Group 1: Report Information - Report Name: PTA Daily Report [1] - Date: August 18, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures Market: TA2509 closed at 4,676 yuan/ton, up 12 yuan/ton, with a trading volume of 232,162 and a decrease of 73,887; TA2601 closed at 4,710 yuan/ton, up 28 yuan/ton, with a trading volume of 664,171 and a decrease of 21,993. The PTA main futures TA2601 closed at 4,716 yuan/ton on the 15th, up 28 yuan/ton, or 0.60%, with a settlement price of 4,708 yuan/ton and a daily position reduction of 21,993 lots [6] - Market Outlook: The intraday crude oil market fluctuated and declined, which was negative for the PTA market sentiment. The PTA supply was sufficient, and the downstream polyester sales were dull. It was estimated that the PTA market would decline slightly [6] Group 3: Industry News - Crude Oil: After Trump warned that the failure of negotiations with Putin on the Ukraine issue would bring "serious consequences," Brent crude oil futures rose to a one - week high. On Thursday (August 14), the settlement price of West Texas Intermediate crude oil futures for September 2025 on the New York Mercantile Exchange was $63.96 per barrel, up $1.31, or 2.09%, with a trading range of $62.58 - $64.10; the settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $66.84 per barrel, up $1.21, or 1.84%, with a trading range of $65.55 - $66.99 [7] - PX: The price of PX in the Chinese market was estimated at $827 - $829 per ton, up $4 per ton from the previous trading day; the price of PX in the South Korean market was estimated at $807 - $809 per ton, up $4 per ton from the previous trading day. The domestic PX was still in a tight - balance pattern, and the trading atmosphere was cautious as the port - arrival period approached. There was no transaction reported during the day [7] - PTA: The price of PTA in the East China market was 4,659 yuan/ton, up 5 yuan/ton. The average daily negotiation basis was based on the futures 2509 at a discount of 13 yuan/ton, up 1 yuan/ton [7] Group 4: Data Overview - Charts: The report includes charts such as PTA futures price summary, spot - futures price difference, international crude oil futures main contract closing price, upstream raw material spot price, PX price, MEG price, PTA processing margin, TA5 - 9 spread, PTA warehouse receipt quantity, polyester factory load rate, PTA downstream product price, and PTA downstream product inventory [11][13][17]

Group 1: Report General Information - Report Name: MEG Daily Report [1] - Date: August 18, 2025 [2] - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] Group 2: Market Review and Operation Suggestions - Futures Market: EG2509 closed at 4369 yuan/ton, down 18 yuan; EG2601 closed at 4412 yuan/ton, down 24 yuan. The trading volume of EG2509 was 71,884 lots, and the open interest was 148,452 lots, a decrease of 10,835 lots. The open interest of EG2601 was 60,953 lots, an increase of 11,568 lots [7] - Market Outlook: The supply - demand structure of ethylene glycol and its downstream polyester devices has not changed substantially, but the macro - market still has certain expectations for policy. It is expected that ethylene glycol may maintain a relatively strong oscillating trend [7] Group 3: Industry News - Crude Oil: After Trump warned of "serious consequences" if negotiations with Putin on the Ukraine issue failed, Brent crude futures rose to a one - week high. On August 14, the settlement price of WTI crude oil futures for September 2025 was $63.96 per barrel, up $1.31 or 2.09%. The settlement price of Brent crude oil futures for October 2025 was $66.84 per barrel, up $1.21 or 1.84% [8] - Ethylene Glycol Market: In Zhangjiagang, the spot negotiation price of ethylene glycol this week was 4456 - 4457 yuan/ton, down 6 yuan/ton from the previous working day. The mainstream transaction price was 4450 - 4465 yuan/ton, down 5 yuan/ton. In Dongguan, the negotiation range was 4350 - 4400 yuan/ton, unchanged from the previous trading day. The ethylene glycol market was weak and the trading volume was average [8] Group 4: Data Overview - Data Charts: Include charts of MEG futures price, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), PTA - MEG price difference, MEG price, MEG downstream product price, and MEG downstream product inventory [10][15][16][18] - Data Source: Wind, Research and Development Department of Jianxin Futures [7][11][12]

Group 1: Report Overview - Report Date: August 18, 2025 [1] - Report Type: Precious Metals Daily Report - Research Team: Macro Financial Research Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Group 2: Industry Investment Rating - No investment rating information provided Group 3: Core Views - Due to the US July PPI exceeding market expectations and officials' statements, market expectations for a 50BP Fed rate cut in September have cooled. London gold rose and then fell below $3350/oz. Trump's new policies boost gold's safe - haven demand. Gold volatility is rising, and the medium - term upward trend remains good. It may fluctuate between $3120 - $3500/oz before rising again. Investors are advised to hold a long - term view with low - to - medium positions [4]. - From late April to now, London gold has been fluctuating between $3100 - $3500/oz. Uncertainty in international trade has decreased, but currency system restructuring and Fed rate - cut expectations support the price. Speculative funds entered the silver and platinum markets in June, and silver prices fluctuated in July. The gold - to - silver ratio has stabilized after回调 to 86. The long - term bull market in gold is supported by currency system restructuring, and the medium - term bull market by economic weakness and rate - cut expectations. However, high prices also mean high volatility. In the short term, London gold is expected to continue to fluctuate between $3120 - $3500/oz. Central bank easing may support silver prices in the medium - to - short term. Investors are advised to hold a long - term view with low - to - medium positions, avoiding full - position chasing and blind short - selling [5]. Group 4: Section Summaries Precious Metals Market Quotes and Outlook - **Intraday Quotes**: London gold rose and then fell below $3350/oz due to PPI data and officials' statements. Trump's policies boost gold's safe - haven demand [4]. - **Domestic Precious Metals Quotes**: Shanghai Gold Index closed at 777.63, down 0.36%; Shanghai Silver Index closed at 9222, down 0.89%; Gold T + D closed at 773.09, down 0.26%; Silver T + D closed at 9188, down 0.93% [5]. - **Medium - term Quotes**: London gold has been fluctuating between $3100 - $3500/oz since late April. International trade uncertainty has decreased, but currency system restructuring and rate - cut expectations support the price. The gold - to - silver ratio has stabilized after回调 to 86 [5]. Precious Metals Market - Related Charts - The report provides multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, basis of Shanghai futures indices to Shanghai Gold T + D, gold and silver ETF holdings, gold - to - silver ratio, and correlation between London gold and other assets [7][9][11] Main Macroeconomic Events/Data - US July PPI rose 0.9% month - on - month, the largest increase in three years, dispelling expectations of a 50BP rate cut in September [17]. - US Treasury Secretary said conditions are favorable for a 25BP rate cut first and then acceleration. Some Fed officials said a 50BP rate cut in September does not match the current economic situation [17]. - Trump said he believes Putin is ready to end the war in Ukraine, and Putin praised US efforts and proposed a nuclear arms control agreement [17]

Group 1: Report Overview - Report Name: Soda Ash and Glass Daily Report [1] - Date: August 14, 2024 [2] Group 2: Industry Investment Rating - Not provided Group 3: Core Viewpoints - Soda ash supply is in excess and inventory is accumulating, with weak demand. The futures price is expected to fluctuate weakly. Attention should be paid to macro - changes and capacity elimination policies [8]. - Glass futures' main contract is expected to decline first and then oscillate upward. Mid - term inventory restricts price rebound in the short term, while policies are expected to benefit demand in the long - term [9]. Group 4: Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On August 14, the main futures SA601 contract fluctuated weakly, closing at 1400 yuan/ton, down 5 yuan/ton with a 0.35% decline and an increase of 64,318 lots in positions [8]. - Recently, maintenance volume is small, loss volume is down, and production has reached a high level. Weekly production increased to 761,300 tons, a 2.24% week - on - week increase. Factory inventory rose to 1.8938 million tons, a 1.54% week - on - week increase. Terminal demand for photovoltaic glass daily melting volume dropped to 87,000 tons, and float glass daily melting volume remained unchanged [8]. Glass - As of August 8, 2025, the national float glass daily melting volume was 159,600 tons, with a capacity utilization rate of 79.78%, a new high this year. If the price falls below 1100 yuan/ton, the cold - repair scale may expand [9]. - The order days of national deep - processing sample enterprises were 9.55 days, a 1.55% year - on - year decrease. The increase in enterprise inventory days was higher than that of orders. The total glass inventory was about 59.499 million heavy boxes, a 3.87% week - on - week decrease, and the inventory days were 25.5 days, with a slowdown in inventory removal [9]. 2. Data Overview - The report provides figures on soda ash and glass active contract price trends, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [11][14][18]

General Information - Report Type: Daily Report on Container Shipping Index [1] - Date: August 15, 2025 [2] - Research Team: Macro Finance Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Industry Investment Rating No relevant content provided. Core Viewpoints - The peak of the shipping season has passed, and the SCFIS has further declined this week with an increasing decline rate. The spot freight rate has likely reached its peak and is expected to enter a downward channel in August. The 10 - contract is currently deeply discounted, and the market may engage in a game regarding the rate and magnitude of price cuts. It is recommended to short the 10 - contract on rallies [8]. Summary by Directory 1. Market Review and Operational Suggestions - Spot market: The peak of the shipping season has passed. This week, the SCFIS further declined with a larger decline rate. Main airlines have lowered their August quotes, and the freight rate is in a downward trend. The freight rate may return to the early - July level by late August. The demand side is unlikely to improve significantly, and the freight rate may be even lower in the off - season. The 10 - contract is deeply discounted, and it is recommended to short it on rallies [8]. 2. Industry News - From August 4th to August 8th, the China export container shipping market was basically stable, with the lack of growth momentum in transport demand. Most route freight rates continued to decline, dragging down the composite index. The Shanghai Export Containerized Freight Index on August 8th was 1489.68 points, a 3.9% decline from the previous period [9]. - China's exports in July increased by 7.2% year - on - year. The EU is China's second - largest trading partner in the first 7 months of 2025, with a trade value of 3.35 trillion yuan, a 3.9% increase year - on - year, accounting for 13% of China's total foreign trade value. In July, China's export growth to the EU reached 9.2%, which was the main driving force for the rebound in exports [9]. - The supply - demand relationship in the shipping market this week was weak, and the freight rates on European and Mediterranean routes continued to decline. On August 8th, the freight rate from Shanghai Port to European basic ports was 1961 US dollars/TEU, a 4.4% decline from the previous period; the freight rate to Mediterranean basic ports was 2318 US dollars/TEU, a 0.6% decline [10]. - The threat of the Houthi armed forces to global shipping has escalated. They have attacked an Israeli airport and "sanctioned" 64 shipping companies, which may disrupt shipping routes and affect freight rates [10]. - The US will maintain a 25% tariff on Japanese goods and may soon reach a trade agreement with India [10]. 3. Data Overview 3.1 Container Shipping Spot Prices - From August 4th to August 11th, the SCFIS for the European route decreased from 2297.86 to 2235.48, a 2.7% decline; the SCFIS for the US - West route decreased from 1130.12 to 1082.14, a 4.2% decline [12]. 3.2 Container Shipping Index (European Route) Futures Market - The trading data of container shipping European line futures on August 14th shows that different contracts have different price changes, trading volumes, and open interests. For example, the EC2510 contract decreased by 2.4, a 0.18% decline, with a trading volume of 32077 and an open interest of 56698 [6]. 3.3 Shipping - Related Data Charts - The report provides charts of global container shipping capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates, but no specific data analysis is provided in the text [16][19]

Report Information - Report Name: Treasury Bond Daily Report [1] - Date: August 15, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - Not provided Core Viewpoints - Long - term, the bullish foundation of the bond market remains unchanged due to the "moderately loose" monetary policy orientation and high tariff uncertainty. Short - term, the bond market, especially long - term varieties, is under pressure as tariff uncertainties are settled, risk - aversion sentiment cools, and commodities and the stock market strengthen. It is recommended to focus on the strategy of going long on short - term and shorting long - term bonds. Also, pay attention to the marginal changes in July economic data [11][12] Summary by Directory 1. Market Review and Operation Suggestions - **Market Performance**: On August 14, weak financial data and the stock market's performance had limited impact on the bond market. Treasury bond futures closed down across the board. Yields of major term interest - rate bonds in the inter - bank market rose, with the 10 - year Treasury bond yield up 1.4bp to 1.734%. The central bank conducted net repurchase, resulting in a net withdrawal of 320 billion yuan. Inter - bank funds were loose, short - term fund rates changed slightly, and medium - long - term funds were stable [8][9][10] - **Conclusion and Suggestions**: Long - term, the bullish foundation remains. Short - term, long - term bond varieties are under pressure. Short - term 2 - year and 5 - year varieties may be more resilient. Consider a strategy of going long on short - term and shorting long - term bonds. Pay attention to July economic data after the central bank's 500 - billion - yuan 6 - month repurchase operation [11][12] 2. Industry News - The central bank will conduct a 500 - billion - yuan 6 - month outright repurchase operation on August 15. From January to July, the cumulative increase in social financing scale was 23.99 trillion yuan, 5.12 trillion yuan more than the same period last year. Two discount policies were detailed, and post - policy evaluations will be carried out. 188 billion yuan in investment subsidies for equipment upgrades supported by ultra - long - term special Treasury bonds in 2025 have been allocated, driving over 1 trillion yuan in total investment. There are international news about US - Russia cooperation proposals, potential US sanctions on Russia, and a call for the Fed to cut interest rates [13][14] 3. Data Overview - **Treasury Bond Futures Market**: Includes data on trading, spreads, and trends of Treasury bond futures contracts [6][15][16] - **Money Market**: Involves data on SHIBOR, inter - bank repurchase rates, etc. [28][32] - **Derivatives Market**: Contains data on Shibor3M and FR007 interest - rate swap fixed - rate curves [34]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The international trade and monetary system restructuring and reserve diversification needs will support the long - term bull market of gold, and Trump's reforms and economic situation will support the medium - term bull market. However, high price and P/E ratio lead to increased volatility. It is expected that London gold will run in the range in the short - term and then break through. Investors are advised to hold a long - term view with medium - low positions, and short - term traders can consider "long gold, short silver" arbitrage opportunities [4][5]. - In the short - term, due to factors such as inflation data and Fed officials' attitudes, gold's volatility has increased, but the medium - term upward trend remains good. London gold may fluctuate widely between $3120 - $3500 per ounce and then rise again [4]. 3. Summary by Directory 3.1. Precious Metals Market Analysis - **Intraday Market**: In July, US overall CPI was lower than expected, but core CPI was higher. The US Treasury Secretary called for a 50BP rate cut in September. The Fed's rate - cut expectation pushed the dollar index down to around 97.6 and London gold rebounded to $3375 per ounce. However, two Fed officials' cautious attitudes led to a gold price correction. Trump's new policy boosted gold's safe - haven demand. Gold's volatility increased, and it's recommended to trade with a long - term view and medium - low positions. This week, focus on the US - Russia summit, US inflation data, Fed officials' statements, and China's economic data [4]. - **Domestic Market Data**: Shanghai Gold Index closed at 780.46, up 0.13%; Shanghai Silver Index closed at 9305, down 0.13%; Gold T+D closed at 775.06, up 0.05%; Silver T+D closed at 9270, down 0.09% [5]. - **Medium - term Market**: Since late April, London gold has been oscillating between $3100 - $3500 per ounce. International trade situation and US fiscal expansion weakened gold's demand, but Trump's new policy and geopolitical risks supported it. Fed's rate - cut expectation rose due to the nomination of new Fed governors and a weak employment market. Speculative funds flowed into silver and platinum in June, and silver prices fluctuated in July. The gold - silver ratio in London stabilized after falling to 86. It's expected that London gold will continue to run in the range in the short - term [5]. 3.2. Precious Metals Market - related Charts - The report provides six charts including Shanghai precious metals futures indices, London precious metals spot prices, basis of Shanghai futures indices to Shanghai Gold TD, precious metals ETF holdings, gold - silver ratio, and the correlation between London gold and other assets [7]. 3.3. Main Macroeconomic Events/Data - **Geopolitical Events**: Trump threatened Putin over the Ukraine issue and may hold a US - Russia - Ukraine summit. The US Treasury Secretary said sanctions might increase if the US - Russia summit goes badly and called on Europe to impose sanctions [8]. - **Monetary Policy Expectations**: After US July inflation data, the market thought the probability of a 25BP rate cut in September was 99.9%. The Treasury Secretary thought a 50BP cut was possible, and Trump was narrowing down the candidates for the next Fed Chair [8]. - **Fed Officials' Views**: Chicago Fed President Goolsbee was worried about inflation and labor market assumptions, and needed multiple months of good inflation data to support rate cuts. Atlanta Fed President Bostic thought the job market was close to full - employment, and the Fed should avoid policy volatility [9]. - **Economic Policy**: The US Treasury Secretary said the 15% revenue - handing - over agreement for semiconductor sales to China might expand to other industries and denied national security concerns [9].

Report Information - Report Title: Nickel Daily Report [1] - Date: August 15, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] Investment Rating - No investment rating information is provided in the report. Core View - The short - term prices of nickel industry chain products are showing a marginal recovery trend, but the fundamental situation of primary nickel surplus remains unchanged, and prices will be under pressure again after the macro - sentiment fades [8]. Section Summaries 1. Market Review and Operation Suggestions - The trading sentiment of the US dollar easing expectation has cooled. China's financial data in July was weak, and the economic outlook remains sluggish. The main contract of Shanghai nickel (2509) fell 1.26% to 121,200 yuan/ton. The off - season characteristics of the spot market are still obvious, with supply exceeding demand and weak trading [8]. - The precipitation in the main production areas of the Philippines in the third quarter has limited impact, and shipments will remain at a high level. The approved quota of RKAB in Indonesia is as high as 310 million wet tons, so the supply of nickel ore is expected to increase, and the price is under downward pressure [8]. - Due to the short - term high price of nickel ore, most Indonesian iron plants are still in a state of cost inversion. The NPI price continued to rise, reaching 924.5 yuan/nickel point on the 14th. Large stainless - steel enterprises are still waiting and have limited acceptance of high - priced raw materials [8]. - Supported by cost and rigid restocking of precursors, the price of nickel salts continued to rise. The price of battery - grade nickel sulfate on the 14th was flat at 27,530 yuan/ton [8]. 2. Industry News - Indonesia's Danantara is exploring investment opportunities in the nickel downstream industry and considering acquiring the PT Gunbuster Nickel Industry (GNI) smelter. It plans to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through a syndicated loan [9][10]. - Bulgaria officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh, which is a step towards its goal of deploying 10,000 MWh of battery energy storage capacity within a year [10]. - A research team in Turkey developed a TOPCon solar cell with nickel contact and almost no silver, achieving similar efficiency with significantly reduced silver usage, which is expected to reduce production costs [10]. - Apatura has obtained planning permission for a 100 - MW battery energy storage system project in Scotland, which will help the UK power system and Scotland achieve its energy and emission reduction goals [10].

Group 1: Report Information - Report Name: Copper Futures Daily Report [1] - Date: August 15, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions - Price Movement: Copper prices rose and then fell. Spot prices dropped by 40 to 79,435, while the spot premium increased by 10 to 210. The spot Shanghai-London ratio rose to 8.1, and imports turned profitable by 45. The 0 - 3C structure narrowed slightly to 79.2. [11] - Market Analysis: China's July financial data was weak, with both household and corporate deposits and loans declining. The economic outlook remains sluggish, leading to strong selling sentiment in industrial products. The spot market is strong domestically and weak overseas. The macro - environment has a coexistence of strong expectations and weak reality. [11] - Operation Suggestion: It is expected that the spot premium will remain high. The overall judgment is that the downside space for copper prices is limited. Pay attention to the support around 78,500 for the main Shanghai copper contract. [11] Group 3: Industry News - Demand in North China: Due to the upcoming Shanghai Cooperation Organization Summit in Tianjin at the end of August, local copper processing enterprises are stocking up in anticipation of production control, leading to good demand for electrolytic copper in the North China market, but actual terminal consumption is average. [12] - Investment in Copper by Australian Gold Miner: Australia's second - largest gold miner plans to increase its investment in copper. The company's copper business revenue could account for up to 40%, currently about 25%. [12] - Copper Smelting in Chile: Codelco will start copper smelting work at the El Teniente mine on August 14. An accident in late July caused the mine to shut down for several days, resulting in a loss of 20,000 - 30,000 tons of copper, equivalent to $300 million. [12]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The lithium carbonate futures market showed a pattern of hitting bottom and then rebounding. The main contract of lithium carbonate once dropped to 82,820 during the session, but closed with a doji star at the end of the session. Although related industrial products had significant intraday declines, lithium carbonate was relatively resilient. The spot price of electric carbon increased by 1,000 to 82,000, the price of Australian ore rose by 20 to 990, and the price of lithium mica increased by 45 to 2,075. The profit of salt plants using purchased lithium spodumene expanded to 1,114, while the loss of salt plants using purchased lithium mica widened to 4,942. Salt plants' production enthusiasm was high, and the weekly production of lithium carbonate reached a new historical high of 19,980. The social inventory decreased by 162 to 142,256 tons. This week, both production and sales of lithium carbonate were booming. The shutdown of the Jianxiaowo Mine did not affect the weekly production of lithium carbonate. The emergence of a turning point in social inventory supported the lithium price. However, the current high - price lithium carbonate has a strong stimulating effect on upstream salt plants. It is expected that under the background of high - growth supply, the de - stocking of lithium carbonate will be limited. With limited support from the fundamentals and the weakening of small - scale speculation, the lithium price is expected to decline [12]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market**: The main contract of lithium carbonate futures hit bottom and rebounded, closing with a doji star. It was relatively resilient compared to related industrial products [12]. - **Spot Market**: The spot price of electric carbon increased by 1,000 to 82,000, the price of Australian ore rose by 20 to 990, and the price of lithium mica increased by 45 to 2,075 [12]. - **Profit and Production**: The profit of salt plants using purchased lithium spodumene expanded to 1,114, while the loss of salt plants using purchased lithium mica widened to 4,942. The weekly production of lithium carbonate reached a new historical high of 19,980, and the social inventory decreased by 162 to 142,256 tons [12]. - **Price Forecast**: With high - growth supply and limited fundamental support, the lithium price is expected to decline [12]. 3.2 Industry News - **Technological Innovation**: Scientists at Tokyo University of Science have developed a new quasi - solid electrolyte 3D - SLISE, which significantly improves the safety, efficiency, and recyclability of lithium - ion batteries. It uses environmentally friendly components such as borate - water - based systems, can achieve multi - directional lithium - ion conduction, reduces production costs and carbon footprint, and enables fast charging (20 minutes) and over 400 cycles of life. Its water - based design allows for the direct recovery of precious elements such as cobalt in electrodes by soaking in water without using harmful chemicals. This technology is expected to be applied in electronics, energy storage, and electric vehicles, promoting the battery industry towards a cleaner and more sustainable development [13]. - **Business Cooperation**: On August 4, 2025, Tiantie Technology announced that Anhui Tiantie Lithium - Ion New Energy Co., Ltd. and Zhuhai Xinjie Energy Technology Co., Ltd. signed a "Procurement Framework Agreement" and a "Framework Agreement Purchase Order." Zhuhai Xinjie will purchase copper - lithium composite strips from Anhui Tiantie, with an order amount of 400 million yuan [13].