Summary of Key Points from the Conference Call on China Banks Equities Industry Overview - The conference call focused on the performance and outlook of the Chinese banking sector, particularly state-owned banks versus joint-stock banks in the first half of 2025 (1H25) and implications for the second half of 2025 (2H25) [2][9]. Core Insights 1. **Performance of State-Owned Banks**: - State-owned banks outperformed joint-stock banks in loan growth during 1H25, with faster growth partly driven by discounted bills. They are optimistic about retail loan growth in 2H25, supported by new interest subsidies [2][9]. - Concerns regarding retail asset quality are expected to impact joint-stock banks more significantly than state-owned banks [2]. 2. **Wealth Management Growth**: - Retail Assets Under Management (AUM) growth in banks like CMB exceeded retail deposit growth in 1H25, indicating a rising demand for wealth management solutions. There is also an increasing interest in equity and hybrid mutual funds [3][9]. - CMB is well-positioned to benefit from this trend due to its strong wealth management franchise [3]. 3. **Bank Card Fees Decline**: - Bank card fees experienced a year-on-year decline in 1H25, with state-owned banks generally performing better than joint-stock banks. However, payment and lending activities on internet platforms improved, with Tencent reporting a re-acceleration in payment revenue growth [4][9]. - The shift from traditional debit/credit card payments to third-party platforms poses a risk for banks [4]. 4. **Risk Appetite Among Financial Institutions**: - Post 1H25, banks and insurers exhibited a risk-on sentiment, with corporate bond portfolios growing by 13.7% year-to-date as of July 2025, outpacing government or financial bonds [5][9]. - Insurers showed increased risk appetite through rapid growth in equity portfolios, supported by regulatory backing [5]. Investment Recommendations - Preferred stocks among mainland China banks include: - CCB-H (939 HK, HKD7.88) and CMB-H/A (3968 HK / 600036 CH, HKD48.18/RMB42.54) due to their strong capital positions and prudent risk management [6][9]. - Among Hong Kong financials, BOCHK (2388 HK, HKD38.68) and HKEX (388 HK, HKD448.40) are favored due to strong Southbound inflows and vibrant capital market activity [6][9]. Financial Performance Highlights - The report includes a detailed half-yearly comparison of key financial metrics for major banks, showing trends in net interest income, net fees & commissions, and operating income [11]. - Notable figures include: - Net interest income for major banks increased significantly, with CCB reporting RMB 313,576 million in 1H25 [11]. - Operating profit and attributable profit figures also reflect positive growth trends across various banks [11]. Additional Considerations - The report emphasizes the importance of monitoring the evolving landscape of payment systems and the potential impact on traditional banking revenue streams [4]. - The overall sentiment in the banking sector appears cautiously optimistic, with a focus on wealth management and risk appetite as key drivers for future growth [5][9].

Summary of Jiufeng Energy Conference Call Industry and Company Overview - The conference call discusses Jiufeng Energy, a company involved in the import of LNG (liquefied natural gas) and the broader natural gas industry in China, particularly in the context of market reforms and demand growth [2][3][6]. Key Points and Arguments 1. **Market Reform Benefits**: The establishment of the National Pipeline Group and the guidance from the National Development and Reform Commission (NDRC) are driving the market-oriented reform of the natural gas sector, which is expected to improve profit distribution for upstream companies, including Jiufeng Energy [2][3]. 2. **Price Arbitrage Opportunities**: The recovery of price differentials between domestic and international markets, along with the release of U.S. export capacity, is anticipated to lower spot prices for LNG in China, allowing Jiufeng Energy to engage in price arbitrage and enhance profitability [4][5]. 3. **Long-term Demand Growth**: China's natural gas demand is projected to grow by an average of 16 billion cubic meters annually, reaching nearly 600 billion cubic meters by around 2024, providing a strong growth impetus for Jiufeng Energy and similar companies [2][6]. 4. **Future Growth Potential**: Jiufeng Energy's growth is expected to stem from stable core operations, high dividends, and potential coal-to-gas project developments, which could add an estimated 2 billion yuan in profit, effectively doubling current profits [2][7]. 5. **Cost Advantages in Coal-to-Gas Projects**: Jiufeng Energy's coal-to-gas projects are expected to have cost advantages in depreciation, financial expenses, and raw coal prices, with projected costs per cubic meter between 1-1.2 yuan and net profits of around 1 yuan per cubic meter [9][11]. 6. **Stable Core Business and Dividends**: The company has a history of stable gross margins and has committed to fixed dividends of 850 to 1,000 million yuan for 2025-2026, translating to a dividend yield of 4%-5% [12][13]. Additional Important Insights - **Historical Margin Stability**: Jiufeng Energy has maintained stable gross margins historically, except for 2021, indicating resilience in its core business [10]. - **Resource Acquisition Strategy**: The company is actively acquiring resources through mergers and acquisitions, which supports its LNG supply and enhances its market position [13]. - **Direct Customer Engagement**: Jiufeng Energy has increased its sales to end customers, with a significant portion of sales directly to core clients, which aids in maintaining favorable pricing [13]. This summary encapsulates the key insights from the Jiufeng Energy conference call, highlighting the company's strategic positioning within the evolving natural gas market in China.

Summary of the Conference Call on Maiwei Biotech and the Tracer Project Company and Industry Overview - **Company**: Maiwei Biotech - **Industry**: Neurodegenerative Diseases, specifically focusing on Parkinson's Disease (PD) and Multiple System Atrophy (MSA) through the Tracer project [2][4] Key Points and Arguments 1. **Tracer Project Overview**: - Tracer is a novel radiolabeled small molecule drug targeting PD and MSA, with significant application potential and a clear clinical development path [2][4] - It is the only team globally developing such a tracer for PD, aiming to be the first approved tracer for this condition [2][4] 2. **Funding and Support**: - The project has received unconditional funding from the MicroG Fox Foundation, indicating strong scientific and commercial backing [2][5] - Collaboration with top research institutions, including the Chinese Academy of Sciences, enhances the project's credibility and potential [2][6] 3. **Clinical Development Timeline**: - FDA IND approval is expected in 2025, with the first patient enrollment planned for Q4 2025 [5][6] - The Chinese IND is anticipated to be approved in early 2026, with over 100 patient imaging studies already conducted at Huashan Hospital [5][6] 4. **Market Potential**: - The Tracer project targets a large unmet market for PD, with no similar products currently approved, positioning Maiwei Biotech to set new treatment standards [6][10] - The project is expected to solidify Maiwei's position in the chronic disease sector, particularly in age-related diseases [6][10] 5. **Operational Model**: - Maiwei is the largest external investor in the project, which operates independently but leverages Maiwei's core operational capabilities [3][8] - The company plans to explore overseas licensing and transfer opportunities as the project matures [9][20] 6. **Clinical Trial Design**: - Phase I trials will focus on safety, radiation dosimetry, and pharmacokinetics, with a target enrollment of 20 to 30 patients [15][22] - The project faces challenges in obtaining post-mortem data for validation, which may require international collaboration [15][22] 7. **Challenges in Commercialization**: - High costs and lack of insurance coverage for PD diagnostics may hinder market acceptance [15][18] - The company plans to integrate diagnostic tools with therapeutic drugs to enhance market uptake [15][18] 8. **AI Integration**: - AI technology is being explored to improve imaging analysis and diagnostic accuracy, potentially increasing market penetration [16][18] 9. **Future Development Plans**: - Maiwei is committed to expanding its pipeline in neurodegenerative diseases, including Alzheimer's, while adopting differentiated strategies to enhance drug development efficiency [14][24] 10. **Shareholding Structure**: - Maiwei holds a 35% stake in the Tracer project, with plans to potentially increase investment to meet clinical needs and achieve commercialization [23][24] Additional Important Insights - The Tracer project is positioned as a first-in-class solution in the PD space, with significant implications for future investment returns compared to the Alzheimer's market, which has multiple approved tracers [10][12] - The collaboration with international partners and the establishment of a robust BD network are crucial for the project's success and future opportunities [11][19]

凯格精机 20250919 摘要 凯格精机是全球锡膏印刷机市场的领导者，2024 年占据 21%的市场份 额，出货量占比达 30%，主要竞争对手包括 ASMPT 和 ITW。其设备虽 在 SMT 产线投资中占比小，但对良率影响巨大。 公司在 3C 和服务器领域表现突出，尤其在 AI 服务器需求拉动下，高端 三类设备订单显著增长，推动设备升级换代。工业富联等客户的 AI 服务 器出货量增加，带动锡膏印刷设备采购。 不同类型锡膏印刷设备毛利率差异显著，三类设备毛利率高达 65%，受 益于 AI 服务器需求，单价提升至 60-70 万元。2025 年上半年，公司锡 膏印刷设备整体毛利率达 47%，同比提升 7 个百分点。 凯格精机积极拓展点胶机业务，该市场全球需求约为 60 亿元，公司作 为新进入者，通过技术突破和老客户销售策略，有望实现份额提升。 2024 年点胶收入接近 1 亿元，预计 2025 年继续大幅增长。 公司布局 CIB 先进封装设备领域，利用锡膏印刷技术同理心，拓展晶圆 银浆印刷和直球设备，2024 年半导体先进封装设备总收入约 6,000 万 元，预计 2025 年将在长电、华天等客户实现批量化销 ...

Summary of the Conference Call for Meihua Medical Industry and Company Overview - **Company**: Meihua Medical - **Industry**: Medical Devices, specifically focusing on home respiratory devices, cochlear implants, blood glucose management products, and robotics Key Points and Arguments 1. **Home Respiratory Device Business**: - Short-term decline due to factory relocation, expected recovery in Q4 with increased customer inventory replenishment needs [2][3][4] - Current six-month orders and forecasts aim to meet annual targets [5] 2. **Cochlear Implant Business**: - Recovery from previous disruptions caused by rare earth material controls, with normal shipments expected to resume in the second half of the year [2][6] - Anticipated positive impact on overall performance [2] 3. **Blood Glucose Management Products**: - Stable production of insulin pens and new orders for weight loss pens expected to start deliveries in Q1 2026 [7] - Continuous growth in Continuous Glucose Monitoring (CGM) products, with bulk deliveries starting in Q2 and further expansion planned for 2026 [7] 4. **Tariff Impact Mitigation**: - Partial production capacity has been relocated to Malaysia to address tariff impacts and meet domestic and international market demands [8] - Collaboration with overseas clients, including Johnson & Johnson, to enter the domestic market [8] 5. **Shareholder Concerns**: - No significant share reduction risk as the controlling shareholder and employee stock platform have no plans to sell shares until the end of the year [9] 6. **Profitability Metrics**: - Decline in net profit margin at the Huizhou subsidiary reflects an overall decrease in gross margin, primarily due to short-term factors affecting core businesses [10] - Expected recovery in overall performance as these factors dissipate and emerging businesses grow [10] 7. **Gross Margin Decline**: - The decrease in gross margin attributed to increased costs from capacity adjustments and rising operational expenses [11] 8. **Production Capacity and Supply Chain**: - Completion of the relocation of respiratory device component production, with 20%-30% capacity retained domestically and 70%-80% supplied from overseas [12] - New production capacity planning based on customer orders and automation requirements [17] 9. **Brain-Computer Interface (BCI) Development**: - Ongoing research and development in BCI technology based on cochlear implant expertise, with collaborations for invasive electrode development [18][19] - Current projects are in early R&D stages, with no defined commercialization timeline yet [22] 10. **Robotics Business Exploration**: - Focus on lightweight components, micro-motors, and flexible skin sensor technology for robotics applications [27] - Development of proprietary sensor technologies to enhance product offerings [28][29] 11. **Market Positioning**: - Meihua Medical holds approximately 70% of the global cochlear implant market, making it a preferred partner for clients [24] - The company’s experience in long-term implant safety enhances its attractiveness to both domestic and international clients [24] 12. **Future Revenue Projections**: - Shift in revenue structure anticipated, with increased focus on larger market segments such as insulin pens and CGM products [32] - The company aims to balance its revenue sources between traditional and emerging product lines [32] 13. **Cochlear Implant Market Growth**: - Despite a slow overall market growth rate of 5-6%, Meihua Medical expects to achieve a growth rate of around 15% due to stable replacement demand [36] 14. **CGM Business Outlook**: - Positive future outlook for CGM business with plans for factory expansion in Malaysia and stable pricing models that mitigate the impact of terminal price fluctuations [39] Additional Important Information - The company is actively exploring new product developments and collaborations to enhance its market presence and technological capabilities across various medical device sectors [28][30] - The strategic focus on R&D and innovation is expected to drive long-term growth and profitability [31]

Summary of Baijiu Co. Conference Call Company Overview - Baijiu Co. is the absolute leader in China's pre-mixed liquor market with a market share of 72%, significantly surpassing competitors, forming an oligopoly structure [2][4][9] - The company has established a comprehensive product matrix covering price ranges from 5 to 15 RMB and alcohol content from 3% to 12% [2][9] Industry Insights - The penetration rate and average price of China's pre-mixed liquor market are lower than the global average, indicating substantial growth potential [2][6][7] - The current market size of China's pre-mixed liquor is approximately 20 billion USD, while the global market is around 510 billion USD [6][7] - China's pre-mixed liquor consumption accounts for only 2% of beer consumption, compared to 7% globally, suggesting significant room for growth [6][7] Market Dynamics - The pre-mixed liquor market in China is characterized by a concentrated oligopoly, with the top three companies holding over 90% market share [5] - Offline sales account for about 90% of Baijiu Co.'s revenue, with major sales channels including hypermarkets, supermarkets, and e-commerce platforms [5][9] Growth Projections - The pre-mixed liquor market is expected to see a volume growth of 4.4% and a sales revenue growth of 6.6% in 2024 [2][4] - Baijiu Co. is well-positioned for stable growth due to its established market presence and ongoing product innovations [3][16] Whisky Business Development - Baijiu Co. is actively expanding its whisky business, having established four production bases and aiming for a coordinated scale of 1 million barrels [2][12][13] - The Chinese whisky market is in its infancy but shows great potential, particularly among consumers aged 18 to 30 who prefer high-priced products [10][11] Recent Product Launches - In March 2023, Baijiu Co. launched the Bailede blended whisky targeting the mid-low end market, followed by the high-end single malt whisky brand Laizhou in June 2023 [14] - The market response to the Laizhou brand, priced between 239 to 499 RMB, has been positive [14] Brand Building Efforts - The company is enhancing brand recognition by participating in international awards, which has yielded some success [15] Conclusion - Baijiu Co. is positioned for continued growth in both the pre-mixed liquor and whisky markets, supported by a strong product matrix, effective sales channels, and strategic brand initiatives [2][16]

Summary of the Conference Call for YF Communication Industry and Company Overview - The conference call focuses on YF Communication, a company actively engaging in AI applications and advanced optical fiber technologies, including multimode and hollow fiber technologies, aiming to expand its market presence [2][3]. Core Insights and Arguments - YF Communication has obtained qualifications as one of the first overall solution providers for superpoint servers, enhancing its communication and connectivity capabilities through partnerships with companies like Huawei [2]. - The company is leveraging its strong technical foundation and customer service capabilities to excel in traditional markets such as banking, telecommunications, and finance, with expectations to increase market share [2]. - YF Communication is prioritizing the internet market by enhancing computing power and optimizing system engineering, collaborating with firms like Kingsoft, Kuaishou, and Meituan to achieve breakthroughs [2][7]. - The technical advantages in the superpoint server domain stem from YF Communication's long-term experience in transmission systems and large network equipment, which is expected to translate into higher net profits in the future [2][15]. - In the hollow fiber sector, YF Communication has a solid research foundation, with product attenuation reaching 0.15 dB/km and continuous lengths exceeding 10 kilometers, currently undergoing testing with internet companies [2][16]. Additional Important Points - The demand for high-end multimode optical fibers (OM3/OM4/OM5) is robust, prompting YF Communication to enhance its technical capabilities and production capacity to meet market needs, including overseas sales initiatives [3][18]. - YF Communication's strategic focus on the internet market is driven by the competitive landscape where internet clients are highly price-sensitive, necessitating performance optimization and system engineering improvements [7]. - The company aims to achieve a revenue target of 10 billion RMB annually, striving to elevate its position from third to second in traditional markets [9]. - The domestic multimode fiber market is characterized by significant demand, with approximately 9.5 million core kilometers needed annually, where high-end products account for nearly 80% of the demand [18]. - YF Communication is positioned among the top players in the space optical technology sector, demonstrating leadership in both technological processes and market actions [23]. - The company is confident in its production capabilities and has taken measures to navigate patent issues, ensuring smooth mass production [24]. - YF Communication has initiated overseas sales for multimode fibers, while hollow fibers remain focused on the domestic market, with plans for future expansion driven by end-user demand [25]. Conclusion YF Communication is strategically positioned to capitalize on emerging opportunities in AI and optical fiber technologies, with a clear focus on enhancing its market share and profitability through innovation and collaboration. The company's robust technical foundation and proactive market strategies are expected to drive its growth in the competitive landscape of telecommunications and internet services.

Summary of the Conference Call for ChuanZhi Education Industry and Company Overview - The conference call discusses ChuanZhi Education, focusing on its transition from short-term training to degree education amidst significant revenue challenges and losses in the first half of the year [2][3]. Key Points and Arguments Financial Performance - ChuanZhi Education reported a revenue decrease of 78.95% year-on-year, with a loss of approximately 7 million yuan [2]. - The company anticipates a high possibility of "removing the star and hat" (a term indicating improved financial status) this year [2][3]. Business Transformation - The company is actively shifting from short-term training to degree education, with a focus on integrating AI technology into its offerings [2][3]. - Offline training employment rates have recovered to over 90%, while online business has seen significant revenue growth through various new programs [4]. Degree Education Developments - The Dazhong Data Technology Vocational College has successfully enrolled over 1,000 students, with plans for expansion [5][7]. - The average income per student at the Dazhong College is close to 20,000 yuan, with expectations of achieving profitability within three years [8][11]. Pricing Strategy - ChuanZhi Education sets its tuition fees independently, with the first-year fees being relatively low, allowing for potential price increases in the future [9]. - The tuition income is recognized using the straight-line method, with a portion of the fees recognized each year [10]. Enrollment and Market Position - The college requires approximately 3,000 students to break even, with plans for further expansion if this target is met [12]. - The demand for degree education is currently higher than for skill training, indicating a favorable market environment for enrollment [13]. International Expansion - The Singapore campus has a utilization rate of over 80%, with tuition fees around 400,000 yuan per year [15]. - Future growth in Singapore is expected to come from expanding into markets in China and Southeast Asia, including countries like Myanmar, Indonesia, Vietnam, and Malaysia [16]. Employment and Course Quality - The employment rate for graduates has improved, reaching over 90% [25]. - The Singapore campus offers A-level courses with a high university admission rate, indicating strong educational quality [17]. Collaboration and Synergies - The acquisition of YouYouHuiLian is expected to create synergies with ChuanZhi Education, particularly in e-commerce and digital marketing training [19]. - The collaboration aims to leverage ChuanZhi's extensive network to enhance YouYouHuiLian's market reach [19]. Future Outlook - The company expects to achieve breakeven in traditional business by the second half of the year, with new degree programs gradually becoming profitable [21]. - Long-term profit margins are projected to be between 20% to 30% if no overseas expansion occurs [23]. Other Important Insights - AI technology is integrated into all courses, enhancing the learning experience and aligning with market demands [24]. - The recruitment of teachers has become easier, focusing on those with AI tool proficiency rather than top-tier AI talent [29]. - The company is exploring new business segments and potential acquisitions in the education sector to further its growth strategy [24]. This summary encapsulates the key insights from the conference call, highlighting ChuanZhi Education's current challenges, strategic shifts, and future growth potential.

Summary of the Conference Call for Luzhou Laojiao Industry Overview - The high-end liquor market is under pressure due to the impact of the alcohol ban, with slow recovery in business banquet scenarios affecting high-end products like Guojiao 1573 significantly. However, mid-to-low-end products such as Luzhou Laojiao Tequ and Erqu are performing relatively stable in rural markets [2][4][5]. Key Points and Arguments - **Market Performance**: Since June, the liquor industry has faced challenges due to macroeconomic conditions and weak consumer demand, particularly in high-end business banquet consumption, leading to a sales decline of approximately 30-40% in June and July. A slight improvement was noted from late July to early August, continuing into September [4][5]. - **Product Strategy**: Luzhou Laojiao is optimistic about the low-alcohol liquor market, adjusting its product structure based on market demand without strictly differentiating between high and low alcohol content. The low-alcohol Guojiao is performing well in regions like North China and Jiangsu-Zhejiang [2][7][12]. - **Youth Market Engagement**: The company is actively targeting younger consumers by opening "liquor cafes," developing low-alcohol and craft beer products, and sponsoring sports events to create a youthful brand image [9][19]. - **Pricing Strategy**: Luzhou Laojiao is committed to maintaining stable pricing for Guojiao 1573 to avoid price wars and protect brand image, preparing for future price increases [17][18]. - **Channel Expansion**: The company is increasing investments in emerging channels such as instant retail, online sales, and membership supermarkets, collaborating with partners like Pang Donglai for flexible customization [19][20]. Additional Important Insights - **Sales Distribution**: The revenue share between high and low alcohol products for Guojiao 1573 is nearly equal, with a long-term trend towards lower alcohol content expected, although the exact changes in proportion remain to be seen [11]. - **Market Potential**: Luzhou Laojiao sees significant growth potential in low-alcohol products, particularly in regions where market share is currently underperforming, such as East China and Jiangsu-Zhejiang [13][16]. - **Competition Management**: The company is adopting a flexible channel strategy, including direct sales and enhanced management of distributors to ensure market stability amid competition [3][23]. - **Impact of Alcohol Ban**: The company acknowledges that while the most severe effects of the alcohol ban have passed, the overall consumption demand has not yet improved significantly, posing ongoing challenges for the industry [24]. - **Sales Forecast**: The company is cautious about predicting sales performance for the upcoming Mid-Autumn Festival and National Day, noting that consumer behavior may be affected by travel plans [5][25]. This summary encapsulates the key insights and strategic directions of Luzhou Laojiao as discussed in the conference call, highlighting the challenges and opportunities within the current market landscape.

Summary of Huabei Mining Conference Call Company Overview - **Company**: Huabei Mining - **Industry**: Coal Mining and Coal Chemical Industry - **Date of Call**: September 19, 2025 Key Points Financial Performance - In the first half of 2025, Huabei Mining's net profit attributable to shareholders decreased by 64.9% year-on-year to 1.03 billion yuan, primarily due to cyclical fluctuations in coal prices [2][6][25] - The company's gross profit sources are mainly from coal mining (60%) and coal chemical business (30%) [2][7] - The company has a total production capacity of 35.85 million tons across 17 coal mines, with an estimated recoverable reserve of approximately 57 years [2][7] Market Dynamics - The coking coal market was weak in the first half of 2025, with prices dropping from around 2,000 yuan to approximately 1,500 yuan by the end of 2024 [3][12] - Domestic coking coal prices continued to decline due to weak downstream demand, with prices rebounding to 1,000-1,200 yuan due to safety incidents affecting production rates [3][12] - Huabei Mining is currently in a state of low price-to-book (PB) ratio, with a debt ratio reduced to 48% in the first half of 2025 [3][21][22] Growth Prospects - Future growth is expected to rely on the recovery of the Xifeng Coal Mine and the full production of the Taohutu Coal Mine, which is projected to contribute 1-2 billion yuan and 3-4 billion yuan in net profit, respectively [2][9][10] - The company is expected to achieve a net profit of approximately 1.8 billion yuan in 2025 and 2.65 billion yuan in 2026 as new projects come online [3][25] Pricing Mechanism - Huabei Mining sells thermal coal under long-term contracts and coking coal under a "2+4+4" pricing mechanism, which has allowed for competitive production costs [2][11] - The company is exploring more flexible pricing strategies to adapt to market changes [3][12] Coal Chemical Business - The coal chemical segment, primarily through Linghuan Coking and Taixin Technology, has not been operating at full capacity, but significant reductions in losses are expected in 2025 [2][15][16] - The coal chemical business contributed 30% to the company's gross profit, with expectations of reduced losses to 300-400 million yuan for the year [2][15][16] Power Generation and Non-Coal Mining - The power generation business is small but expected to contribute approximately 196 million yuan annually once a new plant is operational in 2026 [2][17] - Non-coal mining operations contributed around 40 million yuan in net profit in the first half of 2025 [2][18] Investment Considerations - Huabei Mining is considered undervalued compared to peers, with a PE ratio of around 18 times projected net profit, while competitors are valued at approximately 25 times [3][14][25] - The company has a high dividend yield, exceeding 5% in 2024, making it attractive for income-focused investors [3][23][24] Market Environment - The coal industry is currently experiencing a low point, but potential supply-side policy improvements could enhance the fundamental outlook [3][26] - Huabei Mining's unique advantages include growth potential and low valuation, positioning it favorably for future investment opportunities [3][26]