1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, oil prices continued to rebound driven by geopolitical risks, but the asphalt futures market did not follow the oil price increase, showing a wide - range oscillatory trend. The asphalt is currently at a significant premium relative to crude oil, and the short - term price increase cannot drive the futures market to rise continuously. Also, the increase in spot prices has not improved downstream trading, and the fundamentals lack support [8]. - The cost increase caused by tight raw materials is expected to continue. The change in Venezuela's crude oil export model may end the previous large - discount situation, which will increase the cost pressure on some local refineries, restrict the industry's operating rate, and support the asphalt futures market from the supply side [8][54]. - The driving factor in the crude oil market has shifted to geopolitics. The uncertainty of US President Trump's attitude towards military action against Iran intensifies market volatility. Overall, the asphalt futures market is expected to continue its wide - range oscillation. If oil prices experience a significant correction, the asphalt price may test the previous low [8][54]. 3. Summary by Directory 3.1 Report Summary - **Key Data**: As of January 14, the operating rate of domestic asphalt sample enterprises was 27.2%, up 1.8 percentage points from the previous statistical period. As of January 16, the weekly asphalt production in China was 488,000 tons, an increase of 29,000 tons from the previous week. The factory inventory of domestic asphalt sample enterprises was 622,000 tons, an increase of 38,000 tons from the previous week. The social inventory of domestic asphalt sample enterprises was 815,000 tons, an increase of 31,000 tons from the previous week [8]. - **Trading Strategy**: It is recommended to focus on the range of 3,100 - 3,250 yuan/ton for the BU2603 contract [9]. 3.2 Multi - Air Focus - **Bullish Factors**: Raw material disturbances and geopolitical disturbances [13]. - **Bearish Factors**: Weakening demand [13]. 3.3 Macroeconomic Analysis - **Geopolitical Risks**: The US has threatened to strike Iranian military targets, imposed a 25% tariff on Iran's trading partners, and there are uncertainties about potential military actions. Geopolitical factors will continue to affect oil prices, and the actual impact on oil prices depends on whether the geopolitical conflict causes a substantial loss in crude oil supply, which is expected to increase market volatility [14]. - **Supply and Demand Forecast**: EIA has raised the average price forecast for Brent and WTI crude oils in 2026 and 2027, and expects US crude oil production to decline. OPEC maintains the global crude oil demand growth forecast, and OPEC + crude oil production decreased month - on - month in December. Russia's crude oil production decreased slightly but remained stable [15]. 3.4 Supply - Demand Analysis - **Supply**: As of January 16, the weekly asphalt production in China was 488,000 tons, an increase of 29,000 tons from the previous week. The operating rate of asphalt sample enterprises was 27.2% as of January 14, up 1.8 percentage points from the previous statistical period. The refinery operating rate is in a seasonal decline trend, and the supply pressure is expected to decrease [16][23]. - **Demand**: As of January 16, the weekly asphalt shipment volume in China was 317,000 tons, an increase of 3,000 tons from the previous statistical period but a year - on - year decrease of 100,000 tons. The demand is expected to remain weak. The utilization rate of modified asphalt production capacity increased slightly but is expected to remain low in the first quarter [26][29]. - **Inventory**: As of January 16, the factory inventory of domestic asphalt sample enterprises was 622,000 tons, an increase of 38,000 tons from the previous week. The social inventory was 815,000 tons, an increase of 31,000 tons from the previous week, and it has been accumulating for four consecutive weeks [36][43]. - **Spread**: As of January 16, the weekly profit from processing diluted asphalt in China was 148 yuan/ton, up 24 yuan/ton from the previous week. As of January 15, the domestic asphalt basis was 33 yuan/ton. As of January 14, the asphalt - to - crude oil ratio was 51.92, and the asphalt cracking spread decreased significantly month - on - month [52]. 3.5 Future Outlook - The asphalt futures market is expected to continue its wide - range oscillation. If oil prices experience a significant correction, the asphalt price may test the previous low. It is recommended to focus on the range of 3,100 - 3,250 yuan/ton for the BU2603 contract [54].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report -受地缘政治扰动，本周原油价格先涨后跌，整体呈震荡偏强走势。地缘政治主导短期油价走势，虽地缘风险短暂下降但未消除，不确定性大，盘面波动将加大。当前市场供应过剩，若供应端无实质性损失，盘面将快速回落。建议先观望 [9][44] 3. Summary by Directory Report Summary - 美国威胁对伊朗采取军事行动，开始出售委内瑞拉原油，且美国原油产量环比下降 [7][8] - 美国至1月9日当周EIA原油库存339.1万桶，预期 - 170.2万桶，前值 - 383.2万桶；EIA俄克拉荷马州库欣原油库存74.5万桶，前值72.8万桶；EIA战略石油储备库存21.4万桶，前值24.5万桶 [8] Multi - Empty Focus - 多方因素为地缘政治扰动；空方因素为委内瑞拉向美国移交原油和供应过剩预期 [11] Macro Analysis - 地缘政治对油价扰动延续，美国加速向中东部署军事力量，特朗普保留所有选项，实际影响取决于是否造成原油供应实质性损失，预计盘面波动加剧 [12] - EIA上调美、布两油今年均价预期，预计美国原油产量将下降，2026年降幅不足1%，2027年降幅为2% [13] - OPEC维持全球原油需求增长预期，OPEC + 12月原油总产量环比减少23.8万桶/日至4283万桶/日 [13] - 俄罗斯2025年原油日产量同比下降约0.7%至912.9万桶，产量基本稳定 [13] Supply and Demand Analysis Supply - 截至1月9日当周美国国内原油产量环比减少5.8万桶至1375.3万桶/日，预计随需求淡季来临仍有下降压力 [14] - 截至1月9日当周美国国内原油钻井总数409口，前值412口，整体维持低位，预计年内仍将维持低位 [16] Demand - 美国至1月9日当周炼油厂开工率为95.3%，环比回升0.6个百分点，一季度面临季节性下降压力 [18] - 12月欧洲16国炼厂开工率为85.78%，环比回升2.02个百分点，面临季节性下降压力 [22] - 截至1月15日，国内主营炼厂开工率为77.24%，较上一统计周期回升0.26个百分点，有望回升；地炼开工率为61.01%，较上一统计周期下降0.32个百分点，春节前有望保持高位，节后预计下降 [27] Profit - 截至1月16日，国内主营炼厂综合炼油利润762.34元/吨，较上一统计周期回升84.88元/吨；地炼综合炼油利润279.26元/吨，较上一统计周期下降89.53元/吨 [31] Inventory - 美国至1月9日当周EIA原油库存339.1万桶，预期 - 170.2万桶，前值 - 383.2万桶；EIA战略石油储备库存21.4万桶，前值24.5万桶，炼厂检修或致库存累库 [36] - 美国至1月9日当周EIA俄克拉荷马州库欣原油库存74.5万桶，前值72.8万桶；EIA汽油库存为251.01百万桶，较上一统计周期增加898万桶 [40] Crack Spread - 截至1月14日美国海湾路易斯安那低硫原油裂解价差为21.18美元/桶，本周环比下降，因炼厂开工率高且下游需求淡季，汽油库存累库 [41] Future Market Judgment - 地缘政治主导短期油价走势，不确定性大，盘面波动将加大，若供应端无实质性损失，盘面将快速回落 [44]

Core Viewpoint - The energy market is experiencing significant volatility due to geopolitical tensions involving Iran and the U.S., with traders concerned about potential military actions and their impact on oil supply [1]. Group 1: Market Reactions - Oil prices surged to multi-month highs earlier in the week amid speculation of imminent attacks on Iran, but dropped sharply as President Trump appeared to back off from military action [1]. - Traders are preparing for further price fluctuations, influenced by both oversupply and geopolitical tensions that could disrupt supply [1][3]. - The market's reaction to geopolitical events has been swift, with price increases followed by rapid sell-offs when fundamental conditions remain unchanged [3]. Group 2: Supply and Demand Dynamics - Despite geopolitical concerns, there have been no significant changes in oil production from key Gulf producers, and supply from the Gulf to international markets remains stable [3][4]. - The outlook for oil prices is contingent on whether geopolitical tensions escalate to disrupt Iranian oil production, which currently stands at approximately 3 million barrels per day [3][4]. Group 3: Price Predictions - Analysts predict that oil prices will be supported by global economic acceleration, with Brent crude oil price forecasted to reach $75 per barrel by year-end, representing a 16% premium over current levels [5][6]. - Geopolitical events are expected to prevent significant price declines, but anticipated oversupply is likely to hinder substantial price rebounds [6][7]. Group 4: OPEC's Position - The situation in Venezuela raises questions about OPEC's influence on oil supply and how it will respond to potential increases in Venezuelan production under U.S. control [7]. - Analysts are curious about OPEC's strategy in managing production quotas and its response to the shifting dynamics of member countries' oil sectors [7].

Group 1 - The core issue revolves around the control dispute of Nexperia, a semiconductor company, which has drawn significant attention from the Chinese and Dutch governments, as well as businesses since October last year [2] - The Dutch government's freezing of Nexperia's shares is linked to the U.S. Department of Commerce's entity list and the 50% ownership penetration rule, which has led to severe disruptions in the global automotive supply chain [2][3] - The legal basis for the Dutch government's actions is the Dutch Supply of Materials Act, which has rarely been invoked, making the upcoming court ruling crucial for the future of Nexperia [2] Group 2 - The ongoing legal battle is expected to see the Dutch government support the European management of Nexperia, which could set a precedent for foreign investment reviews and government scrutiny of investments made years prior [3] - The chairman of Nexperia's parent company, Wingtech Technology, emphasized that the essence of the Nexperia issue is rooted in geopolitical tensions and global technology competition, framing the Dutch actions as a form of "national expropriation" [3] - There is a call for the Dutch government to withdraw its administrative orders to alleviate concerns over chip shortages globally, highlighting the need for a resolution to restore confidence in international investments [2]

格陵兰岛周边地缘政治局势近日持续升温。最新视频画面显示，法国、挪威军人15日已登上格陵兰岛。 美国白宫新闻秘书莱维特当日表示，欧洲派兵不会影响美国总统特朗普得到格陵兰岛的目标。 （文章来源：新华社） 法国总统马克龙15日表示，法国决定参与由丹麦在格陵兰岛发起的"北极耐力"军事演习，首批法国士兵 已抵达格陵兰岛，未来几天还会有更多法国士兵前往。14日，围绕格陵兰岛，美国与丹麦举行高层会晤 却未能弥合核心分歧。与此同时，丹麦宣布加强在格陵兰岛的军事存在，瑞典、德国、法国等多国也向 格陵兰岛派遣军事力量或参与联合军事行动。 ...

Group 1: Trade Performance - Hong Kong's exports showed strong performance with a year-on-year growth of 18.8% in November and a total increase of 14.3% for the first 11 months of the previous year [1] - Exports to ASEAN countries significantly increased, with exports to Malaysia rising over 70%, Vietnam by approximately 55%, and Thailand by around 40% [1] - Traditional markets like the Netherlands and the United States also saw an increase in export figures, indicating local SMEs are actively seeking new opportunities [1] Group 2: Tourism and Retail - The number of visitors to Hong Kong increased, particularly from Gulf countries, with a nearly 80% rise in visitors [1] - Preliminary estimates suggest that the total number of visitors reached 49.9 million, a year-on-year increase of over 10%, with mainland visitors rising by more than 12% [1] - Retail sales are expected to continue growing, especially in online consumption, with the government supporting businesses in their transformation [1] Group 3: Financial Market Innovations - The Hong Kong government aims to innovate in the financial market, focusing on helping tech companies go public and expanding the Hong Kong stock market [1] - There is a commitment to develop stablecoins with a focus on safety and security to prevent misuse by criminals [1] Group 4: Gold Storage and Clearing System - The Hong Kong government is actively expanding its gold storage capacity, targeting an increase to 2,000 tons over the next three years [2] - A central gold clearing system is being established, with the Shanghai Gold Exchange invited to participate, aiming for operational launch within the year [2]

14日，围绕格陵兰岛，美国与丹麦举行高层会晤却未能弥合核心分歧。与此同时，丹麦宣布加强在格陵 兰岛的军事存在，瑞典、德国、法国等多国也向格陵兰岛派遣军事力量或参与联合军事行动，格陵兰岛 周边地缘政治局势持续升温。 转自：扬子晚报 近期，美国持续发表觊觎丹麦自治领地格陵兰岛的言论。14日，美国与丹麦在华盛顿就格陵兰岛问题会 晤后，15日，多个欧洲国家已确认向格陵兰岛派遣军事人员。"今日俄罗斯"评论称，截至目前欧洲即将 部署到格陵兰岛的大军，总人数甚至凑不满美国一间学校教室。 法国——15人德国——13人挪威——2人瑞典——3人 英国——1人芬兰——2人荷兰——1人 格陵兰岛：美丹还没谈妥 欧洲开始增兵 路透社与益普索集团14日公布的联合民调结果显示，仅17%的美国民众支持接管格陵兰岛，47%表示反 对，约三分之二的美国人担心，相关行动可能损害北约并破坏美国与欧洲国家的关系。 欧洲多国加强军事存在 美丹存"根本性分歧" 丹麦外交大臣拉斯穆森与格陵兰岛自治政府外交部长莫茨费尔特14日在华盛顿白宫同美国副总统万斯和 国务卿鲁比奥举行会晤。拉斯穆森在会晤后的联合记者会上强调，任何不尊重丹麦领土完整和格陵兰人 民自决权的 ...

1. Report Industry Investment Ratings - Crude Oil: Cautiously bearish [1] - LPG: Bearish consolidation [1] - L: Bearish consolidation [1] - PP: Bearish consolidation [1] - PVC: Bearish continuation [1] - PX/PTA: Cautiously chase long [2] - Ethylene Glycol: Cautiously bearish [2] - Methanol: Cautiously chase long [2] - Urea: Bullish with oscillations [3] - Natural Gas: Cautiously bearish [6] - Asphalt: Cautiously bearish [6] - Glass: Bearish continuation [6] - Soda Ash: Bearish continuation [6] 2. Core Views of the Report - The overall energy and chemical market is affected by multiple factors such as geopolitical situations, supply - demand relationships, and cost changes. Different products show various trends due to their unique fundamentals. For example, crude oil prices are under pressure due to supply - demand imbalances and geopolitical tensions; while some products like PX/PTA and urea have certain upward expectations under specific supply - demand and cost conditions [1][2][3]. 3. Summaries According to Related Categories 3.1 Crude Oil - **Market Performance**: Overnight, WTI dropped 4.52%, Brent dropped 4.15%, and SC rose 0.60%. As of January 2, US crude inventories decreased by 3.8 million barrels to 419.1 million barrels, gasoline inventories increased by 7.7 million barrels to 242 million barrels, and distillate inventories increased by 5.6 million barrels to 129.3 million barrels [9][10][12]. - **Main Logic**: Geopolitical tensions in the Middle East have eased, but there is still uncertainty. In the off - season, there is an oversupply of oil, with global oil inventories accelerating accumulation, and US oil and refined product inventories both increasing, leading to significant downward pressure on oil prices [11]. - **Strategy Recommendation**: In the long - term, OPEC+ is expanding production and pressing down prices, and oil prices are entering a low - price range. Pay attention to the production changes in non - OPEC+ regions. In the short - term, there may be a rebound, but in the medium - and long - term, prices are under pressure. Focus on the range of SC [430 - 445] [13]. 3.2 LPG - **Market Performance**: On January 15, the PG main contract closed at 4244 yuan/ton, up 0.24% from the previous day. Spot prices in Shandong, East China, and South China remained unchanged [16]. - **Main Logic**: The price is mainly anchored to the cost of crude oil, and in the long - term, crude oil is under pressure. The commodity volume is stable, and downstream chemical demand has resilience, providing some support. As of January 16, the inventory in refineries and ports decreased [17]. - **Strategy Recommendation**: In the long - term, due to the oversupply of upstream crude oil, the price center is expected to continue to decline. In the short - term, the cost of crude oil has increased uncertainty. Focus on the range of PG [4100 - 4200] [18]. 3.3 L - **Market Performance**: The L05 contract price increased, the basis was 0 yuan/ton, and the L59 spread was - 35 yuan/ton [20][21]. - **Main Logic**: The upstream and mid - stream are destocking. In the short - term, it will follow the cost and fluctuate weakly. The shutdown ratio has risen to 14%, and the planned device maintenance is increasing this week, with expected production decline. The inventory of Sinopec and PetroChina has decreased to a low level in the same period. Considering the short - term supply - demand contradiction is not prominent and the chemical sector is in a bullish atmosphere, the market is expected to repair profits [22]. - **Strategy Recommendation**: Focus on the range of L [6800 - 6950] [22]. 3.4 PP - **Market Performance**: The PP05 contract price was stable, the basis was - 117 yuan/ton, and the PP59 spread was - 43 yuan/ton [24][25]. - **Main Logic**: The total commercial inventory is being destocked. In the short - term, it will follow the cost and fluctuate weakly. In January, the demand side is entering the off - season, the shutdown ratio is 19%, and the short - term supply pressure is relieved. The PDH profit is compressed, increasing the expectation of maintenance. Pay attention to the dynamics of PDH devices [26]. - **Strategy Recommendation**: Focus on the range of PP [6450 - 6650] [26]. 3.5 PVC - **Market Performance**: The V05 contract price decreased slightly, the basis was - 218 yuan/ton, and the V59 spread was - 124 yuan/ton [27][28]. - **Main Logic**: Social inventory has reached a high level, and the cancellation of export tax rebates may lead to weakening export demand in the long - term. In the short - term, there is an expectation of rush - exporting. The domestic operating rate has increased to 80%, and both domestic and foreign demand are in the off - season. The cost support is strengthening, increasing the expectation of future maintenance [29]. - **Strategy Recommendation**: Focus on the range of V [4700 - 4900] [29]. 3.6 PX/PTA - **Market Performance**: The TA05 contract price rose, the basis was - 70 yuan/ton, and the TA5 - 9 spread was 64 yuan/ton. The spot processing fee was 388.0 yuan/ton, and the disk processing fee was 402.0 yuan/ton [30]. - **Main Logic**: The valuation is not low. The supply side has high - intensity maintenance overall, and some devices have recovered this week. The downstream demand is relatively good but is expected to weaken. The short - term supply - demand balance is tight, with an expectation of inventory accumulation in January and February. Pay attention to the seasonal decline in polyester production [31]. - **Strategy Recommendation**: The supply - demand is in a tight balance. Pay attention to the opportunity to buy on dips for the 05 contract. Focus on the range of TA05 [4960 - 5080] [32]. 3.7 Ethylene Glycol - **Market Performance**: The EG05 contract price decreased, the basis was - 157 yuan/ton, and the EG5 - 9 spread was - 94 yuan/ton [33]. - **Main Logic**: The overall valuation is low. The domestic operating load has increased, and the overseas devices have changed little. The downstream demand is relatively good but is expected to weaken seasonally. The port inventory has continued to increase. It has no upward momentum in the short - term and will fluctuate following the cost [34]. - **Strategy Recommendation**: Stop losses on short positions and pay attention to the opportunity to short on rebounds. Focus on the range of EG05 [3730 - 3820] [35]. 3.8 Methanol - **Market Performance**: The main contract reduced positions and rose, the port basis weakened, and the 5 - 9 spread strengthened [38]. - **Main Logic**: The valuation is not low. The domestic methanol device operating load remains at a high level in the same period, and overseas devices have slightly increased their loads. The import volume in January is expected to be about 750,000 tons, and the supply pressure still exists. The demand side has slightly improved, but the overall supply - demand is slightly loose, and the downside space may be limited [38]. - **Strategy Recommendation**: There is a game between the weak reality and strong expectation. The geopolitical conflict has cooled down, and the trading logic should return to the fundamentals. Focus on the range of MA05 [2210 - 2280] [40]. 3.9 Urea - **Market Performance**: The UR05 contract price was stable, the basis was - 27 yuan/ton, and the UR5 - 9 spread was 23 yuan/ton. The weighted comprehensive profit was 57.41 yuan/ton [41][43]. - **Main Logic**: The absolute valuation is not low. The overall operating load has increased, and the inventory is still at a relatively high level. The demand side is weakening, and the winter off - season storage has limited positive effects. However, the domestic and foreign arbitrage window is still open, and there is an expectation of spring fertilizer use [42][43]. - **Strategy Recommendation**: The positive impact of winter storage is limited, but the export window is still open, and there is an expectation of spring fertilizer use. Pay attention to the opportunity to buy on dips for the 05 contract, but the rebound height is restricted by the increasing supply pressure. Focus on the range of UR05 [1770 - 1810] [44]. 3.10 Natural Gas - **Market Performance**: On January 15, the NG main contract closed at 3.120 US dollars per million British thermal units, down 8.75% from the previous day [47]. - **Main Logic**: The supply side is relatively abundant, and the demand remains stable. The price is under pressure. The domestic LNG retail profit has increased. The US natural gas inventory has decreased [48]. - **Strategy Recommendation**: In winter, the demand for heating provides support, but the supply is relatively sufficient, and the price is under pressure. Focus on the range of NG [2.725 - 3.370] [48]. 3.11 Asphalt - **Market Performance**: The BU main contract closed at 3167 yuan/ton on January 15, down 0.03%. The spot prices in Shandong, East China, and South China remained unchanged [51]. - **Main Logic**: The export of Venezuelan crude oil is still uncertain, and the raw material is tight. The geopolitical situation in the Middle East has eased, and the oil price has fallen. The comprehensive profit is stable. The supply has increased, and the demand is in the off - season, and the inventory has increased [52]. - **Strategy Recommendation**: The valuation has returned to normal, but there is still room for compression. The supply side has increased uncertainty. Pay attention to risks. Focus on the range of BU [3150 - 3250] [53]. 3.12 Glass - **Market Performance**: The FG05 contract price decreased, the basis was - 66 yuan/ton, and the FG59 spread was - 110 yuan/ton [55][56]. - **Main Logic**: The inventory of traders in Shahe is at the highest level in the same period, and the market fluctuates weakly. The supply - demand is weak, and the three - process profit has turned negative. The weak demand restricts the upward space [57]. - **Strategy Recommendation**: Focus on the range of FG [1050 - 1100] [57]. 3.13 Soda Ash - **Market Performance**: The SA05 contract price decreased, the basis was - 43 yuan/ton, and the SA59 spread was - 63 yuan/ton [59][60]. - **Main Logic**: The factory inventory has increased against the season, and the market has returned to weak oscillations. The demand support for heavy soda ash is insufficient. The long - term supply is loose, and the demand support is weak [61]. - **Strategy Recommendation**: Focus on the range of SA [1150 - 1200] [61].

中辉有色观点 | | 11 | | A 100 | | --- | --- | --- | --- | | I | | | 74 C | | 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | 黄金 | | 关税未裁决，美联储降息概率反复，地缘问题一波三折，地缘溢价交易继续，流动 | | | 长线持有 | 性风险偏好尚可。中长期来看，地缘秩序重塑，不确定性持续存在，央行继续买黄 | | ★★ | | 金，长期战略配置价值不变。 | | 白银 | | 白银未被征收关税市场情绪有所舒缓，但同时避险交易、交割逼仓、资源品交易预 | | ★★ | 长期持有 | 期持续。短期注意节奏控制。长期降息、供需缺口连续 5 年，全球大财政均对白银 | | | | 长期有利，长期滚动做多逻辑不变。 特朗普暂缓重要矿产关税，英伟达数据中心铜需求大幅缩水，美国持续虹吸全球铜 | | 铜 | 长线持有 | 资源，短期铜高位震荡，建议多单持有，移动止盈落袋，新入场等待充分回调，中 | | ★ | | 长期对铜依旧看好。 | | | | LME 拒绝韩国锌业锌锭注册仓单，受事件型冲击影响，锌迅速拉涨，隔夜高位 ...

Core Viewpoint - The geopolitical tensions, particularly regarding Iran, continue to influence market dynamics, with gold prices showing resilience despite fluctuations in futures contracts [2][6]. Economic Data - As of January 10, the number of initial jobless claims in the U.S. dropped to 198,000, significantly lower than the market expectation of 215,000 and the previous value of 208,000, indicating a robust labor market [2][6]. - The U.S. government is expected to announce the new Federal Reserve chair in the coming weeks, with the Kansas City Fed president stating there is currently no justification for interest rate cuts, as such actions could hinder inflation control and negatively impact the labor market [2][6]. Geopolitical Context - Despite NATO countries deploying military personnel to Greenland, the U.S. government maintains that this does not interfere with Trump's objectives regarding Greenland [2][6]. - The situation in Iran remains tense, with the White House closely monitoring developments and keeping all options open, including discussions between Trump and Israeli Prime Minister Netanyahu [2][6].