Core Viewpoint - The article discusses the performance of global asset classes in 2025, highlighting significant trends and shifts in investment dynamics, particularly focusing on the impact of geopolitical events, monetary policy changes, and emerging market conditions. Group 1: Global Asset Performance - In 2025, global asset performance ranked as follows: global stocks (21.20%) > global bonds (8.17%) > RMB (4.44%) > 0% > commodities (-0.20%) > USD (-9.37%) [2] - Precious metals experienced a historic bull market, with gold and silver prices increasing by 64.58% and 147.95% respectively, driven by central bank purchases, geopolitical tensions, and concerns over USD credit [4][12] - The MSCI Emerging Markets index outperformed the MSCI Developed Markets index by 6.2 percentage points, indicating a favorable environment for emerging markets amid a weaker USD [6][50] Group 2: U.S. Market Dynamics - The U.S. stock market showed resilience, with the S&P 500 index rising over 16% in 2025, marking the third consecutive year of double-digit returns [6][48] - Concerns over an "AI technology bubble" led to significant volatility among major U.S. tech stocks, with a 27.37% drop in their price-to-earnings ratios early in the year [5][21] - Fund managers expressed expectations of rising interest rates and favored high-quality earnings, with 75% anticipating a steepening yield curve in the next 12 months [4][41] Group 3: Geopolitical and Economic Factors - The announcement of "reciprocal tariffs" by the Trump administration led to market volatility, with gold prices surging by 14.8% in two weeks, contributing to the decline of the "American exceptionalism" narrative [4][17] - Japan's stock index and long-term bond yields reached historical highs, with the Nikkei 225 index increasing by over 25% due to a combination of wage-inflation spirals and monetary policy normalization [7][53] - The oil market remained weak, with WTI crude oil prices fluctuating between $55 and $80 per barrel, reflecting cautious global demand and supply pressures [8][64] Group 4: Currency and Crypto Trends - The offshore RMB exchange rate fell below 7.0 against the USD, with a 9.4% decline in the USD index throughout the year, indicating a shift in market sentiment towards the RMB [8][66] - The "Genius Act" led to extreme volatility in the cryptocurrency market, with Bitcoin's price soaring from approximately $80,000 to $158,000 before experiencing a significant drop, ending the year down 6.5% [8][60]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - Although short - term bullish sentiment in the copper market has cooled, the risk of continuous decline in copper prices is small, and it may gradually turn into a sideways trend [3] - Aluminum prices are strongly supported. If inventories continue to decline, aluminum prices are still expected to rise further after a sideways adjustment [5] - Lead prices are expected to be weak in a wide range in the short term [8] - After the sentiment in the non - ferrous metals market fades, Shanghai zinc may give back some of its gains [10] - Short - term tin prices are expected to fluctuate following market risk appetite. It is recommended to wait and see [13] - Short - term nickel prices may turn to a sideways trend. It is advisable to wait and see [16][18] - Lithium carbonate prices are likely to be adjusted in a range. It is recommended to pay attention to fundamental dynamics and wait and see [21] - It is recommended to wait and see for alumina in the short term. Focus on supply - side policies, Guinea ore policies, and the Fed's monetary policy [24] - The stainless - steel market is in a tight - balance pattern, with prices showing a wide - range fluctuation. It is recommended to wait and see [27] - Cast aluminum alloy prices may maintain a range - bound fluctuation in the short term [30] Group 3: Summary by Metal Copper - **行情资讯**：Friday, U.S. stocks pulled back, and concerns about the AI technology bubble increased. LME copper 3M contract closed down 2.37% to $11,552/ton, and SHFE copper main contract closed at 91,550 yuan/ton. LME copper inventories increased by 50 to 165,900 tons, and the cancelled warrant ratio declined. In China, SHFE weekly inventories increased slightly [2] - **策略观点**：The Fed's interest - rate cut and the restart of Treasury bond purchases have made liquidity expectations marginally looser. The domestic central economic work conference set a positive policy tone. Although short - term bullish sentiment has cooled, the risk of continuous decline in copper prices is small, and it may turn into a sideways trend. The operating range of SHFE copper main contract is 90,800 - 92,800 yuan/ton; the operating range of LME copper 3M is 11,450 - 11,750 dollars/ton [3] Aluminum - **行情资讯**：The weakening of U.S. AI technology stocks intensified market concerns, and aluminum prices declined. On Friday, LME aluminum closed down 0.69% to $2,875/ton, and SHFE aluminum main contract closed at 21,775 yuan/ton. SHFE aluminum weighted contract positions increased by 16,000 to 676,000 lots, and futures warrants decreased slightly to 69,000 tons. Domestic aluminum ingot inventories in three regions decreased slightly, and aluminum rod inventories declined [4] - **策略观点**：Global aluminum inventories continue to decline and are at low levels in the same period of previous years. Coupled with overseas supply disruptions and loose macro policies, aluminum prices are strongly supported. If inventories continue to decline, aluminum prices are still expected to rise further after a sideways adjustment. The operating range of SHFE aluminum main contract is 21,600 - 22,000 yuan/ton; the operating range of LME aluminum 3M is 2,840 - 2,900 dollars/ton [5] Lead - **行情资讯**：Last Friday, the SHFE lead index closed down 0.14% to 17,134 yuan/ton. As of 15:00 on Friday, LME lead 3S fell 4.5 to $1,984.5/ton. The domestic social inventory of lead ingots increased slightly by 130 tons to 2,290 tons [7] - **策略观点**：Lead ore inventories are basically flat, the operating rate of primary lead has declined marginally, the operating rate of secondary lead has continued to rise, and the operating rate of downstream battery enterprises has increased marginally. Domestic lead ingot social inventories remain at relatively low levels, but the SHFE lead monthly spread remains low. It is expected that lead prices will be weak in a wide - range in the short term [8] Zinc - **行情资讯**：Last Friday, the SHFE zinc index closed up 2.68% to 23,621 yuan/ton. As of 15:00 on Friday, LME zinc 3S rose 104 to $3,191.5/ton. According to Shanghai Non - Ferrous Metals data, zinc ingot social inventories decreased by 780 tons to 12,820 tons [9] - **策略观点**：Visible zinc ore inventories are decreasing, zinc concentrate TC continues to decline. Domestic zinc ingot social inventories are decreasing, and LME zinc ingot inventories are slowly increasing. After the sentiment in the non - ferrous metals market fades, SHFE zinc may give back some of its gains [10] Tin - **行情资讯**：On December 12, 2025, the SHFE tin main contract closed at 329,400 yuan/ton, down 0.75% from the previous day. The start - up rates of tin smelting enterprises in Yunnan and Jiangxi are at a high level but lack upward momentum. The demand for tin ingots has declined, and the overall market trading is light. This week, the national main tin ingot social inventory was 8,245 tons, an increase of 311 tons from last week [12] - **策略观点**：Although the short - term tin market demand is weak and the supply is expected to improve, the bargaining power is limited when downstream inventories are low. Short - term prices are expected to fluctuate following market risk appetite. It is recommended to wait and see. The operating range of the domestic main contract is 300,000 - 335,000 yuan/ton, and the overseas LME tin operating range is 39,000 - 43,000 dollars/ton [13] Nickel - **行情资讯**：On Friday, nickel prices were weak. The SHFE nickel main contract closed at 114,550 yuan/ton, down 0.70% from the previous day. The prices of nickel ore and nickel pig iron remained stable [15] - **策略观点**：Currently, the oversupply pressure of nickel is still large. However, with the stabilization of nickel pig iron prices and the warming of the macro environment, short - term nickel prices may turn to a sideways trend. It is advisable to wait and see. The short - term operating range of SHFE nickel is 113,000 - 118,000 yuan/ton, and the operating range of LME nickel 3M contract is 13,500 - 15,500 dollars/ton [16][18] Carbonate Lithium - **行情资讯**：Last Friday, the MMLC lithium carbonate spot index closed at 94,569 yuan, up 0.21% from the previous working day and 4.30% for the week [20] - **策略观点**：Currently, the market is divided on supply release and demand realization. In the short term, the supply - demand mismatch of domestic lithium carbonate has not been reversed. The probability of lithium prices being adjusted in a range is relatively high. It is recommended to wait and see and pay attention to fundamental dynamics. The operating range of the Guangzhou Futures Exchange lithium carbonate main contract is 95,000 - 100,600 yuan/ton [21] Alumina - **行情资讯**：On December 12, 2025, as of 15:00, the alumina index rose 0.39% to 2,544 yuan/ton. The futures warrant on Friday was 254,900 tons, a decrease of 1,200 tons from the previous trading day [23] - **策略观点**：After the rainy season, the shipments from Guinea are gradually recovering, and the AXIS mine has resumed production. The alumina smelting capacity surplus pattern is difficult to change in the short term, and the inventory accumulation trend continues. It is recommended to wait and see in the short term. The operating range of the domestic main contract AO2601 is 2,400 - 2,700 yuan/ton. It is necessary to focus on supply - side policies, Guinea ore policies, and the Fed's monetary policy [24] Stainless Steel - **行情资讯**：On Friday afternoon at 15:00, the stainless - steel main contract closed at 12,565 yuan/ton, up 0.52%. Social inventories increased to 1.0636 million tons, a month - on - month decrease of 1.55% [26] - **策略观点**：The stainless - steel market has entered the traditional off - season, and the trading atmosphere is generally light. The supply pressure is expected to be further relieved. The stainless - steel market is currently in a tight - balance pattern, with prices showing a wide - range fluctuation and lacking a clear direction in the short term. It is recommended to wait and see [27] Cast Aluminum Alloy - **行情资讯**：On Friday, the cast aluminum alloy rose slightly. The main AD2602 contract closed up 0.72% to 21,115 yuan/ton. Domestic three - region aluminum alloy ingot inventories decreased by 20 tons to 4,890 tons [29] - **策略观点**：The cost of cast aluminum alloy is relatively strong, and supply - side disturbances continue, providing strong support for prices. However, demand is relatively volatile, and delivery pressure forms an upper - limit suppression. Short - term cast aluminum alloy prices may maintain a range - bound fluctuation [30]

Core Viewpoints - The overall performance of major asset classes in November shows that the Chinese Yuan (0.65%) outperformed global bonds (0.23%), global stocks (0.06%), commodities (-0.33%), and the US Dollar (-0.35%) [2] Group 1: Global Asset Overview - The correlation coefficient between the US Dollar Index and the VIX Index has turned negative, indicating a decoupling phenomenon where increased volatility in US stocks is now often accompanied by a weakening dollar [4][12] - Global stock market valuations are generally positively correlated with profitability, but the US market shows a significant valuation premium with an ROE of 18.2% corresponding to a price-to-book ratio exceeding 5 times, while markets like China and South Korea align more closely with their profitability [5][15] - The proportion of equity allocation in household financial assets across countries is positively correlated with stock market Sharpe ratios, with a regression indicating that a 0.1 unit change in Sharpe ratio leads to a 1.56 percentage point increase in equity allocation [6][16] Group 2: Fund Manager Behavior - Global fund managers have increased their allocations to defensive sectors such as healthcare, bonds, and essential consumer goods, while reducing exposure to discretionary sectors and regions like the UK and Eurozone [7][18] - The yield on UK government bonds is closely related to the relative performance of large-cap versus small-cap stocks, with rising yields favoring large-cap stocks due to their resilience in uncertain economic conditions [8][21] Group 3: Market Volatility and Trends - Nvidia's historical volatility has exceeded the average of Russell 2000 constituents, reflecting significant uncertainty in large-cap tech stocks amid concerns over an "AI bubble" and competition from self-developed chips by clients like Google [9][25] - Concerns over increased issuance of Japanese government bonds have driven the 40-year bond yield to a historical high of 3.745%, raising fears of worsening inflation and debt burdens [10][28] - A shortage of physical silver has driven spot silver prices to a historical high of $56.5 per ounce, with a nearly 90% increase year-to-date, exacerbated by supply constraints and geopolitical concerns [11][31] Group 4: Fund Flows and Currency Trends - Since September 2025, there has been a reversal in global fund flows into the Chinese stock market, with net inflows of $176 million, $170 million, and $125 million in September, October, and November respectively, indicating a recovery in investor confidence [12][34] - The one-year risk reversal options for offshore RMB have dropped to the lowest level since 2011, indicating a new phase in the offshore RMB options market where the costs of hedging against appreciation and depreciation risks are balanced [13][39]

Group 1 - The article discusses the potential military action by the U.S. against Venezuela, highlighting the significant military buildup in the region, including 15,000 troops and advanced naval assets [1] - Venezuela's government, led by Maduro, is preparing for a possible conflict, with military forces hidden in over 280 locations and plans for guerrilla warfare if attacked [1] - The article suggests that even if Trump does not engage in direct military action, he will create an impression of imminent conflict to influence capital markets [4] Group 2 - The anticipated military tensions are expected to cause significant volatility in global capital markets, with predictions of a sharp decline in stock prices, particularly in tech stocks, and a rise in gold and silver prices [6] - The article indicates that the Federal Reserve is likely to lower interest rates regardless of the new chairperson, which could lead to a bursting of the AI tech bubble as current stock prices reflect future expectations [6] - Following a market downturn, there may be a rotation of capital from tech stocks to undervalued sectors, particularly consumer goods, as the real estate market stabilizes and begins to recover [8]

Market Overview - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.81% to 26,068.05 points, the Hang Seng Tech Index up by 0.99% to 5,654.62 points, and the National Enterprises Index increasing by 0.64% to 9,188.61 points [1] - Major technology stocks performed well, with Alibaba up 3.3%, Tencent up 0.82%, and JD Group up 1.29%, while Xiaomi and Meituan saw declines of 2% and 1.46% respectively [1] - The non-ferrous metals sector experienced significant gains, with Minmetals Resources and China Gold International leading the increases [1] - The People's Bank of China made a significant move to stabilize the currency, leading to declines in cryptocurrency-related stocks [1] Company News - Meituan reported third-quarter revenue of 95.5 billion yuan, a year-on-year increase of 2%, but its core local business operating profit turned negative with a loss of 14.1 billion yuan [2] - China Gas announced revenue of 34.481 billion HKD and a profit of 1.334 billion HKD for the six months ending September 30, 2025 [3] - Yingtong Holdings reported a revenue of 1.028 billion RMB, a decrease of 3.42%, but a net profit increase of 15.4% to 133 million RMB [3] - Jihai Resources achieved a revenue of 450 million RMB, a year-on-year increase of 23.41%, with a net profit of 88.127 million RMB, up 2.98% [3] - Yuhua Education reported an annual revenue of 2.497 billion RMB, a 5.4% increase, and a net profit of 930 million RMB, a significant increase of 133.2% [3] - Huitai Textile reported a revenue of 2.524 billion HKD, a decrease of 6.72%, and a net profit of 79.322 million HKD, down 25.77% [3] - New Higher Education Group reported an annual revenue of 2.599 billion RMB, a 7.78% increase, and a net profit of 829 million RMB, up 9.67% [3] - Huaxin Handbag International reported a revenue of 432 million HKD, a year-on-year increase of 22.55%, and a profit of 48.262 million HKD, up 78.88% [4] - Bay Area Development reported toll revenue for October from various highways, showing a year-on-year decrease [4] Institutional Insights - Huatai Securities indicated that the market is nearing a "bad news fully priced" state, suggesting limited downside potential and pointing to left-side layout opportunities [11] - GF Securities noted that the foundation of the Hong Kong bull market remains intact, with a potential for a "volatile upward" trend rather than a rapid increase, highlighting three key triggers for future performance [12] - Dongwu Securities mentioned that short-term risk factors in the Hong Kong market are decreasing, but a rebound confirmation requires catalysts, with current positions being attractive for long-term allocation [12]

Core Insights - The report suggests that short-term risk factors for the Hong Kong stock market are decreasing, but a confirmation of the rebound requires catalysts. The current position is considered attractive for medium to long-term allocation [1] - The expectation of a Federal Reserve rate cut in December is fluctuating, which has led to a relatively weak performance in overseas markets represented by US stocks. An increase in rate cut expectations could benefit the Hong Kong market [1][2] - The upcoming Central Economic Work Conference in December may refocus market attention on policy, which has not yet been priced in [1] - The narrative surrounding the AI technology bubble in US markets has weakened, leading to significant corrections in Hong Kong's tech sector, which now presents an attractive allocation opportunity [1] - Despite short-term macroeconomic and geopolitical risks remaining unresolved, a balanced allocation strategy is still recommended, with relative strength in dividends [1] Market Performance - In the past week, both developed and emerging markets experienced declines, with emerging markets down 3.7% and developed markets down 2.3% [4] - The Hang Seng Tech Index fell by 7.2%, the Hang Seng Index decreased by 5.1%, and the Hang Seng Stock Connect dropped by 5.3%. All sectors showed varying degrees of decline, with southbound funds primarily flowing into non-essential consumer sectors and out of the energy sector [4] US Market Analysis - The Nasdaq Composite led the decline in US markets with a drop of 2.7%, while the S&P 500 and Dow Jones Industrial Average both fell by 1.9%. The healthcare and consumer staples sectors outperformed, while energy and information technology sectors lagged [1] - The non-farm payroll data showed a mixed picture, with job additions significantly exceeding expectations at 119,000, but the unemployment rate rose to a four-year high of 4.4%. Average hourly wages increased by 3.8% year-on-year, slightly below expectations [1][2] - Concerns regarding the sustainability of profits from AI projects have resurfaced, despite Nvidia's strong earnings report, leading to a broader risk-off sentiment in the tech sector [2] Federal Reserve Outlook - The Federal Reserve's stance remains generally hawkish, with most members expressing reservations about a December rate cut. However, Vice Chairman Williams indicated some room for a rate cut due to increased downside risks to employment and alleviated inflationary pressures, causing the probability of a December rate cut to rise from 33% to 60% [2][3] Investment Trends - The report highlights a significant net inflow into global stock ETFs amounting to $101.61 billion, with the US stock ETFs seeing the largest inflow of $26.71 billion. Emerging markets, particularly Chinese stock ETFs, also saw notable inflows [7][39] - In terms of sector performance, the top three sectors for net inflows were materials, technology, and healthcare, while financials, energy, and consumer discretionary sectors experienced the largest outflows [8][39]

Core Viewpoint - The article emphasizes that not all information impacts the market; only information that creates a difference in expectations can lead to significant price fluctuations [1]. Market Overview - The funding environment is balanced and slightly loose, with long-term bond yields experiencing a slight increase. The central bank conducted a 655 billion yuan reverse repurchase operation, with 5,577 billion yuan of reverse repos maturing today, resulting in a net withdrawal of 4,922 billion yuan [3]. - The overnight overseas risk assets experienced a broad decline, leading to a lower opening for the stock market, which later rebounded. The 10-year government bond yield opened slightly lower at 1.787% and fluctuated down to around 1.78% [5]. - The stock market showed resilience, with a notable "green" performance amidst a backdrop of declining overseas markets, indicating a strong domestic market [6][8]. Bond Market Dynamics - The bond market reacted to the fluctuations in the stock market, with yields initially declining before rising again. The sentiment in the bond market was influenced by the performance of the stock market, which was described as a "see-saw" effect [5][8]. - The weighted rates for various repo codes remained stable, with R001 at 1.36% and R007 at 1.46%, indicating a steady funding rate environment [4]. Investor Sentiment - There is a mixed sentiment among investors regarding monetary policy, with bulls expecting a decrease in reverse repo rates while bears anticipate regulatory changes affecting redemption periods [9].

Core Viewpoint - Oracle's stock surged by 36% in a single day, leading to a market capitalization increase of $251 billion, marking a record for the company [1][3][5] Group 1: Oracle's Market Performance - Following the surge, Oracle's market capitalization approached $1 trillion, making it the 10th largest publicly traded company in the U.S., surpassing major firms like JPMorgan [3][4] - The founder of Oracle, Larry Ellison, saw his net worth rise to $397 billion, surpassing Elon Musk's $384 billion [4][5] Group 2: Reasons for Stock Surge - The stock price increase was primarily driven by a significant contract signed with OpenAI, valued at $300 billion over five years starting in 2027, which is one of the largest cloud contracts in history [5][6] - Oracle's latest financial report indicated a remarkable growth forecast for its cloud services, with Revenue Performance Obligations (RPO) soaring to $455 billion, a 359% year-over-year increase [5][6] Group 3: Market Impact - Oracle's stock performance boosted overall market confidence, leading to record highs for the S&P 500 and Nasdaq indices [6][9] - The surge in Oracle's stock positively influenced the Chinese A-share market, with significant gains across various sectors, including computing and chips [6][7] Group 4: Risks and Concerns - The article suggests that the surge in Oracle's stock may indicate a potential risk of an AI technology bubble, similar to the internet bubble of the early 2000s [10][11] - Historical comparisons are drawn, highlighting that the current tech stock valuations are at a peak, surpassing the previous internet bubble [12][14] - The potential for a Federal Reserve interest rate cut is discussed as a factor that could exacerbate market volatility and trigger a downturn in tech stocks [15][16]

Core Viewpoint - Oracle's stock surged by 36% in a single day, leading to a market capitalization increase of $251 billion, marking a record for the company [1][3][5] Group 1: Oracle's Market Performance - Following the surge, Oracle's market capitalization approached $1 trillion, making it the 10th largest publicly traded company in the U.S., surpassing major firms like JPMorgan [3][4] - The founder of Oracle, Larry Ellison, saw his net worth rise to $397 billion, surpassing Elon Musk's $384 billion [4][5] Group 2: Reasons for Stock Surge - The stock price increase was primarily driven by a significant contract signed with OpenAI, valued at $300 billion over five years starting in 2027, which is one of the largest cloud contracts in history [5][6] - Oracle's latest financial report indicated a remarkable growth forecast for its cloud services, with revenue performance obligations (RPO) soaring to $455 billion, a 359% year-over-year increase [5][6] Group 3: Market Impact - Oracle's stock performance boosted overall market confidence, leading to record highs for the S&P 500 and Nasdaq indices [6][9] - The surge in Oracle's stock positively influenced the Chinese A-share market, with significant gains across various sectors, particularly in computing and chip stocks [6][7] Group 4: Risks and Concerns - The article suggests that the surge in Oracle's stock may indicate a potential risk of an AI technology bubble, similar to the internet bubble of the early 2000s [10][11] - Historical comparisons are drawn, highlighting that the current tech stock valuations are at a peak, surpassing the previous internet bubble [12][14] - The potential for a Federal Reserve interest rate cut is discussed as a risk factor that could exacerbate the bubble and lead to a market correction [15][16]

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **U.S. economy**, particularly focusing on the **semiconductor industry** in Philadelphia and the **AI sector**. Core Points and Arguments 1. **Impact of U.S. Interest Rate Policies** The high interest rate policy in the U.S. has suppressed global manufacturing while promoting domestic service sector inflation. A shift to a rate-cutting cycle is expected to reverse this structure, increasing commodity inflation pressures in the U.S. [1][2][4] 2. **Consequences of Rate Cuts** The anticipated rate cuts may signify a failure of the financial war strategy, as they could lead to capital outflows and increased domestic commodity inflation, necessitating economic adjustments. [1][7][10] 3. **Globalization and Valuation Discrepancies** Globalization has led to the overvaluation of U.S. stocks due to capital inflows, while Chinese stocks are undervalued. This discrepancy highlights the potential for significant bubble risks, especially in the tech sector. [3][11] 4. **Service and Manufacturing Sector Dynamics** A decline in the service sector coupled with a rebound in manufacturing could worsen profitability in the U.S., as purchasing costs rise while production costs fall, impacting capital flows. [8][9] 5. **Changing Capital Flow Patterns** The transition to a rate-cutting environment is expected to alter capital flow patterns, with funds potentially moving from suppressed economies back into the U.S., reflecting the failure of previous economic strategies. [6][10] 6. **Risks to the Semiconductor and AI Sectors** The semiconductor industry, particularly in Philadelphia, faces risks due to its reliance on U.S. technological advancements and AI development. The shift in global economic dynamics may challenge the ability to replicate successful companies like Apple or Tesla. [11][12] 7. **Potential for Economic Stagnation** The anticipated economic adjustments following rate cuts could lead to stagnation and deteriorating national profitability, exacerbating existing asset price bubbles and increasing risks in the AI sector. [12] Other Important but Possibly Overlooked Content - The discussion emphasizes the need for the U.S. to confront the costs associated with its previous financial strategies, particularly in light of the changing global economic landscape. [1][6][7] - The potential for a significant shift in the global economic order, with China transitioning from a manufacturing hub to a consumer market, poses challenges for U.S. tech stocks, especially those linked to AI. [11] - The implications of financial capital destruction and its impact on the tech market are highlighted, suggesting a need for careful monitoring of market conditions. [10]