{"product_id":"disco-pestle-analysis","title":"DISCO Corp. PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eYour Competitive Advantage Starts with This Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eUnlock how political shifts, economic cycles, and rapid tech advances are reshaping DISCO Corp.'s market position—our concise PESTLE highlights risks and growth levers you need to know; buy the full analysis for the complete, actionable report ready for boardrooms and investment models.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeopolitical Trade Restrictions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cpexport controls on advanced semiconductor manufacturing equipment in discos access to china pressuring sales of high-end dicing and grinding tools that accounted for roughly group revenue fy2024 export license denials could cut china-facing by an estimated affected segments.\u003e\n\u003c\/pexport\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGovernment Subsidies for Domestic Production\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eNational initiatives in Japan, the US (CHIPS Act allocating $52.7 billion) and the EU (European Chips Act with €43 billion mobilization) offer subsidies that indirectly benefit DISCO by subsidizing fabs, boosting demand for its precision dicing and grinding tools; global capex for semiconductors rose to ~$120B in 2024, supporting equipment orders; onshoring drives localized growth in installation and service revenues, where DISCO saw service sales grow mid-single digits in 2023–24.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eJapan-China Diplomatic Relations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe bilateral relationship between Tokyo and Beijing is a key risk for DISCO, which sold about 28% of its FY2024 revenue to China and Greater China (¥84.5bn of ¥302bn), so diplomatic strain can sharply affect demand for Japanese precision machinery.\u003c\/p\u003e\n\u003cp\u003eEscalations have previously triggered informal boycotts and tariffs—China raised duties on select Japanese industrial imports in 2012 and 2014—raising the possibility of sudden margin pressure or order cancellations for DISCO.\u003c\/p\u003e\n\u003cp\u003eTo mitigate, DISCO must keep supply chains flexible: diversify procurement, maintain regional inventory buffers, and shift production or service hubs to ASEAN or Taiwan to protect revenues tied to Chinese customers.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Tech Sovereignty Trends\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe global push for tech sovereignty is driving nations to invest in secure semiconductor supply chains; governments pledged over $200 billion globally in CHIPS-era subsidies by 2024, prompting DISCO to consider diversified fabs and R\u0026amp;D across Japan, US and EU to capture subsidy-linked demand.\u003c\/p\u003e\n\u003cp\u003ePolitical pressure on IP protection remains high in Japan—government enforcement actions rose ~12% in 2023—making IP security and localized precision-engineering capabilities strategic priorities for DISCO.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eGlobal CHIPS subsidies \u0026gt; $200B (by 2024)\u003c\/li\u003e\n\u003cli\u003eDISCO strategic diversification: Japan, US, EU\u003c\/li\u003e\n\u003cli\u003eJapan IP enforcement +12% in 2023; IP protection critical\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLabor and Immigration Policy in Japan\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eJapanese policy easing since 2019 expanded visas for skilled workers; DISCO faces a domestic engineering shortfall amid a 28.9% population aged 65+ (2024) and thus depends on international hires to maintain R\u0026amp;D\/productivity.\u003c\/p\u003e\n\u003cp\u003eRecent labor-law revisions raising overtime premiums and social insurance rates increased manufacturing labor costs; in FY2024 DISCO's Japan labor expense pressure aligns with sector wage growth ~3.5% year-over-year.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eReliance on skilled-visa inflows to fill engineering gaps\u003c\/li\u003e\n\u003cli\u003eAging population: 28.9% 65+ (2024) heightens staffing risk\u003c\/li\u003e\n\u003cli\u003eLabor-law changes and ~3.5% wage growth raise manufacturing OPEX\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExport curbs, subsidies reshape chips: DISCO faces China revenue risk, rising costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eExport controls (2023–25) cut China access, risking 20–30% loss in high-end sales; CHIPS\/EU Acts and global \u0026gt;$200B subsidies by 2024 boost fab capex (~$120B in 2024) aiding DISCO; China\/JP tensions threaten 28% FY2024 China revenue (¥84.5bn\/¥302bn); Japan aging 65+ 28.9% (2024) and ~3.5% wage growth raise labor costs; IP enforcement +12% (2023) heightens protection needs.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eChina share FY2024\u003c\/td\u003e\n\u003ctd\u003e28% (¥84.5bn)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal CHIPS subsidies\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;$200B (by 2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal semiconductor capex 2024\u003c\/td\u003e\n\u003ctd\u003e~$120B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJapan 65+ (2024)\u003c\/td\u003e\n\u003ctd\u003e28.9%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJapan wage growth\u003c\/td\u003e\n\u003ctd\u003e~3.5% (2023–24)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how external macro-environmental factors uniquely affect DISCO Corp. across Political, Economic, Social, Technological, Environmental, and Legal dimensions, with each section grounded in relevant data and trends to identify threats and opportunities.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, PESTLE-organized summary of DISCO Corp. that eases meeting prep and decision-making by highlighting external risks, regulatory drivers, and market trends in clear language for quick insertion into presentations or strategy packs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSemiconductor Market Cyclicality\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDISCO's revenue is highly cyclical, swinging with semiconductor capex: after a 2023 industry slowdown that cut global fab equipment spending ~28% YoY, DISCO’s FY2023 sales fell noticeably, while 2024–2025 recovery in AI and automotive chips lifted EDA and wafer fab investment, with global semiconductor equipment orders up ~35% in 2024, directly boosting demand for DISCO’s dicing and grinding tools.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eYen Exchange Rate Volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAs a major exporter, DISCO’s FY2024 revenue of ¥160.2bn is sensitive to JPY\/USD and JPY\/EUR moves; a 10% weaker yen vs USD raised repatriated revenue by roughly ¥14–16bn in 2023–24.\u003c\/p\u003e\n\u003cp\u003eWeaker yen improves overseas price competitiveness but raised FY2024 imported materials cost by an estimated ¥4–6bn, pressuring gross margin.\u003c\/p\u003e\n\u003cp\u003eDISCO uses forward contracts and options; hedging covered ~45% of FX exposure in FY2024 to stabilize margins.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCapital Expenditure Trends in AI\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe global AI chip market reached about USD 91 billion in 2024 and is projected to grow \u0026gt;20% CAGR through 2028, driving CAPEX in advanced packaging; DISCO benefits as AI chips demand thinner wafers and advanced dicing, boosting orders for high-precision grinding tools. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInflation and Input Cost Pressures\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eRising global inflation lifted energy and metal prices, with global PPI up ~8% YoY in 2024, increasing DISCO’s production overhead for dicing blades, grinding wheels and logistics.\u003c\/p\u003e\n\u003cp\u003eDISCO’s 2024 gross margin remained strong at ~47%, but persistent input-cost inflation could force consumable price hikes to protect recurring-revenue profitability.\u003c\/p\u003e\n\u003cp\u003eActive management of blade and wheel sourcing, plus pass-through pricing, is critical to sustain margins and OPEX control.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eGlobal PPI +8% YoY (2024)\u003c\/li\u003e\n\u003cli\u003eDISCO gross margin ~47% (FY2024)\u003c\/li\u003e\n\u003cli\u003eConsumables input sensitivity: blades \u0026amp; wheels\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest Rate Environments\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eGlobal interest rate hikes since 2022 have raised borrowing costs, with policy rates in major economies averaging ~3.5–5% in 2024–25, which can push DISCO customers to delay multi-million-dollar tool orders and extend equipment purchasing cycles.\u003c\/p\u003e\n\u003cp\u003eHigher rates encourage semiconductor and OSAT firms to defer capacity expansion; industry capex growth slowed to ~2% in 2024 vs. double digits in prior cycles.\u003c\/p\u003e\n\u003cp\u003eDISCO’s net cash position and \u0026lt;0.1x net debt\/EBITDA in FY2024 give it pricing flexibility and resilience amid tighter credit.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCustomers face higher financing costs (policy rates ~3.5–5% in 2024–25)\u003c\/li\u003e\n\u003cli\u003eIndustry capex growth slowed to ~2% in 2024\u003c\/li\u003e\n\u003cli\u003eDISCO strong balance sheet: net debt\/EBITDA \u0026lt;0.1x FY2024\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDISCO rebounds with ¥160.2bn sales; margin ~47%, strong orders \u0026amp; low leverage\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDISCO’s revenue tracks semiconductor capex cycles: FY2023 drop after −28% fab equipment spending, recovery drove FY2024 sales to ¥160.2bn; global equipment orders +35% (2024). FX: 10% weaker JPY\/USD raised repatriated revenue ~¥14–16bn but increased import costs ~¥4–6bn; hedging covered ~45% FX exposure (FY2024). Gross margin ~47% despite PPI +8% (2024); net debt\/EBITDA \u0026lt;0.1x.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (2024)\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue\u003c\/td\u003e\n\u003ctd\u003e¥160.2bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross margin\u003c\/td\u003e\n\u003ctd\u003e~47%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal PPI\u003c\/td\u003e\n\u003ctd\u003e+8% YoY\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEquipment orders\u003c\/td\u003e\n\u003ctd\u003e+35%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFX hedge\u003c\/td\u003e\n\u003ctd\u003e~45% coverage\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet debt\/EBITDA\u003c\/td\u003e\n\u003ctd\u003e\u0026lt;0.1x\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Version Awaits\u003c\/span\u003e\u003cbr\u003eDISCO Corp. PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact DISCO Corp. PESTLE Analysis you’ll receive after purchase—fully formatted, professionally structured, and ready to use for strategic planning and decision-making.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56751696118137,"sku":"disco-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/disco-pestle-analysis.png?v=1772234123","url":"https:\/\/matrixbcg.com\/products\/disco-pestle-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}