1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - TMT industry funds led the gains, and funds accelerated their inflow into cross - border ETFs [1]. - Among the seven types of fund products this week, active equity funds had the highest weekly average return rate of 3.92%. The other types of funds were ranked in descending order of weekly average return rates: ETF funds (3.31%), quantitative funds (2.80%), QDII funds (1.73%), FOF funds (1.32%), bond funds (0.05%), and REITs funds (-1.95%) [3]. - Year - to - date, QDII funds had an average return rate of 20.88%, leading among various types of funds. The other types of funds were ranked in descending order of return rates: active equity funds (20.02%), quantitative funds (16.79%), REITs funds (16.21%), ETF funds (16.19%), FOF funds (8.71%), and bond - type funds (2.03%) [8]. 3. Summary According to the Directory 3.1 Cross - Category Fund Product Return Overview - This week, active equity funds had the highest weekly average return rate of 3.92%. The other types of funds were ranked in descending order of weekly average return rates: ETF funds (3.31%), quantitative funds (2.80%), QDII funds (1.73%), FOF funds (1.32%), bond funds (0.05%), and REITs funds (-1.95%) [3][8]. - Year - to - date, QDII funds had an average return rate of 20.88%, leading among various types of funds. The other types of funds were ranked in descending order of return rates: active equity funds (20.02%), quantitative funds (16.79%), REITs funds (16.21%), ETF funds (16.19%), FOF funds (8.71%), and bond - type funds (2.03%) [8]. 3.2 Active Equity Funds 3.2.1 Performance of Major Broad - Based Indexes in A - share and Hong Kong Stock Markets - This week, major broad - based indexes in the A - share market generally rose, with the ChiNext Index having the highest weekly increase of 8.58%, followed by the STAR 50 Index with a weekly increase of 5.53%. The Shanghai 50 Index had the smallest increase, with a weekly increase of 1.57%. Major broad - based indexes in the Hong Kong stock market also rose this week, with the Hang Seng Index and the Hang Seng Tech Index increasing by 1.65% and 1.52% respectively [11]. 3.2.2 Performance of Shenwan Primary Industry Indexes - This week, most Shenwan primary industry indexes rose. The communication, electronics, and non - bank finance industry indexes performed relatively well, with weekly increases of 7.66%, 7.02%, and 6.48% respectively. The textile and apparel, steel, and banking industry indexes performed weakly, with weekly increases of -1.37%, -2.04%, and -3.19% respectively [14]. 3.2.3 Overview of Returns of High - Performing Active Equity Funds - This week, the overall average return rate of active equity funds was 3.92%. Yongying Digital Economy Smart Selection Hybrid Initiation A performed the best, with a weekly return rate of 18.81%, mainly stimulated by news such as the launch of the first domestic commercial electron - beam lithography machine and Huawei's release of AI inference innovation technology UCM, which may reduce the dependence on HBM, driving up the relevant sectors. The heavy - holding stocks of high - performing funds were mostly in industries such as electronics, communication, and power equipment [16]. 3.2.4 Overview of Returns of Industry Active Equity Funds - This week, the average return rate of industry active equity funds was 4.89%, higher than the overall level of active equity funds. Among the sub - industries, TMT industry funds performed the best this week, with an average return rate of 6.81%. Medical industry funds had a weekly average return rate of 4.51%, ranking second. Consumer industry funds had a relatively weak performance, with a weekly average return rate of 0.71%. The average return rates of the other three types of industry funds were: mid - stream manufacturing (4.42%), financial real estate (2.69%), and cyclical (1.68%) [18]. 3.2.5 Overview of Returns of Non - Industry Active Equity Funds - This week, the average return rate of non - industry funds was 3.80%, close to the overall level of active equity funds. The growth - style funds performed the best this week, with a weekly average return rate of 4.66%. The average return rates of the other two styles were: value - style (2.63%) and balanced - style (3.73%) [21]. 3.3 Quantitative Funds 3.3.1 Overview of Quantitative Fund Returns - This week, the average return rate of quantitative funds was 2.80%. Huatong CSI Science and Technology Innovation and Entrepreneurship 50 Index Enhancement A had the highest weekly return rate of 9.59%. In terms of strategy types, index - enhancement funds had the best weekly average return of 3.20% this week. The weekly average return rates of the other two types were: active quantitative funds (2.64%) and stock long - short funds (-0.38%) [23]. 3.3.2 Overview of Returns of Major Index - Enhancement Quantitative Funds - This week, among index - enhancement quantitative funds, funds tracking the CSI 1000 Index performed the best, with an average return rate of 3.24%. The weekly average return rates of funds tracking the CSI 300, CSI 500, and SZSE Component Indexes were 2.18%, 3.02%, and 2.70% respectively. In terms of excess returns, the proportion of funds achieving positive excess returns this week was 18.10%, a significant decrease from last week. Funds tracking the CSI 300 Index had a relatively better average excess return of -0.19%. The weekly average excess return rates of funds tracking the other three indexes were: CSI 500 Index (-0.85%), CSI 1000 Index (-0.85%), and SZSE Component Index (-1.16%) [25]. 3.4 Bond Funds 3.4.1 Performance of Major Bond Indexes - This week, major indexes in the bond market generally declined. The CSI Aggregate Bond Index had a weekly change of -0.32%, closing at 260.02. The CSI Treasury Bond Index had a weekly change of -0.47%, closing at 246.32. The CSI Credit Bond Index had a weekly change of -0.19%, closing at 213.27 [27]. 3.4.2 Performance of Convertible Bond Indexes - This week, the CSI Convertible Bond Index had a change of 1.60%, closing at 475.25. The weekly trading volume increased by 10.19%. The median convertible bond price rose by 1.54%, closing at 132.72. The median conversion premium rate increased by 1.15% to 27.24% [29]. 3.4.3 Overview of Bond Fund Returns - This week, the average return rate of bond - type funds was 0.05%. Golden Eagle Yuanfeng Bond A performed the best, with a weekly return rate of 5.28%. Most high - performing bond funds were convertible bond - type and partial - debt hybrid funds [32]. 3.4.4 Overview of Pure - Bond Fund Returns - This week, the average return rate of pure - bond funds was -0.17%. The return rates of short - term and medium - long - term pure - bond funds were -0.03% and -0.20% respectively. Green Fortune Pure Bond A performed relatively the best, with a weekly average return rate of 0.64% [34]. 3.4.5 Overview of Hybrid Bond Fund Returns - This week, the weekly average return rate of hybrid bond funds was 0.21%. The return rate of hybrid bond - type first - level funds was -0.02%, and that of hybrid bond - type second - level funds was 0.38%. Golden Eagle Yuanfeng Bond A performed the best, with a weekly return rate of 5.28% [36]. 3.4.6 Overview of Partial - Debt Hybrid and Flexible Allocation Bond Fund Returns - This week, the average return rate of partial - debt hybrid bond funds was 0.50%, and that of flexible allocation bond funds was 0.35%. Hua'an Zhilian Hybrid (LOF) A performed the best, with a weekly return rate of 5.26% [38]. 3.4.7 Overview of Convertible Bond Fund Returns - This week, the average return rate of convertible bond - type funds was 2.33%. Southern Changyuan Convertible Bond A performed the best, with a weekly average return rate of 4.40% [40]. 3.5 ETF Funds 3.5.1 Overview of ETF Fund Fund Flows - This week, ETF funds had a net outflow of 3.212 billion yuan, a month - on - month change of -120.44%. In terms of types, except for stock - type and money - market ETFs, which had net outflows, the other types of ETFs had net inflows. Cross - border ETFs had a net inflow of 18.854 billion yuan this week, a month - on - month increase of 45.03%, and the net inflow amount was at a historical high. Bond - type ETFs had a net inflow of 12.763 billion yuan, a month - on - month increase of 31.95%, and the net inflow amount was also at a historical high. Stock - type ETFs had a net outflow of 24.01 billion yuan, a month - on - month change of -337.54%. Among the sub - types, except for industry - index and style - index ETFs, which had small net inflows, the other types had net outflows. Thematic - index ETFs had the largest net outflow of 16.083 billion yuan, with a month - on - month change of nearly 13 times [42]. 3.5.2 Overview of ETF Funds with the Highest Net Inflows by Index - In terms of tracking indexes, the equity indexes with the highest net inflows this week, ranked by the total net inflow amount, were: the Shanghai 50 Index (4.351 billion yuan), the Hong Kong Stock Connect Internet Index (3.58 billion yuan), and the CSI 1000 Index (3.358 billion yuan). Among the bond - index - tracking ETFs, the ETFs tracking the AAA Sci - tech Innovation Bond Index and the CSI Convertible and Exchangeable Bond Index also had relatively high total net inflows, with total net inflows of 4.306 billion yuan and 3.114 billion yuan respectively [46]. 3.5.3 Overview of ETF Funds with the Highest Net Outflows by Index - This week, the indexes with the highest total net outflows were all equity indexes. Ranked by the total net inflow amount, they were: the STAR 50 Index (11.045 billion yuan), the STAR Chip Index (4.575 billion yuan), the ChiNext Index (3.172 billion yuan), the SZSE Component Index (3.169 billion yuan), and the CSI All - Share Semiconductor Index (2.586 billion yuan) [49]. 3.5.4 Overview of ETF Funds with the Highest Net Inflows - This week, most of the ETFs with the highest net inflows were bond - type and scale - index ETFs. The ETF with the largest net inflow this week was the Shanghai 50ETF, with a net inflow of 4.212 billion yuan. Harvest Sci - tech Innovation Bond ETF had a weekly net inflow of 3.987 billion yuan, ranking second. Among cross - border ETFs, the Hong Kong Stock Connect Non - Bank ETF had a weekly net inflow of 3.112 billion yuan, also ranking relatively high [51]. 3.5.5 Overview of ETF Funds with the Highest Net Outflows - This week, most of the ETFs with the highest net outflows were thematic - index ETFs and scale - index ETFs. The ETF with the largest net outflow this week was the STAR 50ETF, with a weekly net outflow of 7.032 billion yuan. Yin Hua Ri Li ETF had a weekly net outflow of 5.823 billion yuan, ranking second. Among thematic - index ETFs, the STAR Chip ETF had a net outflow of 1.336 billion yuan, ranking relatively high [53]. 3.5.6 Overview of Returns of High - Performing ETF Funds - This week, the overall average change rate of ETF funds was 3.31%. The STAR Market Growth ETF had the highest weekly increase of 19.38%. Most high - performing ETF funds were thematic - index ETFs, with investment themes including fintech, artificial intelligence, and energy - storage batteries [56]. 3.6 FOF Funds - This week, the average return rate of FOF funds was 1.32%. Bank of Communications Smart Selection Progressive Three - Month Holding - Period Hybrid Initiation (FOF) A performed the best, with a weekly return rate of 6.58%. In terms of types, stock - type FOF funds performed the best, with an average return rate of 3.02%. The performances of the other two types were: hybrid - type FOF (1.35%) and bond - type FOF (0.01%) [58]. 3.7 QDII Funds - This week, the overall average return rate of QDII funds was 1.73%. Bosera Hang Seng Healthcare (QDII - ETF) had the highest weekly return rate of 7.15%. The average return rates of different types of QDII funds were: stock - type (2.06%), hybrid - type (1.97%), bond - type (0.10%), and other - type (-0.76%) [60]. 3.8 REITs Funds - This week, the average change rate of REITs funds was -1.95%. China Resources Commercial REIT performed the best, with a weekly change rate of 0.62% [62].

Overall Research - The domestic equity market continues to rise, with the ChiNext Index increasing by 8.58%. The performance of equity and bond funds is diverging, with equity mixed funds leading the gains. TMT theme funds are significantly outperforming, while consumer themes show relatively weaker growth. Passive index funds in financial and AI themes are performing well, while there is a net outflow from domestic stock ETFs, particularly in the double innovation sector and TMT themes, with noticeable inflows into large-cap and broad-based funds [1]. Real Estate Industry - As of August 17, 2025, new home transactions in 20 cities totaled 491,000 units, down 5.5%. In major cities, Beijing saw 26,000 units sold (-13%), Shanghai 63,000 units (-1%), and Shenzhen 19,000 units (-3%). In the second-hand housing market, transactions in 10 cities reached 490,000 units, up 10.7%, with Beijing at 108,000 units (+11%), Shanghai 160,000 units (+18%), and Shenzhen 44,000 units (+28%) [2]. Metal Industry - The growth rate difference between M1 and M2 narrowed to -3.2 percentage points in July, marking a near 49-month high. The steel sector's profitability is expected to recover to historical average levels following the Ministry of Industry and Information Technology's guidelines for the steel industry. However, there are risks associated with significant fluctuations in futures prices due to trading restrictions on coking coal futures [3]. Chemical Industry - The report suggests focusing on companies involved in electronic specialty gases, such as nitrogen trifluoride and other products. Key companies include China Shipbuilding Industry Corporation, Nanda Optoelectronics, and Huate Gas. Additionally, companies producing semiconductor materials, such as photolithography resins and PCB inks, are also recommended for attention [4]. Company Research - Sinopec Engineering achieved a revenue of 31.6 billion yuan in H1 2025, a 10.1% year-on-year increase, with a net profit of 1.384 billion yuan, up 4.8%. The company maintains a "buy" rating with profit forecasts for 2025-2027 at 2.595 billion, 2.760 billion, and 2.902 billion yuan, respectively [7]. - Blue Sky Technology won a new lithium extraction project, with expectations for high growth in its lithium resource business. The company forecasts net profits of 1.055 billion, 1.253 billion, and 1.495 billion yuan for 2025-2027, maintaining an "increase" rating [8]. - Changqing Co. reported a recovery in pesticide market demand, with a net profit forecast of 74 million, 128 million, and 181 million yuan for 2025-2027, maintaining an "increase" rating despite a downward adjustment in profit expectations [9]. - Huayou Cobalt's net profit for H1 2025 reached 2.71 billion yuan, a 62.3% increase year-on-year, with future profit forecasts of 5.9 billion, 7.1 billion, and 8.6 billion yuan for 2025-2027, maintaining a "buy" rating [10]. - Keda Li's main business remains stable, with profit forecasts of 1.802 billion, 2.178 billion, and 2.499 billion yuan for 2025-2027, maintaining a "buy" rating [11]. - Oriental Cable's revenue for H1 2025 was 4.432 billion yuan, an 8.95% increase, but net profit fell by 26.57% to 473 million yuan. The company expects growth in the second half of 2025 due to increased cable deliveries [12]. - Jinlang Technology reported a revenue of 3.794 billion yuan in H1 2025, a 13.09% increase, with a net profit of 602 million yuan, up 70.96%. Future profit forecasts are 1.169 billion, 1.399 billion, and 1.657 billion yuan for 2025-2027, maintaining an "increase" rating [12]. - Lian Microelectronics has seen a recovery in its epitaxial wafer business, with future profit forecasts of 69 million, 165 million, and 242 million yuan for 2025-2027, maintaining a "buy" rating [13]. - Tian Shili achieved a revenue of 4.288 billion yuan in H1 2025, with a net profit of 775 million yuan, up 16.97%. The company maintains profit forecasts of 1.150 billion, 1.245 billion, and 1.399 billion yuan for 2025-2027, maintaining a "buy" rating [14]. - Ecovacs Robotics reported strong performance in both domestic and international sales, with profit forecasts of 1.6 billion, 1.9 billion, and 2.3 billion yuan for 2025-2027, maintaining a "buy" rating [15]. - Stone Technology, a leader in smart vacuum robots, has adjusted its profit forecasts to 1.7 billion, 2.1 billion, and 2.5 billion yuan for 2025-2027, maintaining an "increase" rating [16].

Group 1 - The Chinese bond market has transitioned from adjustment to recovery this year, driven by changes in market logic and funding environment [1] - The funding environment has shifted from tight balance to balanced easing, with monetary policy expectations strengthening, leading to a revaluation of asset prices [1] - Institutions are optimistic about the continuation of the bond "bull tail" in 2025, with a gradual shift in trading focus towards fundamentals in the second half of the year [1] Group 2 - Bond funds are increasingly favored by investors as a key asset allocation choice due to their relatively fixed income from bond coupons, which is less affected by short-term market fluctuations [1] - Over the past decade, the total index of bond funds has increased by 40.11%, while the Shanghai and Shenzhen 300 index has only risen by 5.62%, indicating superior long-term performance [1] - The annualized volatility of the total index of bond funds is only 1.51%, compared to 19.15% for the Shanghai and Shenzhen 300 index, highlighting the stability of bond funds [1] Group 3 - After the market correction last year, equity market valuations have largely recovered, with policy support potentially fostering a "slow bull" market [2] - High-dividend assets are becoming increasingly popular amid uncertainty, with a focus on opportunities in technology growth sectors [2] - The Minsheng Jianyin Xinxiang Bond Fund, managed by Xie Zhihua, has shown strong performance and strict risk control, making it a focal point for investors [2]

Group 1: Public Fund Activity - E Fund has been actively purchasing 11 H-shares of brokerage firms, including China Galaxy and Huatai Securities, since mid-July, with China Galaxy being the most bought at 13.6555 million shares [2] - The surge in purchases is attributed to a significant increase in the scale of E Fund's Hong Kong Securities ETF, leading to passive allocation demands [2] - H-shares of brokerage firms have shown stronger performance compared to A-shares, with analysts noting a discount in H-share valuations that is expected to narrow as liquidity improves [2] Group 2: Foreign Investment Changes - Ray Dalio has completely exited Bridgewater Associates by selling his remaining shares and stepping down from the board [3] - The sale marks an ideal endpoint in the ownership transition process at Bridgewater, with the firm repurchasing Dalio's shares and issuing new stock to the Brunei Investment Agency [4] Group 3: Bond Fund Market Dynamics - The bond market has experienced significant redemptions, with nearly 40 bond funds announcing large redemptions since July, attributed to a shift in risk appetite [5] - The bond market is expected to maintain a volatile pattern in the medium term, with a focus on short-term recovery opportunities [5] Group 4: Personal Pension Fund Growth - Personal pension funds have seen a notable increase in both performance and scale this year, with Y-shares achieving positive returns, some exceeding 20% [6] - The total scale of personal pension funds has reached 12.41 billion yuan, a 35.7% increase from the end of last year, indicating ongoing expansion in the sector [6] - The personal pension system is anticipated to become a market-driven engine to address aging population challenges, supported by tax incentives and fee reductions [6] Group 5: Regulatory Actions - Shanghai Bank has been fined over 29 million yuan due to violations of eight business regulations, with the penalty stemming from a 2021 comprehensive enforcement inspection [7][8] - The bank has stated that all issues have been rectified in accordance with regulatory requirements and will continue to enhance compliance management [8] Group 6: ETF Fund Inflows - On July 30, stock ETFs saw a net inflow of 7.5 billion yuan, with significant inflows into the ChiNext index despite overall market volatility [9] - Despite recent adjustments in the Hong Kong market, funds continue to flow into related ETFs, with a total net inflow of 30 billion yuan in July for sectors like securities and technology [9] Group 7: Fund Capital Increases - Huiquan Fund announced a capital increase of 4.68 million yuan, raising its registered capital from 100 million yuan to 104.68 million yuan [10] - The fund has struggled with growth, with its public management scale declining from around 3.5 billion yuan in late 2021 to approximately 2.4 billion yuan as of mid-2023 [10] Group 8: Executive Changes - Zhu Haibin from JPMorgan will join the Hong Kong Monetary Authority as Assistant President for Economic Research, effective October 1, 2025 [11] - Zheng Yu has been appointed as the Chairman of W矿证券, marking a generational shift in leadership within the firm [12][13] Group 9: Financial Institution Ownership Changes - Central Huijin has been approved to acquire 9 billion shares of China Agricultural Reinsurance Corporation, increasing its stake to 55.9% [14] Group 10: Stock Market Movements - The stock of Upwind New Materials, which has seen a tenfold increase, was suspended for trading due to significant price fluctuations [15] - Berkshire Hathaway sold one-third of its shares in VeriSign, amounting to approximately 1.23 billion dollars, achieving over five times return since 2012 [16] Group 11: Private Fund Adjustments - Oriental Harbor Investment Fund, managed by Dan Bin, has reduced its holdings in Nvidia while increasing positions in Alphabet and new investments in Netflix and Tesla [17]

Group 1: Public Fund Activity - Yifangda Fund has been actively purchasing 11 H-shares of brokerage firms, including China Galaxy and Huatai Securities, driven by a surge in the scale of its Hong Kong securities ETF [3] - The most purchased stock is China Galaxy, with a total of 13.6555 million shares acquired [3] - H-shares of brokerage firms have shown stronger performance compared to A-shares, with analysts noting a discount in H-share valuations that is attracting more capital [3] Group 2: Foreign Investment Changes - Ray Dalio has completely exited Bridgewater Associates by selling his remaining shares and stepping down from the board [4] - The sale of Dalio's shares marks an ideal endpoint in the ownership transition process of Bridgewater, with the firm repurchasing his shares and issuing new stock to the Brunei Investment Agency [5] Group 3: Bond Fund Market Dynamics - The bond market has experienced significant redemptions, with nearly 40 bond funds announcing large redemptions since July, attributed to a shift in risk appetite [6] - The bond market is expected to maintain a volatile pattern in the medium term, with a focus on short-term recovery opportunities [6] Group 4: Personal Pension Fund Growth - Personal pension funds have seen significant growth in both performance and scale, with the total scale reaching 12.41 billion yuan, a 35.7% increase from the end of last year [8] - The highest performing personal pension fund Y-share has achieved over 20% returns this year, indicating a positive trend in the sector [8] - The personal pension system is expected to become a market-driven engine to address aging population issues, supported by tax incentives and fee reductions [8] Group 5: Regulatory Actions - Shanghai Bank was fined over 29 million yuan for multiple business violations, with the penalties stemming from a 2021 comprehensive enforcement inspection [9] - The bank has stated that it has rectified all issues in accordance with regulatory requirements and will continue to enhance compliance management [9] Group 6: ETF Fund Inflows - On July 30, stock ETFs saw a net inflow of 7.5 billion yuan, with significant inflows into the ChiNext index and related Hong Kong ETFs despite recent market adjustments [12] - Since July, net inflows into Hong Kong securities, internet, pharmaceutical, and technology ETFs have reached 30 billion yuan [12] Group 7: Company Developments - Huayuan Fund announced a capital increase of 4.68 million yuan, raising its registered capital to 104.68 million yuan, despite its public management scale remaining stagnant [13][14] - Five Minerals Securities appointed a new chairman, Zheng Yu, marking a generational shift in leadership within the firm [17] Group 8: Financial Institution Changes - Central Huijin has acquired 9 billion shares of China Agricultural Reinsurance, becoming the controlling shareholder with a total stake of 55.9% [18][19] Group 9: Stock Market Movements - The stock of Upwind New Materials, which has seen a tenfold increase, was suspended for trading due to significant price fluctuations [20] - Berkshire Hathaway sold one-third of its shares in VeriSign, realizing a return of over five times since its initial investment [22] Group 10: Private Equity Actions - Dongfang Hongwan, led by Dan Bin, has reduced its holdings in Nvidia while increasing positions in Alphabet, Netflix, and Tesla [24]

Core Viewpoint - Despite fluctuations in the bond market in 2025, a significant number of pure bond funds have recently reached historical net asset value highs, attracting investor attention and leading to a surge in fund inflows [1][2]. Group 1: Market Performance - The bond market experienced a deep adjustment followed by a recovery, with a strong upward trend beginning in June, significantly improving the net asset values of bond funds [1]. - As of June 12, 2023, 3520 out of 4431 pure bond funds reached historical net asset value highs, representing over 80% of the market [1]. - More than 90% of the 4096 pure bond funds reported positive net asset growth year-to-date, with over 300 funds achieving returns exceeding 3% [1]. Group 2: Fundraising Activities - In June 2023, 12 new bond funds were established, raising a total of 189.26 billion yuan, which accounted for 53.61% of all new product fundraising [2]. - The Huisheng Hesheng Pure Bond Fund reached its fundraising cap of 60 billion yuan ahead of schedule due to high investor demand, closing on June 5 instead of the planned date [2]. - Other funds, such as the Zhongyou Zhongzheng Interbank Certificate AAA Index Fund, also reached their fundraising limits of 50 billion yuan shortly after opening for subscriptions [2]. Group 3: Fund Management and Restrictions - Many existing bond funds have implemented subscription restrictions to manage large inflows and maintain stable operations, with 69 bond funds announcing suspension of subscriptions from June 3 to June 12 [3]. - The bond ETF market has also seen significant inflows, with the total scale of 29 bond ETFs reaching 3163.95 billion yuan, an increase of 81.86% from the end of the previous year [3]. Group 4: Market Outlook - Current monetary policy is not expected to tighten significantly, with the aim of guiding the bond market back to reasonable levels, suggesting potential favorable entry points in the future [4].