.research-intro{position:relative;overflow:hidden;padding-top:85px;padding-bottom:80px}.research-intro h1{font-size:clamp(42px,4.5vw,64px);line-height:1.4;position:relative;z-index:1}.research-intro>p{margin-top:25px;font-size:20px}.research-orbits{position:absolute;width:330px;height:330px;border:1px solid #b7cedf;border-radius:50%;right:8%;top:30px;background:radial-gradient(circle at 35% 30%,#fff,#c7e0f347 55%,#b2cce73b);box-shadow:inset -20px -15px 40px #32638e0c}.research-orbits:before,.research-orbits:after{content:"";position:absolute;inset:-20px;border:1px solid #c39b617d;border-radius:50%;transform:rotate(-30deg) scaleY(.5)}.research-orbits:after{transform:rotate(35deg) scaleY(.65);border-color:#739fbe54}.research-archive{padding:45px 0 80px}.research-filters{display:flex;align-items:end;gap:25px;padding-bottom:35px;border-bottom:1px solid #cfdeeb}.research-filters label{display:block;font-size:13px;color:#6b7e92;flex:1}.research-filters label:first-child{flex:2}.research-filters input,.research-filters select{display:block;width:100%;border:0;border-bottom:1px solid #abbfd3;background:transparent;border-radius:0;color:var(--blue);padding:13px 0;font:inherit;font-size:17px}.research-filters .button{border:0;cursor:pointer}.research-count{display:flex;justify-content:space-between;margin:35px 0 25px;font-size:13px;color:#6b7e92}.research-grid{display:grid;grid-template-columns:repeat(3,minmax(0,1fr));gap:30px}.research-card{background:#fff;border:1px solid #dce7ef;overflow:hidden;transition:box-shadow .25s,translate .25s}.research-card:hover{box-shadow:0 16px 40px #00206012;translate:0 -4px}.research-card>a{display:block;height:100%}.research-card>a>img,.research-card-art{width:100%;height:190px;object-fit:cover}.research-card-art{position:relative;isolation:isolate;background:linear-gradient(140deg,#f9fcff,#e2eef7);padding:25px;overflow:hidden}.research-card-art:before{content:"";position:absolute;border:1px solid #c5a16b88;border-radius:50%;width:190px;height:190px;right:-18px;top:15px;transform:rotate(-35deg) scaleY(.6)}.research-card-art:after{content:"";position:absolute;border:1px solid #8baccc66;border-radius:50%;width:150px;height:150px;right:0;top:-20px;background:radial-gradient(circle at 30% 20%,#fff,#c4dbe970)}.research-card-art span{font-size:11px;letter-spacing:.2em;color:#567994;position:relative;z-index:1}.research-card-copy{padding:27px}.research-meta{display:flex;gap:18px;flex-wrap:wrap;font-size:12px;letter-spacing:.04em;color:#927b56}.research-card h2{font-size:24px;line-height:1.55;margin:18px 0}.research-card p{font-size:16px;line-height:1.85;display:-webkit-box;-webkit-line-clamp:4;-webkit-box-orient:vertical;overflow:hidden}.research-read{display:block;color:var(--blue);font-size:14px;margin-top:25px}.research-empty{text-align:center;padding:80px 20px}.research-empty h2{font-size:28px}.research-empty p{margin-top:20px}.research-empty .text-link{margin-top:30px}.research-pagination{display:flex;justify-content:center;align-items:center;gap:30px;padding:40px 0;font-size:15px}.research-disclaimer{border-top:1px solid #d5e1ec;padding-top:25px;font-size:13px}.research-article{padding:65px 0 90px}.article-heading{max-width:1000px;margin:0 auto 45px}.article-back{display:inline-block;font-size:15px;color:#75889d;margin-bottom:40px}.article-heading h1{font-size:clamp(32px,3.4vw,50px);line-height:1.5;margin:25px 0;overflow-wrap:anywhere}.article-summary{font-size:21px;line-height:1.9;color:#5a718a}.article-language-note{font-size:12px;margin-top:20px;color:#8b9bad}.article-body{max-width:900px;width:calc(100% - 104px);margin:auto;overflow-wrap:anywhere}.article-body>p{font-size:19px;line-height:2.05;margin:24px 0}.article-body h2,.article-body h3,.article-body h4{margin:40px 0 20px;line-height:1.6}.article-body li{margin:10px 0;font-size:19px;color:var(--muted)}.article-body figure{margin:30px 0}.article-body figure img{width:100%;height:auto}.article-body figcaption{font-size:12px;color:#8393a4;text-align:center;margin-top:10px}.article-table{overflow:auto;margin:25px 0}.article-table table{border-collapse:collapse;width:100%;font-size:16px}.article-table td{border:1px solid #d4e0eb;padding:10px 14px;min-width:80px}.article-table tr:first-child{background:#edf4fa}.article-risk{border-top:1px solid #cbdbea;border-bottom:1px solid #cbdbea;padding:30px 0;margin:45px 0 30px}.article-risk h2{font-size:18px;margin:0 0 15px}.article-risk p{font-size:14px;line-height:1.9}.draft-banner{background:#fff1d4;padding:18px;text-align:center;font-size:14px;color:#775b2e}.draft-banner a{margin-left:20px;text-decoration:underline}.pdf-download{margin-top:30px}.market-teaser{padding:85px 0}.market-latest{display:grid;grid-template-columns:repeat(3,minmax(0,1fr));gap:30px}.latest-item{padding:25px 0;border-top:1px solid #bdcfe0}.latest-item time{font-size:13px;color:var(--gold)}.latest-item h3{font-size:25px;margin:17px 0}.latest-item p{font-size:16px;line-height:1.9;display:-webkit-box;-webkit-line-clamp:3;-webkit-box-orient:vertical;overflow:hidden}.latest-item a{display:block}.latest-item .text-link{display:inline-block;margin-top:23px;font-size:14px}.market-latest-status{grid-column:1/-1;color:#7a8b9f;font-size:16px;padding:20px 0}.market-teaser .section-heading>.text-link{flex-shrink:0}.site-header nav{gap:25px}.site-header nav a{font-size:15px}
@media(max-width:1100px){.research-grid{grid-template-columns:repeat(2,minmax(0,1fr))}.research-orbits{right:3%;width:260px;height:260px}.site-header nav{gap:16px}.nav-wrap{gap:20px}.brand{width:190px}.site-header nav a{font-size:14px}}
@media(max-width:900px) and (min-width:761px){.nav-wrap{width:calc(100% - 32px);gap:14px}.site-header nav{gap:12px}.site-header nav a{font-size:12px}.site-header .brand{width:150px}.nav-tools{gap:10px}}
@media(max-width:760px){.research-intro{padding-top:50px;padding-bottom:45px}.research-intro h1{font-size:40px}.research-orbits{width:160px;height:160px;right:-40px;opacity:.5;top:45px}.research-intro>p{font-size:17px;max-width:80%}.research-filters{flex-wrap:wrap;gap:20px}.research-filters label:first-child{flex-basis:100%}.research-filters label{flex:1 1 30%}.research-filters .button{font-size:14px;min-height:48px;padding:10px 20px}.research-grid{grid-template-columns:1fr;gap:25px}.research-card>a>img,.research-card-art{height:190px}.research-card-copy{padding:25px}.research-card h2{font-size:25px}.research-article{padding-top:35px}.article-heading h1{font-size:31px}.article-summary{font-size:18px}.article-body{width:calc(100% - 48px)}.article-body>p,.article-body li{font-size:17px}.market-latest{grid-template-columns:1fr}.market-teaser{padding:60px 0}.market-teaser .section-heading>.text-link{margin-top:20px}.site-header nav{gap:0}.site-header nav a{font-size:20px}.site-header .brand{width:180px}}
@media(prefers-reduced-motion:reduce){.research-card{transition:none}.research-card:hover{translate:none}}

/* V18: compact introduction and generous text, without decorative placeholder covers. */
.research-intro{padding-top:42px;padding-bottom:36px}.research-intro .eyebrow{margin-bottom:17px}.research-intro h1{font-size:clamp(32px,3.2vw,46px);line-height:1.5;max-width:85%}.research-intro>p{margin-top:15px;font-size:18px}.research-orbits{width:150px;height:150px;right:5%;top:24px;opacity:.65}.research-archive{background:#fff;padding-top:25px}.research-filters{padding-bottom:25px}.research-count{margin:25px 0 8px}.research-grid{display:block}.research-card{display:grid;grid-template-columns:150px minmax(0,1fr);gap:35px;padding:32px 0 35px;border:0;border-bottom:1px solid #d6e2ed;background:transparent;overflow:visible;transition:none}.research-card:first-child{border-top:1px solid #d6e2ed}.research-card:hover{box-shadow:none;translate:none}.research-card-copy{padding:0;min-width:0;display:flow-root}.research-date{display:flex;flex-direction:column;gap:9px;padding-top:5px;color:#9a7c4c;font-size:15px;letter-spacing:.03em}.research-date>span{color:#8191a3;font-size:13px}.research-card h2{font-size:28px;line-height:1.6;margin:0 0 10px;overflow-wrap:anywhere}.research-card h2 a:hover{color:#2c5883}.research-byline{font-size:13px;color:#8595a6;margin-bottom:17px}.research-card p{display:block;overflow:visible;font-size:18px;line-height:1.95;-webkit-line-clamp:unset;white-space:pre-line;max-width:1050px;margin:0}.research-card p+p{margin-top:14px}.research-excerpt{color:#738497}.research-read{margin-top:20px;display:inline-block;font-size:15px;border-bottom:1px solid #c1d2e1;padding-bottom:4px}.research-row-cover{float:right;width:200px;margin:0 0 15px 25px}.research-row-cover img{width:100%;height:130px;object-fit:cover}.latest-item p{display:block;overflow:visible;-webkit-line-clamp:unset;font-size:17px;line-height:1.9}.research-pagination{padding-top:30px;padding-bottom:30px}
@media(max-width:1000px){.research-card{grid-template-columns:120px minmax(0,1fr);gap:25px}.research-card h2{font-size:26px}.research-row-cover{width:160px}.research-row-cover img{height:110px}}
@media(max-width:760px){.research-intro{padding-top:30px;padding-bottom:28px}.research-intro h1{font-size:32px;max-width:95%}.research-intro>p{font-size:16px;max-width:85%}.research-orbits{width:100px;height:100px;right:-30px;top:22px;opacity:.3}.research-card{display:block;padding:25px 0}.research-date{flex-direction:row;gap:18px;margin-bottom:12px;font-size:13px}.research-card h2{font-size:25px}.research-card p{font-size:17px;line-height:1.9}.research-row-cover{float:none;display:block;width:100%;margin:15px 0}.research-row-cover img{height:180px}.research-filters{gap:15px}}

/* V19: a compact market image replaces the decorative sphere. */
.research-intro{display:grid;grid-template-columns:minmax(0,1fr) 330px;column-gap:45px;align-content:center;padding-top:30px;padding-bottom:30px;min-height:225px}.research-intro>.eyebrow{grid-column:1;margin-bottom:12px}.research-intro>h1{grid-column:1;max-width:100%;font-size:clamp(30px,3.1vw,44px)}.research-intro>p{grid-column:1;margin-top:12px;max-width:100%;font-size:17px}.research-header-image{grid-column:2;grid-row:1/4;align-self:center;height:175px;overflow:hidden;border-radius:6px}.research-header-image img{width:100%;height:100%;object-fit:cover;object-position:65% 45%}
@media(max-width:1000px){.research-intro{grid-template-columns:minmax(0,1fr) 260px;column-gap:30px}.research-header-image{height:160px}}
@media(max-width:760px){.research-intro{display:block;min-height:0;padding-top:28px;padding-bottom:25px}.research-intro>h1{font-size:31px}.research-intro>p{font-size:16px}.research-header-image{height:150px;margin-top:20px;border-radius:5px}}

/* V20: homepage previews reserve ten lines; titles and reading links align. */
.market-latest{align-items:stretch}.latest-item{display:flex;padding:26px 24px;border:1px solid #d7e3ed;background:linear-gradient(155deg,#fff,#f6f9fc);border-radius:7px;min-width:0}.latest-item>a{display:flex;flex-direction:column;width:100%;height:100%;min-width:0}.latest-item time{flex-shrink:0}.latest-item h3{font-size:24px;line-height:1.6;height:3.2em;display:-webkit-box;-webkit-line-clamp:2;-webkit-box-orient:vertical;overflow:hidden;flex-shrink:0;margin:15px 0 18px}.latest-item p.latest-preview{display:-webkit-box;-webkit-line-clamp:10;-webkit-box-orient:vertical;font-size:17px;line-height:1.9;height:19em;overflow:hidden;flex-shrink:0;overflow-wrap:anywhere}.latest-item .text-link{margin-top:24px;align-self:flex-start;flex-shrink:0;font-size:14px}.latest-item>a:focus-visible{outline:2px solid var(--gold);outline-offset:8px}
@media(max-width:760px){.latest-item{padding:24px}.latest-item h3{font-size:24px}.latest-item p.latest-preview{font-size:17px}}

/* V22: three text cards, soft corners, gold metadata, ten-line reading areas. */
.market-teaser,.research-archive{background:#f3f6fa}.market-latest,.research-grid{display:grid;grid-template-columns:repeat(3,minmax(0,1fr));gap:26px;align-items:stretch}.latest-item,.research-card{position:relative;display:flex;min-width:0;padding:32px 28px 28px;border:1px solid #dce4ee;border-radius:16px;background:#fff;box-shadow:0 9px 26px #00206006;overflow:hidden;isolation:isolate}.research-card:first-child{border-top:1px solid #dce4ee}.latest-item:before,.research-card:before{content:"";position:absolute;inset:0 0 auto;height:3px;background:linear-gradient(90deg,#e4c090,#002060);opacity:.8}.latest-item:hover,.research-card:hover{box-shadow:0 14px 32px #0020600c;translate:none}.latest-item>a,.research-card-copy{display:flex;flex-direction:column;width:100%;height:100%;min-width:0;padding:0}.latest-meta,.research-card-meta{color:#bf9657;font-size:13px;font-weight:600;letter-spacing:.04em;line-height:1.7;min-height:1.7em;flex-shrink:0}.research-card-meta{display:flex;gap:7px;flex-wrap:wrap}.latest-meta time{font-size:inherit;color:inherit}.latest-item h3,.research-card h2{font-size:23px;line-height:1.65;height:3.3em;min-height:3.3em;margin:17px 0 20px;font-weight:500;display:-webkit-box;-webkit-line-clamp:2;-webkit-box-orient:vertical;overflow:hidden;flex-shrink:0;overflow-wrap:anywhere}.latest-item p.latest-preview,.research-card p.research-card-preview{font-size:17px;line-height:1.95;height:19.5em;min-height:19.5em;margin:0;color:#718093;display:-webkit-box;-webkit-line-clamp:10;-webkit-box-orient:vertical;overflow:hidden;flex-shrink:0;overflow-wrap:anywhere;white-space:normal}.latest-item .text-link,.research-card .research-read{display:inline-block;margin-top:26px;align-self:flex-start;flex-shrink:0;font-size:14px;line-height:1.8;border-bottom:1px solid #bdccdc;padding-bottom:5px}.research-card .research-read{margin-bottom:0}
@media(max-width:1100px){.latest-item,.research-card{padding:26px 23px}.market-latest,.research-grid{gap:22px}.latest-item h3,.research-card h2{font-size:22px}}
@media(max-width:760px){.market-latest,.research-grid{grid-template-columns:1fr;gap:22px}.latest-item,.research-card{padding:28px 25px}.latest-item h3,.research-card h2{font-size:24px}.latest-item p.latest-preview,.research-card p.research-card-preview{font-size:17px}}