Investment Rating - The report maintains an "Accumulate" rating for the financial products industry, indicating a positive outlook for the sector in the next six months [1]. Core Insights - The report highlights that the government bond index experienced a "sideways-down-bottoming" trend in August, with expectations for a potential recovery in September [1][3]. - The macroeconomic environment shows mixed signals, with weak PMI and PPI data, but moderate consumption growth, indicating a cautious outlook for the economy [3][29]. - The report emphasizes the importance of upcoming macroeconomic data and policy decisions, particularly regarding the Federal Reserve's interest rate decisions, which could influence domestic monetary policy [40][42]. Summary by Sections 1. Market Performance Review - The government bond index displayed a "sideways-down-bottoming" pattern from August 1 to August 29, 2025, with fluctuations influenced by central bank operations and market sentiment [12][20]. - Technical analysis indicates that the risk level of the government bond index reached a low point on August 22, suggesting a potential for a rebound [25][26]. 2. Event-Driven Review 2.1. Macroeconomic Aspects - Recent macroeconomic data, including a PMI of 49.3% in July and a CPI increase of 0.4%, reflect a mixed economic outlook, with implications for bond market performance [29][30]. - The report notes that the July industrial output growth of 5.7% shows signs of slowing, which could negatively impact bond pricing [31][32]. 2.2. Policy Aspects - The report discusses recent policy announcements, including the introduction of new financial tools by the National Development and Reform Commission, which may increase bond supply and affect interest rates [35][36]. - The announcement of VAT on new bond interest income is expected to impact market dynamics, particularly for newly issued bonds [37][38]. 3. Index Outlook 3.1. Key Event Forecast - Future bond market performance will be driven by macroeconomic data, policy developments, and liquidity events, with a focus on upcoming economic indicators [40][41]. - The report anticipates that if macroeconomic data improves, it could suppress bond market demand, while weaker data may bolster bond prices [41]. 3.2. Index Trend Outlook - The report suggests that the bond market is nearing a bottom, with limited downside potential in the short term, and highlights the importance of equity market movements as a key variable for bond market performance [46][47]. - The report indicates that if equity markets experience a pullback, funds may flow back into the bond market, presenting potential investment opportunities [60]. 3.3. Related ETF Products - The report mentions the "Fuguo Zhongzhai 7-10 Year Policy Financial Bond ETF," which aims to closely track the index and has a total market value of 46.546 billion yuan as of August 29, 2025 [61][62].

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the document. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the trend of various futures contracts on August 29, 2025, including the strength or weakness of the shock, resistance levels, and support levels [2]. - The report also analyzes the market conditions of various futures on August 28, 2025, including the opening, closing, high, low prices, and changes, and provides an outlook for the August trend of some futures contracts [43]. Summary by Related Catalogs 1. Macro News and Trading Tips - The "Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting High - quality Urban Development" was released, setting goals for 2030 and 2035 [8]. - The Chinese Ministry of Commerce carried out activities such as visiting Canada, meeting with US officials, and supporting foreign - trade enterprises [8]. - Market supervision总局 carried out comprehensive rectification of market competition order [9]. - The Central Education Work Leading Group issued a plan for the adjustment and optimization of higher - education disciplines and specialties [9]. - US economic data showed that the Q2 GDP growth rate was revised upwards, and the core PCE price index was lower than expected. The number of initial jobless claims last week was lower than expected [9]. - A lawsuit related to the independence of the Federal Reserve was filed [9]. - The euro - zone economic sentiment index declined in August, and the EU proposed legislative proposals related to tariffs [10]. 2. Commodity Futures - Related Information - On August 28, international precious - metal futures generally rose, and oil prices rebounded due to inventory decline. London base metals all rose, the RMB strengthened against the US dollar, and the US dollar index fell [11][12]. 3. Futures Market Analysis and Outlook Stock Index Futures - On August 28, the stock - index futures of IF2509, IH2509, IC2509, and IM2509 showed different trends of opening, rising, and falling, and the A - share market generally rose, while the Hong Kong stock market fell. The US and European stock markets had different trends [13][16][17]. - It is expected that on August 29, stock - index futures will be strongly volatile, and specific resistance and support levels are given [19]. Bond Futures - On August 28, the ten - year and thirty - year bond - futures main contracts showed a weak trend, and the central bank carried out reverse - repurchase operations, with a net investment of 163.1 billion yuan. The short - term Shibor rose [37]. - It is expected that on August 29, the ten - year and thirty - year bond - futures main contracts will be weakly and widely volatile, and specific resistance and support levels are given [38][41]. Precious - Metal Futures - On August 28, the gold and silver futures main contracts showed a rising trend. It is expected that in August 2025, the main continuous contracts of gold and silver futures will be widely volatile, and on August 29, they will be strongly volatile, with specific resistance and support levels given [43][50]. Base - Metal Futures - On August 28, the main contracts of copper, aluminum, nickel, industrial silicon, and poly - silicon futures showed different trends of rising, falling, and fluctuating. It is expected that in August 2025, the main continuous contracts of these futures will have different trends, and on August 29, specific trends and resistance and support levels are given [52][61][67]. Energy and Chemical Futures - On August 28, the main contracts of coke, glass, soda ash, crude oil, PTA, and PVC futures showed different trends. It is expected that in August 2025, the main continuous contracts of these futures will have different trends, and on August 29, specific trends and resistance and support levels are given [88][90][96]. Agricultural Futures - On August 28, the main contracts of soybean meal and natural rubber futures showed different trends. It is expected that on August 29, they will be weakly volatile, with specific resistance and support levels given [107][110].

Report Industry Investment Rating No relevant content provided. Core View of the Report - Alumina is expected to maintain a narrow - range oscillation in the short - term, with a mid - term oversupply situation. It is advisable to go short at high prices in the mid - term, with a short - term operating range of 3000 - 3300 yuan/ton [2][7]. - Electrolytic aluminum prices are likely to oscillate in the short - term, with a reference range of 20000 - 21000 yuan/ton. There is a risk of the price rising and then falling if demand does not improve [7]. - Cast aluminum alloy prices are predicted to maintain a narrow - range oscillation. The spot price is expected to remain firm, and the price difference with aluminum is likely to converge, with a reference operating range of 19600 - 20400 yuan/ton [7]. Summary by Directory 1. Market Review (8.18 - 8.22) - Alumina prices were weak this week due to inventory accumulation and rising warehouse receipts. With narrowing profits, cost support is strong, and the price is expected to oscillate narrowly next week [10]. - Electrolytic aluminum prices oscillated narrowly. Overseas interest - rate cut expectations cooled, while domestic policies provided support. Supply increased slowly, costs decreased slightly, and demand was the core issue. High prices restricted short - term purchases, but inventory accumulation slowed down [10]. - Cast aluminum alloy prices also oscillated narrowly. The market improved marginally, with social inventory decreasing for the first time since mid - April. Tight scrap aluminum supply supported costs, and some factories reduced production due to tax policy adjustments. Demand was structurally differentiated, and orders showed signs of improvement [10]. 2. Macroeconomic and Terminal Demand - US employment data in July was worse than expected, and previous data was revised down significantly. The labor market cooled significantly. The probability of a September interest - rate cut increased to 93.4% due to relatively mild inflation pressure [13][17][18]. - China's core CPI in July increased year - on - year to 0.8%, indicating continuous recovery of domestic demand. The PMI in July was 49.3%, a 0.4% decrease from the previous month, mainly affected by the traditional off - season and extreme weather [24][30]. - Real estate sales weakened on a weekly basis. From January to July, the floor area under construction of real estate development enterprises decreased by 9.2% year - on - year. New construction and investment are expected to continue to decline in 2025 [36][40]. - China's automobile production and sales data in July were strong. From January to July, production and sales increased by 12.7% and 12% respectively year - on - year. The inventory warning index improved, indicating better market sentiment [41][45]. 3. Industry Supply - Demand Fundamentals Aluminum Bauxite - In July, imports increased by 10.7% month - on - month. The impact of the rainy season in Guinea on imports will gradually emerge. Domestic production is relatively stable, with limited short - term supply increase [47][50]. - Domestic bauxite prices remained stable this week, while the import bulk market had few transactions. Port inventory continued to accumulate, and the pressure of barge transportation is expected to appear at the end of the month [51][61]. Alumina - In July, the profitability improved, and production increased by 5.4% month - on - month. The operating capacity is expected to increase slightly in August. The market is in a stock - piling trend, with inventory accumulating in factories and warehouse receipts increasing [62][66][68]. Electrolytic Aluminum - In July, production increased by 3.1% month - on - month, and the proportion of molten aluminum decreased significantly. The operating capacity in Yunnan increased due to capacity replacement. Net imports increased in July but are expected to decline slightly in August [72][76][84]. - This week, the operating rate of aluminum processing enterprises showed signs of recovery, mainly due to new orders in the automotive and photovoltaic sectors. The short - term inventory still has the expectation of accumulation, and the weekly social inventory increased by 0.8 tons, with a slower rate of accumulation [85][91][94]. - From January to July, the cumulative export of unwrought aluminum and aluminum products decreased by 8.5% year - on - year [96]. Cast Aluminum Alloy - In July, scrap aluminum production increased by 3.4% month - on - month, and the prices of domestic and imported scrap aluminum were firm. The industry's operating rate was 53.0% this week, with increased differentiation. The import volume in July reached a four - year low and is expected to remain low in August [99][109][110]. - The weekly inventory accumulation of cast aluminum alloy slowed down. The price is expected to maintain a narrow - range oscillation, with cost support and marginal improvement in demand during the off - peak to peak season transition [117][121].

Group 1 - The market and the Federal Reserve seem to have reached a consensus on a rate cut in September following Chairman Powell's speech at Jackson Hole [1] - The upcoming data releases will influence the dot plot, particularly whether there will be a total rate cut of 75 basis points (three cuts) or 50 basis points (two cuts) by the end of the year [1] - Wrightson ICAP macro analysts speculate that the median dot plot may indicate only two rate cuts for the year, but changes in the risk landscape could lead to a downward adjustment, suggesting a total cut of 75 basis points by year-end [1]

Group 1 - The core viewpoint indicates that the recent strategy of positioning for a long position in gold at lower levels has yielded positive results, with gold prices successfully rebounding after reaching entry points [1] - The market sentiment has been influenced by dovish signals from Powell, leading to increased expectations for a Federal Reserve rate cut, which has driven gold prices upward [7] - The technical analysis shows that on the daily chart, gold is trading above the middle band of the Bollinger Bands, with signs of a potential bullish crossover in the MACD indicator, indicating a clear demand for a rebound [8] Group 2 - For aggressive traders, it is suggested to enter long positions near the support level of $3300 per ounce, while more conservative traders should consider entering around $3270-$3280 per ounce [8] - The futures market for gold is influenced by international gold prices and exchange rates, with support at 770 RMB per gram and resistance around 775 RMB per gram, indicating a range for trading [8] - Overall market conditions are supported by expectations of a Federal Reserve rate cut and geopolitical tensions, emphasizing the need for stop-loss and take-profit strategies in trading [8]

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Views - For copper, recent macro - sentiment has been volatile, and the industry has weak supply and demand, but the downside of copper prices is limited [1]. - For aluminum, recent macro - sentiment is unstable, domestic downstream demand for aluminum is under pressure, inventory keeps rising, and aluminum prices may be weak [1]. - For zinc, the zinc social inventory increase suppresses zinc prices, but considering the squeeze risk in LME zinc, short - selling should be cautious [1]. - For nickel, domestic economic data declined in July, and short - term nickel prices fluctuate with the macro - situation. It is recommended to focus on short - term trading and selling at high prices [1]. Group 3: Summary by Metal Copper - **Price**: LME copper futures price is 9705.5 dollars/ton with a - 0.05% change, and the spot price is 9621.5 dollars/ton with a - 0.3% change. SHFE copper futures price is 78790 dollars/ton with a - 0.52% change, and the spot price is 78640 dollars/ton with a - 0.32% change [1]. - **Inventory**: LME copper futures inventory is 156350 tons with a 0.77% change, and the SHFE copper futures inventory is 86361 tons with a 5.4% change [1]. - **Analysis**: Macro - wise, waiting for the Jackson Hole "Global Central Bank Annual Meeting", Powell's hawkish stance is expected to change little. Industrially, LME copper spot premium widens, import increases, and downstream demand is in the off - season with lower copper product开工率 [1]. Aluminum - **Price**: LME aluminum futures price is 1932 dollars/ton with a 0.36% change, and the spot price is 2567.5 dollars/ton with a - 0.6% change. SHFE aluminum futures price is 20500 dollars/ton with a - 0.63% change, and the spot price is 20535 dollars/ton with a - 0.05% change [1]. - **Inventory**: LME aluminum futures inventory is 479525 tons with a 0.00% change, and the SHFE aluminum futures inventory is 120653 tons with a 6.2% change [1]. - **Analysis**: Macro - wise, same as copper. Industrially, aluminum prices are high, consumption recovery is weak in the off - season, supply is sufficient, inventory keeps rising, and the spot turns to a discount [1]. Zinc - **Price**: LME zinc futures price is 2764.5 dollars/ton with a - 1.04% change, and the spot price is 2758 dollars/ton with a - 0.54% change. SHFE zinc futures price is 22150 dollars/ton with a - 0.14% change, and the spot price is 22265 dollars/ton with a 0.27% change [1]. - **Inventory**: LME zinc futures inventory is 71250 tons with a - 1.32% change, and the SHFE zinc futures inventory is 76803 tons with a 16.51% change [1]. - **Analysis**: Macro - wise, there are both positive and negative factors, and the expected September Fed rate cut supports the non - ferrous sector. Fundamentally, zinc production is recovering, demand is in the off - season but has resilience, social inventory is rising, and LME zinc inventory is decreasing with a squeeze risk [1]. Nickel - **Price**: LME nickel futures price is 14885 dollars/ton with a - 0.1% change, and the spot price is 15060 dollars/ton with a - 0.1% change. SHFE nickel futures price is 121170 dollars/ton with a - 0.71% change, and the spot price is 119930 dollars/ton with a - 0.33% change [1]. - **Inventory**: LME nickel futures inventory is 209346 tons with a 0.01% change, and the SHFE nickel futures inventory is 26962 tons [1]. - **Analysis**: Domestic economic data declined in July, macro - sentiment cools slightly. Pure nickel supply increases, social inventory rises, global nickel inventory is high, supply from Indonesia is stable, and demand is weak with an oversupply of primary nickel [1]. Tin - **Price**: LME tin futures price is 33995 dollars/ton with a 0.13% change, and the spot price is 33840 dollars/ton with a 0.36% change. SHFE tin futures price is 267500 dollars/ton with a 0.49% change, and the spot price is 267840 dollars/ton with a - 0.09% change [1]. - **Inventory**: LME tin futures inventory is 1715 tons with a 5.21% change, and the SHFE tin futures inventory is 7792 tons with a - 0.17% change [1].

Report Industry Investment Rating No relevant information provided. Core Viewpoints The report presents a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information, macro news, and fund flow. It also provides updates on crop conditions, international and domestic supply - demand situations, and regulatory developments. Summary by Directory 01 Overnight行情 - Overnight prices and percentage changes are provided for various futures including palm oil, crude oil, soybeans, and related products. Currency exchange rates and their changes are also given [1]. 02 Spot行情 - Spot prices, basis, and basis changes are presented for DCE palm oil, DCE豆油, and DCE豆粕 in different regions. CNF quotes and relevant information for imported soybeans are also included [2]. 03 Important Fundamental Information 产区天气 - US soybean - producing states will have below - normal temperatures and mostly near - to above - median precipitation from August 24th to 28th. Cool and dry weather is expected in the US Midwest in late August, with a 20 - 40 mm rain deficit in 10 - 15 days, and a possible warm and moderately rainy pattern in early September [3][5]. 国际供需 - Malaysian palm oil prices are expected to stay above 4300 ringgit. Pro Farmer estimates soybean pod numbers in Ohio and South Dakota. USDA reports soybean exports, and the 2025/26 Brazilian soybean planting area may increase by 1.2% - 2.9%. Brazilian 8 - month soybean and soybean meal exports are expected to rise. A Brazilian regulatory body plans to investigate the "Soybean Moratorium Plan". EU 2025/26 imports of palm oil, soybeans, soybean meal, and rapeseed are lower than last year. Australian rapeseed exports have declined, and the Baltic Dry Index has dropped [7][9][12]. 国内供需 - On August 19th, the total trading volume of soybean oil and palm oil increased by 170% compared to the previous day. The trading volume of soybean meal decreased, and the oil - mill startup rate dropped slightly. China's refined edible vegetable oil production in July increased by 4.0% year - on - year. National soybean oil port inventory increased. China's feed production in July decreased slightly from the previous month but increased by 5.95% year - on - year. Agricultural product prices showed some changes [13][14]. 04 Macro要闻 国际要闻 - US retail sales, new home construction, and API crude oil inventory data are reported. The euro - zone's current account balance increased. Malaysia's economic growth may slow due to US tariffs [15]. 国内要闻 - The US dollar/Chinese yuan exchange rate increased on August 19th. The Chinese central bank conducted a net injection of 4657 billion yuan through reverse repurchase operations. China's fiscal revenue from January to July increased slightly year - on - year, and securities transaction stamp duty increased significantly [17]. 05资金流向 - On August 19th, the futures market had a net capital outflow of 157.57 billion yuan, with 27.53 billion yuan from commodity futures and 130.04 billion yuan from stock - index futures. Agricultural product futures had a net inflow, while other sectors had net outflows [19][20]. 06套利跟踪 No relevant information provided.

Core Viewpoint - The recent fluctuations in gold prices are primarily influenced by the strength of the US dollar, geopolitical uncertainties, and expectations surrounding Federal Reserve policies, particularly ahead of the Jackson Hole symposium [1][3][9]. Group 1: Gold Price Movements - As of August 20, spot gold is trading around $3315.04 per ounce, having dropped 0.5% to close at $3315.45 on the previous day, reaching a low of $3314.80, close to the 100-day moving average support level of $3311.15 [1]. - The recent decline in gold prices is attributed to a 0.15% increase in the US dollar index, which rose to 98.27, making gold more expensive for investors holding other currencies [5]. - UBS has raised its gold price target to $3600 by March 2026, citing ongoing macroeconomic risks in the US, a decline in dollar usage, and strong investment demand, suggesting that the current drop in gold prices may be temporary [5]. Group 2: Federal Reserve Policy Impact - The Federal Reserve's policy direction is a key driver of gold price volatility, with traders estimating an 85% probability of a 25 basis point rate cut in September, which typically benefits gold due to lower opportunity costs [3]. - Market expectations are uncertain regarding Fed Chair Powell's upcoming speech at Jackson Hole, with concerns that he may downplay the likelihood of a September rate cut, potentially strengthening the dollar and exerting downward pressure on gold [3][10]. - The upcoming release of the July Fed meeting minutes is anticipated to provide insights into the US economic outlook, which could further influence gold prices depending on the Fed's hawkish or dovish stance [3][9]. Group 3: Geopolitical Factors - Geopolitical factors are also influencing gold's safe-haven appeal, with President Trump expressing hopes for a resolution to the Ukraine conflict, which could diminish gold's attractiveness as a safe asset if peace negotiations progress [6]. - However, uncertainties surrounding the willingness of parties to reach an agreement may continue to support gold prices, as any breakdown in negotiations could reignite risk aversion among investors [6]. Group 4: Macroeconomic Data - Recent macroeconomic data presents a mixed picture, with July housing starts increasing by 5.2% to 1.428 million units, while building permits fell by 2.8% to a five-year low of 1.35 million units, indicating a cautious outlook among builders [7]. - The yield curve's bear steepening reflects rising inflation expectations, which negatively impacts gold as higher yields attract funds to bonds over non-yielding assets [8]. - Stock market performance, particularly the decline in tech stocks like Nvidia by 3.5%, is also affecting gold sentiment, as investors hedge against potential hawkish signals from the Fed [8].

Group 1: Macroeconomic Data - The U.S. housing market data showed mixed results, with July single-family home starts increasing by 5.2% to 1.428 million units, driven by apartment project growth, while building permits fell by 2.8% to a five-year low of 1.35 million units, indicating low builder confidence [2] - U.S. Treasury yields declined, with the two-year yield down by 1.7 basis points to 3.754%, the ten-year down by 3.7 basis points to 4.302%, and the thirty-year down by 4 basis points to 4.902%, reflecting rising inflation expectations which are unfavorable for gold [2] - The stock market saw the Nasdaq index drop by 1.46%, influenced by concerns over tech stocks like Nvidia, while the S&P 500 fell by 0.59% and the Dow Jones remained flat, indicating cautious consumer sentiment and uncertainty regarding tariffs [2] Group 2: Federal Reserve Policy Expectations - There is an 85% probability that the Federal Reserve will cut rates by 25 basis points in September, which would typically lower the opportunity cost of holding gold [3] - Market uncertainty surrounds Fed Chair Powell's upcoming speech at the Jackson Hole symposium, with concerns that he may downplay the prospect of a September rate cut, potentially strengthening the dollar and pressuring gold prices [3] - The release of the July Fed meeting minutes is anticipated, which may provide insights into the economic outlook and influence gold prices depending on whether a hawkish or dovish stance is reinforced [3] Group 3: Geopolitical Factors - President Trump expressed hope for an end to the Ukraine conflict, suggesting that U.S. support could help ensure Ukraine's security, which could improve global risk sentiment and reduce gold's appeal as a safe-haven asset [4] - However, uncertainty remains as Trump acknowledged that Putin may be unwilling to reach an agreement, which could sustain support for gold [4] Group 4: Technical Analysis - The daily chart indicates that gold prices have entered a short-term corrective phase after a significant drop, with a strong bearish trend continuing as evidenced by four consecutive bearish candles [6] - Key resistance levels are identified at 3328/3329 and 3345/3346, while support is noted at 3309 and 3268, indicating a bearish outlook for short-term trading strategies [6][8] - The four-hour chart confirms a continuation of the bearish trend, with a focus on selling at higher levels, particularly below the previous high of 3345/3346 [8][9]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report presents a comprehensive overview of the overnight and spot market conditions of multiple commodities, including palm oil, soybeans, and related products, along with important fundamental information on weather, international and domestic supply - demand, macroeconomic news, and capital flows in the market. It details price changes, production, consumption, and trade data to assist in understanding the market trends of these commodities [1][2][8]. Summary by Directory 1. Overnight Market Conditions - Overnight closing prices and percentage changes of various commodities such as Malaysian palm oil, Brent crude, US crude, US soybeans, and related products are provided. Also, the latest prices and percentage changes of currency indices and exchange rates are given [1]. 2. Spot Market Conditions - Spot prices, basis, and basis changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are presented. CNF quotes and changes of imported soybeans from different origins are also included [2]. 3. Important Fundamental Information 3.1产区Weather - US soybean - producing states' future weather (August 20 - 24) shows that most areas will have above - normal temperatures and half of the regions will have precipitation close to the median. The Midwest will experience temperature increases and varying precipitation patterns, which may impact crops differently [4][6]. 3.2 International Supply - Demand - Malaysian palm oil exports from August 1 - 15 increased significantly compared to the same period in July according to AmSpec and ITS. Indonesia will crack down on illegal palm plantation activities. CFTC持仓 reports show changes in positions of various agricultural products. North American field surveys on corn and soybeans will be conducted. NOPA data indicates US soybean crushing and soybean oil inventory in July. Canadian and Ukrainian agricultural production and harvest progress are also reported. The Baltic Dry Bulk Freight Index shows different trends for different types of ships [8][9][10]. 3.3 Domestic Supply - Demand - On August 15, the trading volume of soybean oil and palm oil decreased significantly compared to the previous day. The trading volume of soybean meal also changed, and the oil mill's开机 rate decreased slightly. The actual soybean crushing volume in the 33rd week was lower than expected. Pig - raising profits and agricultural product wholesale prices showed certain changes [14][15]. 4. Macroeconomic News 4.1 International News - US economic data such as inflation expectations, manufacturing index, consumer confidence index, retail sales, import prices, industrial output, and business inventory are reported [17]. 4.2 Domestic News - The RMB exchange rate, central bank's open - market operations, national economic data, monetary policy report, and a WTO lawsuit against Canada are presented [19]. 5. Capital Flows - The capital flow data of major futures varieties on August 15 are provided, including the net inflow and outflow of funds in different types of futures such as commodity futures and stock index futures [21][22]. 6. Arbitrage Tracking No relevant content provided.