| | | | | | | | 研究中心能化团队 2025/6/20 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 导演 | | 昨日收盘价 | 涨跌 (%) | 基美 | 昨日成交量 | 昨日持仓量 | 持仓变动 | | | | EC2506 | | 1891.5 | -0.34 | -268.7 | 731 | | 3840 | -393 | | | EC2508 | | 2022,2 | -3.34 | -399.4 | 49426 | | 42575 | -192 | | | EC2510 | | 1406.1 | -1.53 | 216.7 | 10374 | | 28919 | -203 | | | EC2512 | | 1590.5 | -0.32 | 32.3 | 1243 | | 6167 | 23 | | | EC2602 | | 1438.0 | 0.55 | 184.8 | 303 | | 2923 | 42 | | | | EC2604 | 1236.9 | -0.55 | 385.9 ...

广发早知道-汇总版 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运指数 商品期货： 有色金属： 铜、锌、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭、铁合金 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 6 月 20 日星期五 投资咨询业务资格： 证监许可【2011】1292 号 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 本报告中所有观点仅供参考，请务必阅读正文之后的免责声 ...

广发早知道-汇总版 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运指数 商品期货： 有色金属： 铜、锌、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭、铁合金 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 6 月 19 日星期四 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨询资格：Z00 ...

行业 集运指数日报 日期 2025 年 6 月 19 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 当日行情： 现货方面，航司对 6 月线上报价较为平稳，显示 6 月涨价落地成色尚可,目前 大柜报集中在 2760~3300 美元区间，马士基欧基港 7 月初报价上涨至 3400 美元， HPL 大柜开舱价在 4345 美元左右，本周达飞进一步提涨 300 美元至 4645 美元， 较月末调涨 1045 美元~1710 美元，调涨幅度较大，观察其落地成色及其他航司会 否跟涨。考虑目前欧洲出口需求韧性较强，运力供给保持平稳，且报价和箱量都 有所企稳，旺季涨价短期难被证伪，涨价或有望得到基本面支撑逐步落地，若 6 月价格企稳，则远月旺季 08 合约中枢也应将上移、目前位置或存低估，而 10 月 作为传统淡季关注高空机会。 二、行业要闻 研究员：聂嘉怡(股指) 021 ...

1、李强：着力扩大有效需求 推动经济运行持续向好 重要程度：★★★★★ 中共中央政治局常委、国务院总理李强6月16日至18日在江苏调研。李强强调，要坚持创新驱动发展，着 力扩大有效需求，进一步营造干事创业浓厚氛围，在深化改革开放中激发高质量发展动力活力，推动经济 运行持续向好。 李强指出，中国拥有规模巨大、不断成长的市场，欢迎各国企业来华投资兴业，我们将加大政策支持和服 务保障力度，为外资企业在华深耕发展创造良好环境。 ②面向优质科技型企业试点IPO预先审阅机制，进一步提升证券交易所预沟通服务质效。 ③扩大第五套标准适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用。 ④支持在审未盈利科技型企业面向老股东开展增资扩股等活动。 ⑤健全支持科创板上市公司发展的制度机制。 2、证监会明确!关于科创成长层 重要程度：★★★★ 6月18日，中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》。意见围绕增 强优质科技型企业的制度包容性适应性，推出6项改革举措，主要包括： ①对于适用科创板第五套上市标准的企业，试点引入资深专业机构投资者制度。 ⑥健全科创板投资和融资相协调的市场功能。 ...

行业 集运指数日报 日期 2025 年 6 月 18 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货6月17日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2506 | 1,936.0 | 1,897.0 | 1,901.8 | 1,896.5 | -34.2 | -1 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A-share market showed a trend of opening low and closing high, with TMT leading the rebound, while the consumer sector declined. The four major stock index futures contracts also rose with the index. The current index has stable support below but faces resistance above, and it is recommended to wait and see temporarily [2][3][4]. - The bond market is affected by factors such as economic data and capital conditions. Although the economic data in May is mixed, the short - end of bond futures is relatively strong. The upcoming tax period and cross - quarter capital test will affect the bond market, and it is recommended to allocate long positions on dips [6][7]. - Gold has a long - term upward trend under the background of de - dollarization, but it is affected by factors such as trade negotiations and geopolitical conflicts. It is recommended to pay attention to geopolitical situations and consider selling out - of - the - money call options on gold if the price fails to break through the previous high [10]. - The shipping index (European line) futures are expected to decline, and it is recommended to wait and see or pay attention to the 12 - 10 reverse spread opportunity [13]. - For various metals, copper is in a situation of "strong reality + weak expectation" and is expected to fluctuate; zinc is in a long - term supply - loose cycle, and it is recommended to consider shorting on rallies; tin is expected to fluctuate strongly in the short term due to tight supply, and it is recommended to short on rallies based on inventory and import data; nickel and stainless steel are expected to fluctuate within a range; lithium carbonate is expected to run weakly in the short term due to supply pressure and high inventory [18][22][25][28][30]. - For black metals, steel is affected by the Iran - Israel conflict but still has a downward trend; iron ore supply pressure will increase in the short term, and it is recommended to take a short - term bearish view; for coking coal and coke, although the futures have rebounded, the fundamentals are still weak, and it is recommended to short on rallies; silicon iron and silicon manganese are expected to fluctuate at the bottom [35][40][43][47][49][53]. - For agricultural products,粕类is expected to fluctuate, and it is recommended to be cautious about chasing up; the pig price is expected to remain volatile with limited upward and downward space; corn is expected to fluctuate at a high level with insufficient upward momentum [56][59][60]. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - **Market Conditions**: On Monday, the A - share market opened low and closed high, with the Shanghai Composite Index rising 0.35%, the Shenzhen Component Index rising 0.41%, and the ChiNext Index rising 0.66%. TMT led the rebound, while the consumer sector declined. The four major stock index futures contracts also rose with the index, and the basis discount of the main contracts converged [2][3]. - **News**: The National Bureau of Statistics released economic data for May, showing an increase in social consumer goods retail sales and a slowdown in fixed - asset investment. Overseas, there was a new round of military strikes between Iran and Israel [3][4]. - **Funding**: On June 16, the A - share trading volume decreased by 250 billion yuan compared with the previous day, with a total turnover of 1.22 trillion yuan. The central bank conducted 242 billion yuan of reverse repurchase operations, with a net investment of 68.2 billion yuan [4]. - **Operation Suggestion**: The current basis rates of the main contracts of IF, IH, IC, and IM are - 0.10%, - 0.25%, - 0.20%, and - 0.33% respectively. It is recommended to wait and see temporarily and consider selling the July 5800 strike price put options to earn the premium [4]. Bond Futures - **Market Performance**: Most bond futures closed higher, with the 30 - year, 10 - year, and 2 - year main contracts rising, while the 5 - year main contract remained flat. The yields of major interest - rate bonds in the inter - bank market varied [5]. - **Funding**: The central bank conducted 242 billion yuan of reverse repurchase operations on June 16, with a net investment of 68.2 billion yuan. The short - term capital rate decreased, while the long - term capital rate remained stable [5][6]. - **Fundamentals**: In May, the added value of industrial enterprises above the designated size increased by 5.8% year - on - year, and the total retail sales of consumer goods increased by 6.4% year - on - year. The fixed - asset investment from January to May increased by 3.7% year - on - year, and the real estate investment decreased [6]. - **Operation Suggestion**: The economic data in May is mixed, and the short - end of bond futures is relatively strong. Considering the upcoming tax period and cross - quarter capital test, it is recommended to allocate long positions on dips and pay attention to high - frequency economic data and capital conditions [7]. Financial Derivatives - Precious Metals Gold - **Market Review**: International gold prices fell by 1.38% to close at $3384.54 per ounce, ending a three - day upward trend. The market's risk aversion sentiment has eased, and the prices of gold and crude oil have declined [10]. - **Outlook**: Gold has a long - term upward trend under the background of de - dollarization, but it is affected by factors such as trade negotiations and geopolitical conflicts. It is recommended to pay attention to geopolitical situations and consider selling out - of - the - money call options on gold if the price fails to break through the previous high [10]. Silver - **Market Review**: International silver prices fluctuated slightly, closing at $36.301 per ounce, up 0.03%. The industrial attributes of silver make its trend relatively independent [10]. - **Outlook**: The improvement of trade relations and the expansion of fiscal and monetary policies in Europe have increased the optimism of the industrial manufacturing industry, which has a certain supporting effect on silver prices. It is recommended to pay attention to the flow of speculative funds and ETFs and consider selling out - of - the - money call options [11]. Financial Derivatives - Shipping Index (European Line) - **Spot Quotation**: As of June 16, the quotes of major shipping companies showed different price ranges [12]. - **Shipping Index**: As of June 16, the SCFIS European line index rose by 4.61%, and the US - West line index rose by 27.18%. As of June 13, the SCFI composite index fell by 6.79% [12]. - **Fundamentals**: As of June 16, the global container shipping capacity increased by 8.3% year - on - year. The PMI data of the eurozone and the US in May showed different trends [12]. - **Logic and Suggestion**: The futures market fluctuated downward, and it is expected that the price of the 06 contract will decline, driving other contracts to decline. It is recommended to wait and see or pay attention to the 12 - 10 reverse spread opportunity [13]. Commodity Futures - Non - ferrous Metals Copper - **Spot**: As of June 16, the average price of electrolytic copper decreased, and the downstream procurement sentiment improved after the price decline, but they preferred to purchase after the contract change [14]. - **Macro**: The COMEX - LME premium has stagnated after rising to 10%, and there are different views on its future trend. The conflict between Iran and Israel has not had a significant impact on copper prices [15]. - **Supply**: The supply of copper concentrate is expected to be limited, and the production of electrolytic copper in May increased. It is expected to decline slightly in June [16]. - **Demand**: The operating rates of copper rod processing enterprises showed different trends, and the terminal demand has certain resilience but may face pressure in Q3 [17]. - **Inventory**: COMEX copper inventory increased, while domestic inventory decreased slightly [17]. - **Logic and Suggestion**: Copper is in a situation of "strong reality + weak expectation" and is expected to fluctuate. The main contract is expected to trade between 77,000 - 80,000 yuan [18]. Zinc - **Spot**: On June 16, the average price of zinc ingots decreased, and the trading was mainly among traders [18]. - **Supply**: The processing fees of zinc concentrate changed little, and the production of zinc concentrate in May increased. The production of refined zinc in May decreased slightly and is expected to increase in June [19][20]. - **Demand**: The operating rates of primary processing industries of zinc increased, but the downstream consumption is entering the off - season, and the purchasing manager index has declined [21]. - **Inventory**: Domestic social inventory and LME inventory decreased [21]. - **Logic and Suggestion**: Zinc is in a long - term supply - loose cycle. It is recommended to pay attention to the TC growth rate and downstream demand changes and consider shorting on rallies. The main contract is expected to find support between 21,000 - 21,500 yuan [22]. Tin - **Spot**: On June 16, the price of tin decreased slightly, and the trading was light. The downstream consumption is in the off - season [22]. - **Supply**: The import volume of tin ore and tin ingots in April showed different trends, and the supply of tin ore is expected to be tight [23]. - **Demand and Inventory**: The operating rate of solder in April increased, and the inventory of LME and SHFE decreased slightly, while the social inventory increased [23]. - **Logic and Suggestion**: Due to the tight supply of tin ore, tin is expected to fluctuate strongly in the short term. It is recommended to short on rallies based on inventory and import data [24]. Nickel - **Spot**: As of June 16, the price of electrolytic nickel decreased, and the import premium also decreased [25]. - **Supply**: The production of refined nickel is at a relatively high level and is expected to decline slightly in June [25]. - **Demand**: The demand for electroplating and alloy is relatively stable, while the demand for stainless steel and nickel sulfate is weak [25]. - **Inventory**: Overseas inventory remains high, and domestic social inventory has a slight downward trend [26]. - **Logic and Suggestion**: The nickel market is affected by macro and industrial factors, and it is expected to fluctuate within a range. The main contract is expected to trade between 118,000 - 126,000 yuan [27]. Stainless Steel - **Spot**: As of June 16, the price of stainless steel remained stable, and the trading was light [28]. - **Raw Materials**: The supply of nickel ore is still tight, and the price of nickel iron is weak, while the price of ferrochrome is relatively stable [28]. - **Supply**: The production of stainless steel in May decreased, and it is expected to decrease slightly in June [29]. - **Inventory**: Social inventory increased, and futures inventory decreased [29]. - **Logic and Suggestion**: The fundamentals of stainless steel are weak, and it is expected to fluctuate weakly. The main contract is expected to trade between 12,400 - 13,000 yuan [30]. Lithium Carbonate - **Spot**: As of June 12, the price of lithium carbonate increased slightly, and the trading in the spot market was still relatively light [30]. - **Supply**: The production of lithium carbonate in May decreased slightly and is expected to increase in June. The supply is still relatively high [31]. - **Demand**: The demand for lithium carbonate is relatively stable, but it may face pressure in the off - season [31]. - **Inventory**: The inventory of lithium carbonate is still at a high level, and the whole - chain inventory has been increasing in recent weeks [32]. - **Logic and Suggestion**: The lithium carbonate futures market fluctuated widely, and the market sentiment is still weak. It is expected to run weakly in the short term, and the main contract is expected to trade between 56,000 - 62,000 yuan [33]. Commodity Futures - Ferrous Metals Steel - **Spot**: The spot price of steel weakened again, and the basis showed signs of stabilizing and strengthening [35]. - **Supply**: The steel production declined from a high level, with a significant reduction in finished steel products [35]. - **Demand**: The apparent demand for five major steel products continued to decline, and it is affected by factors such as tariffs and the off - season. It is necessary to pay attention to the impact of relevant policies on demand [35]. - **Inventory**: The steel inventory is approaching the inflection point of accumulation, with the plate inventory increasing [36]. - **Viewpoint**: The conflict between Iran and Israel has a certain impact on the steel market, but it does not change the domestic supply - loose pattern. It is recommended to short on rallies or sell out - of - the - money call options [37]. Iron Ore - **Spot and Futures**: The price of mainstream iron ore powder increased slightly, and the 09 contract of iron ore futures fluctuated [38]. - **Demand**: The daily average pig iron production decreased slightly, and the steel mill profitability rate also declined [38]. - **Supply**: The global iron ore shipment decreased slightly, and the arrival volume decreased slightly. It is expected that the arrival volume will remain at a relatively high level in the future [39][40]. - **Inventory**: The port inventory increased, and the steel mill's equity ore inventory also increased [40]. - **Viewpoint**: The iron ore market is affected by factors such as demand and supply. In the short term, there is pressure on the iron ore price, and it is recommended to take a short - term bearish view on the 09 contract, with the price range expected to be between 720 - 670 yuan [40]. Coking Coal - **Spot and Futures**: The coking coal futures fluctuated upward, while the spot market was weakly stable, showing a divergence between futures and spot [43]. - **Supply**: The domestic coal production decreased slightly due to environmental inspections, and the import coal price continued to decline [43]. - **Demand**: The coking production and downstream pig iron production declined, but the demand still has certain resilience [43]. - **Inventory**: The coal mine inventory continued to accumulate, and the port inventory was at a historical high, while the downstream inventory was at a medium level [43]. - **Strategy**: The spot fundamentals have improved slightly. It is recommended to short on rallies when the price rebounds to 800 - 850 yuan for the 2509 contract and consider a strategy of going long on coking coal and short on coke [45]. Coke - **Spot and Futures**: The coke futures fluctuated upward, while the spot market was weakly stable, showing a divergence between futures and spot. The third - round price cut of coke has been implemented, and there is still an expectation of further price cuts [47]. - **Supply**: The coking production decreased due to environmental factors [47]. - **Demand**: The demand for coke decreased slightly, and the downstream pig iron production continued to decline [47]. - **Inventory**: The coke inventory decreased, with the coking plant, steel mill, and port inventories all showing a downward trend [47]. - **Strategy**: The spot fundamentals are still loose. It is recommended to short on rallies when the price rebounds to 1380 - 1430 yuan for the 2509 contract and consider a strategy of going long on coking coal and short on coke [47]. Silicon Iron - **Spot and Futures**: The spot price of silicon iron increased, and the 09 contract of silicon iron futures rose by 1.93% [48]. - **Cost and Profit**: The cost of silicon iron production is relatively high, and the profit is negative [48]. - **Supply**: The silicon iron production decreased slightly this week [49]. - **Demand**: The demand for silicon iron from five major steel products decreased, and the non - steel demand is also weak [49]. - **Viewpoint**: The silicon iron market is affected by factors such as supply, demand, and cost. It is expected to fluctuate at the bottom in the short term [49]. Manganese Silicon - **Spot and Futures**: The spot price of manganese silicon increased, and the 09 contract of manganese silicon futures rose by 1.97% [50]. - **Cost**: The cost of manganese silicon production is relatively high, and the profit is negative [50]. - **Supply**: The manganese silicon production increased slightly this week [51]. - **Demand**: The demand for manganese silicon from five major steel products decreased [52]. - **Viewpoint**: The manganese silicon market is affected by factors such as supply, demand, and cost. It is expected to fluctuate at the bottom in the short term [53]. Commodity Futures - Agricultural Products Meal - **Spot Market**: The spot price of soybean meal and rapeseed meal increased, and the trading volume also increased [54]. - **Fundamentals**: The US EPA proposed to increase the biofuel blending volume in 2026 and 2027, which affected the price of soybean oil. The soybean processing profit in Brazil decreased, and the EU's soybean import volume increased [54][55]. - **Outlook**: The current operation of US soybeans is mainly affected by policies. The new US soybean crop has a fast planting progress and a high excellent rate, which puts pressure on the price. It is expected that the domestic soybean meal and rapeseed meal will continue to fluctuate,

运力安排:2025年6月、7月周均运力分别在29.7、29.3万TEU。6月下半月-7月上，运力中性,7月下半月运力偏多。 | | | | | | | | 研究中心能化团队 2025/6/16 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 | | 昨日收盘价 | 涨跌 (%) | 基差 | 昨日成交量 | 昨日持仓量 | | 持仓变动 | | | EC2506 | | 1937.9 | -0.21 | -685.1 | 632 | | 5442 | -916 | | | EC2508 | | 2068.0 | 4.20 | -815.2 | 127644 | | 44844 | -168 | | | EC2510 | | 1445.6 | 4.72 | -192.8 | 40857 | | 28910 | 1749 | | | EC2512 | | 1633.9 | 2.02 | -381.1 | 9787 | | 6396 | 281 | | | EC2602 | | 1472.8 | 2.07 | -2 ...

Group 1: Market Overview - The ongoing conflict between Iran and Israel is causing market volatility, with the Hang Seng Index recently closing with a bearish candlestick pattern [2] - The market is closely monitoring the potential for escalation in the Iran-Israel conflict, with expectations that large-scale conflict is unlikely due to diplomatic efforts from the US and Russia [2][6] - The upcoming Federal Reserve interest rate decision on June 19 is anticipated to be influenced by rising oil prices, which have dampened expectations for a rate cut [2] Group 2: Oil and Shipping Industry - The intensity of the Iran-Israel conflict could significantly impact oil shipping rates, particularly if Iranian oil exports are disrupted, potentially removing 1.8 million barrels per day from the market [6] - The shipping sector is expected to be influenced by the geopolitical situation, with a focus on how the conflict may affect oil and gas negotiations and the potential for US intervention [6][7] - The sentiment surrounding the Iran-Israel conflict is expected to catalyze movements in shipping stocks, particularly those involved in oil transportation [8] Group 3: Investment Opportunities - The company MicroPort Scientific Corporation (02252) is projected to benefit significantly from the growing laparoscopic surgical robot market, with a forecasted compound annual growth rate of 43% from 2025 to 2030 [4] - The laparoscopic surgical robot market in China is expected to reach 11.2 billion RMB by 2030, with a compound annual growth rate of 21% over the next five years [5] - The company is positioned to capitalize on its cost advantages and comparable functionality to leading systems, which may enhance its market share in both domestic and international markets [5]

我们质疑他人的观点，也要考虑时间这个背景因素，比如2015年看好恒大和融创，并没有问题， 在2020年三道红线之前这些公司也是高分红高增速，给投资者带来了很好的回报，也是价值投资 的典范。 再比如在2022年之前，我看新能源供应链的公司，比如多次提到卖铲子的晶盛机电和先导智能等 公司盈利不错，但是在供需关系发生转变之后，这些企业的基本面就完全变了。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：菜头日记 来源：雪球 上市公司的基本面是动态变化的，我们做投资，需要持续跟踪这个变化。 任何人或者机构表达看好某家公司，都需要把时间这个定语加进去。 但是中国经济还在高速增长，向上的空间是无限大的。 从赔率上来讲，2700点没有任何理由不满仓啊。 从结果上看，完全印证了判断，年末，满载而归。 因此，所谓的好公司，也是有时间限制的。 到了2023年的时候，菜头就多次公开表示对于所有新能源产业链上的供应链公司都应该保持谨 慎，并且也在专栏里面剔除了所有相关的公司。 尤其是专栏里面，大家现在回头去看的话，2020~2022年我提醒最多的就是白酒和医药板块估值 泡沫的风险，2022 ...