Report Industry Investment Rating - Commodities and stock index futures: Overall neutral [3] Core Viewpoints - The domestic economic foundation still needs to be consolidated, with the "15th Five - Year Plan" boosting market sentiment, but economic data showing slowdowns [2] - The probability of the Fed cutting interest rates in December has increased, and the Fed's next - step policy is affected by candidates for the Fed chair [2] - Japan has experienced a "triple kill" in stocks, bonds, and the exchange rate, and the eurozone's financial stability is at risk [2] - In the current inflation - expectation game stage, focus on the more certain non - ferrous metals and precious metals sectors [2] Summaries by Relevant Catalogs Market Analysis - Domestic economic news includes the release of the "15th Five - Year Plan" proposal, Sino - US economic and trade achievements, and various policy meetings. Economic data shows slowdowns in manufacturing, exports, investment, consumption, and industry [2] - The probability of the Fed cutting interest rates in December has jumped from less than 30% on November 20th to over 70%. US economic data shows mixed signals, and the release of some data is postponed. The next Fed chair candidate may impact monetary policy [2] - Japan has a "triple kill" in stocks, bonds, and the exchange rate. The eurozone's manufacturing PMI has declined, and the European Central Bank warns of financial stability risks. The UK's OBR has adjusted GDP growth forecasts [2] - For commodities, focus on non - ferrous metals and precious metals. The black sector is dragged by downstream demand, the non - ferrous sector is boosted by global easing expectations, and the energy sector has a relatively loose supply in the medium - term [2] Strategy - The rating for commodities and stock index futures is overall neutral [3] Key News - Multiple important events are reported, such as the meeting on price disorderly competition cost determination, the extension of US tariffs exemption, the release of China's military control white paper, and the Fed's and European Central Bank's reports [5]

Group 1: Market News and Important Data - New York Mercantile Exchange's January light crude oil futures rose 20 cents to close at $58.86 per barrel, a 0.22% increase; January Brent crude oil futures rose 40 cents to close at $63.53 per barrel, a 0.76% increase. SC crude oil's main contract closed up 1.46% at 452 yuan per barrel [1] - Canada's Prime Minister Mark Carney and Alberta announced a comprehensive energy plan to pave the way for new oil pipelines, large - scale carbon capture projects, and nuclear power supply for data centers, aiming for net - zero emissions in the energy sector by 2050 [1] - As of the week ending November 26, Singapore's fuel oil inventory rose 191,000 barrels to 24.709 million barrels; light distillate inventory fell 898,000 barrels to 13.524 million barrels; middle distillate inventory fell 1.954 million barrels to 8.007 million barrels [1] - On November 26 at 11:30 p.m., a drone attacked the Khor Mor gas field in Iraq, cutting off the gas supply to the power station and causing a major gas storage tank to catch fire, with no casualties [1] - Hungary's Prime Minister Orban's chief of staff said that involving Hungary's oil and gas company might be a solution for Serbia's refinery situation, and negotiations on Serbia's NIS are ongoing [1] - The US Environmental Protection Agency finalized a new rule giving oil and gas operators over a year's grace period to comply with Biden - era methane leakage regulations, expected to save about $750 million in compliance costs over the next decade [1] Group 2: Investment Logic - On November 26, Beijing allocated the first batch of 2026 crude oil import quotas to non - state - owned enterprises. The total amount of 7.4 million tons was lower than expected but 1.4 million tons more than the same period last year. It helps ease the quota shortage of private refineries, but in the medium - term, private large - scale refineries may squeeze local refineries' quotas, and quota management is a key measure to combat involution in the refining industry [2] Group 3: Strategy - Oil prices are expected to fluctuate in a short - term range, with a medium - term short - position configuration and shorting the monthly spread [3] Group 4: Risk - Downside risks include a peace agreement between Russia and Ukraine and macro black - swan events - Upside risks include tightened supply of sanctioned oil (from Russia, Iran, Venezuela) and large - scale supply disruptions due to Middle East conflicts [4]

农产品日报 | 2025-11-28 供需格局延续，猪价维持震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2601合约11585元/吨，较前交易日变动+45.00元/吨，幅度+0.39%。现货方面，河南地区 外三元生猪价格11.27元/公斤，较前交易日变动-0.07元/公斤，现货基差 LH01-315，较前交易日变动-115；江苏地 区外三元生猪价格 11.35元/公斤，较前交易日变动+0.01元/公斤，现货基差LH01-235，较前交易日变动-35；四川 地区外三元生猪价格11.45元/公斤，较前交易日变动-0.12元/公斤，现货基差LH01-135，较前交易日变动-165。 据农业农村部监测，11月27日"农产品批发价格200指数"为126.32，比昨天上升0.18个点，"菜篮子"产品批发价格指 数为128.56，比昨天上升0.20个点。全国农产品批发市场猪肉平均价格为18.07元/公斤，比昨天上升1.1%；牛肉66.60 元/公斤，比昨天上升0.9%；羊肉62.64元/公斤，比昨天下降0.9%；鸡蛋7.35元/公斤，比昨天上升1.1%；白条鸡17.65 元/公斤，比昨天上升1.7%。 市场 ...

Report Industry Investment Rating - The investment strategy for the industry is neutral [4] Core View of the Report - The prices of the three major oils fluctuated strongly. Affected by the typhoon, heavy precipitation in Sumatra, Indonesia, and the Malay Peninsula led to market concerns about the impact on short - term harvesting, providing some support for the oil market. However, according to NOAA data, the heavy precipitation is expected to end on Friday, with limited overall impact [3] Market Analysis Futures Prices - The closing price of the palm oil 2601 contract was 8,528 yuan/ton, with a daily increase of 88 yuan or 1.04% - The closing price of the soybean oil 2601 contract was 8,224 yuan/ton, with a daily increase of 74 yuan or 0.91% - The closing price of the rapeseed oil 2601 contract was 9,772 yuan/ton, with a daily decrease of 47 yuan or 0.48% [1] Spot Prices - The spot price of palm oil in Guangdong was 8,470 yuan/ton, with a daily increase of 60 yuan or 0.71%, and the spot basis was P01 - 58 yuan, with a daily decrease of 28 yuan - The spot price of first - grade soybean oil in Tianjin was 8,400 yuan/ton, with a daily increase of 70 yuan or 0.84%, and the spot basis was Y01 + 176 yuan, with a daily decrease of 4 yuan - The spot price of fourth - grade rapeseed oil in Jiangsu was 10,070 yuan/ton, with a daily decrease of 70 yuan or 0.69%, and the spot basis was OI01 + 298 yuan, with a daily decrease of 23 yuan [1] Market News - According to SGS, the estimated export volume of Malaysian palm oil from November 1 - 25 was 583,574 tons, a decrease of 40.77% compared to the same period last month - As of November 27, continuous heavy rain in Sumatra, Indonesia, caused floods and landslides, resulting in 52 deaths - The C&F price of Argentine soybean oil (December shipment) was 1,166 US dollars/ton, a decrease of 4 US dollars/ton from the previous trading day; the C&F price of Argentine soybean oil (February shipment) was 1,157 US dollars/ton, an increase of 1 US dollar/ton from the previous trading day - The C&F quotes of imported rapeseed oil: Canadian rapeseed oil (December shipment) was 1,110 US dollars/ton, unchanged from the previous trading day; Canadian rapeseed oil (February shipment) was 1,090 US dollars/ton, unchanged from the previous trading day - The C&F price of US Gulf soybeans (December shipment) was 502 US dollars/ton, an increase of 3 US dollars/ton from the previous trading day; the C&F price of US West soybeans (December shipment) was 496 US dollars/ton, an increase of 3 US dollars/ton from the previous trading day; the C&F price of Brazilian soybeans (December shipment) was 500 US dollars/ton, an increase of 7 US dollars/ton from the previous trading day - The import soybean premium quotes: the premium of the Mexican Gulf (December shipment) was 235 cents/bushel, unchanged from the previous trading day; the premium of the US West Coast (December shipment) was 220 cents/bushel, unchanged from the previous trading day; the premium of Brazilian ports (December shipment) was 230 cents/bushel, an increase of 10 cents/bushel from the previous trading day [2]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The demand for polyolefins continues to be weak, and the downstream开工率 has declined month - on - month. The market is facing challenges due to the approaching demand off - season and the continuous release of supply from existing plants. The short - term upward driving force is insufficient, and the market may fluctuate weakly at the bottom [1][4]. - The supply and demand situation of PE and PP is complex. PE has supply pressure due to new capacity release and weakening demand, while PP has a weak supply - demand reality in the short term, with limited improvement from current maintenance on the supply - side surplus [3]. 3. Summary by Directory Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 6699 yuan/ton (- 8), and that of the PP main contract is 6295 yuan/ton (+ 30). LL and PP have different price and basis changes in different regions [2]. - **Upstream Supply**: The PE开工率 is 84.5% (+ 1.8%), and the PP开工率 is 78.1% (- 0.1%) [2]. - **Production Profit**: PE oil - based production profit is 329.9 yuan/ton (- 49.2), PP oil - based production profit is - 460.1 yuan/ton (- 49.2), and PDH - based PP production profit is - 475.5 yuan/ton (- 37.9) [2]. - **Import and Export**: LL import profit is 51.8 yuan/ton (+ 42.8), PP import profit is - 199.8 yuan/ton (+ 32.8), and PP export profit is - 20.9 US dollars/ton (- 23.8) [2]. - **Downstream Demand**: The PE downstream agricultural film开工率 is 49.0% (- 0.9%), the PE downstream packaging film开工率 is 50.7% (- 0.2%), the PP downstream plastic weaving开工率 is 44.1% (- 0.1%), and the PP downstream BOPP film开工率 is 62.6% (+ 0.0%) [2]. Market Analysis - **PE**: The supply pressure remains due to device overhauls and new capacity release, while the demand is entering the off - season, with high inventory - clearing pressure. The cost support from oil - based production is weak [3]. - **PP**: The supply - demand situation is weakly real in the short term, with the basis fluctuating at a low level. Temporary overhauls relieve some supply pressure, but the demand is insufficient, and the cost support from oil - based and PDH production is increasing [3]. Strategy - **Unilateral**: Adopt a wait - and - see approach. The market may fluctuate weakly at the bottom due to the off - season demand and continuous supply release [4]. - **Inter - period**: Conduct high - level reverse arbitrage for L01 - 05 and PP01 - 05 [4]. - **Inter - product**: No strategy is provided [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The fundamentals of industrial silicon and polysilicon have not changed significantly, with both supply and demand being weak. For industrial silicon, after production cuts in the southwest, the supply - demand pattern may improve, and the valuation is currently low. If there are relevant policies, the market may rise. For polysilicon, both supply and demand have weakened, with large inventory pressure and average consumer - end performance, and the market is expected to fluctuate mainly [1][3][7]. Summary by Related Catalogs Industrial Silicon Market Analysis - On November 27, 2025, the industrial silicon futures price showed a strong - side fluctuating trend. The main contract 2601 opened at 9000 yuan/ton and closed at 9115 yuan/ton, a change of 120 yuan/ton (1.33%) from the previous day's settlement. The open interest of the 2511 main contract was 237,648 lots, and the total number of warehouse receipts was 39,555 lots, a change of - 870 lots from the previous day [1]. - The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 9500 - 9600 (50) yuan/ton; 421 silicon was 9700 - 9900 (50) yuan/ton. The price of Xinjiang oxygen - passing 553 silicon was 8800 - 9000 (0) yuan/ton, and the price of 99 silicon was 8800 - 9000 (0) yuan/ton. The silicon prices in Kunming, Huangpu Port, the Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable [1]. - As of November 27, the total social inventory of industrial silicon in major regions was 550,000 tons, an increase of 2000 tons from the previous week. Among them, the inventory in ordinary social warehouses was 129,000 tons, unchanged from the previous week, and the inventory in social delivery warehouses was 421,000 tons (including unregistered warehouse receipts and spot inventory), an increase of 2000 tons from the previous week [1]. Consumption End - The quoted price of organic silicon DMC was 13,100 - 13,300 (0) yuan/ton. This week, the domestic organic silicon DMC market price continued to move slightly upward. The current quoted price range was 13,100 - 13,300 yuan/ton, an increase of about 100 yuan/ton from the average price of the previous week. The DMC quoted price of Shandong monomer enterprises was 13,100 yuan/ton, an increase of 100 yuan/ton from the previous week, and the DMC quoted prices of other domestic monomer enterprises were concentrated at 13,200 - 13,300 yuan/ton, with individual enterprises also increasing their quotes by 100 yuan/ton [2]. Strategy - The spot price remains stable. After production cuts in the southwest, the supply - demand pattern may improve. The industrial silicon market is currently affected by overall commodity sentiment and policy - end news. Attention should be paid to whether there are relevant capacity - exit policies. Currently, the valuation of industrial silicon is low, and if there is policy promotion, the market may have room to rise. - Unilateral: Short - term range operation, and long positions can be taken on dips for contracts during the dry season. - Inter - period: None. - Inter - variety: None. - Futures - cash: None. - Options: None [3]. Polysilicon Market Analysis - On November 27, 2025, the main contract 2601 of polysilicon futures fluctuated widely, opening at 56,195 yuan/ton and closing at 55,235 yuan/ton, a change of - 0.91% from the previous trading day. The open interest of the main contract reached 141,586 (143,043 in the previous trading day) lots, and the trading volume on that day was 324,070 lots [4]. - The spot price of polysilicon weakened slightly. The price of N - type material was 49.70 - 54.90 (0.05) yuan/kg, and the price of n - type granular silicon was 50.00 - 51.00 (0.00) yuan/kg. The inventory of polysilicon manufacturers and silicon wafers increased. The latest statistics showed that the polysilicon inventory was 28.10 (a 3.69% change from the previous period), the silicon wafer inventory was 19.50GW (a 4.17% change from the previous period), the weekly polysilicon output was 24,000.00 tons (a - 11.40% change from the previous period), and the silicon wafer output was 12.02GW (a - 5.95% change from the previous period) [4][5]. - In terms of silicon wafers, the price of domestic N - type 18Xmm silicon wafers was 1.18 (- 0.03) yuan/piece, the price of N - type 210mm silicon wafers was 1.53 (- 0.03) yuan/piece, and the price of N - type 210R silicon wafers was 1.23 (- 0.03) yuan/piece. The polysilicon output in October was expected to be about 133,500 tons, an increase from September, exceeding market expectations. In November, there will be significant production cuts in the southwest region, and the output is expected to decline [5]. - In terms of battery cells, the price of high - efficiency PERC182 battery cells was 0.27 (0.00) yuan/W; the price of PERC210 battery cells was about 0.28 (0.00) yuan/W; the price of TopconM10 battery cells was about 0.29 (0.00) yuan/W; the price of Topcon G12 battery cells was 0.29 (0.00) yuan/W; the price of Topcon210RN battery cells was 0.27 (0.00) yuan/W; and the price of HJT210 half - piece battery cells was 0.37 (0.00) yuan/W [5]. - In terms of components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 (0.00) yuan/W, the mainstream transaction price of PERC210mm was 0.69 - 0.73 (0.00) yuan/W, the mainstream transaction price of N - type 182mm was 0.66 - 0.68 (0.00) yuan/W, and the mainstream transaction price of N - type 210mm was 0.68 - 0.69 (0.00) yuan/W [6]. Strategy - Both supply and demand of polysilicon have weakened, with large overall inventory pressure and average consumer - end performance. In November, old warehouse receipts were cancelled, and few new warehouse receipts were registered, resulting in more delivery games for near - month contracts. Currently, the market is affected by anti - involution policies and weak reality, and the policies are still being promoted, with large market fluctuations. Participants need to pay attention to risk management. It is expected that the market will mainly fluctuate. - Unilateral: Short - term range operation, and the main contract is expected to fluctuate in the range of 50,000 - 57,000 yuan/ton. - Inter - period: None. - Inter - variety: None. - Futures - cash: None. - Options: None [7][8].

外盘偏强运行，市场短期支撑仍存 液化石油气日报 | 2025-11-28 市场分析 1、\t11月27日地区价格：山东市场，4350-4470；东北市场，4000-4150；华北市场，4300-4450；华东市场，4170-4400； 沿江市场，4450-4840；西北市场，4350-4400；华南市场，4250-4400。（数据来源：卓创资讯） 2、\t2025年12月下半月中国华东冷冻货到岸价格丙烷580美元/吨，涨8美元/吨，丁烷565美元/吨，涨6美元/吨，折 合人民币价格丙烷4519元/吨，涨61元/吨，丁烷4403元/吨，涨46元/吨。（数据来源：卓创资讯） 3、\t2025年12月下半月中国华南冷冻货到岸价格丙烷574美元/吨，涨10美元/吨，丁烷559美元/吨，涨8美元/吨，折 合人民币价格丙烷4473元/吨，涨77元/吨，丁烷4356元/吨，涨62元/吨。（数据来源：卓创资讯） 外盘延续震荡偏强态势，昨日丙烷到岸价格进一步上涨，对国内现货与盘面存在一定支撑。现货方面，昨日国内 现货价格涨跌互现。其中，山东民用液化气主流成交价格出现下跌，业者心态偏谨慎，但压力有限。就基本面来 看，近期随着国内 ...

Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: None [3] - Inter - variety: None [3] Core View - Yesterday, the closing price of the main EG contract was 3,873 yuan/ton, down 23 yuan/ton or 0.59% from the previous trading day; the spot price in the East China EG market was 3,889 yuan/ton, down 21 yuan/ton or 0.54%; the spot basis in East China EG was 11 yuan/ton, down 7 yuan/ton month - on - month [1] - According to Longzhong data, the production gross profit of ethylene - based EG was - 60 US dollars/ton, unchanged month - on - month; the production gross profit of coal - based syngas EG was - 1,027 yuan/ton, down 2 yuan/ton month - on - month [1] - According to CCF data, the inventory at the main ports in East China was 73.2 tons, unchanged month - on - month; according to Longzhong data, it was 70.8 tons, up 7.5 tons month - on - month. The planned arrival volume at the main ports in East China this week is 9.5 tons, and the arrival volume at the secondary ports is 1.4 tons. As of November 27, the total inventory of MEG in the main ports in East China was 70.8 tons, an increase of 3.95 tons from Monday [1] - On the supply side, the domestic ethylene glycol load has declined from a high level, and some short - flow oil chemical plants are under great production pressure. Overseas, there are limited changes in overseas ethylene glycol plants. The port inventory is expected to remain stable in the short term, but there are still plans for large Saudi vessels to arrive at the port in early December. On the demand side, the polyester load with low inventory provides some support, but orders are marginally weakening [2] - The production pressure of new capacity is large. As the port inventory rises, the liquidity of goods in the market increases. However, the price of ethylene glycol has dropped to a nearly two - year low, and the negative feedback of high - cost plants has gradually emerged, alleviating the inventory accumulation pressure [3] Summary According to the Directory Price and Basis - Yesterday, the closing price of the main EG contract was 3,873 yuan/ton, down 23 yuan/ton or 0.59% from the previous trading day; the spot price in the East China EG market was 3,889 yuan/ton, down 21 yuan/ton or 0.54%; the spot basis in East China EG was 11 yuan/ton, down 7 yuan/ton month - on - month [1] Production Profit and Operating Rate - According to Longzhong data, the production gross profit of ethylene - based EG was - 60 US dollars/ton, unchanged month - on - month; the production gross profit of coal - based syngas EG was - 1,027 yuan/ton, down 2 yuan/ton month - on - month [1] International Price Difference - No specific data provided in the text Downstream Sales and Production and Operating Rate - The inventory of polyester is at a low level, and the load provides some support, but orders are marginally weakening [2] Inventory Data - According to CCF data, the inventory at the main ports in East China was 73.2 tons, unchanged month - on - month; according to Longzhong data, it was 70.8 tons, up 7.5 tons month - on - month. The planned arrival volume at the main ports in East China this week is 9.5 tons, and the arrival volume at the secondary ports is 1.4 tons. As of November 27, the total inventory of MEG in the main ports in East China was 70.8 tons, an increase of 3.95 tons from Monday [1]

丙烯日报 | 2025-11-28 主力下游开工回落，关注成本端扰动 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价5798元/吨（-22），丙烯华东现货价5995元/吨（-5），丙烯华北现货价6050元/吨（-25）， 丙烯华东基差197元/吨（+17），丙烯华北基差179元/吨（-43）。丙烯开工率74%（+1%），中国丙烯CFR-日本石脑 油CFR192美元/吨（+18），丙烯CFR-1.2丙烷CFR67美元/吨（+11），进口利润-354元/吨（-86），厂内库存48970吨 （+3930）。 丙烯下游方面：PP粉开工率42%（-4.20%），生产利润-310元/吨（+55）；环氧丙烷开工率75%（+0%），生产利润136 元/吨（+91）；正丁醇开工率82%（+1%），生产利润-263元/吨（+66）；辛醇开工率81%（+4%），生产利润72元/吨 （+118）；丙烯酸开工率77%（+4%），生产利润444元/吨（+4）；丙烯腈开工率81%（+1%），生产利润-443元/吨（+21）； 酚酮开工率81%（+2%），生产利润-415元/吨（+0）。 市场分析 供应端，镇海炼化裂解装置重启，中化泉州、 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - With the peak of autumn maintenance in European and American refineries passing, their operations are gradually resuming, and the most critical period for gasoline supply may have passed. The rhythmic arrival of pure benzene at ports has increased pressure, leading to a further rise in port inventories and suppressing the performance of pure benzene processing fees. Downstream operations remain at a low level during the off - season, with styrene maintaining low - load maintenance, CPL operations dropping further from a low level, and the operations of phenol, aniline, and adipic acid slightly increasing, but terminal demand remains weak [3]. - Overseas, South Korea's Daehan, Lotte, and Hyundai have officially announced a merger and will shut down Lotte's 1.1 million - ton cracking unit. Attention should be paid to whether Lotte's styrene units in South Korea will stop production. In China, port inventories have risen again. Although styrene is still in a low - operation maintenance stage and the resumption plan has been postponed, downstream operations during the off - season are still low. The operation of EPS, which has obvious seasonality, continues to decline, the operation of PS rebounds but inventory pressure remains, and the finished - product inventory pressure of ABS remains high while its operation stays at a low level [3]. 3. Summary by Related Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Relevant figures include the basis of the pure benzene main contract, the price of the pure benzene main futures contract, the spread between pure benzene spot and M2 paper goods, the spread between the first - and third - consecutive contracts of pure benzene, the trend and basis of the EB main contract, the basis of the EB main contract, and the spread between the first - and third - consecutive contracts of styrene [7][10][15] II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Relevant figures cover naphtha processing fees, the difference between FOB South Korea pure benzene and CFR Japan naphtha, the production profit of non - integrated styrene units, the difference between FOB US Gulf pure benzene and FOB South Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profit, styrene import profit, the difference between FOB US Gulf styrene and CFR China styrene, and the difference between FOB Rotterdam styrene and CFR China styrene [18][21][36] III. Pure Benzene and Styrene Inventories, Operating Rates - Relevant figures involve the inventory of pure benzene in East China ports, the operating rate of pure benzene, the inventory of styrene in East China ports, the operating rate of styrene, the commercial inventory of styrene in East China, and the factory inventory of styrene [38][40][43] IV. Styrene Downstream Operating Rates and Production Profits - Relevant figures include the operating rate and production profit of EPS, the operating rate and production profit of PS, and the operating rate and production profit of ABS [51][56][58] V. Pure Benzene Downstream Operating Rates and Production Profits - Relevant figures cover the operating rates of caprolactam, phenol - ketone, aniline, and adipic acid, as well as the production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular - spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [62][71][75]