Core Viewpoint - The article discusses the challenges and solutions in AI governance, emphasizing the need for alignment between AI technology and human values, particularly in the manufacturing sector [1][2]. Group 1: AI Governance Challenges - Current AI governance faces multiple dilemmas, including binary opposition in governance concepts, short-termism in governance practices, and disputes over rule-making authority [1]. - Issues such as privacy breaches, deepfakes, and employment impacts are widely discussed as AI rapidly evolves [1]. Group 2: Human-Machine Alignment - "Human-Machine Alignment" is identified as a key technical governance strategy, focusing on four principles: Robustness, Interpretability, Controllability, and Ethicality (RICE) [2]. - The need for dynamic changes in alignment technology is highlighted, suggesting that both AI must align with human values and humans must enhance their AI literacy [3]. Group 3: AI in Manufacturing - The integration of AI in manufacturing is crucial for fostering new productive forces, with a focus on addressing real challenges such as optimizing energy consumption and improving yield rates [4][5]. - The article emphasizes the importance of "AI for Science" and "AI for R&D" to drive scientific breakthroughs and technology commercialization [4]. Group 4: Industry-Specific Shortcomings - Different industries have varying shortcomings in technology, data, computing power, and standards, necessitating targeted solutions based on specific industry needs [5]. - The manufacturing sector has high demands for AI model interpretability and robustness, explaining the limited application of AI in production operations compared to design and marketing [5].

Macro - The manufacturing and construction sectors experienced a decline in activity due to the impact of the Spring Festival, while the service sector saw a rebound driven by consumer spending during the holiday [5] - There is an increasing divergence among enterprises, with large companies continuing to expand while small companies' performance has dropped to a three-year low [5] - The price increase trend is spreading downstream, and the differentiation between old and new growth drivers persists, with high-tech manufacturing continuing to expand while consumer goods manufacturing and high-energy-consuming industries remain at low levels [5] Financial Engineering - The A-share market showed a volatile upward trend, with the CSI 1000 index rising by 4.34% week-on-week, leading the major broad-based indices [6] - The market's risk appetite has improved, as indicated by a positive increase in weekly financing amounts, although further upward movement may require increased trading volume [6] - Recent changes in the Middle East have led to fluctuations in resource prices, which may affect the performance of related sectors in the equity market [6] Fixed Income - In March, credit bond volatility risks are expected to increase, suggesting a cautious approach towards low liquidity and high valuation elasticity products [7] - Short-term credit bonds, due to their relatively better liquidity, are recommended for defensive positioning [7] - With high-grade credit spreads compressed to historical lows, there is limited space for yield enhancement, prompting a strategy shift towards lower-grade credits to increase returns [7] REITs - The secondary market prices of publicly listed REITs in China showed a downward trend in February, with the CSI REITs closing at 796.08, reflecting a return rate of -1.66% [8] - Compared to other major asset classes, REITs ranked lower in return rates, with gold, convertible bonds, and oil performing better [8] Banking - The impact of the Spring Festival on credit in February was minimal, with loan growth expected to be around one trillion yuan due to demand constraints and regulatory requirements [6] - The social financing growth rate is projected to slightly decline to 8.1% by the end of the month, influenced by the pre-issuance of government bonds [6] - M2 and M1 growth rates have also been affected by the Spring Festival timing [6] Metals - The price of rhenium has increased by 36% since January, while the production of electrolytic cobalt has decreased by 93% year-on-year [8] - Prices for various new materials have shown mixed trends, with platinum prices rising by 17.1% [8]

Economic Overview - The manufacturing PMI in February fell to 49.0%, indicating a contraction in the manufacturing sector[3] - The decline in PMI is consistent with seasonal patterns observed since 2013, with a decrease of 0.3 percentage points (pct) compared to January[6] Demand and Supply Dynamics - New orders index decreased by 0.6 pct, while production index fell by 1.0 pct, reflecting weak demand and supply conditions[7] - Large enterprises saw a PMI increase of 1.2 pct to 51.5%, while medium and small enterprises experienced declines[7] External Factors - The new export orders index dropped by 2.8 pct to 45%, marking the second weakest performance for February since 2013, likely due to geopolitical tensions affecting global supply chains[7] - Input inflation risks are rising due to widespread increases in commodity prices, impacting corporate profitability[3] Inventory and Production Strategies - The main raw materials purchase price index fell by 1.3 pct to 54.8%, while the factory price index remained stable at 50.6%[7] - Companies are adopting a low inventory strategy, with finished goods inventory index dropping to 45.8%[7] Non-Manufacturing Sector - The non-manufacturing PMI improved slightly to 49.5%, with the service sector showing resilience, increasing by 0.2 pct to 49.7%[7] Policy Outlook - The weak expectations highlighted by the February PMI suggest that continued policy support is necessary to maintain economic expansion, with close monitoring required post the National People's Congress[3]

Core Viewpoint - The military conflict between the U.S.-Israel alliance and Iran has escalated significantly, with no signs of a ceasefire, leading to widespread market volatility and potential investment opportunities amidst the chaos [1]. Group 1: Global Market Impact - The conflict has permeated global markets, particularly affecting energy, finance, and commodities, with Brent crude oil prices soaring nearly 13% to $82.37 per barrel, and WTI crude reaching $75.33 per barrel [2]. - Iran's threats of oil prices reaching $200 per barrel and the closure of the Strait of Hormuz have led to significant disruptions in global oil and LNG trade, affecting approximately 27%-30% of maritime oil transport and 20% of LNG trade [2]. - The conflict has resulted in a supply gap due to damage to Iranian energy facilities, which could interrupt daily exports of 1.5 million barrels [2]. Group 2: Market Reactions and Trends - Safe-haven assets like gold have surged, while global stock markets have experienced significant declines, particularly in South Korea, where the index fell over 6%, triggering a trading halt [3][4]. - The volatility in global currencies has intensified, with emerging markets facing increased capital outflow pressures as investors seek safety [4]. - The rising oil prices have escalated production costs for aluminum and other metals, with Iran's aluminum production capacity being over 800,000 tons per year, representing 2% of global capacity [4]. Group 3: Underlying Factors of Market Volatility - The rigid dependency on Middle Eastern energy and the monopolistic control of the Strait of Hormuz have amplified the conflict's impact on global markets, as many countries rely heavily on this route for energy imports [5]. - The rapid escalation of the conflict has led to a significant release of risk-averse sentiment among investors, resulting in a cycle of panic selling and further market declines [6]. - The inherent vulnerabilities in global supply chains and energy systems have allowed the conflict's effects to spread quickly, highlighting the reliance on Middle Eastern resources [7]. Group 4: Opportunities Amidst Challenges - The ongoing turmoil reflects a deep adjustment in global economic, energy, and financial landscapes, presenting both challenges and new opportunities for investors [8]. - The upcoming Changbai Mountain Forum aims to address these market changes, focusing on investment empowerment and the integration of tourism and culture, while providing insights into the long-term impacts of the conflict on the global economy [8][9]. - The forum will gather key industry figures to discuss strategies for navigating the evolving market landscape and leveraging potential growth areas in the context of the current geopolitical climate [9].

Group 1 - Samsonite (01910) fell over 5% as it announced plans for a dual listing in the US via American Depositary Shares (ADS), with new shares priced at a discount of no more than 15% from the last closing price, leading to an estimated net dilution impact of about 4.0% after accounting for treasury stock [1] - Alibaba-W (09988) dropped over 4%, reaching a new low of 128.5 HKD, with a cumulative decline of over 20% in the past month, following the resignation of the technical head of the Qwen team, which may be linked to organizational adjustments [1] - Dongfang Electric (01072) saw a significant increase of over 13%, attributed to a milestone order of 20 units of 50MW gas turbine generator sets from a Canadian client, with a unit price of 200 million RMB and a gross margin of 40-50% [1] Group 2 - China Shipbuilding Defense (00317) rose by 3.15% as analysts noted that escalating conflicts in the Middle East could boost global military spending, positively impacting the valuation of missile, drone, air defense systems, and shipbuilding industries [2] - Mistral (02440) surged over 32% at one point, as it announced the launch of the world's first Pokémon trading card tokenized fund, expected to be available by March 2, 2026 [2] - COSCO Shipping Energy (01138) experienced a sharp decline of 22%, with a drop of 11.48% reported, following a significant decrease in oil tanker traffic through a critical global energy chokepoint, down over 95% from normal levels [2] Group 3 - Airline stocks fell again, with Cathay Pacific (00293) down 4.58%, Eastern Airlines (00670) down 3.66%, and China Southern Airlines (01055) down 2.48%, due to airspace closures in the Middle East following military actions, disrupting global flight operations [3] - Domestic insurance stocks continued their recent downward trend, with China Life (02628) down 6.46% and China Pacific Insurance (02601) down 4.25%, as analysts noted a lack of positive earnings forecasts from major insurers [4] - Oil stocks collectively declined, with CNOOC (02883) down 7.92% and PetroChina (00857) down 4.51%, following unusual trading activity and warnings about the uncertainty in international oil prices [4] Group 4 - US airline stocks saw a general decline, with United Airlines (UAL.US) down 0.65% and American Airlines (AAL.US) down 0.48%, as conflicts in the Middle East disrupted global flights, with major airports in Dubai and Doha closed for several days [5] - Chip stocks also fell, with Intel (INTC.US) down 5.27% and TSMC (TSM.US) down 4.33%, reflecting broader market concerns [5] - Gold and silver stocks experienced significant drops, with Gold Fields (GFI.US) down 11.58% and AngloGold Ashanti (AU.US) down 10.4%, as spot gold prices fell below $5020 per ounce [6]

Core Insights - The company is focusing on mitigating space constraints by selecting a general contractor for a new, larger facility nearby [1] - A secondary offering raised $9.5 million to strengthen the balance sheet for facility expansion and scaling requirements [1] - Manufacturing efficiencies improved year-over-year, but Q4 margins were impacted by lower sequential revenue due to extended customer holiday periods [1] Financial Performance - Gross margins faced temporary dilution due to increased gold costs, which are passed to customers at zero margin [2] - The company achieved record annual revenue of $32.6 million, driven by strong product demand and the implementation of a third production shift [2] - Current manufacturing facilities have reached maximum capacity, making the company revenue-constrained until relocation is completed [2] Strategic Initiatives - Management plans to select a new facility within several weeks and initiate the move in a few months [2] - The relocation strategy includes building up inventory levels in advance to maintain customer supply during the transition [2] - Future margin expansion is expected from greater operational efficiencies and improved asset utilization at the new facility [2] Outlook - Orders for HybridTech Armor are anticipated to resume in the second half of the calendar year following the passage of the FY '26 defense bill [2] - The company expects 2026 to be a foundational year of solid revenue as it transitions to a higher-growth operational model [2]

Economic Overview - In 2025, China's GDP reached 140,187.9 billion yuan, growing by 5.0% year-on-year, with the primary industry increasing by 3.9%, the secondary industry by 4.5%, and the tertiary industry by 5.4% [5] - The per capita GDP was 99,665 yuan, reflecting a 5.1% increase from the previous year [5] - The total national income was 1,393,700 million yuan, also up by 5.1% [5] Employment and Labor - The total employment reached 72,504 million, with urban employment accounting for 65.6% [6] - Urban new employment increased by 1,267 million, surpassing the previous year's figures by 110,000 [6] - The average urban survey unemployment rate was 5.2%, with a year-end rate of 5.1% [6] Industrial Growth - The total industrial output value was 416,826 billion yuan, marking a 5.8% increase [11] - The manufacturing sector saw a growth of 6.4%, with significant increases in automotive manufacturing (11.5%) and electrical machinery (9.2%) [12] - Profits from industrial enterprises reached 73,982 billion yuan, a slight increase of 0.6% [13] Agricultural Production - Total grain production was 714.88 million tons, an increase of 1.2% year-on-year [10] - The production of cotton rose by 7.7%, while oilseed production increased by 2.9% [10] Trade and Investment - The total import and export value was 454,685 billion yuan, growing by 3.8%, with exports increasing by 6.1% [20] - In January 2026, foreign direct investment amounted to 920.1 billion yuan, with a 25.5% increase in newly established foreign-invested enterprises [42] - The manufacturing sector attracted 260.9 billion yuan in foreign investment, while the service sector received 640.4 billion yuan [43] Consumer Market - The total retail sales of consumer goods reached 501,202 billion yuan, growing by 3.7% [16] - Online retail sales accounted for 26.1% of total retail sales, amounting to 130,923 billion yuan, a 5.2% increase [18] Financial Sector - The broad money supply (M2) increased by 8.5% to 340.3 trillion yuan [22] - The total social financing scale increased by 35.6 trillion yuan, with a year-end stock of 442.1 trillion yuan [22] Technological Development - R&D expenditure reached 39,262 billion yuan, growing by 8.1% [29] - The number of patents granted was 972,000, although this represented a 7.0% decrease from the previous year [29] Environmental Progress - Carbon emissions per unit of GDP decreased by 5.0% [9] - Clean energy generation increased by 14.4%, with significant growth in solar and wind energy [9]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The research investigates the uneven impacts of land reforms in China, particularly focusing on how these reforms reduce liquidity barriers in land markets and their effects on gender roles in labor mobility [7][10][20]. - The study constructs a novel county-level reform index to track the spatial and temporal diffusion of land reforms, revealing that these reforms facilitate rural women’s transition out of agriculture more than men, while negatively impacting urban women's employment and wage income [7][14][19]. - The analysis indicates that land market frictions and gender roles in market and household production interact to create these uneven effects, suggesting that alleviating these frictions can enhance labor distribution and agricultural productivity for women [7][19]. Summary by Sections Introduction - Structural transformation is a core feature of economic development, and liquidity barriers hinder this process, particularly in developing countries where agricultural employment shares and productivity gaps between agriculture and non-agriculture are significant [9][10]. Land System and Reform Index - The report discusses China's land system and the establishment of a county-level land reform index, which captures the diffusion of land reforms over time and space, focusing on the impacts of the Rural Land Contracting Law and land use rights reform [13][14][24]. Empirical Analysis - The empirical analysis shows that land reforms significantly improve land security for farmers, with evidence indicating a notable reduction in land redistribution events over time, thus enhancing the stability of land rights [46][48]. - The findings reveal that land reforms have a pronounced positive effect on rural women's participation in non-agricultural employment and migration, with women showing a higher likelihood of transitioning to non-agricultural jobs compared to men [55][56]. Conclusion - The report concludes that land reforms contribute to a decrease in agricultural productivity gaps and enhance labor mobility, particularly for women, while also highlighting the need for further research on the implications of land market frictions on gender-specific labor distribution [19][20].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The establishment of the Large Taxpayer Office (LTO) in Georgia in 2021 significantly improved tax compliance and revenue collection, leading to an estimated increase in annual tax assessments of approximately 0.4-0.7% of GDP, primarily from VAT and withholding taxes [4][14][56]. - The LTO's approach combined targeted enforcement with improved taxpayer services, resulting in higher compliance rates, particularly in industries with strong third-party reporting and high transaction traceability [4][14]. - The reform highlights the potential for tax administration improvements to enhance fiscal capacity and create fiscal space for development [4][14]. Summary by Sections Introduction - The report discusses the challenges faced by developing countries in raising tax revenues, with emerging economies averaging a tax-to-GDP ratio of around 15%, significantly lower than developed countries [10]. - The focus is on the role of large taxpayers, who contribute disproportionately to total tax revenues, and the establishment of LTOs to enhance compliance among these entities [10][11]. Institutional Background - Georgia re-established its LTO in 2021 after dismantling it in 2010 due to concerns over political interference and ineffective audits [21][22]. - The LTO is responsible for managing the largest companies in Georgia, which account for nearly half of VAT revenues and a quarter of total government revenue [11][22]. Data and Empirical Strategy - The study utilizes administrative data from 2017 to 2024, focusing on the impact of LTO on tax assessments and compliance [33][34]. - A weighted difference-in-differences (WDID) approach is employed to estimate the causal effects of LTO on tax revenue [44][45]. Empirical Findings - The introduction of the LTO led to a significant increase in final tax assessments, with an average increase of 1.39 million GEL per year, translating to a total impact of approximately 26.4 million GEL or 0.4% of GDP [56]. - The most substantial increases in tax revenue were observed in VAT and withholding taxes, indicating improved compliance and enforcement [56][57]. Conclusion - The findings suggest that enhancing tax administration through reforms like the LTO can lead to significant improvements in tax revenue without changing tax rates, emphasizing the importance of effective tax management in developing countries [4][14][32].

Report Overview The report is a macro monthly report from Hualian Futures, covering various aspects of the economy including foreign exchange, real estate, prices, trade, investment, and economic indicators in China and the US. 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - **Foreign Exchange**: After the Spring Festival, the RMB strengthened against the US dollar, driven by both external (Fed's rate - cut cycle and US policy uncertainty) and internal (resilient domestic economy and post - Spring Festival corporate settlement demand) factors. The central bank adjusted the foreign exchange risk reserve ratio to prevent rapid RMB appreciation [7]. - **Real Estate**: Shanghai introduced new real estate policies in February 2026, which are expected to help the Shanghai real estate market stabilize and recover first, leading the repair of first - tier cities [9]. - **Prices**: In January 2026, China's CPI showed a mild recovery and PPI continued to repair, with clear positive signals in core indicators [11]. - **Finance**: In January 2026, China's new social financing aggregate had an unexpected good start, with a credit structure characterized by strong consumption and weak mortgages, and an increase in M1 driving the activation of currency liquidity [13]. 3. Summary by Section 3.1 Monthly Viewpoint and Strategy - **Foreign Exchange**: The RMB exchange rate against the US dollar reached a new high. The RMB's appreciation was driven by external factors such as the Fed's rate - cut cycle and internal factors like the resilient domestic economy. The central bank adjusted the foreign exchange risk reserve ratio from 20% to 0 to balance the foreign exchange market [7]. - **Real Estate**: Shanghai issued new real estate policies in February 2026, including shortening the social security requirement for non - Shanghai residents to buy houses, increasing the provident fund loan limit, and relaxing the loan - set recognition. The national real estate market is still in an adjustment period, and Shanghai is expected to recover first [9]. - **Prices**: In January 2026, China's CPI increased by 0.2% year - on - year, with food prices down 0.7% and non - food prices up 0.4%. PPI decreased by 1.4% year - on - year, with the decline narrowing [11]. - **Finance**: In January 2026, China's new social financing aggregate was 7.22 trillion yuan, with government bonds being the main driving force. Credit data showed a structural differentiation, with strong consumer loans and weak mortgage loans. M1 - M2 scissors - difference narrowed, indicating more active currency liquidity [13]. 3.2 National Economic Accounting - **GDP Growth**: From 2023 - 2025, the GDP quarterly year - on - year growth rate showed fluctuations. Different industries had different growth rates, with the information transmission, software and information technology services and the leasing and business services industries showing relatively high growth [16]. - **Contribution of Three Industries**: The contributions of the three industries to the constant - price GDP quarterly year - on - year growth and the GDP quarterly year - on - year growth rate varied over time [17]. 3.3 Industry Data - **Industry Growth**: The growth rate of the industrial added value of different industries showed differences. For example, the automobile manufacturing, railway, ship, aerospace and other transportation equipment manufacturing industries had relatively high growth rates [30][34]. - **Industrial Output**: The output of major industrial products such as crude oil, coal, and steel also showed certain trends. For instance, the output of crude oil and steel fluctuated over time [36]. - **Electricity Consumption**: In November 2025, China's total social electricity consumption was 835.6 billion kWh, a year - on - year increase of 6.2%. The growth rate of high - energy - consuming industries in the secondary industry slowed down, while high - tech and equipment manufacturing maintained a high growth rate of 6% - 10% [45]. - **Industrial Profits**: In 2025, the total profit of industrial enterprises above the designated size was 7.3982 trillion yuan, a year - on - year increase of 0.6%. Different industries had different profit situations, with the ferrous metal smelting and rolling processing industry having a significant increase in profit [49]. - **Industrial Inventory**: At the end of 2025, the accounts receivable of industrial enterprises above the designated size was 27.43 trillion yuan, a year - on - year increase of 4.7%. The finished - product inventory was 6.73 trillion yuan, a year - on - year increase of 3.9%, and the actual inventory growth rate after excluding price factors was about 5.8% [59]. 3.4 Price Index - **CPI**: In January 2026, China's CPI increased by 0.2% year - on - year. Food prices decreased by 0.7%, and non - food prices increased by 0.4%. Different CPI sub - items had different price changes [66]. - **PPI**: In January 2026, China's PPI decreased by 1.4% year - on - year, with the decline narrowing. The prices of production materials and living materials both showed certain changes [74]. 3.5 Real Estate - **New Residential Prices**: In January 2026, the sales prices of new commercial residential buildings in first - tier cities decreased by 2.1% year - on - year, with Shanghai being an exception with a 4.2% increase. Second - and third - tier cities also saw price declines [85]. - **Second - hand Residential Prices**: In January 2026, the sales prices of second - hand residential buildings in first - tier cities decreased by 7.6% year - on - year. Second - and third - tier cities also had price declines [89]. 3.6 Foreign Trade and Investment - **Import and Export**: In December 2025, China's total import and export value was 601.42 billion US dollars, a year - on - year increase of 6.24%. Exports were 357.78 billion US dollars, a year - on - year increase of 6.6%, and imports were 243.64 billion US dollars, a year - on - year increase of 5.7% [99]. - **Key Commodity Exports and Imports**: The export and import amounts of key commodities such as agricultural products, industrial raw materials, and mechanical and electrical products showed different trends over time [106][107]. 3.7 Fixed - Asset Investment - **Total Fixed - Asset Investment**: In 2025, the national fixed - asset investment (excluding rural households) was 48.5186 trillion yuan, a year - on - year decrease of 3.8%. Different industries had different investment growth rates, with the secondary industry having a 2.5% increase and the third industry having a 7.4% decrease [119]. - **Real Estate Investment**: In 2025, the national real estate development investment was 8.2788 trillion yuan, a year - on - year decrease of 17.2%. The construction area, new construction area, completion area, sales area, and sales amount of real estate all showed declines [127][131][135]. 3.8 Domestic Trade - **Retail Sales**: The cumulative year - on - year growth rates of service retail sales and social consumer goods retail sales showed certain trends. The retail sales of different industries also had different growth rates [163][170]. 3.9 Transportation - **Freight and Passenger Transport**: The transportation volumes of different freight and passenger transport modes showed different trends. The traffic flow of subways in nine major cities and the investment in transportation fixed assets also had certain characteristics [173][174][176]. 3.10 Banking and Currency - **Social Financing**: The new social financing scale and its components showed different trends over time. The stock of social financing scale and its components also had different year - on - year growth rates [184][185]. - **Credit**: The new RMB loans and their components, including short - term and long - term loans, household loans, and enterprise loans, showed different trends [194]. - **Monetary Liquidity**: In January, the M1 growth rate declined significantly, and the M2 growth rate increased slightly. The M2 - M1 scissors - difference expanded to 4.7%, indicating a slowdown in capital activation [200]. - **Interest Rates and Exchange Rates**: The central bank emphasized reasonable interest rate control to promote a stable decline in the financing cost of the real economy. The RMB exchange rate against the US dollar and the US dollar index showed certain trends, and the foreign exchange and gold reserves increased [210][221]. 3.11 Fiscal and Employment - **Fiscal Revenue and Expenditure**: The general public fiscal revenue and expenditure of the central and local governments showed different trends. Different types of fiscal revenues and expenditures also had different changes [236][237]. - **Employment**: The number of newly - added urban jobs and the urban survey unemployment rate showed certain trends [241]. 3.12 Business Surveys - **Global Manufacturing PMI**: The global manufacturing PMI showed certain fluctuations from 2025 - 2026. Different countries and regions had different PMI values [246]. - **China Manufacturing PMI**: In January 2026, China's manufacturing PMI was 49.3%, a seasonal decline of 0.8 percentage points. Different sub - indicators such as production, new orders, and prices showed different trends [249]. - **China Non - Manufacturing PMI**: In January 2026, China's non - manufacturing business activity index was 49.4%, a decline of 0.8 percentage points. The construction and service industries both saw a decline in business activity, with different degrees of industry differentiation [257]. 3.13 US Macroeconomy - **GDP Growth**: The US real GDP环比折年率 showed fluctuations from 2023 - 2025. Different components such as private consumption, investment, and government spending had different contributions to GDP growth [264]. - **Employment**: The number of newly - added non - farm jobs and the unemployment rate in the US showed certain trends [265]. - **Treasury Yields**: The yields of US Treasury bonds of different maturities and the yield curve inversion degree showed certain trends [272]. - **Retail Sales**: The retail and food service sales in the US showed different year - on - year growth rates for different categories [273]. - **Federal Reserve**: The asset structure of the Federal Reserve and the federal funds rate showed certain trends. The reverse repurchase amount on the liability side of the Federal Reserve decreased significantly this year [274][277].