Core Viewpoint - The article highlights the performance and upcoming dividend distribution of the Hang Seng National Enterprise Dividend Index and its associated ETF, emphasizing the attractiveness of dividend assets in the current market environment [1] Group 1: Dividend Distribution - The Hang Seng National Enterprise Dividend ETF (530880) announced a dividend distribution plan of 0.0360 yuan for every 10 fund shares, with the record date set for May 30 and the cash dividend payment date on June 16 [1] - The ex-dividend date for on-market fund shares is June 11, and the equity registration date is June 10, allowing investors holding shares on that date to receive the dividend [1] Group 2: Market Context - A meeting held by the Shanghai Stock Exchange on June 5 focused on increasing dividend payouts and enhancing the value of listed companies through various market management tools [1] - The article notes that the dividend index's yield has reached a new high, driven by a significant decline in bond market yields, making dividend assets appealing for both short-term and long-term investors [1] Group 3: Sector Analysis - The Hang Seng National Enterprise Dividend ETF tracks the Hang Seng National Enterprise Dividend Index, which includes sectors such as banking, coal, and transportation, known for their low valuations and high dividend yields [1] - As of May 19, 2025, the dividend yield of the Hang Seng National Enterprise Dividend Index reached 6.78%, the highest among similar A-share indices, indicating strong performance in the dividend space [1] Group 4: Investment Opportunities - The ETF offers a low comprehensive fee rate compared to other index tracking products, making it an attractive option for investors [1] - Investors without stock accounts can access the ETF through off-market connections, providing additional avenues for investment in dividend assets [1]

Group 1 - The market experienced a slight rebound last week, with an average daily trading volume of approximately 12,089 billion yuan, despite overall trading activity remaining subdued [1] - The direct communication between the leaders of China and the United States after trade frictions has positively impacted the market, particularly benefiting export-oriented sectors [1] - Growth stocks outperformed value stocks, with small-cap stocks leading large-cap stocks; sectors such as telecommunications, non-ferrous metals, and electronics performed well, while household appliances, food and beverages, and transportation lagged [1] Group 2 - Domestic exports remain resilient, but real estate sales are weakening rapidly, compounded by the exhaustion of subsidies for automobiles and home appliances, leading to a lack of support for domestic demand [2] - The SCFI index has shown an upward trend, indicating a recovery in external demand, while real estate sales for new and second-hand homes have significantly declined [2] - The automotive industry is facing tightening consumer subsidy policies, which may further pressure domestic demand [2] Group 3 - Two key events are expected to significantly impact asset prices: the potential delay in the U.S. interest rate cut path and the possibility of the "Great Beautiful Plan" proposed by Trump passing, which includes tax cuts and adjustments to subsidy policies [3] - The recent communication between the U.S. and Chinese leaders emphasizes the need for enhanced cooperation across various sectors, which could alleviate some pressures on high-tech industries in China [3] Group 4 - The divergence between fundamental expectations and macroeconomic expectations remains a key theme in the market, with limited upward and downward potential [4] - The market's downside risks are primarily driven by deteriorating fundamentals and declining corporate profits, while progress in tariff negotiations may mitigate these negative impacts [4] - Future market movements may depend on exceeding expectations in fundamentals, liquidity, or industry catalysts [4] Group 5 - The investment strategy suggests a "barbell" approach, focusing on high-dividend sectors post-dividend payouts and gold sectors due to ongoing central bank purchases [5] - In a macroeconomic easing period, technology growth sectors are expected to yield higher returns, with specific attention to commercial aerospace, autonomous driving, domestic computing power, consumer electronics, and robotics [5]

Core Points - The 2025 Yangtze River Delta Leaders' Conference was held in Nanjing, summarizing the achievements and experiences since the integration of the region into a national strategy, and outlining major tasks for high-quality development [1][2][3] Group 1: Innovation and Industry Development - The focus on deepening regional innovation collaboration includes supporting the Zijinshan Laboratory with major scientific tasks and promoting the establishment of a national laboratory base for biological breeding [1] - The plan emphasizes the construction of a modern industrial system through collaboration with cities like Shanghai, Hangzhou, and Hefei, exploring cross-regional development mechanisms, and enhancing the "Digital Yangtze River Delta" initiative [1][2] Group 2: Infrastructure and Connectivity - Key infrastructure projects include the continuation of the North Jiangsu High-speed Railway, Nanjing-Huai'an Intercity Railway, and the capacity expansion of the Nanjing-Wuhu Railway, along with the construction of the Nanjing North Station comprehensive hub [1][2] Group 3: Regional Coordination and Cooperation - The initiative promotes high-quality development of the Nanjing metropolitan area, including the preparation of land space planning and multi-level rail transit planning [2] - Support for cross-border cooperation in regions like Qixia, Lishui, Gaochun, and Liuhe is also highlighted [2] Group 4: Reform and Open Economy - Strengthening cooperation with the Shanghai Stock Exchange and utilizing digital platforms to cultivate quality sci-tech enterprises is a key focus [2] - The plan includes deepening the comprehensive pilot for expanding service industry openness and exploring open application scenarios [2] Group 5: Public Services and Environmental Protection - Development of an integrated human resources recruitment platform for the Yangtze River Delta and expansion of e-government services are part of the public service initiatives [2] - Collaborative efforts for ecological protection, including the Yangtze River dolphin conservation and the development of the Ning-Hang ecological economic belt, are emphasized [2]

Core Viewpoint - The integration of transportation and energy is becoming increasingly prevalent, with significant advancements in clean energy infrastructure and electric vehicle adoption in the transportation sector [1][2]. Group 1: Current Developments - The Ministry of Transport has initiated several projects to promote the integration of transportation and energy, enhancing the clean energy supply system [1]. - The installed capacity of clean energy sources in national transportation infrastructure has exceeded 890,000 kilowatts, with 35,000 charging piles and approximately 51,000 charging parking spaces established [1]. - The transportation sector accounts for about 17% of China's energy consumption, making it a key area for energy transition [1]. Group 2: Challenges - Despite progress, challenges such as inadequate infrastructure, insufficient coverage of charging and hydrogen networks, and high costs of hydrogen storage and transportation persist [2]. - Issues like "range anxiety" during peak holiday periods highlight the need for improved energy facilities at transportation hubs [2]. Group 3: Future Goals - The "Guiding Opinions on Promoting the Integration of Transportation and Energy" aims for comprehensive interaction between transportation and new energy systems by 2035 [2]. - The plan emphasizes the need for a supportive policy framework and enhanced technological capabilities to address existing challenges [2]. Group 4: Technological and Project Initiatives - The integration of transportation and energy requires addressing technical issues in production, storage, transportation, and usage of new energy [3]. - Establishing a research platform for technology development and promoting collaborative innovation across sectors is essential [3]. - The successful implementation of the Shandong Zaohua Expressway project serves as a model for future integration projects, demonstrating feasibility and providing insights for further development [3].

Core Viewpoint - The A-share market has shown signs of recovery due to increased risk appetite, with the ChiNext index leading the gains at 2.3% while the Shanghai 50 index saw the smallest increase of 0.4% [3] Market Performance - The overall A-share market experienced a divergence this week, with major indices generally rising. The valuation of the entire A-share market is currently at a medium level historically since 2010 [3] - The communication, non-ferrous metals, and electronics sectors performed relatively well, with respective increases of 5.3%, 3.7%, and 3.6%. In contrast, the household appliances, food and beverage, and transportation sectors saw declines of 1.8%, 1.1%, and 0.5% [3] Domestic and External Factors - Recent domestic events include the launch of the "Service Consumption Season" by the Ministry of Commerce and the deployment of policies for the 2025 New Energy Vehicles initiative. Externally, significant events include a phone call between Chinese President Xi Jinping and U.S. President Trump, and the SEC tightening regulations on foreign companies listed in the U.S. [4] - The domestic economy remains stable, supported by growth policies, which are expected to provide a cushion for the market. Despite potential market fluctuations, supportive funds are likely to flow into the stock market to stabilize it [4] Market Outlook - The market is expected to maintain a consolidation phase, with external risks potentially limiting further upward movement. The current level of the Shanghai index is near the points seen in early April, making upward breakthroughs challenging [5] - Short-term external risks may have peaked, but vigilance regarding Trump's policy changes is necessary. Domestic policies are expected to continue to be implemented, with consumption remaining a key driver of economic recovery [5] Investment Focus - Attention should be given to three main lines of investment: 1. Domestic consumption, with a focus on home goods, food processing, professional services, and leisure foods, as policies to expand domestic demand are expected to catalyze growth [6] 2. Domestic substitution, focusing on industries with high import ratios from the U.S. and strong domestic supply capabilities, such as publishing and building materials, as well as sectors like aerospace equipment and medical devices that are expected to improve domestic supply [6] Fund Allocation - The "Action Plan for Promoting High-Quality Development of Public Funds" may have a profound impact on fund allocation, with sectors currently underweight by funds, such as banking, non-bank financials, public utilities, and transportation, being worth attention in the medium to long term [7]

Group 1 - The report highlights a positive outlook for the consumption service industry, technology, and cyclical leaders, driven by macroeconomic expectations and microeconomic improvements. Key indicators show a slight recovery in manufacturing PMI and industrial output growth, suggesting potential for cost reductions in midstream manufacturing leaders and value in undervalued sectors like petrochemicals and new consumption [9][10][11] - In the domestic equity market, growth stocks outperformed financials, cyclicals, and consumer sectors, with an average daily trading volume of 1.1857 trillion yuan, indicating increased market activity and risk appetite [12][20] - The report notes that 25 out of 31 sectors in the Shenwan classification saw gains, with telecommunications, non-ferrous metals, and electronics leading the way, while household appliances and food and beverage sectors experienced declines [20][23] Group 2 - The report discusses the liquidity management strategy of the central bank, which is focused on maintaining stability by "shortening and lengthening" liquidity provisions. This includes net withdrawals through OMO and reverse repos, indicating a balanced approach to short and long-term liquidity [10][21][22] - It mentions that the yields on government bonds have slightly decreased due to ample liquidity, with 1-year and 10-year government bond yields at 1.41% and 1.65%, respectively, reflecting a stable interest rate environment [12][25] - The report also highlights the fluctuations in U.S. Treasury yields, which are influenced by contrasting employment data, with 2-year and 10-year Treasury yields rising to 4.04% and 4.51%, respectively, indicating market sensitivity to economic indicators [28][29] Group 3 - The report provides insights into the performance of major commodities, noting that crude oil, gold, copper, and aluminum prices have increased, driven by easing trade relations and OPEC+ production adjustments [12][13][32] - It highlights the significant rebound in crude oil prices, which reached $64.58 per barrel, and the increase in U.S. crude oil production to 13.41 million barrels per day, reflecting a robust energy sector [32][39] - The report also discusses the dynamics of the gold market, with the People's Bank of China increasing its gold reserves for seven consecutive months, impacting gold prices amid expectations of U.S. interest rate cuts [12][13][32]

Quantitative Models and Construction Methods 1. Model Name: Broad-based Index Rotation Strategy - **Model Construction Idea**: The strategy is based on the weekly change rate of the total sentiment heat (MA2) for broad-based indices. The model selects the index with the highest heat change rate for investment, while staying in cash if the "Other" group has the highest rate [7][12][15] - **Model Construction Process**: 1. Calculate the weekly heat change rate for each broad-based index (CSI 300, CSI 500, CSI 1000, CSI 2000, and "Other") 2. Smooth the weekly change rate using a 2-period moving average (MA2) 3. At the end of each week, invest in the index with the highest MA2 heat change rate. If the "Other" group has the highest rate, remain in cash [8][9][12] - **Model Evaluation**: The model demonstrates a systematic approach to capturing short-term sentiment-driven opportunities in broad-based indices [12][15] --- Model Backtesting Results 1. Broad-based Index Rotation Strategy - **Annualized Return (2017-Present)**: 8.74% - **Maximum Drawdown**: 23.5% - **2025 YTD Return**: 10.6% [15] --- Quantitative Factors and Construction Methods 1. Factor Name: Total Sentiment Heat - **Factor Construction Idea**: The factor aggregates the sentiment heat of individual stocks within a broader category (broad-based indices, industries, or concepts) to serve as a proxy for market sentiment [7] - **Factor Construction Process**: 1. Define the total sentiment heat for individual stocks as the sum of their browsing, watchlist, and click counts 2. Normalize the sentiment heat by dividing it by the total market heat on the same day 3. Multiply the normalized value by 10,000 to scale the indicator within the range [0, 10,000] 4. Aggregate the total sentiment heat of all constituent stocks within a specific category (e.g., broad-based indices, industries, or concepts) [7] - **Factor Evaluation**: The factor effectively captures market sentiment dynamics, particularly at the individual stock level, where mispricing due to limited attention is more pronounced [7] 2. Factor Name: Weekly Heat Change Rate (MA2) - **Factor Construction Idea**: This factor measures the weekly change rate of sentiment heat for a specific category, smoothed using a 2-period moving average (MA2) [7][19][27] - **Factor Construction Process**: 1. Calculate the weekly change rate of total sentiment heat for each category (e.g., broad-based indices, industries, or concepts) 2. Apply a 2-period moving average (MA2) to smooth the weekly change rate [19][27] - **Factor Evaluation**: The MA2 smoothing process enhances the stability of the factor, making it suitable for identifying short-term sentiment trends [19][27] --- Factor Backtesting Results 1. Total Sentiment Heat - **Indicator Range**: [0, 10,000] (normalized and scaled) [7] 2. Weekly Heat Change Rate (MA2) - **Broad-based Indices**: - CSI 500: +2.11% (highest weekly increase) - CSI 1000: -1.54% (lowest weekly decrease) [15] - **Industries (Shenwan Level 1)**: - Top 5 Positive Changes: Communication (+29.1%), Environmental Protection, Computer, Building Materials, Social Services - Top 5 Negative Changes: Automotive, Coal, Transportation, Utilities, Comprehensive (-35.2%) [26] - **Concepts**: - Top 5 Positive Changes: Football Concept (+152.7%), Military Restructuring (+128.7%), Dental Medical (+93.4%), Beer Concept (+90.7%), Digital Currency (+84.5%) [27][30] 3. Heat-based Concept Portfolios - **BOTTOM Portfolio**: - **Annualized Return**: 15.71% - **Maximum Drawdown**: 28.89% - **2025 YTD Return**: 22.3% [32]

Group 1 - The report indicates a recovery in market sentiment, with a renewed focus on technology sectors, particularly in the context of the A-share market showing resilience despite geopolitical tensions [7][17][19] - The A-share market is expected to maintain upward momentum until late June, driven by favorable macroeconomic conditions and potential easing of US-China trade tensions [17][18] - The report highlights that the overall market is in a continuation phase of an upward trend since the 924 market rally, with the Wind All A Index currently at 5156 points, indicating room for further growth [17][24] Group 2 - Investment recommendations include a focus on technology growth sectors, particularly AI, which has seen reduced crowding and is expected to benefit from potential policy relaxations regarding technology restrictions [24][25] - The report emphasizes the importance of domestic consumption, particularly in emerging sectors such as health, tourism, and pet economy, as a counterbalance to uncertainties in overseas demand [24][25] - High dividend sectors are highlighted as having sustained value, with particular attention to banking, coal, public utilities, and transportation as potential investment areas [25][26] Group 3 - The report notes that the small-cap stocks represented by the CSI 2000 index have a high price-to-earnings ratio of 137.40 times, indicating accumulated risks in this segment [18][19] - The report anticipates that the upcoming Lujiazui Forum in June 2025 will be a key event for financial policy announcements, which could influence market dynamics [22][24] - The report also discusses the impact of US economic data, particularly the better-than-expected non-farm payrolls, which may delay Federal Reserve interest rate cuts and affect market sentiment [23]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - China is in a marginal de - leveraging process, with the government aiming to stabilize the macro - leverage ratio. The fiscal policy is front - loaded, and the monetary policy is generally neutral. The stock - bond ratio is trending towards bonds, and the equity style is trending towards value. The report recommends a portfolio of the dividend index (40% position), the Shanghai Composite 50 Index (40% position), and the 30 - year Treasury Bond ETF (20% position) [6][15][21] - The performance of the US economy is closely watched, especially whether and when the quarterly real GDP growth rate will fall below the trend level. The current situation in the US is similar to that during the burst of the Internet bubble in 2001 [6] - In the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and the value style is more likely to outperform. A + H dividend - type stocks with characteristics of non - expansion, good profitability, and survival are recommended [7][15][63] 3. Summary by Relevant Catalogs 3.1 National Balance Sheet Analysis 3.1.1 Liability Side - In April 2025, the liability growth rate of the real - sector was 9.0%, up from 8.7% previously, in line with expectations. It is expected to stabilize around 9.0% in May and then decline. By the end of the year, it is projected to drop to around 8% [1][16] - Last week, the financial sector's capital situation eased marginally, but a monthly high may occur. The government's debt (including national and local bonds) increased by 219.5 billion yuan last week (higher than the planned 128.3 billion yuan). The planned increase this week is 176.2 billion yuan. The government's liability growth rate was 14.8% at the end of April 2025, up from 13.9% previously, and is expected to stabilize around 14.8% in May and then decline to around 12.5% by the end of the year [2][17] 3.1.2 Monetary Policy - Last week, the capital trading volume increased week - on - week, the capital price decreased, and the term spread widened. After excluding seasonal effects, the capital situation eased marginally. The one - year Treasury bond yield trended downwards, closing at 1.41% at the weekend. The estimated lower bound of the one - year Treasury bond yield is about 1.3%. The term spread between the ten - year and one - year Treasury bonds widened to 24 basis points. The estimated central level of the term spread is adjusted downwards to 40 basis points, corresponding to a lower bound of the ten - year Treasury bond yield of about 1.7%. The central level of the spread between the thirty - year and ten - year Treasury bonds is estimated at 20 basis points, corresponding to a lower bound of the thirty - year Treasury bond yield of about 1.9% [2][17] 3.1.3 Asset Side - In April, the physical - quantity data weakened compared to March. The 2025 government work report set the annual real economic growth target at around 5%, and the nominal economic growth target at around 4.9% when calculated backwards from the deficit and deficit ratio. It remains to be seen whether 5% will become the central target for China's nominal economic growth in the next 1 - 2 years [3][18] 3.2 Stock - Bond Ratio and Stock - Bond Style - Last week, the capital situation eased marginally, resulting in a bull market for both stocks and bonds, with the growth style outperforming expectations. Bond yields declined across the board, and the stock - bond ratio shifted towards stocks. The ten - year Treasury bond yield dropped by 2 basis points to 1.65%, the one - year Treasury bond yield dropped by 5 basis points to 1.41%, and the thirty - year Treasury bond yield dropped by 2 basis points to 1.88% [5][20] - In the de - leveraging cycle, the stock - bond ratio trends towards bonds, and the equity style trends towards value. Currently, long - term bonds have a slightly better cost - performance than value - type equity assets. If value - type equity assets continue to fall, a good entry opportunity may emerge [6][21] 3.3 Industry Recommendation 3.3.1 Industry Performance Review - This week, the A - share market rose with increased volume. The Shanghai Composite Index rose 1.13%, the Shenzhen Component Index rose 1.42%, and the ChiNext Index rose 2.32%. Among the Shenwan primary industries, communications, non - ferrous metals, electronics, composites, and computers had the largest increases, while household appliances, food and beverages, transportation, coal, and steel had the largest declines [27] 3.3.2 Industry Crowding and Trading Volume - As of June 6, the top five industries in terms of crowding were electronics, computers, pharmaceutical biology, machinery and equipment, and power equipment, with crowding levels of 10.4%, 9.8%, 7.9%, 7.2%, and 7% respectively. The bottom five were composites, steel, coal, petroleum and petrochemicals, and beauty care, with levels of 0.2%, 0.5%, 0.5%, 0.6%, and 0.7% respectively [30] - This week, the top five industries with increased crowding were communications, non - ferrous metals, electronics, basic chemicals, and computers, with increases of 2.1%, 1.8%, 1.4%, 1%, and 0.4% respectively. The bottom five with decreased crowding were pharmaceutical biology, automobiles, machinery and equipment, environmental protection, and banks, with changes of - 1.9%, - 1.7%, - 0.9%, - 0.7%, and - 0.6% respectively [30] - The average daily trading volume of the entire A - share market this week was 1.2 trillion yuan, up from 1.09 trillion yuan last week. The industries with the highest year - on - year growth in trading volume were social services, non - bank finance, building materials, media, and non - ferrous metals, while composites, commercial retail, petroleum and petrochemicals, basic chemicals, and machinery and equipment had the smallest increases [31] 3.3.3 Industry Valuation and Earnings - This week, among the Shenwan primary industries, communications, electronics, non - ferrous metals, composites, and computers had the largest increases in PE(TTM), while household appliances, food and beverages, transportation, coal, and steel had the largest declines [35] - As of June 6, 2025, industries with high 2024 full - year earnings forecasts and relatively low current valuations compared to history include insurance, petroleum and petrochemicals, transportation, pharmaceutical biology, and consumer electronics [36] 3.3.4 Industry Prosperity - In terms of external demand, there were mixed trends. The global manufacturing PMI in May fell from 49.8 to 49.6, while most of the disclosed PMI of major economies in May rebounded. The CCFI index rose 3.34% week - on - week. South Korea's export growth rate rose to 3.7% in April and then dropped to - 1.3% in May. Vietnam's export growth rate slightly decreased from 21% in April to 20.7% in May [40] - In terms of domestic demand, the second - hand housing price remained flat last week, and quantity indicators showed mixed trends. The highway truck traffic volume declined. The capacity utilization rate of ten industries in March 2025 rose to a relatively high level in history, declined significantly in April, and rebounded slightly in May. Automobile trading volume was at a relatively high level compared to the same period in history, new - home trading volume remained at a historical low, and second - hand housing trading volume declined significantly compared to the historical seasonality [40] 3.3.5 Public Fund Market Review - In the first week of June (June 3 - 6), most active public equity funds outperformed the CSI 300. The 10%, 20%, 30%, and 50% weekly returns were 3.6%, 2.8%, 2.3%, and 1.5% respectively, while the CSI 300 rose 0.9% [57] - As of June 6, the net asset value of active public equity funds was estimated to be 3.46 trillion yuan, slightly down from 3.66 trillion yuan in Q4 2024 [57] 3.3.6 Industry Recommendation - In the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and the value style is more likely to outperform. The recommended A + H dividend portfolio includes 20 A + H stocks, and the A - share portfolio includes 20 A - shares, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [7][63]

Core Viewpoint - The A-share market is experiencing a rebound driven by multiple positive factors, with expectations for continued upward movement in the near future, particularly in the technology sector as significant events approach [5][6][12]. Market Performance - The A-share market showed a weak rebound with major indices attempting to reach the 3400-point mark, but ultimately faced challenges due to low trading volume. The Shanghai Composite Index closed at 3385.36 points, up 1.13%, while the ChiNext Index rose 2.32% to 2039.44 points [3][4]. - Among the 31 first-level industries, 25 saw gains, with notable performances in telecommunications (5.27%), non-ferrous metals (3.74%), and electronics (3.6%). Conversely, household appliances (-1.79%) and food and beverage (-1.06%) lagged behind [3]. Trading Volume and Financing - The average daily trading volume remained around 1.1 trillion yuan, indicating intense market competition. The margin trading balance stabilized at levels seen since April [4]. Economic Indicators - The manufacturing PMI for May was reported at 49.5%, a 0.5 percentage point increase from the previous month, indicating a continued economic recovery despite remaining in contraction territory. The non-manufacturing PMI was slightly lower at 50.3% [7]. - The production index rose to 50.7%, reflecting an acceleration in manufacturing activities, while the new orders index increased to 49.8%, driven by a significant recovery in new export orders [8]. Central Bank Actions - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation, marking a significant liquidity management move. This operation is expected to stabilize interbank market rates and enhance market risk appetite, particularly benefiting technology growth stocks [9]. Geopolitical Developments - A recent phone call between Chinese President Xi Jinping and U.S. President Donald Trump emphasized economic cooperation, which is expected to ease market concerns regarding tariffs and improve risk sentiment [10]. Future Market Outlook - Analysts remain optimistic about the A-share market for the second half of 2025, anticipating a structural bull market driven by synchronized economic and policy cycles in China and the U.S. [12][13]. - Key investment strategies include focusing on core assets, emerging industries, and traditional sector leaders, with a particular emphasis on technology and consumer sectors [15][17]. Sector Focus - Investment opportunities are expected to arise from trends in technology, defense, and domestic consumption, with specific attention to sectors like AI, renewable energy, and consumer goods [17][19].