Report Industry Investment Rating No relevant content provided. Core Views of the Report Glass - Supply pressure is rising as the output of previously ignited production lines gradually climbs. The weekly output of float glass last week was 1108400 tons (+0.14), and the national float glass operating rate was 75.63% (-0.05). - Downstream demand is at a relatively low level compared to the same period in previous years. The number of downstream deep - processing factory order days on July 15 was 9.3 days (-0.2). However, the speculative demand has increased due to the rising market, and the apparent demand for glass has increased month - on - month. The weekly apparent demand for float glass last week was 24.3305 million weight boxes (+207000). - The inventory of glass factories decreased last week driven by speculative demand. The total inventory of national float glass sample enterprises was 64.939 million weight boxes (-2.163 million), and the inventory in Hubei factories was 6.12 million weight boxes (-660000). - The cost of glass decreased last week, while the profit increased. - The domestic anti - involution sentiment is high, and the bullish sentiment is strong, pushing the market to continue rising. There is strong supply pressure in the future. Short - term speculative demand drives the inventory reduction of glass factories. It is recommended to focus on short - term long ideas, and pay attention to the glass index operating range of 1090 - 1200 - 1250. The arbitrage FG09 - SA09 should be treated with a bullish idea. Pay attention to glass production, glass factory inventory, and glass spot prices [5]. 纯碱 - The maintenance of soda ash plants has ended, and the production of soda ash is gradually recovering. The production of soda ash last week was 733200 tons (+24300), including 318500 tons of light soda ash (+9700) and 414700 tons of heavy soda ash (+14600). - The production of photovoltaic glass has significantly declined and will continue to decline, leading to a downward expectation for the demand for heavy soda ash, while the demand for light soda ash is relatively stable. The rising market last week drove up speculative demand, and the apparent demand for soda ash increased. The daily output of float and photovoltaic glass last week was 246075 tons. - The inventory of soda ash plants rebounded from a high level last week. With the recovery of supply and the implementation of photovoltaic production cuts, the inventory accumulation trend of soda ash plants is difficult to reverse. The total inventory of soda ash manufacturers last week was 1.9056 million tons (+42200), including 783000 tons of light soda ash inventory (-8300) and 1.1226 million tons of heavy soda ash inventory (+50500). - According to Steel Union, the cost of soda ash increased slightly last week, and the profit showed mixed trends. Currently, the cost support for heavy soda ash in the East China region using the combined soda process is around 1240. - The supply of soda ash is gradually recovering, while the production of glass has significantly weakened, putting pressure on the demand side. There is strong inventory accumulation pressure in the long term. Currently, the macro - sentiment has a large impact on the market. It is advisable to wait and see for now. After the sentiment fades, pay attention to the idea of shorting on rallies. The operating range of the soda ash index is 1220 - 1350. The arbitrage FG09 - SA09 should be treated with a bullish idea. Pay attention to soda ash plant maintenance, soda ash plant inventory accumulation, and glass production [6]. Summary by Relevant Catalogs Glass Supply - The output of float glass increased month - on - month, and the supply pressure increased. The output of previously ignited production lines gradually climbed, with the weekly output of float glass last week at 1108400 tons (+0.14), and the national float glass operating rate at 75.63% (-0.05) [11][13]. Demand - Speculative demand drove the apparent demand to increase month - on - month, while the number of deep - processing order days decreased month - on - month. On July 15, the number of downstream deep - processing factory order days was 9.3 days (-0.2), and downstream demand was at a relatively low level compared to the same period in previous years. The rising market drove up speculative demand, and the weekly apparent demand for float glass last week was 24.3305 million weight boxes (+207000) [15][17]. Inventory - Short - term speculative demand rebounded, driving the inventory reduction of glass factories. The total inventory of national float glass sample enterprises last week was 64.939 million weight boxes (-2.163 million), and the inventory in Hubei factories was 6.12 million weight boxes (-660000) [19][20]. Cost and Profit - The cost decreased, and the profit increased. The weekly average cost of float glass using natural gas as fuel was 1442 yuan/ton (-1); using coal - made gas as fuel was 1004 yuan/ton (-7); using petroleum coke as fuel was 1053 yuan/ton (-27). The weekly average profit of float glass using natural gas as fuel was - 178.9 yuan/ton (+4.21); using coal - made gas as fuel was 121.83 yuan/ton (+13.05); using petroleum coke as fuel was - 4.76 yuan/ton (+45.71) [29][31][35]. Basis and Calendar Spread - As of July 18, the glass 01 basis was - 125, the glass 05 basis was - 200, and the glass 09 basis was - 41. The basis had a weak driving force on the market. The glass 9 - 1 contract spread was - 84, and the glass 1 - 5 contract spread was - 75. There were no calendar spread opportunities [40][44]. Soda Ash Supply - The maintenance of soda ash plants ended, and the production of soda ash gradually recovered. The production of soda ash last week was 733200 tons (+24300), including 318500 tons of light soda ash (+9700) and 414700 tons of heavy soda ash (+14600) [51][53]. Demand - The production of photovoltaic glass significantly declined, putting pressure on the demand for heavy soda ash. The demand for light soda ash was relatively stable. The rising market last week drove up speculative demand, and the apparent demand for soda ash increased. The daily output of float and photovoltaic glass last week was 246075 tons, and the apparent demand for soda ash last week was 691000 tons (+36000), including 364200 tons of heavy soda ash apparent demand (+31500) and 326800 tons of light soda ash apparent demand (+4500) [55][58][62]. Inventory - The inventory of soda ash plants increased month - on - month, and the inventory accumulation trend was difficult to reverse. The total inventory of soda ash manufacturers last week was 1.9056 million tons (+42200), including 783000 tons of light soda ash inventory (-8300) and 1.1226 million tons of heavy soda ash inventory (+50500) [64][66]. Profit and Cost - The cost increased slightly, and the profit showed mixed trends. Currently, the cost support for heavy soda ash in the East China region using the combined soda process is around 1240 [71][72]. Basis, Calendar Spread, and Price Spread - As of July 18, the soda ash 01 contract basis was - 59, the soda ash 05 contract basis was - 100, and the soda ash 09 contract basis was - 10. The basis had a weak driving force, and it was advisable to wait and see. The soda ash 9 - 1 contract spread was - 49, and the soda ash 1 - 5 contract spread was - 41. There were no calendar spread opportunities. The glass - soda ash 01 contract spread was - 100, the glass - soda ash 05 contract spread was - 66, and the glass - soda ash 09 contract spread was - 135. The arbitrage FG09 - SA09 should be treated with a bullish idea [79][83][88].

Core Viewpoint - Corning Inc. views China as a core engine for global innovation and growth, with significant investments and operations across multiple sectors in the country [1][2]. Investment and Operations - Corning has invested over $9 billion in China over 45 years, with annual sales exceeding $4 billion. The company has established 21 manufacturing plants, one R&D center, and three technology centers in China, employing over 6,000 people [2]. - The company plans to increase its investment in China by an additional $500 million this year, bringing total investments to $9.5 billion [3][9]. Business Segments - In the display technology sector, over 70% of Corning's production facilities are located in mainland China, including six production bases and two joint ventures [2]. - Corning is expanding its capacity in optical communications, with local production of high-end optical fibers planned for this year [2]. - The company has localized production of Gorilla Glass in China, set to begin in 2024, and has established a unique automotive glass solutions factory in Hefei [2]. Market Dynamics - Corning's sales in China are largely insulated from U.S.-China trade tensions, with 80% of sales produced domestically or in bonded zones, and only 5% imported from the U.S. [4][11]. - The company is focusing on high-growth areas in China, such as automotive, display technology, and optical communications, driven by local demand for advanced technology and products [8]. Strategic Outlook - Corning emphasizes the importance of local production and service, with a raw material localization rate of 92%, minimizing the impact of international trade fluctuations [11]. - The company remains optimistic about China's long-term economic growth and the investment environment, noting the government's welcoming stance towards foreign investment and improvements in the business climate [11].

Core Insights - The molded bottle market holds a significant share in the borosilicate glass segment, accounting for approximately 44% of the market in 2024 [1] - The market for borosilicate ampoules is projected to grow from 600 million yuan in 2018 to 2.5 billion yuan in 2024 [2] - The market for neutral borosilicate molded bottles is expected to increase from 900 million yuan in 2018 to 3.8 billion yuan in 2024 [5] - The market for neutral borosilicate tubular bottles (excluding ampoules) is anticipated to grow from 600 million yuan in 2018 to 2.3 billion yuan in 2024 [6] - The strategic positioning of the borosilicate glass market indicates that neutral borosilicate molded bottles and ampoules are "star markets" with high growth potential and strong competitive positions [8] Market Analysis - The molded bottle segment is the largest within the borosilicate glass market, highlighting its importance in the pharmaceutical packaging industry [1] - The growth trajectory of the borosilicate ampoule market reflects increasing demand, with a substantial rise in market size over the years [2] - The neutral borosilicate molded bottle market is also experiencing significant growth, indicating a robust demand for this type of packaging [5] - The neutral borosilicate tubular bottle market, while growing, is currently positioned with moderate demand potential and competition [6] - The analysis using the Boston Matrix framework suggests that the borosilicate glass industry has promising segments that could attract investment and development [8]

Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core View The "anti - involution" policy boosts market sentiment, but the fundamentals of the glass industry remain weak. In the short term, the glass market is expected to show a slightly upward trend in a volatile manner [2][3]. 3. Summary by Directory Glass Futures Market - The closing price of the main glass futures contract rose from 1081 yuan/ton to 1173 yuan/ton, a increase of 8.51%. The spot price of Shahe Safety big board increased from 1088 yuan/ton to 1120 yuan/ton, a rise of 2.94%. The main basis dropped from 7 yuan/ton to - 53 yuan/ton, a decline of 857.14% [4]. Glass Spot Market - The market price of 5mm white glass big board in the spot benchmark area of Hebei Shahe is 1120 yuan/ton, up 32 yuan/ton from the previous day [10]. Fundamental Analysis - Cost The report does not provide detailed and useful information on this aspect. Fundamental Analysis - Supply - The number of operating national float glass production lines is 224, with an operating rate of 75.63%. The number of operating production lines is at a historically low level in the same period [19]. - The daily melting capacity of national float glass is 157,800 tons, at the lowest level in the same period in history, and it has stabilized and started to recover [21]. Fundamental Analysis - Demand - In April 2025, the apparent consumption of float glass was 4.6808 million tons [25]. - The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historically low level in the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting the original glass inventory [2][3]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 64.939 million weight boxes, a decrease of 3.22% from the previous week, and the inventory is running above the 5 - year average [2][40]. Fundamental Analysis - Supply - Demand Balance Sheet The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, apparent supply, consumption, and other indicators, as well as growth rates and net import ratios [41].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - No clear core viewpoints are presented in the provided reports Group 3: Summary of Glass Information Price Changes - From July 14 to July 21, 2025, the prices of various 5mm glass products in different regions showed different degrees of change. For example, the price of 5mm large - plate glass from Shahe Anquan increased from 1160.0 to 1207.0, a weekly increase of 47.0 [1]. - FG09 contract price rose from 1102.0 to 1173.0, a weekly increase of 71.0; FG01 contract price increased from 1196.0 to 1254.0, a weekly increase of 58.0 [1]. Profit and Cost - North China coal - fired glass profit increased from 276.2 to 281.7, a weekly increase of 5.5; North China coal - fired cost increased from 879.8 to 895.3, a weekly increase of 15.5 [1]. - South China natural gas glass profit remained at - 118.6; North China natural gas glass profit increased from - 203.4 to - 192.9, a weekly increase of 10.5 [1]. Sales and Production - Glass sales and production data showed that the sales - to - production ratio in Shahe was 114, in Hubei was 108, in East China was 106, and in South China was 101 [1]. Group 4: Summary of Soda Ash Information Price Changes - From July 14 to July 21, 2025, the prices of various soda ash products in different regions changed. For example, the price of Shahe heavy soda ash increased from 1230.0 to 1280.0, a weekly increase of 50.0 [1]. - SA05 contract price rose from 1311.0 to 1390.0, a weekly increase of 79.0; SA01 contract price increased from 1286.0 to 1354.0, a weekly increase of 68.0 [1]. Profit and Cost - North China ammonia - soda process profit increased from - 75.6 to - 33.2, a weekly increase of 42.4; North China combined - soda process profit increased from - 60.9 to - 35.0, a weekly increase of 25.9 [1]. Market Conditions - Soda ash spot market: The spot price of heavy soda ash at the Hebei delivery warehouse was around 1260, and the price delivered to Shahe was around 1280. The downstream purchasing willingness for heavy soda ash was poor [1]. - Soda ash industry: Factory inventory decreased slightly [1].

证券代码：601865 股票简称：福莱特 公告编号：2025-047 转债代码：113059 转债简称：福莱转债 工；装卸搬运；金属结构制造；建筑材料生产专用机械制造；金属切削加工服务； 工业控制计算机及系统制造；机械设备销售（除依法须经批准的项目外，凭营业 执照依法自主开展经营活动）。许可项目：货物进出口（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以审批结果为准）。 关于完成工商变更登记及章程备案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 福莱特玻璃集团股份有限公司（以下简称"公司"） 于 2025 年 1 月 23 日、 审议通过了《关于变更公司注册资本并修订公司章程的议案》，同意对《公司章 程》相关条款进行修改。具体内容详见公司分别于 2025 年 1 月 24 日和 2025 年 （公告编号：2025-007）及《福莱特玻璃集团股份有限公司 2024 公司章程的公告》 年年度股东大会决议公告》（公告编号：2025-040）。 近日，公司已完成了上述注册资本变更的工商登记手续及公司章 ...

Group 1: Market Overview - The Hong Kong stock market is currently in a period of intensive mid-year earnings forecasts disclosure, with nearly 120 companies having released their forecasts as of July 18, resulting in a positive earnings forecast rate of 50.85% [1] Group 2: Companies with Significant Earnings Growth - Pop Mart expects its revenue to grow by no less than 200% and profit to increase by no less than 350% in the first half of the year, driven by enhanced brand recognition and diversified product offerings [3] - Huabao International anticipates a pre-tax profit of between 151.2 million to 177.2 million yuan, representing a growth of approximately 91.3% to 124.3% compared to the same period last year [3] - Guoquan expects a net profit of approximately 180 million to 210 million yuan, reflecting a growth of about 111% to 146% year-on-year, attributed to ongoing revenue growth and improved operational efficiency [4] - Zhou Hei Ya forecasts total revenue between 1.2 billion to 1.24 billion yuan, a slight decline of about 1.5% to 4.7% year-on-year, but expects profit to increase by 55.2% to 94.8% [4] - October Rice Field anticipates adjusted net profit of no less than 283 million yuan, a growth of at least 90% compared to the previous year, driven by innovation and deep operations in the home food category [5] - Andeli Juice expects a net profit of approximately 187 million to 214 million yuan, an increase of 40% to 60% year-on-year, due to increased customer orders and significant growth in concentrated juice sales [5] Group 3: Companies with Expected Earnings Decline - Conning Hospital projects a decline in net profit of approximately 25% to 35% compared to the same period last year, primarily due to reduced operating income from decreased average daily expenses per bed [7] - Xinyi Solar expects a net profit decline of 56% to 66% in the first half of 2025, attributed to a significant drop in average selling prices of solar glass products and an oversupply in the market [8] - Xinyi Glass anticipates a net profit decrease of 55% to 65%, driven by declining revenue and gross profit in the float glass business due to weak demand and market price pressures [8]

Core Viewpoint - The Hong Kong stock market is currently experiencing a concentrated period of mid-term earnings forecasts, with a notable number of companies expecting significant earnings growth [1]. Group 1: Positive Earnings Forecasts - Nearly 120 Hong Kong-listed companies have released earnings forecasts, with 37 companies expecting earnings growth, 14 companies turning losses into profits, and 9 companies anticipating slight increases. The overall positive earnings forecast rate stands at 50.85% [1]. - Pop Mart expects its revenue to grow by no less than 200% and profits to increase by no less than 350% compared to the same period last year, driven by enhanced brand recognition and diversified product offerings [3]. - Huabao International anticipates a pre-tax profit of between 151.2 million to 177.2 million yuan, representing a growth of approximately 91.3% to 124.3% year-on-year, primarily due to the absence of significant impairment losses this period [3]. - Guoquan expects a net profit of approximately 180 million to 210 million yuan, reflecting a growth of about 111% to 146% year-on-year, attributed to ongoing revenue growth and improved operational efficiency [4]. - Zhou Hei Ya forecasts total revenue between 1.2 billion to 1.24 billion yuan, a slight decline of 1.5% to 4.7% year-on-year, but expects profit growth of 55.2% to 94.8% due to optimized store structure and improved sales efficiency [4]. - October Rice Field anticipates adjusted net profit of no less than 283 million yuan, a growth of at least 90% year-on-year, driven by continuous innovation in home food categories and enhanced cooperation with quality sales channels [5]. - Andeli Juice expects a net profit of approximately 187 million to 214 million yuan, an increase of 40% to 60% year-on-year, mainly due to increased customer orders and significant growth in concentrated juice sales [5]. Group 2: Negative Earnings Forecasts - Some companies, such as Conning Hospital, expect a decline in mid-term earnings, with a projected drop in net profit of about 25% to 35% year-on-year, primarily due to reduced operating income from decreased average daily expenses per bed [7]. - Conning Hospital's previous report indicated a total revenue of 1.654 billion yuan for 2024, a year-on-year growth of 3.63%, but a net profit decline of 23.7% [8]. - Xinyi Solar anticipates a net profit decrease of 56% to 66% for the first half of 2025, attributed to a significant drop in average selling prices of solar glass products amid oversupply [8]. - Xinyi Glass expects a net profit decline of 55% to 65% for the same period, due to continuous revenue and gross profit declines in the float glass business, influenced by reduced demand and market price pressures [8].

Report Industry Investment Rating - Glass: Bullish [3] - Soda Ash: Sideways [4] Core Viewpoints of the Report - Short - term supply and demand of glass are stable, and market sentiment dominates. Soda ash has a weak fundamental situation but positive market sentiment [3][4]. - The "anti - involution" theme is the main trading logic in the short - term, improving overall sentiment and causing glass and soda ash prices to rise. Glass has demand resilience and price support, while soda ash faces price pressure due to supply increase and demand weakening [40][41][42]. Summary by Relevant Catalogs 1. Main Views and Strategy Overview Glass - Supply: Neutral, with stable production. Daily output is 158,400 tons, industry start - up rate is 75.68%, and capacity utilization is 79.2%, all unchanged from the 10th. No new ignition or water - release production lines this week, and one pre - ignited line may produce glass next week [3]. - Demand: Bullish, with short - term resilience despite overall pressure in the off - season. Mid - term demand is a concern due to the weak real estate situation [3]. - Inventory: Bullish, with significant inventory reduction. Enterprise inventory is 64.939 million heavy cases, a 3.22% week - on - week decrease and a 0.29% year - on - year increase. Inventory days are 27.9 days, 1 day less than the previous period [3]. - Basis/Spread: Neutral, with volatile basis this week and a lower 09 - 01 spread [3]. - Valuation: Neutral, with prices rebounding from the low point and cost support [3]. - Macro and Policy: Bullish, with improved market sentiment due to the "anti - involution" trading logic [3]. - Investment View: Bullish, with short - term supply - demand stability and sentiment - driven [3]. - Trading Strategy: Buy call options for single - side trading; no arbitrage strategy [3]. Soda Ash - Supply: Bearish, with increased supply. This week's production is 733,200 tons, a 3.42% week - on - week increase. Light soda ash production is 318,500 tons, and heavy soda ash production is 414,700 tons, both increasing. Supply is expected to continue rising next week [4]. - Demand: Bearish, with weakening demand from the float and photovoltaic industries. Downstream purchases are mainly on - demand [4]. - Inventory: Bearish, with increased inventory. Total factory inventory is 1.9056 million tons, a 2.26% week - on - week increase. Light soda ash inventory decreases by 8,300 tons, while heavy soda ash inventory increases by 50,500 tons [4]. - Basis/Spread: Neutral, with a weakening basis this week and a lower 09 - 01 spread [4]. - Valuation: Neutral, with prices rebounding and cost support [4]. - Macro and Policy: Bullish, with improved market sentiment due to the "anti - involution" trading logic [4]. - Investment View: Sideways, with a weak fundamental situation but positive sentiment [4]. - Trading Strategy: No single - side or arbitrage strategy [4]. 2. Futures and Spot Market Review Glass - Price: This week, the price fluctuated strongly. The main contract closed at 1081 (+55), and the Shahe spot price was 1088 (+12) [6]. Soda Ash - Price: This week, the price fluctuated strongly. The main contract closed at 1216 (+42), and the Shahe spot price was 1215 (+13) [11]. Spread/Basis - Soda Ash: The 09 - 01 spread fluctuated, and the basis fluctuated [20]. - Glass: The 09 - 01 spread increased slightly, and the basis fluctuated [20]. 3. Supply - Demand Fundamental Data Glass - Supply: Stable. Production is stable, and production profits have slightly recovered. The weekly average profit of float glass using natural gas as fuel is - 178.90 yuan/ton, a 4.21 - yuan/ton week - on - week increase; using coal - made gas is 121.83 yuan/ton, a 13.05 - yuan/ton increase; using petroleum coke is - 4.76 yuan/ton, a 45.71 - yuan/ton increase [23]. - Demand: Resilient. Downstream deep - processing orders are weak, with an average order days of 9.3 days, a 2.1% week - on - week and a 7.0% year - on - year decrease. Real - estate mid - and back - end completion data is poor [26][27]. - Inventory: Significantly reduced, with enterprise inventory at 64.939 million heavy cases, a 3.22% week - on - week decrease and a 0.29% year - on - year increase. Inventory days are 27.9 days, 1 day less than the previous period [28]. Soda Ash - Supply: Increasing. Production has increased, and production profits are decreasing. Ammonia - soda method theoretical profit is - 83.20 yuan/ton, a 0.90 - yuan/ton week - on - week decrease; combined - soda method theoretical profit (double - ton) is - 33.50 yuan/ton, a 6 - yuan/ton week - on - week increase [32][33]. - Demand: Weakening, with weakening demand from the float and photovoltaic industries, especially in the photovoltaic industry with expected production cuts. Downstream purchases are mainly on - demand [36]. - Inventory: Increasing. Total factory inventory is 1.9056 million tons, a 2.26% week - on - week increase. Light soda ash inventory decreases by 8,300 tons, while heavy soda ash inventory increases by 50,500 tons [37].

Core Points - Flat Glass Group Co., Ltd. was established on December 29, 2005, through the restructuring of Zhejiang Flat Glass Mirror Co., Ltd. and is registered in the Zhejiang Provincial Market Supervision Administration [2] - The company was approved by the China Securities Regulatory Commission (CSRC) for its initial public offering of 450 million H shares on July 23, 2015, and listed on the Hong Kong Stock Exchange on November 26, 2015 [3] - The company also issued 150 million A shares, approved by the CSRC on November 23, 2018, and listed on the Shanghai Stock Exchange on February 15, 2019 [3] Company Structure - The registered capital of the company is RMB 585,729,820.25 [3] - The company has a total of 2,342,919,281 shares, with 1,901,204,281 A shares, accounting for approximately 81% of the total shares [7] - The company operates as a permanent limited liability company, with all assets divided into equal shares, and shareholders are liable only to the extent of their subscribed shares [3][4] Business Operations - The company's business scope includes glass manufacturing, technical glass products manufacturing, mirror processing, and related activities [5] - The company emphasizes customer satisfaction, integrity, and mutual benefit as its operational objectives [5] Share Issuance and Management - The company issues shares in the form of stocks, with each share having a par value of RMB 0.25 [6] - The issuance of shares follows principles of openness, fairness, and justice, ensuring equal rights for all shareholders of the same class [6] - The company prohibits providing financial assistance to individuals or entities purchasing its shares [7] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, participate in shareholder meetings, and supervise company operations [14] - Shareholders holding more than 5% of shares must report any pledging of their shares to the company [17] - The company has provisions to protect the rights of minority shareholders and ensure that major decisions are made with their input [19][20]