研究所 农产品研发报告 玉米淀粉日报 2025 年 12 月 17 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/12/17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2223 | 3 | 0.13% | 225,147 | -36.28% | 375,210 | -17.71% | | C2605 | | 2239 | 1 | 0.04% | 100,790 | 16.55% | 452,365 | 3.75% | | C2509 | | 2265 | 0 | 0.00% | 5,099 | -42.68% | 36,210 | -0.79% | | CS2601 | | 2512 | 10 | 0.40% | 72,404 | -21.31% | 129,585 | -6.55% | | CS2605 | ...

Core Viewpoint - The Newhui Chenpi industry, valued at 26.1 billion yuan and recognized as a leading agricultural brand in China, is facing a trust crisis due to significant market irregularities, including counterfeit products and misleading labeling practices [1][6][10]. Group 1: Market Irregularities - A report revealed that 80% of products marketed as Guangdong Newhui Chenpi are actually from Guangxi, with some companies producing "craft skins" that mimic the appearance of aged Chenpi within a month, selling at prices up to 1,000 yuan per pound [3][7]. - The production cost of these "craft skins" is approximately 70 yuan per pound, while the retail price can exceed 1,000 yuan, resulting in profits over ten times the cost [7][8]. - The use of non-standard materials, such as using pomelo peels instead of the required tea branch mandarin peels, further complicates the authenticity of the products [8]. Group 2: Regulatory Response - Local authorities have initiated investigations and enforcement actions against the involved companies, including product seizures and legal proceedings against fraudulent practices [6][10]. - A joint statement from local regulatory bodies and industry associations has led to the cancellation of memberships for implicated companies and the revocation of their geographical indication rights [6][10]. - A digital traceability management system was established in 2022 to enhance oversight of the Newhui Chenpi production and distribution process [10][11]. Group 3: Consumer Awareness and Protection - Consumers are encouraged to verify the authenticity of Newhui Chenpi products by checking packaging and scanning QR codes, although only 35% currently engage in this practice [11]. - Regulatory bodies have conducted extensive inspections and monitoring of production and sales entities, with over 2,233 checks and 72 cases filed from 2024 to February 2025 [11]. - A comprehensive enforcement mechanism will be implemented starting January 1, 2025, targeting unauthorized sales of Newhui Chenpi [11]. Group 4: Industry Challenges and Recommendations - Despite existing regulatory frameworks, challenges remain in the effective implementation of quality control measures, particularly for small-scale producers [12][13]. - Experts suggest establishing a collaborative system involving government oversight, association monitoring, and self-regulation by enterprises to ensure quality throughout the supply chain [13]. - The importance of digital transformation and data utilization in protecting the Newhui Chenpi brand and enhancing supply chain integrity is emphasized [13].

Core Viewpoint - The domestic peanut market has shown a trend of weak adjustment since mid-December, with persistent weak demand leading to a decline in market prices. Although some major oil factories have entered the market for procurement, the overall purchasing volume is limited and the impact on market confidence is less than expected [1][7]. Supply and Demand Analysis - The current peanut market is characterized by strong supply and weak demand, with oil factories performing poorly. The purchasing price for Shandong peanuts is between 7000 to 7200 yuan/ton, down 200 yuan/ton week-on-week and down 750 yuan/ton year-on-year. In Henan, the price is also 7000 to 7200 yuan/ton, down 100 yuan/ton week-on-week and down 1350 yuan/ton year-on-year [8][9]. - Oil factories have limited purchasing volumes and strict quality control, leading to continued price reductions for peanut procurement. For instance, the contract price for Shandong Laiyang Luhua oil factory is 7600 yuan/ton, while Hebei Shenzhou Luhua oil factory also quotes 7600 yuan/ton. Other factories have similar pricing trends with minor adjustments [2][8]. Market Sentiment - Industry insiders attribute the weak adjustment in the peanut market to soft demand from food processing factories. Although most processing plants do not have high inventory levels, there is no motivation to stock up. The cautious purchasing behavior of distributors and oil factories has led to a subdued market atmosphere [3][9]. - The supply-demand stalemate is expected to persist in the short term, with limited upward price momentum. However, the upcoming New Year and Spring Festival may prompt food processing factories to increase their stockpiling efforts, potentially providing an opportunity to boost peanut prices, depending on actual purchasing volumes and market reactions [4][11]. Future Outlook - The cautious purchasing strategies of oil factories, combined with the weak performance of downstream products like peanut oil and peanut meal, suggest that there may be adjustments in procurement strategies in the future. The overall trading atmosphere remains subdued, with farmers holding back on sales due to price expectations [4][11]. - It is recommended that farmers and distributors take advantage of the pre-holiday stockpiling opportunity to reduce supply pressure post-holiday, while closely monitoring the outflow of goods from production areas and the purchasing behavior of oil factories [5][11].

Group 1: Overseas Market Insights - Brazil's soybean planting is nearing completion, with a progress rate of 94.1% as of December 13, slightly below last year's 96.8% but significantly above the 5-year average of 90.6%. The expected soybean production for the 2025/2026 season is projected to reach a record high of 177 million tons, a 3.3% increase year-on-year [1][8] - In Argentina, soybean planting has accelerated, reaching 58.6% as of December 10, an increase of 13.9 percentage points from the previous week, surpassing the 5-year average of 54.9%. The USDA maintains a production estimate of 48.5 million tons for Argentine soybeans [2][9] - The U.S. soybean sales for the 2025/2026 season are significantly lagging behind last year, with cumulative sales of 20.72 million tons as of November 20, a 38.4% year-on-year decline [2][9] Group 2: Domestic Market Conditions - China's soybean imports from January to November 2025 have exceeded 100 million tons, with a year-on-year increase of 6.9%. Despite high import levels, tightened customs inspection policies have extended the release cycle for imported soybeans, alleviating short-term supply pressures [3][10] - Domestic soybean oil inventory has risen to 1.13 million tons as of December 9, the highest level for this time of year in nearly seven years. However, the current price gap between soybean and palm oil remains inverted, and the demand for soybean oil is expected to remain high during the traditional consumption peak in Q4 [4][11] - The soybean crushing volume in major Chinese oil mills was 9.01 million tons in November, an increase of 830,000 tons year-on-year, with expectations of around 8.7 million tons for December. High crushing rates are leading to elevated soybean oil production, raising concerns about the rapid depletion of soybean oil inventories [3][10] Group 3: Palm Oil Market Dynamics - Malaysia's palm oil production in November was 1.94 million tons, a 5.3% month-on-month decline but still the highest for this period in six years. Exports fell sharply to 1.21 million tons, a 28.13% decrease, leading to a significant increase in palm oil inventory to 2.84 million tons, the highest since March 2019 [6][12] - The palm oil market is facing supply and demand imbalances, with expectations of further inventory increases in December, potentially exceeding 2.9 million tons, which may continue to suppress palm oil prices [6][12]

Group 1 - The agricultural processing sector experienced a slight decline of 0.08% on December 17, with Jingliang Holdings leading the drop [1] - The Shanghai Composite Index closed at 3870.28, reflecting an increase of 1.19%, while the Shenzhen Component Index closed at 13224.51, up by 2.4% [1] - A detailed table of individual stock performance within the agricultural processing sector is provided [1] Group 2 - In terms of capital flow, the agricultural processing sector saw a net outflow of 91.9778 million yuan from main funds, while speculative funds had a net inflow of 6.6154 million yuan, and retail investors contributed a net inflow of 85.3624 million yuan [2] - A detailed table of capital flow for individual stocks in the agricultural processing sector is included [2]

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) | 8915 | -50 主力合约持仓量:红枣(日,手) | 124292 | 4529 | | | 期货前20名持仓:净买单量:红枣(日,手) | -9865 | -1309 仓单数量:红枣(日,张) | 982 | 99 | | | 有效仓单预报:红枣:小计(日,张) | 1145 | 11 | | | | 现货市场 | 喀什红枣统货价格(日,元/公斤) | 6.5 | 0 河北一级 ...

项目组相关负责人表示，下一步将继续推动更多关键检测方法、分级指标和防控措施进入国际标准化组 织(ISO)、国际食品法典委员会(Codex)、国际植物保护公约(IPPC)等国际标准体系，进一步完善"从实验 室到贸易端"的全链条质量保障体系，为全球农食产品质量治理贡献更多中国智慧和中国方案。 在质量分级体系方面，项目组主导发布全球首个红枣品质国际标准ISO6900:2025《干制红枣—规格和测 试方法》，建立跨时空外观质量数据库，构建感官—理化—污染物—验证一体化评价框架。标准实施成 效显著，数据显示，2024年我国红枣出口量达3.56万吨，同比增长26.74%，出口合格率提升至98.7%， 平均单价增长12.5%，有效增强了我国红枣产品的国际市场竞争力与认可度。 中国经济网北京12月17日讯(记者鞠然)记者从市场监管总局科技与信息化司获悉，由市场监管总局组 织，中国质量检验检测科学研究院牵头研制的农食产品质量控制与分级国际标准取得新进展。截至目 前，相关标准已成功立项17项、发布8项，覆盖质量检验、果蔬分级、生物安全等关键领域。 在农食产品质量控制关键技术突破方面，科研团队实现谷物镉含量和黄曲霉毒素检验、植物油 ...

Group 1 - The core viewpoint of the articles emphasizes the comprehensive development of rural revitalization in Caokiao Town, focusing on environmental enhancement, industrial activation, and cultural enrichment to create a harmonious rural environment [1][2][3] Group 2 - Infrastructure upgrades are being implemented to improve living conditions, including road expansions, green space development, and sewage system installations, with a completion target by the end of December [1] - The "He Mei" rural project is addressing community needs by enhancing road safety with lighting and improving sanitation through waste management systems and toilet renovations [1] - The town is focusing on industrial development as a key to rural revitalization, with initiatives in fresh soybean processing, flower planting, and pet rabbit breeding, creating job opportunities and increasing household incomes [2] - The newly established soybean industry park has created over 200 local jobs and is projected to increase annual income for participating farmers by 22,000 yuan [2] - The development of a "pet + e-commerce" model in Yantou Village has led to significant income growth for local households, with annual sales reaching 230 million yuan [2] - All 16 villages in Caokiao Town have collective operational income exceeding 300,000 yuan, with three villages surpassing 1 million yuan [2] Group 3 - The integration of rural governance and cultural initiatives is enhancing community engagement and satisfaction, with numerous volunteer activities and cultural performances conducted to foster a sense of belonging [3] - The establishment of volunteer service teams has facilitated regular community support activities, improving residents' quality of life and access to services [3] - Cultural events and legal awareness campaigns are being organized to elevate community happiness and satisfaction levels [3]

Report Industry Investment Rating The document does not provide information on the industry investment rating. Core Viewpoints of the Report The report offers a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, non - ferrous metals, shipping, and energy chemicals. It assesses the current market situation, influencing factors, and provides corresponding trading strategies for each sector. [17][24][56] Summary by Relevant Catalogs Financial Derivatives - **Stock Index Futures**: After a significant decline, there may be a technical rebound, but the rebound without news support may have limited height. The trading strategy is to adopt a high - selling and low - buying approach in a volatile market, wait for the spread of the discount to widen for the IM/IC long 2603 + short ETF cash - and - carry arbitrage, and use the double - buying option strategy. [20][21] - **Treasury Bond Futures**: Different maturities show differentiated performance. In the short term, it is difficult to determine whether the bond market will turn bearish. The trading strategy is to stop the short positions of TS and TF contracts at low prices and wait and see for arbitrage. [22][23] Agricultural Products - **Protein Meal**: With large supply pressure from new crops, the price of US soybeans continues to decline. The international soybean market is in a pattern of abundant supply. The trading strategy is to wait and see, narrow the MRM spread, and sell the wide - straddle option strategy. [25][26] - **Sugar**: International sugar prices are oscillating at a low level, and domestic sugar prices are weak. The Brazilian sugar supply pressure will gradually ease, and the international sugar price may bottom - out and oscillate. The domestic sugar market may still maintain a weak trend in the short term. The trading strategy is to go long on the January contract and short on the May contract, and wait and see for options. [28][32] - **Oilseeds and Oils**: The overall trend is weakly oscillating. The trading strategy is to buy on dips after the price stops falling and stabilizes, and conduct high - selling and low - buying band operations, and wait and see for arbitrage and options. [34][35] - **Corn/Corn Starch**: The spot price has declined, and the futures price is oscillating at a high level. The trading strategy is to go long on the 03 contract on dips and establish long positions on the 07 contract at low prices, and wait and see for arbitrage and options. [37][38] - **Hogs**: The spot price is under pressure, and the futures price is oscillating. The trading strategy is to adopt a short - selling strategy, and wait and see for arbitrage and sell the wide - straddle option strategy. [39][40] - **Peanuts**: The spot price has declined, and the futures price is oscillating downward. The trading strategy is to short the 03 contract lightly at high prices, wait and see for arbitrage, and sell the pk603 - C - 8200 option. [41][43] - **Eggs**: The demand is average, and the price is stable with a slight decline. The trading strategy is to go long on the far - month contracts at low prices, wait and see for arbitrage and options. [44][46] - **Apples**: The demand is average, and the price is mainly stable. The trading strategy is to wait and see, go long on the January contract and short on the October contract, and wait and see for options. [48][50] - **Cotton - Cotton Yarn**: The sales of new cotton are good, and the price is oscillating strongly. The trading strategy is to go long on dips, wait and see for arbitrage and options. [52][54] Black Metals - **Steel**: The raw materials have stopped falling and stabilized, and the steel price is oscillating. The trading strategy is to expect the price to oscillate in a range and may rebound from the bottom in the short term, short the coil - coal ratio and the coil - rebar spread at high prices, and wait and see for options. [57][58] - **Coking Coal and Coke**: They are oscillating at the bottom. The trading strategy is to wait and see, as the current situation has priced in most of the negative factors, and pay attention to the change of trading logic. [60][61] - **Iron Ore**: Adopt a bearish approach. The current supply of iron ore is abundant, and the demand is weak, so the price is expected to run weakly at a high level. [62][65] - **Ferroalloys**: The cost is supported, but the demand is suppressed. The trading strategy is to expect the price to oscillate at the bottom, wait and see for arbitrage, and sell the out - of - the - money straddle option combination. [66][67] Non - Ferrous Metals - **Gold and Silver**: The US employment market is cooling down, but under the situation of multiple factors, they are oscillating at a high level. The trading strategy is to hold long positions for Shanghai gold and Shanghai silver, wait and see for arbitrage, and buy the out - of - the - money call option. [69][72] - **Platinum and Palladium**: The non - farm payroll data is lower than expected, and they are oscillating strongly. The trading strategy is to go long on platinum and palladium at low prices, and consider the long - platinum and short - palladium arbitrage. [74][76] - **Copper**: Buy after a full correction. The US employment data shows that the labor market is cooling down, and the copper price is expected to rise in the long term. [77][80] - **Alumina**: Be vigilant against the resurgence of the "anti - involution" sentiment. The fundamental situation is still under pressure. The trading strategy is to expect the price to oscillate at a low level, wait and see for arbitrage and options. [80][83] - **Electrolytic Aluminum**: There is uncertainty in the macro - economic outlook, and the price is oscillating with a reduction in positions. The trading strategy is to expect the price to oscillate after a correction, wait and see for arbitrage and options. [84][85] - **Cast Aluminum Alloy**: There is uncertainty in the macro - economic outlook this week. The trading strategy is to oscillate with the decline of the aluminum price, conduct the AD - AL spread convergence arbitrage during the decline of the aluminum price, and wait and see for options. [87][88] - **Zinc**: Pay attention to the magnitude of overseas warehouse delivery. The trading strategy is to wait and see, as the overseas delivery has put pressure on the price, and consider the long - domestic and short - overseas strategy when the export window may open intermittently. [89][92] - **Lead**: Pay attention to the change of inventory. The trading strategy is to partially stop the profit of the short positions and hold the rest, wait and see for arbitrage and options. [93][96] - **Nickel**: As a short - position variety, it continues to decline. The trading strategy is to expect the price to decline oscillatingly, wait and see for arbitrage, and sell the out - of - the - money call option. [97][98] - **Stainless Steel**: It follows the decline of the nickel price and oscillates weakly. The trading strategy is to expect the price to decline oscillatingly, and wait and see for arbitrage. [100][101] - **Industrial Silicon**: Sell on rallies. The trading strategy is to sell on rallies, go long on polysilicon and short on industrial silicon for arbitrage, and sell the out - of - the - money call option. [102][103] - **Polysilicon**: Buy on dips. The trading strategy is to hold long positions and buy on dips, go long on polysilicon and short on industrial silicon for arbitrage, and sell the put option. [104][104] - **Lithium Carbonate**: The impact of the mining license is limited, and pay attention to the inventory data. The trading strategy is to operate cautiously at a high level, wait and see for arbitrage, and sell the out - of - the - money call option of the 2605 contract when the price rises. [105][107] - **Tin**: Pay attention to the export data of Myanmar in November. The trading strategy is to pay attention to the export data of Myanmar in November and be vigilant against the change of macro - economic sentiment, and wait and see for options. [108][111] Shipping - **Container Shipping**: MSK tested the price of 2800 in the first week. The trading strategy is to partially stop the profit of the long positions of the EC2602 contract and hold the rest, and wait and see for arbitrage. [112][114] Energy and Chemicals - **Crude Oil**: The price is close to the annual low, and the geopolitical factor is still the focus. The trading strategy is to expect the price to oscillate, the domestic gasoline is neutral, the diesel is weak, and the oil price spread is weak, and wait and see for options. [116][117] - **Bitumen**: The oil price has dropped significantly, and there are still concerns about the raw materials. The trading strategy is to expect the price to oscillate and stabilize, and sell the out - of - the - money call option of the BU2602 contract. [119][121] - **Fuel Oil**: The high - sulfur fuel oil remains weak, and the supply of low - sulfur fuel oil is frequently disturbed by the change of devices. The trading strategy is to be bearish, the low - sulfur cracking spread is weak, the high - sulfur cracking spread is weak, and wait and see for options. [121][122] - **Natural Gas**: The downward trend of LNG remains unchanged, and HH continues to correct. The trading strategy is to buy the HH2602 contract, wait and see for arbitrage, and sell the TTF call option. [124][126] - **LPG**: It is slightly stronger than oil. The trading strategy is to short the 03 contract at high prices, wait and see for arbitrage and options. [127][128] - **PX and PTA**: The PX operating rate remains high, and there is still an expectation of PTA inventory accumulation. The trading strategy is to expect the price to oscillate weakly, conduct the reverse arbitrage for the PX3, 5 & PTA1, 5 contracts, and wait and see for options. [130][131] - **Benzene and Styrene**: The supply and demand of pure benzene are loose, and the basis of styrene is loosening. The trading strategy is to expect the price to oscillate weakly, wait and see for arbitrage, and sell the out - of - the - money call option. [133][134] - **Ethylene Glycol**: Some enterprises have reduced the operating load, and the price has rebounded slightly. The trading strategy is to expect the price to oscillate weakly, wait and see for arbitrage, and sell the out - of - the - money call option. [136][137] - **Short - Fiber**: The supply and demand are weak, and the price has declined. The trading strategy is to expect the price to oscillate, wait and see for arbitrage, and sell the out - of - the - money call option. [138][140] - **Bottle Chips**: The supply and demand are relatively loose. The trading strategy is to expect the price to oscillate weakly, wait and see for arbitrage, and sell the out - of - the - money call option. [141][142] - **Propylene**: The operating rate is rising, and the inventory is at a high level. The trading strategy is to short at high prices, wait and see for arbitrage, and sell the call option. [143][144] - **Plastic PP**: The electricity consumption of the rubber and plastic industry has decreased slightly month - on - month. The trading strategy is to hold long positions for the L main 2605 contract and try to go long on the PP main 2605 contract, wait and see for arbitrage, and wait and see for options. [146][148] - **Caustic Soda**: It shows an oscillating trend. The trading strategy is to expect the price to oscillate, wait and see for arbitrage, and wait and see for options. [149][151] - **PVC**: It rebounds from the bottom. The trading strategy is to expect the price to rebound from the bottom, wait and see for arbitrage, and wait and see for options. [152][153] - **Soda Ash**: The price oscillates after the contract roll - over. The trading strategy is to wait and see, as the short - term price is expected to be stable. [155][159] - **Glass**: The price oscillates. The trading strategy is to expect the price to oscillate, wait and see for arbitrage, and wait and see for options. [157][160] - **Methanol**: It oscillates widely. The trading strategy is to expect the price to oscillate, wait and see for arbitrage, and wait and see for options. [162][163] - **Urea**: India has tendered again. The trading strategy is to expect the price to oscillate in the short term and run weakly in the medium term, and wait and see for options. [165][166] - **Pulp**: The reality is weak, but the expectation is strong. Pay attention to the registration of warehouse receipts and the change of port inventory. The trading strategy is to hold the previous short positions, wait and see for arbitrage, and wait and see for options. [169][170] - **Logs**: The fundamental situation is weakening, the futures price is inverted, and pay attention to the registration of warehouse receipts. The trading strategy is to pay attention to the opportunity of going long on the 03 contract, gradually stop the profit of the 1 - 3 reverse arbitrage, and wait and see for options. [171][175] - **Offset Printing Paper**: The supply pressure remains high, and the transmission of high pulp price is less than expected. The trading strategy is to be bearish, wait and see for arbitrage, and sell the OP2602 - C - 4100 option. [176][178] - **Natural Rubber**: The accumulation of the main visible inventory has slowed down. The trading strategy is to try to short the RU main 05 contract lightly and hold long positions for the NR main 02 contract, wait and see for arbitrage, and wait and see for options. [179][182] - **Butadiene Rubber**: The fixed - asset investment in the domestic rubber and plastic industry continues to slow down. The trading strategy is to hold long positions for the BR main 02 contract, hold the BR2602 - NR2602 spread, and wait and see for options. [183][185]

1. Industry Investment Rating - No information provided 2. Core Viewpoints - In October 2025, Brazilian factories processed 4.39 million tons of soybeans, producing 3.36 million tons of soybean meal and 0.9 million tons of soybean oil, with soybean, soybean meal, and soybean oil ending inventories of 1,126 tons, 2.51 million tons, and 0.49 million tons respectively [1] - From December 1 - 15, 2025, Malaysia's palm oil production decreased by 2.97% month - on - month, fresh fruit bunch yield per unit area decreased by 2.55%, and oil extraction rate decreased by 0.08% [1] - The expected sown area of winter rapeseed in France for the 2026/27 season will reach 1.34 million hectares, a three - year high, with a year - on - year increase of 6.4% and a 9.4% increase compared to the average of last year [1] 3. Summary by Related Catalogs Overnight Market Information - In October 2025, Brazilian factories processed 4.39 million tons of soybeans, with 3.36 million tons of soybean meal and 0.9 million tons of soybean oil produced, and the ending inventories of soybean, soybean meal, and soybean oil were 1,126 tons, 2.51 million tons, and 0.49 million tons respectively [1] - From December 1 - 15, 2025, Malaysia's palm oil production decreased by 2.97% month - on - month, fresh fruit bunch yield per unit area decreased by 2.55%, and oil extraction rate decreased by 0.08% [1] - The expected sown area of winter rapeseed in France for the 2026/27 season will reach 1.34 million hectares, a three - year high, increasing by 6.4% year - on - year and 9.4% compared to the average of last year [1] Spot Prices - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from December 10 - 16, 2025 are presented in a table [2] Protein Meal Basis - No information provided [3] Oil and Fat Futures Spread - No information provided [6] Oil and Fat Basis - No information provided [8]