1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The recent increase in the number of culled chickens has alleviated the previous supply pressure. It is expected that the pace of capacity reduction in the short - term will be relatively gentle. Near - month contracts are expected to fluctuate within a range, and for the far - month May contract, considering the alleviation of supply pressure, one can consider building long positions at low prices [8]. 3. Summary According to the Table of Contents 3.1 Futures Market - Futures prices: JD01 closed at 3077, JD05 at 3496, and JD09 at 3974, all unchanged from the previous day. The spreads between different months (01 - 05, 05 - 09, 09 - 01) also remained unchanged [2]. - Price ratios: Ratios of egg to corn and egg to soybean meal for different contracts (01, 05, 09) remained unchanged [2]. 3.2 Spot Market - Egg prices: The average price in the main production areas was 2.99 yuan/jin, down 0.06 yuan/jin from the previous day, while the average price in the main sales areas was 3.24 yuan/jin, up 0.01 yuan/jin from the previous day. Egg prices in most regions were stable, with some local fluctuations [2][4]. - Culled chicken prices: The average price of culled chickens in the main production areas was 3.84 yuan/jin, down 0.07 yuan/jin from the previous day [2][7]. 3.3 Profit Calculation - Costs: The average price of corn was 2348 yuan, down 1 yuan from the previous day; the average price of soybean meal was 3118 yuan, unchanged; the price of egg - laying chicken compound feed was 2.58 yuan, unchanged [2]. - Profits: The profit per chicken was - 0.37 yuan/feather, down 2.87 yuan from the previous day [2]. 3.4 Fundamental Information - Egg production and sales: In November, the national inventory of laying hens was 1.352 billion, a decrease of 80 million from the previous month and a year - on - year increase of 5.5%. The sales volume of eggs in representative sales areas as of December 18 was 7023 tons, remaining at a low level over the years [5]. - Chicken inventory and production: The number of culled chickens in the main production areas as of December 18 was 19.67 million, with little change from the previous week. The average age of culled chickens was 486 days, remaining unchanged [5]. - Profit situation: As of December 18, the weekly average profit per jin of eggs was - 0.17 yuan/jin, showing a slight recovery; on December 12, the expected profit of egg - laying chicken farming was - 11.65 yuan/feather, down 0.7 yuan/jin from the previous week [6]. - Inventory situation: As of December 18, the weekly average inventory in the production link was 1 day, showing a slight decrease, while the weekly average inventory in the circulation link was 1.12 days, showing a slight increase [6]. 3.5 Trading Logic The recent increase in the number of culled chickens has alleviated the supply pressure. It is expected that near - month contracts will fluctuate within a range, and for the far - month May contract, considering the alleviation of supply pressure, one can consider building long positions at low prices [8]. 3.6 Trading Strategies - Unilateral: It is expected to fluctuate within a range in the short - term. One can consider building long positions in far - month contracts at low prices [9]. - Arbitrage: It is recommended to wait and see [10]. - Options: It is recommended to wait and see [10].

Core Viewpoint - Four agricultural products from the region have been selected for the 2025 third batch of national special and superior new agricultural products, enhancing the region's competitive edge in quality agricultural products [1] Group 1 - The selected products include Kangle mushrooms, Kangle beef steak, Liujiaxia salmon, and Tangwang big apricot, bringing the total number of products in the national list to 12 [1] - The region's agricultural product categories now cover fruits, vegetables, livestock, and aquatic products, indicating an expansion in both coverage area and industry types [1] Group 2 - The region has implemented four major actions under the "Three Products and One Standard" initiative, focusing on quality agricultural product base construction, quality improvement, promotion of consumption, and certification of compliant products [2] - As of now, there are 292 certified products in the region, contributing to the establishment of a three-tier brand system that includes "Gansu Flavor" brand, regional public brands, and enterprise trademarks [2] - Notable achievements include the certification of "Kangle Beef" as a geographical indication product and the inclusion of "Dongxiang Tribute Sheep" in the first batch of "Gansu Flavor" regional public brand list [2]

Core Insights - The "2025 Regional Agricultural Brand Annual Ceremony" was held in Beijing, focusing on sharing Chinese flavors with the world and discussing the development of regional agricultural brands in China [3][4][10]. Group 1: Event Overview - The event took place from December 19 to 20, 2025, and has been successfully held for eight consecutive years since its inception in 2018 [3][4]. - Organized by "China Brand" magazine and supported by various institutions, the event featured strategic cooperation brands such as "Heilongjiang Black Soil Premium" and "Jinggangshan" [5][6][8]. Group 2: Agricultural Brand Development Report - The "2025 China Regional Agricultural Brand Development Report" was released, indicating that by 2025, the number of regional agricultural image brands increased by 126 to a total of 1,041, while the total number of regional agricultural industry brands approached 10,000 [17][18]. - Despite the large number of brands, only a few resonate with consumers, highlighting the need for brands to effectively reach different demographics [19][20]. Group 3: Sales and Marketing Trends - In 2025, 65% of agricultural products were sold offline, while 35% were sold online, with live-streaming sales exceeding 3.1 trillion yuan, a 28% year-on-year increase [21][22]. - Platforms like Douyin and Taobao accounted for over 660 billion yuan in agricultural product sales, indicating a shift towards digital marketing strategies [21][22]. Group 4: Brand Case Studies - The report highlighted successful case studies, including "Heilongjiang Black Soil Premium," which saw a 212% increase in brand sales and a 146% increase in signed contracts in 2025 [84]. - "Cenpin Cenwei" from Hunan province emphasized a blend of natural endowments and cultural heritage, aiming to elevate its brand from regional recognition to national prominence [86][90]. Group 5: Expert Insights - Experts discussed the importance of geographical indications in enhancing agricultural product value and addressing rural issues, emphasizing the cultural aspects of branding [58][60]. - The future of brand management will focus on cultural identity and storytelling, moving beyond mere product sales to creating meaningful connections with consumers [67][69]. Group 6: Brand Value Evaluation - The brand value evaluation for "Jinggangshan" showed a brand strength of 819 points and a brand value of 20.283 billion yuan, while "Linfen Youxuan" had a brand strength of 730 points and a value of 4.365 billion yuan [150][151]. - The event concluded with the announcement of the "2026 Brand Soaring Plan," aimed at supporting small and medium enterprises in brand development, with a total service value of 2.56 million yuan for the first seven cooperative regions [138][144].

（文章来源：新华财经） 据船运调查机构SGS数据显示，预计马来西亚12月1日-20日棕榈油出口量为676674吨，较前一月同期出 口的471222吨增加43.6%。 ...

Core Insights - The Zhongshan Market Supervision Administration conducted a food safety inspection covering eight categories of food, with a total of 213 samples tested, of which 205 were qualified and 8 were found to be unqualified [2]. Group 1: Inspection Results - A total of 213 food samples were collected from various food production and operation sectors in Zhongshan [2]. - Out of the 213 samples, 205 were deemed compliant, resulting in a compliance rate of approximately 96.3% [2]. - The unqualified samples included various food items, with specific violations noted in the inspection report [2]. Group 2: Consumer Engagement - The administration encourages consumers to actively participate in food safety supervision and report any harmful food products or illegal activities by calling the complaint hotline 12345 [2].

Group 1 - The core viewpoint of the article indicates that the retail prices of 55 major consumer goods in Linyi City, Shandong Province, have shown a mixed trend, with 12 items increasing, 32 remaining stable, and 11 decreasing, reflecting a stable and orderly market operation [1] Group 2 - Prices of staple food and oil products remain stable, with 20 monitored varieties showing no price changes compared to the previous week, including japonica rice and millet priced at 2.75 yuan and 5.97 yuan per jin respectively [2] Group 3 - Pork prices have decreased, with 8 monitored meat and poultry products showing 1 increase, 3 stable, and 4 decreases; specific prices include lean pork at 14.61 yuan, five-flower pork at 14.14 yuan, boneless hind leg meat at 11.25 yuan, and ribs at 21.78 yuan, reflecting decreases of 0.57%, 1.16%, 1.46%, and 0.76% respectively [3] Group 4 - Vegetable prices predominantly increased, with 17 monitored varieties showing 10 increases and 7 decreases; notable price increases include eggplant at 4.07 yuan (up 14.00%), green onion at 2.10 yuan (up 13.69%), and green chili at 4.84 yuan (up 9.57%); meanwhile, celery, rapeseed, and leeks saw price decreases [4] Group 5 - Fruit prices remained mostly stable, with 5 monitored varieties showing 1 increase and 4 stable; pears are priced at 2.96 yuan per jin, reflecting a 1.72% increase compared to the previous week [5]

Core Viewpoint - Malaysia's palm oil exports from December 1 to 20 amounted to 821,442 tons, representing a decrease of 0.87% compared to 828,680 tons exported during the same period last month [1] Group 1 - The export volume of palm oil in Malaysia for the specified period is 821,442 tons [1] - The decrease in export volume is quantified at 0.87% compared to the previous month's figure [1] - The previous month's export volume was recorded at 828,680 tons [1]

Group 1 - The joint statement initiated by the US and four other countries on December 12 poses an unprecedented challenge to China's dominance in the global rare earth sector, revealing a strategy to undermine China's advantages in this field [1][3] - Rare earths are essential for various industries, including military and technology, with China holding over 80% of the global rare earth refining capacity due to its accumulated technological and industrial chain advantages [3][5] - Australia has abundant resources but lacks the processing capabilities to convert them into economic benefits, while Japan's processing costs are significantly higher than China's, and the US faces challenges in rebuilding its supply chain, which could take at least a decade [5][7] Group 2 - The contradictions in the Trump administration's strategy are highlighted by the new National Security Strategy, which calls for allies to increase military spending to 5% of GDP, despite the US's strained fiscal situation and fragmented alliances [7] - China controls 70% of the global raw material production capacity and 90% of the lithium battery supply chain, indicating that a forced decoupling by the US could harm its own manufacturing sector [7] - China's response to the joint statement was to auction 51.25 million tons of soybeans and 500,000 tons of miscellaneous grains, signaling a strategic move to counteract the US-led coalition without escalating tensions [8]

1. Report Industry Investment Ratings - **Bullish**: Copper, Aluminum, Nickel, Stainless Steel, Tin, Silver, Platinum, Palladium, Carbonate Lithium, BR Rubber, PTA [1] - **Bearish**: Industrial Silicon, Palm Oil, Rapeseed Oil, Fuel Oil [1] - **Sideways**: Stock Index, Bond Futures, Zinc, Precious Metals, Rebar, Hot Rolled Coil, Iron Ore, Manganese Silicon, Ferrosilicon, Glass, Soda Ash, Coal, Coke, Cotton, Sugar, Corn, Soybean, Pulp, Log, Crude Oil, Asphalt, Urea, Propylene, PVC, Caustic Soda, LPG, Container Shipping to Europe [1] 2. Core Views of the Report - In the short - term, the stock index is expected to continue its weak performance, but the adjustment since mid - November has opened up space for the upward movement of the stock index next year [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest rate risks [1]. - The macro - sentiment has improved, and the prices of some non - ferrous metals and precious metals are showing positive trends, while the prices of some agricultural products and energy - chemical products are under pressure or in a sideways pattern [1]. 3. Summary by Related Categories Macro - financial - **Stock Index**: In the short term, it will continue to be weak. The adjustment since mid - November provides a layout window for the upward movement next year. Investors can consider gradually building long positions during the adjustment [1]. - **Bond Futures**: Asset shortage and weak economy are favorable, but the central bank has warned of short - term interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision [1]. Non - ferrous Metals - **Copper**: With the Bank of Japan's interest rate hike and the recovery of market risk appetite, the copper price is running strongly [1]. - **Aluminum**: The industrial drive is limited, but the macro - sentiment has improved, and the aluminum price is oscillating strongly [1]. - **Zinc**: The fundamentals have improved and the cost center has moved up, but the price is under pressure. Attention should be paid to low - buying opportunities [1]. - **Nickel**: The global nickel inventory is still high. Due to supply concerns, the Shanghai nickel has rebounded significantly recently. Attention should be paid to Indonesian policies and macro - sentiment. In the long - term, the primary nickel market is in an oversupply situation [1]. - **Stainless Steel**: The price of raw material nickel iron has stabilized, and the social inventory has decreased slightly. The steel mills' production reduction in December is expected to increase. The futures price has continued to rebound, and short - term operations are recommended [1]. - **Tin**: The short - term macro - sentiment has improved, and the tin price has strengthened due to capital speculation [1]. Precious Metals and New Energy - **Precious Metals**: The Bank of Japan's interest rate hike and geopolitical tensions support the price, but the Fed officials' remarks bring short - term volatility risks [1]. - **Silver**: Macro - drivers, supply - demand imbalance, and increasing ETF holdings are beneficial, but short - term volatility risks need to be vigilant [1]. - **Platinum and Palladium**: The outer - market platinum price has reached a new high, and the inner - market may follow the upward trend. However, due to the high premium of the domestic futures price and the exchange's risk - control measures, short - term volatility risks should be noted [1]. - **Industrial Silicon**: Northwest production is increasing while Southwest production is decreasing. The production schedules of polysilicon and organic silicon in December are decreasing [1]. - **Polysilicon**: There is an expectation of capacity reduction in the long - term. The terminal installation in the fourth quarter has increased marginally. Large manufacturers have a strong willingness to support prices [1]. - **Carbonate Lithium**: It is in the traditional peak season for new energy vehicles, with strong energy - storage demand. The supply side has increased production resumption [1]. Black Metals - **Rebar and Hot Rolled Coil**: The basis and production profit are not high, and short - selling is not recommended [1]. - **Iron Ore**: The near - month contract is restricted by production cuts, but the far - month contract still has upward potential [1]. - **Manganese Silicon and Ferrosilicon**: The direct demand is weak, the supply is high, and the price is under pressure [1]. - **Glass and Soda Ash**: The supply - demand situation is acceptable, the valuation is low, and the downward space is limited [1]. - **Coal and Coke**: After the negative news was digested, there were signs of stabilization. Attention should be paid to whether downstream enterprises will carry out winter storage replenishment [1]. Agricultural Products - **Palm Oil**: Although the high - frequency data has improved, it is difficult to change the expectation of loose supply in the producing areas. Rebound short - selling is recommended [1]. - **Soybean Oil**: It is affected by the weak performance of the CBOT market and other domestic oils and is running weakly [1]. - **Rapeseed Oil**: The short - term raw - material shortage theme is expected to be over, and the global main producing areas are expected to have a good harvest. Short - selling the 05 contract is recommended [1]. - **Cotton**: The new domestic crop has a strong harvest expectation, and the purchase price of seed cotton supports the cost of lint. The downstream demand is weak, but there is rigid replenishment demand. The market is currently in a situation of "supported but without a driver" [1]. - **Sugar**: There is a global surplus and a large - scale supply of new domestic crops. The short - selling consensus is relatively consistent. If the price continues to fall, there will be strong cost support [1]. - **Corn**: The market supply - demand tension has eased, but farmers are still reluctant to sell. The inventory at each link is at a historical low, and there is expected to be stocking demand before the Spring Festival [1]. - **Soybean**: The US soybean export is weak, and the Brazilian soybean is expected to have a good harvest. The inner - market is expected to oscillate weakly [1]. - **Pulp**: The futures price is affected by weak demand and strong supply expectations. It is recommended to wait and see for unilateral operations and consider the 1 - 5 reverse spread [1]. - **Log**: Affected by the decline in the outer - market quotation and spot price, the 01 contract is under pressure and is expected to oscillate weakly [1]. Energy - Chemicals - **Crude Oil**: OPEC + has suspended production increases until the end of 2026, and there are uncertainties in the Russia - Ukraine peace agreement and US sanctions on Venezuelan oil exports [1]. - **Fuel Oil**: It follows the trend of crude oil in the short term, and there are factors such as the possible falsification of the 14th Five - Year Plan's rush - work demand and sufficient supply of Mare crude oil [1]. - **Asphalt**: The profit is relatively high [1]. - **BR Rubber**: The cost has increased, the price has risen, the operating rate has remained high, and the market sentiment is strong [1]. - **PTA**: The PX price is strong, the PTA device is operating at a high load, and the polyester pre - holiday stocking sales have improved [1]. - **Ethylene Glycol**: The price has fallen due to inventory accumulation, and the cost support has weakened [1]. - **Short - fiber**: The price closely follows the cost [1]. - **Benzene and Naphtha**: The cost provides some support, but the overall production economy is negative. The spot market sentiment has recovered, and the total inventory remains high [1]. - **Urea**: The export sentiment has eased, the domestic demand is insufficient, but there is support from the cost side [1]. - **Propylene**: The supply pressure is large, the downstream improvement is less than expected, but the cost support is strong [1]. - **PVC**: The supply pressure is increasing, the demand is weakening, and the price is oscillating in a range [1]. - **Caustic Soda**: The procurement rhythm has slowed down, the operating load is high, and there is inventory pressure in Shandong [1]. - **LPG**: The international oil and gas market has returned to the basic - face loosening logic, and the domestic C3/C4 production and sales are smooth [1]. Others - **Container Shipping to Europe**: The price increase in December was less than expected, the peak - season price - increase expectation was priced in advance, and the shipping capacity supply in December was relatively loose [1].

Report Industry Investment Rating No relevant information provided. Core Views of the Report - The soybean market in the US is affected by the implementation of the Sino-US trade agreement and the weather in South American soybean - growing regions. The short - term trend is volatile, and the price is under pressure from the good weather in South American growing regions and the uncertainty of China's soybean purchases [10][11]. - The domestic soybean market is influenced by factors such as the cost of imported soybeans, the supply of domestic soybeans, and the Sino - US trade agreement. It shows a narrow - range volatile pattern, with the price supported by the cost of imported soybeans and the expected increase in domestic demand, but suppressed by the increase in US soybean purchases and the increase in domestic soybean production [11]. - The domestic soybean meal market is affected by the price of US soybeans, the supply of imported soybeans, and domestic demand. It is in a volatile pattern, with short - term demand improving but the inventory still at a relatively high level [10]. Summary by Relevant Catalogs 1. Weekly Tips No relevant information provided. 2. Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans, but the quantity of China's soybean purchases and the US soybean weather are still uncertain. The US soybean futures are volatile above the 1000 - point mark, waiting for further guidance on US soybean growth, harvest, and the follow - up of the Sino - US trade negotiation [13]. - The arrival volume of imported soybeans in China decreased in December, while the soybean inventory of oil mills remained at a relatively high level. The weather in South American soybean - growing regions is normal, and soybean meal has returned to a range - bound pattern [13]. - The reduction in domestic pig - breeding profits has led to a low expectation of pig replenishment. The demand for soybean meal rebounded at a low level in December, which supported the price of soybean meal. The price is affected by the US soybean price and the rebound in demand and has returned to a range - bound pattern [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. There is still a possibility of speculation on the weather in the US soybean - growing regions, and the preliminary Sino - US trade negotiation agreement has an impact. Soybean meal will maintain a range - bound pattern in the short term, waiting for the clear US soybean yield and the follow - up of the Sino - US trade negotiation [13]. 3. Long and Short Concerns Soybean Meal - **Positive factors**: The preliminary Sino - US trade negotiation agreement is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills has no pressure; there are still uncertainties in the weather in the US and South American soybean - growing regions [14]. - **Negative factors**: The total arrival volume of imported soybeans in China remained at a relatively high level in December; Brazilian soybeans have started to be planted, and under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. Soybeans - **Positive factors**: The increase in the cost of imported soybeans supports the domestic soybean market; the expected increase in domestic demand for domestic soybeans supports the domestic soybean price [16]. - **Negative factors**: The preliminary Sino - US trade negotiation agreement leads to an increase in China's soybean purchases from the US; the increase in the output of new - season domestic soybeans suppresses the price expectation of soybeans [16]. 4. Fundamental Data - **Global soybean supply - demand balance sheet**: From 2015 to 2024, the global soybean harvest area, output, and total supply showed an overall upward trend, and the ending inventory and inventory - to - consumption ratio also fluctuated [22]. - **USDA's monthly supply - demand report in the past six months**: From May 2025 to December 2025, the planting area, yield per unit, and output of US soybeans changed slightly, and the ending inventory also fluctuated [23]. - **US soybean planting, growth, and harvesting progress in 2024**: The sowing, emergence, flowering, pod - setting, leaf - falling, and harvesting progress of US soybeans in 2024 were compared with those of the previous year and the five - year average [24][25][26]. - **Brazilian and Argentine soybean planting progress**: The planting progress of Brazilian soybeans in the 2024/25 and 2025/26 seasons and the planting progress of Argentine soybeans in the 2024/25 and 2025/26 seasons were presented [27][29][30][31]. - **Domestic soybean supply - demand balance sheet**: From 2015 to 2024, the domestic soybean harvest area, output, import volume, total supply, total consumption, ending inventory, and inventory - to - consumption ratio showed different trends [37]. - **Arrival volume of imported soybeans**: The arrival volume of imported soybeans in China from 2020 to 2025 showed monthly fluctuations, and the arrival volume in December 2025 increased slightly compared with previous months [38]. 5. Position Data No relevant information provided. 6. Soybean and Soybean Meal Fundamentals (Supply - Demand Inventory Structure) 1. US Soybean Market Analysis - The impact of the December USDA report is relatively neutral. The short - term trend of US soybeans is weakly volatile due to the uncertainty of the implementation of the Sino - US trade negotiation agreement. The bumper harvest of US soybeans and the good planting weather of Brazilian soybeans suppress the market. In general, the short - term weather variables in the Brazilian soybean - growing regions and the follow - up progress of the Sino - US trade agreement will affect the market [35]. - The expectation of the US Federal Reserve's interest rate cut in December is maintained, which is short - term positive for commodities. The US soybean futures market is volatile in the short term, and the planting weather of South American soybeans and the follow - up implementation of the Sino - US trade negotiation agreement are still the biggest driving forces for the short - and medium - term trends of the market [35]. 2. Domestic Soybean Meal Industry Chain - **Arrival of imported soybeans**: The arrival volume of imported soybeans in December increased slightly, and the year - on - year overall showed an increase [38]. - **Oil mill crushing and inventory**: The soybean inventory of oil mills remained at a high level, and the soybean meal inventory decreased from a high level. The soybean crushing volume of oil mills remained at a relatively high level, and the soybean meal production in October increased year - on - year [39][41]. - **Soybean meal transaction**: The downstream long - term stocking enthusiasm rebounded, and the market transaction is expected to rebound from a low level [9]. - **Pig - breeding inventory**: The pig inventory showed an upward trend, the sow inventory was flat year - on - year and decreased slightly month - on - month. The pig price fluctuated slightly recently, and the piglet price remained weak [48][50]. 3. Downstream Demand Analysis - The demand for soybean meal rebounded at a low level in December, which was affected by the improvement in domestic pig - breeding demand, but the overall price was still determined by the supply side [57]. 7. Meal Market Structure - **Soybean meal basis analysis**: The soybean meal futures were weakly volatile, the spot price was relatively stable, and the spot premium decreased slightly [60]. - **Soybean meal and rapeseed meal price difference**: The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference between the 2605 contracts of soybean meal and rapeseed meal narrowed slightly [62]. 8. Technical Analysis Soybean - The soybean futures were weakly volatile, affected by the interaction between the US soybean price and the relatively stable domestic soybean spot price [67]. - The KDJ indicator dropped to a low level, and the short - term technical indicators entered a consolidation phase. The low - level indicator limited the further decline space, and it was necessary to wait for new guidance on whether it would continue to decline or rebound [67]. - The MACD oscillated and declined in the middle position, and the short - term entered a technical consolidation phase. The green energy narrowed, and it remained to be seen whether the adjustment could continue. The soybean futures returned to a range - bound pattern, waiting for new guidance [67]. Soybean Meal - The soybean meal futures oscillated and declined, affected by the expected bumper harvest of South American soybeans, the uncertainty of the implementation of the Sino - US trade agreement, and the short - term weak domestic demand [70]. - The KDJ indicator oscillated at a low level, and the short - term entered a technical adjustment phase. The low - level indicator limited the further decline space, and it was necessary to wait for new guidance on whether it would continue to decline or rebound [70]. - The MACD oscillated and declined, and the short - term entered a technical adjustment and consolidation phase. The green energy narrowed, and it remained to be seen whether it could continue to decline. The soybean meal futures returned to a volatile pattern recently, waiting for the US soybean price and new guidance [70].