - stock hybrid tools. The main holders are bank wealth management, insurance funds, and pensions [6]. - **4.2 Significant Incremental Space in the Public Fund Industry** - Only 18 out of 52 fund companies that have launched ETF businesses have issued bond ETFs, leaving a large number of leading companies on the sidelines. There is great potential for new product launches [55]. - **4.3 Regulatory Policies Promote Product Innovation** - Regulatory documents such as the "Action Plan for Promoting the High - Quality Development of Index - based Investment in the Capital Market" encourage the innovation of bond ETF supply and coordinate with policies for long - term capital entry into the market [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - In Q2 2025, the company reported revenues of $167.7 billion, a year-on-year increase of 13.3%, exceeding Bloomberg consensus expectations by 3.43% [6] - Operating income reached $19.2 billion, up 30.7% year-on-year, also surpassing Bloomberg consensus by 12.74% [6] - GAAP net income was $18.2 billion, reflecting a 34.7% year-on-year increase, exceeding Bloomberg expectations by 27.28% [6] Business Performance Summary 1) Overall Performance: - For Q2 2025, the company achieved revenues of $167.7 billion, a 13.3% increase year-on-year, and operating income of $19.2 billion, a 30.7% increase year-on-year [6] - GAAP net income was $18.2 billion, a 34.7% increase year-on-year [6] 2) Segment Performance: - Online store revenues were $61.5 billion, up 11.0% year-on-year [7] - Physical store revenues reached $5.6 billion, a 7.5% increase year-on-year [7] - Third-party retail revenues were $40.3 billion, up 11.5% year-on-year [7] - Subscription revenues were $12.2 billion, a 12.4% increase year-on-year [7] - Advertising revenues were $15.7 billion, reflecting a 22.9% year-on-year increase [7] - AWS revenues were $30.9 billion, a 17.5% increase year-on-year [7] 3) AWS Performance: - AWS revenue growth of 17.5% was in line with expectations, but operating profit margin (OPM) declined to 32.9%, down 6.6 percentage points from the previous quarter [8] - Capital expenditures (CapEx) reached a record $31.4 billion, with full-year CapEx expected to be around $110-120 billion [8] 4) Retail Business Improvement: - Retail OPM improved, with North America up 1.2 percentage points to 7.5% and international up 1.1 percentage points to 4.1% [8] - The advertising business is accelerating growth, further optimizing retail profit margins [8] 5) Profit Guidance: - The company expects Q3 2025 revenues of $174-179.5 billion, a year-on-year increase of 10% to 13% [8] - Operating income guidance for Q3 2025 is $15.5-20.5 billion, with the midpoint below previous expectations [8] Financial Projections - Revenue projections for 2025-2027 are $708.7 billion, $788.3 billion, and $875.5 billion, respectively, with year-on-year growth rates of 11.1% [9] - Net profit projections for the same period are $76.8 billion, $85.1 billion, and $97.4 billion, with year-on-year growth rates of 29.6%, 10.8%, and 14.5% respectively [9]