Investment Rating - The report maintains a "Recommend" rating for the oil and petrochemical industry [1] Core Insights - The upstream oil and gas extraction sector is experiencing increased prosperity, while the downstream sector requires more time for recovery [1] - Short-term oil price volatility is leading to a rebalancing of the industry chain, with downstream players shifting from stockpiling to a wait-and-see approach [4] - In the medium term, low downstream inventory levels suggest potential for price increases, supported by demand recovery [4] - Long-term trends indicate an optimized industry structure and supply contraction, leading to improved refining profitability [4] Industry Overview - The total market capitalization of the oil and petrochemical industry is approximately 61,086.24 billion yuan, with 50 listed companies [1] - The circulating market value stands at about 37,235.48 billion yuan [1] - The industry has shown strong absolute performance over the past 1 month (7.4%), 6 months (36.7%), and 12 months (49.0%) [2] Oil Price and Supply - Brent crude oil prices have risen significantly, reaching 108.65 USD/barrel, an increase of 8.15% week-on-week [4] - U.S. crude oil production has slightly decreased to 13.668 million barrels per day, while OPEC production has increased to 28.63 million barrels per day [4] - U.S. refinery utilization rates have increased to 91.4%, while China's refinery utilization has decreased to 75.22% [4] Aromatics and Olefins - Aromatics prices have shown mixed trends, with PX prices at 1264 USD/ton, while PTA prices have decreased to 6525 yuan/ton [12] - Olefins prices have also varied, with ethylene priced at 10,000 yuan/ton and propylene at 8,625 yuan/ton [12] - The report highlights the profitability of the aromatics and olefins sectors, indicating potential for growth [12] Investment Recommendations - The report suggests focusing on oil and gas production companies such as China National Offshore Oil Corporation and Guanghui Energy [4] - It also recommends large refining companies like Rongsheng Petrochemical and Hengli Petrochemical, as well as companies involved in long filament and bottle materials [4] - The report emphasizes the potential for increased capital expenditure in oil and gas due to geopolitical events affecting overseas oil fields and refining facilities [4] Company Earnings Forecasts - Key companies in the sector, such as China National Offshore Oil Corporation, Rongsheng Petrochemical, and Guanghui Energy, are projected to have strong earnings growth, with EPS estimates for 2026 showing significant increases [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In late Q1, institutional behavior in the bond market has changed. The allocation disk has strong buying power, while funds and wealth management products are relatively weak. The "fixed - income +" products are facing significant redemption pressure, and the bond market strategy focuses on short - term 3 - 5y term spread compression and long - term opportunities after over - decline [1][3][4]. 3. Summary by Directory 3.1 First Quarter: Characteristics of Bond Buying by Various Institutions 3.1.1 Overall Bond Buying by Institutions in Q1: Strong Allocation Disk, Weak Funds and Wealth Management - **Allocation Disk**: Large banks significantly increased net purchases of government bonds over 5y. Small and medium - sized banks increased net purchases of 30y government bonds and 20y local bonds. Insurance companies, driven by dividend - paying insurance, included 3 - 5y Tier 2 and perpetual bonds in their top five holdings [13]. - **Trading Disk**: Securities firms' net purchases were in line with seasonality, with a significant reduction in duration, more allocation to 1y interest rates and Tier 2 and perpetual bonds, and reduction of ultra - long bonds. Funds still focused on credit coupons, increasing the proportion of 1 - 5y credit and Tier 2 and perpetual bonds [13]. - **Bank Wealth Management**: In Q1, due to the priority of "deposit rush" tasks in the banking system, the scale growth of bank wealth management was weak, and the net purchases of direct investment and entrusted investment in the secondary market both increased less. In terms of structure, direct investment shortened the term, and entrusted investment increased the exploration of spreads in policy - financial bonds [14]. 3.1.2 By Institution: Insurance Enters the Allocation Window at the End of the Quarter, and Wealth Management Will Follow in Q2 - **Banks**: They have a strong demand for long - term bonds. At the end of the quarter, the pressure to realize profits is not large, and there is still a need for bond allocation in the future [18]. - **Insurance**: The "good start" funds entered the allocation window in March, and the bond - allocation progress is slower than last year, with potential for further allocation. Attention should be paid to the spread compression opportunities of ultra - long local bonds in Q2 [23]. - **Funds**: From the end of Q1 to Q2, there is usually a seasonal recovery in bond - buying power. In Q2, it is conducive to the spread compression of policy - financial bonds [25][28]. - **Wealth Management**: It is expected to see scale growth and a peak season for bond allocation in Q2. Attention can be paid to the spread compression opportunities of Tier 2 and perpetual bonds [29]. - **Securities Firms**: They continue to short - sell 30y government bonds and start to buy 50y government bonds [30]. 3.2 "Fixed - Income +" Redemption: How Big Is the Pressure? 3.2.1 Recent "Fixed - Income +" Redemption: Greater Pressure than in November 2025 and January 2026, Close to the Russia - Ukraine Conflict Period - In March, the equity market declined, and the Shanghai Composite Index fell below 4000 points, leading to a significant increase in the redemption pressure of "fixed - income +" funds. The redemption pressure is stronger than in the previous two rounds and is close to that during the Russia - Ukraine conflict [34][41]. 3.2.2 When Will the Redemption Ease? Pay Attention to the Policy - making Layer's Expectations for Market Stability and the Use of Tools - The central bank recently held a party committee meeting, showing an earlier demand to maintain the stable operation of the stock market. Looking back at the situation after the Russia - Ukraine conflict in 2022, relevant meetings and policies helped stabilize the market. The central bank has innovated a series of financial policies to support the stable operation of the capital market. In the future, attention should be paid to the changes in the "claims on other financial corporations" item [43][44][47]. 3.3 Bond Market Strategy: Focus on 3 - 5y Term Spread Compression in the Short - Term and Seize Opportunities after Over - Decline in the Long - Term 3.3.1 This Week: α Spread Compression for Bonds within 5y - This week, the short - term bonds performed well. The certificate of deposit (CD) yield dropped close to 1.5%, driving the α spread compression of bonds within 5y [48]. 3.3.2 Short - Term: Limited Downward Space for 1y Bonds, Potential for Continuous Compression of 3 - 5y Spreads - The space for 1y short - term leverage to capture interest rate spreads has been extremely compressed, and the focus of bond selection may shift to 3 - 5y bonds. CDs may fluctuate at a low level of 1.5 - 1.55% in the short term, and attention should be paid to the marginal changes in funds at the end of the quarter [51][56]. 3.3.3 Long - Term: 10y Government Bonds to Fluctuate between 1.8% - 1.85%, 30y Government Bonds' Sentiment to Stabilize, Pay Attention to Over - Decline Recovery - **10y Government Bonds**: It is expected to fluctuate in a narrow range of 1.8% - 1.85%. It is recommended to hold existing assets and gradually increase positions for incremental funds if the yield continues to rise. - **30y Government Bonds**: The core fluctuation range of the 30 - 10y active bond spread may be 40 - 50bp. Traders can pay attention to trading opportunities when the spread widens to over 50bp, and allocators can gradually enter the market when the 30y government bond yield rises above 2.3%. Attention can also be paid to the spread - mining value of 4 - 5y China Development Bank bonds, 10y China Development Bank bonds, and 20y local bonds [57][60][61]. 3.4 Interest - Rate Bond Market Review: CDs Hit a New Low, and the Yield Curve Steepened - **Funding**: The central bank's open - market operations (OMO) had a net injection, and the funding situation was balanced and loose [76]. - **Primary Issuance**: The net financing of government bonds and local bonds increased, while that of policy - financial bonds and inter - bank CDs decreased [80]. - **Benchmark Changes**: The term spreads of government bonds and China Development Bank bonds both widened [86].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [80]. Core Insights - The 3D printing industry is entering a "mass creation" era, driven by advancements in AI and smart manufacturing, with a current penetration rate of only 1% in the global consumer goods manufacturing market, representing a potential market value of several hundred billion dollars [10][11]. - The industry is characterized by a concentrated market structure, with the top five companies in consumer-grade 3D printing holding over 70% market share, and the report highlights the leading position of the company in question, which holds an 11.2% market share in consumer-grade 3D printing and a 37.6% market share in consumer-grade 3D scanning [20][22]. - The company has established a comprehensive industry chain covering data input, content community, finished product output, and transaction circulation, with a diverse product portfolio including 3D printers, scanning devices, and laser engraving machines [22][26]. Industry Overview Industry Scale - The 3D printing industry is expected to grow significantly, with projected market sizes of $41 billion for consumer-grade 3D printing, $1 billion for 3D scanning, and $8 billion for laser engraving by 2024, with compound annual growth rates (CAGR) of 33%, 17%, and 23% respectively [11][12]. Market Structure - The global consumer-grade 3D printing, scanning, and laser engraving markets are highly concentrated, with the company being the second-largest player in 3D printing and the largest in 3D scanning [20][22]. Company Positioning - The company has a well-established global presence, with products available in approximately 140 countries and regions, and a significant online sales channel that accounts for nearly 50% of total sales [31][32]. Financial Performance - The company's revenue reached 3.1 billion yuan in 2025, reflecting a year-on-year growth of 36.7%, driven by the introduction of high-quality products and increasing user demand [26][30]. - The product structure is continuously optimized, with 3D printers being the core product, contributing 57.1% of total revenue in 2025 [31].

Investment Rating - The report maintains a "Recommendation" rating for Ping An Bank, with a target price of 15.03 CNY, compared to the current price of 10.77 CNY [2][6]. Core Insights - The bank's core revenue has shown improvement, particularly in wealth management, despite a decline in overall revenue and net profit. The total operating income for 2025 was 131.44 billion CNY, down 10.4% year-on-year, while net profit attributable to shareholders was 42.63 billion CNY, down 4.2% year-on-year [2][6][7]. - The non-performing loan ratio remained stable at 1.05%, with a provision coverage ratio of 221%, which decreased by 8.7 percentage points [2][6]. - The bank's wealth management business has become a key driver of growth, with wealth management fee income reaching 5.06 billion CNY, a year-on-year increase of 15.8% [2][6]. Financial Performance Summary - **Revenue and Profit**: The operating income and net profit for 2025 were 131.44 billion CNY and 42.63 billion CNY, respectively, with year-on-year declines of 10.4% and 4.2% [2][7]. - **Loan Growth**: The total loan amount was 3.39 trillion CNY, with a year-on-year growth of 0.5%. Retail loans saw a reduction of 2.3% year-on-year, but the decline rate has narrowed [6][7]. - **Net Interest Margin**: The average net interest margin for Q4 2025 was 1.73%, with a year-on-year decline that has narrowed compared to previous quarters [6][7]. - **Asset Quality**: The non-performing loan ratio was stable at 1.05%, with a slight increase in the attention and overdue rates [6][7]. Future Projections - The report forecasts a decline in net profit growth for 2026E-2028E, estimating a decrease of 4.0%, 2.4%, and a slight increase of 0.3% respectively [6][7]. - The bank's price-to-book (PB) ratio is projected to be 0.6x for 2026, with a target price of 15.03 CNY based on the current macroeconomic conditions and the bank's adjustment pace [2][6].

Investment Rating - The report maintains a "Recommend" rating for CITIC Bank, with a target price of 10.43 CNY and a current price of 7.97 CNY [2][7]. Core Insights - CITIC Bank's revenue growth has shown an upward turning point, with a full-year revenue of 212.48 billion CNY in 2025, reflecting a slight year-on-year decline of 0.55%, which is an improvement from a decline of 3.46% in the first three quarters [2][7]. - The bank's net profit attributable to shareholders reached 70.62 billion CNY, with a year-on-year growth of 2.98% [2][7]. - The non-performing loan (NPL) ratio decreased slightly to 1.15%, and the provision coverage ratio remains robust at 203.6% [2][7]. Financial Performance Summary - Revenue and Profitability: - 2025 total revenue: 212.48 billion CNY, with a year-on-year growth rate of -0.55% [8]. - Net profit for 2025: 70.62 billion CNY, with a year-on-year growth of 2.98% [8]. - The bank's net interest income showed a positive growth of 0.16% year-on-year in Q4 2025 [7]. - Asset Quality: - The NPL ratio improved slightly to 1.15%, with a net generation rate of NPLs at 0.93% [7][11]. - The bank's provision coverage ratio is stable at 203.6%, indicating strong risk management [7][11]. - Loan and Investment Growth: - Total loans increased by 6.23% year-on-year, while bond investments grew by 17.43% [7]. - The bank's corporate loan growth was strong, with a year-on-year increase of 13.2% [7]. - Dividend Policy: - The dividend payout ratio was increased to 31.75% for 2025, reflecting a commitment to returning value to shareholders [7]. Future Projections - Expected revenue growth rates for 2026 to 2028 are projected at 3.33%, 5.39%, and 6.02% respectively [8]. - Net profit growth is anticipated to be 2.57%, 3.56%, and 5.09% for the same period [8]. - The bank's price-to-book (PB) ratio is expected to improve, with a target PB of 0.75X for 2026 [7].

- The short-term A-share models include the Volume Model (neutral), the Institutional Model based on the Dragon and Tiger List (bullish), the Volume Feature Model (bearish), the Smart Algorithm CSI 300 Model (neutral), and the Smart Algorithm CSI 500 Model (bearish)[1][10][68] - The mid-term A-share models include the Limit Up and Down Model (neutral), the Up and Down Return Difference Model (mostly neutral for broad-based indices), and the Calendar Effect Model (neutral)[1][11][69] - The long-term A-share model is the Long-term Momentum Model (neutral)[1][12][70] - The comprehensive A-share models include the Comprehensive Weapon V3 Model (bearish) and the Comprehensive CSI 2000 Model (bearish)[1][13][71] - The mid-term Hong Kong models include the Turnover to Volatility Model (bearish), the Up and Down Return Difference Model (neutral), and the Similar Up and Down Return Difference Model (neutral)[1][14][72] - The backtesting results for the Double Bottom Pattern show that the portfolio fell by -3.36% this week, outperforming the Shanghai Composite Index by 0.02% since December 31, 2020, with a cumulative increase of 20.02% compared to the Shanghai Composite Index's cumulative increase of 13.94%[43] - The backtesting results for the Cup and Handle Pattern show that the portfolio fell by -4.28% this week, underperforming the Shanghai Composite Index by -0.9% since December 31, 2020, with a cumulative increase of 16.65% compared to the Shanghai Composite Index's cumulative increase of 13.94%[43] - The VIX index has risen this week, with the latest value at 18.05[2][40][76]

Investment Rating - The report gives a "Buy" rating for the company, Zhigao Machinery, marking its first coverage [1][9]. Core Insights - Zhigao Machinery is a leading enterprise in China's rock drilling equipment sector, benefiting from the metal mining boom cycle [6][10]. - The company has a unique position as a "specialized, refined, distinctive, and innovative" small giant in the mining equipment market, with a focus on rock drilling machines and air compressors [6][13]. - The report highlights the correlation between rising metal prices and increased capital expenditure in mining, indicating a favorable macroeconomic environment for the company [7][8]. - The company is transitioning from technology catch-up to market leadership in high-end rock drilling machines, aiming to replace imports and expand internationally [6][8]. - The report emphasizes the dual competitive advantage of self-manufactured core components in hydraulic rock drills and screw compressors, enhancing product performance and cost control [7][8]. Financial Summary - Projected total revenue for 2024 is 888 million, with a growth rate of 5.7%, and expected to reach 1,454 million by 2027, with a growth rate of 29.5% [2][9]. - The net profit attributable to shareholders is projected to be 106 million in 2024, increasing to 219 million by 2027, with a compound annual growth rate (CAGR) of 35.9% [2][9]. - Earnings per share (EPS) are expected to grow from 1.18 in 2024 to 2.46 in 2027 [2][9]. Market Dynamics - The mining equipment market is expected to grow significantly, driven by rising metal prices and increased capital expenditure in the mining sector [8][36]. - The global mining equipment market is projected to reach 736.7 billion by 2024, with a CAGR of 5.9% from 2020 to 2024 [36][38]. - The report notes that the demand for mining equipment is closely linked to the fluctuations in metal prices, particularly copper [8][40]. Competitive Landscape - Zhigao Machinery is positioned to compete with international giants in the high-end market, leveraging its technological advancements and local manufacturing capabilities [6][63]. - The company is actively expanding its overseas market presence, with significant growth in foreign sales from 0.19 billion in 2021 to 1.25 billion in the first half of 2025 [67]

1. Report Industry Investment Rating There is no information provided about the industry investment rating in the given content. 2. Core Viewpoints of the Report - In the context of supply exceeding demand, certificates of deposit (CDs) may fluctuate at a low level in the range of approximately 1.5% - 1.55% in the short term, and attention should be paid to the marginal changes in funds at the end of the quarter [2][46]. - The current liquidity environment is relatively stable, but considering the repurchase operations of reverse repurchase, the room for further loosening of funds is limited. Without the expectation of interest rate cuts, the 1yMLF and the funds price (DR007) impose a lower - bound constraint on CDs, and there may be a small - scale net repurchase situation similar to the reverse repurchase operation in this month's MLF operation. However, in an environment with strong short - term allocation demand, the market remains in a state of supply falling short of demand, which may support the low - level operation of CD interest rates [2][46]. 3. Summary According to the Directory Supply: Net financing further contracts, and the term structure continues to narrow - From March 16th to 22nd, the issuance scale of CDs was 759.79 billion yuan, and the net financing amount was - 403.07 billion yuan (last week it was - 162.32 billion yuan). In terms of the supply structure, the issuance proportion of state - owned banks increased from 14% to 16%, and that of joint - stock banks decreased from 41% to 31%. In terms of terms, the weighted term of CD issuance continued to shorten to 7.98 months (the previous value was 8.28 months) [2][5]. - From March 23rd to 29th, the maturity scale of CDs decreased to 698.2 billion yuan, a weekly decrease of 464.66 billion yuan. The maturities are mainly concentrated in state - owned banks and city commercial banks. From a term perspective, the maturity amounts of 1Y and 6M CDs are relatively high, reaching 249.99 billion yuan and 169.41 billion yuan respectively [2][5]. Demand: Large - scale banks are the main secondary - market allocators, and the primary - market subscription rate declined slightly - In terms of secondary - market allocation institutions, the weekly net purchases of small and medium - sized banks decreased from 63.976 billion yuan to 12.115 billion yuan; those of large - scale banks decreased slightly from 55.302 billion yuan to 54.007 billion yuan; the weekly net sales of money market funds decreased from 84.924 billion yuan to 47.498 billion yuan; the weekly net purchases of wealth management products decreased from 12 billion yuan to 2.7 billion yuan; the weekly net purchases of other types increased by 14.096 billion yuan to 36.337 billion yuan compared with last week (22.241 billion yuan) [2][17]. - In terms of primary - market issuance, the overall market subscription rate (15DMA) decreased slightly to 92%. Among different institutions, the subscription rates of rural commercial banks and city commercial banks remained unchanged from last week at 93% and 87% respectively, while those of joint - stock banks and state - owned banks increased from 93% to 94% [2][17]. Valuation: The primary and secondary pricing of CDs continues to fluctuate at a low level - In terms of primary - market pricing, the weighted issuance rate of 1y joint - stock bank CDs decreased slightly to 1.53%. Specifically, the 3M CDs of joint - stock banks decreased by 3bp compared with last week, and the 9M CDs decreased by 2bp, around 1.51%. The 1y variety's pricing continued to fluctuate at a low level, dropping to 1.53%. In terms of term spreads, the 1Y - 3M term spread of joint - stock banks was 4.58bp, at the 13% historical quantile. In terms of credit spreads, the spread between 1Y city commercial banks and joint - stock banks was 6.42BP, with the spread quantile around 3%; the spread between rural commercial banks and joint - stock banks was 5.55BP, with the spread quantile around 6% [2][20]. - In terms of secondary - market yields, the yields of AAA - rated CDs decreased and remained in a low - level fluctuation. Specifically, the 1M and 6M varieties decreased by 4bp compared with last week, the 3M and 9M varieties decreased by 3bp and 2bp respectively, and the 1Y variety decreased by 2bp, around 1.52%. In terms of term spreads, the 1Y - 3M term spread of AAA - rated CDs was 5bp, at the 18% historical quantile level [2][27]. Comparison: The spreads between CDs and treasury bonds and policy - bank bonds basically remained unchanged - Specifically, the spread between the 1yAAA - rated CD yield and the DR007:15DMA funds widened from 6.70BP to 7.35BP; the spread with the R007:15DMA funds widened from 0.91BP to 1.42BP; the spread between CDs and treasury bonds increased slightly from 25.57BP to 25.82BP, with the quantile remaining at 28%; the spread between CDs and policy - bank bonds increased slightly from 4.33BP to 4.41BP, with the quantile remaining around 5%. In addition, the spread between AAA medium - and short - term notes and CDs narrowed from 1.72BP to 1.68BP, and the quantile decreased to around 9% [2][33].

Group 1: Market Overview - Credit bond yields mostly declined, with short to medium-term bonds performing relatively well amid market volatility and cautious sentiment[1] - The geopolitical situation and inflation expectations continue to impact market dynamics, leading to a mixed performance in credit spreads[1] Group 2: "Fixed Income +" Fund Redemption Impact - The scale of "Fixed Income +" funds grew rapidly, increasing from CNY 693.5 billion at the end of 2024 to CNY 1.581 trillion by the end of 2025[2] - The bond allocation in mixed secondary bond funds reached 82.08%, with 37% in financial bonds, 35% in public bonds, and 15% in government financial bonds[2] Group 3: Redemption Effects and Future Outlook - Recent net redemptions from "Fixed Income +" funds have intensified, but the credit bond market remains stable with minimal impact from these redemptions[2] - Seasonal demand for asset management products in Q2 may mitigate the negative effects of redemptions, with April and July typically seeing increased credit bond allocations[2] Group 4: Investment Strategy - For bonds with maturities of 3 years or less, the expected yield range is 1.61%-1.94%, with credit spreads between 14-35 basis points[3] - Bonds in the 4-5 year range, particularly those rated AAA and AA+, show yields around 1.88%-2.02% and credit spreads of 22-32 basis points, indicating potential investment opportunities[3]

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The pharmaceutical retail industry is undergoing a transformation with a focus on high-quality development and market recovery expected by the end of 2025. The cumulative scale of physical pharmacies in China is projected to reach 616.5 billion yuan, a slight decline of 0.6% year-on-year, but with a growth of 3.2% in Q4 2025 [12][20]. Summary by Sections Market Overview - The overall market for the pharmaceutical sector is experiencing a restructuring phase, driven by ongoing national medical and insurance reforms that are clearing out outdated supply. Leading companies are adapting to market demands by accelerating compliance and upgrading health services, which is expected to solidify the foundation for industry recovery [20]. B2C and O2O Market Analysis - The B2C pharmaceutical market is expected to grow steadily, with a cumulative scale increase of 5.4% year-on-year for the first 11 months of 2025. Major players like JD Health and Alibaba Health are showing significant revenue growth, with JD Health's revenue reaching 73.4 billion yuan (+26.3%) and Alibaba Health's revenue at 30.6 billion yuan (+13.2%) [15][50]. Retail Trends - The retail scale of physical pharmacies is projected to be 5,013 billion yuan for 2025, reflecting a year-on-year increase of 0.6%. Q4 alone is expected to see a cumulative scale of 1,359 billion yuan, with a growth of 4.7% [24]. Monthly data indicates fluctuations, with October showing a 2.2% increase year-on-year, driven by innovative drug demand [24]. Product Category Insights - In 2025, the pharmaceutical category is expected to account for 81.3% of the market share, with a 1.0 percentage point increase year-on-year. The traditional Chinese medicine segment is projected to decline slightly, while the medical device segment remains stable [21]. Chemical Drug Market Analysis - The top 20 chemical drug categories accounted for 78.3% of sales in October 2025, with a year-on-year growth of 7.5%. Notably, categories such as antiviral drugs and hemostatic agents are experiencing significant growth, while some categories like mineral supplements are seeing declines [40][41]. Traditional Chinese Medicine (TCM) Insights - The TCM market is showing a mixed performance, with the top 20 categories holding 86.4% of the market share in November 2025. Growth is primarily seen in cold and pediatric cold medications, while other categories are facing declines [45][46]. Medical Device Market - The medical device retail market is projected to be 288 billion yuan in 2025, with a slight decline of 0.3%. However, Q4 is expected to show a 4.0% increase, indicating a potential recovery trend [35]. Health Products Market - The health products segment is expected to see a cumulative scale of 229 billion yuan in 2025, reflecting a year-on-year decline of 15.2%. However, the decline is narrowing, indicating a potential stabilization in the market [37].