Core Insights - The event titled "The Long-Term Viability of 'Fixed Income+' Strategies" was held in Shanghai, focusing on the positioning and future development paths of such products in a low-volatility environment [1] - The current low interest rate and market volatility have led to a "yield drought," prompting investors to seek better returns through 'Fixed Income+' strategies, which combine equity and debt [1][4] - The roundtable featured discussions on achieving better returns while maintaining strict drawdown controls, highlighting the importance of risk management in 'Fixed Income+' products [1][4] Group 1: Investment Strategies - Yujianfeng from Dongfanghong Asset Management employs a unified investment framework that includes a target volatility model and a maximum drawdown control model to manage risk and enhance returns [7][8] - The strategy involves selecting benchmark indices for both stocks and bonds, with a focus on maintaining a low drawdown target of 2%-4% for open-end products [8][10] - Guo Liyan from Huazheng Fund emphasizes the importance of buying quality assets at good prices and dynamically adjusting market risk factors based on market conditions [9][10] Group 2: Risk Management - Yujianfeng argues that the term 'Fixed Income+' should not separate fixed income from equities, as both asset classes can exhibit low correlation, allowing for better risk-adjusted returns [12][13] - Guo Liyan highlights the need for disciplined position sizing and a robust risk management mechanism to prevent 'Fixed Income+' products from turning into 'Fixed Income-' [14][15] - Both managers stress the importance of controlling concentration risk and ensuring that the portfolio is well-diversified to mitigate potential market shocks [10][15] Group 3: Market Outlook - Yujianfeng predicts that the long-term trend of declining interest rates will continue, making it challenging to achieve traditional returns from bonds alone [24][25] - Guo Liyan identifies new economic sectors, such as AI and advanced manufacturing, as key areas for investment, anticipating a shift in market dynamics as these sectors gain prominence [26][27] - The managers agree that while short-term market conditions may present challenges, the focus should remain on long-term structural opportunities within the evolving economic landscape [26][27]

Core Viewpoint - The article discusses the strategies and insights shared by industry experts on how to achieve better returns in a low-volatility environment through "fixed income plus" strategies, emphasizing risk management and disciplined investment approaches [1][2]. Group 1: Strict Control of Drawdown - Two main paths for strict drawdown control are identified: model-based constraints and refined security selection [4]. - The investment framework includes a unified approach across different product types, utilizing a target volatility model and a maximum drawdown control model to manage risk [5][6]. - For low-volatility products, a drawdown target of 2% is considered low, while a range of 2%-4% is aimed for open-end products [6][7]. Group 2: Avoiding "Fixed Income Minus" Risks - The article emphasizes the importance of maintaining a clear risk-return profile to prevent "fixed income minus" scenarios, especially during market upswings [10][11]. - A disciplined position design is crucial, with a focus on maintaining a maximum stock allocation of 12% and the possibility of reducing stock positions to zero when valuations are too high [13][14]. - Daily liquidity and risk management mechanisms are highlighted, including strict evaluation of risk-reward ratios for individual securities [14]. Group 3: Methodological Origins - The investment framework is rooted in asset pricing theory, focusing on managing volatility and diversifying risk rather than relying solely on macro timing [15][16]. - A three-layer system for portfolio construction is proposed, which includes style structure, industry allocation, and individual security selection [18][19][20]. Group 4: Future Outlook in a Low-Interest Rate Environment - The article notes that as interest rates decline, the investment logic for "fixed income plus" products must evolve, with a potential long-term return of 2%-2.5% expected from bonds [23][24]. - The shift towards equity over bonds is suggested as a strategy to achieve higher returns in a low-yield environment, with a focus on sectors like technology and cyclical finance [25][26]. - The importance of balanced allocation and diversification is emphasized, particularly in the context of emerging industries such as AI and robotics [27].

Global Asset Market Performance - 10 - year Treasury yields of major economies: US 4.086, UK 4.424, France 3.437, Germany 2.653, Italy 3.399, Spain 3.158, Switzerland 0.087, Greece 3.275, Japan 1.664, Brazil 6.102, China 1.793, South Korea 3.086, Australia 4.350, New Zealand 4.101 [2] - 2 - year Treasury yields of major economies: US 3.577, UK 3.778, Germany 1.994, Japan 0.936, Italy 2.170, South Korea 2.661, Australia 3.616 [2] - USD exchange rates against major emerging - economy currencies: Brazil 5.401, South Africa zar 17.512, South Korean won 1440.400, Thai baht 32.550, Malaysian ringgit 4.197 [2] - RMB exchange rates: on - shore RMB 7.130, off - shore RMB 7.135, RMB central parity rate 7.089, RMB 12 - month NDF 6.983 [2] - Major economy stock indices: S&P 500 6771.550, Dow Jones Industrial Average 47085.240, Nasdaq 23348.640, Mexican stock index 62390.730, UK stock index 9714.960, France CAC 8067.530, Germany DAX 23949.110, Spanish stock index 16036.400, Japanese Nikkei 51497.200, Hang Seng Index 25952.400, Shanghai Composite Index 3960.186, Taiwan stock index 28116.560, South Korean stock index 4121.740, Indian stock index 8241.911, Thai stock index 1298.600, Malaysian stock index 1623.500, Australian stock index 9098.190, emerging - economy stock index 1393.380 [2] Stock Index Futures Trading Data Index Performance - Closing prices: A - shares 3960.19, CSI 300 4618.70, SSE 50 3012.97, ChiNext 3134.09, CSI 500 7210.83 [3] - Percentage changes: A - shares - 0.41%, CSI 300 - 0.75%, SSE 50 - 0.11%, ChiNext - 1.96%, CSI 500 - 1.67% [3] Valuation - PE (TTM): CSI 300 14.17, SSE 50 11.90, CSI 500 32.85, S&P 500 28.15, Germany DAX 19.81 [3] - Month - on - month changes: CSI 300 - 0.03, SSE 50 0.06, CSI 500 - 0.54, S&P 500 - 0.34, Germany DAX - 0.15 [3] Risk Premium - 1/PE - 10 - year interest rate: S&P 500 - 0.53, Germany DAX 2.39 [3] - Month - on - month changes: S&P 500 0.07, Germany DAX 0.05 [3] Fund Flows - Latest values: A - shares - 1494.83, Main board - 996.44, ChiNext - 379.93, CSI 300 - 239.09 [3] - 5 - day averages: A - shares - 667.86, Main board - 481.75, ChiNext - 120.57, CSI 300 - 107.90 [3] Transaction Amount - Latest values: Shanghai and Shenzhen stock markets 19157.58, CSI 300 5051.78, SSE 50 1310.58, Small and medium - sized board 3848.70, ChiNext 4768.17 [4] - Month - on - month changes: Shanghai and Shenzhen stock markets - 1913.73, CSI 300 - 524.25, SSE 50 - 35.79, Small and medium - sized board - 310.45, ChiNext - 589.85 [4] Main Contract Basis - Basis: IF - 29.70, IH - 4.77, IC - 116.23 [4] - Basis spreads: IF - 0.64%, IH - 0.16%, IC - 1.61% [4] Treasury Futures Trading Data - Closing prices: T2303 108.66, TF2303 106.03, T2306 108.40, TF2306 105.99 [4] - Percentage changes: T2303 - 0.02%, TF2303 - 0.02%, T2306 - 0.01%, TF2306 - 0.01% [4] Fund Rates - Rates: R001 1.3621%, R007 1.4584%, SHIBOR - 3M 1.5940% [4] - Daily changes: R001 - 10.00 BP, R007 0.00 BP, SHIBOR - 3M - 1.00 BP [4]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The market is in a volatile and differentiated state due to the end of the tariff issue and the weakening of the Fed's interest - rate cut expectation by Powell's hawkish remarks. Different assets show distinct performances [5][6][9]. - Gold prices have fallen from their highs recently but still have long - term upward support. Investors are advised to approach gold investment rationally [6]. - The gold tax new policy aims to regulate the market, guide resources, and serve the real economy by adjusting the behavior and motivation of market participants [73]. 3. Summary by Related Catalogs Macro Analysis - Global major stock markets are mixed, with the Nikkei leading the rise, the US stocks rising, and the A - shares under pressure. The BDI index has a small decline, the VIX index rises significantly, the US bond yield and the US dollar index increase together, and most non - US currencies weaken. Commodities mostly fall, with precious metals falling from highs, and copper and oil prices weak [5][9]. - In the domestic market, the bond market rises across the board with short - term bonds weaker than long - term ones, the stock index is mixed, and most commodity sectors fall. The Wind commodity index has a weekly decline of 1.96%, with 3 out of 10 commodity sector indexes rising and 7 falling. Coal, coking, steel, and minerals perform well, while precious metals and non - ferrous metals drag down the overall decline of commodities. Energy, grains, and non - metallic building materials sectors are almost flat, and the agricultural and sideline products and chemical sectors have relatively large declines [5][14]. - The Fed cut interest rates by 25bp in October as expected, but Powell's hawkish remarks weakened the December interest - rate cut expectation. The 10 - month domestic PMI data was lower than expected, which put pressure on the A - shares and commodities [6]. - Gold prices have fallen from historical highs to around $4000 per ounce. It is due to short - term technical adjustments and the weakening of risk - aversion sentiment, as well as the weakening of the Fed's interest - rate cut expectation and the rebound of the US dollar index. However, there is still long - term upward support for gold prices [6]. Big - Class Assets - Stock markets: Global major stock markets are mixed, with the Nikkei leading the rise, the US stocks rising, and the A - shares under pressure [5][9]. - Commodities: Commodities mostly fall, with precious metals falling from highs, and copper and oil prices weak [5][9]. - Others: The BDI index has a small decline, the VIX index rises significantly, the US bond yield and the US dollar index increase together, and most non - US currencies weaken [5][9]. Plate Express - Domestic bond market rises across the board with short - term bonds weaker than long - term ones, the stock index is mixed, and most commodity sectors fall. The Wind commodity index has a weekly decline of 1.96%, with 3 out of 10 commodity sector indexes rising and 7 falling [14]. - Coal, coking, steel, and minerals perform well, while precious metals and non - ferrous metals drag down the overall decline of commodities. Energy, grains, and non - metallic building materials sectors are almost flat, and the agricultural and sideline products and chemical sectors have relatively large declines [14]. Capital Flow - The overall capital in the commodity futures market slightly flows out last week. The agricultural and sideline products, non - ferrous metals, and non - metallic building materials sectors have obvious capital inflows, while the precious metals, energy, and oil and fat sectors have obvious capital outflows [16]. Variety Performance - Among domestic major commodity futures, the top - rising varieties are apples, iron ore, and coking coal, while the top - falling varieties are butadiene rubber, methanol, and palm [20]. Fluctuation Characteristics - The volatility of the international CRB commodity index slightly decreases, the volatility of the domestic Wind commodity index significantly increases, and the South China commodity index significantly reduces volatility. Most commodity futures sectors see a decline in volatility, with the non - metallic building materials, chemical, and coal, coking, steel, and minerals sectors significantly reducing volatility, and the precious metals sector having the most obvious upward volatility [24]. Data Tracking - International commodities: Most international commodities rise, with the BDI falling, the CRB rising slightly, soybeans and corn rising, copper rising, oil falling, gold falling, and silver rising, and the gold - silver ratio falling [26]. - Domestic data: The asphalt production rate seasonally declines, the real - estate sales are at a weak bottom, the freight rates show a differentiated rebound, and the short - term capital interest rate fluctuates at a low level [40]. Macro Logic - Stock index: The domestic four major stock indexes fall from highs and are mixed. The value stocks are weaker, and the growth - style stock indexes are stronger. The stock - index valuation is under pressure, and the risk premium ERP rebounds from a low level [30]. - Commodity price index: The commodity price index fluctuates at a high level, and the inflation expectation rebounds from a low level [32]. - US bond: The US bond yield significantly increases, with short - term bonds weaker than long - term ones. The term structure shows a bearish steepening, the term spread is stable, the real interest rate rebounds, and the gold price fluctuates and rebounds [47]. - "Fund Seesaw" Effect and Commodity Spread: Last week, the stock market rises first and then falls, the commodity market fluctuates, and the commodity - stock return difference rebounds from a bottom. The domestic - priced commodities are relatively resistant to decline, and the international - priced commodities are weaker, with the domestic - international commodity futures return difference hovering around the zero axis [39]. - US economic indicators: The US high - frequency "recession indicators" are differentiated, the weekly economic index weakens, and the 10Y - 3M US bond spread hovers around the zero axis [58]. Fed Interest - Rate Cut Expectation - The Fed cut interest rates by 25bp to 3.75 - 4% in October as expected. But due to the Fed officials' hawkish remarks, the expectation probability of a 25bp interest - rate cut to 3.5 - 3.75% in December drops to 59.3% from last week's 98.1%, and the probability of keeping the interest rate unchanged at 3.75 - 4% increases significantly [62]. World Gold Association Report - In the third quarter of 2025, the global gold demand reaches a record high of 1,313 tons, with a total demand value of $146 billion. The growth is mainly driven by investment demand, which surges to 537 tons, a 47% year - on - year increase, accounting for 55% of the total net demand in the third quarter [66]. - The demand for gold bars and coins increases by 17% year - on - year to 316 tons, with India and China making prominent contributions. The global gold jewelry demand is under pressure, with a 19% year - on - year decline. The global central banks accelerate gold purchases, with a net purchase of 220 tons in the third quarter, a 28% increase from the second quarter and a 10% increase year - on - year [67]. - In China, the retail gold investment and consumption demand in the third quarter is 152 tons, a 7% year - on - year decline and a 38% quarter - on - quarter decline. By value, it reaches 120.4 billion yuan, a 29% year - on - year increase. The sales of gold bars and coins increase by 19% year - on - year to 74 tons, a 36% quarter - on - quarter decline. The gold ETF in the Chinese market has an outflow of 3.8 billion yuan, and the total position decreases by 5.8 tons to 194 tons. The gold jewelry demand is 84 tons, a 21% quarter - on - quarter increase but an 18% year - on - year decline. By value, the gold jewelry consumption in the third quarter is 66.5 billion yuan, with significant increases both quarter - on - quarter and year - on - year [68]. Gold Tax New Policy - On November 1st, the Ministry of Finance and the State Tax Administration jointly issued the "Announcement on Tax Policies Related to Gold" (No. 11 in 2025). The policy aims to regulate the market, guide resources, and serve the real economy through precise tax policy adjustments [73]. - The policy suppresses speculation by implementing differentiated VAT management according to the use of gold after delivery. It encourages rational investment by increasing the tax cost of enterprise - client investment in gold. - It supports the real economy by allowing non - investment uses of gold (such as in jewelry production and industrial use) to have a complete and smooth VAT deduction chain. - It regulates the market by binding tax incentives to the Shanghai Gold Exchange and the Shanghai Futures Exchange, and preventing tax loopholes by strictly controlling the use declaration and change mechanism [74]. Fed Meeting - On October 30th, the Fed cut interest rates by 25bp to 3.75 - 4% as expected and decided to end the balance - sheet reduction (QT) on December 1st. There are internal differences within the Fed, with some advocating a larger - scale interest - rate cut and others opposing further cuts. The policy statement is adjusted to weaken concerns about employment decline and inflation. Powell emphasizes the uncertainty of the December interest - rate cut decision and the impact of the government shutdown on data [84]. - After Powell's hawkish remarks, the probability of a December interest - rate cut drops from 95% to 65%. The US stocks, US bonds, gold, and digital currencies fall sharply during the session, the US dollar rises, and finally, the Nasdaq rises, the Dow and the S&P 500 fall, the US bond yield rises significantly, and the gold price falls by 2.5% from the high point [88]. China - US Summit in Busan - On October 30th, the Chinese and US presidents held a meeting in Busan. The two sides reached consensus on several aspects in the economic and trade consultations, including the US canceling the 10% "fentanyl tariff" on Chinese goods, continuing to suspend the 24% reciprocal tariff for one year, and the two sides extending some tariff exclusion measures. The US will also suspend the implementation of some export - control rules, 301 investigation measures on China's maritime, logistics, and ship - building industries for one year, and the two sides will also cooperate on fentanyl anti - drug, expand agricultural product trade, and handle relevant enterprise cases [93][95]. October PMI Data - In October, the manufacturing PMI is 49.0%, a 0.8 - percentage - point decline from the previous month, indicating a decline in the manufacturing prosperity level. The non - manufacturing business activity index is 50.1%, a 0.1 - percentage - point increase from the previous month, entering the expansion range. The comprehensive PMI output index is 50.0%, a 0.6 - percentage - point decline from the previous month, indicating that the overall production and operation activities of Chinese enterprises are stable [98]. - By enterprise scale, the PMI of large, medium, and small enterprises is 49.9%, 48.7%, and 47.1% respectively, all lower than the critical point and showing a decline from the previous month [98]. - Among the 5 sub - indexes of the manufacturing PMI, the supplier delivery time index is at the critical point, while the production index, new order index, raw - material inventory index, and employment index are all below the critical point, indicating a slowdown in manufacturing production, a decline in market demand, a decrease in raw - material inventory, and a slight decline in employment [99]. This Week's Focus - Monday (November 3rd): Eurozone October manufacturing PMI final value, US October S&P Global manufacturing PMI final value, US October ISM manufacturing PMI. - Tuesday (November 4th): San Francisco Fed President Daly gives a speech, the Reserve Bank of Australia announces the interest - rate decision, European Central Bank President Lagarde gives a speech, US September JOLTs job openings. - Wednesday (November 5th): Eurozone October services PMI final value, the Swedish central bank announces the interest - rate decision, Eurozone September PPI monthly rate, US October ADP employment, US October S&P Global services PMI final value, US October ISM non - manufacturing PMI. - Thursday (November 6th): Eurozone September retail sales monthly rate, the Bank of England announces the interest - rate decision, Tesla holds its annual general meeting. - Friday (November 7th): New York Fed President Williams gives a speech, Cleveland Fed President Harmaek gives a speech at the New York Economic Club, Philadelphia Fed President Paulson gives a speech, St. Louis Fed President Musalem has a fireside chat on monetary policy, New York Fed President Williams gives a speech at the European Central Bank money - market meeting, US November University of Michigan consumer confidence index preliminary value. - Saturday (November 8th): US October New York Fed 1 - year inflation expectation.

Market Performance - The Sci-Tech 50 Index decreased by 3.19% over the last five trading days, while the ChiNext Index increased by 0.50%. The large-cap value index fell by 0.38%, and the large-cap growth index dropped by 0.40%. The Shanghai 50 Index declined by 1.12%, whereas the small-cap index represented by the CSI 2000 rose by 1.18%. The power equipment and non-ferrous metals sectors performed well, while telecommunications and beauty care sectors lagged behind [1]. Risk Premium and Valuation Levels - As of October 29, 2025, the risk premium, calculated as the inverse of the static PE of the CSI All Share Index minus the yield of ten-year government bonds, stands at 2.84%. The two-standard deviation boundary is 4.75% [1]. - The valuation levels indicate that the CSI All Share Index's PETTM is at the 81st percentile, with the Shanghai 50 and CSI 300 at 75% and 73%, respectively. The ChiNext Index is close to the 53rd percentile, while the CSI 500 and CSI 1000 are at 63% and 61%, respectively. The ChiNext Index's valuation is relatively at the historical median level [1]. ETF Fund Flow - In the last five trading days, there was an outflow of 6.9 billion yuan from ETFs, while the margin trading balance increased by approximately 46.9 billion yuan. The average daily trading volume across both markets was 22,967 billion yuan [2]. Convolutional Neural Network Analysis - A convolutional neural network (CNN) model was utilized to analyze charted price and volume data, mapping learned features to industry themes. The latest thematic allocations include banking, energy, and dividends, specifically focusing on indices such as the CSI Bank Index, CSI Energy Index, and CSI Central Enterprises Dividend Index [2][11].

- The report provides a snapshot of the performance of broad-based indices in the A-share market, highlighting daily, weekly, monthly, and yearly changes in index returns, with the highest annual return observed for the ChiNext Index at 42.85%[10][11][13] - It compares indices against their moving averages (MA5, MA10, MA20, MA60, MA120, MA250) and their 250-day high and low levels, showing that all indices remain above their 5-day moving averages, except the CSI 2000, which fell below its 10-day moving average[13][14] - The turnover rate and trading volume share are analyzed, with CSI 2000 having the highest turnover rate at 3.56, while the CSI 300 accounts for the largest trading volume share at 26.89%[16][17] - Daily return distributions are examined, revealing that the ChiNext Index has the largest negative skewness and kurtosis deviation, while the CSI 300 has the smallest[23][24] - Risk premium analysis is conducted using the 10-year government bond yield as the risk-free rate, showing that the CSI 1000 and CSI 2000 have higher volatility in risk premiums compared to other indices[26][27][30] - PE-TTM ratios are evaluated as valuation metrics, with CSI 500 and CSI All Index showing the highest 5-year percentile values at 98.18% and 97.44%, respectively, while the ChiNext Index has the lowest at 58.51%[38][41][42] - Dividend yield analysis indicates that the ChiNext Index and CSI 1000 have the highest 5-year historical percentile values at 69.42% and 46.2%, respectively, while CSI 2000 and CSI 500 have the lowest at 20.25% and 16.28%[46][51][52] - The report also tracks the percentage of stocks trading below their net asset value (break-net ratio), with the highest ratio observed for the SSE 50 at 18.0% and the lowest for the ChiNext Index at 1.0%[53]

- The report provides a snapshot of the performance of broad-based indices in the A-share market, highlighting that all indices experienced an increase on October 20, 2025, with the ChiNext Index (1.98%) and CSI 2000 (1.43%) showing the largest daily gains[1][2][10] - The ChiNext Index achieved the highest annual growth rate of 39.78%, followed by CSI 2000 (28.01%) and CSI 500 (23.47%), while the SSE 50 recorded the smallest annual growth rate of 10.81%[10][11] - The ChiNext Index broke above its 5-day moving average, while other indices remained below their 5-day and 10-day moving averages, with all indices being more than 1.5% away from their 250-day highs[13][14] - The turnover rate of indices on October 20, 2025, was led by CSI 2000 (3.21), followed by CSI 1000 (2.25) and ChiNext Index (2.07), while SSE 50 had the lowest turnover rate at 0.31[16][17] - The distribution of daily returns showed that the ChiNext Index had the largest negative skewness and kurtosis deviation, while CSI 1000 had the smallest negative skewness and kurtosis deviation[23][24] - Risk premium analysis revealed that the ChiNext Index (88.81%) and CSI 2000 (85.08%) had relatively high 5-year percentile values, while CSI 1000 (72.7%) and SSE 50 (62.22%) had lower values[28][30] - PE-TTM analysis indicated that CSI 500 (98.26%) and CSI All Index (95.62%) had high 5-year percentile values, while CSI 2000 (82.89%) and ChiNext Index (58.02%) had lower values[39][41] - Dividend yield analysis showed that the ChiNext Index (71.07%) and CSI 1000 (50.66%) were at relatively high 5-year historical percentile values, while CSI 2000 (24.13%) and CSI 500 (16.61%) were at lower values[50][51] - Current net break rates for indices were reported as follows: SSE 50 (20.0%), CSI 300 (15.67%), CSI 500 (11.6%), CSI 1000 (7.4%), CSI 2000 (3.3%), ChiNext Index (1.0%), and CSI All Index (5.99%)[52][54]

Core Viewpoint - The risk premium has not significantly increased according to the Federal Reserve's Milan [1] Group 1 - The Federal Reserve's assessment indicates stability in the risk premium environment [1]

Group 1 - The Federal Reserve Governor Milan calls for a faster pace of interest rate cuts, suggesting that a reduction of no more than 50 basis points at a time is realistic, with two more cuts expected this year [12] - The U.S. Treasury Secretary plans to submit a list of three to four candidates for the Federal Reserve leadership to Trump after Thanksgiving [12] - The CPI in China decreased by 0.3% year-on-year in September, while the PPI fell by 2.3% year-on-year [12] Group 2 - The U.S. stock market showed mixed results, with the S&P 500 index rising by 0.4% and the Nasdaq increasing by 0.66%, while the Dow Jones experienced a slight decline [4] - In the Hong Kong market, the Hang Seng Index rose by 1.84%, with significant gains in gold stocks and new consumption stocks [5] - The A-share market saw the Shanghai Composite Index increase by 1.22%, with over 4,300 stocks rising, particularly in the robotics and automotive sectors [6] Group 3 - The international gold price reached a new high, closing at $4208.28 per ounce, up 1.6%, while silver also saw a strong rebound, closing at $52.99 per ounce, up 3.11% [7] - WTI crude oil closed at $58.26 per barrel, with a slight increase of 0.05%, while Brent crude oil rose by 0.26% to $62.23 per barrel [7]

美联储理事米兰：不在意黄金创纪录新高。除了黄金，看不到市场中已包含风险溢价。 ...