Core Viewpoint - The bond market experienced fluctuations with a slight decline in yields, influenced by the recovery of the equity market and the central bank's liquidity measures. The 10-year government bond yield fell by 1.68 basis points to 1.69% over the week [1][4]. Market Overview - The bond market saw a total issuance of 61 bonds amounting to 806.51 billion yuan, including 4.6855 billion yuan in government bonds and 1.725 billion yuan in policy bank bonds [7]. - The central bank conducted a buyout reverse repurchase operation of 700 billion yuan to maintain liquidity, resulting in a net injection of 163.5 billion yuan into the market [13][14]. Yield Changes - The yield curve for government bonds showed varied changes from August 1 to August 8, with the 10-year yield decreasing by 1.68 basis points to 1.6891% [2][3]. - The 30-year and 10-year futures contracts rose by 0.19% and 0.18%, respectively, indicating a bullish sentiment in the futures market [6]. International Market Context - The U.S. Treasury market showed signs of weakness, with yields rising by 6-8 basis points, reflecting a decrease in demand for newly issued bonds [8][9]. - The market anticipates three rate cuts by the Federal Reserve by the end of the year, with an 88.9% probability for a 25 basis point cut in September [11]. Institutional Insights - Analysts suggest that the recent issuance of local government bonds exceeded expectations, indicating a supportive stance from the central bank and a pursuit of yield by institutions [17][18]. - The bond market is expected to remain in a range-bound trading pattern, with specific attention to the 10-year government bond yield around 1.7% [17][18].

债市方面，核心观点是八个字：利好支撑，中期向好。主要有三点原因：第一是需求现实，第二是政策 支持，第三是情绪超调。 第一是需求现实，当下的需求和供给错配并没有完全解决，PPI已经33个月为负。"反内卷"的一系列政 策体现的是政策制定者从对量到价的关注方向的转变。但供给侧改革其实是需要需求侧配合的，因为只 有这样，价格负反馈的螺旋才有可能提前结束。 第二是政策支持，近期召开的政治局会议对于货币政策方面进行了着重强调，比如其中提出：宏观政策 要持续发力、适时加力，要落实更加积极的财政政策和适度宽松的货币政策，充分释放政策效应；货币 政策要保持流动性充裕，促进社会综合融资成本下行，此外还提到了用好各项结构性的货币工具。都体 现了政策对债市的托底作用。 近期股债市场出现较大波动，很多投资者都在询问对债券市场、权益市场的看法，以下仅作参考。 (1)债市：利好支撑，中期向好 第二，当下是正常回调，短期的快速拉涨导致了获利盘和恐高情绪的集中释放。对于中国经济中长期的 信心，以及对于"反内卷"政策调整有望打破量价齐跌的负反馈螺旋这几点，市场已经形成了共识。这样 的共识其实并不容易轻易改变，因此这样的回调很容易形成加仓的良机。 ...

Group 1 - The core viewpoint of the news is the introduction of new underwriting regulations by the China Interbank Market Dealers Association to curb low-price competition in the bond market, particularly in the financial bond sector [1] - The new regulations prohibit lead underwriters from quoting below cost in bond project bidding, aiming to address the long-standing issue of unhealthy competition [1] - The recent low-price bidding incident involving Guangfa Bank's subordinated capital bonds served as a significant trigger for these regulatory changes [1] Group 2 - In the past three months, the issuance of Sci-Tech bonds has exceeded 880 billion yuan, with financial institutions accounting for nearly 36% of the new issuance [1] - The average coupon rate for newly issued Sci-Tech bonds in the last three months was 1.9282%, with some bonds having rates as low as 0.01% [1] - The market is expected to see more supply of new varieties of bonds in the second half of the year, with some private enterprises returning to the issuance market through the "Technology Board" [1] Group 3 - Institutions remain optimistic about the bond market in August, with low yield spreads between new and existing government bonds benefiting existing bonds [4] - The latest company bond ETF has seen a price increase of 0.01%, marking its eighth consecutive rise, with a year-to-date increase of 1.15% [4] - The company bond ETF's latest scale reached 22.364 billion yuan, a new high in nearly a year, with a trading volume of 20.57 billion yuan [4] Group 4 - Leverage funds continue to invest in the company bond ETF, with a net buying amount of 499.56 million yuan on the previous trading day [5] - The company bond ETF has achieved a net value increase of 13.68% over the past five years, with a maximum monthly return of 1.22% since its inception [5] - The management fee rate for the company bond ETF is 0.15%, and the tracking error for this year is 0.013% [6]

1. Report Industry Investment Rating - The rating for treasury bonds is "oscillating" [4] 2. Core Viewpoints of the Report - The bond market is still in a favorable period. The pattern of fundamental factors favoring the bond market remains unchanged, the central bank is expected to continue to support market liquidity, and the bond market should continue to strengthen slightly [2][16] - The performance of credit data in July should be relatively weak, and the tax period is a disturbing factor, but the central bank can keep the capital market in an overall balanced state. After continuous upward movement, the upward momentum of the stock market has weakened, and it is expected to consolidate next week [2] 3. Summary According to the Table of Contents 3.1 One - Week Review and Views 3.1.1 This Week's Trend Review - From August 4th to August 10th, treasury bond futures rose slightly. Market sentiment was affected by various factors such as new bond interest taxation news, rumors about bond issuance changes, stock market trends, and central bank liquidity operations. As of August 8th, the settlement prices of the main contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures were 102.370, 105.820, 108.610, and 119.250 yuan respectively, with changes of +0.018, +0.090, +0.160, and +0.160 yuan compared to the previous weekend [1][13] 3.1.2 Next Week's Viewpoint - The fundamental factors favorable to the bond market remain unchanged. The 7 - month financial data to be released next week is expected to be weak. The central bank will continue to support liquidity, and the capital market will be balanced. The difficulty of further increasing market risk appetite next week is relatively high, and the bond market will be less sensitive to the rise of the stock market [16][17] - Strategies include: holding long positions in trading accounts next week, paying close attention to market sentiment changes, holding the strategy of steepening the yield curve, and observing the narrowing of inter - period spreads [18][19] 3.2 Interest - Bearing Bond Weekly Observation 3.2.1 Primary Market - This week, 62 interest - bearing bonds were issued, with a total issuance volume of 8085.09 billion yuan and a net financing amount of 5958.98 billion yuan. The net financing amount of treasury bonds increased, while that of local government bonds decreased, and that of inter - bank certificates of deposit increased [23] 3.2.2 Secondary Market - Treasury bond yields mostly declined. As of August 8th, the yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds were 1.40%, 1.55%, 1.69%, and 1.96% respectively, with changes of - 2.44, - 2.32, - 1.76, and +1.00 bp compared to the previous weekend. The 10Y - 1Y spread narrowed, while the 10Y - 5Y and 30Y - 10Y spreads widened [27] 3.3 Treasury Bond Futures 3.3.1 Price, Trading Volume, and Open Interest - Treasury bond futures rose slightly. As of August 8th, the settlement prices of the main contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures were 102.370, 105.820, 108.610, and 119.250 yuan respectively, with changes of +0.018, +0.090, +0.160, and +0.160 yuan compared to the previous weekend. The trading volumes and open interests of different - term treasury bond futures changed to varying degrees [36][39] 3.3.2 Basis and IRR - This week, the opportunity for cash - and - carry arbitrage was not obvious. The capital market was generally loose, and the futures basis generally oscillated within a narrow range. The IRR of the CTD bonds of each variety's main contracts was between 1.4% - 1.8%, and the current certificate of deposit interest rate was between 1.5% - 1.6%, so the opportunity for cash - and - carry arbitrage strategies was relatively limited [43] 3.3.3 Inter - period and Inter - variety Spreads - As of August 8th, the inter - period spreads of the 2509 - 2512 contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures were - 0.066, - 0.055, +0.105, and +0.370 yuan respectively, with changes of - 0.024, 0.000, +0.080, and +0.100 yuan compared to the previous weekend. Next week, the inter - period spreads are expected to oscillate within a narrow range and narrow slightly [46][47] 3.4 Capital Market Weekly Observation - This week, the central bank conducted 11267 billion yuan of reverse repurchase operations in the open market, with 16632 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 5365 billion yuan. Capital interest rates such as R007, DR007, SHIBOR overnight, and SHIBOR 1 - week all declined slightly. The average daily trading volume of inter - bank pledged repurchase increased [51][54][56] 3.5 Overseas Weekly Observation - The US dollar index oscillated weakly, and the yield of 10Y US treasury bonds increased. As of August 8th, the US dollar index fell 0.43% to 98.2670 compared to the previous weekend's close, the yield of 10Y US treasury bonds was reported at 4.27%, up 4BP from the previous weekend, and the spread between Chinese and US 10Y treasury bonds was inverted by 258.0BP [61] 3.6 Inflation High - Frequency Data Weekly Observation - This week, industrial product prices showed mixed trends. The Nanhua Industrial Product Index, Metal Index, and Energy and Chemical Index changed by - 35.19, +75.23, and - 36.18 points respectively compared to the previous weekend. Agricultural product prices also showed mixed trends, with the prices of pork, 28 key vegetables, and 7 key fruits changing by - 0.19, +0.21, and - 0.05 yuan/kg respectively compared to the previous weekend [65] 3.7 Investment Advice - The first and middle ten - days of August are a favorable period for the bond market, and trading accounts can continue to hold long positions next week [18][66]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - The inflation data in July showed that CPI was weakly recovering, while PPI was oscillating at the bottom. The positive changes in price operation were mainly due to the continuous manifestation of the effects of policies to expand domestic demand. In the future, prices may continue to rise moderately at a low level [1][2][3]. - In the short - term, the bond market may maintain a pattern of "oscillation + recovery". The overall stable macro - policy, fundamental logic, loose orientation of monetary policy, and reasonable and sufficient liquidity still support the bond market, but attention should be paid to the possible disturbances of changes in the stock and commodity markets to the bond market sentiment [3]. 3. Summary by Relevant Catalogs 3.1 7 - month Inflation Data: CPI Weakly Recovering, PPI Oscillating at the Bottom - In July, CPI was flat year - on - year (previous value was 0.1%), with a month - on - month increase of 0.4% (previous value was - 0.1%); PPI was - 3.6% year - on - year (unchanged from the previous value), and - 0.2% month - on - month (with the decline narrowing by 0.2 percentage points compared to the previous value) [1]. - The data in July confirmed "inflation at the bottom and structural differentiation". On one hand, policies to expand domestic demand promoted the recovery of service consumption and industrial consumer goods prices, and the increase in core CPI confirmed the marginal repair of internal driving force. On the other hand, seasonal factors and uncertainties in the international trade environment affected the price decline of some industries, and PPI was still oscillating at the bottom year - on - year [2]. - The rise in bulk prices in July deviated from the weak PPI. The reasons were that the price increase in the upstream could not be effectively transmitted to the downstream, and the insufficient terminal demand weakened the price transmission power. If there was no obvious repair of demand, the pulling effect of upstream price increases on PPI would be limited [3]. 3.2 CPI: Month - on - Month Change from Decline to Increase, Core CPI Reached a New High in the Year - In July, CPI was flat year - on - year, and the month - on - month change turned from decline to an increase of 0.4%, stronger than the seasonal level, mainly supported by service and industrial consumer goods prices. Core CPI increased by 0.8% year - on - year, with the increase expanding for three consecutive months, reaching a new high since March 2024 [9]. - Service prices increased by 0.6% month - on - month, contributing about 0.26 percentage points to the month - on - month increase of CPI. Affected by the peak summer travel season, prices of air tickets, tourism, hotel accommodation, and vehicle rental increased by 17.9%, 9.1%, 6.9%, and 4.4% respectively month - on - month [10]. - Industrial consumer goods prices increased by 0.5% month - on - month, with the increase expanding by 0.4 percentage points compared to the previous month, contributing about 0.17 percentage points to the month - on - month increase of CPI. Energy prices increased by 1.6% month - on - month, and industrial consumer goods prices excluding energy increased by 0.2% [11]. - Core CPI increased by 0.8% year - on - year, reaching a high point since March 2024, mainly due to the increase in the prices of gold and platinum jewelry. The year - on - year decline in automobile prices converged. Food prices decreased year - on - year, becoming the main drag on CPI [11]. 3.3 PPI: Month - on - Month Decline Narrowed, Year - on - Year Continued to Bottom - In July, PPI was - 3.6% year - on - year, remaining the same as the previous month, showing signs of bottoming out, indicating weak demand in the industrial sector. The month - on - month decline was 0.2%, with the decline narrowing by 0.2 percentage points compared to the previous month, the first narrowing of the month - on - month decline since March [18]. - The drag on the month - on - month PPI was mainly affected by seasonal disturbances and trade uncertainties. Eight industries in total affected the month - on - month decline of PPI by about 0.24 percentage points. Seasonal factors affected the PPI of some industries, and uncertainties in the international trade environment put pressure on the prices of export - related industries [19][20]. - Positive factors were that the effects of capacity governance and "anti - involution" policies were gradually emerging, and the month - on - month decline in the prices of coal, steel, photovoltaic, and lithium batteries narrowed, weakening the downward pull on PPI [20].

截至2025年8月8日 13:49，30年国债ETF博时(511130)下跌0.11%，最新报价111.18元。拉长时间看，截至2025年8月7日，30年国债ETF博时近1年累计上涨 8.90%。 流动性方面，30年国债ETF博时盘中换手12.52%，成交18.81亿元，市场交投活跃。拉长时间看，截至8月7日，30年国债ETF博时近1周日均成交39.67亿元。 消息面上，央行公告，为保持银行体系流动性充裕，2025年8月8日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展7000亿元买断式逆回购 操作，期限为3个月（91天）。据了解，8月份有4000亿元3个月期限和5000亿元6个月期限买断式逆回购到期，还有3000亿元MLF到期。尽管8月买断式逆回 购的到期规模大于此次央行买断式逆回购操作规模，但东方金诚指出，预计本月央行还将开展一次6个月期限的买断式逆回购操作，本月中期借贷便利 （MLF）也有望加量续作，保持中期流动性处于净投放状态。 华创证券固收研究回溯 2019-2024 年数据发现，8 月债市受政治局会议后政策方向影响显著，若无总量降息或风险偏好明显回落，债市表现往往偏弱。其列 举了 8 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - In July, the bond market oscillated weakly due to factors such as the central bank's protection of the capital market, short - term settlement of Sino - US economic and trade negotiations, and the "anti - involution" driving the equity and commodity markets. The long - end yield increased more, with the 10Y and 1Y Treasury bond yields rising by 6BP and 4BP respectively [1][8]. - In August, from the fundamental perspective, focus on the possible improvement of CPI and social financing structure, the resilience of exports after the extension of Sino - US tariff exemptions, the marginal changes of PMI in domestic and external demand, and the impact of the "anti - involution" policy on the improvement of the prosperity index. Also, observe the possible disturbances of the improvement of key data such as real estate on the fundamentals and expectations [2]. - In terms of supply, the single - month issuance peak of ultra - long special national bonds and the continued high - level use of new special bonds are expected to drive the high supply of government bonds in August. The net supply of government bonds in August may be around 1.4 trillion yuan, which may be the peak in the second half of the year [2]. - Regarding the capital market, there may be phased fluctuations due to the end of the month and the peak of inter - bank certificate of deposit (CD) maturities. After entering August, with the decline of inter - bank CD scale and the central bank's protection, the capital market is expected to return to a balanced and loose state. The central bank may restart Treasury bond trading, and multiple tools will jointly support the reasonable and abundant liquidity [2]. - From the policy perspective, the Politburo meeting at the end of July was positive but with limited incremental information. The Sino - US tariff negotiation was settled at the end of July, with a 90 - day tariff exemption extension, and the attitude of the US needs to be continuously monitored [3]. - In terms of institutional behavior, institutions still increased their holdings in July. In August, with interest rates likely to decline and fluctuate, focus on the support of large - scale banks for the short - end, the increase in the long - end holdings of rural commercial banks, the recovery of the fund's motivation to increase holdings by extending the duration, and the marginal change in the insurance company's willingness to allocate ultra - long - end bonds [3]. Group 3: Summary According to the Catalog 1. Bond Market Review: Interest Rates Oscillated Upward, and the Yield Curve Steepened Bearishly - In July, affected by multiple factors, the bond market oscillated weakly. The long - end yield increased more, with the 10Y and 1Y Treasury bond yields rising by 6BP and 4BP respectively. The term spread widened by 2BP to 32BP [1][8]. - The yield curve of Treasury bonds steepened bearishly in July, with the medium - and long - end yields generally rising more. The implied tax rate of China Development Bank bonds generally increased [9]. - Overseas, US inflation continued to rise slightly, labor data improved, and the Fed maintained the benchmark interest rate unchanged in July. The market's expectation of a September interest rate cut decreased. The yield of US Treasury bonds rose, and the Sino - US interest rate spread inverted further [10]. 2. This Month's Outlook and Strategy (1) This Month's Bond Market Outlook: The Capital Market is Likely to Return to Normal, and Supply will Reach a Peak in the Second Half of the Year - **Fundamentals**: For the July macro - data to be released, pay attention to the possible improvement of CPI and social financing structure, the resilience of exports after the extension of tariff exemptions, the marginal changes of PMI, and the impact of real estate data improvement on fundamentals and expectations [2][28]. - **Supply**: The single - month issuance peak of ultra - long special national bonds and the continued high - level use of new special bonds will drive the high supply of government bonds in August. The net supply of government bonds in August is expected to be around 1.4 trillion yuan, which may be the peak in the second half of the year [2][41]. - **Capital Market**: There may be phased fluctuations at the end of the month, but after entering August, with the decline of inter - bank CD scale and the central bank's protection, the capital market is expected to return to a balanced and loose state. The central bank may restart Treasury bond trading, and multiple tools will jointly support the reasonable and abundant liquidity [2][48]. - **Policy**: The Politburo meeting at the end of July was positive but with limited incremental information. The Sino - US tariff negotiation was settled at the end of July, with a 90 - day tariff exemption extension, and the attitude of the US needs to be continuously monitored [3][61]. - **Institutional Behavior**: Institutions still increased their holdings in July. In August, with interest rates likely to decline and fluctuate, focus on the support of large - scale banks for the short - end, the increase in the long - end holdings of rural commercial banks, the recovery of the fund's motivation to increase holdings by extending the duration, and the marginal change in the insurance company's willingness to allocate ultra - long - end bonds. The adjustment of government bond VAT may also affect institutional allocation logic [3][68]. (2) Bond Market Strategy: Focus on the Balance between Stocks and Bonds, the Bond Market will Oscillate Downward, and Pay Attention to Trading Opportunities - In August, the main points of concern are the return of the capital market to a loose state under the central bank's protection, the shift from the stock - bond seesaw to the balance between stocks and bonds, the peak supply of government bonds due to the acceleration of special bond issuance, and the short - term impact of the change in government bond VAT [74]. - In terms of interest rates, the bond market's capital market in August is likely to return to a stable state under the central bank's protection. The bond market is still in a favorable environment, but the implementation of broad - based monetary policies needs to be awaited. The subsequent market is likely to evolve from the stock - bond seesaw to a balanced state. Short - term bond interest rates may decline marginally. Strategies include maintaining an appropriate duration, focusing on band trading, paying attention to the trading value of old bonds and the allocation value of new bonds, taking profits when yields are low, and increasing allocations when the 10 - year Treasury bond yield rises above 1.75% [76]. 3. Important Economic Calendar for August - The table provides the expected release dates and market expectations of various economic indicators in July and August, including foreign exchange reserves, CPI, PPI, M2, social financing scale, etc. [78]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the bond market in China, focusing on the impact of recent policy changes, particularly the adjustment of value-added tax (VAT) on bond investments and its implications for government bonds, local government bonds, and financial bonds. Core Insights and Arguments 1. **Market Expectations and Interest Rates** - The July PMI data showed a decline, but corporate expectations are improving, suggesting that interest rates may remain volatile. The 10-year government bond yield is expected to fluctuate between 1.65% and 1.80% in the coming months [2][2][2]. 2. **Government Bond Supply and Monetary Policy** - The bond market may face significant pressure in August and September due to high government bond supply. If market adjustments worsen, the central bank may resume bond purchases to stabilize liquidity [2][2][2]. 3. **Impact of VAT on Bonds** - The new VAT policy will not affect existing bonds but may lead to increased demand for older bonds due to their tax advantages. This could push down the interest rates on these bonds, counteracting the tax impact on newly issued bonds [2][2][2]. 4. **Phased Repricing of New and Old Bonds** - The adjustment of VAT is expected to lead to a three-phase repricing of new and old bonds: - Phase 1: Narrowing of the spread as demand for older bonds increases - Phase 2: Widening of the spread due to reduced liquidity of older bonds - Phase 3: Long-term narrowing as tax benefits expire [5][5][5]. 5. **Market Volatility and Risk Factors** - The bond market is anticipated to remain volatile due to seasonal factors, government bond supply, and geopolitical uncertainties. The market is currently in a "hard mode" of trading, with the 10-year government bond yield expected to stabilize around 1.65% to 1.75% [3][3][3]. 6. **Investor Behavior and Market Dynamics** - Investors may shift their focus to older bonds due to the new tax regulations, which could lead to a temporary surge in demand for these securities. However, the overall sentiment remains cautious as the market adjusts to the new tax landscape [4][4][4]. Other Important but Potentially Overlooked Content 1. **Long-term Market Trends** - The bond market's recovery is contingent on fundamental economic conditions and the overall demand for bonds. A sustained recovery may require lower interest rates to support both supply and demand dynamics [4][4][4]. 2. **Credit Spread Adjustments** - The new VAT policy is expected to have a limited impact on credit spreads for non-financial corporate bonds, as their tax structure remains unchanged. This could lead to a narrowing of credit spreads in the market [5][5][5]. 3. **Future Policy Directions** - The focus of monetary policy is likely to shift from fiscal measures to monetary easing, which could further influence bond yields and market dynamics in the second half of the year [2][2][2]. 4. **Market Sentiment and Investment Strategies** - Investors are advised to remain flexible and consider tactical adjustments in their bond portfolios, especially in light of upcoming economic events and policy announcements that could impact market sentiment [2][2][2].

Group 1 - The total scale of credit bond ETFs has continued to flow in, reaching 336.3 billion yuan, with a daily increase of 400 million yuan [1] - The weighted median duration is 3.9 years, and the overall transaction amount is 112.1 billion yuan, with an average single transaction amount of 3.9 million yuan [1] - The median yield is 1.82%, and the median discount rate is -8.1 basis points [1] Group 2 - The Ping An Company Bond ETF (511030) has the best performance in controlling drawdown during the current bond market adjustment, maintaining a relatively stable net value [1] - The bond market sentiment has gradually stabilized, with the 10-year government bond yield dropping below 1.7%, recovering half of the previous decline [1] - The bond market is expected to return to a range-bound trend without significant external information shocks [1]

Core Viewpoint - The report from Shenwan Hongyuan indicates that the 10-year government bond yield in China is expected to fluctuate between 1.65% and 1.80% from August to October, with stringent conditions required for a downward breakthrough [1] Group 1: Market Conditions - The bond market is anticipated to experience volatility during August to October, with mid to short-term bonds expected to perform steadily, leading to a steeper yield curve compared to the current state [1] - In August, the pressure on the bond market may not be significant due to a peak in government bond supply, and monetary policy will need to support liquidity alongside fiscal needs [1] Group 2: Central Bank Actions - If the bond market experiences intensified adjustments, the central bank may consider restarting open market operations for government bonds [1] - The focus on preventing capital turnover and managing risks suggests that liquidity is more likely to remain loose rather than further easing [1] Group 3: Future Risks and Economic Indicators - The transition between the third and fourth quarters is identified as a potential risk window, as government bond supply is expected to decrease, leading to a lower probability of liquidity hedging [1] - There may be a risk of rising consumer price index and producer price index as the economy enters a verification period for anti-involution effects [1] Group 4: Investment Opportunities - The second half of the year may present lower odds for the bond market and higher odds for the stock market, driven by the migration of household deposits and insurance funds into equities [1] - The stock market is showing signs of bottoming out, with a gradual emergence of wealth effects, while the bond market's pricing is becoming less sensitive to fundamentals and liquidity, making it more reactive to changes in price expectations [1]