Quantitative Models and Construction Methods 1. Model Name: Micro-Cap Timing Model - **Model Construction Idea**: This model uses mid-term risk warning indicators to monitor market timing for micro-cap stocks, focusing on both market sentiment and fundamental indicators[29] - **Model Construction Process**: 1. Two key indicators are used: - **10-Year Treasury Yield YoY**: Measures the year-over-year change in 10-year treasury yields - **Volatility Crowding YoY**: Reflects market trading sentiment through changes in volatility 2. Risk thresholds are set for these indicators: - 10-Year Treasury Yield YoY threshold: 0.3 - Volatility Crowding YoY threshold: 0 3. If either indicator exceeds its threshold, a risk warning signal is triggered. Conversely, if both indicators fall below their thresholds, the risk warning is lifted[29][30][36] - **Model Evaluation**: The model currently does not trigger any risk warnings, suggesting a stable environment for holding micro-cap stocks[29] --- Model Backtesting Results 1. Micro-Cap Timing Model - **10-Year Treasury Yield YoY**: -28.69% (below the risk threshold of 0.3)[30] - **Volatility Crowding YoY**: -50.09% (below the risk threshold of 0)[30] --- Quantitative Factors and Construction Methods 1. Factor Name: Value Factor - **Factor Construction Idea**: Captures undervaluation by comparing financial metrics to market prices[51] - **Factor Construction Process**: 1. **Key Metrics**: - **SP_TTM**: Revenue over the past 12 months divided by the latest market capitalization - **EP_FY0**: Current annual report's expected net profit divided by the latest market capitalization - **Sales2EV**: Revenue over the past 12 months divided by enterprise value 2. These metrics are aggregated to form the value factor, with higher values indicating greater undervaluation[51] 2. Factor Name: Size Factor - **Factor Construction Idea**: Measures the impact of company size on stock performance[51] - **Factor Construction Process**: 1. **Key Metrics**: - **LN_MktCap**: Natural logarithm of free-float market capitalization - **BP_LR**: Book value per share divided by the latest market price - **EP_FTTM**: Forward 12-month expected earnings divided by the latest market price 2. These metrics are combined to represent the size factor, with smaller companies typically expected to outperform[51] 3. Factor Name: Volatility Factor - **Factor Construction Idea**: Captures the impact of price and return volatility on stock performance[51] - **Factor Construction Process**: 1. **Key Metrics**: - **IV_CAPM**: Residual volatility from the CAPM model - **IV_FF**: Residual volatility from the Fama-French three-factor model - **Price_Chg20D**: 20-day price change 2. These metrics are aggregated to form the volatility factor, with lower volatility generally preferred[51] 4. Factor Name: Reversal Factor - **Factor Construction Idea**: Exploits the tendency of stocks to revert to their mean after extreme movements[51] - **Factor Construction Process**: 1. **Key Metrics**: - **Price_Chg40D**: 40-day price change - **Price_Chg60D**: 60-day price change - **Price_Chg120D**: 120-day price change 2. These metrics are aggregated to form the reversal factor, with negative values indicating stronger reversal potential[51] 5. Factor Name: Convertible Bond Valuation Factor - **Factor Construction Idea**: Evaluates convertible bonds based on their valuation and relationship with underlying stocks[44] - **Factor Construction Process**: 1. **Key Metrics**: - **Parity Premium**: Difference between the convertible bond price and its parity value - **Underlying Stock Factors**: Includes growth, quality, and valuation metrics of the underlying stock 2. These metrics are combined to assess the attractiveness of convertible bonds[44][49] --- Factor Backtesting Results 1. Value Factor - **IC Mean**: Positive across multiple stock pools, with notable performance in the financial and real estate sectors[39][40] - **Multi-Long-Short Returns**: Positive returns observed in the past week[39][42] 2. Size Factor - **IC Mean**: Strong performance in the CSI 300 stock pool[39][41] - **Multi-Long-Short Returns**: Expected to improve as market risk appetite increases[40] 3. Volatility Factor - **IC Mean**: Stable positive returns in the A-share stock pool[39][42] - **Multi-Long-Short Returns**: Demonstrated consistent performance in recent weeks[39][42] 4. Reversal Factor - **IC Mean**: Outperformed in the CSI 500 and CSI 1000 stock pools[39][41] - **Multi-Long-Short Returns**: Positive returns observed in the past week[39][42] 5. Convertible Bond Valuation Factor - **Multi-Long-Short Returns**: Positive returns for value and valuation factors in the convertible bond market[44][48]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 10.03 RMB based on a 12x PE for 2025 [4]. Core Insights - The company is positioned to benefit from a downward trend in coal prices, which enhances the profit elasticity of its thermal power assets due to its regional advantages in Shanghai's electricity supply and demand dynamics [2][3]. - The company plans to add 8 to 10 million kilowatts of new energy capacity during the 14th Five-Year Plan period, with a focus on offshore wind projects, which are crucial for achieving carbon neutrality in Shanghai [3]. - The company has a stable revenue stream from its natural gas pipeline and gas power assets, supported by a favorable pricing mechanism [3]. Summary by Sections 1. Company Overview - The company is a comprehensive energy platform controlled by the Shanghai State-owned Assets Supervision and Administration Commission, with a high dividend payout ratio of nearly 50% since its listing [9][18]. 2. Power Business: Profit Elasticity and Growth in New Energy 2.1 Thermal Power: Profit Elasticity Enhanced by Coal Price Downturn - The regional supply-demand balance in Shanghai is expected to remain tight until 2026, supporting the company's thermal power profitability [2]. - The company has maintained high coal machine utilization hours, projected to remain above 4,800 hours in the next two years [2]. - The competitive landscape in Shanghai is characterized by high industry concentration, with the company and its major competitors holding over 80% of the market share [2]. 2.2 New Energy: Active Layout for Energy Transition - The company aims to accelerate the development of new energy projects, with 3.95 million kilowatts of new energy projects expected to be operational between 2025 and 2026 [3]. - Offshore wind energy is identified as a key pathway for achieving carbon neutrality in Shanghai, with significant future development potential [3]. 3. Stability: Stable Profitability from Pricing Mechanisms - The company operates the only high-pressure natural gas pipeline system in Shanghai, ensuring stable profitability from gas supply [3]. - The company has diversified its investments into nuclear power and pumped storage, contributing approximately 700 million RMB in annual investment income [3]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 29.85 billion RMB in 2025, with a net profit of 4.09 billion RMB, corresponding to an EPS of 0.84 RMB [4]. - The report emphasizes the company's strong dividend capability and willingness, with a current dividend yield of approximately 5.0%, ranking among the top in the thermal power industry [3][31].

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, particularly during the "14th Five-Year Plan" period, anticipating a significant increase in capital expenditure and related equipment orders [4]. Core Insights - Controllable nuclear fusion is highlighted as a preferred future energy source due to its high energy density, easy-to-obtain raw materials, flexible layout, and environmental safety [1][13]. - The Q value, a critical indicator for the commercialization of nuclear fusion, has been consistently improving, surpassing 1, indicating energy balance [1][16]. - The industry is experiencing rapid international advancements, with a notable increase in financing, exceeding $7.1 billion in 2024, up by $900 million from 2023 [1][31]. Summary by Sections Section 1: Controllable Nuclear Fusion - Nuclear fusion offers significant advantages over other energy sources, including a million-fold increase in energy density compared to current systems [13]. - The Q value is essential for assessing the feasibility of nuclear fusion, with recent advancements showing a positive trend in its growth [16][20]. - Magnetic confinement is expected to become the mainstream approach for controllable nuclear fusion, currently holding a 62% market share [22]. Section 2: Technological Breakthroughs and Accelerated Bidding - The industry is currently in the experimental reactor construction phase, primarily led by the Chinese Academy of Sciences and China Nuclear Group [36]. - Significant breakthroughs in high-temperature superconductors are expected to accelerate the commercialization of nuclear fusion [45]. - The BEST project is advancing rapidly, with expectations to achieve significant milestones by 2027 [51][57]. Section 3: Core Value in the Midstream Equipment - The nuclear fusion industry chain consists of upstream materials, midstream equipment, and downstream nuclear applications, with midstream equipment currently seeing increased capital expenditure [62]. - The magnetic component represents the highest value segment within the nuclear fusion industry chain, accounting for 28% of the total costs in projects like ITER [63][66]. Section 4: Investment Recommendations - Companies such as Hezhong Intelligent are expected to benefit from the capital expenditure associated with the BEST project, with projected revenue growth [69]. - Lianchuang Optoelectronics is positioned as a key player in high-temperature superconductors, with a strong market advantage [76]. - Guoguang Electric is recognized as a core supplier of critical components like the first wall and divertor in nuclear fusion applications [83].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The consumer market has shown significant structural differentiation and opportunities. New consumption sectors such as trendy toys, pet economy, and AI+ have emerged, while traditional sectors like liquor have faced challenges due to economic pressure [21]. - Different stages of the consumer market are characterized by distinct investment styles. For example, in the core - asset - dominated stage, low - turnover and growth - style consumer funds outperformed; in the market - oscillation stage, value - style funds with flexible and diversified holdings had an edge [36][57]. - The performance of consumer funds is closely related to macro - economic conditions, policy support, and market sentiment. In weak market environments, dividend - value style funds with strong stock - picking abilities tend to perform better [70]. 3. Summary by Relevant Catalogs 3.1 Consumption Market Historical Review - **Core Asset Dominated (20190101 - 20210210)**: The market trended upward. The relaxation of domestic policies, inflow of foreign capital, and economic recovery promoted investment opportunities in the consumer sector, especially in the liquor industry. The CSI Liquor Index rose over 350% [13]. - **Repeated Oscillation (20210218 - 20230116)**: Factors such as the pandemic, macro - economic pressure, and geopolitical issues led to market oscillations. There were structural rotation opportunities in high - end consumption, pig farming, and other sectors [13]. - **Oscillation Decline (20230117 - 20240202)**: The market first rose and then declined. The weak economic recovery and low consumer confidence led to a decline in the consumer industry, especially in the real - estate post - cycle and food and beverage industries. The CSI Liquor Index fell nearly 38% [21]. - **New Consumption Dominated (20240205 - 20250415)**: The consumer market showed structural differentiation. New consumption sectors such as trendy toys, pet economy, and AI+ performed well, while the liquor industry still faced pressure. The CSI Liquor Index fell 3.8%, and the Xinhua SHS Emerging Consumption Index rose 53% [21]. 3.2 Consumption Fund Holdings - **Stock - holding Proportion**: The proportion of liquor holdings in consumer funds reached a peak in 2023 (about 41%) and then declined to about 30% in 2024. The proportion of new - consumption holdings increased from about 10% in 2019 to 25.7% at the end of 2024 [29]. - **Stock - holding Contribution**: Liquor has been the main source of continuous contribution to consumer funds since 2019. New - consumption stocks have made significant contributions since 2024, with companies like Pop Mart leading the way [29]. - **HK Stock Holdings**: Consumer funds' holdings of HK stocks are mainly concentrated in the new - consumption field. The proportion of HK - stock holdings increased in 2020 and 2024, mainly due to the layout of new consumption [33]. 3.3 Fund Return Sources and Portraits - **Stage One (20190101 - 20210210)**: High - growth consumer funds with low turnover and high retention of heavy - position stocks outperformed. The expansion of liquor channels and the upgrade of price ranges drove the growth of the consumer market [36]. - **Stage Two (20210218 - 20230116)**: Funds with a balanced and slightly value - oriented style and flexible and diversified holdings performed better. The moderate increase in CPI and the decline in PPI benefited the consumer industry, and value - type consumer stocks showed high defensive properties [57]. - **Stage Three (20230117 - 20240202)**: Funds with a deep - value style and strong alpha capabilities outperformed. In a weak market environment, low - volatility, high - dividend stocks became a safe haven for funds [70]. - **Stage Four (20240205 - 20250411)**: The elasticity and stock - picking ability of consumer funds in the new - consumption field became the key to returns. Traditional companies' second - growth curves and the growth of new consumption drove the performance of consumer funds [84]. 3.4 Consumption ETF Funds - **A股 - related ETFs**: There are ETF funds corresponding to 5 A - share consumer comprehensive indices, with the largest number (3) and total scale (27 billion yuan) corresponding to the CSI Consumption 50 Index [95]. - **港股 - related ETFs**: There are ETF funds corresponding to 5 HK - stock consumer comprehensive indices, with the largest number (4) corresponding to the CSI Hong Kong Stock Connect Consumption Index and the largest total scale (33.5 billion yuan) corresponding to the Hang Seng Consumption Index [95].

Investment Rating - The report gives a "Buy" rating for the company with a target price of 81.10 CNY per share based on a 40x PE valuation for 2025 [4]. Core Viewpoints - The company is a leading electromechanical integration platform in China, successfully leveraging technology across industries such as industrial control, new energy vehicles, and robotics, with a projected revenue and net profit CAGR of 38% and 30% from 2007 to 2024, respectively [15][22]. - The new energy vehicle segment is expected to see significant growth, with a projected revenue CAGR exceeding 30% from 2025 to 2027, driven by an increase in market share and operational flexibility [2]. - The industrial robotics business is also on a growth trajectory, with a projected CAGR of approximately 30% from 2025 to 2027, supported by cost control and channel advantages [2]. - The general automation business maintains a strong market position, with the company holding the top market shares in key product categories such as servo systems and low-voltage frequency converters [3]. - The mature businesses in rail transit and elevators are expected to grow steadily, providing stable cash flow to support strategic initiatives [3]. Summary by Sections Investment Logic - The company has achieved a unique position by integrating technology across industrial control, new energy vehicles, and robotics, which allows it to outperform industry cycles [15]. - The new energy vehicle business is projected to generate 16 billion CNY in revenue in 2024, a 70% year-on-year increase, with expectations for further growth as new production capacities come online [2]. - The industrial robot segment is experiencing rapid growth, with a revenue of 1.1 billion CNY in 2024, reflecting a 37% increase year-on-year [2]. General Automation Business - The company has solidified its leadership in the automation sector, with market shares of 28%, 19%, and 14% in core products for 2024, ranking first among domestic competitors [3]. - The automation industry is expected to recover slightly in 2025, following a downturn, with the company poised to benefit from this recovery [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 5.46 billion CNY, 6.67 billion CNY, and 7.83 billion CNY from 2025 to 2027, representing year-on-year growth rates of 27.5%, 22.0%, and 17.6%, respectively [4]. - The valuation is based on a robust competitive position built through technology reuse, strategic positioning, and organizational transformation [4].

Investment Rating - The report maintains a positive outlook on certain sectors, particularly focusing on undervalued stocks and sectors that have shown resilience despite market fluctuations [1][11]. Core Insights - The report emphasizes the importance of monitoring quarterly changes in overseas assets, particularly in light of the ongoing US-China trade negotiations and the impact of tariffs on Chinese assets [1][11]. - It suggests that the difficulty in identifying undervalued stocks is increasing as the declines in overseas Chinese assets are being filled [1][11]. - The report highlights specific sectors and companies to watch, including Chinese concept stocks in the US, internet assets in Hong Kong, and consumer goods companies preparing for IPOs [1][11]. Summary by Sections 1. Current Perspectives - The report stresses the need to focus on quarterly changes in overseas assets and the implications of US-China tariff negotiations [1][11]. 2. Industry Tracking 2.1 Consumer & Internet - **Education**: The Chinese education index rose by 2.80%, outperforming major indices, with notable gains from companies like Gaotu and Youdao [10][21]. - **Luxury Goods**: The report notes mixed performance among luxury goods companies, with Richemont showing resilience in high-end jewelry despite macroeconomic fluctuations [24][28]. - **Coffee & Beverage**: The coffee and tea segment remains a key focus for delivery platforms, benefiting from subsidies [11][30]. - **E-commerce**: JD and Alibaba reported strong earnings, with JD's retail business performing particularly well [11][40]. 2.2 Platforms & Technology - **Streaming Platforms**: Tencent Music and NetEase Cloud Music reported strong earnings, with Tencent Music's revenue exceeding expectations [41][46]. - **Virtual Assets & Internet Brokers**: The global cryptocurrency market saw a slight increase, with Bitcoin and Ethereum prices rising [48][49]. 2.3 Media - The report highlights the recent changes in regulations regarding major asset restructuring, which may accelerate the pace of mergers and acquisitions in the media sector [11][28].

Investment Rating - The report suggests a neutral investment rating for the agricultural sector, indicating a limited expected change in performance compared to the market over the next 3-6 months [72]. Core Insights - The agricultural sector index outperformed the Shanghai Composite Index, with a slight increase of 0.05% during the week [12][13]. - The report highlights the ongoing fluctuations in pig prices, with a current average price of 14.61 CNY/kg, reflecting a weekly decrease of 1.42% [19][30]. - The poultry sector is experiencing price adjustments due to seasonal demand and external factors like avian influenza, with white feather chicken prices at 7.40 CNY/kg, down 0.67% from the previous week [30][35]. - The dairy and beef sectors are expected to stabilize as supply-side adjustments take effect, with a potential recovery in raw milk prices anticipated in the second half of 2025 [4][36]. - The planting sector is showing signs of stabilization, with fluctuations in grain prices influenced by external trade policies and weather conditions [5][44]. Summary by Sections 1. Market Review - The agricultural index closed at 2620.55 points, with a weekly increase of 0.05%, outperforming the Shanghai Composite Index [12][13]. - The top-performing sectors included beauty care and non-bank financials, while the agricultural sector ranked 20th [12][13]. 2. Key Data Tracking 2.1 Swine Farming - The average weight of pigs at market is 129.71 kg, with a stable trend compared to historical data [19][20]. - The report notes a profit of 80.66 CNY/head for self-bred pigs, indicating a slight decrease in profitability [19][20]. 2.2 Poultry Farming - The average price for white feather chickens is currently 7.40 CNY/kg, reflecting a decrease due to market conditions [30][35]. - The report anticipates a potential decline in production capacity for white feather chickens due to external factors [35]. 2.3 Livestock - Beef prices are on a steady rise, with expectations for a new cycle in the beef market [4][36]. - The report indicates that the dairy sector is undergoing a supply reduction, which may lead to price stabilization [4][36]. 2.4 Planting Industry Chain - Grain prices are experiencing volatility, with corn prices at 2304.29 CNY/ton, showing a weekly increase of 0.50% [43][44]. - The report emphasizes the importance of domestic agricultural policies in response to external uncertainties [44]. 2.5 Feed & Aquaculture - Feed prices remain stable, with no significant changes reported in the past week [58]. - Aquaculture prices for various fish species are also stable, indicating a steady market [58][63].

Investment Rating - The report suggests a focus on leading domestic generative large model companies such as iFLYTEK, and highlights potential in AI hardware applications with recommendations for companies like Yingshi Network and Hongsoft Technology [2] Core Insights - The AI industry chain is expected to maintain high prosperity, with computing power sustaining its high level and application accelerating upward. Other sectors such as intelligent driving, software outsourcing, and the Huawei supply chain are also projected to perform well [11][10] - The report anticipates that overall demand in the second half of the year may be stronger than in the first half, driven by policy and funding support, as well as the gradual acceptance of AI applications by users [11][10] - The report emphasizes the importance of traditional business recovery and the acceptance of new AI business models in driving performance [11] Summary by Sections 1. Weekly Insights - The report discusses the launch of image generation features by Manus and the introduction of video generation models by Huoshan Engine, indicating advancements in AI capabilities [11] - It notes that approximately 90% of computing demand comes from domestic markets, primarily from government and large business clients, suggesting a lag in demand recovery [11] 2. Sector Performance - The report categorizes the prosperity of various sectors, indicating that AI, intelligent driving, and software outsourcing are at high levels, while sectors like construction and medical IT are at lower levels but showing signs of recovery [10][12] 3. Market Review - From May 12 to May 16, 2025, the computer industry index fell by 1.26%, underperforming compared to the CSI 300 index [16] 4. Upcoming Events - The report highlights several upcoming industry events, including the VR/AR Expo and Google I/O, which may present investment opportunities [30][31]

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry Core Insights - The A-share real estate sector experienced a slight decline of -0.3% during the week, ranking 25th among all sectors, while the Hong Kong real estate sector remained flat at 0%, ranking 11th [2] - New home sales showed a rebound on a week-on-week basis but declined year-on-year, indicating continued pressure on market sentiment [3] - The central government has issued a roadmap for urban renewal, emphasizing financial support to accelerate project implementation, which is expected to enhance the pace of urban renewal projects [4][13] Summary by Sections Market Overview - The A-share real estate sector's performance was -0.3%, while the Hong Kong real estate sector was flat at 0% [2] - The property service and management index in Hong Kong increased by 0.3%, while the Hang Seng China Enterprises Index rose by 1.9% [2][26] Land Transactions - In the week of May 10-16, 2025, the total area of residential land sold across 300 cities was 334 million square meters, reflecting a week-on-week decrease of 29% and a year-on-year decrease of 45% [29] - The cumulative area of residential land sold from the beginning of 2025 to date is 12,486 million square meters, showing a year-on-year decline of 1.3% [29] New Home Sales - In the week of May 10-16, 2025, new home sales across 47 cities totaled 343 million square meters, with a week-on-week increase of 30% but a year-on-year decrease of 13% [35] - First-tier cities saw a week-on-week increase of 29% in new home sales, while second-tier cities experienced a 43% increase [35] Second-Hand Home Sales - Second-hand home transactions across 22 cities totaled 265 million square meters, with a week-on-week increase of 39% but a year-on-year decrease of 2% [43] - First-tier cities reported a week-on-week increase of 51% in second-hand home sales, while second-tier cities saw a 31% increase [43] Urban Renewal Initiatives - The central government has outlined eight key tasks for urban renewal, including the renovation of existing buildings and the improvement of urban infrastructure [4][13] - Financial support through central budget investments and special bonds is expected to facilitate the acceleration of urban renewal projects [4][13] Financing Trends - In April 2025, the social financing scale increased by 1.16 trillion yuan, with a year-on-year increase of 29.3% [5][15] - The amount of new residential medium- and long-term loans decreased by 123.1 billion yuan in April, reflecting a year-on-year reduction of 435 billion yuan [16]

Investment Rating - The report maintains a positive investment outlook on the photovoltaic and energy storage sectors, highlighting key companies such as Sungrow Power and Canadian Solar for continued recommendation [2][5]. Core Insights - The photovoltaic industry is transitioning from a state of excess supply to a more balanced market, driven by both policy support and self-initiated industry adjustments. The easing of US-China trade relations is expected to benefit large-scale energy storage [2][5]. - The wind power sector is witnessing significant contract wins, such as a €1 billion order for offshore wind foundations, indicating a robust pipeline for future projects [5][6]. - The electric grid sector is advancing with the integration of artificial intelligence, as outlined in the State Grid's white paper, which aims to enhance the digital transformation of the power industry [7][8]. Photovoltaic & Energy Storage - The photovoltaic sector is showing signs of recovery, with government policies aimed at addressing structural issues. The focus is shifting from forced interventions to voluntary industry cooperation [5]. - Key developments include the issuance of manufacturing standards by the Ministry of Industry and Information Technology and ongoing discussions about supply-side reforms [5]. - Companies to watch include Sungrow Power and Canadian Solar, which are expected to benefit from improved market conditions and technological advancements [5]. Wind Power - Major contracts, such as the €1 billion order from a European energy company, highlight the growth potential in the offshore wind market [5][6]. - The report anticipates nearly 20 GW of offshore wind projects to be tendered between 2025 and 2026, indicating a strong future demand for wind power infrastructure [5][6]. Electric Grid - The State Grid's white paper emphasizes the integration of AI in power production, which is expected to support the construction of a new type of power system [7][8]. - The upcoming high-voltage direct current projects are projected to commence in December 2025, reinforcing the growth trajectory of the electric grid sector [8]. New Energy Vehicles & Lithium Batteries - The report notes a decline in year-on-year growth for new energy vehicles, with a current growth rate of approximately 5%. However, a month-on-month increase of 30% indicates seasonal fluctuations are normal [3][9]. - The reduction of tariffs on lithium batteries is expected to boost exports to the US, with significant developments in solid-state battery technology being reported by companies like BETTERRY and Guoxuan High-Tech [3][11]. Hydrogen and Fuel Cells - The development of green liquid fuels is gaining momentum, with pilot projects being initiated in Jiangsu province to support the hydrogen economy [10][12]. - The report highlights the establishment of hydrogen highways, which are expected to facilitate the adoption of hydrogen vehicles and meet the goals set for the 14th Five-Year Plan [8][12].