Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the wind power epoxy resin and curing agent industry, specifically focusing on the company Dao Sheng Tian He and its competitive landscape with peers like Kangda New Materials and Dongshu New Materials [2][3][4]. Key Points and Arguments Cost Increases and Pricing Strategies - The cost of wind power epoxy resin and curing agents has surged by over 40%, with price increases of 6,500-7,000 RMB per ton being implemented across the industry [2][4]. - Competitors are at the brink of profitability, leading to a consensus on price increases and some companies executing supply cuts to enforce these price hikes [2][4]. - The company’s factory in Quzhou has a self-supply rate of 60%-70%, with a maximum capacity of 75%, providing significant cost and profit flexibility amid rising raw material prices [2][5]. Market Dynamics and Customer Response - Downstream manufacturers are more accepting of price increases due to supply pressures for blades in 2026, facilitating smoother price transmission [2][4]. - Customers have shown some resistance to immediate price increases, often requesting delays or additional low-price inventory, but ultimately most have accepted the new pricing [4][12]. Profit Recovery and Future Outlook - The company anticipates significant profit recovery from both resin and structural adhesive segments due to the current price adjustments [5][6]. - The pricing strategy for structural adhesives is flexible, with options to either sacrifice short-term profits for market share or implement moderate price increases to maintain profitability [6][12]. International Business Expansion - The company has secured long-term contracts with major overseas clients like Vestas and Nordex, with expected overseas revenue exceeding 1 billion RMB by 2026, and a long-term goal of over 1.5 billion RMB [2][8][9]. - The company is also targeting new clients such as SGRE and GE, with certification processes underway, aiming for substantial growth in overseas markets [8][9]. Competitive Landscape - The competitive landscape includes significant players like Westlake, which has a higher cost structure due to its manufacturing locations, allowing the company to leverage its pricing strategy effectively [10][17]. - The company’s market share in the global wind power structural adhesive market is strong, with a notable presence among leading turbine manufacturers [17]. Geopolitical and Economic Impacts - Recent geopolitical events in the Middle East have led to increased oil prices, affecting the supply chain and causing a general rise in chemical prices, which has impacted the cost structure of wind power epoxy materials [3][18]. - The current price increases are seen as an opportunity for profit recovery across the industry, with expectations of improved financial performance in upcoming quarters [18]. Additional Important Insights - The company has a robust inventory strategy, having locked in lower-cost raw materials prior to recent price hikes, which positions it favorably for profit recovery [12]. - The industry has reached a consensus to avoid excessive competition, which has historically led to low profitability, indicating a shift towards more sustainable business practices [14][18]. - The company is prepared to adjust product prices in response to raw material cost fluctuations, ensuring a responsive pricing mechanism [11]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic positioning, market dynamics, and future growth prospects within the wind power materials industry.

Core Viewpoint - Wanhua Chemical is significantly enhancing its lithium battery materials chain, transitioning from isolated positions to a comprehensive chain expansion, with a recent project in Hubei indicating a strategic move towards a more integrated approach in lithium battery materials production [3][4]. Group 1: Project Developments - Wanhua Chemical and Xingfa Group have established a joint venture, Hubei Huaxing New Energy, to build a project in Yidu with an annual production capacity of 240,000 tons of iron phosphate [6][7]. - The rapid progress of the project suggests it is not a long-term reserve but a real capacity being developed quickly due to existing resources and synergies [8]. - Wanhua's capacity planning for lithium iron phosphate has exceeded 1 million tons, with significant projects in Shandong and Sichuan [9][10][11]. Group 2: Strategic Investments - Wanhua's investment strategy includes a planned total investment of 29.43 billion yuan for 2025, focusing on battery materials and new materials business development [15][19]. - In 2024, Wanhua completed project investments of 40.15 billion yuan, indicating a strong commitment to expanding its capabilities in the lithium battery materials sector [16][17]. - The company aims to create a second growth curve through acquisitions and self-built projects, establishing a full industrial chain for battery materials [20][19]. Group 3: Vertical Integration - Wanhua is moving from a "stakeholder" approach to a "controlling and self-building" strategy in the iron phosphate segment, integrating upstream and downstream operations [28]. - The establishment of Hubei Huaxing and the acquisition of shares in Anada demonstrate Wanhua's commitment to controlling the supply chain for lithium iron phosphate [24][21]. - The collaboration with Xingfa Group provides Wanhua with a local phosphate chemical base, enhancing its resource control and production capabilities [29][30]. Group 4: Market Positioning - Wanhua's strategy is not limited to lithium iron phosphate but aims to build a comprehensive supply capability around battery chemicals, including upstream phosphate sources and downstream electrolyte solvents [33]. - The company's recent actions are responses to the challenges of maintaining profitability amid rising revenues, indicating a need for a robust industrial system to support sustainable growth [35][36]. - The new project in Hubei is seen as a cornerstone for Wanhua's expanding battery materials landscape, essential for achieving a million-ton-level lithium iron phosphate platform [37][38].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The PVC price is expected to fluctuate strongly in the near term if the Strait of Hormuz cannot resume navigation, as the supply of upstream raw materials is tight, the prices of ethylene and calcium carbide continue to rise, there is an expectation of reduced production load in the PVC market at home and abroad, downstream demand is gradually recovering, and the current shipment of upstream manufacturers is relatively smooth, along with the high collective sentiment of chemical products [1] Summary by Directory Market Analysis - The calcium carbide price in the upstream northwest region increased by 100 yuan/ton. The PVC operating rate decreased by 1.23 percentage points to 80.12% on a环比 basis, dropping to a neutral level in the same period in recent years. After the Spring Festival holiday, the average operating rate of PVC downstream increased by 2.33 percentage points to 41.66%, but was 4.79 percentage points lower than the same lunar period last year. Due to the high price of raw materials, the downstream resistance increased. In terms of exports, export inquiries improved due to the rising prices in the Asian market. Under the improvement of supply and demand, the social inventory decreased on a环比 basis for the first time after the Spring Festival holiday, but it is still high, and the inventory pressure remains large. The real estate is still in the adjustment stage, and the year-on-year decline in investment, sales, new construction, and completion areas is still large. The year-on-year growth rates of sales, new construction, construction, and completion have further declined. After the third week of the Spring Festival holiday, the commercial housing transactions increased on a环比 basis but are still at a low level in the same period over the years. The improvement of the real estate still takes time. The futures warehouse receipts are still at a high level, and the social inventory continues to increase [1] Futures and Spot Market Conditions - The PVC2605 contract opened lower and then oscillated with a reduction in positions. The lowest price was 5,761 yuan/ton, the highest price was 5,939 yuan/ton, and it finally closed at 5,875 yuan/ton, above the 20-day moving average, with a decline of 0.81%. The position volume decreased by 31,605 lots to 799,464 lots [2] Basis - On March 20, the mainstream price of calcium carbide-based PVC in the East China region dropped to 5,735 yuan/ton. The futures closing price of the V2605 contract was 5,875 yuan/ton. The current basis was -140 yuan/ton, weakening by 60 yuan/ton, and the basis was at a low level [3] Fundamental Tracking - On the supply side, ethylene-based plants such as Qingdao Gulf and Xinpu Chemical reduced their operating loads. The PVC operating rate decreased by 1.23 percentage points to 80.12% on a环比 basis, dropping to a neutral level in the same period in recent years. In terms of new production capacity, Wanhua Chemical with an annual capacity of 500,000 tons, Tianjin Bohua with 400,000 tons, Qingdao Gulf with 200,000 tons, and Gansu Yaowang with 300,000 tons were all put into production in the second half of 2025. Jiaxing Jiahua with an annual capacity of 300,000 tons started trial production in December 2025 [4] - On the demand side, the real estate is still in the adjustment stage, and the year-on-year decline in investment, sales, new construction, and completion areas is still large. The year-on-year growth rates of sales, new construction, construction, and completion have further declined. From January to February 2026, the national real estate development investment was 961.2 billion yuan, a year-on-year decrease of 11.1%. From January to February, the commercial housing sales area was 92.93 million square meters, a year-on-year decrease of 13.5%; among them, the residential sales area decreased by 15.9%. The commercial housing sales volume was 818.6 billion yuan, a decrease of 20.2%, and the residential sales volume decreased by 21.8%. From January to February, the new construction area of houses was 50.84 million square meters, a year-on-year decrease of 23.1%; among them, the new construction area of residential houses was 36.95 million square meters, a decrease of 23.3%. From January to February, the construction area of real estate development enterprises was 5.35372 billion square meters, a year-on-year decrease of 11.7%. From January to February, the completion area of houses was 63.2 million square meters, a year-on-year decrease of 27.9%; among them, the completion area of residential houses was 46.25 million square meters, a year-on-year decrease of 26.9%. The overall improvement of the real estate still takes time. As of the week of March 15, the commercial housing transaction area in 30 large and medium-sized cities increased by 43.23% on a环比 basis. After the third week of the Spring Festival holiday, the commercial housing transactions increased on a环比 basis but are still at a low level in the same period over the years. Attention should be paid to whether the real estate favorable policies during the Two Sessions can boost commercial housing sales [5] - In terms of inventory, as of the week of March 19, the PVC social inventory decreased by 2.55% on a环比 basis to 1.3713 million tons, 64.47% higher than the same period last year. Under the improvement of supply and demand, the social inventory decreased on a环比 basis for the first time after the Spring Festival holiday, but it is still high (Longzhong increased the social storage capacity in East China and South China from 21 to 41) [6]

Summary of Conference Call for Jianghan New Materials Company Overview - **Company**: Jianghan New Materials - **Main Business**: Functional silanes - **Current Capacity**: 15.2 million tons by the end of 2025, with plans to reach 18.2 million tons in 2026 and 19.7 million tons in 2027 [3][20] Industry Insights - **Market Dynamics**: The price of functional silanes has rebounded significantly, with recent increases of 20%-40%. The industry is undergoing consolidation, with the number of production plants decreasing from approximately 100 in 2022 to around 40 by 2024 [2][7] - **Cost Factors**: The rebound in prices is attributed to rising costs of industrial silicon and bulk chemical products, with industrial silicon prices increasing from about 7,000 CNY/ton to approximately 8,500 CNY/ton [3] - **Downstream Inventory**: International customers maintain stable inventory levels, while domestic customers have lower inventory due to previous price declines [4][5] Strategic Shifts - **Product Focus**: The company is shifting its strategy towards high-value-added products, planning to invest in 10,000 tons of optical fiber-grade silicon tetrachloride and 9N-grade polysilicon ester by H1 2027, targeting the semiconductor CVD segment [2][10] - **Capacity Expansion**: The company aims to expand its capacity significantly, with a focus on electronic chemicals and cosmetics rather than conventional silanes [9][20] Competitive Landscape - **Global Market**: The global functional silanes market is approximately 600,000 tons, with 70% of production capacity located in China. Major international competitors include Wacker and Evonik from Germany, Shin-Etsu from Japan, and Dow Chemical from the USA [15] - **Profitability Factors**: The company maintains a competitive edge due to product pricing, significant contributions from overseas markets (over 40% of products exported), and effective production management [14] Future Outlook - **Market Demand**: The demand for functional silanes is expected to improve significantly in 2026, with high capacity utilization rates anticipated despite new capacity coming online [9][20] - **Shareholder Returns**: The company emphasizes shareholder returns, maintaining a good dividend policy, with expectations for dividends in 2026 to be at least equal to those in 2025 [20] Technical Development - **Technical Team**: The company has a robust technical team, including collaborations with universities and experienced overseas teams, particularly from South Korea [11][21] - **Product Certification**: Progress in customer certification for new products is underway, with initial agreements for direct sales already established [21] Additional Considerations - **Small Enterprises**: Smaller companies in the industry face significant challenges in resuming production due to high operational costs and stringent environmental regulations [8] - **Price Sensitivity**: The price sensitivity of downstream customers is relatively low, as the cost of silanes in end products is minimal, particularly in applications like tires [18]

Summary of Conference Call on Celestite and Strontium Carbonate Supply and Demand Industry Overview - The conference call discusses the supply and demand dynamics of celestite and strontium carbonate, particularly in the context of geopolitical tensions affecting Iranian supply, which accounts for 60%-70% of global raw material sources [1][13][22]. Key Points Celestite Supply Disruption - Iranian celestite supply has been completely interrupted, leading to a severe imbalance in global supply and demand [1]. - Domestic inventory can only support production for 4-5 months, with a significant supply-demand conflict expected within 3-6 months as downstream product inventories deplete [1][14]. Price Trends - Strontium carbonate prices have surged, with electronic-grade prices reaching 30,000-32,000 CNY/ton, up from 7,900 CNY/ton before the conflict [3][12]. - If the supply disruption continues until the end of 2026, conventional grade strontium carbonate prices could exceed 50,000 CNY/ton, potentially doubling current prices [1][13]. Profit Margins - Profit margins for strontium carbonate production have increased significantly, with per-ton profit margins rising from 14.3% to 30%-40% due to the rising prices of raw materials [1][12]. Domestic Production Capacity - Red Star Development has a self-supply rate of approximately 70%, providing it with better risk resistance compared to Jinrui Mining, which relies 70% on Iranian imports [1][25]. - Jinrui Mining's new capacity from the Qinghai Dafengshan mine is not expected to be operational until Q4 2026 [1]. Future Demand Projections - Domestic demand for strontium carbonate is projected to reach 380,000-400,000 tons by 2026, significantly exceeding the planned production capacity of about 250,000 tons [1][22]. - The demand forecast considers the expansion of foreign enterprises in China, which will drive additional demand [22]. Inventory Levels - Current strontium carbonate inventory in China can support consumption for less than 6 months, with a specific estimate of 4-5 months [14]. - Major domestic producers are experiencing tight raw material inventories, with Red Star's inventory expected to last 1-3 months and Jinrui's only 15-20 days [4][5]. Strategic Importance of Celestite - Celestite has military strategic attributes, being a key raw material for radar wave absorption materials and stealth coatings, with high-grade ore (>85%) heavily reliant on Iranian supply [2][8]. Market Dynamics - The price sensitivity of downstream applications is low, as strontium carbonate costs only account for 7%-13% of the total cost in magnetic materials, allowing for price increases to be passed through with minimal resistance [1][21]. - The industry is expected to see a concentration of profits in the strontium carbonate segment, particularly in high-purity and high-value products [19]. Potential Acquisitions - The acquisition of the Xinji Chemical plant, which has a capacity of 60,000 tons, is seen as a strategic opportunity for companies like Red Star and Jinrui to quickly increase production capacity [16][18]. Conclusion - The ongoing geopolitical tensions and supply disruptions are expected to lead to significant price increases and a tightening of supply in the celestite and strontium carbonate markets, with domestic producers facing challenges in meeting rising demand. The strategic importance of these materials in military applications further complicates the supply landscape.

Report Industry Investment Rating - Not provided Core Viewpoints - The price of calcium carbide in the northwest region of the upstream remains stable. The PVC operating rate has increased, and the downstream operating rate has recovered but is still lower than the same period last year. The export inquiry has improved, but the social inventory is still high, and the real estate industry is still in the adjustment stage. If the Strait of Hormuz cannot resume navigation, the PVC price will fluctuate strongly in the near future [1] Summary by Relevant Catalogs Market Analysis - The PVC2605 contract opened higher and then fluctuated with a reduction in positions. The lowest price was 5818 yuan/ton, the highest was 6084 yuan/ton, and it closed at 5860 yuan/ton, with a gain of 0.39%. The position decreased by 24,311 lots to 831,069 lots [2] - On March 19th, the mainstream price of calcium carbide-based PVC in East China rose to 5780 yuan/ton. The futures closing price of the V2605 contract was 5860 yuan/ton. The current basis was -80 yuan/ton, weakening by 55 yuan/ton, and the basis was at a neutral to low level [3] Fundamental Tracking - On the supply side, the PVC operating rate increased by 0.24 percentage points to 81.35%, still at a neutral to high level in the same period in recent years. New production capacities of several companies were put into production or in trial production in 2025 [4] - On the demand side, the real estate industry is still in the adjustment stage. In January - February 2026, real estate investment, sales, new construction, and completion areas all had significant year-on-year declines. The overall improvement of the real estate industry still takes time. As of the week of March 15th, the transaction area of commercial housing in 30 large and medium-sized cities increased by 43.23% week-on-week, but it was still at a low level in the same period over the years [5] - In terms of inventory, as of the week of March 12th, the PVC social inventory increased by 0.24% week-on-week to 1.4072 million tons, 63.89% higher than the same period last year. The social inventory increased significantly during the Spring Festival and continued to increase that week, remaining at a high level [6]

Group 1: Pricing Mechanism and Market Influence - The company's main products, silica and carbon black, are priced based on market prices of similar products, influenced by raw material costs and market supply-demand dynamics [2] - Fluctuations in raw material prices, such as soda ash and sulfuric acid, directly impact production costs and pricing decisions [2] - The company employs strategies like market analysis, scientific procurement, and technological upgrades to manage cost fluctuations and stabilize production costs [2] Group 2: Project Updates and Future Plans - The second phase of the nano-carbon material project, with an annual production capacity of 100,000 tons, is currently under construction and has not yet commenced production [3] - Key projects for 2026 include a 30,000 tons/year high-performance rare element extraction agent project, the second phase of the nano-carbon material project, and a 450,000 tons/year high-purity solid sodium silicate raw material expansion project [4] - The company plans to complete the first phase of the high-performance rare element extraction agent project and the second phase of the nano-carbon material project by mid-2026 [4] Group 3: Financial Performance and Accounts Receivable - As of the end of 2025, accounts receivable amounted to 480 million yuan, representing 20.35% of revenue [4] - The company is implementing factoring and supply chain financing for accounts receivable from major clients like Triangle Tire and Linglong Tire [4] - The company has not disclosed specific amounts related to the execution of these financing operations [4] Group 4: Investment and Market Conditions - The company plans to invest in fixed assets for projects including a 30,000 tons/year high-performance rare element extraction agent and a 50,000 tons/year hydrochloric acid salt project [4] - The ongoing conflict in the Middle East has led to significant increases in oil prices, which may affect raw material production costs and consequently impact the company's net profit for 2026 [5] - The company is actively monitoring market trends and adjusting procurement strategies to mitigate risks associated with raw material price fluctuations [5] Group 5: Product Performance and Customer Feedback - The high-pressure cable shielding material project has been operational for over a year, with no negative feedback reported from users [6] - Sales of the domestic conductive black carbon shielding material are gradually increasing based on market demand [6] - The company is addressing concerns about potential oversupply in the market for nano-carbon materials by referring to disclosed information in the fundraising prospectus [6]

1. Report Industry Investment Rating - No specific investment rating for the industry is provided in the report [3] 2. Core Viewpoints - The methanol port inventory continues to decline. Although there are some re - exports at the ports recently, the coastal methanol sales are poor. Some storage areas or pick - up volumes remain low, and the visible foreign vessel arrivals are few. The short - term port methanol inventory is expected to continue to fall. Attention should be paid to the impact of pick - up volume changes and geopolitical situations on supply expectations [3] - The domestic methanol - to - olefins plant capacity utilization rate has increased this week. With the normal operation of restarted and load - increased plants, the MTO industry's operating rate is expected to increase slightly [3] - Due to the uncertainty of the US - Iran geopolitical conflict, the short - term methanol price is expected to fluctuate sharply. It is recommended to wait and see for now [3] 3. Summary by Relevant Catalog 3.1 Futures Market - The closing price of the main methanol contract is 3182 yuan/ton, with a week - on - week increase of 270 yuan/ton. The 5 - 9 spread of methanol is 247 yuan/ton, up 54 yuan/ton week - on - week [3] - The main contract's open interest of methanol is 630,637 lots, an increase of 18,908 lots. The net long position of the top 20 futures holders of methanol is 183 lots, a decrease of 17,400 lots [3] - The number of methanol warehouse receipts is 8,709, a decrease of 2408 [3] 3.2 Spot Market - The price of methanol in Jiangsu Taicang is 3110 yuan/ton, up 230 yuan/ton week - on - week. The price in Inner Mongolia is 2242.5 yuan/ton, up 30 yuan/ton [3] - The price difference between East China and Northwest China is 637.5 yuan/ton, up 30 yuan/ton. The basis of the main Zhengzhou methanol contract is - 72 yuan/ton, a decrease of 40 yuan/ton [3] - The CFR price of methanol at the main Chinese port is 366 US dollars/ton, up 11 US dollars/ton. The CFR price in Southeast Asia is 510 US dollars/ton, unchanged [3] - The FOB price in Rotterdam is 399 euros/ton, up 9 euros/ton. The price difference between the main Chinese port and Southeast Asia is - 144 US dollars/ton, up 11 US dollars/ton [3] 3.3 Upstream Situation - The price of NYMEX natural gas is 3.2 US dollars/million British thermal units, up 0.16 US dollars [3] 3.4 Industry Situation - The inventory at East China ports is 94.52 million tons, a decrease of 2.76 million tons. The inventory at South China ports is 31.65 million tons, a decrease of 2.35 million tons [3] - The methanol import profit is - 116.29 yuan/ton, an increase of 8.88 yuan/ton. The monthly import volume is 173.4 million tons, an increase of 31.64 million tons [3] - The inventory of inland enterprises is 485,400 tons, a decrease of 37,700 tons. The operating rate of methanol enterprises is 90.15%, a decrease of 1.5% [3] 3.5 Downstream Situation - The operating rate of formaldehyde is 37.6%, an increase of 8.88%. The operating rate of dimethyl ether is 4.13%, an increase of 1.28% [3] - The operating rate of acetic acid is 85.4%, an increase of 1.29%. The operating rate of MTBE is 68.94%, an increase of 1.22% [3] - The operating rate of olefins is 84.08%, unchanged. The on - paper profit of methanol - to - olefins is - 1188 yuan/ton, a decrease of 280 yuan/ton [3] 3.6 Option Market - The 20 - day historical volatility of methanol is 75.38%, an increase of 4.77%. The 40 - day historical volatility is 57.08%, an increase of 3.87% [3] - The implied volatility of at - the - money call options for methanol is 65.72%, a decrease of 0.45%. The implied volatility of at - the - money put options is 65.71%, a decrease of 0.47% [3] 3.7 Industry News - As of March 18, the inventory of Chinese methanol sample production enterprises was 48.54 million tons, a decrease of 3.77 million tons from the previous period, a week - on - week decrease of 7.21%. The pending orders of sample enterprises were 27.93 million tons, an increase of 1.40 million tons, a week - on - week increase of 5.26% [3] - As of March 18, the total methanol port inventory in China was 126.17 million tons, a decrease of 5.11 million tons from the previous period. East China and South China ports both had inventory reductions. The visible foreign vessel unloading volume was 13.1 million tons and all were unloaded in East China [3] - As of March 19, the domestic methanol - to - olefins plant capacity utilization rate was 85.57%, a week - on - week increase of 3.08%. The restart of Yanchang Yulin Zhongmei Phase II plant and the load increase of Tianjin Bohua led to the increase in the industry's operating rate [3]

记者3月19日从内蒙古自治区阿拉善盟有关部门获悉，3月19日11时49分，内蒙古利元 科技有限公司硝化车间发生爆炸事故，经初步核实有2人失联、3人受伤，具体情况仍在 核查中。当地应急、消防救援、公安等部门已第一时间到达现场进行应急处置。 出品 | 中国能源报（c n e n e rg y） 编辑丨闫志强 来源：新华社 End 欢迎分享给你的朋友！ ...

Report Information - Report Title: Methanol Polyolefin Morning Report [1] - Research Team: Energy and Chemicals Team of the Research Center - Report Date: March 19, 2026 Methanol - On March 18, 2026, compared with the previous day, the price of Jiangsu spot increased by 95 to 2940, the price of South China spot increased by 90 to 2935, the price of Lunan folded to the futures price increased by 15 to 2800, the price of Hebei folded to the futures price decreased by 10 to 2700, and the price of Northwest folded to the futures price increased by 43 to 2843. Other indicators such as power coal futures remained unchanged [2] Plastic - On March 18, 2026, compared with the previous day, the price of East China LD decreased by 50 to 10500, the price of East China HD decreased by 350 to 8500, and the price of the main futures contract decreased by 65 to 8431. Other indicators remained unchanged [12] Propylene and PP - On March 18, 2026, compared with the previous day, the price of Shandong propylene increased by 20 to 8020, the price of East China PP increased by 110 to 8980, the price of North China PP increased by 42 to 8625, the price of Shandong powder decreased by 10 to 8400, the price of East China copolymer decreased by 20 to 8820, and the number of warehouse receipts decreased by 60 to 17610. The price of the main futures contract decreased by 43 to 8628 [19] PVC - On March 18, 2026, compared with the previous day, the price of ethylene - based PVC in East China decreased by 40 to 5660, and other indicators remained unchanged [20][21]