证券研究报告 | 固定收益定期 gszqdatemark 2025 10 13 年 月 日 固定收益定期 地产销售再回落——基本面高频数据跟踪 本期国盛基本面高频指数为 128.1 点（前值为 128.0 点），当周同比 增加 5.9 点（前值为增加 5.8 点），同比增幅扩大。利率债多空信号不 变，信号因子为 5.0%（前值为 5.0%）。 生产方面，工业生产高频指数为 127.3，前值为 127.2，当周同比增加 5.5 点（前值为增加 5.4 点），同比增幅扩大。 总需求方面，商品房销售高频指数为 42.3，前值为 42.4，当周同比下 降 6.1 点（前值为下降 6.2 点），同比降幅收窄；基建投资高频指数为 121.8，前值为 121.5，当周同比增加 8.1 点（前值为增加 7.3 点）， 同比增幅扩大；出口高频指数为 143.7，前值为 143.7，当周同比增加 1.6 点（前值为增加 1.8 点），同比增幅收窄；消费高频指数为 120.6， 前值为 120.5，当周同比增加 3.6 点（前值为增加 3.5 点），同比增幅 扩大。 物价方面，CPI 月环比预测为 0.2%（（前值 0.2%）；P ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Short - term market volatility may increase. After important events, China may gradually enter the verification period of the seasonal peak season for fixed - asset investment and consumption, and the pricing weight of fundamentals for assets, especially short - duration commodity assets, may increase. Overseas liquidity will maintain an expansion trend in the next 1 - 2 quarters, entering a "loose expectation + weak US dollar" repair channel, which is expected to support the recovery of total demand and form a positive feedback between sentiment and overseas macro - fundamentals. Attention should be paid to non - US dollar assets [8] 3. Summary by Relevant Catalogs 3.1 Macro Highlights - **Overseas Macro**: The US macro - fundamentals are relatively stable, but the political pressure on the Fed has reached a new high, boosting market expectations of interest rate cuts. At the Global Central Bank Annual Meeting in August, Powell's dovish stance exceeded market expectations. On August 25, Trump removed the hawkish Fed governor Cook, further increasing market expectations of interest rate cuts. Currently, the US consumer's willingness to buy real estate, cars, and household durables is fluctuating widely at a low level, and the actual salary growth of US consumers is flat. The ability of residents to consume still awaits the transmission of interest rate cuts. Loose expectations and asset revaluation are expected to have a positive feedback effect on investment and consumption, but sticky service inflation, tariff shocks, and concerns about the Fed's independence remain tail risks [8] - **Domestic Macro**: Market expectations for corporate profit margins have improved. "Anti - involution" has promoted the continued improvement of mid - stream profits in July. Recently, demand - side policies in first - tier cities have been frequently introduced. The marginal relaxation of policies is expected to boost trading volume, but the sustainability remains to be seen. From January to July, the year - on - year decline in the profits of national industrial enterprises above the designated size narrowed to - 1.7%. "Anti - involution" has enabled the raw material processing industry to obtain a larger share of profits, while both upstream mining and downstream consumer goods industries have seen their profits squeezed. The issue of anti - involution still has a long way to go. In the real estate sector, first - tier cities such as Beijing and Shanghai have successively introduced policies to relax purchase restrictions and optimize provident funds. Compared with previous policies, the overall intensity of this round of policies is relatively weak. Structurally, the relaxation of new homes in the suburbs of core cities is relatively stronger, aiming to guide residents to digest the inventory of suburban new homes first, which has a marginal support for developers' liquidity [8] - **Asset Views**: Short - term market volatility may increase. After important events, China may gradually enter the verification period of the seasonal peak season for fixed - asset investment and consumption, and the pricing weight of fundamentals for assets, especially short - duration commodity assets, may increase. Overseas liquidity will maintain an expansion trend in the next 1 - 2 quarters, entering a "loose expectation + weak US dollar" repair channel, which is expected to support the recovery of total demand and form a positive feedback between sentiment and overseas macro - fundamentals. Attention should be paid to non - US dollar assets [8] 3.2 Viewpoint Highlights - **Financial Sector**: For stock index futures, the chips show signs of loosening, and the short - term judgment is volatile upward. For stock index options, the strategy is mainly for hedging and defense, and the short - term judgment is volatile. For treasury bond futures, continue to pay attention to the performance of the stock market, and the short - term judgment is volatile [9] - **Precious Metals**: The expansion of interest rate cut expectations is beneficial to the price. For gold and silver, it is expected that the US interest rate cut cycle may restart in September, but the impact of market risk appetite needs to be noted. The short - term judgment is volatile upward [9] - **Shipping**: For the container shipping route to Europe, the peak season in the third quarter has turned dull, and there is a lack of upward driving force due to loading pressure. The short - term judgment is volatile [9] - **Black Building Materials**: After the parade, there are still upward expectations for the sector. For products such as steel, iron ore, coke, coking coal, etc., they are expected to be volatile, with different influencing factors for each product [9] - **Non - ferrous Metals and New Materials**: The weak US dollar continues to support non - ferrous metals, but the weakening demand also needs to be emphasized. Most products are expected to be volatile, with different influencing factors for each product [9] - **Energy and Chemicals**: The weakening of crude oil supply - demand and the decline of coking coal have dragged down the chemical industry. Most products are expected to be volatile, with different influencing factors for each product [11] - **Agriculture**: The agricultural sector is in a high - level narrow - range volatility, waiting for the results of field inspections. Most products are expected to be volatile, with different influencing factors for each product [11]

投资咨询业务资格：证监许可【2012】669号 国内商品期货大面积飘绿，股指板块普遍下跌 ——中信期货晨报20250828 中信期货研究所 仲鼎 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 221/221/221 181/181/181 基 础 色 辅 助 色 228/210/172 0/0/0 210/10/16 87/87/87 227/82/4 | 金融资政治意体 | | | | | | | | | | | | 国内主要商品涨跌幅 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 板块 日度涨跌幅 周皮涨跌幅 月度涨跌幅 季度涨跌幅 今年涨跌幅 | 品种 | 现价 | | | | | | 板块 | 品种 | 现价 | | 日庚涨跌幅 周度涨跌幅 月度涨跌幅 | ...

1. Report Industry Investment Ratings - **Macro Finance**: - Stocks: Bullish [1] - Bonds: Neutral (Oscillating) [1] - Gold: Bullish [1] - Silver: Bullish in the short - term, cautious in the medium - term [1] - **Non - ferrous Metals**: - Copper: Bullish (Oscillating upward) [1] - Aluminum: Neutral (Oscillating) [1] - Alumina: Neutral (Wide - range oscillating) [1] - Zinc: Bullish [1] - Nickel: Bullish in the short - term, cautious in the long - term [1] - Stainless Steel: Bullish (Oscillating upward) [1] - Tin: Volatile in the short - term [1] - Industrial Silicon: Bullish [1] - Polysilicon: Bullish [1] - Lithium Hydroxide: Bullish [1] - **Ferrous Metals**: - Rebar: Neutral (Oscillating) [1] - Hot - rolled Coil: Neutral (Oscillating) [1] - Iron Ore: Neutral (Oscillating) [1] - Silicomanganese: Bullish [1] - Ferrosilicon: Bullish [1] - Glass: Bullish [1] - Soda Ash: Bullish [1] - Coking Coal: Neutral (Oscillating) [1] - Coke: Neutral (Oscillating) [1] - **Agricultural Products**: - Palm Oil: Bullish, with risks [1] - Methanol: Neutral (Oscillating) [1] - Rapeseed Oil: Neutral (Oscillating) [1] - Cotton: Bullish in the short - term, limited upside for 01 contract [1] - White Sugar: Bullish, limited upside [1] - Corn: Bearish for CO1, limited upside for C09 [1] - Soybean Meal: Bullish for M01 on pullbacks, limited upside for M09 [1] - Pulp: Neutral (Oscillating) [1] - Logs: Bullish in the short - term, not advisable to chase [1] - Live Pigs: Neutral (Stable) [1] - **Energy and Chemicals**: - Crude Oil: Neutral (Oscillating) [1] - Fuel Oil: Neutral (Oscillating) [1] - Asphalt: Neutral (Oscillating) [1] - Natural Rubber: Neutral (Oscillating) [1] - BR Rubber: Neutral (Oscillating with support) [1] - PTA: Neutral (Oscillating) [1] - Ethylene Glycol: Bullish [1] - Short - fiber: Bullish [1] - Styrene: Bullish [1] - Urea: Neutral (Oscillating) [1] - PF: Neutral (Oscillating downward) [1] - DO: Bullish (Oscillating upward) [1] - PVC: Bullish (Oscillating upward) [1] - Caustic Soda: Bullish [2] - LPG: Bearish [2] - Shipping: Bearish [2] 2. Core Views - In the short term, stock indices are expected to be strong due to the "asset shortage" and "national team" support, as well as the boost from "anti - involution" and real estate policy expectations. Bond futures are favored by the "asset shortage" and weak economy, but the central bank's short - term interest rate risk warning restricts their upside. Gold and silver are expected to be strong in the short term due to market uncertainties [1]. - In the non - ferrous metals sector, "anti - involution" policies and other factors drive price movements. For example, zinc and stainless steel prices are rising, while nickel is strong in the short term but faces long - term over - supply pressure [1]. - In the ferrous metals sector, supply - side reforms drive the prices of many products such as silicomanganese, ferrosilicon, glass, and soda ash to be strong [1]. - In the agricultural products sector, different products have different trends. For example, corn has different strategies for different contracts, and soybean meal has different outlooks for M09 and M01 [1]. - In the energy and chemicals sector, factors such as supply - demand relationships, cost support, and seasonal factors affect product prices. For example, styrene is bullish due to factors such as increased device load, while LPG is bearish due to high inventory and seasonal factors [1][2]. 3. Summary by Related Catalogs Macro Finance - **Stock Indices**: Recently, stock indices have shown obvious insensitivity to negative news, with strong trading volume and market sentiment. The "asset shortage" and "national team" support increase the willingness to allocate equity assets, and "anti - involution" and real estate policy expectations boost market sentiment. In the short term, stock indices are expected to be strong [1]. - **Bond Futures**: The "asset shortage" and weak economy are favorable for bond futures, but the central bank's short - term interest rate risk warning restricts their upside [1]. - **Gold and Silver**: Market uncertainties remain, so the price of gold is expected to be strong and oscillating in the short term. Silver shows short - term resilience, but caution is needed in the medium term [1]. Non - ferrous Metals - **Copper**: The "anti - involution" theme in China is volatile, and downstream demand is fair, so the copper price is oscillating upward [1]. - **Aluminum**: The "anti - involution" theme in China is emerging, but high prices suppress downstream demand, so the aluminum price may oscillate [1]. - **Alumina**: Alumina profits are expanding, with both supply and inventory increasing, and the price is oscillating widely [1]. - **Zinc**: The "anti - involution" and capacity - reduction themes in China are emerging, infrastructure demand is boosted, and the risk of LME zinc squeeze is increasing, so the zinc price is rising. Attention should be paid to LME warehouse receipts [1]. - **Nickel**: The "anti - involution" policy in China is emerging, and the macro - sentiment is positive. Indonesia's RKAB approval quota in the first half of the year reached 364 million wet tons, and the premium of Indonesian nickel ore has slightly declined. In the short term, the nickel price is mainly driven by the macro - situation and is oscillating upward. It is recommended to wait and see and look for short - selling opportunities after the sentiment calms down. In the long term, the over - supply of primary nickel still exerts pressure [1]. - **Stainless Steel**: The "anti - involution" policy in China is emerging, and the macro - sentiment is warming up, which boosts the steel price. The price of raw material ferronickel is weak, the social inventory of stainless steel is slightly decreasing, and after profit recovery, steel mills' production cuts may be less than expected. Attention should be paid to the actual production of steel mills. The stainless steel futures are oscillating upward. It is recommended to wait and see and look for positive arbitrage opportunities between futures and spot, and pay attention to raw material changes and steel mills' production schedules [1]. Ferrous Metals - **Rebar and Hot - rolled Coil**: Strong furnace materials provide valuation support, and the prices are oscillating [1]. - **Iron Ore**: Although the commodity sentiment is positive, the fundamentals are marginally weakening, and the price is oscillating [1]. - **Silicomanganese, Ferrosilicon, Glass, and Soda Ash**: Supply - side reforms are restarted, and the prices are mainly strong [1]. - **Coking Coal and Coke**: The "anti - involution" theme is mentioned in high - level meetings. Although it cannot be compared with the 2015 supply - side reform bull market, it cannot be falsified in the short - term trading aspect. Short - selling orders should be temporarily avoided, and industrial customers should seize the opportunity of premium to establish positive arbitrage positions between futures and spot. For coke, the key is to seize the opportunity of futures premium for short - selling hedging [1]. Agricultural Products - **Palm Oil**: There is an expectation of international demand growth, and the reference price in Malaysia is raised. The risk lies in the negative impact of increased production in the producing areas and weak exports [1]. - **Cotton**: Cotton has increased positions and prices in the short term, mainly driven by the logic of squeezing the 01 contract in the near - month. The upside of the 01 contract is limited. Attention should be paid to the time window from the end of July to the beginning of August and the release of sliding - scale tariff quotas [1]. - **White Sugar**: White sugar is running strongly, with the bottom - divergence rebound of raw sugar and peak - season demand, but the upside is limited. Attention should be paid to the oscillation in the range of 5600 - 6000 [1]. - **Corn**: The supply - demand of old - crop corn is tightening, which supports the market, but the low price difference between wheat and corn squeezes the demand for corn. Under the pressure of high warehouse receipts, the rebound space of C09 is expected to be limited. The planting cost of new - season corn is reduced, and the production situation is good. It is recommended to short CO1 at high prices [1]. - **Soybean Meal**: The domestic soybean meal is in the inventory - accumulation cycle, and the basis is expected to continue to be under pressure. In the short term, the spot lacks the conditions for a sharp rise. Under the low basis, the upside of M09 is expected to be limited. Supported by the import cost, it is recommended to wait for pullbacks to buy M01 [1]. - **Pulp and Logs**: Pulp has rebounded significantly due to the strong commodity sentiment. Currently, the basis of broad - leaf pulp has weakened to - 1400 yuan/ton, and it is not recommended to chase the rise. In the short term, the main trading logic of logs may shift to the "strong expectation" of the 09 contract. After a sharp rise, it is not recommended to chase the rise [1]. - **Live Pigs**: With the continuous restoration of live - pig inventory, the slaughter weight is continuously increasing. The market expects sufficient inventory, and the futures are at a large discount to the spot. In the short term, the spot is less affected by slaughter, and the overall decline is limited, so the futures remain stable [1]. Energy and Chemicals - **Crude Oil and Fuel Oil**: The geopolitical situation in the Middle East has cooled down, and the market has returned to the supply - demand logic. OPEC+ has increased production more than expected, and short - term peak - season consumption in Europe and the United States provides support. The prices are oscillating [1]. - **Asphalt**: In the short term, the supply - demand contradiction is not prominent, and it follows the crude oil price. Cost disturbances and demand recovery balance each other, and the price fluctuation is limited [1]. - **Natural Rubber and BR Rubber**: For natural rubber, there are short - term rainfall disturbances in the producing areas, slow inventory reduction, and positive macro - sentiment in the market. For BR rubber, the cost of butadiene provides support, the fundamentals of synthetic rubber are stable, demand is weakening, the spot price is oscillating, and there will be some device maintenance of butadiene in the future with limited cargo supply, so the BR futures are expected to consolidate in stages and then have price support [1]. - **PTA**: PTA supply has shrunk, but the crude oil price remains strong. The downstream load of polyester remains at 90% despite the expectation of load reduction. In July, bottle chips and short - fibers will enter the maintenance cycle. PTA ports have slightly reduced inventory, and the replenishment willingness of polyester is not high [1]. - **Ethylene Glycol**: The coal price has risen slightly, the commodity sentiment is generally positive, overseas ethylene glycol device maintenance has been postponed, the supply has shrunk, and the market expects less arrival of goods in the future [1]. - **Short - fiber**: The registration volume of short - fiber warehouse receipts is small, and short - fiber factories' maintenance is increasing. Under the high basis, the cost of short - fiber is closely related [1]. - **Styrene**: The pure - benzene price has slightly declined, styrene sales are active, the device load of styrene has increased, the basis of styrene has significantly weakened, and there are many old - capacity issues in the pure - benzene and styrene industries [1]. - **Urea**: There is an expectation of supply contraction, and domestic demand has entered the off - season [1]. - **PF**: The macro - sentiment has faded, and it has returned to the fundamentals. There are many maintenance activities, demand is mainly for rigid needs, and the price is oscillating downward [1]. - **DO**: The downstream has entered the seasonal off - season, the supply pressure is increasing, and the price is oscillating upward [1]. - **PVC**: The prices of coking coal and other products have risen, the market sentiment is good, the maintenance has decreased compared with the previous period, and the price is oscillating upward [1]. - **Caustic Soda**: Maintenance is approaching the end, the spot price has fallen to a low level, the premium of caustic soda delivery substitutes has increased, there are many coal policies, and the sentiment is positive [2]. - **LPG**: The support from crude oil is insufficient, the international fundamentals are loose, the port propane inventory is high, the CP - FEI spread has narrowed, the LPG combustion demand is in the seasonal off - season, the chemical demand is average, the spread between industrial and civil uses has narrowed, and the domestic LPG price is running weakly [2]. - **Shipping**: The signal of freight rate peaking is emerging, European ports are still congested, and there will be many scheduled ships in August [2].

Group 1: Stock Index Futures Spread Daily Report Core Viewpoints - The report presents the latest values, changes from the previous day, 1 - year historical percentiles, and all - time percentiles of various stock index futures spreads and cross - variety ratios on July 22, 2025 [1]. Summary by Category - **Futures - Spot Spreads**: For example, the F futures - spot spread is - 20.81, down 4.06 from the previous day, with a 1 - year percentile of 30.70% and an all - time percentile of 21.70% [1]. - **Inter - delivery Spreads**: Such as the F inter - delivery spread, where the season - month minus the current - month is - 41.00, down 32.20, with a 1 - year percentile of 20.00% and an all - time percentile of 26.40% [1]. - **Cross - Variety Ratios**: For instance, the IC/IF ratio is 1.4898, up 0.0051, with a 1 - year percentile of 62.20% and an all - time percentile of 60.20% [1]. Group 2: Treasury Bond Futures Spread Daily Report Core Viewpoints - The report provides data on IRR, basis, inter - delivery spreads, and cross - variety spreads of treasury bond futures on July 22, 2025, including their changes and historical percentiles [2]. Summary by Category - **IRR**: The 15 - year IRR is 1.6099, down 0.0053 from the previous day, with a historical percentile of 24.90% [2]. - **Basis**: For example, the T basis is 1.5727, down 0.0409, with a historical percentile of 53.80% [2]. - **Inter - delivery Spreads**: Like the TS inter - delivery spread, the current - season minus the alternate - season is - 0.0080, with a historical percentile of 11.60% [2]. - **Cross - Variety Spreads**: Such as the TS - TF spread, which is - 3.5350 on July 22, 2025, up 0.0210, with a historical percentile of 8.10% [2]. Group 3: Precious Metals Futures - Spot Daily Report Core Viewpoints - The report shows the domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and holdings of precious metals on July 22, 2025, along with their changes [4]. Summary by Category - **Futures Closing Prices**: The AU2510 contract closed at 781.70 yuan/gram on July 21, up 4.68 (0.60%) from July 18 [4]. - **Spot Prices**: The London gold price was 3396.67 dollars/ounce on July 21, up 47.01 (1.40%) from July 18 [4]. - **Basis**: The gold TD - Shanghai gold主力 basis is - 4.70, down 1.05, with a 1 - year percentile of 5.60% [4]. - **Ratios**: The COMEX gold/silver ratio is 86.91, down 0.42 (- 0.48%) [4]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.38%, down 0.06 (- 1.4%) [4]. - **Inventory and Holdings**: The SPRD gold ETF holding is 947 tons, up 3.44 (0.36%) [4]. Group 4: Container Shipping Industry Futures - Spot Daily Report Core Viewpoints - The report offers information on Shanghai - Europe future 6 - week freight rates, container shipping indices, futures prices, basis, and fundamental data on July 22, 2025 [7]. Summary by Category - **Freight Rates**: The CMA CGM's Shanghai - Europe future 6 - week freight rate is 4226 dollars/FEU on July 21, up 124 (3.78%) from July 20 [7]. - **Indices**: The SCFIS (European route) settlement price index is 2400.50 points on July 21, down 21.4 (- 0.89%) from July 14 [7]. - **Futures Prices and Basis**: The EC2602 contract closed at 1486.4 on July 21, down 8.7 (- 0.58%) from July 18, and the basis of the main contract is 956.5, down 22.1 (- 2.26%) [7]. - **Fundamental Data**: The global container shipping capacity supply is 3271.67 on July 22, unchanged from July 21 [7]. Group 5: Trading Calendar Core Viewpoints - The report lists overseas and domestic data and information release schedules on July 22, 2025, including various economic indicators and events [9]. Summary by Category - **Overseas Data**: Such as New Zealand's log exports [9]. - **Domestic Data**: For example, the inventory of manganese ore by variety and the throughput of manganese ore in Qinzhou Port for manganese - silicon [9].

| H 等 市 路 参 | | | | | | | --- | --- | --- | --- | --- | --- | | 逻辑观点精粹及策略参考 | 趋势研判 | 行业板块 | 品种 | 短期来看,在情绪和流动性的驱动下偏强震荡的概率较高,后续 | | | 关注宏观增量信息对股指方向的指引。 | 资产带和弱经济利好情期。但短期央行提示利率风险,压制上涨 | 国债) | | | | | 空间。 | 宏观金融 | 市场不确定性再起,金价企稳反弹。 | 看多 | 真金 | | | 宏观和商品属性或仍对银价有支撑。但基本面或仍会限制其空间 | 白银 | 近期市场风险偏好回升,叠加海外美铜及伦铜挤仓行情发酵,短 | | | | | 看头 | 국미 | 期铜价偏强。 | 近期市场情绪有所好转,叠加电解铝库存低位运行,铝价偏强运 | | | | TT. | 美联储降息预期提升,市场风险偏好回归,商品价格上行,氧化。 | 氧化铝 | 看多 | | | | 铝短期偏强。 | 火烧云投产,预计9月底出锭,此外全球第五大炼厂罢工仅影响生 | | | | | | 产3天,对供应影响有限,短期锌受消息影响下跌。此外铜价大涨 | ...

Core Viewpoint - The Sichuan provincial government is implementing a comprehensive training program aimed at enhancing the foreign trade capabilities of local enterprises in response to the complex international economic environment. The initiative focuses on practical training to help businesses overcome challenges in foreign trade and aims to boost their market expansion and risk management abilities [1][2][3]. Group 1: Training Initiatives - The training program emphasizes practical applications, addressing specific foreign trade challenges faced by enterprises, such as market expansion and compliance with international trade policies [2][3]. - The first phase of the training includes sessions on international market development, the impact of U.S. trade policies on emerging industries, and practical case studies in cross-border e-commerce [3]. - Future training sessions will cover various sectors, including electronics, food and agricultural products, and machinery, with a total of 50 targeted training events planned for the year [4]. Group 2: Strategic Focus Areas - The initiative categorizes enterprises into four groups: "breaking the zero," "returning," "growing," and "safeguarding," each with tailored strategies to enhance their foreign trade capabilities [6]. - "Breaking the zero" focuses on assisting enterprises that are hesitant or lack the skills to engage in foreign trade through direct training [6]. - "Returning" targets businesses that previously engaged in foreign trade but have since become inactive, with customized plans to reintegrate them into the market [6]. - "Growing" aims to support high-potential enterprises with dedicated services to help them ascend to leading positions in their sectors [6]. - "Safeguarding" provides timely information on trade conditions and potential products, leveraging AI applications to respond to enterprise needs [6][7]. Group 3: Performance Metrics - In 2024, Sichuan aims to achieve over 1 trillion yuan in foreign trade, with 9,106 active foreign trade enterprises projected, marking a net increase of 855 from 2023 [5]. - The contribution of private foreign trade enterprises is expected to exceed 440 billion yuan, highlighting their significant role in the province's foreign trade landscape [5].