Report Information - Report Title: Treasury Bond Daily Report [1] - Date: November 14, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not mentioned in the report Core Viewpoints - The negative factors in the bond market have basically been released, and November has entered a stage of accumulating positive factors. The bond market environment has improved, with support at the bottom of Treasury bond futures and rising expectations of easing due to the slowdown of economic momentum. Investors should pay attention to this week's economic activity data and the central bank's outright reverse repurchase operations and seize opportunities to buy on dips [12]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Performance**: The stock - bond seesaw reappeared. The stock market reached a new high, suppressing the bond market, and Treasury bond futures closed down across the board. Yields of major term interest - bearing Treasury bonds in the inter - bank market rose across the board. The yield of the 10 - year Treasury bond active bond 250016 reached 1.8040%, up 0.3bp [8][9]. - **Funding Market**: With continuous central bank injections, the pressure on bank funds has been significantly relieved. The central bank conducted a net injection of 972 billion yuan today, and it has been a consecutive net injection this week. The inter - bank funding sentiment index declined slightly, indicating a marginal easing of funding pressure. Overnight weighted interest rates and 7 - day interest rates in the inter - bank market both decreased, while medium - and long - term funds remained stable [10]. - **Conclusion**: The domestic economic fundamentals face pressure, with economic indicators weakening since June, especially the accelerating decline in investment and the decline in exports in October. Currently, there is an increase in loose monetary and fiscal policies, and the restart of Treasury bond trading has brought direct buying demand. The impact of loose fiscal policies on the bond market is expected to be limited in the short term. Overall, the bond market environment has improved, but there are still some uncertain disturbances [11][12]. 2. Industry News - Chinese Vice - Premier He Lifeng met with relevant American figures, stating that China and the US have broad cooperation space in the economic and trade field and should jointly promote the stable development of bilateral economic and trade relations [13]. - During the 8th China International Import Expo, Vice - Minister of Commerce Sheng Qiuping held a symposium for foreign - funded retail enterprises, welcoming them to develop in China [13]. - The US House of Representatives will vote on a temporary appropriation bill, which may end the 43 - day federal government shutdown. The government shutdown may reduce Q4 economic growth by two percentage points [13]. - US Treasury Secretary Besent said that the Trump administration will announce "substantial" tariff news in the next few days and plans to implement tariff exemptions on commodities such as coffee and bananas. The government is also discussing a "tariff dividend" plan to provide a $2000 tax refund to families with an annual income of less than $100,000 [13]. - White House National Economic Council Director Hassett said that he would accept the nomination to replace Powell as the Fed Chairman if nominated and hopes for a larger - scale interest rate cut at the December policy meeting [14]. 3. Data Overview - **Treasury Bond Futures Market**: The report presents data on Treasury bond futures trading on November 13, including contract information such as opening price, closing price, settlement price, price change, trading volume, open interest, and open interest change. It also mentions various cross - period and cross - variety spreads of Treasury bond futures main contracts [6]. - **Money Market**: The report shows the term structure change and trend of SHIBOR, as well as the change in the weighted interest rate of inter - bank pledged repurchase and the change in the pledged repurchase rate between banks and depository institutions [28][32]. - **Derivatives Market**: The report shows the fixed - rate curves (average) of Shibor3M interest rate swaps and FR007 interest rate swaps [34].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The copper price resumed its upward trend this week due to the impending restart of the US government, which led to a rebound in market risk appetite. Meanwhile, the spot premium remained stable, and the downstream procurement sentiment increased steadily. With macro - level positives and support from the spot market, the copper price was pushed up. The supply - side support for the copper price is weakening this year, while the demand is expected to pick up and support the copper price. From a macro perspective, after the US government restarts, the release of employment and inflation data is expected to increase the probability of an interest rate cut in December, and the US dollar is expected to weaken. Overall, it is difficult for the copper price to decline, and it is expected to continue rising with the improvement of the macro - environment and demand [10]. 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - **Price Trend Reasons**: The resumption of the upward trend in copper prices is due to the upcoming restart of the US government, the recovery of market risk appetite, stable spot premiums, and increased downstream procurement sentiment. The support from macro factors and the spot market has pushed up copper prices. - **Supply - Side Situation**: The narrative of tight copper ore supply continues, but the supply pressure of cold materials has weakened as the refined - scrap price spread has widened. The production reduction pressure on smelters in November has eased. SMM expects a decrease of only 0.4 million tons in November and a slight increase in December, so the supply - side support for copper prices is weakening this year [10]. - **Demand - Side Outlook**: The demand that was squeezed by the sharp increase in copper prices in the early stage is gradually being released in November. There is an expectation of rush - work in the power grid sector near the end of the year. SMM expects the operating rate in the refined copper rod sector to rebound, mainly driven by the need to complete production value tasks in the wire and cable sector and the continuous growth of demand in the new energy and transformer sectors in the enameled wire field. However, the social inventory has not effectively started to decline, making the upward rhythm of copper prices unstable [10]. - **Macro - Economic Impact**: After the US government restarts, the release of employment and inflation data is expected to increase the probability of an interest rate cut in December, and the US dollar is expected to weaken. Overall, the copper price is expected to continue rising [10]. 3.2. Industry News - **Peru's Copper Production**: In September 2025, Peru's copper production increased by 3.7% year - on - year to 240,995 tons. In the first nine months of 2025, Peru's copper production was about 2.048 million tons, a year - on - year increase of 2.7%. Peru is the world's third - largest copper producer [11]. - **SandfireResources' Acquisition Plan**: Australia's largest listed independent copper producer, SandfireResources, announced on Thursday that it had reached a binding term sheet with HavilahResources. It plans to acquire an 80% stake in the Kalkaroo copper - gold project in South Australia through a two - stage investment of up to A$210 million. The first stage requires a payment of A$105 million (70% in Sandfire shares and 30% in cash) to obtain the qualification, and the second stage requires another A$105 million after the pre - feasibility study (PFS) is completed [11]. - **TasekoMines' Performance**: Vancouver copper producer TasekoMines had a revenue of C$174 million in the third quarter, an adjusted EBITDA of C$62 million, and a net profit of C$6 million. The copper production of its core asset, the Gibraltar mine, increased to 27.6 million pounds (including 895,000 pounds of cathode copper) due to the high - grade mining area. The grade was 0.22%, the recovery rate was 77%, and the C1 cost dropped to US$2.87 per pound. The solvent extraction and electrowinning plant of the Florence Copper project in Arizona has been basically completed, with the first solution injection in early November. The commercial well - field flow met expectations, and the first batch of cathode copper production is imminent. Drilling will resume in the coming weeks to support capacity ramp - up in 2026 [11][12].

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 日期 2025 年 11 月 14 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：11月13日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2601 | 3038 | 3040 ...

1. Report Information - Report Name: Asphalt Daily Report [1] - Date: November 14, 2025 [2] 2. Market Review and Operation Suggestions Market Review - Futures Market: BU2601 opened at 3052 yuan/ton, closed at 3029 yuan/ton, with a high of 3058 yuan/ton, a low of 2999 yuan/ton, a decline of 1.05%, and a trading volume of 26.99 million lots. BU2512 opened at 3053 yuan/ton, closed at 3028 yuan/ton, with a high of 3063 yuan/ton, a low of 3003 yuan/ton, a decline of 1.21%, and a trading volume of 0.64 million lots [6]. - Spot Market: The asphalt spot prices in North China, South China, and Sichuan-Chongqing regions continued to decline, while those in other regions remained relatively stable. The decline in crude oil and asphalt futures prices had a negative impact on the sentiment of the asphalt spot market [6]. Supply and Demand Analysis - Supply: Qilu Petrochemical plans to switch to producing residual oil, while Jincheng Petrochemical is expected to resume asphalt production. Jinling Petrochemical in East China and Shengxing Petrochemical in Shandong are likely to maintain stable production after resuming operations. Shanghai Petrochemical also plans to switch to asphalt production around November 9. The asphalt plant operating rate is expected to increase slightly [7]. - Demand: The demand pattern shows regional differentiation. In the Northeast and Northwest regions, the rigid demand has dropped to the lowest point of the year due to the suspension of road projects. In North China, Shandong, and surrounding areas, the rigid demand remains stable due to the construction rush before the heating season. In the South, some projects are entering the construction rush stage, and the demand is expected to be stable. Overall, downstream procurement is mainly based on demand, and the speculative demand remains weak, putting pressure on the market [7]. Market Outlook - The oil price lacks support, and the supply and demand of asphalt are both weak. After this round of decline, the basis has significantly narrowed. It is expected that the market will mainly fluctuate in the short term [7]. 3. Industry News - Shandong Market: The mainstream transaction price of 70 A-grade asphalt is 2980 - 3620 yuan/ton, remaining stable compared to the previous working day. Although the international oil price declined again, the asphalt futures showed strong performance during the session. Due to the queuing for loading at some refineries, the quotes of most traders remained stable, and only a few refineries raised their prices [8]. - East China Market: The mainstream transaction price of 70 A-grade asphalt is 3300 - 3400 yuan/ton, remaining stable compared to the previous working day. The asphalt futures weakened again during the session after two days of increase. The price of social inventories in Jiangsu is around 3200 yuan/ton, and the price increase is restricted by demand and regional price differences. Some refineries are under great inventory pressure, and the price difference between refineries and social inventories is large, so the prices are also under pressure. The ex-factory price for road transportation remains at 3300 - 3400 yuan/ton [8]. 4. Data Overview - The report provides data on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of Jianxin Futures [11][13][15]

Report Information - Report Title: Sugar Daily Report - Date: November 14, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [2][3] Industry Investment Rating - Not provided in the report Core Viewpoints - New York raw sugar futures rebounded significantly, with the主力 March contract up 2.25% to 14.57 cents per pound. London ICE white sugar futures'主力 March contract rose 1.76% to $416.40 per ton. The Indian government plans to allow 1.5 million tons of sugar exports, but the market believes current prices are below India's export parity, making exports difficult. Raw sugar is fluctuating around the 14 - cent mark [7]. - Zhengzhou sugar's主力 contract soared. The 01 contract closed at 5,512 yuan per ton, up 34 yuan or 0.62%, with an increase of 7,691 contracts in positions. Domestic sugar spot prices rose. The market is waiting for new sugar from Guangxi to enter the market, and there is no obvious bullish or bearish driver currently. The rise in Zhengzhou sugar is due to funds following the external market. Speculative funds have shifted from short to long, while industrial hedging positions have increased significantly [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market Quotes**: SR601 closed at 5,512 yuan per ton, up 34 yuan or 0.62%, with a position of 381,667 contracts and an increase of 7,691 contracts; SR605 closed at 5,433 yuan per ton, up 23 yuan or 0.43%, with a position of 117,747 contracts and an increase of 1,479 contracts; US sugar 03 closed at 14.57 cents per pound, up 0.32 cents or 2.25%, with a position of 488,112 contracts and an increase of 3,660 contracts; US sugar 05 closed at 14.11 cents per pound, up 0.25 cents or 1.80%, with a position of 172,321 contracts and a decrease of 896 contracts [7]. 2. Industry News - Indonesia plans to achieve self - sufficiency in white sugar by 2026, consumer sugar self - sufficiency by 2028, and full self - sufficiency including industrial and ethanol demand by 2030. The president has urged the acceleration of this schedule [11]. - As of November 13, 2025, in the 2025/26 sugar - crushing season, 4 sugar mills in Yunnan have started crushing, an increase of 1 compared to the same period last year, with a planned designed production capacity of 13,200 tons per day, an increase of 9,700 tons per day compared to the same period last year [11]. - DATAGRO has lowered the expected global sugar surplus in the 2025/26 season from 2.8 million tons to 1 million tons, and has revised the sugar production forecast in Brazil's central - southern region from 41.1 million tons to 40.8 million tons, and the sugar - making ratio of sugarcane from 51.6% to 51.2% [11]. 3. Data Overview - **Top 20 Seats' Trading and Position Data in Zhengzhou Sugar's主力 Contract**: The total trading volume was 275,269 contracts, an increase of 136,414 contracts; the total long - position volume was 259,152 contracts, an increase of 6,146 contracts; the total short - position volume was 298,349 contracts, an increase of 3,512 contracts [23].

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Report date: November 14, 2025 [2] - Energy and Chemical Research Team: Peng Jinglin (Polyolefins), Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA, MEG), Peng Haozhou (Urea, Industrial Silicon), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] Group 2: Futures Market Quotes - Plastic 2601: Opened at 6780 yuan/ton, closed at 6818 yuan/ton, up 34 yuan/ton (0.5%), with a trading volume of 278,000 lots and a decrease in open interest of 5317 lots to 581,602 lots [5] - Plastic 2605: Opened at 6855 yuan/ton, closed at 6893 yuan/ton, up 28 yuan/ton (0.41%), with an increase in open interest of 16,282 lots to 112,385 lots [5] - Plastic 2609: Opened at 6905 yuan/ton, closed at 6938 yuan/ton, up 23 yuan/ton (0.33%), with an increase in open interest of 27 lots to 2289 lots [5] - PP2601: Opened at 6445 yuan/ton, closed at 6480 yuan/ton, up 25 yuan/ton (0.39%), with a decrease in open interest of 8169 lots to 628,423 lots [5] - PP2605: Opened at 6565 yuan/ton, closed at 6577 yuan/ton, up 9 yuan/ton (0.14%), with an increase in open interest of 3798 lots to 147,232 lots [5] - PP2609: Opened at 6600 yuan/ton, closed at 6612 yuan/ton, down 1 yuan/ton (-0.02%), with an increase in open interest of 632 lots to 8233 lots [5] Group 3: Market Review and Outlook - Lian su L2601 opened lower, fluctuated slightly higher during the session, and closed higher at 6818 yuan/ton, up 34 yuan/ton (0.5%). PP2601 closed at 6480 yuan/ton, up 25 yuan/ton (0.39%). The futures market opened higher, but the market trading atmosphere was not significantly boosted. Traders focused on selling, and downstream buyers made small and cautious purchases at low prices [6] - There are no new production plans in November. The products from previous production have entered the market, significantly increasing the supply of spot resources and intensifying the imbalance between supply and demand. The operating rate of the agricultural film industry has peaked seasonally and declined. The demand for pipes has increased first and then decreased. The operating rate of the PP woven bag industry has been boosted by packaging demand, while BOPP enterprises are mainly digesting inventory, and the subsequent orders are expected to weaken, mostly short - term small orders. The support for raw materials has weakened [6] - The expectation of oversupply in the crude oil market has resurfaced, leading to a sharp decline in oil prices. The cost side has led the decline and weakened the support for the plastic and chemical sectors. The downward pressure on polyolefin prices is expected to continue [6] Group 4: Industry News - On November 13, 2025, the inventory level of major producers was 665,000 tons, a decrease of 25,000 tons (3.62%) from the previous working day. The inventory at the same time last year was 670,000 tons [7] - The PE market prices have partially declined. The LLDPE prices in North China are in the range of 6750 - 7000 yuan/ton, in East China 6900 - 7400 yuan/ton, and in South China 7000 - 7400 yuan/ton [7] - The mainstream price of propylene in the Shandong market is temporarily in the range of 5760 - 5800 yuan/ton, up 15 yuan/ton from the previous working day. The market is in a state of supply - demand game, and the directional trend is still unclear. Downstream factories are cautious about purchasing, and production enterprises are mainly stabilizing prices for sales, with a small number of offers rising slightly [7] - The PP market has remained generally stable with minor fluctuations. The mainstream prices of North China drawn yarn are in the range of 6200 - 6450 yuan/ton, in East China 6300 - 6600 yuan/ton, and in South China 6400 - 6540 yuan/ton [7] Group 5: Data Overview - The report includes figures such as L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [9][13][16]

报告类型 股指日评 日期 2025 年 11 月 14 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 11 月 13 日，万得全 A 放量上涨，开盘震荡上行，午后小幅回落后再度走高， 收涨 1.33%；沪深 300、上证 50、中证 500、中证 1000 收盘分别上涨 1.21%、0.96%、 1.55%、1.39%，中小盘股表现更优。期货方面，IF、IH 主力合约分别收涨 1.06%、 0.85%，表现弱于现货，IC、IM 主力合约分别收涨 1.59%、1.47%，表现强于现货 （按收盘价计算）。 | 表1:股指期货、现货行情数据 | | --- | 资料来源：Wind，建信期货研究发展部 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读 ...

Report Information - Report Date: November 14, 2025 [2] - Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Investment Rating - Not provided Core Views - The oil and fat sector rebounded from a low level, and the strategy is mainly to go long in bands [7] Section Summaries 1. Market Review and Operation Suggestions - **Price Quotes**: Dongguan rapeseed oil traders quoted prices with Dongguan factories' third - grade rapeseed oil at 01 + 620 and first - grade rapeseed oil at 01 + 720. In the East China market, the basis price of first - grade soybean oil was 01 + 270 in November and 01 + 280 from December to January. Guangdong traders' palm oil quotes were stable [7] - **Market Analysis**: Rapeseed oil continuously increased positions and rose, showing the strongest trend. Due to the interruption of imported rapeseed supply, domestic coastal oil mills' rapeseed crushing has not recovered, and rapeseed oil inventory has been continuously depleted. The domestic spot basis is stable with a slight upward trend. Soybean oil has limited downward price space based on import cost calculations and has buying value but is currently suppressed by high inventory. Palm oil is expected to see a decrease in production and inventory starting from November after the high - production reality in October was confirmed by the MPOB report [7] 2. Industry News - **Production Forecast**: Driven by favorable weather, improved labor supply, and high - yield new plantations, Malaysia's crude palm oil production in 2025 is expected to exceed 20 million tons for the first time, which may lead to higher - than - expected inventory and put pressure on the benchmark futures price [8] - **Export Data**: From November 1 - 10, 2025, Malaysia's palm oil exports were 190,533 tons, a 49.5% decrease compared to the same period in October. Exports to China were 0.57 million tons, a decrease of 48,000 tons compared to the previous month [8] - **Price Spread**: On November 12, 2025, the price of Indonesian crude palm oil was $1,070, and that of Malaysian crude palm oil was equivalent to $987, with a price spread of $83, up $11 from the previous day and down from $102 in the same period last week [8] 3. Data Overview - **Graphs**: The report includes graphs of spot prices and basis changes of rapeseed oil, soybean oil, and palm oil, as well as price spreads and exchange rates [12][13][20]

Group 1: General Information - The report is a PTA daily report dated November 14, 2025 [1][2] - The energy and chemical research team includes researchers for different products such as PTA, MEG, urea, etc [4] Group 2: Market Review and Operation Suggestions - On the 13th, the closing price of PTA's main futures contract TA2601 was 4,700 yuan/ton, up 30 yuan/ton (0.64%), with a settlement price of 4,644 yuan/ton and a daily reduction of 5,542 lots. The TA2605 contract closed at 4,754 yuan/ton, up 26 yuan/ton, with a trading volume of 99,774 lots, an increase of 4,801 lots [6] - With weak crude oil prices being bearish and India's BIS cancellation being bullish for the PTA market, the PTA market is expected to consolidate [6] Group 3: Industry News - OPEC reported that oil supply will meet demand in 2026. International oil prices ended a three - day rise and closed lower technically. On November 12, the settlement price of WTI crude oil December 2025 futures was $58.49/barrel, down $2.55/barrel (4.18%); Brent crude oil January 2026 futures settled at $62.71/barrel, down $2.45/barrel (3.76%) [7] - The assessed price of PX in the Chinese market was $824 - 826/ton, down $1/ton; in the South Korean market, it was $804 - 806/ton, down $1/ton. There was one transaction of any December shipment at $823/ton [7] - The PTA price in the East China market was 4,568 yuan/ton, down 23 yuan/ton. The average daily negotiation basis was at a discount of 77 yuan/ton to the futures 2601 contract, up 2 yuan/ton [7] Group 4: Data Overview - The report provides various data charts including PTA futures prices, international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA processing margins, etc [11][13][17]

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: November 14, 2025 [2] Industry Investment Rating - No relevant information provided. Core Viewpoints - The soda ash market may continue to have a supply - surplus pattern in the long - term, with short - term expectations of a slightly stronger and volatile market. The glass market is expected to have a downward trend in the medium - term if there is no new market stimulus [8][9][10] Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - **Market Data**: On November 13, the main soda ash futures contract SA601 closed at 1239 yuan/ton, up 23 yuan/ton or 1.89%, with an increase of 10469 lots in positions [7] - **Fundamentals**: The production and sales of enterprises tend to balance, with insignificant inventory reduction. Weekly production decreased 1.01% to 73.93 million tons, still at a high level. The operation of soda ash plants is stable. In the first and middle of November, the total shipment volume of Chinese soda ash enterprises was 74.62 million tons, a 1.57% increase. The production of float glass decreased 1.08% to 111.39 million tons. The inventory of soda ash plants slightly decreased to 170.73 million tons [8] - **Market Outlook**: The short - term rebound of the futures price is affected by the increase in light soda ash price and the expected equipment maintenance in late November. In the long - term, the supply - demand drive is insufficient, but the demand for photothermal power generation may stimulate short - term demand [8] Glass - **Market Data**: On November 13, the FG601 contract closed at 1056 yuan/ton, up 3 yuan/ton or 0.28%, with a decrease of 96688 lots in positions; the FG605 contract closed at 1173 yuan/ton, down 4 yuan/ton or 0.33%, with an increase of 19337 lots in positions [7] - **Fundamentals**: Four coal - fired production lines in Shahe were shut down in the short - term. The supply of glass is at a high level this year, with high post - festival factory inventory and increasing inventory days. The real - estate market has not stabilized, and the demand for float glass may not continue to recover [9] - **Market Outlook**: The short - term market is mainly volatile. In the medium - term, if there is no new market expectation, the downward trend of the market is difficult to reverse [9][10] 2. Data Overview - The report provides charts on the price trends of active soda ash and glass contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda ash market price, and flat glass production [12][14][15]