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We study the first common terms of the HOMFLY and Kauffman polynomials of a knot, which we call the ϒ-polynomial, and the Conway polynomial for the 2-bridge knots and a class of 3-bridge knots. We characterize the ϒ-polynomial using the 2-bridge knots. Then we give some relations between the two polynomial invariants, and as an application, we consider the space of the Vassiliev invariant of order four.