Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The short - term core of crude oil is geopolitics. For crude oil, the geopolitical logic is pessimistic about the ceasefire between Russia and Ukraine, and there is an upward - revision risk if the negotiation fails again. The risk in the Caribbean region is expected to escalate, with a potential pulse - like upward movement. In the chemical industry, aromatics and methanol are the core varieties for long positions. Aromatics are mainly in an expected - based market, and methanol has upward - correction space due to unexpected Iranian over - maintenance [1]. Summary by Relevant Catalogs Crude Oil - **Logic**: Supply - demand and macro drivers are still weak, but short - term US high - frequency data is strong, and the inventory is low, so the oversupply trading is difficult to restart before significant inventory accumulation. There is a 80 - basis - point spread between the US real interest rate and the natural interest rate, and three 25 - basis - point interest rate cuts are highly likely. Geopolitical disturbances are increasing and may be the main driver in December. Short - term view is bullish, and mid - term, there are high - selling opportunities after a pulse - like upward movement [2][3]. - **Technical Analysis**: The daily - level shows a mid - term downward structure, and the hourly - level shows a short - term upward structure, but it should be seen as a wide - range oscillation. Today, it increased in price with increased positions, and the short - term support is at the 450 level. The short - term technical view is bullish, but it is recommended to wait and see in the hourly cycle [3]. Styrene - **Logic**: There is an unexpected inventory increase during the seasonal de - stocking period, and the inventory - swelling expectation still exists. Domestic refineries have strong maintenance expectations in the far - month, and South Korean device profits are low. The import in January is expected to be large. There are short - term fundamental contradictions but not significantly manifested, and there are large mid - term differences. It is necessary to pay attention to whether the oil - blending logic can continue and the import situation in the next two months. Be cautious about the potential pulse - like upward disturbance of crude oil due to geopolitical escalation [6]. - **Technical Analysis**: The hourly - level is in a short - term oscillation. Today, it increased in price with decreased positions, and the hourly - level structure is unclear, but there is an upward structure at the 15 - minute level. It is recommended to wait and see at the hourly - level and hold long positions at the 15 - minute level, with a take - profit reference at the 6510 level [6]. Rubber - **Logic**: There are no short - term contradictions. Tire demand is difficult to increase significantly, and it is hard to see a large - scale trend in the demand side. The supply side is in the peak tapping season in Southeast Asia, and the inventory in Qingdao is seasonally increasing, but the inventory - increasing rate is normal. The fundamental situation shows no upward or downward drivers, and it should be treated with an oscillation view [9]. - **Technical Analysis**: The daily - level shows a mid - term downward structure, and the hourly - level shows a short - term oscillation structure. Today, it decreased in price with decreased positions, and the hourly - level structure is unclear. It is recommended to wait and see in the hourly cycle [9]. Synthetic Rubber - **Logic**: Synthetic rubber is mainly driven by butadiene. The butadiene inventory has reached a 5 - year high in the past two weeks, and the price pressure of butadiene is large under the inventory - swelling expectation, so synthetic rubber has a downward - driving force around the cost side. Be cautious about the potential pulse - like upward disturbance of crude oil due to geopolitical escalation. Although the fundamental driver is downward, the valuation is low, so it is recommended to wait and see with an oscillation view [13]. - **Technical Analysis**: The daily - level shows a mid - term downward structure, and the hourly - level short - term oscillation structure is being tested. Today, it decreased in price with decreased positions, and the short - term downward structure has evolved into an oscillation. It is recommended to wait and see in the hourly cycle [13]. PX - **Logic**: The supply - demand of PX is neutral - bullish, but the current fundamental situation cannot support the upward drive. The main trading logic is the expected - based market. The US aromatics oil - blending logic has led to valuation repair since November. After the weakening of the oil - blending expectation last week, the cost - side crude oil and the relatively strong chemical fundamentals are likely to attract more chemical long - position funds. The market should maintain a bullish view [17]. - **Technical Analysis**: The hourly - level shows a short - term upward structure. Today, it increased in price with decreased positions, and the upward structure remains unchanged. The hourly - level standard support is at the 6700 level. It is recommended to hold long positions at the hourly - level, with a stop - loss reference at the 6700 level [17]. PTA - **Logic**: The polyester itself has little pressure, but the current fundamental situation cannot support the upward drive. The main trading logic is the expected - based market. The US aromatics oil - blending logic has led to valuation repair since November. After the weakening of the oil - blending expectation last week, the cost - side crude oil and the relatively strong chemical fundamentals are likely to attract more chemical long - position funds. The market should maintain a bullish view [20]. - **Technical Analysis**: The hourly - level shows a short - term upward structure. Today, it increased in price with increased positions, and the upward structure remains unchanged. The hourly - level support is at the 4620 level. It is recommended to hold long positions at the hourly - level, with a stop - loss reference at the 4620 level [20]. PP - **Logic**: PP still faces the pressure of olefin production capacity to be put into operation, with high - supply pressure continuing and weak downstream demand. The supply - demand drive is bearish, and attention should be paid to the cost - side crude oil drive [24]. - **Technical Analysis**: The hourly - level short - term downward structure may end. Today, it increased in price with decreased positions and broke through the short - term pressure at the 6400 level. The short - term downward trend may end. It is recommended to wait and see in the hourly cycle [24]. Methanol - **Logic**: Iranian maintenance is more than expected, and many methanol plants have shut down since last week. With the official start of winter gas restrictions and the accelerating cold in December, a full shutdown is highly likely. After the market over - traded the expectation of insufficient gas restrictions, the market has upward - correction space. High shipments and high inventories have been priced in, the port de - stocking rate is accelerating, the market may anticipate the low - shipment point after the full shutdown, and the withdrawal of crowded short positions on the previous market brings a large upward space [26]. - **Technical Analysis**: The daily - level shows a mid - term downward and short - term upward structure. Today, it increased in price with decreased positions, and the upward structure continues. The short - term support is at the 2100 level. It is recommended to hold long positions in the hourly cycle, with a take - profit reference at the 2100 level [27][29]. PVC - **Logic**: High supply and high inventory continue. With the collapse of domestic real - estate demand, there is no hope for demand improvement. The social inventory at a high level continues to increase, and there is no upward drive [31]. - **Technical Analysis**: The daily - level shows a mid - term downward structure, and the hourly - level short - term downward structure is being tested. Today, it oscillated within the day, and the short - term structure is facing a trend reversal. It is recommended to wait and see in the hourly cycle [31]. Ethylene Glycol - **Logic**: Many overseas Iranian MEG plants are under maintenance, but the domestic supply remains high with the resumption of maintenance and the addition of new production capacity. Inventory accumulation continues, and attention should be paid to the short - term geopolitical risk disturbance of crude oil [35]. - **Technical Analysis**: The daily - level shows a mid - term downward structure, and the hourly - level shows a downward structure. Today, it oscillated within the day, and the short - term pressure is at the 3920 level. It is recommended to wait and see in the single - side hourly cycle [35]. Plastic - **Logic**: The downstream demand recovers slowly, and the supply pressure from the upstream olefin production capacity put - into operation remains. The supply - demand situation is still weak and has not improved. Attention should be paid to the short - term geopolitical risk disturbance of crude oil [36]. - **Technical Analysis**: The daily - level shows a mid - term downward structure, and the hourly - level shows a downward structure. Today, it oscillated within the day, and the short - term pressure is at the 6825 level. It is recommended to wait and see in the hourly cycle [36]. Soda Ash - **Logic**: The high - supply and high - inventory pattern of soda ash continues, and the downstream glass production lines are reducing production, which suppresses the demand for soda ash. Although the fundamental downward drive remains, the cost - performance of holding short positions unilaterally is reduced [38]. - **Technical Analysis**: The hourly - level shows a downward structure. Today, it oscillated within the day, and the downward structure remains unchanged. The short - term pressure is at the 1195 level. It is recommended to hold the remaining short positions in the hourly cycle cautiously with a take - profit at the 1195 level [38]. Caustic Soda - **Logic**: With the new production capacity put into operation and the end of most plant maintenance, the high - supply pressure continues. The alumina industry's losses are expanding, and its production is decreasing, so the demand for caustic soda remains weak. There is no upward drive in the supply - demand situation [42]. - **Technical Analysis**: The hourly - level shows a downward structure. Today, it oscillated within the day, and the downward structure remains unchanged. The short - term pressure is at the 2260 level. It is recommended to wait and see in the hourly cycle [42].

Core Viewpoint - Longzhou Co., Ltd. announced a temporary board meeting to discuss the government acquisition of certain land and properties in the Kaitiang area of Fujian Wuyi Transportation Co., Ltd. [1] Company Summary - Longzhou Co., Ltd. reported that for the first half of 2025, its revenue composition was as follows: asphalt sales accounted for 57.72%, automotive and parts sales and repair income for 12.69%, petroleum sales for 11.78%, passenger transport and station service for 10.18%, and other businesses for 6.5% [1] - As of the report, Longzhou Co., Ltd. has a market capitalization of 3.2 billion yuan [1]

摘要：【图】2025年9月辽宁省汽油产量数据分析 2025年9月汽油产量统计： 汽油产量：81.9 万吨 同比增长：-18.4% 增速较上一年同期变化：低17.6个百分点 同比增长：-4.9% 据统计，2025年9月辽宁省规模以上工业企业汽油产量与上年同期相比下降了18.4%，达81.9万吨，增速 较上一年同期低17.6个百分点，增速较同期全国低16.5个百分点，约占同期全国规模以上企业汽油产量 1324.2万吨的比重为6.2%。 详见下图： 2025年1-9月汽油产量统计： 汽油产量：807.1 万吨 增速较上一年同期变化：高2.0个百分点 据统计，2025年1－9月，辽宁省规模以上工业企业汽油产量与上年同期相比下降了4.9%，达807.1万 吨，增速较上一年同期高2.0个百分点，增速较同期全国高0.4个百分点，约占同期全国规模以上企业汽 油产量11607.9万吨的比重为7.0%。详见下图： 图2：辽宁省汽油产量分月（累计值）统计图 图1：辽宁省汽油产量分月（当月值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供更多 石油 ...

智通财经APP讯，中国石油化工股份(00386)发布公告，于2025年12月1日，该公司斥资500.16万港元回 购112.8万股股份，每股回购价格为4.41-4.46港元。 ...

格隆汇12月1日丨中国石油化工股份(00386.HK)发布公告，2025年12月1日耗资500万港元回购112.8万 股，回购价格每股4.41-4.46港元。 ...

Group 1: Main Views Weekly Summary - PX prices were low at the beginning of the week and high at the end due to continued market enthusiasm for gasoline blending. Supply-side expectations are positive as the South Korean GS plant has a later shutdown plan and Zhejiang Petrochemical has a CDU maintenance plan in January. - PTA prices followed the cost increase, with slight inventory reduction and strong PX as the main reasons. PTA plant changes were few this week, and the processing fee average was still below 200 yuan/ton. Downstream polyester开工 remained around 89%, and polyester factories' equity inventory was not high, with strong rigid demand for PTA [7]. Market Outlook Forecast - Crude oil prices are expected to fluctuate narrowly as the short-term probability of a peaceful resolution to the Russia-Ukraine issue is low. PX supply in China has entered a relatively stable phase, and the focus is on the operation of South Korean PX plants and Zhejiang Petrochemical's maintenance plan next year. PTA inventory is decreasing in the short term, but processing fees will remain low this year. Polyester demand is generally stable in the short term, and the export market has positive news but needs time to verify. The downstream weaving market has weak new orders, and inventory is gradually increasing, with no improvement expected this year. - Overall, PX will oscillate at a high level in the range of 6,750 - 6,950 yuan/ton, and PTA will also oscillate at a high level in the range of 4,600 - 4,800 yuan/ton. - Strategy recommendation: Stay on the sidelines [10]. Group 2: Price Situation PX Futures - The closing price of the PX main contract on November 28 was 6,830 yuan/ton, up 80 yuan/ton from November 21, a change of 1.19%. The settlement price on November 28 was 6,780 yuan/ton, up 4 yuan/ton from November 21, a change of 0.06%. - From November 24 - 28, the average basis of the main contract was -227 yuan/ton. The average domestic spot price of PX was 6,535.20 yuan/ton, a decrease of 1.00 yuan/ton from the previous period, a change of -0.02% [15][17]. PTA Futures - The closing price of the PTA main contract on November 28 was 4,700 yuan/ton, up 34 yuan/ton from November 21, a change of 0.73%. The settlement price on November 28 was 4,672 yuan/ton, down 6 yuan/ton from November 21, a change of -0.13%. - The average weekly price of PTA in the Chinese market was 584 US dollars/ton, up 0.2 US dollars/ton from the previous period, a change of 0.01%. The average spot price of PTA in the East China market was 4,627.8 yuan/ton, up 2.2 yuan/ton from the previous period, a change of 0.05% [21][24]. Group 3: Device Operation Status PX Device - Domestic PX device load decreased slightly due to the early maintenance of Sinochem Quanzhou. From November 24 - 28, the load was 88.92%, compared with 90.50% from November 17 - 21. - Asian PX device operation status: Some devices in South Korea, Indonesia, and other regions have load changes and maintenance plans [33][31]. PTA Device - Many PTA devices are under maintenance, and the supply pressure has been slightly relieved. The weekly开工 rate decreased by 2.37%. Some devices such as Yisheng Dahua, Hainan Yisheng, and others have been shut down or are under maintenance, and the restart time is undetermined [36][37]. Group 4: Fundamental Analysis Cost - Crude oil: Although the international crude oil futures rose about 1% this week, the expectation of increased global supply still suppressed oil prices. WTI crude oil futures settlement price on November 28 was 58.55 US dollars/barrel, up 0.49 US dollars/barrel from November 21. Brent crude oil futures settlement price on November 28 was 62.38 US dollars/barrel, down 0.18 US dollars/barrel from November 21. - Naphtha: European naphtha demand is weak, and the blending demand is insufficient to support prices. The average weekly price of naphtha CFR Japan was 561.78 US dollars/ton, and the average weekly production profit was 67.81 US dollars/ton [42][44]. Supply - PX processing margin: The short-process efficiency has expanded due to gasoline blending speculation. The weekly average of PXN was 265.49 yuan/ton, a change of 2.24% from the previous period. PX - MX remained at a high level, with a weekly average of 107 US dollars/ton. - PTA processing fee: The processing fee has remained low this year and is expected to improve next year. From November 24 - 28, the average spot processing fee of PTA was 209.11 yuan/ton. - Inventory: PTA inventory reduction provides bottom support for prices, but there may be negative feedback after the terminal actively reduces the load in January. As of November 28, PTA social inventory was 3.871 million tons, a decrease of 94,000 tons from the previous week [52][56][61]. Demand - Polyester: Overall demand is weak, which is negative for polyester product prices. The average market prices of polyester filament and staple fiber have declined to varying degrees. From November 24 - 28, the average weekly polyester production and sales were estimated to be 60%. The average weekly load of polyester factories was 89.19%, and the average weekly load of Jiangsu and Zhejiang looms was 71.73%. - Weaving: The domestic weaving market demand has significantly weakened, and foreign trade orders are relatively smooth. As of November 27, the opening rates of some weaving areas were stable or slightly decreased [67][72][83].

据国家统计局数据，在2025年的前9个月，广西壮族自治区规模以上工业企业液化石油气产量累计达到 了82.5万吨，与2024年同期的数据相比，下降了7.3%，增速较2024年同期低20.4个百分点，增速较同期 全国低5.3个百分点，约占同期全国规模以上企业液化石油气产量3974.8万吨的比重为2.1%。 2025年1-9月液化石油气产量分析： 摘要：【图】2025年9月广西壮族自治区液化石油气产量统计分析 图表：广西壮族自治区液化石油气产量分月（当月值）统计 图表：广西壮族自治区液化石油气产量分月（累计值）统计 2025年9月液化石油气产量分析： 单独看2025年9月份，广西壮族自治区规模以上工业企业液化石油气产量达到了10.1万吨，与2024年同 期的数据相比，9月份的产量下降了14.8%，增速较2024年同期低45.5个百分点，增速较同期全国低13.3 个百分点，约占同期全国规模以上企业液化石油气产量446.3万吨的比重为2.3%。 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供更多 石油化工行业最新动态 石油现状及发展前景 化工 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The upward driving force of propylene is weak, but the downward range is also limited. In the absence of strong cost - driven or significant improvement in the demand side, intensified industry competition may put greater operating pressure on some high - cost process plants. Attention should be paid to OPEC+ production policy changes, the actual impact of winter energy demand on propane and coal prices, and unexpected changes in downstream demand [5][80]. 3. Summary by Directory First Part: Propylene Fundamental Situation 1.1 November Propylene Price Continued to Decline, Supply Maintained a Loose Pattern - In November, the price of the main propylene futures contract 2603 fell below 6,000 yuan, reaching a monthly low of 5,758 yuan/ton on November 24. Affected by weak cost, supply pressure, and sluggish demand, the propylene price was under continuous pressure, and the price center shifted downward [4][10]. - In October, propylene supply reached a new high. Domestic production was 5.602 million tons, an increase of 286,000 tons from September and 601,400 tons year - on - year. In November, multiple propylene plants restarted, while some plants began maintenance in mid - to - late November, expected to last until December or Q1 2026. The average monthly load increased by 0.22% to 78.67% compared to October, and the supply pressure remained, with the fundamentals expected to maintain a loose pattern [11]. - At the cost end, OPEC's production increase and suspension policies, the progress of the Russia - Ukraine peace framework, and sufficient propane supply led to an expected decline in oil prices and a drop in propane import prices. Coal prices were expected to remain stable due to winter demand [14][15][16]. 1.2 Supply Increase, Propylene Spot Stopped Falling and Rebounded, Inventory Remained High - After the commissioning of Jilin Petrochemical and Yulong in September and Guangxi Petrochemical in October, the domestic propylene production capacity reached 77.96 million tons. Multiple plants were scheduled for maintenance or restart, and the overall domestic propylene load was expected to remain high above 78%. As of November 28, the domestic propylene inventory in factories was 48,500 tons, a month - on - month increase of 3,900 tons and a year - on - year increase of 26,200 tons [37]. 1.3 In October, Propylene Imports Declined under High Load - With the overall increase in domestic propylene load and increased supply pressure, propylene imports decreased. In October, imports were 133,200 tons, a month - on - month decrease of 75,400 tons and a year - on - year decrease of 70,200 tons. Exports were 1,900 tons. Weak downstream demand also contributed to the decline in imports [39]. 1.4 Poor Downstream Demand, Poor Overall Industry Profit Performance - In November, the prices of propylene downstream derivatives generally declined, with significant drops in polypropylene and acrylic acid prices. Downstream factories were more cautious in purchasing raw materials, and the industry's profitability remained poor. The demand for polypropylene was expected to weaken in December, while the price of propylene oxide rebounded [47]. Third Part: Market Outlook and Strategy Recommendations 3.1 Market Outlook - OPEC+ decided to maintain the existing oil production quota and suspend production increase in Q1 2026. The expectation of a cease - fire between Russia and Ukraine increased supply concerns, and the rebound space for oil prices was limited. The cooling in some regions was expected to support propane prices, but the demand side recovery outlook remained pessimistic, with the low - level operation of polypropylene and poor profitability of most downstream derivatives difficult to improve in the short term [5][79]. 3.2 Strategy Recommendations - Unilateral: Due to high inventory and high domestic propylene load, the upside space of propylene prices is limited. Short on rallies [7][81]. - Arbitrage: Wait and see [7][81]. - Options: Sell call options [7][81].

Core Viewpoint - International crude oil prices exhibited a downward trend in late November, leading to a cautious market sentiment and low purchasing willingness among traders [1][3] Group 1: Market Trends - As of November 27, 2025, the domestic refined oil trade companies' diesel inventory accounted for 29.93% of storage capacity, a decrease of 0.16 percentage points from mid-November, but an increase of 0.04 percentage points year-on-year [1] - The retail price of refined oil in China was adjusted downward on November 24, with the current cycle's crude oil change rate remaining in negative territory, contributing to a sustained cautious market sentiment [3] - Despite tight diesel spot resources in some regions, the overall demand for diesel did not show significant improvement due to lower temperatures and decreased logistics activity [3] Group 2: Pricing and Profitability - The average theoretical profit for sales of local refined diesel was 1,223 CNY/ton, an increase of 2.24% from mid-November, while the theoretical profit for main diesel sales was 1,003 CNY/ton, a decrease of 4.53% [5] - The theoretical profit for local refined gasoline was 2,026 CNY/ton, down 3.91% from mid-November, and for main gasoline sales, it was 1,863 CNY/ton, down 0.90% [5] - The narrowing price difference between wholesale and retail prices has not significantly boosted gasoline demand, which remains in the off-season, affecting sales at private gas stations [5] Group 3: Future Outlook - Short-term market expectations suggest that the potential for a ceasefire agreement in the Russia-Ukraine conflict may pressure oil prices, while expectations of interest rate cuts by the Federal Reserve and a weaker dollar could provide support for oil prices [5] - It is anticipated that international crude oil prices will continue to fluctuate within a narrow range in early December, with the ongoing negative crude oil change rate and fluctuating prices unlikely to boost the domestic refined oil market [6] - Diesel demand may be impacted by further decreases in temperatures and potential rain and snow in northern regions, leading to expectations of a continued decrease in diesel inventory levels [6]

1. Report Industry Investment Rating - The investment view of the asphalt market is "weak shock", and the trading strategy for the single - side is also "weak shock", with no arbitrage strategy recommended [4]. 2. Core View of the Report - The asphalt market is in the off - season with both supply and demand decreasing. Supply is bearish, demand is neutral, inventory is bullish, and cost is bearish. The overall trend of asphalt continues to follow the fluctuations of crude oil, with supply still high year - on - year and demand declining [4]. 3. Summary According to the Directory 3.1 Main Views and Strategy Overview - **Supply**: This week, the asphalt market supply showed an increasing trend, driven by refinery restarts and import supplements. Capacity utilization increased, and the scale of maintenance of asphalt units shrank. Next week, supply is expected to increase slightly [4]. - **Demand**: This week, asphalt demand showed regional differentiation, mainly driven by rigid demand. The demand in the north was affected by low - temperature weather, while that in the south was relatively stable. Modified asphalt demand also varied by region [4]. - **Inventory**: This week, the overall asphalt inventory decreased, including both factory and social inventories. Next week, factory inventories are expected to continue to decline, while trader inventories may increase [4]. - **Cost**: This week, the international crude oil market fluctuated downward. Geopolitical tensions eased, and inventory changes affected oil prices. The average oil price this week decreased compared with last week [4]. - **Investment and Trading Strategy**: The investment view is "weak shock", and the single - side trading strategy is also "weak shock". Attention should be paid to OPEC+ production increases, geopolitical disturbances, and Trump's policies [4]. 3.2 Price - The report presents the mainstream market prices of heavy - traffic asphalt in different regions such as East China, South China, North China, and Shandong from 2021 to 2025 [6][7][8]. 3.3 Spread, Basis, and Delivery Profit - It shows the asphalt cracking spread (BU - (SC*6.35)) and the spread between asphalt and coking materials from 2021 to 2025, as well as the basis of asphalt in main regions from 2024 - 2025 [12][13][17]. 3.4 Supply - **Scheduling Expectation**: It shows the monthly asphalt production and scheduling in China from 2025 - 01 to 2025 - 10, and the annual production in different regions from 2021 to 2025 [20][24][27]. - **Capacity Utilization**: It presents the capacity utilization of heavy - traffic asphalt in China, Shandong, East China, North China, and South China from 2021 to 2025 [36][37][39]. - **Maintenance Loss**: It shows the weekly and monthly maintenance loss of asphalt in China from 2018 to 2025 [43]. 3.5 Cost and Profit - It shows the production gross profit of asphalt in Shandong from 2021 to 2025, the price, premium, and port inventory of diluted asphalt from 2022 to 2025 [46][50][51]. 3.6 Inventory - **Factory Inventory**: It shows the factory inventory and inventory rate in different regions of China from 2022 to 2025 [55][58]. - **Social Inventory**: It shows the social inventory in different regions of China from 2022 to 2025 [61]. 3.7 Demand - **Shipment Volume**: It shows the asphalt shipment volume in different regions of China from 2022 to 2025 [64]. - **Downstream Operating Rate**: It shows the operating rates of road - modified asphalt, modified asphalt, building asphalt, and waterproofing membranes from 2018 - 2025, as well as the modified asphalt operating rate in different regions from 2022 to 2025 [66][70][73].