数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 持续性有待观察，加上生猪供应压力不减，限制反弹空间。操作上建议等待反弹抛空机会。 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 生猪产业日报 2025-10-22 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 12220 | -15 主力合约持仓量:生猪(日,手) | 103570 | 408 | | | 仓单数量:生猪(日,手) ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply of live pigs is under pressure due to theoretical near - month出栏 pressure from newborn piglets and the inventory of breeding sows, along with large - scale farms' active sales to meet their targets. The second - fattening activity has supported the spot market price, especially in the north, but its sustainability needs to be observed. The terminal demand is expected to improve with the drop in temperature, but currently, the sales of pork carcasses are slow and demand is below expectations. The live pig futures main contract 2601 has rebounded, but the rebound space is limited due to the uncertain second - fattening and continuous supply pressure. It is recommended to sell on rebounds [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for live pigs is 12,235 yuan/ton, up 80 yuan; the main contract's open interest is 103,162 lots, up 607 lots; the number of warehouse receipts is 111 lots, unchanged; the net long position of the top 20 futures holders is - 29,936 lots, down 1,420 lots [2] 3.2 Spot Price - The live pig price in Henan Zhumadian is 11,700 yuan/ton, up 400 yuan; in Jilin Siping is 11,800 yuan/ton, up 300 yuan; in Guangdong Yunfu is 11,500 yuan/ton, unchanged. The main live pig basis is - 535 yuan/ton, up 320 yuan [2] 3.3 Upstream Situation - The live pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0380,000 heads, down 40,000 heads. The CPI's year - on - year change is - 0.3%, up 0.1 percentage points. The spot price of soybean meal in Zhangjiagang is 2,900 yuan/ton, unchanged; the spot price of corn is 2,259.41 yuan/ton, down 3.34 yuan. The Dalian Commodity Exchange's pig feed cost index is 880.17, up 1.25. The monthly output of feed is 29,272,000 tons, up 999,000 tons. The price of binary breeding sows is 1,530 yuan/head, unchanged. The breeding profit of purchased piglets is - 375.29 yuan/head, down 74.25 yuan; the breeding profit of self - bred and self - raised live pigs is - 244.7 yuan/head, down 92.55 yuan. The monthly import volume of pork is 80,000 tons, down 10,000 tons. The average price of white - striped chickens in the main production areas is 14.3 yuan/kg, down 0.07 yuan [2] 3.4 Industry Situation - The slaughter volume of designated live pig slaughtering enterprises is 33,500,000 heads, up 1,840,000 heads. The monthly retail sales of social consumer goods in the catering industry is 449.57 billion yuan, down 8.4 billion yuan [2] 3.5 Industry News - On October 21, 2025, the daily national live pig出栏 volume of key breeding enterprises was 326,524 heads, up 4.43% from the previous day [2]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The supply side has near - term出栏 pressure due to factors like new - born piglets, sow inventory, and postponed large - scale farm出栏 plans. The demand side experiences a post - festival decline, with reduced terminal procurement and slaughterhouse operations. Although demand will gradually improve as the temperature drops, the current increase is limited. The market has seen some price support from breeding enterprises' price - holding sentiment and second - round fattening, but the oversupply situation is hard to reverse in the short term, so the market is expected to fluctuate weakly [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract for live pigs is 11,400 yuan/ton, down 50 yuan; the position volume is 44,805 hands, down 3,846 hands. The number of warehouse receipts is 111 hands, up 21 hands, and the net long position of the top 20 futures holders is - 30,361 hands, up 1,006 hands [2]. 3.2 Spot Market - Spot prices in different regions have increased: Henan Zhumadian is 11,200 yuan/ton, up 100 yuan; Jilin Siping is 11,400 yuan/ton, up 400 yuan; Guangdong Yunfu is 11,300 yuan/ton, up 200 yuan. The main basis of live pigs is - 200 yuan/ton, up 150 yuan [2]. 3.3 Upstream Situation - Pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0380,000 heads, down 40,000 heads [2]. 3.4 Industry Situation - CPI year - on - year is - 0.3%, up 0.1 percentage points. The spot price of soybean meal in Zhangjiagang is 2,930 yuan/ton, unchanged; the spot price of corn is 2,273.33 yuan/ton, down 4.71 yuan. The DCE pig feed cost index is 873, up 5.65. The monthly output of feed is 29,272,000 tons, up 999,000 tons. The price of binary breeding sows is 1,530 yuan/head, down 3 yuan. The breeding profit of purchased piglets is - 301.04 yuan/head, down 64.47 yuan; the breeding profit of self - bred and self - raised pigs is - 152.15 yuan/head, down 78.04 yuan. The monthly import volume of pork is 80,000 tons, down 10,000 tons. The average price of white - striped chickens in the main production areas is 14.37 yuan/kg, down 0.03 yuan [2]. 3.5 Downstream Situation - The slaughter volume of designated pig slaughtering enterprises is 3,3500,000 heads, up 1840,000 heads. The monthly value of catering revenue in total retail sales of consumer goods is 449.57 billion yuan, down 8.4 billion yuan [2]. 3.6 Industry News - On October 14, 2025, the daily national pig出栏 volume of key breeding enterprises was 327,610 heads, up 0.93% from the previous day [2].

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 格局短期难以扭转，压制生猪价格反弹空间有限，预计后市弱势震荡。 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 生猪产业日报 2025-10-14 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11450 | 325 主力合约持仓量:生猪(日,手) | 48651 | -8606 | | | 仓单数量:生猪(日,手) | 90 | ...

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Although the supply-demand pattern of loose supply has been temporarily alleviated due to farmers' reluctance to sell and the expected improvement in demand from pre-holiday stocking, there is still supply pressure this year, capping the upside of prices. The future trend of the pig price will continue to fluctuate weakly at the bottom [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for live pigs was 12,685 yuan/ton, down 45 yuan; the position of the main contract was 89,538 lots, down 1,281 lots; the number of warehouse receipts was 328 lots, down 40 lots; the net long position of the top 20 futures holders was -24,074 lots, down 1,605 lots [2] 3.2 Spot Market - The pig price in Zhumadian, Henan was 12,800 yuan/ton, unchanged; in Siping, Jilin was 12,600 yuan/ton, unchanged; in Yunfu, Guangdong was 13,400 yuan/ton, down 200 yuan; the basis of the main pig contract was 115 yuan/ton, up 45 yuan [2] 3.3 Upstream Situation - The monthly pig inventory was 42,4470,000 heads, up 7160,000 heads; the inventory of fertile sows was 4,0420,000 heads, down 10,000 heads [2] 3.4 Industry Situation - The year-on-year change in CPI was -0.4%, down 0.4 percentage points; the spot price of soybean meal in Zhangjiagang was 2,940 yuan/ton, up 40 yuan; the spot price of corn was 2,364.9 yuan/ton, up 7.65 yuan; the Dalian Commodity Exchange pig feed cost index was 893.09, up 3.5; the monthly output of feed was 29,272,000 tons, up 999,000 tons; the price of binary fertile sows was 1,625 yuan/head, unchanged; the breeding profit of purchased piglets was -199.31 yuan/head, down 37.38 yuan; the breeding profit of self - bred and self - raised pigs was -24.44 yuan/head, down 41.28 yuan; the monthly import volume of pork was 80,000 tons, down 10,000 tons; the average price of white - striped chickens in the main production areas was 14.3 yuan/kg, unchanged [2] 3.5 Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises was 3,1660,000 heads, up 1600,000 heads; the monthly catering revenue in total social consumer goods retail sales was 449.57 billion yuan, down 8.4 billion yuan [2] 3.6 Industry News - On September 25, 2025, the daily national pig slaughter volume of key breeding enterprises was 289,420 heads, up 4.56% from the previous day; the pig 2511 contract closed down 0.12% on Thursday. There is supply pressure in the near - term, and the active slaughter by farmers in mid - and early September suppressed the price decline [2]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The market's oversupply situation persists, causing pig prices to remain under pressure and trend weakly. Attention should be paid to the stocking situation during the Double Festival. Technically, the pig 2511 contract dropped 1.48%, was pressured by the system moving averages, and continued its weak trend [2]. 3. Summary by Relevant Catalogs Futures Disk - The closing price of the main futures contract for live pigs was 12,665 yuan/ton, down 130 yuan; the main contract's open interest was 93,514 lots, down 531 lots; the number of warehouse receipts was 427 lots, down 1 lot; and the net long position of the top 20 futures holders was -23,708 lots, up 575 lots [2]. Spot Price - The live pig price in Zhumadian, Henan was 12,700 yuan/ton, down 100 yuan; in Siping, Jilin it was 12,600 yuan/ton, unchanged; in Yunfu, Guangdong it was 13,400 yuan/ton, down 200 yuan; and the main live pig basis was 35 yuan/ton, up 30 yuan [2]. Upstream Situation - Pig inventory was 42.447 million heads, up 716,000 heads; the inventory of breeding sows was 4.042 million heads, down 1,000 heads [2]. Industry Situation - The year-on-year CPI was -0.4%, down 0.4 percentage points; the spot price of soybean meal in Zhangjiagang was 2,920 yuan/ton, down 30 yuan; the spot price of corn was 2,356.47 yuan/ton, down 1.96 yuan; the Dalian Commodity Exchange's pig feed cost index was 887.66, down 5.93; the monthly feed output was 29.272 million tons, up 999,000 tons; the price of binary breeding sows was 1,625 yuan/head, unchanged; the breeding profit from purchasing piglets was -199.31 yuan/head, down 37.38 yuan; the breeding profit from self - bred and self - raised pigs was -24.44 yuan/head, down 41.28 yuan; the monthly pork import volume was 80,000 tons, down 10,000 tons; and the average price of white - striped chickens in the main producing areas was 14.3 yuan/kg, unchanged [2]. Downstream Situation - The slaughter volume of designated pig slaughtering enterprises was 3.166 million heads, up 160,000 heads; the monthly catering revenue in total social consumer goods retail sales was 449.57 billion yuan, down 8.4 billion yuan [2]. Industry News - According to the sample data of key breeding enterprises from Shanghai Ganglian, on September 23, 2025, the daily national live pig slaughter volume of key breeding enterprises was 293,373 heads, up 1.12% from the previous day. The supply side has pressure in the near - term based on the number of newborn piglets and the inventory of breeding sows. Coupled with the guidance from the symposium on pig production capacity regulation enterprises to reduce slaughter weight and limit secondary fattening, the breeding side is actively slaughtering in the short term, and the willingness of retail farmers and secondary fatteners to sell has also increased. The demand side has gradually warmed up with the cooling temperature and falling prices, but the overall growth is limited [2].

Group 1: Report Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The market situation of oversupply persists, causing the market price to be under pressure and run weakly. It is recommended to conduct reverse arbitrage operations on live hog futures [2]. Group 3: Summary by Directory 1. Futures Market - The closing price of the main futures contract for live hogs is 12,795 yuan/ton, down 30 yuan; the main contract position is 94,045 lots, down 2,706 lots; the number of warehouse receipts is 428 lots, unchanged; the net long position of the top 20 futures holders is -24,283 lots, up 1,521 lots [2]. 2. Spot Market - The spot price of live hogs in Henan Zhumadian is 12,800 yuan/ton, down 100 yuan; in Jilin Siping is 12,600 yuan/ton, up 100 yuan; in Guangdong Yunfu is 13,600 yuan/ton, unchanged. The main basis of live hogs is 5 yuan/ton, down 70 yuan [2]. 3. Upstream Situation - The monthly live hog inventory is 42.447 million heads, up 716,000 heads; the inventory of breeding sows is 4.042 million heads, down 1,000 heads [2]. 4. Industry Situation - The year - on - year change of CPI is -0.4%, down 0.4 percentage points. The spot price of soybean meal in Zhangjiagang is 2,950 yuan/ton, unchanged; the spot price of corn is 2,358.43 yuan/ton, down 1.96 yuan; the Dalian Commodity Exchange pig feed cost index is 893.59, down 4.44. The monthly output of feed is 29.272 million tons, up 999,000 tons. The price of binary breeding sows is 1,625 yuan/head, unchanged. The breeding profit of purchased piglets is -199.31 yuan/head, down 37.38 yuan; the breeding profit of self - bred and self - raised live hogs is -24.44 yuan/head, down 41.28 yuan. The monthly import volume of pork is 80,000 tons, down 10,000 tons. The average price of white - striped chicken in the main producing areas is 14.3 yuan/kg, unchanged [2]. 5. Downstream Situation - The monthly slaughter volume of designated live hog slaughtering enterprises is 3.166 million heads, up 160,000 heads. The monthly value of catering revenue in total retail sales of social consumer goods is 449.57 billion yuan, down 8.4 billion yuan [2]. 6. Industry News - On September 22, 2025, the daily national live hog出栏量 of key breeding enterprises was 290,124 heads, up 6.38% from Friday. In the short term, the supply side has pressure, and the breeding side is actively selling. The demand side is gradually warming up, but the overall growth is limited [2].

Group 1: Report Summary - The report is a daily report on the pig industry dated September 18, 2025, provided by Ruidah Futures [1][2] Group 2: Investment Rating - No investment rating information is provided in the report Group 3: Core View - The overall supply - demand situation of the pig industry is loose, putting pressure on pig prices. The main 2511 contract is trading below the 13,000 - yuan mark, with the system moving averages showing a short - position arrangement and the market in a generally bearish and volatile state [2] Group 4: Data Summary by Category Futures Market - The closing price of the main pig futures contract is 12,830 yuan/ton, down 170 yuan; the position volume of the main contract is 98,989 lots, up 4,913 lots; the number of warehouse receipts is 428 lots, unchanged; the net long position of the top 20 futures holders is - 27,198 lots, down 1,011 lots [2] Spot Market - Pig prices in Henan Zhumadian are 12,900 yuan/ton, down 200 yuan; in Jilin Siping are 12,600 yuan/ton, down 100 yuan; in Guangdong Yunfu are 13,800 yuan/ton, unchanged. The main pig basis is 70 yuan/ton, down 30 yuan [2] Upstream Situation - Pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0420,000 heads, down 10,000 heads. CPI year - on - year is - 0.4%, down 0.4 percentage points. The spot price of soybean meal in Zhangjiagang is 2,950 yuan/ton, down 30 yuan; the spot price of corn is 2,360.59 yuan/ton, down 0.39 yuan. The DCE pig feed cost index is 898.86, up 3.92. The monthly output of feed is 28,273,000 tons, down 1,104,000 tons. The price of binary breeding sows is 1,625 yuan/head, unchanged. The breeding profit of purchased piglets is - 161.93 yuan/head, down 35.69 yuan; the breeding profit of self - bred and self - raised pigs is 16.84 yuan/head, down 35.81 yuan. The monthly import volume of pork is 80,000 tons, down 10,000 tons. The average price of white - striped chickens in the main producing areas is 14.3 yuan/kg, unchanged [2] Downstream Situation - The slaughter volume of designated pig slaughtering enterprises is 31,660,000 heads, up 1,600,000 heads. The monthly retail sales of social consumer goods in the catering industry is 449.57 billion yuan, down 8.4 billion yuan [2] Industry News - According to Shanghai Ganglian's data, on September 18, 2025, the daily national pig slaughter volume of key breeding enterprises was 258,356 heads, down 5.92% from the previous day. The September pig supply is theoretically determined by the November 2024 inventory of breeding sows, which was the peak of the previous growth cycle. Coupled with the month - on - month increase in the number of newborn piglets six months ago, there is expected to be pressure on the supply in the near term [2]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report anticipates that the hog price will mainly fluctuate weakly. The supply pressure remains as the slaughter volume of the breeding end is gradually increasing, and the corresponding sow inventory in September is at the peak of the previous increase cycle. The fat - lean price difference is widening, providing conditions for later pressure on inventory and secondary fattening. On the demand side, the state has launched a combination of "new purchases for reserves" and "rotational purchases for reserves" to stabilize the market. The slaughterhouse's operating rate is rising, but the increase is limited. Overall, the slaughter rhythm is gradually recovering, and the near - term supply pressure suppresses the hog price. It is recommended to hold short positions cautiously and set stop - losses to control risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for hogs is 13,550 yuan/ton, down 45 yuan; the main contract's open interest is 73,596 lots, up 208 lots; the number of warehouse receipts is 430 lots, unchanged; the net long position of the top 20 futures positions is - 15,747 lots, up 102 lots [2]. 3.2 Spot Price - The hog price in Zhumadian, Henan is 13,900 yuan/ton, down 300 yuan; in Siping, Jilin is 13,500 yuan/ton, down 100 yuan; in Yunfu, Guangdong is 15,800 yuan/ton, unchanged. The main basis for hogs is 350 yuan/ton, down 255 yuan [2]. 3.3 Upstream Situation - The hog inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0420,000 heads, down 10,000 heads [2]. 3.4 Industry Situation - The year - on - year change of CPI is 0%, down 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 3,050 yuan/ton, unchanged; the spot price of corn is 2,363.73 yuan/ton, up 0.4 yuan; the Dalian Commodity Exchange's hog feed cost index is 909.88, down 0.67; the monthly output of feed is 28,273,000 tons, down 1,104,000 tons; the price of binary breeding sows is 1,625 yuan/head, down 2 yuan; the profit from purchasing piglets for breeding is - 148.41 yuan/head, up 3.39 yuan; the profit from self - breeding and self - raising hogs is 32.24 yuan/head, down 1.71 yuan; the monthly import volume of pork is 90,000 tons, unchanged; the average price of dressed chickens in the main producing areas is 14.3 yuan/kg, down 0.1 yuan [2]. 3.5 Downstream Situation - The slaughter volume of designated hog slaughtering enterprises is 31,660,000 heads, up 1,600,000 heads; the monthly retail sales of social consumer goods in the catering industry is 450.41 billion yuan, down 2.035 billion yuan [2]. 3.6 Industry News - On September 3, 2025, the daily hog slaughter volume of key breeding enterprises nationwide was 251,730 heads, up 5.13% from the previous day. The hog 2511 contract closed down 0.15% on Wednesday [2].

Report Overview - Report Date: September 1, 2025 [1] - Report Type: Daily Report on the Pig Industry 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - On September 1, 2025, the national daily pig slaughter volume of key breeding enterprises decreased by 15.06% compared to Friday, and the 2511 pig contract rose 0.33% on Monday [2] - Due to the implementation of the transfer policy on September 1st and the reduction at the beginning of the month, the short - term supply pressure has eased, but the medium - term supply pressure remains as September corresponds to the peak of the previous increasing cycle of fertile sows [2] - The price difference between fattening pigs and standard pigs continues to widen, providing conditions for later pressure on inventory and secondary fattening [2] - The pig - grain ratio has triggered a third - level warning, and the state has launched a combination of "new purchases for storage" and "rotational purchases for storage" to stabilize the market [2] - With sufficient pig supply, increased demand from schools after the start of the semester, and the continuous recovery of the slaughterhouse's operating rate [2] - In general, the short - term supply pressure still exists, suppressing pig prices, but the short - term slaughter rhythm may slow down, and with the recovery of the operating rate and the storage purchase policy, the short - term decline space is expected to be limited, and the market will operate weakly with fluctuations. It is recommended to sell short on rebounds [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for pigs is 13,625 yuan/ton, with a ring - to - ring increase of 70 yuan/ton; the main contract position is 75,464 lots, with a ring - to - ring increase of 1,828 lots [2] - The number of warehouse receipts for pigs is 430 lots, with no change; the net long position of the top 20 futures holders is - 14,798 lots, with a ring - to - ring increase of 1,278 lots [2] 3.2 Spot Market - The pig price in Zhumadian, Henan is 14,100 yuan/ton, with a ring - to - ring increase of 400 yuan/ton; in Siping, Jilin is 13,600 yuan/ton, with a ring - to - ring increase of 100 yuan/ton; in Yunfu, Guangdong is 14,500 yuan/ton, with a ring - to - ring decrease of 400 yuan/ton [2] - The main basis for pigs is 475 yuan/ton, with a ring - to - ring increase of 330 yuan/ton [2] 3.3 Upstream Situation - The monthly pig inventory is 42,4470,000 heads, with an increase of 7160,000 heads; the inventory of fertile sows is 4,0420,000 heads, with a decrease of 10,000 heads [2] 3.4 Industry Situation - The year - on - year change of CPI for the current month is 0%, with a decrease of 0.1 percentage points [2] - The spot price of soybean meal in Zhangjiagang is 3,050 yuan/ton, with a ring - to - ring increase of 10 yuan/ton; the spot price of corn is 2,364.12 yuan/ton, with a ring - to - ring decrease of 0.59 yuan/ton [2] - The Dalian Commodity Exchange's pig feed cost index is 908.84, with a ring - to - ring increase of 0.95 [2] - The monthly output of feed is 28,273,000 tons, with a decrease of 1,104,000 tons [2] - The price of binary fertile sows is 1,625 yuan/head, with a ring - to - ring decrease of 2 yuan/head [2] - The breeding profit from purchasing piglets is - 148.41 yuan/head, with a ring - to - ring increase of 3.39 yuan/head; the breeding profit from self - breeding and self - raising pigs is 32.24 yuan/head, with a ring - to - ring decrease of 1.71 yuan/head [2] - The monthly import volume of pork is 90,000 tons, with no change; the average price of white - striped chickens in the main producing areas is 14.3 yuan/kg, with a ring - to - ring decrease of 0.1 yuan/kg [2] 3.5 Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises is 31,660,000 heads, with an increase of 1,600,000 heads [2] - The monthly total retail sales of social consumer goods in the catering industry is 450.41 billion yuan, with a decrease of 20.35 billion yuan [2]