Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [6]. Core Insights - The report highlights the strong performance of the pharmaceutical sector, with the Shenwan Pharmaceutical Index increasing by 2.21% during the week of May 26-30, outperforming both the ChiNext Index and the CSI 300 Index [11][12]. - It emphasizes the ongoing bullish trend in innovative drugs, suggesting that they are becoming a "reverse asset" in the current market environment, and encourages investors to continue buying into innovative drugs [13][14]. - The report outlines three main investment themes: "China Supermarket," "Revaluation of Generic Big Pharma," and "Small and Medium-Sized Value Pipeline" [13][14]. Summary by Sections Industry Performance - The pharmaceutical sector has shown resilience and strong performance amidst market fluctuations, particularly in innovative drugs and CRO/CDMO segments [12][13]. - The report notes that innovative drugs are expected to remain a focal point for market performance due to their underlying industry trends [13]. Future Outlook - The report anticipates a positive trading atmosphere for the pharmaceutical industry in 2025, with structural bull markets being a high probability [14]. - Key investment strategies include focusing on innovative drugs, new technologies like brain-computer interfaces, and self-sufficiency in the supply chain [14]. Investment Strategy - Specific recommendations for innovative drugs include major players such as Kelun Pharmaceutical, Innovent Biologics, and BeiGene, as well as small and medium-sized companies like Sihuan Pharmaceutical and Zai Lab [15]. - The report also identifies new technology investments in brain-computer interfaces and AI in healthcare, with companies like Weisi Medical and JD Health highlighted [16]. - For self-sufficiency and supply chain restructuring, companies such as BGI Genomics and Mindray Medical are recommended [16]. Key Areas of Focus - The report identifies three major areas for potential out-licensing deals: PD-(L)1 Plus, TCE bispecific antibodies, and weight loss drugs, which are expected to generate significant future transactions [22][25]. - It emphasizes the potential of FGF21 as a promising target in weight loss, metabolic syndrome, and lipid-lowering therapies [28].

Investment Rating - The report maintains a "Buy" rating for key stocks such as Shenghong Technology, Wavelength Optoelectronics, and SMIC, indicating a positive outlook for these companies in the electronic and EDA sectors [6][7]. Core Insights - The AI infrastructure is rapidly developing, with significant demand for computing power driven by companies like NVIDIA, which reported a record revenue of $44.062 billion in FY26Q1, a year-on-year increase of 69% [10][11]. - The EDA industry is experiencing a shift towards domestic production due to export restrictions from the U.S., with the Chinese EDA market projected to reach 18.49 billion yuan by 2025 [19][23]. - Huawei has introduced the Pangu Ultra MOE model, a significant advancement in AI model training, showcasing the capabilities of the Ascend AI computing platform [39][40]. Summary by Sections NVIDIA Performance - NVIDIA's FY26Q1 revenue reached $44.062 billion, with a gross margin of 60.5% and a net profit of $18.775 billion, reflecting strong growth in data center and gaming sectors [10][11][12]. - The data center segment generated $39.112 billion, a 73% increase year-on-year, driven by demand for accelerated computing platforms [11][14]. - The gaming segment saw revenues of $3.763 billion, up 42% year-on-year, attributed to the sales of new graphics cards [12][16]. EDA Industry Developments - The U.S. has imposed export restrictions on leading EDA software companies, prompting a rise in domestic EDA firms aiming for self-sufficiency [19][31]. - The global EDA market is expected to grow to $17.42 billion by 2025, with China's market projected to reach 18.49 billion yuan [23][29]. - Domestic EDA companies are accelerating mergers and acquisitions to enhance their product offerings and capabilities [35][36]. Huawei's Pangu Ultra MOE Model - Huawei's Pangu Ultra MOE model features 718 billion parameters and utilizes advanced training techniques to optimize performance and efficiency [39][41]. - The model's architecture includes innovative methods for load balancing and training stability, enhancing its capabilities in AI applications [40][41]. - The introduction of this model signifies Huawei's commitment to advancing AI technology and its competitive position in the market [39][40].

Investment Rating - The industry investment rating is maintained as "Increase" [6][32]. Core Insights - The media sector has shown a positive trend, with a 1.73% increase in the CITIC primary media sector index during the week of May 26-30, 2025, driven by AI applications and market activities [1][10]. - The domestic game market in April 2025 experienced a year-on-year growth of 21.93%, reaching a total market size of 27.351 billion yuan, supported by various promotional activities and the performance of long-term products [3][19]. - The report highlights the potential for resource integration, AI applications, and mergers and acquisitions in the media sector, particularly focusing on state-owned enterprises [2][19]. Summary by Sections 1. Market Overview - The CITIC primary media sector index increased by 1.73% during the week of May 26-30, 2025, with the top-performing sectors being comprehensive finance and defense [10][12]. - The game market's revenue growth is attributed to long-term products and new releases, with mobile game revenue increasing by over 28% year-on-year [3][19]. 2. Subsector Insights and Focused Stocks - Key stocks to watch include: - Resource integration: Zhongshi Media, Guoxin Culture, Guangxi Broadcasting, Tangde Film and Television, Jishi Media, Youzu Network [2]. - AI applications: Rongxin Culture, Aofei Entertainment, Tom Cat, Shengtian Network, and others [2]. - Gaming: Focus on companies with strong certainty such as Shenzhou Taiyue, Kaiying Network, and others [2]. - State-owned enterprises: Ciweng Media, Wanxin Media, and others [2]. - Education: Xueda Education [2]. - Hong Kong stocks: Alibaba, Tencent, and others [2]. 3. Key Events Review - The launch of the new DeepSeek-R1 model on May 29, 2025, showcases significant advancements in programming capabilities and deep reasoning [19]. - The release of the long-text deep thinking model QwenLong-L1 by Alibaba demonstrates breakthroughs in long-text processing [19]. 4. Subsector Data Tracking - The top-grossing films in the domestic market for the week of May 24-30, 2025, include "Lilo & Stitch," "Mission: Impossible 8," and "Dumpling Queen," with a total box office of approximately 216 million yuan [22][23]. - The most popular series during the same period were "The Cang Hai Chronicles," "Zhe Yao," and "In the Human World," indicating strong viewer engagement [23][24].

Investment Rating - The report maintains a "Buy" rating for key stocks such as Shenghong Technology, Wavelength Optoelectronics, and SMIC, indicating a positive outlook for these companies in the electronic and EDA sectors [6][7]. Core Insights - The AI infrastructure is rapidly developing, with significant demand for computing power driven by companies like NVIDIA, which reported a record revenue of $44.062 billion in FY26Q1, a year-on-year increase of 69% [10][11]. - The EDA industry is experiencing a shift towards domestic production due to export restrictions imposed by the U.S. on leading EDA software companies, which is accelerating the decoupling of the semiconductor industry between China and the U.S. [19][31]. - Huawei has introduced the Pangu Ultra MOE model, a significant advancement in AI model training, showcasing the capabilities of its Ascend AI computing platform [39][40]. Summary by Sections NVIDIA Performance - NVIDIA's FY26Q1 revenue reached $44.062 billion, with a gross margin of 60.5% and net income of $18.775 billion, reflecting strong growth in data center and gaming sectors [10][11][12]. - The data center segment generated $39.112 billion, a 73% increase year-on-year, driven by demand for accelerated computing platforms [11][14]. - The gaming segment saw revenues of $3.763 billion, up 42% year-on-year, attributed to the sales of new Blackwell architecture GPUs [12][16]. EDA Industry Developments - The U.S. has imposed export restrictions on leading EDA software firms, leading to a significant impact on the Chinese market, where these companies hold over 80% market share [19][31]. - The global EDA market is projected to grow, with estimates of $17.42 billion by 2025, while the Chinese EDA market is expected to reach 18.49 billion yuan [23][27]. - Domestic EDA companies are accelerating mergers and acquisitions to enhance their product offerings and achieve self-sufficiency [35][36]. Huawei's Pangu Ultra MOE Model - Huawei's Pangu Ultra MOE model features 718 billion parameters and utilizes advanced training techniques to optimize performance and efficiency [39][40]. - The model's architecture includes innovative methods for load balancing and stability, enhancing its capabilities in AI applications [41][42]. - The introduction of this model signifies Huawei's commitment to advancing AI technology and its competitive position in the market [39][40].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Shandong Gold, and Chifeng Jilong Gold [7][8]. Core Views - The non-ferrous metals sector is currently experiencing price consolidation due to fluctuating macroeconomic policies, particularly regarding tariffs and their impact on metal prices [1][38]. - Gold remains supported by solid fundamentals despite short-term volatility caused by U.S. tariff policies and potential Federal Reserve actions [1][38]. - Industrial metals like copper and aluminum are facing mixed signals, with copper prices in a state of fluctuation due to macroeconomic uncertainties, while aluminum prices are supported by domestic policy and decreasing social inventory [2][3]. Summary by Sections Precious Metals - Gold prices are experiencing narrow fluctuations due to the back-and-forth nature of U.S. tariff policies, which have affected the credibility of the U.S. government and the dollar [1][38]. - Recommendations include focusing on companies such as Zijin Mining, Shandong Gold, and Chifeng Jilong Gold, which are expected to benefit from gold's safe-haven appeal [1]. Industrial Metals - Copper prices are in a consolidation phase, influenced by macroeconomic uncertainties and inventory levels, with global copper inventory at 525,000 tons, down 26,500 tons week-on-week [2]. - Aluminum prices are supported by favorable domestic policies and a continuous decrease in social inventory, with the theoretical operating capacity of electrolytic aluminum remaining stable at 43.865 million tons [2]. Energy Metals - Lithium prices are under pressure, with carbon lithium down 3.7% to 61,000 yuan/ton, and the industry is expected to face challenges as production cuts are implemented [3]. - The report indicates that the lithium market is currently characterized by a supply surplus and weak demand, leading to a bearish outlook for prices in the short term [3]. Key Companies - The report highlights several companies with strong investment potential, including: - Shandong International (Buy) with projected EPS of 0.78 yuan in 2024 [7]. - Chifeng Jilong Gold (Buy) with projected EPS of 0.94 yuan in 2024 [7]. - Luoyang Molybdenum (Buy) with projected EPS of 0.63 yuan in 2024 [7].

Investment Rating - The industry investment rating is maintained as "Increase" [6][31]. Core Insights - The media sector has shown a positive trend, with a 1.73% increase in the CITIC primary media sector index during the week of May 26-30, 2025, driven by AI applications and market activities [1][10]. - The domestic game market in April 2025 experienced a year-on-year growth of 21.93%, reaching a total market size of 27.351 billion yuan, supported by various promotional activities and the performance of long-term products [3][19]. - The report highlights the potential for resource integration, AI applications, gaming, state-owned enterprises, and education sectors as key areas for investment focus [2][16]. Summary by Sections 1. Market Overview - The media sector's performance is buoyed by AI advancements, with expectations for growth in AI applications, IP monetization, and mergers and acquisitions by 2025 [1][2]. - The game market's revenue growth is attributed to both long-term products and new releases, with mobile games seeing over 28% year-on-year growth [3][19]. 2. Key Events Review - The launch of the DeepSeek-R1 model and its capabilities in deep reasoning and text generation are noted as significant advancements in AI [19]. - The report also mentions the performance of key games in overseas markets, with titles like "Honkai: Star Rail" and "Kingshot" leading in revenue [3][19]. 3. Subsector Data Tracking - The report tracks the performance of various subsectors, including gaming, where specific companies like Shenzhou Taiyue and Giant Network are highlighted for their strong market positions [20][21]. - In the film sector, the top-grossing films during the week of May 24-30, 2025, included "Lilo & Stitch" and "Mission: Impossible 8," with a total box office of approximately 216 million yuan [22][23]. 4. Focused Companies and Stocks - The report identifies several companies for potential investment, including resource integration firms like Zhongshi Media and AI-focused companies like Rongxin Culture and Aofei Entertainment [2][16]. - It also lists key stocks in the media sector that have shown significant price movements, such as Yuanlong Yatu and Times Publishing [12][15].

Investment Rating - The report maintains a cautious outlook on the C-REITs sector, indicating a "C" rating due to high volatility in the secondary market and mixed performance across different sectors [1][5]. Core Insights - The C-REITs secondary market is experiencing high-level fluctuations, with energy and transportation sectors showing better performance compared to industrial parks and ecological environmental sectors, which are undergoing corrections [3][12]. - The total market capitalization of listed REITs is approximately 198.21 billion, with an average market cap of about 3 billion per REIT [3][12]. - The report highlights that the C-REITs full return index has increased by 12.62% year-to-date, ranking second among major indices, while the C-REITs closing index has risen by 9.98% [2][10]. Summary by Sections REITs Index Performance - The C-REITs full return index rose by 0.03% this week, while the closing index fell by 0.10%, ending at 868.4 points [1][10]. - Year-to-date, the C-REITs full return index has increased by 12.62%, outperforming several other indices [2][10]. REITs Secondary Market Performance - The secondary market for C-REITs is characterized by high volatility, with 31 REITs rising and 35 falling this week, resulting in an average weekly change of -0.02% [3][12]. - The energy and transportation infrastructure sectors are performing well, while industrial parks and ecological environmental sectors are experiencing pullbacks [3][12]. REITs Valuation Performance - The report notes that the internal rate of return (IRR) for listed REITs varies, with the top three being 华夏中国交建 REIT (10.8%), 平安广州广河 REIT (10.6%), and 中金安徽交控 REIT (8.3%) [5][12]. - The P/NAV ratio for REITs is in the range of 0.8 to 1.8, with 华夏中国交建 REIT having a lower P/NAV of 0.8 [5][12]. Investment Recommendations - The report suggests a favorable outlook for the REITs market in 2025, driven by a low interest rate environment and ongoing macroeconomic recovery [5][12]. - It emphasizes the importance of timing in secondary market investments and recommends selecting REITs based on asset resilience, market prices, and P/NAV [5][12].

Group 1: PMI Overview - In May, the manufacturing PMI rose to 49.5%, up 0.5 percentage points from the previous value of 49.0%, but still in the contraction zone[2] - The non-manufacturing PMI slightly decreased to 50.3%, down 0.1 percentage points from 50.4%[1] - The composite PMI output index increased by 0.2 percentage points to 50.4%, indicating a slight acceleration in overall economic expansion[2] Group 2: Supply and Demand Signals - The production index for manufacturing PMI rose to 50.7%, indicating a return to the expansion zone, with a 0.9 percentage point increase[3] - The new orders index increased by 0.6 percentage points to 49.8%, still in the contraction zone, while the new export orders index rose by 2.8 percentage points[3] - The employment indices for manufacturing, services, and construction showed slight improvements, but employment pressure remains significant[4] Group 3: Price and Inventory Trends - The price indices for raw materials and factory prices both fell by 0.1 percentage points, indicating ongoing downward pressure on prices[4] - The inventory indices for raw materials and finished products changed by 0.4 and -0.8 percentage points respectively, suggesting inventory adjustments in response to improved export conditions[4] Group 4: Future Outlook - The upcoming months (June-July) are characterized as a "four-period overlap," focusing on U.S.-China tariff negotiations and actual trends in Chinese exports and real estate[7] - Continued emphasis on the need for proactive policy measures to address domestic demand issues, as indicated by the contraction in new orders and declining price indices[6]

Investment Rating - The report maintains a rating of "Increase" for the environmental sector [4] Core Insights - The expansion of the environmental factor trading mechanism is expected to stimulate demand and growth in environmental resources [1][19] - The tightening of regulatory oversight on ecological violations will lead to increased investment in environmental governance and infrastructure [1][26] - The macroeconomic environment, characterized by historically low interest rates, favors high-dividend and growth-oriented assets [2][27] Summary by Sections Investment Views - The central government has issued guidelines to enhance the market-oriented allocation of environmental resources, which will benefit carbon markets and water resource management [9][19] - The Ministry of Ecology and Environment has established a framework for the oversight of serious ecological violations, which will drive demand for environmental remediation and monitoring services [20][26] - The environmental sector is currently at a historical low in terms of institutional holdings and valuations, indicating a potential for sustained rebounds [27] Market Performance - The environmental sector outperformed the broader market, with a weekly increase of 3.66%, while the Shanghai Composite Index decreased by 0.03% [29] - Key sub-sectors such as solid waste management and water treatment showed significant gains, with solid waste management up by 5.11% [29] Industry News - New policies in Hainan and Jiangxi provinces aim to enhance waste management and resource utilization, indicating a growing focus on sustainable practices [38][39] - Shanghai has set ambitious goals for zero landfill waste by 2026, reflecting a commitment to improving waste management practices [39] Key Companies - High Energy Environment is positioned as a leader in hazardous waste management, with a strong pipeline of projects and a focus on technological innovation [28] - Huicheng Environmental is actively pursuing major hazardous waste projects and has made significant advancements in plastic waste recycling technologies [28] - Hongcheng Environment is recognized for its consistent growth and high dividend payouts, making it an attractive investment option [32]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report analyzes the main characteristics of urban investment platforms in the debt - resolution year of 2024 based on their annual reports. It shows that significant debt - resolution achievements have been made on the liability side, but the overall financing function of urban investment remains weak, and the asset status still needs improvement [1][5]. 3. Summary According to the Directory 3.1 Liability Side - **1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.