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福耀玻璃涨停 A500ETF嘉实(159351)交投活跃 配置价值凸显
Zhong Zheng Wang· 2025-08-20 05:02
Group 1 - The A-shares market opened lower but rebounded, with the Shanghai Composite Index rising by 0.08% as of 11:00 AM on August 20 [1] - The A500 ETF managed by Harvest (159351) saw its constituent stock, Fuyao Glass, hit the daily limit, while Xiyuan Co. surged over 5% [1] - The A500 ETF's trading volume exceeded 2 billion yuan, indicating active market participation [1] Group 2 - As of August 19, the A500 ETF's total scale reached 12.601 billion yuan, with an average daily trading volume of 2.248 billion yuan and an average turnover rate of 1.789 billion yuan [1] - The total trading volume for August reached 40.399 billion yuan, ranking second among similar products in the Shenzhen market [1] - According to Galaxy Securities, there is a clear trend of residents reallocating wealth towards financial assets, with increased market risk appetite driving capital inflows [1] Group 3 - Industry experts suggest that the China Securities A500 Index has become an ideal choice for balanced allocation and sharing the growth dividends of core A-share assets, especially in the context of frequent market style rotations and policy support for index investment [1] - Currently, there are 39 ETFs tracking the A500 Index, with a combined latest scale of 181.329 billion yuan [1]
《特殊商品》日报-20250820
Guang Fa Qi Huo· 2025-08-20 02:44
Report 1: Natural Rubber 1. Report Industry Investment Rating Not provided 2. Core View The current natural rubber market lacks clear directional guidance, with long and short positions intertwined. The price is expected to fluctuate in a range, with the 01 contract's reference range at 15,000 - 16,500 yuan/ton. Follow-up attention should be paid to the raw material supply situation during the peak production period in the main producing areas. If the raw material supply increases smoothly, consider shorting at high prices [1]. 3. Summary by Directory Spot Price and Basis - The price of Yunnan state - owned whole latex in Shanghai on August 19 was 14,850 yuan/ton, down 50 yuan or 0.34% from the previous day. The whole milk basis (switched to the 2509 contract) was - 920 yuan/ton, down 105 yuan or 11.41% [1]. - The price of Thai standard mixed rubber on August 19 was 14,650 yuan/ton, up 50 yuan or 0.34% from the previous day [1]. Monthly Spread - The 9 - 1 spread on August 19 was - 995 yuan/ton, up 40 yuan or 3.86% from the previous day [1]. - The 1 - 5 spread was - 82 yuan/ton, up 10 yuan or 10.53% from the previous day [1]. - The 5 - 9 spread was 1080 yuan/ton, down 50 yuan or - 4.42% from the previous day [1]. Fundamental Data - In June, Thailand's natural rubber production was 392.6 thousand tons, up 120.4 thousand tons or 44.23% from the previous month. Indonesia's production was 176.2 thousand tons, down 24.1 thousand tons or - 12.03% [1]. - The weekly operating rate of semi - steel tires was 72.07%, down 2.28 percentage points from the previous week. The weekly operating rate of all - steel tires was 61.00%, down 2.09 percentage points from the previous week [1]. - In July, domestic tire production was 9436.4 million pieces, down 838.5 million pieces or - 8.16% from the previous month. Tire export volume was 6665.0 million pieces, up 634.0 million pieces or 10.51% [1]. Inventory Change - As of August 19, the bonded area inventory (bonded + general trade inventory) was 619,852 tons, down 11,918 tons or 1.89% from the previous day [1]. - The factory - warehouse futures inventory of natural rubber on the SHFE (weekly) was 46,469 tons, up 4234 tons or 10.02% from the previous week [1]. Report 2: Polysilicon 1. Report Industry Investment Rating Not provided 2. Core View Last week, the polysilicon price fluctuated strongly. It is expected to mainly fluctuate at a high level, with the lower limit of the price fluctuation range rising to 47,000 yuan/ton and the upper limit between 58,000 - 60,000 yuan/ton. Consider buying on dips, and buy put options to short at high prices when the volatility is low. Also, consider buying straddle options when the volatility is low [2]. 3. Summary by Directory Spot Price and Basis - The average price of N - type reclaimed materials on August 19 was 47,000 yuan/ton, unchanged from the previous day [2]. - The N - type material basis (average price) was - 5260 yuan/ton, up 20 yuan or 0.38% from the previous day [2]. Futures Price and Monthly Spread - The price of the main contract on August 19 was 52,260 yuan/ton, down 20 yuan or 0.04% from the previous day [2]. - The spread between the current month and the first - continuous contract was - 215 yuan/ton, down 80 yuan or 59.26% from the previous day [2]. Fundamental Data - Weekly polysilicon production was 2.93 million tons, down 0.01 million tons or 0.34% from the previous week. Weekly silicon wafer production was 12.10 GM, up 0.08 GM or 0.67% [2]. - Monthly polysilicon production was 10.10 million tons, up 0.49 million tons or 5.10% from the previous month. Monthly polysilicon imports were 0.08 million tons, down 0.02 million tons or 16.90% [2]. Inventory Change - The polysilicon inventory was 24.20 million tons, up 0.90 million tons or 3.86% from the previous day. The silicon wafer inventory was 19.80 GM, up 0.69 GM or 3.61% [2]. Report 3: Industrial Silicon 1. Report Industry Investment Rating Not provided 2. Core View Last week, the industrial silicon price fluctuated strongly. It is recommended to buy on dips. The main price fluctuation range is expected to be 8000 - 9500 yuan/ton. If the price falls to the low level of 8000 - 8500 yuan/ton, consider buying on dips [3]. 3. Summary by Directory Spot Price and Main Contract Basis - The price of East China oxygen - passed SI5530 industrial silicon on August 19 was 9400 yuan/ton, unchanged from the previous day [3]. - The basis of East China SI4210 industrial silicon (based on SI4210) was 325 yuan/ton, down 20 yuan or 5.80% from the previous day [3]. Monthly Spread - The spread between the 2509 and 2510 contracts on August 19 was - 30 yuan/ton, down 10 yuan or 50.00% from the previous day [3]. - The spread between the 2510 and 2511 contracts was 10 yuan/ton, up 15 yuan or 300.00% from the previous day [3]. Fundamental Data - Monthly national industrial silicon production was 33.83 million tons, up 1.06 million tons or 3.23% from the previous month. Xinjiang's production was 15.03 million tons, down 2.70 million tons or 15.21% [3]. - The national industrial silicon operating rate was 52.61%, up 1.27 percentage points or 2.47% from the previous month [3]. Inventory Change - The Xinjiang factory - warehouse inventory (weekly) on August 19 was 11.70 million tons, up 0.01 million tons or 0.09% from the previous day [3]. - The social inventory (weekly) was 54.50 million tons, down 0.20 million tons or 0.37% from the previous day [3]. Report 4: Glass and Soda Ash 1. Report Industry Investment Rating Not provided 2. Core View Soda Ash The soda ash futures market is weak. The fundamental situation is in obvious surplus, and the demand has no growth expectation. Short positions can continue to be held [4]. Glass The glass market is in a continuous weak operation. The market negative feedback continues, and the overall spot price is difficult to increase further. The long - term industry needs capacity clearance to solve the over - supply problem [4]. 3. Summary by Directory Glass - Related Price and Spread - The North China glass quotation on August 19 was 1150 yuan/ton, unchanged from the previous day. The glass 2505 contract price was 1291 yuan/ton, down 17 yuan or 1.30% from the previous day [4]. - The 05 basis was - 141 yuan/ton, up 17 yuan or 10.76% from the previous day [4]. Soda Ash - Related Price and Spread - The North China soda ash quotation on August 19 was 1350 yuan/ton, unchanged from the previous day. The soda ash 2505 contract price was 1413 yuan/ton, down 29 yuan or 2.01% from the previous day [4]. - The 05 basis was - 63 yuan/ton, up 29 yuan or 31.52% from the previous day [4]. Supply - The soda ash operating rate on August 15 was 87.32%, up 2.24 percentage points from August 8. The weekly soda ash production was 76.13 million tons, up 1.7 million tons or 2.23% [4]. - The float glass daily melting volume was 15.96 million tons, unchanged from August 8 [4]. Inventory - The glass factory - warehouse inventory on August 15 was 6342.60 million heavy boxes, up 157.9 million heavy boxes or 2.55% from August 8 [4]. - The soda ash factory - warehouse inventory on August 15 was 189.38 million tons, up 2.9 million tons or 1.54% from August 8 [4]. Report 5: Log Futures 1. Report Industry Investment Rating Not provided 2. Core View The log futures price is currently oscillating in a range. The fundamentals are expected to improve marginally, and the spot market is strong in the short - term. It is recommended to participate in buying on dips, focusing on the support level around 800 yuan/ton [5]. 3. Summary by Directory Futures and Spot Price - The log 2509 contract price on August 19 was 810.5 yuan/cubic meter, down 0.5 yuan/cubic meter from the previous day. The 9 - 11 spread was - 14.5 yuan/cubic meter, down 1.5 yuan from the previous day [5]. - The price of 3.9A small radiata pine at Rizhao Port on August 19 was 720 yuan/cubic meter, unchanged from the previous day [5]. Cost - The RMB - US dollar exchange rate on August 19 was 7.183, up 0.001 from the previous day. The import theoretical cost was 818.77 yuan, up 0.15 yuan from the previous day [5]. Supply - The port shipping volume in July was 173.3 million cubic meters, down 2.7 million cubic meters or 1.51% from June [5]. - The number of departing ships from New Zealand to China, Japan and South Korea was 47.0, down 6.0 or 11.32% from the previous period [5]. Inventory - The main port inventory in China on August 15 was 306.00 million cubic meters, down 2.0 million cubic meters or 0.65% from August 8 [5]. - Shandong's inventory was 185.40 million cubic meters, down 7.2 million cubic meters or 3.74% from August 8 [5]. Demand - The average daily log outbound volume in China on August 15 was 6.33 million cubic meters, down 0.09 million cubic meters or 1% from August 8 [5]. - Shandong's average daily outbound volume was 3.59 million cubic meters, down 0.05 million cubic meters or 1% from August 8 [5].
黑色建材日报-20250820
Wu Kuang Qi Huo· 2025-08-20 00:57
1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The overall atmosphere in the commodity market was weak yesterday, and the prices of finished steel products showed a weak and fluctuating trend. If the subsequent demand cannot be effectively restored, steel prices may not maintain their current levels, and the futures prices may gradually return to the supply - demand logic [3]. - For iron ore, although the current supply pressure is not significant, the short - term upward increase in hot metal may be limited, and the futures price may adjust slightly [6]. - For ferrosilicon and manganese silicon, due to the "anti - involution" sentiment, the prices have dropped significantly. It is recommended that investment positions remain on the sidelines, while hedging positions can participate opportunistically. In the long - term, the demand for both may weaken marginally [7][8][9]. - For industrial silicon and polysilicon, industrial silicon is expected to fluctuate weakly, and polysilicon is expected to fluctuate widely [13][14]. - For glass and soda ash, both are expected to fluctuate in the short - term. In the long - term, glass prices may follow macro - sentiment, and soda ash prices are expected to have a gradually rising price center, but their upward space may be limited [16][17]. 3. Summary by Related Catalogs Steel Products a. Price and Inventory Data - The closing price of the rebar main contract was 3126 yuan/ton, down 29 yuan/ton (- 0.91%) from the previous trading day. The registered warehouse receipts increased by 15,137 tons, and the main contract positions decreased by 1,199 lots. In the spot market, the aggregated prices in Tianjin and Shanghai decreased by 20 yuan/ton [2]. - The closing price of the hot - rolled coil main contract was 3416 yuan/ton, down 3 yuan/ton (- 0.08%) from the previous trading day. The registered warehouse receipts increased by 880 tons, and the main contract positions decreased by 17,753 lots. In the spot market, the aggregated price in Lecong increased by 10 yuan/ton, while that in Shanghai remained unchanged [2]. b. Fundamental Analysis - Rebar demand decreased significantly this week, with production basically flat compared to last week, and the inventory accumulation rate increased. Hot - rolled coil demand recovered significantly, with production basically flat compared to last week, and the inventory accumulation rate slowed down. Currently, both rebar and hot - rolled coil inventories are on the rise marginally, and although the profit of steel mills is good and production remains high, the demand - side support is insufficient [3]. Iron Ore a. Price and Inventory Data - The main contract (I2601) of iron ore closed at 771.00 yuan/ton, with a change of - 0.13% (- 1.00), and the positions increased by 674 lots to 449,600 lots. The weighted positions were 863,700 lots. The spot price of PB powder at Qingdao Port was 768 yuan/wet ton, with a basis of 44.81 yuan/ton and a basis rate of 5.49% [5]. b. Fundamental Analysis - In terms of supply, the latest overseas iron ore shipments and arrivals both increased. In terms of demand, the average daily hot metal output increased. In the inventory, port inventories increased slightly, and steel mill imported ore inventories increased significantly. The apparent demand for the five major steel products continued to weaken [6]. Manganese Silicon and Ferrosilicon a. Price and Inventory Data - On August 19, the main contract of manganese silicon (SM509) closed down 3.05% at 5842 yuan/ton. The spot price in Tianjin decreased by 100 yuan/ton. The main contract of ferrosilicon (SF511) closed down 3.44% at 5678 yuan/ton. The spot price in Tianjin decreased by 100 yuan/ton [7]. b. Fundamental Analysis - Affected by the "anti - involution" sentiment, the prices of ferrosilicon and manganese silicon have dropped significantly. The over - supply situation of manganese silicon has not changed, and its production has increased recently. The demand for both may weaken marginally in the future [8][9]. Industrial Silicon and Polysilicon a. Price and Inventory Data - The main contract of industrial silicon (SI2511) closed at 8625 yuan/ton, up 0.23% (+ 20). The weighted contract positions decreased by 15,419 lots to 537,492 lots. The main contract of polysilicon (PS2511) closed at 52,260 yuan/ton, down 0.04% (- 20). The weighted contract positions increased by 1889 lots to 323,092 lots [11][13]. b. Fundamental Analysis - For industrial silicon, the problems of over - capacity, high inventory, and insufficient demand have not changed. The demand in August can provide some support, but it is expected to fluctuate weakly. For polysilicon, the supply - demand situation is weak, and it is expected to fluctuate widely [12][13][14]. Glass and Soda Ash a. Price and Inventory Data - The spot price of glass in Shahe was 1160 yuan, unchanged from the previous day, and that in Central China was 1090 yuan, also unchanged. As of August 14, 2025, the total inventory of national float glass sample enterprises was 63.426 million heavy boxes, up 2.55% month - on - month. The spot price of soda ash was 1230 yuan, down 30 yuan from the previous day. As of August 18, 2025, the total inventory of domestic soda ash manufacturers was 1.8973 million tons, up 0.18% from last Thursday [16][17]. b. Fundamental Analysis - For glass, although the fundamentals are under pressure, the price adjustment space is limited. In the long - term, it follows macro - sentiment. For soda ash, it is expected to fluctuate in the short - term, and the price center may gradually rise in the long - term, but the upward space is limited [16][17].
玻璃纯碱早报-20250820
Yong An Qi Huo· 2025-08-20 00:44
Group 1: Report Information - Report Title: Glass Soda Ash Morning Report [2] - Date Range: August 12 - 19, 2025 [3] Group 2: Glass Market Prices and Changes - For 5mm large - plate glass in different regions, prices had various changes from August 12 to 19, 2025. For example, in Wuhan Changli, it dropped from 1160.0 to 1100.0, a decrease of 60.0 [3]. - FG09 contract price decreased from 1073.0 to 1020.0, a drop of 53.0, and FG01 contract price decreased from 1240.0 to 1196.0, a decrease of 44.0 [3]. Production and Sales - On August 20, 2025, glass production - sales ratios were: 110 in Shahe, 100 in Hubei, 112 in East China, and 94 in South China [3]. Profit and Cost - North China coal - fired glass profit decreased from 238.6 to 228.8, a reduction of 9.8, and cost increased from 908.4 to 909.2, an increase of 0.8 [3]. Group 3: Soda Ash Market Prices and Changes - Soda ash prices also had different trends. For example, Shahe heavy - alkali price decreased from 1280.0 to 1240.0, a decrease of 40.0, while Huazhong heavy - alkali price remained at 1240.0 from August 12 to 19, 2025 [3]. - SA05 contract price decreased from 1462.0 to 1413.0, a drop of 49.0, SA01 contract price decreased from 1409.0 to 1358.0, a decrease of 51.0, and SA09 contract price decreased from 1292.0 to 1245.0, a decrease of 47.0 [3]. Industry Situation - On August 20, 2025, heavy - alkali spot price in Hebei delivery warehouses was around 1220, and the price delivered to Shahe was around 1240. Hubei downstream replenished stocks with a large quantity [3]. - Soda ash factory inventories continued to accumulate slightly [3]. Profit and Cost - North China ammonia - alkali profit decreased from - 96.6 to - 125.5, a reduction of 28.9, and North China combined - alkali profit decreased from - 154.7 to - 134.5, an increase of 20.2 [3].
福耀玻璃工业集团股份有限公司
Shang Hai Zheng Quan Bao· 2025-08-19 19:29
Group 1 - The company has proposed amendments to several internal regulations, including the Independent Director System and the External Guarantee Management System, which will be submitted for approval at the 2025 first extraordinary shareholders' meeting [3][4][19] - The term "shareholders' meeting" has been changed to "shareholders' assembly" in various regulations, reflecting compliance with updated legal requirements [1][2][3] - The company plans to hold a half-year performance briefing on August 29, 2025, to discuss its financial results and address investor inquiries [5][6][8] Group 2 - The company has announced a mid-term profit distribution plan, proposing a cash dividend of RMB 0.90 per share, totaling approximately RMB 2.35 billion, which represents 48.88% of the net profit attributable to ordinary shareholders for the first half of 2025 [12][14][17] - The profit distribution plan is subject to approval at the upcoming extraordinary shareholders' meeting [16][18] - The company reported a net profit of approximately RMB 4.80 billion for the first half of 2025, according to both Chinese and international accounting standards [13][14] Group 3 - The company has experienced a change in its independent director, with Liu Jing resigning after nearly six years of service, necessitating the nomination of a new independent director [19][20][21] - Liu Xiaozhi has been proposed as the candidate to replace Liu Jing, pending approval from the shareholders' meeting [21][22] - The company will announce the details of the extraordinary shareholders' meeting in due course [23]
南玻A:光学镀膜材料板块包括ITO导电玻璃和ITO导电薄膜两大业务,产品定位国内外中高端客户
Mei Ri Jing Ji Xin Wen· 2025-08-19 15:53
Core Viewpoint - Company has a complete industrial chain in the touch display field, covering various processes from vacuum magnetron sputtering coating to full lamination of touch display modules [1] Group 1: Business Segments - The main business is divided into optical coating materials and automotive cover plates [1] - The optical coating materials segment includes ITO conductive glass and ITO conductive films, targeting mid-to-high-end domestic and international customers with differentiated high value-added products [1] - The automotive cover plate segment includes various types such as automotive AG glass, automotive rearview mirror coating cover plates, automotive 2A (AR, AF) cover plates, automotive 3A cover plates, and customized special function cover plates, supplied indirectly to well-known automotive brands [1]
石英玻璃介绍
中国有色金属工业协会硅业分会· 2025-08-19 06:19
石英玻璃介绍 石英玻璃是一种由高纯度二氧化硅(SiO)单一组分构成的特种工业技术玻璃,一般分为天然石英 玻璃(Natural Fused Quartz)和合成石英玻璃(Synthetic Fused Silica)。天然石英玻璃又被称为普通石 英玻璃,合成石英玻璃被称为高纯石英玻璃。石英石玻璃的应用领域极为广泛,国内外生产厂商众 多,所推出的牌号更是纷繁复杂,这就导致在实际应用中,用户往往因缺乏对各牌号材料的认知,从 而陷入不知该如何选择的困境,由此我们对石英玻璃进行了研究,鉴于篇幅有限,在此仅对其相关标 准及牌号做介绍,期望能为后续的工作应用提供有益的参考与指导。 1 国内石英玻璃采用建材行业标准JC/T 185,分别经历1981、1996、2013三次换版。其中81版 将石英玻璃按其应用光谱波段分为远紫外光学石英玻璃(JGS1)、紫外光学石英玻璃(JGS2)、 红外光学石英玻璃(JGS3);96版将其分为远紫外光学石英玻璃(ZS-1)、紫外光学石英玻璃 标准 ( S 2) 可见光学石英玻璃( S)和红外光学石英玻璃( S) 2013版将其分为紫外光学石 (ZS-2)、可见光学石英玻璃(KS)和红外光学石英 ...
南玻A:公司在工程建筑玻璃上的质量管理体系分别经英国AOQC和澳洲QAS机构认证通过
Mei Ri Jing Ji Xin Wen· 2025-08-19 04:21
Group 1 - The company is focusing on a customized business strategy for its engineering glass sector, integrating technical services, marketing, and R&D manufacturing [1] - The company leverages its manufacturing and R&D capabilities along with a marketing and service network established through domestic and overseas offices to meet the personalized needs of clients and construction projects [1] - The quality management system for the company's engineering glass has been certified by UK AOQC and Australia QAS, ensuring that product quality meets national standards in the US, UK, and Australia, which provides a competitive edge in international bidding [1]
乌克兰问题大消息,特朗普:将筹备美俄乌三方领导人会晤!哈马斯同意加沙停火最新提案!两大因素决定玻璃价格走势
Qi Huo Ri Bao· 2025-08-18 23:40
Group 1: Ukraine-Russia Conflict - The meeting between US President Trump and Ukrainian President Zelensky aimed to prepare for a trilateral meeting with Russian President Putin, with hopes of achieving positive outcomes [1][2] - Zelensky expressed the need for all security guarantees from the US and other major powers to compel Russia towards peace [1][3] - Trump indicated the possibility of sending US troops for peacekeeping in Ukraine if the situation allows [1][2] Group 2: Multilateral Discussions - Sensitive issues, including territorial matters, will be discussed in the upcoming trilateral meeting [2][3] - French President Macron emphasized that the trilateral meeting is the only way to resolve the issues and suggested a potential four-party meeting involving Europe [2] Group 3: Military and Economic Agreements - Ukraine is reportedly committing to purchase $100 billion worth of military equipment from the US, funded by Europe, in exchange for security guarantees post-peace agreement with Russia [4] - An additional $50 billion agreement for drone production cooperation is also expected to be signed between the US and Ukraine [4] Group 4: Communication with Russia - Trump initiated a phone call with Putin to discuss the outcomes of the meetings with Zelensky and European leaders, aiming to facilitate direct negotiations between Ukraine and Russia [4][5] - Both Trump and Putin expressed support for direct negotiations between Ukrainian and Russian representatives [5] Group 5: Glass Market Analysis - Glass futures and spot prices have been declining since late July, with spot prices in North China dropping to 1150 yuan/ton and in Central China to 1110 yuan/ton [8] - The glass market is experiencing a supply-demand imbalance, with production rates remaining high while demand is weak, particularly due to a 16.5% year-on-year decline in construction area from January to July [9][10] - Analysts suggest that the glass market's future price movements will depend on macroeconomic conditions and the recovery of the real estate sector [11][12]
三峡新材2025年中报简析:净利润同比下降182.33%,公司应收账款体量较大
Zheng Quan Zhi Xing· 2025-08-18 22:32
Core Viewpoint - The financial performance of Sanxia New Materials (三峡新材) for the first half of 2025 shows significant declines in revenue and profit, indicating serious operational challenges and financial instability [1] Financial Performance Summary - Total revenue for the first half of 2025 was 625 million yuan, a decrease of 28.01% compared to 2024 [1] - The net profit attributable to shareholders was -26.993 million yuan, down 182.33% year-on-year [1] - The gross profit margin was -0.65%, a decline of 106.27% from the previous year [1] - The net profit margin was -4.01%, a decrease of 197.00% year-on-year [1] - The total of selling, administrative, and financial expenses reached 36.334 million yuan, accounting for 5.81% of revenue, an increase of 63.23% [1] - Earnings per share were -0.02 yuan, down 166.67% year-on-year [1] Cash Flow and Receivables - Cash and cash equivalents decreased by 54.72% to 206 million yuan due to reduced cash receipts [3] - Accounts receivable accounted for 476.93% of the net profit, indicating a significant collection issue [1][19] Changes in Financial Items - Trade financial assets increased by 552.05% due to increased financial investments [4] - Inventory rose by 39.09% as sales decreased and stock levels increased [6] - Long-term borrowings increased by 160.45% due to expanded bank loans [12] Operational Insights - The company's return on invested capital (ROIC) was 1.13%, indicating weak capital returns [18] - The business model relies heavily on research and marketing, necessitating a deeper analysis of these drivers [18]