| 冠通期货 研究咨询部 王静 | | --- | | 执业资格证书编号：F0235424/Z0000771 | | 联系方式：010-85356618 | 使用本报告及其内容所引发的任何直接或间接损失概不负责 本报告仅向特定客户传送 任何机构和个人均不得以任何形式翻版 载。如引用、转载、刊发，须注明出处为冠通期货股份有限公司。 近五年涨跌幅均值 NYMEX原油 NYMEX天然 气 COMEX黄金 COMEX白银 LME铜 LME锌 LME镍 LME铝 LME锡 LME铅 CBOT大豆 CBOT玉米 CBOT豆油 CBOT豆粕 CBOT小麦 CBOT稻谷 ICE11号糖 ICE2号棉 花 标普500 美元指数 CRB商品指 数 BDI 近十年平均 0.01% -3.23% 0.82% 1.95% 0.00% 0.11% 0.44% 0.27% 1.70% 0.53% 0.61% -0.19% -0.43% 0.81% -0.53% -1.71% -0.07% 1.28% 0.08% -0.03% 0.01% 0.67% -4.00% -3.00% -2.00% -2.00% 0.00% 2.00% 4.00% ...

Group 1: Hot News - Trump will impose a 10% tariff on all goods exported to the US by Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland starting from February 1st, 2026, and the tariff will increase to 25% by June 1st, 2026, until an agreement on "fully and completely purchasing Greenland" is reached [3] - White House economic advisor Hasset downplayed the federal criminal investigation into Fed Chair Powell, saying he expects "no problem" [3] - Li Qiang chaired a State Council executive meeting to listen to the progress of the special action to boost consumption and study measures to promote consumption [3] - US envoy Witkoff revealed that the US has sent a direct message to Iran, stating that Iran's economic situation is severe and suggesting diplomatic solutions to relevant issues [3] Group 2: Key Focus - Key commodities to focus on are crude oil, tin, nickel, styrene, and rapeseed oil [4] Group 3: Night Session Performance - Night session performance of commodity futures: Non-metallic building materials rose 1.98%, precious metals 35.75%, oilseeds and fats 7.51%, soft commodities 2.88%, non-ferrous metals 26.49%, coal, coke, and steel ore 9.47%, energy 2.23%, chemicals 9.61%, grains 1.09%, and agricultural and sideline products 2.98% [4] Group 4: Plate Position - Changes in commodity futures plate positions in the past five days are presented in the data [5] Group 5: Performance of Major Asset Classes - Performance of major asset classes: Shanghai Composite Index had a daily decline of 0.33%, a monthly increase of 3.35%, and a year-to-date increase of 3.35%; other indices and assets also had corresponding changes [6] Group 6: Trends of Major Commodities - Trends of major commodities such as the Baltic Dry Index, CRB Spot Index, WTI crude oil, London spot gold, LME copper, etc. are shown in the data [7]

Report Summary 1. Hot News - Li Qiang chaired a meeting of the leading group for the compilation of the Outline Draft of the 15th Five - Year Plan, emphasizing the planning of major projects to boost future development and current economic stability [2] - The People's Bank of China kept the one - year and five - year Loan Prime Rates (LPR) unchanged at 3% and 3.5% respectively for seven consecutive months [2] - Four futures exchanges will temporarily exempt certain handling fees for most futures varieties from January 1, 2026, to December 31, 2026, and the China Financial Futures Exchange will halve some handling fees [2] - Federal Reserve Governor Milan said the need for a 50 - basis - point interest rate cut has weakened [2] - US President Trump will meet with senior national security officials, and Russia's Foreign Ministry is evacuating the families of diplomats in Venezuela [2] 2. Sector Performance - Key sectors to watch: silver, rapeseed oil, ethylene glycol, Shanghai nickel, and PVC [3] - Night trading performance: different commodity futures sectors showed varying degrees of increase, with the precious metals sector leading at 33.87%, followed by the non - ferrous metals sector at 24.53%, and the coal, coke, steel, and ore sector at 10.46% [3] 3. Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days, but specific data is not described in text [4] 4. Performance of Major Asset Classes | Asset Class | Name | Daily Return (%) | Monthly Return (%) | Annual Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | 0.69 | 0.74 | 16.87 | | | SSE 50 | 0.53 | 1.70 | 12.49 | | | CSI 300 | 0.95 | 1.88 | 17.20 | | | CSI 500 | 1.20 | 3.19 | 26.72 | | | S&P 500 | 0.64 | 0.43 | 16.95 | | | Hang Seng Index | 0.43 | - 0.22 | 28.62 | | | German DAX | - 0.05 | 1.85 | 21.94 | | | Nikkei 225 | 1.81 | 0.30 | 26.34 | | | UK FTSE 100 | - 0.32 | 1.50 | 20.71 | | Fixed - income | 10 - year Treasury Bond Futures | - 0.09 | 0.04 | - 0.87 | | | 5 - year Treasury Bond Futures | - 0.06 | 0.11 | - 0.64 | | | 2 - year Treasury Bond Futures | - 0.02 | 0.08 | - 0.50 | | Commodity | WTI Crude Oil | 2.49 | - 0.80 | - 19.45 | | | London Spot Gold | 2.37 | 5.34 | 69.35 | | | LME Copper | 0.25 | 6.58 | 35.64 | | | Wind Commodity Index | 4.40 | 12.78 | 50.89 | | Other | US Dollar Index | - 0.46 | - 1.19 | - 9.42 | | | CBOE Volatility Index | 0.00 | - 8.81 | - 14.06 | [5] 5. Stock Market Risk Preference and Commodity Trends - The report presents charts of stock market risk preference and major commodity trends, including the Baltic Dry Index, CRB Spot Index, WTI crude oil, London spot gold and silver, LME copper, and agricultural futures, but specific data is not described in text [6]

Hot News - Since the second term of President Trump, the Chinese and US heads of state have maintained regular exchanges. The recent call, initiated by the US, had a positive, friendly, and constructive atmosphere, which is important for the stable development of Sino-US relations [2] - Maersk's CEO is encouraged by the peace process in Gaza. Navigation freedom in the Bab-el-Mandeb Strait has been established, and trade routes have returned to normal. The Suez Canal is the preferred passage for Maersk and its customers [2] - A US official said that the Ukrainian delegation has reached an agreement on the terms of a possible peace deal with the US, with some minor details remaining [2] - Federal Reserve Governor Milan believes that the economy needs significant interest rate cuts and hopes employment data will convince other Fed members to do so. The Fed should quickly lower interest rates to a neutral level [2] - US private-sector employers cut an average of 13,500 jobs per week in the past four weeks, an acceleration from the previous week's data showing a loss of 2,500 jobs per week [2] Key Focus - The commodities to focus on are lithium carbonate, corn, coking coal, Shanghai copper, and Shanghai gold [3] Night Session Performance - Non-metallic building materials rose 3.16%, precious metals 29.30%, oilseeds 9.90%, non-ferrous metals 22.26%, soft commodities 2.87%, coal, coking, and steel ore 12.79%, energy 3.06%, chemicals 11.08%, grains 1.42%, and agricultural and sideline products 4.16% [3] Plate Holdings - The chart shows the five-day changes in commodity futures plate holdings from November 19 to November 25, 2025 [4] Performance of Major Asset Classes - In the equity category, the Shanghai Composite Index rose 0.87% daily, -2.14% monthly, and 15.46% annually; the Hang Seng Index rose 0.69% daily, -0.05% monthly, and 29.09% annually [5] - In the fixed-income category, the 10-year Treasury futures fell 0.08% daily, -0.42% monthly, and -0.65% annually [5] - In the commodity category, the CRB Commodity Index fell 0.54% daily, -2.69% monthly, and -0.79% annually; London spot gold fell 0.07% daily, rose 3.23% monthly, and 57.46% annually [5] - In other categories, the US Dollar Index fell 0.39% daily, rose 0.08% monthly, and fell 7.99% annually; the CBOE Volatility Index was flat daily, rose 17.66% monthly, and 18.27% annually [5] Trends of Major Commodities - The report presents the trends of major commodities, including the Baltic Dry Index, CRB Spot Index, WTI crude oil, London spot gold, LME copper, and more [6]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The report presents the average and median price changes of various commodities and indices during the National Day holidays over the past ten years and the past five years, including NYMEX crude oil, NYMEX natural gas, COMEX gold, COMEX silver, LME copper, LME zinc, LME nickel, LME aluminum, LME tin, LME lead, CBOT soybeans, CBOT corn, CBOT soybean oil, CBOT soybean meal, CBOT wheat, CBOT rice, ICE 11 - sugar, ICE 2 - cotton, S&P 500, US Dollar Index, CRB Commodity Index, and BDI [1][3] 3. Summary by Relevant Catalogs 3.1 NYMEX Crude Oil - Over the past ten years, the average price change during the National Day holiday was 3.18%, with a median of 3.33%. In the past five years, the average was 5.75%, and the median was 4.97% [1] 3.2 NYMEX Natural Gas - The ten - year average price change was 0.97%, and the median was - 1.57%. In the past five years, the average was 0.73%, and the median was - 3.19% [1] 3.3 COMEX Gold - The ten - year average price change was 0.08%, and the median was 0.30%. In the past five years, the average was 0.14%, and the median was 0.21% [1] 3.4 COMEX Silver - The ten - year average price change was 1.33%, and the median was 1.82%. In the past five years, the average was 1.54%, and the median was 2.01% [1] 3.5 LME Copper - The ten - year average price change was 0.26%, and the median was - 0.16%. In the past five years, the average was 0.44%, and the median was - 0.25% [1] 3.6 LME Zinc - The ten - year average price change was - 0.21%, and the median was 0.09%. In the past five years, the average was - 0.21%, and the median was - 0.29% [1] 3.7 LME Nickel - The ten - year average price change was 0.88%, and the median was 1.06%. In the past five years, the average was 1.67%, and the median was 2.20% [1] 3.8 LME Aluminum - The ten - year average price change was 1.87%, and the median was 1.91%. In the past five years, the average was 2.38%, and the median was 2.04% [1] 3.9 LME Tin - The ten - year average price change was 0.98%, and the median was 1.07%. In the past five years, the average was 0.58%, and the median was 1.47% [1] 3.10 LME Lead - The ten - year average price change was 0.92%, and the median was 1.02%. In the past five years, the average was 1.84%, and the median was 2.11% [1] 3.11 CBOT Soybeans - The ten - year average price change was 0.21%, and the median was 0.20%. In the past five years, the average was - 0.61%, and the median was - 0.82% [1] 3.12 CBOT Corn - The ten - year average price change was 0.78%, and the median was 0.73%. In the past five years, the average was 0.75%, and the median was 0.72% [1] 3.13 CBOT Soybean Oil - The ten - year average price change was 2.32%, and the median was 2.29%. In the past five years, the average was 2.74%, and the median was 2.96% [1] 3.14 CBOT Soybean Meal - The ten - year average price change was - 0.40%, and the median was - 0.24%. In the past five years, the average was - 1.73%, and the median was - 2.92% [1] 3.15 CBOT Wheat - The ten - year average price change was 0.09%, and the median was - 0.24%. In the past five years, the average was 0.34%, and the median was 1.71% [1] 3.16 CBOT Rice - The ten - year average price change was 1.03%, and the median was 0.34%. In the past five years, the average was 0.02%, and the median was - 0.53% [1] 3.17 ICE 11 - Sugar - The ten - year average price change was 3.04%, and the median was 1.12%. In the past five years, the average was 1.58%, and the median was - 0.31% [1] 3.18 ICE 2 - Cotton - The ten - year average price change was 0.78%, and the median was 0.14%. In the past five years, the average was 0.96%, and the median was 0.05% [1] 3.19 S&P 500 - The ten - year average price change was 0.74%, and the median was 0.70%. In the past five years, the average was 1.04%, and the median was 1.51% [1] 3.20 US Dollar Index - The ten - year average price change was 0.32%, and the median was 0.23%. In the past five years, the average was 0.38%, and the median was - 0.03% [1] 3.21 CRB Commodity Index - The ten - year average price change was 1.46%, and the median was 1.91%. In the past five years, the average was 2.03%, and the median was 2.37% [1][3] 3.22 BDI - The ten - year average price change was 3.82%, and the median was 4.44%. In the past five years, the average was 7.82%, and the median was 11.61% [1][3]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the given content. 2) Core View of the Report - The report presents the price change statistics of various commodities and indices during the National Day holidays in the past ten and five years, including NYMEX crude oil, NYMEX natural gas, COMEX gold, etc., to show their historical performance during the holidays [1][2][4]. 3) Summary by Related Catalog a. Ten - year Average and Median Statistics - The ten - year average price changes during the National Day holidays are as follows: NYMEX crude oil 3.18%, NYMEX natural gas 0.97%, COMEX gold 0.08%, etc. The ten - year median price changes are: NYMEX crude oil 3.33%, NYMEX natural gas - 1.57%, COMEX gold 0.30%, etc [1][4]. b. Five - year Average and Median Statistics - The five - year average price changes during the National Day holidays are: NYMEX crude oil 5.75%, NYMEX natural gas 0.73%, COMEX gold 0.14%, etc. The five - year median price changes are: NYMEX crude oil 4.97%, NYMEX natural gas - 3.19%, COMEX gold 0.21%, etc [2][4]. c. Annual Price Changes from 2015 - 2024 - The report details the price changes of each commodity and index during the National Day holidays from 2015 to 2024. For example, NYMEX crude oil had a 6.15% change in 2015, 3.12% in 2016, and - 4.63% in 2017 [4].

Hot News - On September 17, Hong Kong Chief Executive Li Jiachao announced in the 2025 Policy Address that Hong Kong will cooperate with exchanges in the Greater Bay Area to develop new businesses such as commodity trading and carbon trading [2] - As of the end of July, the balance of national housing consumer loans excluding individual housing loans reached 21.04 trillion yuan, an increase of 34.6 billion yuan from the beginning of the year and a year-on-year increase of 5.34% [2] - After nearly a decade of negotiations, the EU and Indonesia have completed a trade agreement, part of the EU's efforts to diversify supply chains and explore new markets [2] - The Fed cut the benchmark interest rate by 25 basis points to 4.00%-4.25%, resuming the rate cut suspended since December last year [2] - Fed Chairman Powell said there was no broad support for a 50-basis-point rate cut at this week's meeting [3] Key Focus - Key commodities to focus on are 20 rubber, rebar, staple fiber, Shanghai Copper II, and Shanghai Gold [4] Night Session Performance - Night session performance of commodity futures main contracts shows varying degrees of increase and decrease, with details of price changes and position increase ratios presented [4] Sector Performance - Non-metallic building materials sector had a 2.66% increase [5] - Sector capital ratios: precious metals 29.85%, oils and fats 11.11%, non-ferrous metals 20.57%, soft commodities 2.30%, coal, coke, steel and minerals 14.68%, energy 3.07%, chemicals 11.53%, grains 1.03%, agricultural and sideline products 3.20% [6] Asset Performance - Stock indices performance: Shanghai Composite Index rose 0.37% daily, 0.48% monthly, and 15.65% annually; Shanghai 50 Index rose 0.17% daily, -0.80% monthly, and 9.98% annually; CSI 300 Index rose 0.61% daily, 1.21% monthly, and 15.66% annually; CSI 500 Index rose 0.96% daily, 3.07% monthly, and 26.80% annually; S&P 500 Index fell -0.10% daily, rose 2.17% monthly, and 12.22% annually; Hang Seng Index rose 1.78% daily, 7.30% monthly, and 34.14% annually; German DAX Index rose 0.13% daily, -2.27% monthly, and 17.33% annually [8] - Performance of other assets includes various bonds, commodities, and indices with different daily, monthly, and annual changes [9] Main Commodity Trends - Presented are the trends of major commodities such as the Baltic Dry Index, CRB Spot Index, WTI crude oil, London spot gold, LME copper, etc [10] Stock Market Risk Preference - Analyzed is the stock market risk preference through indicators such as the risk premium of the Wande All A (excluding finance, petroleum and petrochemicals), Shanghai 50, CSI 300, and CSI 500 [15][16]

Macro Economic Overview - The report indicates that the next important time point may be in the late third quarter of 2025, with a suggested asset allocation order of stocks > commodities > bonds > currency [2][4] - In the first half of 2025, China's actual GDP grew by 5.3% year-on-year, laying a good foundation for achieving the annual target of 5.0% [2][4] - Economic data from July shows signs of growth pressure, including weakened external demand due to increased tariffs from the US and sluggish domestic consumption [2][4] Asset Performance - The A-share market saw an increase, with the CSI 300 index rising by 2.37% and the CSI 300 stock index futures up by 2.83% [11][12] - Commodity futures showed mixed results, with coking coal futures up by 0.33% and iron ore down by 1.65% [11][12] - The yield on ten-year government bonds rose by 6 basis points to 1.75%, while active ten-year government bond futures fell by 0.26% [11][12] Policy Insights - The report emphasizes the importance of expanding domestic demand in the second half of the year, suggesting that policies should be implemented to enhance efficiency and release domestic demand [2][4] - It is noted that the fiscal policy may have room for further adjustments within the year, particularly in light of external pressures easing due to potential interest rate cuts by the Federal Reserve [2][4] Sector Performance - The report highlights that the TMT sector has shown significant growth, with the ChiNext index leading with an 8.58% increase, followed by the Shenzhen Component Index at 4.55% [35][36] - The report also notes that the banking sector has faced declines, with a drop of 3.22% [35][36] Financial Data - In July, new social financing amounted to 1.13 trillion yuan, while new RMB loans decreased by 500 million yuan, indicating weak financing demand in the real economy [4][17] - The M2 money supply grew by 8.8% year-on-year, reflecting a relatively strong liquidity environment despite weak economic indicators [4][17]

Hot News - In July, CPI showed positive changes, with the month-on-month change turning from decline to increase, and the year-on-year increase of core CPI expanding continuously [1] - In July, the added value of industrial enterprises above designated size increased by 5.7% year-on-year, the national service production index increased by 5.8% year-on-year, and the total retail sales of consumer goods increased by 3.7% year-on-year, indicating a stable and progressive development of the national economy [1] - In August, the central bank will continue to inject medium-term liquidity through MLF and outright reverse repurchase, and may implement another RRR cut and interest rate cut around the beginning of the fourth quarter [1] - The central bank will implement a moderately loose monetary policy, maintain adequate liquidity, and ensure that the growth of social financing scale and money supply matches the economic growth and price level targets [2] - Trump plans to determine the tariffs on steel and chips in the next one or two weeks, with a possible tax rate of 200% or 300% [2] Key Focus - The sectors to focus on are coking coal, palm oil, methanol, soda ash, and glass [3] Night Session Performance - The night session performance shows that the non-metallic building materials sector rose 2.89%, the precious metals sector rose 26.74%, the oilseeds sector rose 12.96%, the non-ferrous metals sector rose 21.30%, the soft commodities sector rose 2.47%, the coal, coke, and steel ore sector rose 14.70%, the energy sector rose 3.35%, the chemical sector rose 11.55%, the grain sector rose 1.17%, and the agricultural and sideline products sector rose 2.87% [3] Sector Positions - The data shows the changes in the positions of various commodity futures sectors in the past five days [4] Performance of Major Asset Classes - In the equity market, the Shanghai Composite Index rose 0.83% daily, 3.46% monthly, and 10.29% annually; the S&P 500 fell 0.29% daily, rose 1.74% monthly, and rose 9.66% annually; the Hang Seng Index fell 0.98% daily, rose 2.01% monthly, and rose 25.97% annually [5] - In the fixed-income market, the 10-year Treasury bond futures fell 0.05% daily, 0.18% monthly, and 0.58% annually; the 5-year Treasury bond futures fell 0.02% daily, 0.06% monthly, and 0.83% annually [5] - In the commodity market, WTI crude oil fell 1.24% daily, 8.74% monthly, and 12.17% annually; London spot gold rose 0.01% daily, 1.39% monthly, and 27.10% annually [5] - Other assets include the US dollar index, which fell 0.36% daily, 2.20% monthly, and 9.80% annually; the CBOE Volatility Index rose 1.75% daily, fell 9.75% monthly, and fell 13.03% annually [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In H1 2025, the commodity market showed a narrow - range oscillation, with the CSI Commodity Futures Index rising slightly by 0.20%. Positive returns mainly came from gold, silver, and copper, while negative returns were mainly from rebar, rubber, and soda ash [2]. - The CSI Commodity Index's year - on - year sequence has bottomed out and rebounded, potentially indicating that the PPI sequence is in the process of bottoming out and rebounding. Microscopically, the sector index trends reflect certain operational pressures in the steel and chemical industries [2]. - Investors should gradually reduce their reliance on fixed - income assets and practice the methodology of stock - bond - commodity asset allocation, increasing the proportion of commodities in the portfolio [2]. - The CSI Commodity Index has shown a relatively independent and excellent performance compared to overseas indices, but the recent increase in correlation needs attention. Adding an appropriate amount of commodities to the traditional stock - commodity portfolio can significantly improve the return - risk ratio of the portfolio [2]. 3. Summary According to the Directory 3.1 Market Review - In H1 2025, the commodity market presented a narrow - range oscillation. The CSI Commodity Index rose slightly by 0.20% annually, with an amplitude of only 10.27%. It was difficult to form a long - term trend, showing an inverted V - shaped oscillation after a strong start [9]. - Driven by frequent macro - events, the commodity market was repeatedly disturbed by policies and geopolitics. With the global economy still bottoming out, the demand side was weak, especially for industrial products. Three macro black - swan events occurred in H1 [12][14]. - There were two obvious characteristics in the commodity market: the significant differentiation between agricultural and industrial products, and the further differentiation within commodities due to different types of event shocks [15]. 3.2 Index Return Attribution 3.2.1 Roll Yield Contribution - The roll yield in H1 2025 was positive overall, at 1.07%, an improvement compared to 2024, possibly suggesting that the global economic growth is bottoming out. Most months had positive roll yields, except for March which had a large negative value [20]. 3.2.2 Sector Return Contribution - In H1 2025, the trends of industrial and agricultural products diverged. The agricultural product market had a small price increase and relatively low volatility, while the industrial product market had a large price decline and relatively large amplitude fluctuations. Agricultural products outperformed industrial products in most months [23]. 3.2.3 Variety Return Contribution - At the sector level, black and energy - chemical sectors mostly made negative return contributions, while precious metals, non - ferrous metals, and agricultural products mostly made positive return contributions. At the variety level, gold, silver, and copper had large positive return contributions, while rebar, rubber, and soda ash had large negative return contributions [24]. 3.3 Macro - Micro Representativeness 3.3.1 Macro Level: The CSI Commodity Index Leads PPI by About 2 Months - The CSI Commodity Index's year - on - year sequence is highly correlated with the PPI year - on - year and can lead by about 2 months. Recently, the commodity index's year - on - year sequence has bottomed out and rebounded, perhaps indicating that the PPI sequence is bottoming out and rebounding [25]. 3.3.2 Micro Level: The Sector Index Moves in Sync with the Industry's Total Profits - The year - on - year sequence of the sub - sector index is highly correlated with the year - on - year sequence of the corresponding industry's total profits. The energy - chemical futures index is in the process of bottoming out, and the steel futures index is still finding its bottom [29]. 3.4 Comparison of Major Asset Classes - In the long - term, the commodity market has similar returns but lower risks compared to the equity market. In H1 2025, the commodity market's risk indicators were still better than those of the equity market [38][39]. - The current risk - free interest rate is quite low, and the investment cost - performance of bonds has declined significantly. Investors should gradually practice the methodology of major asset allocation and increase the proportion of commodities in the portfolio [40]. - Since 2024, the correlation between the commodity market and the equity market has been increasing. In H1 2025, the correlation remained relatively high, but it decreased rapidly at the end of June [43]. 3.5 Comparison with Overseas Indices - In the long - term, the CSI Commodity Index has obvious advantages in both returns and risks compared to overseas mainstream commodity indices. In H1 2025, it still had better performance in risk control [47][48]. - The correlation between the CSI Commodity Index and overseas mainstream commodity indices increased rapidly in early April and remained high in Q2, mainly due to the impact of the tariff shock [50]. 3.6 Application Cases - Adding an appropriate amount of commodities to the traditional stock - commodity portfolio can significantly improve the return - risk ratio of the portfolio. Replacing half of the stocks in the traditional 40 - 60 stock - bond portfolio with commodities can significantly reduce the portfolio's volatility and drawdown while keeping the returns similar [54][60].