Report Industry Investment Rating - PX/PTA/PF/PR are rated as neutral [5] Core Viewpoints - The futures products of the polyester industry chain have returned to fundamental trading. The fundamentals of PTA are weakening, but PX fundamentals remain tight, and the floating price of the spot is strongly maintained. Attention should be paid to the OPEC+ meeting and the expiration of the tariff extension deadline in July, as well as the repeated risks at the geopolitical end [1] - In the short term, the crude oil market will focus on fundamentals and tariff impacts. In the fourth quarter, it is expected to enter a state of oversupply, with a bearish medium - term market driver. The upside potential of gasoline cracking spreads is limited, and the demand for blending oil this year is not worth much expectation. PX short - flow plants have restarted external procurement of MX due to profit recovery [2] - PTA's own fundamentals are neutral, and attention should be paid to cost and demand support. The polyester start - up rate is 91.4% (down 0.6% month - on - month), and it is expected to decline to 89% - 90% in July. Attention should be paid to the actual implementation [3] - The fundamentals of PF are acceptable, but the downstream's acceptance of high - priced raw materials is limited, and the demand is expected to weaken. Attention should be paid to cost support [3] - The processing fee of PR is expected to recover with the implementation of production cuts, but the current profit is still low [4] - For trading strategies, the unilateral ratings of PX/PTA/PF/PR are neutral. There are no cross - variety strategies. For cross - period strategies, after the sentiment weakens, attention can be paid to the opportunity of going long in the positive spread of PX/PTA monthly spreads at low prices [5] Summary by Directory I. Price and Basis - The charts show the TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread trends; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [10][11][13] II. Upstream Profits and Spreads - The charts present PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [19][22] III. International Spreads and Import - Export Profits - The charts display the toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [27][29] IV. Upstream PX and PTA Start - up - The charts show the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [30][33][35] V. Social Inventory and Warehouse Receipts - The charts present PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [38][41][42] VI. Downstream Polyester Load - The charts show filament sales, short - fiber sales, polyester load, direct - spun filament load, polyester staple fiber load, polyester bottle - chip load, filament DTY, FDY, and POY factory inventory days, Jiangsu and Zhejiang loom start - up rate, Jiangsu and Zhejiang texturing machine start - up rate, and Jiangsu and Zhejiang dyeing start - up rate [49][51][53] VII. PF Detailed Data - The charts show polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, raw - recycled spread, pure polyester yarn start - up rate, pure polyester yarn production profit, polyester - cotton yarn start - up rate, polyester - cotton yarn processing fee, pure polyester yarn factory inventory available days, and polyester - cotton yarn factory inventory available days [70][73][76] VIII. PR Fundamental Detailed Data - The charts show polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle - chip - recycled 3A - grade white bottle - chip spread, bottle - chip next - month spread (next month - base month), and bottle - chip next - next - month spread (next next month - base month) [95][97][104]

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/7/1 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/6/27 | 2025/6/30 | 变动值 | 行情综述 | | SC | INE原油(元/桶) | 498.5 | 496. 7 | -1.80 | 成交情况: PTA: PTA行情上涨,盘中PX行情偏强,成本支撑PTA。 或担忧下游聚酯减产,PTA现货基差走弱。 | | | PTA-SC(元/陣) | 1155. 4 | 1188. 4 | 33. 08 | | | | PTA/SC(比价) | 1. 3189 | 1. 3292 | 0. 0103 | | | PX | CFR中国PX | 868 | 874 | 6 | | | | PX-石脑油价差 | 298 | 304 | 6 | | | | PTA主力期价(元/吨) | ...

Report Industry Investment Rating - PX/PTA/PF/PR are rated neutral [5] Core Viewpoints - The futures products of the polyester industry chain have returned to fundamental trading. Attention should be paid to whether the bottle chip production reduction plan under the previous high raw material prices can be fulfilled after the raw material prices decline. The PX fundamentals remain tight, and the spot floating price remains strong. Macro factors such as the OPEC+ meeting in July and the expiration of the tariff extension period need to be monitored, as well as the repeated risks at the geopolitical end [1] - After the game of the Middle East conflict, the crude oil market will focus on fundamentals and tariff impacts in the short term. Affected by the low inventory in Cushing, the delivery location, the structure remains strong, and the pattern of strong reality and weak expectation has not changed. However, in the fourth quarter of this year, after the peak season ends, the demand growth elasticity will be significantly smaller than that of the supply side, and the market is expected to enter a state of oversupply, with a bearish medium - term market driver [2] - The gasoline cracking spread in the United States has retraced again recently. With the background of new energy substitution, the upside potential of the gasoline cracking spread is limited. The domestic and foreign intermittent blending demand can be basically met by naphtha, which restricts the enthusiasm of aromatics to enter the gasoline pool. Since March, the export of aromatic blending materials (toluene + MX + PX) from South Korea to the United States has decreased significantly. Recently, attention should be paid to the resumption of short - flow PX plants with the recovery of profits [2] - PTA's own fundamentals are neutral, and attention should be paid to cost and demand support. The polyester start - up rate is 91.4% (down 0.6% month - on - month), and both domestic and foreign sales have entered the off - season. Terminal orders and start - up show a downward trend, but polyester performance is relatively good, and the load is firm. The short - fiber inventory is not high, and although there are also production reduction news, the actual implementation is in doubt. For bottle chips, the 20% maintenance of China Resources on June 22 has been implemented, and Wankai Yisheng plans to start maintenance in early July, involving a production capacity of 1.7 million tons. The polyester load in July is expected to drop to 89% - 90%, and attention should be paid to the actual fulfillment [3] - The short - fiber spot is tight and the inventory is not high, and the PF's own fundamentals are acceptable, but the downstream's acceptance of high raw material prices is limited, mostly for rigid demand procurement, and there is an expectation of weakening demand, so attention should be paid to cost - side support [3] - The spot processing fee of bottle chips is 263 yuan/ton (down 30 yuan/ton month - on - month). With the slight loosening of sea freight in some areas, some overseas customers have replenished goods in moderation, and the inventory of polyester bottle chip factories has decreased slightly. In terms of load, the polyester bottle chip plants of China Resources in Changzhou and Jiangyin have reduced production by 20% since June 22, and Yisheng and Wankai also plan to conduct maintenance in early July, with a total production capacity of 1.7 million tons. The bottle chip load is expected to decline further. In the short term, the current bottle chip profit is still low, and the processing fee is expected to recover with the gradual fulfillment of production reduction [4] Summary by Directory Price and Basis - Figures include TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [9][10][12] Upstream Profits and Spreads - Figures cover PX processing fee PXN (PX CFR China - Naphtha CFR Japan), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [18][21] International Spreads and Import - Export Profits - Figures involve toluene US - Asia spread (FOB US Gulf - FOB South Korea), toluene South Korea FOB - Japan naphtha CFR, and PTA export profit [26][27] Upstream PX and PTA Start - up - Figures show China's PTA load, South Korea's PTA load, Taiwan's PTA load, China's PX load, and Asia's PX load [29][32][33] Social Inventory and Warehouse Receipts - Figures include PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [39][42][43] Downstream Polyester Load - Figures cover filament production and sales, short - fiber production and sales, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle chip load, filament DTY factory inventory days, filament FDY factory inventory days, filament POY factory inventory days, Jiangsu and Zhejiang loom start - up rate, Jiangsu and Zhejiang texturing start - up rate, and Jiangsu and Zhejiang dyeing start - up rate [50][52][63] PF Detailed Data - Figures include polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, raw - recycled spread (1.4D polyester staple - 1.4D imitation large - chemical fiber), pure polyester yarn start - up rate, pure polyester yarn production profit, polyester - cotton yarn start - up rate, polyester - cotton yarn processing fee, pure polyester yarn factory inventory available days, and polyester - cotton yarn factory inventory available days [74][82][84] PR Fundamental Detailed Data - Figures involve polyester bottle chip load, bottle chip factory bottle chip inventory days, bottle chip spot processing fee, bottle chip export processing fee, bottle chip export profit, East China water bottle chip - recycled 3A - grade white bottle chip, bottle chip next - month spread (next month - base month), and bottle chip next - next - month spread (next - next month - base month) [91][95][98]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the off - season of demand and with low valuations, there is no need to chase short positions in the short term. For PX, supply continues to shrink, and the unilateral price rebounds. For PTA, the cost is supported, but the monthly spread is under pressure, with the unilateral price oscillating slightly stronger. For MEG, the unilateral price oscillates stably, and the strategy of going long on PTA and short on MEG should be closed [3][4]. 3. Summary by Relevant Catalogs 3.1 PX 3.1.1 Valuation and Profit - The volatility of the unilateral price comes from crude oil. In July, the supply - demand of PX remains tight, and it is advisable to go long on the monthly spread at low prices. The PXN strengthens, and the gasoline cracking spread also strengthens, improving the refinery's enthusiasm for starting operations. The toluene disproportionation profit continues to rise, while the toluene chemical economy weakens month - on - month, and the MX chemical economy rebounds month - on - month [18][22][30]. 3.1.2 Supply, Demand, and Inventory - The load of CICC Petrochemical decreases, and the PX load slightly drops. In July, attention should be paid to the maintenance plans of Tianjin Petrochemical and Zhejiang Petrochemical. In May, the domestic PX output increased to 2.97 million tons, and the weekly operating rate was 83.8% (- 1.8%). The apparent consumption in May was 3.55 million tons. In May, the import volume increased to 773,000 tons month - on - month. The Asian PX device operating rate this week was 74.3% (- 1.3%). In May, the Longzhong PX monthly inventory decreased to 4.51 million tons [53][55][62][79]. 3.2 PTA 3.2.1 Valuation and Profit - The TA device load increases, and the volume of credit warehouse receipts increases at high prices. The cost rises, the PX profit decreases, and the PTA profit remains at a low level. The 9 - 1 monthly spread around 200 yuan is recommended to be closed or appropriately reverse - arbitraged [89][96][95]. 3.2.2 Supply, Demand, and Inventory - The de - stocking intensity narrows, and this week may turn into a stocking pattern. In May, the PTA output was 5.91 million tons, a 1% increase month - on - month. The container freight rate drops, which is beneficial for exports. In May, the export volume was 270,000 tons, a significant decrease. The social inventory is 2.16 million tons (- 40,000 tons), the de - stocking slope slows down, and it will gradually turn into a stocking pattern in July [99][101][108][122]. 3.3 MEG 3.3.1 Valuation and Profit - With the return of Iranian supply and weakening demand, the monthly spread and basis drop significantly. The seasonal demand for ethylene oxide decreases, and attention should be paid to the conversion of production. The profits of coal - based, MTO, and ethylene - purchased MEG production decline from high levels, while the profit of naphtha - based MEG production recovers [130][134][136]. 3.3.2 Supply, Demand, and Inventory - The device operating rate drops. In May, the ethylene glycol import volume was 600,000 tons, and the import from the Middle East decreased. The impact of the Middle East geopolitical conflict on ethylene glycol imports may be reflected in August. The import profit decreases month - on - month, which may affect the June imports. The port continues to de - stock, and the import volume will continue to increase to 110,000 - 120,000 tons next week [144][146][151][156]. 3.4 Polyester 3.4.1 Valuation and Profit No relevant content provided. 3.4.2 Supply, Demand, and Inventory - The polyester operating rate is 91.2% (- 0.8%). Multiple polyester devices reduce production, and the overall load will drop to 89.3%. The polyester output increases by 8% year - on - year. This week, the sales are sluggish, and the downstream enters the off - season [160][163][166][168].

1. Report Industry Investment Rating - PX/PTA/PF/PR are rated as neutral [5] 2. Core Views of the Report - The futures products of the polyester industry chain have returned to fundamental trading, and attention should be paid to whether the bottle chip production reduction plan can be implemented after the raw material prices decline. The fundamentals of PX remain tight, and the spot floating price remains strong [1] - If there are no new variables during the cease - fire between Israel and Iran, the oil market will shift from geopolitical to fundamental drivers. The oil market is in a stage of increasing supply and demand, with limited short - term pressure. However, in the fourth quarter, it is expected to be in a state of oversupply [2] - The gasoline cracking spread in the US has declined again, and the upside potential is limited. The intermittent blending demand at home and abroad can be basically met by naphtha, which restricts the enthusiasm of aromatics entering the gasoline pool [2] - Overseas PX operation rates have declined significantly due to geopolitical conflicts and delayed restarts of some plants. Some domestic PX plants are scheduled for maintenance at the end of the month, and the spot market is still short of supply [2] - With the cancellation of a large number of warehouse receipts and the delivery of major suppliers, the tight supply situation in the PTA spot market has eased, and the fundamental contradictions of PTA are not significant [5] - The polyester operation rate is 92.0% (up 1.1% month - on - month). The domestic and foreign sales are in the off - season, but the polyester performance is relatively good, and the load is firm. However, the inventory pressure may increase when the prices fluctuate at high levels [3] - The short - fiber inventory is not high, but the implementation of the production reduction plan is in doubt. The polyester bottle chip processing fee is still under pressure in the short term, and attention should be paid to whether the production reduction plan can be implemented and the change of container freight rates [3][4] 3. Summary According to the Directory Price and Basis - The report includes figures on TA and PX main contract trends, basis, and inter - period spreads, as well as PTA East China spot basis and short - fiber basis [10][11][13] Upstream Profits and Spreads - It covers PX processing fees, PTA spot processing fees, South Korean xylene isomerization profits, and South Korean STDP selective disproportionation profits [19][22] International Spreads and Import - Export Profits - It includes toluene US - Asia spreads, toluene South Korea FOB - Japan CFR naphtha spreads, and PTA export profits [27][29] Upstream PX and PTA Operation Rates - Figures show the operation rates of PTA in China, South Korea, and Taiwan, as well as PX operation rates in China and Asia [30][33][35] Social Inventory and Warehouse Receipts - It includes PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [39][42][43] Downstream Polyester Load - It covers filament production and sales, short - fiber production and sales, polyester load, direct - spun filament load, polyester staple fiber load, polyester bottle chip load, filament factory inventory days, and the operation rates of Jiangsu and Zhejiang weaving, texturing, and dyeing [50][52][63] PF Detailed Data - It includes 1.4D physical inventory, 1.4D equity inventory, polyester staple fiber load, polyester staple fiber factory equity inventory days, recycled cotton - type staple fiber load, raw - recycled spreads, pure polyester yarn operation rate, pure polyester yarn production profit, polyester - cotton yarn operation rate, polyester - cotton yarn processing fee, pure polyester yarn factory inventory available days, and polyester - cotton yarn factory inventory available days [75][85][91] PR Fundamental Detailed Data - It includes polyester bottle chip load, bottle chip factory inventory days, bottle chip spot processing fee, bottle chip export processing fee, bottle chip export profit, the price difference between East China water bottle chips and recycled 3A - grade white bottle chips, bottle chip next - month spread, and bottle chip next - next - month spread [94][96][101]

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/6/26 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/6/24 | 2025/6/25 | 变动值 | 行情综述 | | | INE原油(元/桶) | 518. 6 | 508. 6 | -10.00 | 成交情况: | | SC | PTA-SC(元/陣) | 1007. 3 | 1094. 0 | 86. 67 | PTA: PTA行情下跌,地缘局势缓和,市场预估原油续 跌,PTA行情下跌。PTA现货货少,现货基差仍然较强 | | | PTA/SC(比价) | 1.2673 | 1. 2960 | 0. 0287 | | | | CFR中国PX | 859 | 849 | -10 | | | PX | PX-石脑油价差 | 217 | 263 | 46 | | | | PTA主力 ...

正信期货聚酯周报 20250623 作者：赵婷 审核：王艳红 投资咨询编号：Z0016344 投资咨询编号：Z0010675 Email: zhaot@zxqh.net Tel：027-68851659 内容要点 PTA：地缘冲突加剧，PTA跟随成本波动为主 MEG：中东冲突扰动EG进口，短期偏强运行 数据来源：WIND,隆众 成本端：地缘扰动加剧，国际原油短期上涨为主。PX方面，PX供需基本面向好，维持去库，若原油继续 上涨，PX绝对价格有望继续上扬。 供应端：PTA：下周，福海创有检修计划，PTA产量持续下降。乙二醇：下周来看供应端国产量提升，进 口货微降，总供应预计稳中小增加，但中东局势扰动下，进口担忧明显。 需求端：下周聚酯装置存负荷下滑预期，华润多个基地计划减产2成。纺织服装行业渐入淡季，当前电商 平台仍有零散订单支撑，但坯布市场整体销售明显放缓，工厂库存压力持续加大，需求端持续低迷，部 分企业存在降负预期。订单方面，淡季影响持续深入，品牌订单较前期出现下滑，仅有少量秋冬打样订 单，厂家对于后市预期不尽乐观，后市来看，整体开机率趋弱。 策略：PTA：地缘局势不确定性较强放大油价波动，PTA新投装置投 ...

聚酯数据周报 国泰君安期货研究所·贺晓勤（高级分析师），钱嘉寅（联系人） 投资咨询从业资格号：Z0017709 期货从业资格号：F03124480 日期：2025年6月22日 Guotai Junan Futures all rights reserved, please do not reprint 观点汇总：成本推升估值走强 PX 成本继续支撑PX估值上升，单边预计偏强，月差正套持有，PXN走强。 当前行情的核心驱动继续维持在成本端。终端聚酯纺服需求进入季节性淡季，但PX方面，受中东地缘冲突影响，多套PX装置停车检修，中东地 区供应整体收紧，对应的亚洲其区域PX供需或稍显偏紧，对中国PX进口量产生影响。下周福海创、东营威联存在检修预期，市场也在交易7月 份浙石化PX检修计划，预计国内PX开工率将进一步下降。亚洲其他地区，韩国SK仁川、Soil、韩华计划提负荷，SK蔚山计划重启。PTA方面， 负荷预计进一步下降，东营威联预计检修。但整体而言，6-7月份PX恭喜继续偏紧。月差难以明显走弱。 PTA 单边价格预计偏强。月差建议正套逢高止盈。多PX空PTA持有。 当前PTA仍是成本驱动型行情。周末美国参与以伊冲突 ...

化工日报 | 2025-06-20 聚酯负荷坚挺，地缘情绪下价格偏强运行 市场要闻与数据 近期原油价格走势偏强，成本支撑PX/PTA价格，主要驱动依然来自于地缘冲突。中东局势当前仍较为紧张，关注 时态进一步发展。 据CCF数据，周四聚酯负荷92%（较上周+1.1%），减产计划下聚酯负荷不降反升，需求端依然坚挺。 市场分析 成本端，近期油价在中东冲突加剧下暴力拉涨，上周末以色列袭击伊朗石油、天然气等能源基础设施，近期关注 地缘变化，如果伊以冲突对能源设施的破坏加剧，甚至对霍尔木兹海峡产生影响，则油价面临进一步的上行风险。 如果事态控制在一定程度内，则地缘溢价可能会再度回落。 汽油和芳烃方面，近期美国汽油裂解再度回撤，在新能源替代的背景下预计汽油裂解价差上涨空间有限，今年的 调油需求已不值得过多的期待，国内外间歇性调油需求依靠石脑油基本可以满足，限制芳烃进入汽油池的积极性。 芳烃方面，3~5月韩国出口到美国的芳烃调油料甲苯+MX+PX有明显下降，近期关注利润恢复下PX短流程装置恢复 情况，短流程利润修复下，PX 工厂重新开始外采 MX 。 PX方面，上上个交易日PXN255美元/吨(环比变动-3.50美元/吨）。 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Due to the escalation of the conflict between Israel and Iran, it is expected that crude oil prices will continue to rise, and the chemical industry as a whole will follow. The polyester downstream load remains at 91.3% despite the expectation of a reduction, and the actual polyester output has reached a new high. PTA will go through a destocking process, and the spot is becoming tight. For ethylene glycol, although the overall import volume from Iran is limited, it will continue to destock, and the arrival volume will decrease [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Crude Oil**: INE crude oil rose from 529.9 yuan/barrel on June 13, 2025, to 541.6 yuan/barrel on June 16, an increase of 11.7 yuan/barrel [2]. - **PTA**: PTA - SC decreased from 931.2 yuan/ton to 830.1 yuan/ton; PTA/SC ratio dropped from 1.2418 to 1.2109. The PTA main contract futures price fell from 4782 yuan/ton to 4766 yuan/ton, and the spot price dropped slightly from 5010 yuan/ton to 5005 yuan/ton. The spot processing fee decreased from 382.6 yuan/ton to 311.5 yuan/ton, and the futures processing fee decreased from 154.6 yuan/ton to 72.5 yuan/ton. The PTA warehouse receipt quantity decreased by 1002 to 84853 [2]. - **MEG**: The MEG main contract futures price rose from 4334 yuan/ton to 4374 yuan/ton. The MEG - naphtha spread increased from (135.61) yuan/ton to (131.80) yuan/ton. The MEG domestic price rose from 4400 yuan/ton to 4426 yuan/ton [2]. - **PX**: CFR China PX rose from 854 to 866, and the PX - naphtha spread increased from 234 to 246. The PX operating rate remained unchanged at 83.07% [2]. - **Polyester Filament**: POY150D/48F, FDY150D/96F, and DTY150D/48F prices all increased, with cash flows turning positive. The long - filament sales rate dropped from 447% to 30% [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spun polyester staple fiber rose from 6665 to 6690, and the cash flow increased from 7 to 28. The short - fiber sales rate dropped from 105% to 52% [2]. - **Polyester Chips**: The semi - bright chip price rose from 5925 to 5960, and the chip cash flow increased from (183) to (152). The chip sales rate dropped from 257% to 40% [2]. 3.2 Industry Operating Rates - The PX operating rate remained unchanged at 83.07%, the PTA operating rate decreased from 83.56% to 81.57%, the MEG operating rate increased from 54.40% to 56.16%, and the polyester load increased slightly from 89.64% to 89.74% [2]. 3.3 Device Maintenance - A 1.5 - million - ton PTA device in East China has restarted after being shut down for maintenance around May 6, and a 3 - million - ton PTA device in East China has been shut down for maintenance recently, with an expected maintenance period of about 10 days [4].