Core Viewpoint - The impact of war on financial and commodity markets is fundamentally characterized by extreme pricing that deviates from conventional financial frameworks, where political logic dominates economic logic and monetary credit logic takes precedence over monetary policy logic [3][7]. Group 1: Initial Phase of War - The core transmission path during the early phase of war involves inflation and liquidity squeeze, driven by geopolitical crises leading to soaring oil prices and rising military spending expectations, which subsequently create systemic liquidity pressures in capital markets [4][12]. - The geopolitical crisis leads to a significant rise in global inflation expectations, which, combined with increased military spending, raises global bond yields and results in liquidity tightening across markets [12][14]. Group 2: Mid-War Phase and Currency Credit - As uncertainty escalates during the mid-war phase, the original monetary credit framework may fail, shifting market pricing anchors towards physical assets, with safe-haven and energy substitution logic providing underlying support for strategic commodities [5][18]. - The market's pricing behavior during war follows an extreme order of survival, safety, credit, and profit, indicating that conventional financial frameworks may experience a degree of failure, with geopolitical factors dictating resource allocation and monetary credit influencing asset distribution [8][19]. Group 3: Historical Context and Asset Changes - The Iran-Iraq War (1980-1988) serves as a reference for changes in commodity assets, illustrating how geopolitical conflicts can disrupt global energy supply chains and impact asset pricing [38][37]. - Historical examples, such as the Gulf War and the Iran-Iraq War, demonstrate that extreme geopolitical events can lead to significant price surges in oil and gold, often detached from underlying supply-demand fundamentals [7][41]. Group 4: Energy Transition and Strategic Resources - The logic of energy substitution is not merely a transition from old to new energy sources; rather, it is driven by supply shortages caused by war and energy crises, prompting the adoption of emergency alternative technologies [35][36]. - Countries are increasingly focusing on resource protection and stockpiling strategies, which will drive prices for physical assets like precious metals, energy, and food [32][35]. Group 5: Future Scenarios and Market Implications - The current geopolitical situation, particularly regarding the Strait of Hormuz, will significantly influence the dynamics of the commodity market, with potential scenarios ranging from temporary supply disruptions to prolonged physical blockades [56][57]. - The potential for a global energy crisis could lead to significant price increases for oil and other commodities, with the market reacting to both supply chain disruptions and inflationary pressures [58][59].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The market is significantly affected by geopolitical conflicts, especially the situation in the Middle East, which has led to increased volatility in various commodity prices. - Different industries show different trends and characteristics under the influence of geopolitical factors, supply - demand relationships, and cost changes. 3. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: Although the market declined across the board, it showed resilience. The Middle East situation will cause short - term market fluctuations, but the trend of artificial intelligence may drive the stock index to rise in the medium term. It is recommended to go long at low levels while controlling risks [20][21]. - **Treasury Bond Futures**: The price of treasury bond futures fell on Monday. Due to factors such as inflation data and geopolitical events, it is recommended to maintain a bearish view in the short term and try to short TS and TF contracts at high levels [24][25]. Agricultural Products - **Protein Meal**: After the short - term bullish factors are fully reflected, the market shows a downward trend. It is recommended to be cautious due to the upcoming monthly supply - demand report and large fundamental pressure [27][28]. - **Sugar**: International sugar prices are expected to be strong, while domestic sugar prices are expected to be bottom - oscillating in the long - term and short - term strong due to factors such as production expectations and oil prices [30][31][32]. - **Oilseeds and Oils**: The Middle East geopolitical conflict is the focus. The market expects a reduction in production and inventory in February. It is recommended to be long in the short - term and consider reverse arbitrage opportunities [33][34][35]. - **Corn/Corn Starch**: The spot price in the production area is strong, and the futures price is expected to be high - oscillating. It is recommended to go long on the callback of the 05 contract [36][37]. - **Hogs**: The overall supply pressure is obvious, and the futures price is expected to oscillate. It is recommended to wait and see [39][40]. - **Peanuts**: The spot price is stable, and the futures price is bottom - oscillating. It is recommended to go long lightly at low levels [42][43]. - **Eggs**: The enthusiasm for culling hens has decreased, and the egg price has rebounded slightly. It is recommended to go short on the June contract [45][47]. - **Apples**: The inventory has decreased, and the price is relatively strong. It is recommended to wait and see due to the high price of the May contract [49][50]. - **Cotton - Cotton Yarn**: The cotton price has strong support below and is expected to be oscillating and strong. It is recommended to go long at low levels [52][54]. Ferrous Metals - **Steel**: Affected by geopolitical factors, the steel price continues to oscillate. It is recommended to maintain an oscillating view and consider shorting the coil - coal ratio and the coil - screw spread [56][57]. - **Coking Coal and Coke**: The price fluctuates greatly, and it is recommended to wait and see. The price is expected to follow the trend of oil and gas in the short term [58][59][60]. - **Iron Ore**: Supply disturbances have reappeared, and the ore price is oscillating. It is recommended to wait and see [61][62]. - **Ferroalloys**: The short - term driving force is strong, but the profit - loss ratio has decreased. It is recommended to take partial profit on long positions [63][64]. Non - Ferrous Metals - **Gold and Silver**: The risk sentiment has initially improved. The price is expected to oscillate in the near - term range. It is recommended to go long cautiously at low levels near the 20 - day moving average [66][67]. - **Platinum and Palladium**: The conflict has temporarily eased, and the price is oscillating. It is recommended to go long cautiously at low levels and wait for the opportunity to go long on the platinum - palladium spread at a low level [69][70]. - **Copper**: The conflict has eased, and the copper price has recovered. It is recommended to buy after the price stabilizes after the correction [71][72]. - **Alumina**: The increase in freight affects the ore end. It is recommended to go short at high levels [73][76]. - **Electrolytic Aluminum**: Affected by geopolitical conflicts, the price fluctuates widely. It is recommended to wait and see [76][77]. - **Cast Aluminum Alloy**: It oscillates widely with the aluminum price. It is recommended to wait and see [79]. - **Zinc**: Be vigilant about the impact of capital on the zinc price. It is recommended to hold long positions and buy at low levels [80][82]. - **Lead**: It oscillates in a range. It is recommended to buy at low levels and sell at high levels [83][85]. - **Nickel**: The market is dominated by macro factors. It is recommended to wait for the macro sentiment to stabilize before buying [86][88]. - **Stainless Steel**: Supported by cost, it follows the nickel price. It is recommended to wait for the macro sentiment to stabilize before buying [89][92]. - **Industrial Silicon**: It oscillates in a range. It is recommended to operate within the range [93][94]. - **Polysilicon**: The spill - over effect of the Iran event is limited, and the price is oscillating weakly. It is recommended to be cautious about going long and pay attention to the positive arbitrage opportunity [95][96]. - **Lithium Carbonate**: Affected by the macro environment, it oscillates at a high level. It is recommended to buy after the price stabilizes after the correction [97][99]. - **Tin**: Trump's remarks have alleviated the long - term war concerns, and the tin price is expected to oscillate. It is recommended to wait and see [100][101]. Shipping and Carbon Emissions - **Container Shipping**: The freight rate in the second half of March is becoming clearer. It is recommended to wait and see due to the large risk [102][103][105]. - **Dry Bulk Freight**: The short - term capacity allocation impacts other routes. It is necessary to pay attention to the development of the geopolitical conflict [105][107]. - **Carbon Emissions**: The domestic low - carbon policy continues, and the EU carbon price is affected by the regional situation. The domestic carbon price is expected to be oscillating and strong in the short - term, while the EU carbon price is expected to be oscillating at a low level [108][111][112]. Energy and Chemicals - **Crude Oil**: The market is trading on Trump's TACO. The price is expected to oscillate at a high level. It is recommended to wait and see [114][115]. - **Asphalt**: Affected by geopolitical conflicts, the cost fluctuates greatly. It is recommended to take profit on long positions of BU2606 and pay attention to geopolitical risks [117][118][119]. - **Fuel Oil**: The geopolitical risk fluctuates greatly. It is recommended to take profit on long positions of FU2605 and pay attention to short - term geopolitical fluctuations [120][121][122]. - **LPG**: It follows the oil price. It is expected to be oscillating weakly [123][124]. - **Natural Gas**: The geopolitical risk is repeated, and the price fluctuates violently. It is recommended to wait and see [125][126][127]. - **PX & PTA**: The PX maintenance season is coming, and some plants are reducing production preventively. The aromatics sector is expected to be driven upwards. It is recommended to be long while preventing the risk of a decline [129][130][131]. - **BZ & EB**: The refineries' preventive production cuts affect the supply of aromatic products. The aromatics sector is expected to be driven upwards. It is recommended to be long while preventing the risk of a decline [132][133]. - **Ethylene Glycol**: The Iranian plant has stopped production, and the Middle East import supply is affected. The supply - demand structure is expected to improve, and it is recommended to be long in a wide - range oscillation [134][135][136]. - **Short - Fiber**: It follows the cost and strengthens. It is recommended to be long while preventing the risk of a decline and consider shorting the processing fee at high levels [138][140]. - **Bottle Chips**: The factory load is gradually recovering. It is recommended to be long while preventing the risk of a decline [141]. - **Propylene**: The main raw material price has risen, and the supply - demand side is supported. It is recommended to pay attention to the Middle East situation and be long while preventing the risk of a decline [143][144]. - **Plastic PP**: The global PP weekly operating rate has declined. It is recommended to hold long positions in L and PP and short the spread between L2605 and PP2605 [145][146]. - **Caustic Soda**: The price fluctuates greatly. It is expected to be oscillating and strong in the short - term [149][150]. - **PVC**: It oscillates mainly. It is recommended to go long at low levels and not chase the high price [151][152]. - **Soda Ash**: The price fluctuates greatly. It is expected to be oscillating at a high level in the short - term [153][155]. - **Glass**: The price fluctuates greatly. It is recommended to short at high levels [156][157]. - **Methanol**: It oscillates in a wide range. It is recommended to hold positions cautiously [159][160]. - **Urea**: It follows the upward trend. It is recommended to hold positions cautiously and consider selling put options on the correction [161][162]. - **Pulp**: Pay attention to the impact of crude oil on the pulp transportation cost. It is recommended to operate cautiously within the range [164][168]. - **Logs**: The spot price is strong, and it is recommended to go long at low levels [169][171]. - **Offset Printing Paper**: High inventory suppresses the paper price. It is recommended to go short at high levels [172][173]. - **Natural Rubber and No. 20 Rubber**: The electricity consumption in the Thai rubber industry has decreased marginally. It is recommended to wait and see [175][176][177]. - **Butadiene Rubber**: The butadiene port inventory has increased. It is recommended to hold long positions in the BR 05 contract and short the spread between BR2605 and RU2605 [179][180].

Core Insights - The report highlights that the coal and coal chemical industries are expected to benefit from ongoing geopolitical conflicts, suggesting a favorable market environment for these sectors [4][10]. Industry Overview - The domestic coal market is experiencing a recovery in production levels, with downstream industries maintaining essential inventory replenishment. As of March 6, the spot price of thermal coal in the Bohai Rim was 751 CNY/ton, reflecting a weekly increase of 1.21% [10]. - Metallurgical coal prices are under pressure, with some steel mills reducing procurement prices for coke by 50-55 CNY/ton due to environmental regulations during major meetings. The price of main coking coal at Jingtang Port was 1580 CNY/ton, down 4.82% week-on-week [10]. - The geopolitical tensions in the Middle East are increasing the cost of imported coal, while domestic coal supply is gradually recovering. The report suggests that if conflicts in the region escalate, the domestic coal chemical industry may gain a competitive advantage [10]. Investment Recommendations - The report recommends focusing on companies with significant overseas production capacity, such as Yanzhou Coal Mining Company and Guanghui Energy, as well as those closely related to coal chemicals like China Coal Energy and Lanhua Sci-Tech. Other companies with strong investment value include Jinneng Holding, Huayang Co., Shanxi Coal International, and others [10].

Core Viewpoint - Saudi Arabia has begun to cut oil production due to saturated storage facilities, leading to a significant rise in international oil prices, which have increased by approximately 60% since the escalation of the US-Iran conflict [1][3]. Group 1: Oil Price Impact - On March 9, international oil prices surged, with Brent crude reaching a peak of $119.5 per barrel, marking a substantial increase [1]. - The rapid increase in oil prices has led to a rise in costs for petrochemical products and disrupted the price relationship between crude oil and other energy products, causing a broad increase in the energy market [1][5]. - The coal and oilseed sectors have seen significant price increases, with coal and oilseed futures rising by 7.53% and 6.09%, respectively, following the oil price surge [5]. Group 2: Energy Market Dynamics - The relationship between crude oil and other commodities, such as coal and vegetable oils, is influenced by the rising oil prices, which enhance the attractiveness of alternatives like coal for producing chemicals [5][7]. - The economic viability of coal chemical processes improves significantly when Brent crude prices exceed $80 per barrel, indicating a strong profitability zone for coal-based production [5]. - The geopolitical tensions in the Middle East have increased the appeal of vegetable oils, such as palm oil, as raw materials for biodiesel, leading to a spike in palm oil futures [7][8]. Group 3: Supply Chain and Market Risks - The ongoing conflict in the Middle East poses risks to the supply chain, potentially affecting domestic markets, including livestock feed costs, as rising oil prices impact the prices of feed ingredients like soybean meal [8][10]. - Despite the short-term price increases in coal and oilseed futures, the underlying supply-demand dynamics and external uncertainties could lead to increased volatility in these markets [10][12]. - The domestic coal market remains largely self-sufficient, with a 90% self-supply ratio, which may mitigate some external price pressures compared to oil products [12].

Investment Rating - The report maintains an "A" rating for the coal industry, indicating an expectation of outperforming the market [1]. Core Insights - The report highlights that geopolitical tensions and rising international shipping costs are increasing the cost of imported coal, while domestic coal supply is gradually recovering. The ongoing conflicts in the Middle East are expected to enhance the advantages of the domestic coal chemical industry [4][7]. - The report notes that the demand for thermal coal remains stable as downstream industries continue to replenish their inventories, with prices showing an upward trend [4]. - The metallurgical coal market is experiencing a weak and stable operation, with the first round of price reductions for coke initiated during a major conference period [5]. Summary by Sections 1. Thermal Coal - As of March 6, the spot reference price for thermal coal in the Bohai Rim is 751 RMB/ton, with a weekly change of +1.21%. The Qinhuangdao port price is 743 RMB/ton, with a weekly change of -1.07%. Coal inventory at nine ports in the Bohai Rim is 23.44 million tons, down 4.73% week-on-week [4]. 2. Metallurgical Coal - The first round of price reductions for coke has begun, with some steel mills in Hebei reducing procurement prices by 50-55 RMB/ton. The market is currently weak and stable. As of March 6, the main coking coal price at Jingtang Port is 1580 RMB/ton, down 4.82% week-on-week [5]. - The total inventory of coking coal at independent coking plants and sample steel mills is 7.96 million tons and 7.76 million tons, respectively, with week-on-week changes of -4.01% and -2.12% [5]. 3. Investment Recommendations - The report suggests that companies such as Yanzhou Coal Mining Company and Guanghui Energy, which are well-positioned in overseas capacity, as well as those closely related to coal chemicals like China Coal Energy and Lanhua Sci-Tech, are worth attention. Other companies like Jinko Coal Industry, Huayang Co., Shanxi Coal International, and others also show strong investment value [7].

Core Insights - The report highlights that the geopolitical conflict between the US and Iran has shifted market focus from traditional economic cycles to supply security and strategic resource assurance, with oil and shipping sectors being the main areas of concern [3][4][31] - The impact of the conflict on the A-share market is primarily transmitted through risk appetite, commodity prices, and supply chain disruptions, with short-term negative effects expected if the conflict escalates [6][7][33] Geopolitical Conflict and Market Dynamics - The ongoing US-Iran conflict has led to a reassessment of global energy and trade systems, with market participants focusing on the vulnerabilities of various supply chains under extreme conditions [4][31] - Oil prices are seen as a surface variable, while deeper concerns revolve around energy supply security, particularly as the conflict disrupts oil supply expectations [5][31] Sector-Specific Impacts - The oil and gas sector, along with shipping, are expected to benefit from the current geopolitical tensions, particularly if the Strait of Hormuz remains blocked, leading to a revaluation of industry costs and energy alternatives [6][7][33] - Historical data indicates that military conflicts typically result in short-term impacts on the A-share market, with defense sectors often outperforming in the immediate aftermath of conflict [33][34] Investment Strategy Outlook - The report suggests that if the conflict de-escalates quickly, there could be a recovery in risk appetite and a return to normal liquidity conditions, which would benefit sectors like TMT (technology, media, telecommunications) and healthcare [11][13] - Conversely, if the conflict persists, the market may face prolonged high oil prices and a revaluation of risk assets, particularly affecting high-valuation sectors like technology [14][27] Historical Context and Future Projections - The report reviews past conflicts and their impacts on the A-share market, noting that the first trading day after major conflicts typically sees a decline, with an average drop of 1.1% [34][37] - Future scenarios include potential rapid resolutions leading to asset recovery, prolonged conflicts resulting in sustained high oil prices, or escalations into broader regional wars, each with distinct implications for market dynamics [10][21][14]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9] Core Insights - The ongoing conflict between the US and Iran is expected to drive up coal demand due to rising oil and gas prices, which have increased by 36% and 66% respectively since the conflict began [7][16] - Global coal consumption could increase by approximately 167 million tons, accounting for 2.2% of the total global thermal coal consumption in 2025, while China's coal consumption may rise by about 59 million tons, representing 1.4% of its total thermal coal consumption in 2025 [6][16] Summary by Sections Market Performance - The coal index (Yangtze) rose by 3.94%, outperforming the Shanghai and Shenzhen 300 index by 5.01 percentage points, ranking 2nd out of 32 industries [6][41] - As of March 6, the market price for thermal coal at Qinhuangdao was 743 RMB/ton, a slight decrease of 2 RMB/ton week-on-week [6][36] Demand and Supply Analysis - The report highlights that the increase in oil and gas prices has led to a heightened focus on energy security, making coal a key alternative energy source [7][16] - The report anticipates that the ongoing geopolitical tensions will lead to panic buying of coal, potentially causing prices to rise beyond expectations [6][16] Coal Demand Drivers - The report estimates that the coal chemical and coal power sectors could see increased demand, with coal chemical consumption potentially rising by 49.57 million tons in China, which is 1.1% of its 2025 thermal coal consumption [24][27] - For global coal power demand, the report suggests that disruptions in LNG supply through the Strait of Hormuz could lead to an increase in coal consumption by approximately 8.486 million tons, which is 1.1% of global thermal coal consumption in 2025 [27][28] Investment Recommendations - The report suggests focusing on coal sector investment opportunities, particularly in companies like Yancoal Energy (H+A), China Shenhua (H+A), and Shaanxi Coal and Chemical Industry [8]

Core Viewpoint - The article discusses the fuel supply crisis in Myanmar due to geopolitical tensions, leading to the implementation of a strict odd-even fuel rationing system for private vehicles, while electric vehicles are exempt from these restrictions [5][8][9]. Group 1: Fuel Rationing and Crisis - The Myanmar government announced a strict odd-even fuel rationing system starting March 7, 2026, limiting vehicle access based on license plate numbers [5][6]. - Electric vehicles and essential service vehicles are exempt from the rationing, allowing them unrestricted access [8][9]. - The crisis is attributed to escalating geopolitical conflicts, particularly in the Middle East, which have disrupted global oil supply chains [10][12]. Group 2: Supply Shortages and Market Reactions - Myanmar relies on imports for 90% of its fuel, and ongoing internal conflicts have weakened its energy supply chain [12][13]. - The military government claims to have sufficient reserves, with approximately 60 million gallons of gasoline and 70 million gallons of diesel, enough for about 40 days of consumption [15]. - Despite official reassurances, public anxiety is rising, with long queues at gas stations becoming common, and reports of fuel shortages spreading across the country [20][22]. Group 3: Public Sentiment and Economic Impact - Residents express concerns that the odd-even rationing will increase living costs, particularly in urban areas heavily reliant on cars [28][31]. - The policy has sparked criticism on social media, with many questioning the government's fuel reserve strategy and its impact on businesses and daily life [32][33]. - The crisis has led to a surge in black market fuel prices, with significant price increases reported in various regions [26][27]. Group 4: Cross-Border Fuel Dynamics - The fuel crisis has prompted residents near the Thai border to seek fuel across the border, causing traffic congestion and long queues at Thai gas stations [34][36]. - The Thai government is monitoring the situation, emphasizing its own fuel reserves while facing pressure from increased cross-border fuel purchases by Myanmar residents [39]. Group 5: Electric Vehicle Market Dynamics - Electric vehicle owners benefit from the crisis, as they are not subject to fuel rationing, highlighting the government's push for energy alternatives [41][43]. - The promotion of electric vehicles began in late 2022, with policies aimed at reducing fuel import dependency and encouraging local production [44][45]. - However, challenges remain, including inadequate charging infrastructure and regulatory issues that favor certain market players, potentially hindering broader adoption [46][52][55].

Summary of Conference Call Records Company and Industry Involved - **Company**: 北方国际 (Northern International) - **Industry**: Energy, specifically focusing on natural gas and coal markets Key Points and Arguments 1. **Impact of Energy Crisis on Commodity Prices** The ongoing energy crisis, exacerbated by geopolitical tensions such as the US-Israel conflict, has significantly increased commodity prices, particularly natural gas. Qatar Energy, the world's largest LNG producer, has halted production due to military attacks, leading to a surge in European and Asian natural gas prices. As of March 2, 2026, the European LNG benchmark price (TTF) for April futures closed at €44.5 per megawatt-hour, reflecting a 39.26% increase [1] 2. **Croatian Electricity Market Integration** The Croatian electricity market has become deeply integrated into the Central European energy landscape. The rising TTF natural gas futures prices due to geopolitical tensions are expected to continue pushing Croatian electricity market prices upward. The previous round of the Russia-Ukraine conflict had already driven European electricity prices higher, with the Croatian project reporting over 400 million in profits for the year 2022. There is a focus on the potential earnings elasticity for this year [1] 3. **Expectations for Coking Coal Prices** There is an anticipated upward trend in coking coal prices due to the global energy crisis, which may trigger energy substitution mechanisms. As of March 2, 2026, the DCE coking coal price was at 1,094 yuan per ton, showing low-level fluctuations. The company operates an integrated model in Mongolia encompassing mining services, logistics, customs warehousing, and coking coal trading, with sales prices anchored to domestic coking coal futures and port spot indices. As coking coal prices and trade volumes are expected to bottom out by 2025, the company's profits may increase as prices rise [2][3] 4. **Bangladesh Thermal Power Project Progress** The Bodouakali coal-fired power plant project in Bangladesh is nearing completion, with the EPC engineering construction progress at 99.90% as of December 31, 2025. The first unit has completed reliability operations and is ready for commercial operation, while the second unit has completed all network-related tests. If the project transitions to operational status in early 2026, it is expected to contribute significantly to profits [3] Other Important but Possibly Overlooked Content - The potential for profit elasticity in the Croatian wind power project is highlighted, indicating a strategic focus on renewable energy amidst rising fossil fuel prices [1] - The integrated operational model in Mongolia may provide a competitive advantage in the coking coal market, allowing for better price management and profit realization as market conditions improve [3]

在默茨开启本次中东之行前，德国经济和能源部长卡特琳娜·赖歇已提前抵达沙特，并与沙特签署了一份备忘录，包括计划中的氢能协议，以深化 两国能源关系。赖歇表示："当我们依赖数十年的合作伙伴关系开始变得脆弱时，我们必须寻找新的合作伙伴。" 据德国政府统计，去年德国96%的液化天然气进口来自美国。虽然这一数字仅占该国天然气进口总量的约1/10，但未来几年美国的能源份额预计 将大幅上升，部分原因是欧盟同意在2028年底前从美国购买价值7500亿美元的能源，作为其与特朗普政府贸易协议的一部分。 随着美国与欧洲国家之间的关系日益紧张，德国政界人士越来越多地推动默茨寻找新的能源替代方案。默茨认为，欧洲国家必须紧紧拥抱自身硬 实力，建立包括中东国家在内的新全球贸易联盟，否则将面临他国胁迫。 【环球时报驻德国特约记者 青木】当地时间5日，德国总理默茨抵达卡塔尔首都多哈。前一日他刚结束对沙特的访问，6日他将在访问完最后一站 阿联酋后返回德国。美国"政治新闻网"评论称，默茨正寻求减少德国对美国这个已不再可靠的伙伴的依赖。 综合德新社、德国广播电台等媒体报道，默茨此行率领了一个规模不小的商务代表团，代表团成员包括空客首席执行官纪尧姆·福 ...