Investment Rating - The industry rating is "Outperform the Market" with expectations for the overall industry performance to surpass the market in the next six months [14]. Core Insights - The acceleration of large model iterations both domestically and internationally is expected to foster a prosperous AI application ecosystem, particularly in multi-modal applications and AI Agents [2][3]. - The report highlights that 2025 is anticipated to be a pivotal year for the commercialization of AI multi-modal applications and AI Agents, with significant advancements expected in these areas [3]. Summary by Sections Domestic Developments - On July 28, Zhiyu released its flagship model GLM-4.5, achieving state-of-the-art performance in 12 benchmark tests across reasoning, programming, and agent capabilities [1]. - Alibaba launched the video generation model Tongyi Wanshang Wan2.2, which is the first in the industry to utilize a Mixture of Experts (MoE) architecture, featuring a total parameter count of 27 billion and an activation parameter count of 14 billion, resulting in approximately 50% savings in computational resources [1]. International Developments - Google DeepMind introduced Genie 3, a third-generation universal world model capable of real-time interaction and enhanced memory, which is expected to accelerate the transition of models to application layers [2]. - Anthropic released Claude Opus 4.1, achieving a score of 74.5% on the SWE-Bench Verified, indicating significant improvements in programming capabilities and efficiency in handling complex multi-step problems [2]. - OpenAI reintroduced two open-weight language models, GPT-OSS-120B and GPT-OSS-20B, supporting various reasoning intensities and designed for personal devices [2]. Application Focus - The report suggests focusing on the commercialization progress of AI multi-modal applications and AI Agents, with notable advancements in areas such as image and video generation, where companies like Meitu and Kuaishou are leading [3][6]. - The AI Agent sector is also highlighted, with companies like Kingdee International and Maifushi making strides in developing enterprise-level AI solutions [6]. Related Companies - Key companies to watch include Alibaba, Baidu, Tencent, Meitu, Kuaishou, Kingdee International, and Maifushi, among others, which are positioned to benefit from advancements in AI technologies [6].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the sector to perform better than the market in the next six months [4][61]. Core Insights - The report highlights that the public utility sector index has decreased by 1.84%, underperforming compared to major indices such as the Shanghai Composite and CSI 300 [2][13]. - Key developments include the release of the "136 Document" in Ningxia, which outlines pricing mechanisms for renewable energy, and adjustments to coal power capacity pricing in Guangdong [3][38]. - The report suggests that the long-term demand for thermal power remains stable, with coal prices expected to stabilize or decline, supporting profit margins for thermal power companies [7]. Summary by Sections Market Performance - The public utility sector index's PE (TTM) is reported at 18.42, down from 18.77 the previous week, while the PB is at 1.51, down from 1.54 [1][22][26]. - The sector's performance ranks 13th among 31 sectors, with specific declines noted in various sub-sectors such as thermal and hydropower [2][13]. Industry Dynamics - Recent regulatory changes in Shandong and Ningxia are expected to impact pricing and market participation for renewable energy projects [3][35][38]. - The report tracks coal prices, noting a slight increase in the price of Shanxi mixed coal to 649 RMB/ton, with other regional prices also rising [3][40]. Key Data Tracking - The report provides data on green certificate trading, with a total of 4.31 and 11.39 thousand transactions for wind and solar power respectively during the week [6][44]. - CEA trading volumes for the week were reported at 31.02, 65.80, 33.33, 66.70, and 52.27 thousand tons, with average prices fluctuating around 71.89 to 74.78 RMB/ton [6][46].

Investment Rating - The automotive sector has a mixed investment rating with specific companies rated as "Buy" or "Increase" based on their expected performance over the next six months [43]. Core Insights - The automotive sector experienced a decline of 2.36% from July 28 to August 1, underperforming the CSI 300 index by 0.61 percentage points. The passenger vehicle segment fell by 3.37%, while the commercial vehicle segment decreased by 0.51%, outperforming the index [10][31]. - The overall PE-TTM for the automotive industry as of August 1 is 26.51, down by 0.66 from the previous week. The valuations for passenger vehicles, commercial vehicles, and auto parts are 25.71, 39.68, and 24.85 respectively [11][33]. - The retail sales of passenger vehicles from July 1 to 27 reached 1.445 million units, a year-on-year increase of 9%, but a month-on-month decrease of 19%. Cumulatively, retail sales for the year are 12.346 million units, up 11% [7][29]. Summary by Sections Market Review - The automotive sector's performance from July 28 to August 1 showed a decline of 2.36%, with the passenger vehicle segment down 3.37% and the commercial vehicle segment down 0.51% [10][31]. - The automotive services sector fell by 4.19%, underperforming the CSI 300 index by 2.44 percentage points [10]. Company and Industry Major Events - The launch of the Li Auto i8, a new electric SUV, occurred on July 29, with prices ranging from 32.18 to 36.98 million yuan. The vehicle is set to be delivered on August 20 [3][29]. - Major contracts were awarded to companies like Hongxin Technology and Changhua Group, indicating positive future revenue impacts [27]. New Vehicle Launches - A total of 23 new and updated vehicles were launched during the week, including the Li Auto i8 and various models from other manufacturers [30][32]. Investment Recommendations - The report suggests a cautious approach to the automotive sector, given the recent declines and mixed performance across different segments. The overall sentiment remains neutral to positive for select companies [31].

Investment Rating - The report maintains an "Accumulate" rating for BYD, indicating a projected stock price increase of 5% to 15% relative to the industry index over the next six months [5]. Core Views - BYD's overseas sales have significantly increased, with cumulative exports exceeding 500,000 vehicles from January to July 2025, showcasing the company's strong market expansion capabilities [2]. - The company has actively reduced inventory in response to national calls against excessive competition, reflecting a strategic shift to balance supply and demand [8]. - The recent production and sales data indicate a proactive approach to inventory management, with production in July 2025 at 318,000 units, a slight decrease of 0.92% year-on-year, while sales rose by 0.56% to 344,000 units [1]. Financial Summary - Revenue projections show a steady increase from 602.3 billion CNY in 2023 to 1,423.9 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 19% [1]. - Net profit attributable to shareholders is expected to grow from 30.0 billion CNY in 2023 to 82.8 billion CNY in 2027, reflecting a robust growth trajectory [1]. - The report forecasts a return on equity (ROE) of 20.8% in 2023, increasing to 24.1% by 2027, indicating strong profitability [1]. Market Position and Strategy - BYD's market share in the export of new energy buses is notable, with a 27.29% share in the first half of 2025, highlighting its leadership in the sector [10]. - The establishment of a new factory in Brazil marks a significant step in BYD's global strategy, enhancing local production capabilities and supply chain collaboration [8]. - The company's proactive response to industry challenges, including price competition, positions it favorably for sustainable growth in the new energy vehicle market [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the week from July 28 to August 1, 2025, the domestic stock market was generally in a downward trend, with most major stock indices and style indices showing declines. The trading activity of A - shares has been fluctuating upwards recently, approaching the level of December 2024. The bond market had mixed performance, with pure - bond indices rising and the Shanghai - Shenzhen convertible bond index falling. The commodity market also showed mixed trends, with some commodities rising and others falling. In the ETF market, the trading volume of comprehensive ETFs increased, while that of theme ETFs decreased. There was a net outflow of funds from most broad - based indices in comprehensive ETFs, and significant inflows into heavy - weight sectors such as banks, consumption, and liquor in industry - themed ETFs [2][9][15][18][32]. 3. Summary According to the Table of Contents 3.1 Fund Market Overview 3.1.1 Stock Market - Last week, major domestic stock indices declined. The large - cap indices such as CSI 300, SSE 50, and SSE Composite Index had weekly changes of - 1.75%, - 1.48%, and - 0.94% respectively. The small - and medium - cap indices like CSI 500, CSI 1000, and ChiNext Index had changes of - 1.37%, - 0.54%, and - 0.74% respectively. Style indices showed mixed trends, with financial, cyclical, consumer, growth, and stable style indices having changes of - 1.61%, - 2.28%, - 0.41%, - 0.32%, and - 2.27% respectively. Among the growth styles, large - cap, mid - cap, and small - cap growth style indices changed by - 0.35%, 0.94%, and - 2.26% respectively. The trading activity of A - shares has been fluctuating upwards recently, approaching the level of December 2024, with trading volume showing a pattern of rebound, decline, and then rebound over the past year [9]. 3.1.2 Bond Market and Futures Market - Last week, the Shanghai - Shenzhen convertible bond index fell by - 1.39%. Pure - bond indices rose, with the Shanghai Treasury Bond, Shanghai Corporate Bond, and Shenzhen Local Government Bond indices rising by 0.07%, 0.05%, and 0.02% respectively. The main futures contracts of major stock indices showed mixed trends, with CSI 300, SSE 50, and CSI 500 futures rising by 0.55%, 0.65%, and 0.14% respectively. The prices of 10 - year, 5 - year, and 2 - year Treasury bond futures rose by 0.22%, 0.13%, and 0.02% respectively [15][16]. 3.1.3 Commodity Market - In the past week, the commodity market showed mixed trends. The CRB Poultry Spot, CRB Edible Oil Spot, and Nanhua Agricultural Product Index changed by 0.01%, - 0.48%, and - 1.05% respectively. Among domestic key commodity futures, INE Crude Oil, SHFE Asphalt, and CZCE Thermal Coal futures changed by 3.79%, 1.41%, and 0.00% respectively [18][21]. 3.2 ETF Market Quotation Statistics - By screening ETFs through indicators such as fund size and trading volume, the most representative ETFs in different sectors of comprehensive and industry - themed categories are selected for long - term tracking. Monitoring indicators such as large - and small - cap style classification, changes in circulating shares, net - bought funds, and trading volume can provide references for market style switching and fund flow [23]. 3.3 Domestic Stock - Type ETF Trading Activity Ranking - Using the weekly turnover rate of funds as a measure of ETF trading activity, last week's trading hotspots were mainly concentrated in comprehensive indices such as ChiNext 50 and ChiNext, as well as sectors such as Steel ETF, Coal ETF, and Bank ETF [24]. 3.4 Large - and Small - Cap Style Monitoring 3.4.1 Comprehensive Stock ETF - As of last week, the trading volume of comprehensive ETF funds increased. The trading volume of comprehensive ETFs was 69.484 billion yuan, an increase of 5.046 billion yuan from the previous week. Among them, the trading volume of large - and mid - cap style comprehensive ETFs was 34.555 billion yuan, an increase of 0.528 billion yuan, and that of small - and mid - cap comprehensive ETFs was 35.702 billion yuan, an increase of 4.833 billion yuan. The circulating shares of comprehensive ETF funds decreased by 4.178 billion shares compared to the previous week [26]. 3.4.2 Thematic Stock ETF - As of last week, the average weekly change of 32 thematic ETFs was - 1.57%. The average weekly change of large - cap style ETFs was - 2.76%, and that of small - and mid - cap style ETFs was - 0.59%. The total trading volume of thematic ETFs decreased by 3.582 billion yuan compared to the previous week. The trading volume of large - cap style ETFs decreased by 6.615 billion yuan, while that of small - and mid - cap style ETFs increased by 3.033 billion yuan. The circulating shares of thematic ETFs increased by 15.599 billion shares compared to the previous week [27]. 3.5 Sector Fund Flow Tracking - In terms of returns, comprehensive ETFs showed mixed trends. The top three were the Innovation - Growth 50 ETF, 1000 ETF, and ChiNext, with changes of - 0.49%, - 0.55%, and - 0.65% respectively. The bottom three were the Shenzhen 100 ETF, 300 ETF, and 300 ETF, with changes of - 1.88%, - 1.73%, and - 1.67% respectively. Industry - themed ETFs also showed mixed trends. The top three were the 5G ETF, Pharmaceutical ETF, and Biomedical ETF, with changes of 3.47%, 2.00%, and 1.86% respectively. The bottom three were the Coal ETF, Non - Ferrous Metals ETF, and New Energy Vehicle ETF, with changes of - 5.11%, - 4.97%, and - 4.16% respectively. In terms of fund flow, most broad - based indices in comprehensive ETFs had a small net outflow of funds, while heavy - weight sectors such as banks, consumption, and liquor in industry - themed ETFs had significant inflows [32]. 3.6 Commodity ETF - Last week, the commodity ETF funds showed mixed trends. The Gold ETF, Bosera Gold, Soybean Meal ETF, Non - Ferrous Metals Futures ETF, and Energy Chemicals ETF changed by - 0.77%, - 0.76%, - 0.15%, - 1.75%, and - 6.00% respectively. The total circulating shares of tracked commodity ETFs increased by 0.317 billion shares compared to the previous week, and the total trading volume increased by 1.887 billion yuan [36]. 3.7 Overseas ETF - Last week, among the tracked overseas ETF funds, the Nasdaq ETF, H - share ETF, and Hang Seng ETF changed by 0.40%, - 2.45%, and - 2.19% respectively. The total circulating shares of tracked overseas ETF funds increased by 0.018 billion shares compared to the previous week, and the total trading volume increased by 0.929 billion yuan [38]. 3.8 Money Market ETF - As of the end of last week, the overnight SHIBOR rate was 1.39%, a decrease of 0.24% from the previous week, and the one - week SHIBOR rate was 1.50%, a decrease of 0.05% from the previous week. The seven - day annualized yield of Huabao Tianyi increased by 0.02% to 1.07%, and that of Yinhua Rili decreased by 0.03% to 1.04%. In terms of circulating shares, Huabao Tianyi's circulating shares decreased by 0.467 billion shares, while Yinhua Rili's increased by 2.824 billion shares [42].

Report Information - Report Title: Transactional Index Fund Capital Flow Weekly Report [1] - Data Date: July 28, 2025 - August 1, 2025 [1] - Report Issuer: Great Wall Securities Industrial Finance Research Institute [1] - Analyst: Jin Ling [1] - Report Date: August 6, 2025 [1] Domestic Passive Stock Funds Comprehensive and Industry Themes - **Fund Performance**: In the week from July 28 to August 1, 2025, most domestic passive stock funds showed negative growth. For example, the Shanghai - Shenzhen 300 had a scale of 983.449 billion yuan, a weekly decline of 1.64%, and a net capital outflow of 9.263 billion yuan; the CSI 500 had a scale of 140.12 billion yuan, a decline of 1.21%, and a net outflow of 3.149 billion yuan. However, the Science and Technology Innovation 100 rose by 0.57%, and the Science and Technology Innovation 200 rose by 3.27% with a net inflow of 0.93 billion yuan [4]. - **Capital Flow**: The large - finance sector had a net capital inflow of 6.207 billion yuan, and the large - consumption sector had a net inflow of 3.065 billion yuan; while the large - technology sector had a net outflow of 1.106 billion yuan, and the large - manufacturing sector had a net outflow of 1.474 billion yuan [4]. Style Strategies and Other Classifications - **Style Performance**: Among style strategies, the dividend and dividend - low - volatility strategies had net capital inflows of 1.223 billion yuan and 1.338 billion yuan respectively, while the growth and value strategies had net outflows of 0.065 billion yuan and 0.043 billion yuan respectively [4]. - **Other Classifications**: The central - state - owned enterprise special valuation concept (China Special Valuation) had a net inflow of 0.235 billion yuan, and the regional funds had a net outflow of 0.017 billion yuan [4]. Overseas - Related Funds Comprehensive and Industry Themes - **Fund Performance**: Overseas - related funds also showed mixed performance. The Nasdaq 100 rose by 0.38% with a net inflow of 0.282 billion yuan, while the German DAX fell by 3.03% but still had a net inflow of 0.192 billion yuan [5]. - **Capital Flow**: The Hong Kong - stock technology sector had a large net inflow of 9.816 billion yuan, and the China Internet sector had a net inflow of 0.447 billion yuan; the Hong Kong - stock medical sector rose by 3.76% with a net inflow of 0.262 billion yuan [5]. Style Strategies - **Style Performance**: In style strategies, the dividend and dividend - low - volatility strategies in overseas - related funds had net inflows of 0.012 billion yuan and 0.0262 billion yuan respectively [5]. Bond and Commodity Funds Bond Funds - **Interest - Rate Bonds**: Among interest - rate bonds, the 30 - year bond had a scale of 8.969 billion yuan, a rise of 0.60%, and a net inflow of 2.512 billion yuan; the 5 - 10 - year bond had a scale of 38.952 billion yuan, a rise of 0.33%, but a net outflow of 0.574 billion yuan [6]. - **Credit Bonds**: For credit bonds, the high - grade bonds had a net inflow of 0.053 billion yuan, and the urban investment bonds had a net inflow of 0.4 billion yuan; the short - term financing bonds had a net outflow of 1.746 billion yuan [6]. - **Convertible Bonds**: Convertible bonds had a scale of 43.859 billion yuan, a decline of 1.54%, but a net inflow of 3.154 billion yuan [6]. Commodity Funds - **Gold and Others**: Gold funds had a scale of 70.887 billion yuan, a decline of 0.78%, but a net inflow of 3.973 billion yuan; the bean - meal funds had a scale of 4.193 billion yuan, a decline of 0.15%, and a net inflow of 0.009 billion yuan [6]. Index - Enhanced Funds - **Fund Performance**: Index - enhanced funds generally showed a negative growth trend. For example, the Shanghai - Shenzhen 300 index - enhanced fund had a scale of 3.209 billion yuan, a decline of 1.80%, and a net inflow of 0.049 billion yuan; the CSI 500 index - enhanced fund had a scale of 1.978 billion yuan, a decline of 1.07%, and a net inflow of 0.014 billion yuan [6].

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [4] Core Insights - Major cloud providers are increasing capital expenditures to enhance data center capabilities and liquid cooling technologies, driven by AI demand [2][3] - AI-driven growth is evident in the financial results of leading companies like Google, Microsoft, Meta, and Amazon, with significant revenue and profit increases reported [1][23] Summary by Sections Financial Performance of Major Companies - Google reported FY25Q2 revenue of $96.428 billion, a 14% year-over-year increase, with net profit rising 19% to $28.196 billion. Google Cloud revenue grew 32% to $13.6 billion [1][23] - Microsoft achieved FY25 revenue of $281.724 billion, a 14.93% increase, with net profit of $101.8 billion, up 16%. Microsoft Cloud revenue increased by 21% to $106.266 billion [1][34] - Meta's FY25Q2 revenue reached $47.5 billion, a 22% increase, with net profit growing 36% to $18.3 billion [1] - Amazon reported FY25Q2 revenue of $167.7 billion, a 13% increase, with AWS revenue at $30.87 billion, up 18% [1] Capital Expenditure Trends - Google plans to increase its 2025 capital expenditure from $75 billion to $85 billion, focusing on servers and data centers [2][29] - Microsoft reported FY25Q4 capital expenditure of $24.2 billion, with a total of $88.2 billion for the fiscal year, a 58.35% increase [2][37] - Meta's capital expenditure for FY25Q2 was $17 billion, a 100% increase, with expectations for FY25 to be between $66 billion and $72 billion [2] AI and Data Center Developments - The AI hardware performance is experiencing exponential growth, with significant advancements in training and inference capabilities [3][6] - The global data center market is projected to exceed $108.6 billion in 2024, with a compound annual growth rate of 14.9% [6] - Liquid cooling technology is gaining traction, with the global market expected to surpass 200 billion yuan in 2025 [6] Market Overview - The telecommunications sector is outperforming the broader market, with a projected growth trajectory [4] - The report highlights the importance of AI in reshaping marketing processes and driving revenue growth across various sectors [31][32]

Investment Rating - The report maintains a "Buy" rating for several companies including Jin Feng Technology, Daikin Heavy Industries, and Yun Da Co., while recommending "Hold" for others like Tai Sheng Wind Energy and Jin Lei Co. [1][4] Core Insights - The report highlights a significant increase in offshore wind power grid connections, with a year-on-year growth of 200% in the first half of 2025, indicating a positive trend in the industry [2][3][4] - The National Development and Reform Commission emphasizes the need to eliminate "involution" competition and promote reforms in the bidding system, which is expected to stabilize and potentially increase wind turbine prices [2][4] - The report notes that the wind power sector is experiencing accelerated construction and a strong demand for large-scale products, which is expected to enhance profitability for key players [4][7] Industry Dynamics - The report outlines that in the first half of 2025, the total installed capacity of wind power reached 572.60 million kW, with a year-on-year increase of 22.70% [25][30] - The total new installed capacity for wind power in the first half of 2025 was 51.39 GW, representing a 98.88% increase compared to the same period in 2024 [25][28] - The average bidding price for offshore wind turbines has shown a downward trend, currently averaging 3266.17 yuan/kW [3][53] Market Performance - The wind power equipment index reported a TTM price-to-earnings ratio of 33.17 and a market-to-book ratio of 1.69 [14][21] - The wind power equipment sector outperformed the broader market, with a weekly increase of 1.86%, ranking 12th among 124 sub-sectors [14][17] Company Performance - Key companies such as Jin Feng Technology and Yun Da Co. are highlighted for their strong market positions and expected benefits from the ongoing industry trends [4][7] - The report identifies specific companies for investment based on their market advantages and growth potential, including Daikin Heavy Industries and Tai Sheng Wind Energy [7]

Investment Rating - The report maintains a "Buy" rating for Hikvision, expecting the stock price to outperform the industry index by over 15% in the next six months [5][17]. Core Insights - Hikvision's financial performance shows improvement in cash flow and gross margin, indicating a marginal enhancement in fundamentals despite short-term revenue growth challenges [3][2]. - The company has embraced AI technology, integrating it into most product lines, which is expected to drive future growth [3]. - The report forecasts revenue growth from 98 billion yuan in 2025 to 115.8 billion yuan in 2027, with net profit projected to increase from 13.3 billion yuan to 16.8 billion yuan during the same period [3]. Financial Summary - **Revenue**: Projected to grow from 89.34 billion yuan in 2023 to 115.84 billion yuan in 2027, with a CAGR of approximately 9.5% [1]. - **Net Profit**: Expected to decline from 14.11 billion yuan in 2023 to 11.98 billion yuan in 2024, before recovering to 16.8 billion yuan by 2027 [1]. - **Gross Margin**: Improved to 45.19% in the first half of 2025, reflecting a slight year-on-year increase [2]. - **Cash Flow**: Operating cash flow turned positive in the first half of 2025, amounting to 5.34 billion yuan, which is 94% of net profit [2]. - **EPS**: Expected to rise from 1.53 yuan in 2023 to 1.82 yuan in 2027 [1]. Business Performance - **Domestic Business**: The domestic business faces significant pressure, primarily due to a sharp decline in SMBG (Small and Medium Business Group) revenue [2]. - **Innovation Business**: Despite a slowdown, the innovation business grew by 13.92% year-on-year, contributing 28% to total revenue [2]. - **AI Integration**: The company has launched hundreds of AI model products, enhancing its competitive edge across various industries [3].

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - The report emphasizes the significance of the Yarlung Tsangpo River downstream hydropower project, which aims to harness the region's abundant hydropower potential and drive economic development [1][10] - The development of large-capacity impulse turbines, with a single unit capacity of approximately 800 MW, represents a world-first achievement, addressing extreme challenges in high-altitude and high-head environments [1][10] - The gas-insulated transmission line (GIL) technology is highlighted for its advantages in high-capacity power transmission, low losses, and adaptability to various environments, making it a preferred choice in special scenarios [2][26] Summary by Sections 1. Large Capacity Impulse Turbines - The Yarlung Tsangpo River downstream hydropower project is set to utilize impulse turbines with a capacity of 800 MW, surpassing current global standards [1][10] - The project faces significant technical challenges due to high water heads and extreme environmental conditions, necessitating advanced turbine designs and manufacturing techniques [10][11] 2. Gas-Insulated Transmission Lines (GIL) - GIL technology is recognized for its ability to efficiently transmit high voltage and large currents in confined spaces, making it suitable for urban and challenging geographical environments [2][26] - The report notes successful applications of GIL in various projects, including the Su Tong GIL comprehensive corridor, which is the highest voltage and largest capacity GIL project globally [27][33] 3. High-Altitude Electrical Equipment - The report discusses the need for altitude adjustments in electrical equipment due to the unique challenges posed by high-altitude environments, particularly in the Yarlung Tsangpo River project [2][3] - The development of high-altitude, high-seismic equipment is crucial for the effective transmission and consumption of clean energy [2][3] 4. Reliable Key Supply Chain - The report identifies key companies in the supply chain for hydropower equipment, including Harbin Electric, Dongfang Electric, and China XD Electric, among others [3][4] - The supply chain's reliability is essential for supporting the ambitious hydropower projects outlined in national plans [3][4]