Group 1 - The core viewpoint of the report emphasizes the steady progress of "anti-involution" in the photovoltaic industry, highlighting the potential of new technologies and the synergy between solar energy and storage [1] - The report predicts that China's newly installed photovoltaic capacity in 2025 will reach 270-300 GW, maintaining a year-on-year growth of -3% to 8% [2][7] - The report indicates that the photovoltaic industry in China will directly influence global installation expectations, with China's share of global new installations expected to remain above 50% in 2024 and 2025 [7][10] Group 2 - The report outlines the trend of market-oriented electricity production, noting that the introduction of market mechanisms has led to a decrease in photovoltaic grid connection prices, impacting investment decisions [13][14] - It highlights that the photovoltaic supply-demand mismatch is being addressed through self-discipline and legal reforms, which are expected to improve the industry's overcapacity situation [18][29] - The report discusses the profitability recovery of the photovoltaic sector, with net profits of the photovoltaic equipment sector reaching historical peaks in 2023, followed by a forecasted recovery in 2026 as supply-side reforms take effect [22][56] Group 3 - The report emphasizes the importance of differentiated competition in the photovoltaic market, suggesting that technological and regional sales differentiation will be key to future competitiveness [42][44] - It notes that the TOPCon technology is expected to lead the next generation of photovoltaic products, with significant efficiency improvements anticipated [47][50] - The synergy between solar energy and storage is highlighted as a crucial path for future transformation, with both the Chinese and U.S. markets showing strong growth potential in energy storage [51][55] Group 4 - The report identifies key investment opportunities in the photovoltaic sector, including companies involved in polysilicon production, new technologies, solar-storage integration, and overseas capacity expansion [56] - It suggests that companies like LONGi Green Energy, Trina Solar, and JinkoSolar are well-positioned to benefit from the growing energy storage market [55][56] - The report concludes that the overall photovoltaic industry is expected to recover from previous losses, with a focus on sustainable growth driven by technological advancements and market reforms [56]

Group 1 - The meeting of the Central Political Bureau on December 8, 2025, emphasized a stable policy tone while addressing "international economic and trade struggles," indicating a proactive approach to external pressures and uncertainties [3][10]. - The meeting highlighted that the current economic situation is "overall stable, with progress," and that significant progress has been made in risk mitigation in key areas, suggesting a balanced approach to economic management [3][10]. - The report indicates that fiscal policy will become more proactive, with potential increases in deficit ratios and the scale of special bonds to support domestic demand, technological innovation, and major livelihood areas [6][11]. Group 2 - The focus on "new quality productivity" and the construction of a unified national market is expected to drive industrial upgrades and optimize competitive structures, with priority given to high-end manufacturing and AI sectors [6][14]. - The meeting reiterated the importance of expanding domestic demand while optimizing supply, emphasizing the resilience of consumption and the need for improved efficiency in production systems [6][14]. - The report suggests that addressing issues such as overdue payments to enterprises and wages for migrant workers will be crucial for stabilizing employment and ensuring social welfare, reflecting a commitment to safeguarding livelihoods [6][14]. Group 3 - The investment recommendations highlight three main themes: the strong direction of new quality productivity, the potential for industry leaders to benefit from improved competitive dynamics, and the emphasis on service consumption over physical goods [6][12]. - The report suggests that the focus on expanding domestic demand will continue to be a priority, with policies aimed at enhancing service-oriented and livelihood-related consumption rather than merely stimulating durable goods [6][12]. - The emphasis on risk management and the stability of the economic bottom line indicates a cautious yet proactive approach to maintaining market confidence and reducing uncertainties in the macroeconomic environment [6][12].

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The report anticipates new RMB loans in November to be between 300 billion to 450 billion, with a year-on-year decrease of 130 billion to 280 billion, leading to a loan growth rate of approximately 6.4% [5][9] - The expected new social financing scale for November is projected to be between 2.16 trillion to 2.32 trillion, with a year-on-year decrease of 0.01 trillion to 0.17 trillion, maintaining a stock growth rate of around 8.5% [20][25] - The report highlights a weak corporate activity backdrop, with the manufacturing PMI at 49.2%, indicating a contraction, and a decline in production, new orders, and new export orders [5][9] - The residential loan sector is expected to see a decline due to policy cycles and a drop in housing transaction volumes, with significant decreases in average transaction areas in major cities [9] Summary by Sections 1. RMB Loans - New RMB loans for November are expected to be between 300 billion to 450 billion, with a year-on-year decrease of 130 billion to 280 billion, resulting in a loan growth rate of about 6.4% [5][9] 2. Social Financing - The anticipated new social financing scale for November is projected to be between 2.16 trillion to 2.32 trillion, with a year-on-year decrease of 0.01 trillion to 0.17 trillion, maintaining a stock growth rate of around 8.5% [20][25] 3. Liquidity - M1 and M2 growth rates are expected to decline but remain relatively high, with M1 projected to drop to 6.0% and M2 to 8.1% by the end of November [27][28] 4. Investment Recommendations - The report suggests a shift in bank stock investment logic from "pro-cyclical" to "weak-cyclical," emphasizing the attractiveness of high-dividend bank stocks during periods of economic stagnation [29]

Core Insights - The overall judgment indicates that both domestic and overseas AI-driven demand will continue to grow, leading to stock price performance in the AIDC industry. The overseas market, particularly in the U.S., is experiencing tight supply and demand for power equipment, which presents opportunities for domestic supply chains to expand internationally. Additionally, domestic capital expenditure on power grids is steadily increasing [3]. AIDC Power Supply: Continuous Beta and Clear Industry Trends - The capital expenditure of major overseas cloud service providers (CSPs) is expected to continue increasing, driving high demand for AIDC. The total capital expenditure of the four major overseas CSPs (Amazon, Google, Microsoft, Meta) is projected to grow at rates of 34% in 2021, 20% in 2022, -7% in 2023, and 55% in 2024, with a significant increase of 71% in the first three quarters of 2025 [11]. - Domestic CSPs have also seen a resurgence in capital expenditure, with a staggering 184% year-on-year growth in 2024 and 87% in the first three quarters of 2025 [13]. - The power consumption of AI servers is expected to rise significantly, with cabinet power levels projected to exceed 200kW in the near future, indicating a need for technological upgrades in both internal and external power supplies [20][25]. - The transition from three-level to two-level voltage reduction in internal power supplies is anticipated, which will streamline power supply processes [28]. - External power supplies are shifting from UPS to HVDC and SST solutions, reflecting a clear trend towards direct current and medium voltage systems [32]. Power Equipment Export: Continuous High Demand - The U.S. has seen a rapid increase in new power installations since 2020, with growth rates of 1.20%, 2.42%, 0.98%, 2.14%, and 3.47% from 2020 to 2024, indicating a robust demand for power equipment [59]. - China's transformer exports reached 46.5 billion yuan in the first nine months of 2025, marking a 40.20% year-on-year increase, with other power equipment exports also showing significant growth [77]. Domestic Power Grid: Continued Investment and Recovery - The approval of ultra-high voltage direct current projects is progressing steadily, with a rich pipeline of projects expected to drive growth during the 14th Five-Year Plan [81]. - The total bidding amount for power grid projects has reached 78.7 billion yuan, reflecting a nearly 20% year-on-year increase, significantly surpassing the 7.61% growth rate of 2024 [84]. - The domestic smart meter replacement cycle is expected to smooth out, with a projected increase in bidding quantities in 2026-2027 as new standards are introduced [90].

1. Report's Industry Investment Rating - The report does not provide an industry investment rating [25] 2. Core Viewpoints - Last week, the ChinaBond New Composite Index fell 0.21% for the whole week; short - term pure bond and medium - long - term pure bond funds were flat and fell 0.05% respectively; the CSI AAA Sci - tech Innovation Bond Index and the SSE Benchmark Market - making Corporate Bond Index fell 0.10% each [2] - As of December 5, 2025, bond - type ETFs had a net inflow of 612 million yuan in the recent week, with interest - rate, credit - type, and convertible - bond - type ETFs having a net outflow of 1.647 billion yuan, a net inflow of 2.529 billion yuan, and a net outflow of 269 million yuan respectively [4] - All types of bond ETF products' net values were adjusted last week. The Treasury Bond ETF Dongcai performed well, rising 0.05%, while the 30 - year Treasury Bond ETF adjusted significantly, falling 1.94% [5] 3. Summary by Relevant Catalogs 3.1 Funds Flow - As of December 5, 2025, bond - type ETFs had a net inflow of 612 million yuan in the recent week. Interest - rate, credit - type, and convertible - bond - type ETFs had a net outflow of 1.647 billion yuan, a net inflow of 2.529 billion yuan, and a net outflow of 269 million yuan respectively. Among credit - type ETFs, short - term financing bonds had a net outflow of 121 million yuan, corporate bonds had a net inflow of 856 million yuan, and urban investment bonds were flat. Market - making credit bonds had a net outflow of 1.521 billion yuan, and sci - tech innovation bonds had a net inflow of 3.313 billion yuan. The cumulative net inflows of interest - rate, credit - type, and convertible - bond ETFs for the year were 72.304 billion yuan, 447.357 billion yuan, and 23.349 billion yuan respectively, totaling 543.01 billion yuan [4] 3.2 Net Value Performance - As of December 5, 2025, last week, the Treasury Bond ETF Dongcai rose 0.05% for the whole week, while the 30 - year Treasury Bond ETF fell 1.94%. The circulating market values of the 30 - year Treasury Bond ETF and the 30 - year Treasury Bond ETF Boshi decreased by 1.859 billion yuan and 1.337 billion yuan respectively. The Convertible Bond ETF and the SSE Convertible Bond ETF rose 0.07% and 0.25% respectively last week [5] 3.3 Performance of Credit Bond ETFs and Sci - tech Innovation Bond ETFs - As of December 5, 2025, the median net asset values per unit of credit - bond ETFs and sci - tech innovation bond ETFs were 1.0098 and 0.9979 respectively, falling 0.11% each for the whole week. Among credit - bond ETFs, Credit - bond ETF GF, Credit - bond ETF Boshi, and Credit - bond ETF Tianhong performed relatively well, falling 0.08%. Among sci - tech innovation bond ETFs, Sci - tech Innovation Bond ETF Yongying, Sci - tech Innovation Bond ETF Huitianfu, and Sci - tech Innovation Bond ETF Taikang performed relatively well. As of December 5, 2025, the median discount rates of credit - bond ETFs and sci - tech innovation bond ETFs were 27BP and 23BP respectively [6] 3.4 Duration Tracking of Credit - type ETFs - As of December 5, 2025, the holding durations of short - term financing ETFs, corporate - bond ETFs, and urban - investment - bond ETFs were 0.38 years, 1.85 years, and 2.20 years respectively. Among market - making credit - bond ETFs, the median holding durations of products tracking the Shanghai Market - making Corporate Bond Index and the Shenzhen Market - making Corporate Bond Index were 3.85 years and 2.88 years respectively. Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - tech Innovation Bond Index, the Shanghai AAA Sci - tech Innovation Bond Index, and the Shenzhen AAA Sci - tech Innovation Bond Index were 3.50 years, 3.54 years, and 3.22 years respectively [7]

Report Industry Investment Rating No relevant content provided. Core View of the Report This week (December 1 - December 5), the funds' interest rates declined, the daily average of large - bank lending increased, and the funds deleveraged. The maturity volume of certificates of deposit decreased, and the maturity yield curve of certificates of deposit shifted upward. In the cash bond trading, the main buyers were rural commercial banks, which mainly increased their holdings of 7 - 10Y interest - rate bonds. Funds continued to sell, mainly selling 7 - 10Y and 20 - 30Y interest - rate bonds and increasing their holdings of short - term credit bonds. Large banks increased their holdings of interest - rate bonds with a maturity of less than 3Y, and insurance companies continued to allocate more 20 - 30Y ultra - long - term interest - rate bonds [3]. Summary by Directory 1. Monetary and Funding Conditions - A total of 1511.8 billion yuan of reverse repurchases matured this week. The central bank conducted reverse repurchase operations of 107.6 billion yuan, 156.3 billion yuan, 79.3 billion yuan, 180.8 billion yuan, and 139.8 billion yuan from Monday to Friday respectively, with a cumulative investment of 663.8 billion yuan. On Friday, 1000 billion yuan of outright reverse repurchases matured, and 1000 billion yuan of outright reverse repurchases were issued. The net liquidity withdrawal for the whole week was 848 billion yuan [9]. - The funds' prices declined. As of December 5, R001, R007, DR001, and DR007 were 1.37%, 1.5%, 1.3%, and 1.44% respectively, changing by - 5.33BP, - 2.59BP, - 0.3BP, and - 2.88BP compared with November 28, and were at the 17%, 8%, 11%, and 3% historical percentiles respectively [11]. - The daily average of large - bank lending increased. From December 1 to December 5, the total lending scale of large banks was 22.31 trillion yuan, with the highest single - day lending scale of 4.6 trillion yuan and the daily average lending scale of 4.5 trillion yuan, an increase of 610 billion yuan compared with the previous week's daily average [15]. - The trading volume of pledged repurchase increased. The average daily trading volume was 7.93 trillion yuan, with the highest single - day trading volume reaching 8.2 trillion yuan, an increase of 11.77% compared with the previous week's daily average. The proportion of overnight repurchase transactions increased, with the average daily proportion being 89.5%, the highest single - day proportion reaching 89.9%, an increase of 2.86 percentage points compared with the previous week's daily average, and as of December 5, it was at the 90.4% percentile [17]. 2. Inter - bank Certificates of Deposit and Bills - The issuance scale of inter - bank certificates of deposit decreased this week, and the net financing amount increased. The total issuance was 495.11 billion yuan, a decrease of 64.14 billion yuan compared with the previous week; the total maturity was 448.81 billion yuan, a decrease of 353.23 billion yuan compared with the previous week. The net financing amount was 46.3 billion yuan, an increase of 289.09 billion yuan compared with the previous week [20]. - Among different bank types, city commercial banks had the highest issuance scale. This week, the issuance scales of inter - bank certificates of deposit by state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were 165.6 billion yuan, 99.23 billion yuan, 196.16 billion yuan, and 29.16 billion yuan respectively, changing by 50.49 billion yuan, - 92.98 billion yuan, 1.61 billion yuan, and - 17.22 billion yuan compared with the previous week [20]. - Among different maturity types, the 6M issuance scale was the highest. The issuance scales of 1M, 3M, 6M, 9M, and 1Y inter - bank certificates of deposit were 66.6 billion yuan, 60.35 billion yuan, 217.36 billion yuan, 41.94 billion yuan, and 108.86 billion yuan respectively, changing by 17.72 billion yuan, - 46.91 billion yuan, 72.85 billion yuan, - 112.03 billion yuan, and 4.23 billion yuan compared with the previous week. The 6M certificates of deposit accounted for the highest proportion of the total issuance of certificates of deposit by different types of banks, with a proportion of 43.90%, mainly due to more issuances by state - owned banks; the 1Y maturity accounted for 21.99%, mainly due to more issuances by joint - stock banks [21]. - The issuance rates of certificates of deposit by different banks were differentiated this week, and the issuance rates of certificates of deposit with all maturities increased. As of December 5, the issuance rates of one - year certificates of deposit by joint - stock banks, state - owned banks, city commercial banks, and rural commercial banks changed by 0.25BP, - 1BP, 4.77BP, and - 7.5BP compared with November 28, and were at the 4%, 4%, 6%, and 4% historical percentiles respectively. In terms of maturities, as of December 5, the issuance rates of 1M, 3M, and 6M certificates of deposit changed by 5.89BP, 1.66BP, and 2.58BP compared with November 28, and were at the 8%, 5%, and 4% historical percentiles respectively [28]. - The Shibor rates were differentiated this week. As of December 5, the overnight, 1 - week, 2 - week, 1M, and 3M Shibor rates changed by 0BP, - 2.1BP, - 2.1BP, 0BP, and 0BP compared with November 28 to 1.3%, 1.42%, 1.51%, 1.52%, and 1.58% respectively [30]. - The maturity yield curve of certificates of deposit shifted upward. As of December 5, the 1M, 3M, 6M, 9M, and 1Y maturity yields of AAA - rated ChinaBond commercial bank inter - bank certificates of deposit were 1.58%, 1.62%, 1.64%, 1.66%, and 1.66% respectively, changing by 13.43BP, 4BP, 2BP, 1.5BP, and 1.5BP compared with November 28 [32]. - The bill rates were differentiated. As of December 5, the 3M direct discount rate of state - owned and joint - stock banks, 3M transfer discount rate of state - owned and joint - stock banks, 6M direct discount rate of state - owned and joint - stock banks, and 6M transfer discount rate of state - owned and joint - stock banks were 0.69%, 0.47%, 0.81%, and 0.86% respectively, changing by - 6BP, 5BP, - 6BP, and 8BP compared with November 28 [37]. 3. Institutional Behavior Tracking - The inter - bank leverage ratio increased. As of December 5, the total inter - bank leverage ratio of the bond market increased by 0.36 percentage points compared with November 28 to 106.34%, at the 27.6% historical percentile since 2021 [39]. - The leverage ratio of broad - based funds decreased slightly. As of December 5, the leverage ratios of banks, securities firms, insurance companies, and broad - based funds were 103.5%, 176.6%, 129.6%, and 104.2% respectively, changing by 0.82BP, - 2.55BP, - 0.69BP, and - 0.16BP compared with November 28, and were at the 27%, 0%, 75%, and 4% historical percentiles respectively [41]. - The central value of the net purchase duration of funds continued to decline, while rural commercial banks and wealth management products increased their durations. As of December 5, the weighted average net purchase duration (MA = 10) of funds was - 8.48 years, a decline from - 2.62 years on November 28, at the 0% historical percentile; the weighted average net purchase duration (MA = 10) of wealth management products was 3.28 years, an increase compared with November 28, at the 94% historical percentile; the weighted average net purchase duration (MA = 10) of rural commercial banks was 3.58 years, an increase compared with November 28, at the 86% historical percentile; the weighted average net purchase duration (MA = 10) of insurance companies was 11.05 years, a decline compared with November 28, at the 78% historical percentile [43]. - The duration of medium - and long - term pure - bond funds increased this week. As of December 5, the duration of medium - and long - term pure - bond funds increased by 0.02 years compared with November 28 to 3.35 years, at the 22% historical percentile since this year; the duration of short - term pure - bond funds increased by 0.17 years compared with November 28 to 1.62 years, at the 61% historical percentile since this year [47].

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Insights - The report highlights the ongoing transformation in cancer treatment, moving from broad-spectrum therapies to precision medicine, with a focus on innovative technologies such as bispecific antibodies, antibody-drug conjugates (ADC), and CAR-T therapies [7][14] - It emphasizes the importance of companies with cutting-edge technology platforms and differentiated research strategies, particularly in the context of blood cancers becoming manageable chronic diseases [11][14] - The report suggests that the recent ESMO Asia and ASH conferences have positively influenced market sentiment, revealing clear directions for future cancer treatments [11][14] Summary by Sections Industry Overview - The pharmaceutical sector is experiencing significant internal differentiation, with some sub-sectors like pharmaceutical commerce and traditional Chinese medicine performing well, while others like medical devices and chemical pharmaceuticals are facing declines [7][11] - The total market capitalization of the industry is approximately 72,066.76 billion [2] Key Investment Directions - Focus on biotech companies with innovative technology platforms, particularly those developing new delivery systems and ADCs targeting specific cancer markers [11][14] - Look for companies implementing differentiated research strategies, especially in rare target areas and combination therapies [11][14] - Recognize the long-term investment value in blood cancers as they transition into manageable chronic conditions, expanding the market for existing and new therapies [11][14] Market Dynamics - The report notes that the pharmaceutical sector's performance has been mixed, with a year-to-date return of 15.86%, slightly lagging behind the broader market [11] - The report identifies key companies to watch, including 康方生物, 药明合联, and others, which are expected to perform well based on their innovative approaches and market positioning [8][11][14]

中泰证券研究所 证券研究报告 信用业务周报 如何看待近期市场轮动加速？ 2025年12月8日 分析师：徐驰 执业证书编号：S0740519080003 分析师：张文宇 执业证书编号：S0740520120003 请务必阅读正文之后的信息披露和重要声明 【市场回顾】 图表：市场表现回顾 数据来源：Wind，中泰证券研究所 2 【市场观察】如何看待上周市场缩量轮动行情 ➢ 一、如何看待上周市场缩量轮动行情 3 ➢ 上周市场交易额进一步下降，交易热点集中在有色金属、科技与非银金融板块，行业轮动明显。 上周A股市场整体呈震荡走势，交易额进一步下降。上周轮动行情主要由市场短期利好事件带动 。有色金属板块在铜、银、锡等资源品价格突破性上涨带动下周度涨幅较大（5.35%）。半导体 与国产算力板块走势也较强，摩尔线程于上周五在科创板上市，上市首日开盘暴涨468%，收盘涨 幅仍超400%，市值一度突破3000亿。其强大的赚钱效应彻底激活了半导体产业链，带动了寒武纪 、海光信息等算力龙头的估值重塑，同时也引爆了光刻机、先进封装等上下游板块。周五金融监 管总局发布利好，下调险资投资相关股票风险因子。这意味着险资（长线资金）入市的资 ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 高维时空嵌入的视角—物理增强型 样本熵择时模型 ｜ 证 券 研 究 报 告 ｜ 吴先兴 中泰证券金融工程 证券分析师执业证书编号：S0740525110003 邮 箱：wuxx02@zts.com.cn 李倩云 证券分析师执业证书编号：S0740520050001 邮 箱：liqy02@zts.com.cn 张天伦 证券分析师执业证书编号：S0740525070005 邮 箱：zhangtl01@zts.com.cn 2025.12.05 • 本研究聚焦于ETF市场的量化择时策略构建,核心在于将非线性动力学的样本熵理论 与物理学的推重比概念深度融合,实现对市场复杂性与驱动力在风险平衡层面的一体 化刻画。 • 成功构建了一套物理增强型样本熵(Phys-Enhanced SampEn)择时策略,创新性地将 "推重比序列" 作为输入项进行熵计算,能够同时量化"价格波动的随机性"与 "驱动力-风险平衡的规律性" ，突破了传统单维度不确定性度量的局限。 • 引入流动性调整推重比,通过量价共振动量与流动性阻力因子修正,有效解决了理论 信号与实际可交易 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [4][101]. Core Insights - The report highlights the opening of Li Ning's first outdoor store, indicating a strategic shift towards the light outdoor mass market, focusing on hiking, urban commuting, and suburban camping [6]. - The export chain is showing signs of recovery, particularly for companies like Henglin and Yongyi, with a notable increase in non-wood furniture exports to the U.S. from Vietnam [6]. - The report suggests that the upcoming Olympic cycle and improved management and inventory at Li Ning could lead to a positive turning point for the company [6]. Summary by Relevant Sections Market Performance - The light industry manufacturing index increased by 1.86%, ranking 6th among 28 industries, while the textile and apparel index decreased by 1.6%, ranking 24th [11]. - Sub-sectors within light industry manufacturing showed varied performance, with packaging printing up by 3.96% and home goods up by 0.5% [11]. Export Chain - The report emphasizes the recovery of U.S. orders post-tariff adjustments, predicting a boost in durable goods exports due to stable tariff policies and low downstream inventory levels [6]. - Companies like Henglin and Yongyi are recommended for their low valuations and potential for revenue recovery [6]. Brand Apparel - Li Ning's new outdoor store is seen as a significant step in brand image enhancement, with expectations for improved profitability in the second half of the year [6]. - Other recommended companies include Anta Sports, 361 Degrees, and Bosideng, focusing on functional footwear and apparel [6]. Manufacturing and Supply Chain - The report discusses the potential for investment opportunities in the outbound manufacturing sector, particularly in non-woven fabric and packaging industries [7]. - It highlights the need for attention on companies like Yanjing and Meiyingsen, which are positioned well for overseas expansion [7]. Textile Manufacturing - The report notes a shift in the caprolactam industry towards reducing over-competition, with a recommendation for Taihua New Materials [7]. - Companies like Crystal International and Huayi Group are highlighted for their potential growth due to improved customer structures and production capacity [7]. Home Furnishings - Recommendations include low-valuation leaders in the soft furniture sector such as Xilinmen and Kuka Home, as well as custom furniture companies like Sophia and Oppein [7]. Pet Products - The report suggests monitoring Yuanfei Pet for its growth potential in both OEM and OBM segments, particularly in Southeast Asia [7].