Report Industry Investment Rating No relevant content provided. Core Viewpoints On January 6, 2026, the convertible bond market followed the underlying stocks to rise, with increased valuations. The trading sentiment in the convertible bond market heated up, and the median price and weighted average price of convertible bonds both increased. Most industries in the A-share and convertible bond markets rose, with different performance in different sectors [1][2][3]. Summary by Directory 1. Market Main Index Performance - **Index Performance**: The CSI Convertible Bond Index rose 1.35% day - on - day, the Shanghai Composite Index rose 1.50%, the Shenzhen Component Index rose 1.40%, the ChiNext Index rose 0.75%, the SSE 50 Index rose 1.90%, and the CSI 1000 Index rose 1.43%. The Convertible Bond Equal - Weighted Index rose 1.38%, and the Convertible Bond Index rose 1.32%. In terms of style, mid - cap value was relatively dominant, with mid - cap value rising 2.75% [1][7][8]. 2. Market Fund Performance - **Trading Volume**: The trading volume of the convertible bond market was 94.734 billion yuan, a 13.55% increase from the previous day. The total trading volume of the Wind All - A Index was 2.832278 trillion yuan, a 10.32% increase [1][9]. - **Capital Flow**: The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 17.668 billion yuan, and the yield of the 10 - year treasury bond rose 2.45bp to 1.88% [1]. 3. Convertible Bond Valuation - **Valuation Increase**: The 100 - yuan parity fitted conversion premium rate was 35.23%, up 0.42pct from the previous day. The overall weighted parity was 104.28 yuan, up 1.52%. The price median was 136.95 yuan, up 1.59% [2][17][21]. - **Premium Rate by Type**: The premium rate of equity - biased convertible bonds was 17.18%, down 0.55pct; the premium rate of debt - biased convertible bonds was 87.25%, up 0.24pct; the premium rate of balanced convertible bonds was 26.36%, down 0.32pct [2]. 4. Industry Rotation - **A - share Market**: Among the 30 industries, 29 rose. The top three industries in terms of increase were non - ferrous metals (+4.26%), non - banking finance (+3.73%), and basic chemicals (+3.12%), while the only declining industry was communication (-0.77%) [3]. - **Convertible Bond Market**: Among the convertible bond market, 27 industries rose. The top three industries in terms of increase were communication (+4.44%), non - banking finance (+3.62%), and non - ferrous metals (+3.28%), and the only declining industry was environmental protection (-0.28%) [3].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1]. Core Insights - The company has successfully completed the first flight of the "Jiutian" drone, marking a significant technological breakthrough in large drone capabilities in China [8]. - The company has won bids for key projects, including the low-orbit broadband phased array terminal, indicating a shift towards application-side satellite logic and a closed-loop system [8]. - The launch of the "Guangzhou Low Altitude Flight Comprehensive Management Service Platform" demonstrates the company's commitment to developing a comprehensive ecosystem for low-altitude operations, integrating various technologies and services [8]. - The company is expected to benefit significantly from the "14th Five-Year Plan" for military informationization, the third generation of Beidou navigation system upgrades, and emerging fields such as low-altitude, drones, and low-orbit satellites [8]. Financial Summary - Total revenue is projected to decline from 4,920 million in 2024 to 4,387 million in 2025, before increasing to 5,336 million in 2026 and 6,317 million in 2027, reflecting a growth rate of -23.7% in 2024 and a recovery of 21.6% in 2026 [3]. - The net profit attributable to the parent company is expected to be 53 million in 2024, dropping to -87 million in 2025, and then recovering to 362 million in 2026 and 518 million in 2027, with a significant growth rate of 514.0% in 2026 [3]. - Earnings per share (EPS) is forecasted to be 0.02 in 2024, -0.04 in 2025, and then rise to 0.15 in 2026 and 0.21 in 2027 [3]. - The company’s price-to-earnings (P/E) ratio is projected to be 809 in 2024, -493 in 2025, and then stabilize at 119 in 2026 and 83 in 2027 [3].

Group 1: CFETS Index Overview - The CFETS RMB Exchange Rate Index is a nominal basket currency index based on trade shares, using geometric averaging of the RMB against a basket of currencies[2] - The currency basket is adjusted annually based on trade data from two years prior, with the new weights effective from January 1, 2026, based on 2024 trade data[3] Group 2: Weight Adjustments and Trends - The new weights for 2026 align closely with the 2024 trade shares, with the USD weight at 18.31% and the EUR weight at 17.86%, both exceeding their respective trade share benchmarks by 1.07 and 1.69 percentage points[4] - The concentration of the top five currencies (USD, EUR, JPY, KRW, AUD) has declined for four consecutive years, reaching 58.15% in 2026, down from 66.03% in 2020, averaging a decline of 1.31 percentage points per year[4][19] - The weight of developed market currencies has decreased from 76.97% in 2020 to 69.56% in 2026, while emerging market currencies have increased from 23.03% to 30.44%[5][26] Group 3: Currency Weight Changes - The USD weight has dropped from 19.88% in 2022 to 18.31% in 2026, with an average annual reduction of approximately 0.51 percentage points from 2024 to 2026[5][30] - Among emerging market currencies, ASEAN, Middle Eastern, and Russian currencies have the highest weights, collectively accounting for 19.29% of the emerging market currency weight in 2026[6][32] Group 4: Future Implications - The trade share data from 2025 will guide the currency weight adjustments for 2027, indicating a potential continued decline in the concentration of the top five currencies[7] - The influence coefficient of the USD index on the USDCNY midpoint has decreased from 0.337 to 0.331, indicating reduced depreciation pressure on the RMB against the USD[8][47]

证 券 研 究 报 告 【资产配置快评】2026 年第 1 期 Riders on the Charts: 每周大类资产配置图 表精粹 投资摘要： Let the future tell the truth, and evaluate each one according to his work and accomplishments. —Nikola Tesla 多资产配置研究 资产配置快评 2026 年 01 月 06 日 华创证券研究所 证券分析师：郭忠良 邮箱：guozhongliang@hcyjs.com 执业编号：S0360520090002 相关研究报告 《开年话躁动——总量"创"辩第 119 期》 2026-01-06 《资产配置快评 2025 年第 57 期：Riders on the Charts：每周大类资产配置图表精粹》 2025-12-29 《资产配置快评 2025 年第 56 期：Riders on the Charts：每周大类资产配置图表精粹》 2025-12-15 《资产配置快评 2025 年第 55 期：美联储继续降 息，同时重启扩表——12 月美联储议息会议点评 2025 ...

Investment Rating - The report maintains a "Strong Buy" rating for BYD, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Views - BYD's total sales for the year are projected to reach 4.6 million vehicles, with strong performance from the Fangchengbao model and exports [2][7]. - The target price is set at 113.8 CNY for A-shares and 111.2 HKD for H-shares, reflecting a robust growth outlook despite recent challenges [2][7]. Financial Summary - **Revenue Forecast**: Total revenue is expected to grow from 777.1 billion CNY in 2024 to 1,070.5 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 13.5% [3][8]. - **Net Profit**: Projected net profit is anticipated to decline from 40.3 billion CNY in 2024 to 35.2 billion CNY in 2025, before rebounding to 60.0 billion CNY in 2027, indicating a significant recovery [3][8]. - **Earnings Per Share (EPS)**: EPS is forecasted to decrease from 4.42 CNY in 2024 to 3.86 CNY in 2025, then increase to 6.58 CNY by 2027 [3][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to range from 22 in 2024 to 15 in 2027, while the price-to-book (P/B) ratio is projected to decline from 4.8 to 2.6 over the same period [3][8]. Sales Performance - **Sales Breakdown**: In December, BYD sold 134,000 vehicles, with a total of 4.6 million vehicles sold for the year, marking an 8% increase year-on-year [7]. - **Export Growth**: Exports reached 133,000 vehicles in December, representing a 133% increase year-on-year, with a total of 1.05 million vehicles exported for the year [7]. - **Brand Performance**: The Dynasty series sold 188,500 vehicles in 2025, while the Ocean series achieved 222,000 vehicles sold [7]. Market Outlook - **Product Cycle**: A new product cycle is expected to begin in March 2026, with the launch of the upgraded Qin L DM-i model, which is anticipated to enhance market share and brand value [7]. - **Sales Projections**: Future sales are projected to reach 5.27 million vehicles in 2026 and 5.85 million in 2027, with corresponding revenue growth [7].

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [20]. Core Insights - The investment banking evaluation system has been upgraded to guide the industry towards a focus on "functional" and "high-quality" services, reflecting a shift from quantity to value in competition [6][7]. - The latest evaluation results show a significant differentiation among firms, with only 12 out of 93 evaluated brokerages receiving an A rating, including top firms like CITIC Securities and Huatai Securities. This indicates a stricter regulatory environment and emphasizes compliance and operational quality as core constraints [6][7]. - The revised evaluation criteria include five core indicators aimed at enhancing the service capabilities of investment banks, particularly in supporting new industries and mergers and acquisitions [6][7]. Industry Data Summary - As of January 5, 2026, the total market capitalization of the industry is approximately 4,146.1 billion yuan, with a circulating market value of about 3,490.7 billion yuan [2]. - The absolute performance of the industry over the past 1 month, 6 months, and 12 months is 3.4%, 9.6%, and 15.3%, respectively, while the relative performance shows a decline of 0.5%, -8.9%, and -9.7% compared to the benchmark [3]. Company Performance and Valuation - Key companies such as GF Securities, CITIC Securities, and Huatai Securities are rated as "Recommended," with projected EPS for 2026 at 1.94 yuan, 1.91 yuan, and 2.07 yuan respectively. Their PE ratios for 2026 are estimated at 11.76, 15.36, and 11.76 times respectively [7]. - The PB ratio for the brokerage sector is currently at 1.52x, which is positioned at the 80.8th percentile over the past three years, indicating a relatively high valuation compared to historical data [6][9].

Strategy - The year 2025 marks a watershed moment for Chinese and American technology stocks, with Chinese tech stocks showing a significant increase compared to their American counterparts, driven by "hard technology" and domestic substitution [12][15][19] - The overall performance of Chinese tech stocks includes a 49.6% increase in the ChiNext Index, a 46.3% increase in the Sci-Tech Innovation Board Index, and a 23.5% increase in the Hang Seng Tech Index, outperforming the Nasdaq's 20.4% increase [12][15] - The market is increasingly cautious about the high concentration of profits among a few tech giants in the US, as evidenced by the performance of the "MAG 7" stocks [19][24] Electronics - The scaling law remains effective, with the introduction of multimodal and agent models expected to accelerate AI computing demand [35] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature, with capacity release and product structure optimization driving non-linear performance improvements [35] - Recommended stocks in this sector include Jingwang Electronics, Shenzhen South Circuit, Dongshan Precision, Huitian Technology, and others [35] Computer - The inference and agent ecosystem is experiencing a comprehensive explosion, with global models gradually entering a commercial closed loop [36] - Significant events include OpenAI's partnership with Disney for the Sora model and the planned IPO of Zhipu AI, which aims to be the first publicly listed company focused on general artificial intelligence [36][37] - The release of OpenAI's GPT-5.2-Codex marks a new benchmark for AI programming capabilities [36] Media - The capitalization progress of the AI industry chain is ongoing, which is expected to boost sentiment in the internet and AI sectors [37] - Notable acquisitions include Meta's purchase of the AI agent application Manus, which has achieved an ARR of over $100 million [37] - The valuation of global AI applications is expanding, with OpenAI's ARR projected to reach $20 billion and a valuation exceeding $500 billion [37] Humanoid Robots - The humanoid robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components or specific solutions likely to benefit [38] - The market's aesthetic preferences prioritize incremental components and Tesla-related supply chains, indicating potential investment opportunities [38] - Recommended stocks include Xinjie Electric, Huichuan Technology, and Hengli Hydraulic [38] Automotive - The 2026 automotive subsidy policy is expected to lead to an early rebound in the automotive sector, with retail sales projected to grow by 2% and electric vehicle sales by 11% [39] - The shift from fixed subsidies to percentage-based subsidies is anticipated to favor higher-priced vehicles [39] - Recommended stocks include Geely Automobile and BYD, with a focus on the intelligent driving sector [39]

Macro Insights - The current macro liquidity phase is expected to decline, with government bond growth and loan growth likely to marginally decrease, leading to a continuous decline in M2 year-on-year in Q1[1] - The recent slight increase in market volatility suggests that the most accommodative macro liquidity period is passing, which historically impacts asset valuations negatively[1] - The current economic cycle shows that the midstream sector is the most stable, as its demand is less sensitive to domestic liquidity conditions, potentially benefiting from supply-side contractions[1] Asset Allocation - International experience indicates that current 10-year bond yields are still below reasonable international levels, while the stock-bond ratio suggests stocks have a comparative advantage in allocation[1] - If liquidity contraction impacts "expensive" assets, bonds may be considered "expensive" as long as the economic cycle continues to improve marginally[1] - The strategic view remains to favor stocks over bonds, maintaining a cautious stance on bonds[2] Market Strategy - The spring market rally is primarily driven by liquidity, with expectations of limited pullbacks due to macro liquidity stability[3] - Key focus areas include real estate, exchange rates, local government meetings, local bond issuance, and U.S. Federal Reserve interest rate cuts[3] - Recommended sectors for investment include non-bank financials, technology manufacturing, and cyclical sectors like coal and non-ferrous metals[3] Fixed Income Strategy - The expected net financing of government bonds in Q1 is around CNY 3.6 trillion, with January and March being peak months[4] - The demand for bonds is anticipated to be better than Q1 2025 due to the "opening red" effect from deposits and insurance premiums[4] - The bond market is expected to show a downward trend in yields, with a focus on ticket interest strategies remaining favorable[4]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - 2026 Q1 may see an increase in convertible bond calls, but high - parity convertible bond valuations are at historical highs. High valuations do not guarantee post - call valuation maintenance, and the pressure on convertible bond prices before and after the call is relatively large. It is recommended to take profit before the call or stop loss in a timely manner after the call based on market conditions [3][7]. - The overall trend of convertible bond valuations is likely to be high - level oscillations, with a possibility of short - term foaming. In January 2026, institutional demand for configuration will support valuations, and if the equity market performs better than expected, valuations may foam [28]. - In December 2025, the convertible bond market oscillated upward, with both convertible bonds and underlying stocks performing strongly, and valuations oscillated and increased. The trading volume of the convertible bond and equity markets decreased, but margin trading funds showed a strengthening trend [48][56]. - The issuance of new convertible bonds slightly increased in December 2025, and the number of new issuance plans continued to rise. The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased, with obvious reductions by insurance funds [3][62]. 3. Summary According to Relevant Catalogs 3.1 Historical Facts and Changes before and after Convertible Bond Calls - **Before the Call Announcement** - High market valuations do not guarantee post - call valuation maintenance. After the call, the valuation compresses to near 0%, and the compression process is basically completed before the call announcement [3][8]. - The strength of the underlying stock before the call can partially offset the compression of convertible bond valuations, but when valuations are high, the pressure on convertible bond prices before the call is still relatively large [3]. - The decline before the call mainly occurs within T - 10 days, and the day of the highest price is advancing [3][16]. - **After the Call Announcement** - In most months, convertible bond prices continue to decline after the call announcement, but in some months with a strong equity market, prices rebound [3][20]. - There is generally a decline of varying degrees on T - day, and the months with price rebounds mainly show strength from T + 1 to T + 15 days [3][21]. - The stronger the equity market, the more delayed the appearance of the highest price [3][25]. 3.2 Valuation Outlook - The overall trend is high - level oscillations, with a possibility of short - term foaming. In December 2025, valuations oscillated upward. As of December 31, 2025, the 100 - yuan par - value fitted conversion premium rate was 34.04%, up 2.50 pct from the end of November, reaching the highest level since 2019 [28]. 3.3 Key Focused Convertible Bonds - From December 1 to December 31, 2025, the convertible bond portfolio rose 3.84%, outperforming the benchmark index by 1.70 pct. Huayi and Xingqiu had obvious increases [41]. - The "Huachuang Convertible Bond" January key - focused portfolio is adjusted to include Xingqiu, Mingli, Yirui, Huachen, Huayi, Yifeng, Ziyin, Qingnong, Zhongyin, and Xingye [43]. 3.4 Market Review - **Market Performance** - In December 2025, the convertible bond market oscillated upward, with a strong performance in the second half of the month. Most sectors of the convertible bond market rose, and technology - related concepts declined. The science and technology and manufacturing sectors showed significant increases, and the cyclical sector also performed well [48][50]. - **Fund Performance** - The trading volume of the convertible bond and equity markets decreased slightly. From December 1 to December 31, 2025, the average daily trading volume of CSI Convertible Bonds was 63.803 billion yuan, a 1.27% decrease from November, and the average daily trading volume of Wind All - A was 1.880842 trillion yuan, a 1.76% decrease from November [56]. - Margin trading funds oscillated and strengthened. As of December 31, 2025, the balance of margin trading in the Shanghai and Shenzhen Stock Exchanges was approximately 2.53 trillion yuan, an increase of 66.664 billion yuan from the end of November. Most industries received net margin purchases [60]. 3.5 Supply and Demand Situation - **New Bond Issuance and Listing** - In December 2025, 7 convertible bonds were issued, with a total scale of 5.494 billion yuan, and 5 new convertible bonds were listed, with a total scale of 3.005 billion yuan. The online new - bond issuance subscription scale increased, with an average effective subscription amount of 8.85 trillion yuan, a 2.61% increase month - on - month [62]. - **Expected Issuance Scale and New Plans** - The total expected issuance scale is approximately 122.663 billion yuan. As of December 31, 2025, 7 listed companies obtained convertible bond issuance approvals, with a planned issuance scale of 8.583 billion yuan; 6 companies' convertible bond issuances passed the review committee, waiting for approvals, with a total scale of 3.361 billion yuan. In December, 6 new board plans were added, with a total scale of approximately 77.9 billion yuan [65]. - **Holder Scale Changes** - The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased. In December 2025, the total par value of convertible bonds held by the two exchanges was 552.692 billion yuan, a decrease of 6.144 billion yuan from November, a 1.10% decline. The scale of public funds increased, while the scale of enterprise annuities decreased [83][87].

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - **Funding liquidity**: Both the supply and demand sides have contracted. On the supply side, the new issuance scale of equity - focused public funds has declined, margin trading funds and stock - type ETFs have shown a significant contraction and turned into net outflows, and the repurchase amount remains at a historical low. On the demand side, equity financing and net industrial capital reduction have contracted to historical median levels, and south - bound funds have turned into net outflows [2][6] - **Trading congestion**: Using the ratio of the trading volume in the past four weeks to the market value (compared to the whole A - share market) as an indicator, the trading heat percentile of central state - owned enterprises, home appliances, and photovoltaic industries has increased, while that of machinery, banking, and medical services has decreased [2] - **Investor sentiment thermometer**: The market rebounded last week with the Shanghai Composite Index achieving an 11 - day consecutive increase and a moderate increase in trading volume. Affected by holidays, the self - media search popularity of A - shares decreased. The trend of public fund clustering has weakened, with a preference for value - style and financial and consumer industries. The net inflow of retail funds in the Shanghai and Shenzhen A - share markets has decreased [2] Summary by Relevant Catalogs 1. Funding liquidity 1.1 Public equity new issuance scale - The newly established share of public equity funds last week was 57.9 billion shares, a decrease from the previous value of 94.4 billion shares. Among them, actively managed funds issued 13.9 billion shares, and passive index funds issued 44.0 billion shares [8] 1.2 Margin trading funds - **Overall situation**: The latest margin trading balance decreased, with the balance accounting for 2.58% of the market value of tradable shares, at the 96% percentile in the past three years. The net inflow of margin trading funds last week was about - 19.7 billion yuan, a significant decrease from the previous value, at the 35% percentile in the past three years. The trading volume accounted for 10.6% of the total A - share trading volume, a 0.5 - percentage - point decrease from the previous value, with the participation rate at the 88% percentile in the past three years. The turnover rate of margin trading decreased, while the number of individual investors participating in margin trading increased [12][13] - **Industry situation**: The net inflow was mainly in the military industry (51.8 billion yuan), home appliances (12.3 billion yuan), and public utilities (12.2 billion yuan), while the net outflow was in electronics (- 29.1 billion yuan), non - banking finance (- 23.4 billion yuan), and power equipment (- 15.6 billion yuan) [16][17] 1.3 Stock - type ETFs - The net inflow of stock - type ETFs last week was - 39.5 billion yuan, a decrease from the previous value, at the 31.1% percentile in the past three years [18] 1.4 Listed company repurchases - The repurchase amount of listed companies last week was 5.2 billion yuan, a decrease from the previous value, at the 6% percentile in the past three years [21] 1.5 Equity financing - The equity financing amount last week was 143.1 billion yuan, at the 63% percentile in the past three years, including 64.5 billion yuan from IPOs and 78.6 billion yuan from refinancing [23] 1.6 Industrial capital - **Overall situation**: The net reduction of industrial capital last week was - 49.4 billion yuan, a decrease in scale compared to the previous value, at the 59% percentile in the past three years [25] - **Industry situation**: The net increase was mainly in the petrochemical (2.6 billion yuan) and food and beverage (0.1 billion yuan) industries, while the net reduction was in the military industry (- 9.1 billion yuan), electronics (- 7.3 billion yuan), and machinery (- 7.1 billion yuan) industries [28][29] 1.7 Restricted - share lifting - The market value of restricted shares lifted last week was 571.7 billion yuan, a decrease from the previous value, at the 53% percentile in the past three years. The expected market value of restricted shares to be lifted this week is 1632.8 billion yuan [31] 1.8 South - bound and north - bound funds - The net inflow of south - bound funds last week was - 34.3 billion yuan, a decrease from the previous week, at the 5% percentile in the past three years. The trading volume of north - bound funds accounted for 6.0% of the Shanghai and Shenzhen A - share trading volume, a 3.0 - percentage - point increase from the previous value affected by seasonality, with the participation rate at the 14% percentile in the past three years [34][37] 2. Trading congestion 2.1 Growth - themed industries - The trading heat percentile of the medical service industry decreased by 6 percentage points to 32% [42] 2.2 Value - themed industries - The trading heat percentile of central state - owned enterprises increased by 18 percentage points to 57%, and that of the home appliance industry increased by 7 percentage points to 52% [47] 2.3 Cyclical - themed industries - The trading heat percentile of the non - ferrous metals industry increased by 4 percentage points to 27%, while that of the machinery industry decreased by 10 percentage points to 7% [52][55] 2.4 TMT - themed industries - The trading heat percentile of the media industry decreased by 5 percentage points to 31%, and that of the electronics industry decreased by 4 percentage points to 40% [60] 3. Investor sentiment thermometer 3.1 Self - media - Affected by holidays, the self - media search popularity of A - shares decreased despite the market's rebound and the Shanghai Composite Index's 11 - day consecutive increase [65] 3.2 Douyin users - The proportion of users in high - level cities watching "A - share" content on Douyin decreased, while the proportion of young people under 23 years old increased [67] 3.3 Kuaishou - The number of "A - share" works on Kuaishou decreased by 89, the playback volume increased by 44,000 times, and the interaction volume decreased by 10,000 times compared to the previous period [71] 3.4 Weibo sentiment - The overall sentiment on Weibo was stable last week. The 11 - day consecutive increase of the Shanghai Composite Index led to a significant increase in positive and surprised emotions [73] 3.5 Fund style - The clustering trend of public funds weakened last week, with a preference for value - style and financial and consumer industries [76] 3.6 Retail funds - The net inflow of retail funds in the Shanghai and Shenzhen A - share markets was 91.61 billion yuan, a decrease of 11.82 billion yuan from the previous value, at the 42.3% percentile in the past five years [82] 3.7 Retail entry channels - The cumulative download volume of Flush reached 168,000 times, an increase of 34,000 times from the previous value, while the download volume of Eastmoney was 74,000 times, a decrease of 4,000 times from the previous value. The number of five - star reviews of Flush decreased by 1,510 times [84]