1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The stock index is expected to maintain an upward trend in the short - term, driven by the resonance of capital and fundamental factors. In the long - term, the stock index in 2026 is expected to continue the upward trend, supported by continuous policy efforts, moderate inflation recovery, and capital market reform policies [3]. - It is recommended that investors opportunistically establish long positions [3]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Influencing Factors and Their Impacts**: - Economic and corporate profits: Inflation is moderately rising, with CPI and PPI showing positive trends, which is slightly positive for the stock index [3]. - Macro - policies: The first batch of 62.5 billion yuan of national subsidy funds in 2026 have been issued, with subsidy policies for various consumer goods, which is slightly positive [3]. - Overseas factors: The market's expectation of a Fed rate cut in January 2026 has significantly decreased, which is slightly negative [3]. - Liquidity: Post - holiday market trading volume has significantly expanded, with sufficient funds promoting a strong rise in the stock index, which is positive [3]. - **Investment Viewpoint and Strategy**: - Investment view: Opportunistically go long in the short - term and continue to be bullish on the stock index in 2026 [3]. - Trading strategy: Opportunistically go long in the single - side trading, and pay attention to overseas geopolitical factors [3]. 3.2 Stock Index Market Review - **Index Performance**: Last week, the Shanghai - Shenzhen 300 rose 2.79% to 4758.9; the Shanghai 50 rose 3.4% to 3134.3; the CSI 500 rose 7.92% to 8056.7; the CSI 1000 rose 7.03% to 8129.2 [5]. - **Futures Performance**: The IF, IH, IC, and IM main contracts of the corresponding indexes also showed varying degrees of increase [6]. - **Industry Performance**: Among the Shenwan primary industry indexes, the comprehensive, national defense and military industry, media, non - ferrous metals, and computer industries led the gains, while only the banking industry declined [7]. - **Futures Volume and Open Interest**: The trading volume and open interest of stock index futures increased to varying degrees [11]. - **Spread Performance**: The spreads between different indexes and different contract months of futures showed different levels of premium or discount [13]. 3.3 Stock Index Influencing Factors - Liquidity - **Central Bank Operations**: This week (January 5 - 9), the central bank conducted 102.2 billion yuan of reverse repurchase operations, with a net withdrawal of 1221.4 billion yuan. Next week, there will be 138.7 billion yuan of reverse repurchase and 600 billion yuan of outright reverse repurchase maturing [24]. - **Market Liquidity Indicators**: As of January 8, the margin trading balance of A - shares was 2612.22 billion yuan, an increase of 79.51 billion yuan from the previous week. The financing purchase amount accounted for 12.4% of the total market trading volume, at the 98.2% quantile level in the past decade. The average daily trading volume of A - shares last week increased by 652.17 billion yuan compared with the previous week [30]. 3.4 Stock Index Influencing Factors - Economic Fundamental and Corporate Profits - **Macroeconomic Indicators**: In December 2025, China's economic indicators showed different trends, such as an increase in GDP, changes in industrial added value, investment, consumption, and employment data [33]. - **Industry - Specific Indicators**: Different industries such as real estate, consumption, manufacturing, and infrastructure construction investment showed different development trends [35][37][38][39]. - **PMI Indicators**: In December 2025, the manufacturing PMI and non - manufacturing PMI both showed positive changes, indicating an improvement in the economic situation [41]. - **Corporate Profit Indicators**: The profitability indicators of major broad - based indexes and Shenwan primary industry indexes showed different levels of performance [46][47]. 3.5 Stock Index Influencing Factors - Policy Driving - **Macro - policy Trends**: A series of policies have been introduced, including more active fiscal policies, moderately loose monetary policies, and policies to support housing consumption and promote consumption [51][52][53]. 3.6 Stock Index Influencing Factors - Overseas Factors - **US Economic Data**: In December 2024, the US manufacturing PMI decreased, the non - manufacturing PMI increased, the unemployment rate decreased, and the number of new non - farm payrolls decreased. The PCE and CPI also showed different trends [64][66][67]. - **Trump Team's Actions**: Trump's team has announced a series of tariff policies, which have had a certain impact on international trade relations [73][75][77][79]. 3.7 Stock Index Influencing Factors - Valuation - **Index Valuation**: As of January 9, 2026, the rolling price - to - earnings ratios of the Shanghai - Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 were 14.4 times, 12 times, 36.4 times, and 49.4 times respectively, at different quantile levels since October 2014 [82]. - **Sector Valuation**: Different sectors showed different levels of price - to - earnings ratios, price - to - book ratios, and their corresponding historical quantile levels [87].

Group 1: Liquidity Overview - The liquidity environment has turned loose as expected at the beginning of the year, with the overnight rate (R001) stabilizing around 1.33% in the first week of January[1] - Despite a significant net withdrawal of 1.72 trillion yuan in the first week, liquidity pressures have led to a gradual increase in funding rates, reaching 1.35% by Friday[1] - The 7-day funding rate (R007) fluctuated, initially rising to 1.53% before returning to a downward trend, closing at 1.52%[1] Group 2: Market Outlook - The liquidity is expected to remain stable and loose until the tax period impact becomes evident after January 16, with overnight rates likely to hover around 1.35%[2] - The upcoming week will see a low maturity pressure in the open market, with only 138.7 billion yuan in reverse repos maturing, significantly lower than the average of over 1 trillion yuan in 2025[3] - The estimated net tax payment for the upcoming week is projected at -531 billion yuan, indicating a mild impact on liquidity[5] Group 3: Bill Market and Government Bonds - In the bill market, rates have risen, with 1-month bills increasing by 159 basis points to 1.60% and 3-month bills up by 100 basis points to 1.50%[4] - The government bond net payment for January 12-16 is estimated at -931 billion yuan, a significant decrease from the previous week's 4.327 trillion yuan[5] - The total issuance of government bonds is expected to be 2.372 billion yuan, with a notable reduction in the issuance volume compared to the previous week[5] Group 4: Interbank Certificates of Deposit - The maturity pressure for interbank certificates of deposit is set to rise, with 833.9 billion yuan maturing next week, up from 332.8 billion yuan the previous week[6] - The overall maturity for January 2026 is projected at 2.3 trillion yuan, significantly higher than the seasonal average of 1.1-1.4 trillion yuan from 2021-2025[6] - The weighted issuance term for interbank certificates of deposit has increased to 7.5 months, indicating a shift in funding strategies among banks[6]

Core Viewpoint - The People's Bank of China (PBOC) is expected to maintain liquidity through various policy tools, including government bond transactions and Medium-term Lending Facility (MLF), to ensure a continued loose monetary environment in January [1][5]. Group 1: Liquidity Factors - Multiple factors, including fiscal deposits and credit issuance, are anticipated to impact liquidity in January, with a net increase in fiscal deposits estimated at approximately 620 billion yuan, potentially widening the liquidity gap [3][5]. - The total liquidity gap for January 2026 is projected to be around 1.9 trillion yuan, influenced by fiscal deposits, cash withdrawals, and bank reserve requirements [3][5]. Group 2: Policy Tools Utilization - The PBOC is expected to actively utilize policy tools such as reverse repos and MLF to inject medium-term liquidity into the market, reflecting a continuation of the "moderately loose" monetary policy stance [5][7]. - The central bank's approach may include a combination of reverse repos, MLF, and government bond transactions, with a cautious stance on tools like reserve requirement ratio (RRR) cuts and interest rate reductions [7][6]. Group 3: Market Expectations - Market expectations indicate that the PBOC will increase the use of policy tools to stabilize the funding environment, with anticipated lower fluctuations in funding rates compared to seasonal patterns [5][6]. - The average overnight funding rate is expected to remain below the policy rate, with a low probability of the one-day bond repurchase rate returning to 1.35%-1.4% throughout January [5][6].

Core Viewpoint - The bond market is experiencing a weak consolidation, with government bond futures slightly declining and a mixed performance in interbank bond yields, indicating a need for further economic data to assess changes in the economic fundamentals [1] Market Performance - Government bond futures closed lower across the board, with the 30-year main contract down 0.07% at 110.87, the 10-year main contract down 0.02% at 107.765, and the 5-year and 2-year contracts both down 0.03% [2] - The interbank major interest rate bonds showed narrow fluctuations, with the 30-year government bond yield decreasing by 0.6 basis points to 2.3085%, while the 10-year government bond yield increased by 0.1 basis points to 1.889% [2] Overseas Bond Market - In North America, U.S. Treasury yields rose collectively, with the 2-year yield increasing by 1.86 basis points to 3.488% and the 10-year yield rising by 1.97 basis points to 4.167% [3] - In Asia, Japanese bond yields mostly increased, with the 5-year and 10-year yields rising by 2.5 basis points and 1.7 basis points, respectively [3] - In the Eurozone, the 10-year French bond yield rose by 0.6 basis points to 3.527%, while the 10-year German bond yield increased by 1.3 basis points to 2.861% [3] Primary Market - The Export-Import Bank's 3-year fixed-rate bond had a winning bid rate of 1.6214%, with a total bid-to-cover ratio of 4.47 [4] - The Ministry of Finance's 10-year fixed-rate bond had a weighted average winning yield of 1.8627%, with a total bid-to-cover ratio of 5.48 [4] Funding Conditions - The central bank announced a 340 billion yuan reverse repurchase operation at a fixed rate of 1.40%, with a net injection of 340 billion yuan for the day [5] - The Shibor short-term rates showed mixed performance, with the overnight rate rising by 0.2 basis points to 1.272% and the 7-day rate declining by 0.1 basis points to 1.461% [5] Economic Fundamentals - In December 2025, the PPI decreased by 1.9% year-on-year, while the CPI increased by 0.8% year-on-year, indicating a slight uptick in consumer demand [6][7] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, reflecting ongoing consumer demand and inflationary pressures [7] Institutional Views - CITIC Securities noted that the issuance pace of new special bonds in 2025 is relatively slow compared to historical averages but is expected to accelerate compared to 2024, with a more stable issuance rhythm [8] - Xingzheng Fixed Income indicated that potential upward risks for local bond rates may not lead to shorter issuance terms, as the overall issuance duration is likely to remain long due to various factors [8]

Group 1 - The excess reserve ratio in November remained stable at 1.2%, while government deposits increased to a historical high of 6 trillion yuan, exceeding expectations by 492 billion yuan [2][16][20] - In December, the government deposit is expected to decrease by approximately 1.96 trillion yuan, marking a historical high decline, which will provide liquidity support [3][20][28] - The probability of a reserve requirement ratio (RRR) cut in January has significantly increased, with expectations of a potential release of about 1 trillion yuan in long-term liquidity [8][65][67] Group 2 - In December, the broad fiscal deficit is anticipated to reach a historical high, with a significant decrease in net government debt repayments [3][20][28] - The monetary issuance in December is expected to increase by about 300 billion yuan, while the required reserve ratio may rise by approximately 150 billion yuan [3][20][28] - The average DR001 rate in December dropped to a new low for the year, reflecting a very loose monetary state despite slight fluctuations in DR007 [4][36][45] Group 3 - The liquidity environment is expected to remain stable, with banks' net financing capabilities improving, as evidenced by a historical high in net financing from banks in December [4][37][40] - The anticipated increase in government deposits in January is expected to exert pressure on liquidity, with an expected rise of about 1.66 trillion yuan [8][67][68] - The overall liquidity situation is expected to remain manageable, with the central bank's policies likely to mitigate external pressures [10][45][46]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: A-Shares in China - **Market Sentiment**: Improved significantly entering 2026, supported by a stronger CNY and ample liquidity [1][5] Core Insights - **Investor Sentiment**: The weighted MSASI increased by 26 percentage points to 77% compared to the previous cutoff date, indicating a positive shift in investor sentiment [2] - **Turnover Metrics**: - ChiNext turnover increased by 14% to RMB 569 billion - A-share turnover rose by 15% to RMB 2,129 billion - Margin transaction outstanding increased by 2% to RMB 2,519 billion - Equity futures turnover decreased by 14% to RMB 386 billion [2] - **Net Inflows**: Southbound trading saw net inflows of US$2.8 billion from December 18 to January 7, with year-to-date and month-to-date net inflows both reaching US$2.4 billion [3] - **Earnings Estimates**: Consensus earnings estimate revision breadth remained negative but showed slight improvement compared to the prior cutoff date [2] Macroeconomic Context - **Growth Projections**: Early 2026 growth is expected to be led by public capital expenditure, with consumer and property sectors remaining weak. A 1Q growth pull towards 5% is deemed unsustainable [4] - **Policy Support**: Beijing released guidelines to ensure policy continuity, with expected annual subsidies around RMB 300 billion, although advanced allocations are smaller than in 2025 [4] - **Deflation vs. Reflation**: The outlook for 2026 is characterized as a year of less deflation rather than reflation, due to persistent supply-demand imbalances [4] Market Drivers - **Key Drivers for Market Strength**: 1. Portfolio re-grossing in the new year after a volatile 4Q25 2. A stronger CNY, beneficial for offshore markets 3. Robust Hong Kong IPO activity and a healthy pipeline of high-quality issuers 4. Abundant liquidity in the A-share market, driven by increased onshore equity mutual fund AUM and rising equity allocations by insurance companies [5] Additional Insights - **Earnings Momentum**: Continuous monitoring of earnings momentum and potential fiscal support measures, particularly related to housing mortgage subsidies, is crucial [15] - **Sentiment Metrics**: The new MSASI is based on 12 individual indicators capturing various dimensions of investor sentiment and market activity, normalized for better comparability [16][18] Conclusion - The outlook for the A-share market in China remains constructive over the next six to twelve months, driven by liquidity support, technological advancements, and thematic investment opportunities [1][15]

Core Viewpoint - The People's Bank of China (PBOC) is expected to maintain liquidity through various monetary policy tools, including reverse repos and medium-term lending facilities (MLF), amid multiple factors affecting January's liquidity [1][2][3][4] Group 1: Liquidity Operations - On January 8, the PBOC conducted a 99 billion yuan 7-day reverse repo operation at a rate of 1.4%, resulting in a net injection of 99 billion yuan due to the maturity of other repos [1] - The PBOC is likely to continue using tools like government bond transactions and MLF to ensure ample liquidity, with expectations of a sustained loose monetary environment [1][3] Group 2: Factors Affecting Liquidity - January's liquidity is influenced by multiple factors, including fiscal deposits and credit issuance, with a projected net increase in fiscal deposits of approximately 620 billion yuan, potentially widening the liquidity gap [2] - Credit issuance is expected to have an above-seasonal performance in January, driven by banks' early lending strategies, which may further increase the liquidity gap [2] Group 3: Policy Tool Utilization - The market anticipates that the PBOC will intensify the use of policy tools to stabilize liquidity, with expectations of less volatility in funding rates compared to seasonal patterns [2][3] - The PBOC's monetary policy is expected to remain "moderately loose," utilizing a combination of reverse repos, MLF, and government bond transactions to inject medium-term liquidity [4] Group 4: Long-term Monetary Policy Outlook - The PBOC's 2026 monetary policy is characterized by "quantity expansion and price stability," with a focus on maintaining liquidity while being cautious with tools like reserve requirement ratio (RRR) cuts and interest rate reductions [4] - The overall liquidity environment is projected to remain ample, with low volatility in funding rates becoming the norm, supported by the PBOC's targeted operations [4]

Report Industry Investment Rating - The report does not explicitly mention an overall industry investment rating. However, it provides specific investment recommendations for different asset classes in January [9][12][69]. Report's Core View - After the Fed's rate cut in December, the market shifted its focus to re - pricing the subsequent policy path and liquidity. The domestic policy expectations in China are positive. In January, it is recommended to balance the allocation and seize structural opportunities. Long - term overweight is suggested for equities and non - ferrous metals, while precious metals should be treated with caution regarding volatility and can be re - weighted after volatility stabilizes [2][3][69]. Summary According to Relevant Catalogs 1. December Review of Major Assets - The macro theme of global major assets in December shifted from a single monetary policy expectation to structural pricing and capital transaction - driven scenarios under risk appetite recovery. Asset performance showed divergence [15]. - In the equity market, A - shares performed well, with small and medium - sized stocks and growth styles outperforming large - cap indices. Overseas, US equity indices were nearly flat [16]. - In the bond market, government bonds and US Treasuries performed weakly, with yields rising [17]. - In the foreign exchange market, the US dollar index weakened, the RMB was relatively strong, and the Japanese yen declined after the Bank of Japan's rate hike [18]. - In the commodity market, precious metals and new energy metals performed significantly better, base metals rose but with weaker gains, ferrous metals were generally weak, energy and chemicals were weak, and agricultural products had mixed performance [19]. 2. Macro Environment Outlook 2.1 Overseas Macro - The global PMI in November slightly declined to 50.5, but remained in the expansion range [23]. - US economic data from October - November showed weakening inflation, an increase in the unemployment rate, and stable consumption. The Fed cut interest rates by 25 basis points in December, with a dovish tone [24][28][29]. - Attention should be paid to the nomination of the new Fed chair. Different candidates have different policy stances, which may cause market fluctuations. The US bond market shows a "bear steepening" feature, and the US dollar is under pressure [30]. - The European Central Bank maintained the interest rate unchanged in December and raised GDP forecasts. Japan's rate hike was not radical, and short - term liquidity may tighten slightly, but the expectation of overseas easing in 2026 remains [33]. - Non - US developed markets are stable, and emerging markets had a generally positive economic sentiment in November [34][35]. 2.2 Chinese Domestic Macro - In December, domestic macro indicators were stable. Important meetings set tasks for the "15th Five - Year Plan", raising market expectations for additional policies in the first half of 2026 [36]. - The economic structure showed differentiation, with real estate and infrastructure investment remaining weak, manufacturing PMI rising to the expansion zone, consumption being stable and slightly weak, and exports contributing significantly to the economy [37]. - Social financing slightly exceeded expectations, M1 data rebound did not change the trend of activating funds, PPI was on an upward trend, and core CPI unexpectedly recovered, indicating an improvement in inflation in 2026 [37][38]. 3. Outlook for Major Assets 3.1 Equity indices - In January, policy easing expectations are likely to be the main narrative in the equity market. Domestic equities may trade in a volatile but generally stronger trend. Fiscal policy may front - load in 2026, and monetary policy may ease marginally in the first half of the year, providing a window for increasing equity index allocation [41]. 3.2 Commodities - **Precious Metals**: In January, precious metals will enter a critical phase of speculation on the Fed's monetary policy path. Gold and silver are likely to maintain a volatile upward trend under the dual fiscal and monetary easing macro - backdrop. Attention should be paid to the US fiscal deficit and the Fed's policy path changes [44]. - **Non - Ferrous Metals**: The macro environment is favorable, and upstream raw materials are tight, with supply disruption concerns. Although actual demand is weak, non - ferrous metals are expected to maintain a generally volatile but stronger trend, especially in the medium - to - long - term with supply remaining tight [49]. - **Ferrous Metals**: In January, ferrous metals are expected to trade in a range - bound manner. In the medium - to - long - term, "anti - involution" policies and export control measures may reshape the supply - demand balance and improve industry profits [54]. - **Energy & Chemicals**: In January, the crude oil sector will verify OPEC+ production cut compliance. Oil prices may oscillate in a low range. Geopolitics and supply - side factors will affect prices. In the medium - to - long - term, the global oversupply assumption remains, but prices below $60 may trigger support measures [57][59]. 3.3 Bonds - Treasury bond movements in January may continue to be range - bound, with short - end performance relatively better than long - end. In the long - term, bonds have limited upside potential as inflation expectations may put pressure on medium - and long - duration bond yields [64].

Summary of Key Points Core Viewpoint - The report highlights the current economic indicators and trends affecting various sectors, particularly focusing on financing conditions, construction, real estate, and industrial products, indicating a mixed outlook for the economy in December 2025. Group 1: Liquidity - The BCI small and medium enterprise financing environment index for December 2025 is at 47.15, a decrease of 10.19% month-on-month [4] - The M1 and M2 growth rate difference in November 2025 is -3.1 percentage points, down by 1.1 percentage points from the previous month [4] - The current price of London gold is $4,333 per ounce [4] Group 2: Infrastructure and Real Estate Chain - The national steel PMI new orders index for December decreased by 3.5 percentage points to 45.4% [5] - Weekly price changes include rebar up by 1.22%, cement price index down by 0.06%, rubber up by 0.33%, and iron ore up by 1.77% [5] - National blast furnace capacity utilization rate, cement, and asphalt operating rates changed by -0.39 percentage points, +12.41 percentage points, and -2.4 percentage points respectively [5] Group 3: Real Estate Completion Chain - Prices for titanium dioxide and glass are at low levels, with titanium dioxide price unchanged and flat glass down by 1.09% [6] - The gross profit for titanium dioxide is -1,744 yuan per ton, while the flat glass operating rate is at 73.89% [6] Group 4: Industrial Products Chain - The national PMI new orders index for December stands at 50.80% [7] - Major commodity price changes include cold-rolled steel down by 0.26%, copper down by 0.32%, and aluminum up by 0.50% [7] - The operating rate for semi-steel tires is at 69.35%, down by 2.70 percentage points [7] Group 5: Subcategories - The price of graphite electrodes is at 19,000 yuan per ton, unchanged, with a gross profit of 2,094.1 yuan per ton, up by 1.63% [8] - The price of electrolytic aluminum is 22,170 yuan per ton, up by 0.50%, with a calculated profit of 5,015 yuan per ton (excluding tax), up by 1.98% [8] - The price of tungsten concentrate is 454,500 yuan per ton, down by 1.30% from the previous week [8] Group 6: Price Comparison Relationships - The price ratio of rebar to iron ore is 4.04 this week [10] - The price difference between hot-rolled and rebar steel is -30 yuan per ton [10] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 300 yuan per ton, up by 50% from last week [10] Group 7: Export Chain - The new export orders PMI for China in December is 49.00%, an increase of 1.4 percentage points [11] - The CCFI comprehensive index for container shipping rates is 1,146.67 points, up by 1.95% [11] - The Ministry of Commerce and the General Administration of Customs announced that from January 1, 2026, certain steel products will be subject to export license management, which is expected to further regulate steel exports [11] Group 8: Valuation Percentiles - The CSI 300 index decreased by 0.59%, with the best-performing cyclical sector being oil and gas, up by 3.92% [12] - The PB ratio of ordinary steel and industrial metals relative to the PB of the two markets is 31.57% and 100.00% respectively [12] - The current PB ratio of the ordinary steel sector relative to the two markets is 0.51, with the highest value since 2013 being 0.82 [12]

Investment Rating - The industry investment rating is maintained as "Overweight" for steel and non-ferrous metals [5] Core Insights - Tungsten concentrate prices have seen a decline for the first time since October 2025, indicating a potential shift in market dynamics [1][2] - The liquidity environment for small and medium enterprises is tightening, with the BCI index dropping to 47.15 in December 2025, down 10.19% month-on-month [1][19] - The national steel PMI new orders index decreased by 3.5 percentage points to 45.4% in December, reflecting a slowdown in demand [22][43] Summary by Relevant Sections Liquidity - The BCI index for small and medium enterprises is at 47.15, down 10.19% from the previous month [1] - M1 and M2 growth rate differences show a strong positive correlation with the Shanghai Composite Index, with M1-M2 growth rate difference at -3.1 percentage points in November 2025 [1][19] - The current price of London gold is $4,333 per ounce, down 4.41% from last week [11] Infrastructure and Real Estate Chain - The national steel PMI new orders index fell to 45.4%, indicating a decrease in new orders [22][43] - The prices of titanium dioxide and glass are at low levels, with titanium dioxide priced at 13,100 CNY/ton and glass at 1,153 CNY/ton [77][79] - The national average capacity utilization rate for cement is 30.14%, up 12.4 percentage points from the previous week [61] Industrial Products Chain - The national PMI new orders index for December is at 50.80% [2] - Major commodity prices show mixed performance, with cold-rolled steel and copper prices down by 0.26% and 0.32%, respectively, while aluminum prices increased by 0.50% [2] - Tungsten concentrate prices have decreased to 454,500 CNY/ton, down 1.3% from the previous week [2][9] Valuation Metrics - The Shanghai Composite Index decreased by 0.59%, while the best-performing sector was oil and petrochemicals, up 3.92% [4] - The PB ratio for the steel sector relative to the Shanghai Composite is currently at 0.51, with historical highs reaching 0.82 [4] Investment Recommendations - The report suggests that the steel sector's supply may be reasonably constrained due to government measures, potentially leading to a recovery in profitability to historical average levels [4]