证券研究报告 | 2025年10月20日 25Q3 营收同比高增，归母净利润受少数股东损益扰动。公司发布 25Q3 财报， 2025 年前三季度实现营业收入 94.90 亿，同比+54.65%；归母净利润 19.61 亿元，同比+28.56%；扣非归母净利润 18.17 亿元，同比+23.18%。分季度来 看，25Q3 公司实现营业收入 40.26 亿元，同比+69.60%、环比+31.38%；归母 净利润 7.60 亿元，同比+13.04%、环比+9.26%；扣非归母净利润 7.27 亿元， 同比+10.56%、环比+12.17%。从收入端来看，受益于国内人工智能的快速发 展以及信创服务器 CPU 的自主可控，国内高端芯片市场需求持续增长，公司 通过深化与整机厂商、生态伙伴在重点行业、领域合作，加速在客户端的导 入，25Q3 营收实现同比高增。从利润端来看，25Q3 少数股东损益为 4.39 亿 元，同比+110%、环比+89%，大幅增长，进而导致公司归母净利润增速放缓。 毛利率、费用率同比下滑，环比提升。公司 25Q3 实现毛利率 60.0%，同比-9.1 个 pct、环比+0.7 个 pct，主要由于： ...

Group 1: Macro and Strategy - The September fiscal data shows a marginal recovery in general public budget revenue, with a year-on-year growth of 2.6%, up from 2% in the previous period, driven mainly by VAT and a significant increase in stamp duty revenue [9][10] - Government fund budget revenue turned positive in September, with a year-on-year growth of 5.6%, while expenditure growth slowed to 0.4%, indicating a potential for fiscal policy to support economic recovery [10][11] - The central government announced a new policy of 500 billion yuan in financial tools and 500 billion yuan in local debt limits to stimulate the economy, which is expected to have a positive impact in the fourth quarter [11] Group 2: Industry and Company Insights - The modern investment banking sector is evolving, with a focus on cross-border asset management, particularly in Hong Kong, which has a substantial asset management scale of 35.14 trillion HKD [18][19] - The telecommunications industry is experiencing rapid advancements in satellite internet deployment, with 116 satellites launched to date, enhancing communication capabilities [22][23] - The lithium battery industry is witnessing a significant price increase in lithium hexafluorophosphate, which has risen over 50% since mid-July, driven by tight supply and increasing demand [35]

证券研究报告 | 2025年10月20日 优于大市 |  | 行业研究·行业快评 | |  银行 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 王剑 | 021-60875165 | wangjian@guosen.com.cn | 执证编码：S0980518070002 | | 证券分析师： | 陈俊良 | 021-60933163 | chenjunliang@guosen.com.cn | 执证编码：S0980519010001 | | 证券分析师： | 孔祥 | 021-60375452 | kongxiang@guosen.com.cn | 执证编码：S0980523060004 | 事项： 9 月 29 日国家发改委召开新闻发布会，称"会同有关方面积极推进新型政策性金融工具有关工作。新型政 策性金融工具规模共 5000 亿元，全部用于补充项目资本金。"我们预计这将对社融和银行信贷投放产生 积极影响，并在未来几年利好银行信贷需求。 评论： 5000 亿元新型政策性金融工具全部用于补充项目资本金 宽信用又添工具，银行信 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Last week (October 13 - October 17, 2025), the median weekly return of equity ETFs was -4.18%. Among broad - based ETFs, the Shanghai 50 ETF had the smallest decline; among sector ETFs, the large - financial ETF had the smallest decline; among hot - topic ETFs, the bank ETF had the highest return. Last week, equity ETFs had a net subscription of 22.107 billion yuan. Among broad - based ETFs, the Science and Technology Innovation Board ETF had the largest net subscription; among sector ETFs, the large - financial ETF had the largest net subscription; among theme ETFs, the bank ETF had the largest net subscription [1][2][58]. - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked in the top three in terms of the total scale of listed non - monetary ETFs. This week, 7 ETFs will be issued, including Southern Hang Seng Tech ETF, China Merchants GEM Artificial Intelligence ETF, etc [52][55][58]. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs last week was -4.18%. The median returns of Shanghai 50, CSI 300, A500, CSI 1000, CSI 500, GEM - related, and Science and Technology Innovation Board ETFs were -0.21%, -2.15%, -3.25%, -4.60%, -5.12%, -5.70%, and -6.13% respectively. The median returns of commodity, bond, money, and cross - border ETFs were 11.08%, 0.13%, 0.02%, and -3.63% respectively [13]. - By sector, the median returns of large - financial, consumer, cyclical, and technology sector ETFs were -2.31%, -3.28%, -3.78%, and -6.59% respectively. By hot - topic, the median returns of bank, liquor, and dividend ETFs were 5.07%, 2.04%, and 0.74% respectively, showing relatively strong performance; the median returns of robot, chemical, and AI ETFs were -9.09%, -7.34%, and -7.10% respectively, showing relatively weak performance [17]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3567 billion yuan, 885 billion yuan, and 568.7 billion yuan respectively. The scales of commodity and money ETFs were relatively small, at 224 billion yuan and 154 billion yuan respectively. Among broad - based ETFs, the CSI 300 and Science and Technology Innovation Board ETFs had relatively large scales [20]. - By sector, the scale of the technology sector ETF was 399.6 billion yuan, followed by the cyclical sector ETF at 220.1 billion yuan. The large - financial and consumer ETFs had relatively small scales. By hot - topic, the chip, securities, and pharmaceutical ETFs had the highest scales [25]. - Last week, equity ETFs had a net subscription of 22.107 billion yuan, with a total scale decrease of 102.67 billion yuan; money ETFs had a net subscription of 4.133 billion yuan, with a total scale increase of 4.149 billion yuan. Among broad - based ETFs, the Science and Technology Innovation Board ETF had the largest net subscription of 952 million yuan, and its scale decreased by 12.585 billion yuan; the A500 ETF had the largest net redemption of 8.57 billion yuan, and its scale decreased by 15.153 billion yuan [27][28]. - By sector, the large - financial ETF had the largest net subscription of 15.168 billion yuan, with a scale increase of 12.605 billion yuan; the consumer ETF had the smallest net subscription of 4.094 billion yuan, with a scale decrease of 242 million yuan. By hot - topic, the bank ETF had the largest net subscription of 8.241 billion yuan, with a scale increase of 9.826 billion yuan; the dividend ETF had the largest net redemption of 1.427 billion yuan, with a scale decrease of 613 million yuan [30]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of Shanghai 50, CSI 300, CSI 500, CSI 1000, GEM - related, and A500 ETFs were at the 86.89%, 84.09%, 98.19%, 94.15%, 59.69%, and 94.75% quantile levels respectively, and the price - to - book ratios were at the 67.44%, 67.35%, 97.86%, 59.03%, 51.20%, and 94.14% quantile levels respectively. Since December 31, 2019, the price - to - earnings and price - to - book ratios of Science and Technology Innovation Board - related ETFs are currently at the 98.52% and 70.32% quantile levels respectively [33]. - As of last Friday, the price - to - earnings ratios of cyclical, large - financial, consumer, and technology sector ETFs were at the 70.82%, 44.60%, 26.63%, and 96.62% quantile levels respectively, and the price - to - book ratios were at the 77.49%, 57.21%, 35.53%, and 84.83% quantile levels respectively. Compared with the previous week, the valuation quantiles of large - financial ETFs increased significantly, while those of consumer ETFs decreased significantly [38]. - As of last Friday, the price - to - earnings ratio quantiles of chip, robot, and military - industry ETFs were relatively high. Compared with the previous week, the valuation quantiles of bank ETFs increased significantly, while those of media ETFs decreased significantly. Overall, among broad - based ETFs, GEM - related ETFs had relatively low valuation quantiles; among sectors, consumer and large - financial ETFs had relatively moderate valuation quantiles; among sub - themes, liquor ETFs had relatively low valuation quantiles [39][40]. ETF Margin Trading - Overall, the short - selling volume of equity ETFs has generally maintained an upward trend in the past year. As of last Thursday, the margin balance of equity ETFs decreased from 46.957 billion yuan in the previous week to 46.343 billion yuan, and the short - selling volume increased from 2.357 billion shares in the previous week to 2.475 billion shares [43]. - From last Monday to Thursday, among the top 10 equity ETFs with the highest average daily margin purchases, the securities ETF and the Science and Technology Innovation Board ETF had relatively high average daily margin purchases. Among the top 10 equity ETFs with the highest average daily short - selling volume, the CSI 1000 ETF and the CSI 500 ETF had relatively high average daily short - selling volume [44][48]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, with relatively high management scales in multiple sub - fields such as scale - index ETFs, theme, style, and strategy - index ETFs, and cross - border ETFs. E Fund ranked second, with relatively high management scales in scale - index ETFs and cross - border ETFs. Huatai - PineBridge Fund ranked third, with relatively high management scales in scale - index ETFs and theme, style, and strategy - index ETFs [52]. - This week, 7 ETFs will be issued, including Southern Hang Seng Tech ETF, China Merchants GEM Artificial Intelligence ETF, Southern CSI Hong Kong Stock Connect Internet ETF, Ping An CSI General Aviation Theme ETF, Harvest CSI Sub - Chemical Industry Theme ETF, Tianhong SZSE GEM Technology ETF, and Huatai - PineBridge CSI GEM ETF [55].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6] Core Viewpoints - The company reported a 4.1% year-on-year increase in overall retail value for the period from July to September 2025, marking a recovery from a 1.9% decline in the previous quarter. Same-store sales turned positive across all markets, with a 7.6% increase in mainland China and an 8.6% increase in franchise stores. Hong Kong and Macau saw a 6.2% increase in same-store sales, with Macau leading at 17.3% [3][5] - The sales structure showed strong growth in high-margin priced products, with a 43.7% year-on-year increase in retail value for priced gold products in mainland China. Jewelry inlaid, platinum, and K-gold jewelry also saw a 10% positive growth, while jadeite experienced a doubling in growth [3][5] - The company continues to optimize store efficiency, closing 296 underperforming stores, resulting in a total of 6,041 stores at the end of the quarter. The company opened one new image store in Beijing, bringing the total to eight [3][5] Summary by Sections Retail Performance - The company achieved a comprehensive recovery in same-store sales, with mainland China direct stores growing by 7.6% (9.9% excluding watch business) and franchise stores by 8.6%. Hong Kong's same-store sales grew by 3.2%, while Macau's grew by 17.3% [3][5] Product Sales Structure - High-margin priced products continued to perform strongly, with a 43.7% increase in retail value for priced gold products in mainland China. Other categories like jewelry inlaid, platinum, and K-gold jewelry saw a 10% growth, and jadeite sales doubled [3][5] Store Optimization - The company is focused on enhancing store efficiency, having closed 296 low-performing stores, resulting in a total of 6,041 stores. Additionally, the company opened one new image store in Beijing, increasing the total to eight [3][5] Future Outlook - The company is expected to benefit from the rising demand for gold jewelry driven by value preservation and the growing trend of self-consumption among younger consumers. The company plans to invest further in research and design, enhance the layout of high-margin priced products, and optimize store structures to boost sales [4][9] - The forecast for the company's net profit for the fiscal years 2026-2028 has been raised to HKD 77.85 billion, 87.11 billion, and 95.43 billion respectively, with corresponding P/E ratios of 20.9, 18.7, and 17.1 [4][9]

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints of the Report - Last week, the equity market fluctuated and declined, with the market style shifting from growth sectors such as technology to low - valuation defensive sectors like banks and coal. The TMT and robotics sectors, which had significant previous gains, led the decline. The bond market strengthened, and the stock - bond seesaw effect was evident. The 10 - year Treasury bond yield closed at 1.82% on Friday, down 2.14bp from the previous week. Most convertible bonds ended lower, with the CSI Convertible Bond Index down 2.35% for the week, the median price down 1.95%, and the arithmetic average parity down 4.62%. The overall market conversion premium rate increased by 1.90% compared to the previous week [1][7][8]. - In the short term, coal, banks, and power and other dividend - paying sectors are recommended. The dividend yield of the dividend - paying sectors has significantly rebounded from the high in July. Considering the year - end layout of bank mid - term dividends (in January) by absolute - return funds such as insurance, the dividend - paying sectors are relatively dominant. Before the year - end important meetings, the market may start to bet on pro - growth policies, and pro - cyclical sectors such as banks are expected to benefit. For the subsequent market rebound, transformers, copper connections, pesticides, lithium batteries, and small household appliances with good performance are recommended [2][19]. 3. Summary by Relevant Catalogs Market Trends (2025/10/13 - 2025/10/17) Stock Market - The equity market fluctuated and declined. The market style shifted from growth sectors to low - valuation defensive sectors. The TMT and robotics sectors led the decline. Throughout the week, the performance of A - share indexes varied daily, with different sector performances. Most Shenwan primary industries ended lower, with banks (4.89%), coal (4.17%), food and beverage (0.86%), transportation (0.37%), and textile and apparel (- 0.31%) performing well, while electronics (- 7.14%), media (- 6.27%), automobiles (- 5.99%), and communications (- 5.92%) performed poorly [7][8]. Bond Market - The bond market strengthened. Affected by the tense Sino - US trade situation, market risk - aversion sentiment increased. With the significant correction in the equity market, the stock - bond seesaw effect was obvious. Coupled with loose liquidity and economic data generally in line with expectations, bond market sentiment was strong. The 10 - year Treasury bond yield closed at 1.82% on Friday, down 2.14bp from the previous week [1][7][8]. Convertible Bond Market - Most convertible bond issues ended lower. The CSI Convertible Bond Index was down 2.35% for the week, the median price was down 1.95%, and the arithmetic average parity was down 4.62%. The overall market conversion premium rate increased by 1.90% compared to the previous week. The arithmetic average conversion premium rates of convertible bonds in the parity ranges of [90,100), [100,110), and [110,120) changed by + 0.34%, - 3.24%, and - 0.18% respectively, at the 84%, 88%, and 84% percentile values since 2023. Most industries in the convertible bond market ended lower, with banks (+ 0.85%), coal (- 0.20%), food and beverage (- 0.52%), and environmental protection (- 0.78%) performing well, while automobiles (- 5.78%), electronics (- 5.45%), non - ferrous metals (- 4.89%), and communications (- 4.77%) performing poorly. The total trading volume of the convertible bond market last week was 344.218 billion yuan, with an average daily trading volume of 68.844 billion yuan, a decrease from the previous week [1][8][12]. - At the individual bond level, Huicheng (waste catalyst treatment), Tongguang (optical fiber and cable), Liugong Zhuan 2 (construction machinery), Yuguang (precious metals), and Yanpai (industrial filtering devices) convertible bonds led the gains; Xin 23 (robotics), Zhenhua (solid - state batteries), Jingda (controllable nuclear fusion concept), Zhonghuan Zhuan 2 (innovative drugs & change of actual controller), and Huicheng (display driver packaging and testing) convertible bonds led the losses [1][13]. Valuation Overview - As of October 17, 2025, for equity - biased convertible bonds, the average conversion premium rates of convertible bonds in the parity ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 44.07%, 32.51%, 25.47%, 18.51%, 10.95%, and 10.08% respectively, at the 93%/88%, 90%/85%, 90%/89%, 87%/82%, 71%/56%, and 88%/77% percentile values since 2010/2021. - For bond - biased convertible bonds, the average YTM of convertible bonds with a parity below 70 yuan was - 4.09%, at the 1%/2% percentile values since 2010/2021. - The average implied volatility of all convertible bonds was 40.06%, at the 77%/65% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was - 2.64%, at the 67%/68% percentile values since 2010/2021 [20]. Primary Market Tracking Last Week (2025/10/13 - 2025/10/17) - Jinlang Zhuan 02 announced its issuance, and no convertible bonds were listed. Jinlang Technology, the underlying stock of Jinlang Zhuan 02, is a high - tech enterprise in the new energy industry. The company's 2024 revenue was 6.542 billion yuan, a year - on - year increase of 7.23%, and the net profit attributable to the parent company was 691 million yuan, a year - on - year decrease of 11.32%. From Q1 - Q3 2025, the company's revenue was 5.663 billion yuan, a year - on - year increase of 9.71%, and the net profit attributable to the parent company was 865 million yuan, a year - on - year increase of 29.39%. The scale of the convertible bond issuance is 1.677 billion yuan, with a credit rating of AA, and it was announced for issuance on October 15. After deducting the issuance fees, the funds are planned to be invested in distributed photovoltaic power station projects, high - voltage and high - power grid - connected inverter new construction projects, medium - and high - power hybrid energy - storage inverter new construction projects, Shanghai R & D center construction projects, digital intelligence improvement projects, and working capital supplementation projects [28]. - Two companies, Tianzhun Technology and Xingyuan Zhuomei, were newly approved for registration, four companies including Yuhetian, Aiwei Electronics, Shenneng Co., Ltd., and Tonglian Precision were accepted by the exchange, one company, Haitian Co., Ltd., passed the shareholders' meeting, and three companies, Zhongqi Co., Ltd., Mankun Technology, and Huatong Cable, had board proposals. No companies passed the listing committee [30]. Future Week (2025/10/20 - 2025/10/24) - There are no announcements of convertible bond issuances, and Yingliu Convertible Bonds are expected to be listed. Yingliu Co., Ltd., the underlying stock of Yingliu Convertible Bonds, is an international well - known high - end equipment key parts manufacturing enterprise. The company's 2024 revenue was 2.513 billion yuan, a year - on - year increase of 4.21%, and the net profit attributable to the parent company was 286 million yuan, a year - on - year decrease of 5.57%. In H1 2025, the company's revenue was 1.384 billion yuan, a year - on - year increase of 9.11%, and the net profit attributable to the parent company was 188 million yuan, a year - on - year increase of 23.91%. The scale of the convertible bond issuance is 1.5 billion yuan, with a credit rating of AA +, and it is planned to be listed on October 22. After deducting the issuance fees, the funds are planned to be invested in blade gate processing coating projects, advanced nuclear energy materials and key parts intelligent upgrade projects, and working capital supplementation and bank loan repayment [29]. - As of now, there are 92 convertible bonds waiting to be issued, with a total scale of 138.26 billion yuan, including 3 approved for registration with a total scale of 2.32 billion yuan and 6 approved by the listing committee with a total scale of 3.98 billion yuan [30].

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoint The report regularly tracks the latest private exchangeable bond (private EB) project information from public channels, including new projects and their status updates, while reminding that the issuance terms and progress may change and should be subject to the final prospectus and consultation with the lead underwriters [1]. 3. Summary by Related Catalogs New Project Information - Jiangsu Guotai International Group Co., Ltd.'s 2025 private exchangeable corporate bond project for professional investors received exchange feedback, with a planned issuance scale of 2.5 billion yuan, the underlying stock being Ruitaixin Materials (301238.SZ), the lead underwriter being CITIC Securities, and the exchange update date being October 17, 2025 [2]. - Fujian State - owned Assets Management Co., Ltd.'s 2025 private exchangeable corporate bond project for professional investors received exchange feedback, with a planned issuance scale of 500 million yuan, the underlying stock being Fuguang Co., Ltd. (688010.SH), the lead underwriter being Guoxin Securities, and the exchange update date being October 15, 2025 [2]. Project Status Table - Multiple private exchangeable bond projects have passed the review, including those of Liaoning Chengda Co., Ltd., Xinhua Du Industrial Group Co., Ltd., etc. [3]. - Some projects are in the "feedback received" status, such as those of Jiangsu Guotai International Group Co., Ltd., Chongqing Xiaokang Holding Co., Ltd., etc. [3]. - One project of Aorui Jin Technology Co., Ltd. is in the "accepted" status [3]. Related Research Reports - There are several related research reports, such as "Bond Market Quick Review - How to View the 30 - 10 Spread?" dated October 16, 2025, and "Private Exchangeable Bond Tracking - Weekly Tracking of Private EB (20250929 - 20251010)" dated October 12, 2025 [4].

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The price of lithium hexafluorophosphate continues to rise, with a current price of 75,500 yuan/ton, up 12,200 yuan/ton from the end of September and 26,000 yuan/ton from the mid-July low, representing an increase of over 50% [4][13] - The demand for lithium hexafluorophosphate is increasing, while supply is relatively tight, leading to sustained price increases [4] - The Ministry of Commerce and the General Administration of Customs have implemented export controls on lithium batteries and certain materials, which will affect the availability of overseas production capacity [4][13] - The National Development and Reform Commission has launched an action plan to double the service capacity of charging facilities by 2027, aiming to establish 28 million charging facilities nationwide [4][10] Industry Dynamics - The domestic sales of new energy vehicles in September reached 1.604 million units, a year-on-year increase of 25% and a month-on-month increase of 15% [4] - In Europe, new energy vehicle sales in September reached 311,200 units, up 34% year-on-year and 74% month-on-month [4] - The lithium battery supply chain production in October is expected to continue to rise, with domestic battery production increasing by 10% month-on-month [13] Company Recommendations - Recommended companies to focus on include leading enterprises in the lithium battery industry such as CATL, Yiwei Lithium Energy, and others, as well as companies in the low-altitude economy and robotics sectors [2]

证券研究报告 | 2025年10月19日 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 0.66%，其中 A 股食品饮 料（申万食品饮料指数）上涨 0.85%，跑赢沪深 300 约 3.07pct，反映防御 性配置需求；H 股食品饮料（恒生港股通食品饮料）下跌 1.92%，跑输恒生 指数 0.54pct。本周食品饮料板块涨幅前五分别为会稽山(11.08%)、妙可蓝 多(8.52%)、桂发祥(6.90%)、晨光生物(6.50%)和金达威(5.36%)。本周投资 组合平均上涨 2.15%，跑赢食品饮料（申万）指数 1.31pct。 品类基本面延续分化，饮料＞食品＞酒类。（1）酒类。白酒：三季报预计 加速出清，关注政策催化，贵州茅台有望迎来重估。继续优先推荐战略复利 优势、产品增长抓手较多、渠道改革领先行业的泸州老窖；推荐飞天动销改 善、伴随流动性改善价值重估空间打开的贵州茅台。啤酒：行业库存良性， 静待需求回暖。继续优先推荐大单品快速增长、内部改革持续深化、业绩成 长性强的燕京啤酒，推荐啤酒业务竞争优势突出、估值逐步修复的华润啤酒。 （2）饮料。乳制品：需求平稳复苏，供给渐进出清，布局 2025 年供需改善 ...

Investment Rating - The report maintains a "Weaker than the market" investment rating for the U.S. stock market [1] Core Insights - The U.S. stock market shows initial signs of recovery, with the S&P 500 rising by 1.6% and the Nasdaq by 2.1% [3] - Among 22 sectors, 20 experienced capital inflows, with significant inflows into semiconductor products and equipment (+$46.6 billion) and automotive and automotive parts (+$22.5 billion) [4] - Earnings expectations for the S&P 500 constituents have been adjusted upward by 0.4%, with notable increases in banking (+1.7%) and semiconductor products and equipment (+1.0%) [5] Summary by Sections Price Trends - The S&P 500 increased by 1.6%, while the Nasdaq rose by 2.1% [3] - The automotive and automotive parts sector saw the highest increase at +6.1%, followed by media and entertainment (+4.0%) and food and staples retailing (+3.6%) [3] Capital Flows - Estimated capital inflow for S&P 500 constituents was +$91.7 billion this week, up from +$12.5 billion the previous week [4] - The semiconductor products and equipment sector led with a capital inflow of +$46.6 billion [4] Earnings Forecast - The earnings per share (EPS) forecast for the S&P 500 has been raised by 0.4% this week [5] - The banking sector saw the largest upward revision in earnings expectations at +1.7% [5]