Core Viewpoint - The ongoing escalation of tensions in the Middle East is significantly impacting global economic forecasts, with Goldman Sachs warning of the severe consequences of high energy costs on economic growth [2][7]. Group 1: Military Actions - On March 22, the Israeli Defense Forces initiated "large-scale" airstrikes against Hezbollah infrastructure in southern Lebanon, following the death of a senior commander from Hezbollah [3][4]. - Iran's Islamic Revolutionary Guard Corps (IRGC) has launched retaliatory military operations, employing upgraded tactics and systems to target U.S. military bases and Israeli regions [5][6]. Group 2: Economic Impact - Goldman Sachs has revised down growth forecasts for major economies, including the U.S. and Eurozone, for 2026, while raising inflation expectations due to the ongoing crisis [7]. - The report highlights a significant loss in oil flow through the Strait of Hormuz, estimating a reduction of 17% of global supply, with current flow plummeting from 20 million barrels per day to 600,000 barrels per day, a 97% drop [8]. Group 3: Future Projections - If the disruptions continue, global GDP could decline by 0.9% and inflation could rise by 1.7% over a 60-day period, with significant tightening of financial conditions already observed [8][9]. - Goldman Sachs emphasizes that the key variable in this crisis is not military actions but the timeline for navigation through the Strait of Hormuz [9].

Report Summary 1. Market Overview - On March 12, 2026, A-share market showed a mixed trend. The Shanghai Composite Index fell 0.10% to 4129.10 points, the Shenzhen Component Index dropped 0.63% to 14374.87 points, and the ChiNext Index declined 0.96% to 3317.52 points. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.46 trillion yuan, a decrease of 67.7 billion yuan from the previous day [1]. - The CSI 300 Index adjusted on March 12, closing at 4687.56, a decrease of 16.94 [2]. 2. Commodity Futures 2.1 Coking Coal and Coke - On March 12, the weighted index of coke fluctuated within a range, closing at 1741.2, a rise of 26.4. The weighted index of coking coal also fluctuated, closing at 1181.8 yuan, a rise of 24.8 [2][3]. - Coke's spot price increased, with general coking profit and a slight decrease in daily production. Coke inventory rose slightly, and traders' purchasing willingness was average. The supply of carbon elements was abundant, and downstream molten iron remained at a low - season level with general steel profit [4]. - Coking coal's spot price increased. Attention should be paid to the impact of geopolitical conflicts on the Strait of Hormuz. The customs clearance volume of Mongolian coal was 1449 vehicles. Coal mines resumed work well, with weekly production quickly reaching a high level. Spot auction transactions decreased, and the transaction price dropped slightly. Terminal inventory continued to decline, and there was no significant restocking [4]. 2.2 Zhengzhou Sugar - Affected by the decline of US sugar and the increase of spot quotes, the Zhengzhou Sugar 2605 contract continued to fluctuate narrowly on March 12, rising first and then falling. At night, it fluctuated slightly and closed slightly higher. StoneX lowered its forecast of the global sugar supply surplus in the 2025/26 season to only 870,000 tons, mainly due to the pessimistic outlook of India's sugar production. It also reduced India's sugar production forecast from 32.3 million tons to 29.7 million tons. The sugar production in the central - southern region of Brazil is expected to be 40.5 million tons this year. In the 2026/27 season, although the sugarcane crushing volume is expected to increase by 1.7% to 620.5 million tons, the sugar production in the central - southern region of Brazil is expected to remain stable [4]. 2.3 Rubber - Shanghai rubber fluctuated widely on March 12, rising first and then falling. In the morning, it was boosted by the rising crude oil price, but then the price dropped due to concerns about the potential decline of global economic growth. At night, it fluctuated slightly and closed slightly lower. In February, China's automobile production and sales were 1.672 million and 1.805 million vehicles respectively, a month - on - month decrease of 31.7% and 23.1%, and a year - on - year decrease of 20.5% and 15.2% [4][5]. 2.4 Palm Oil - On March 12, the continuous high - level operation of crude oil made the biodiesel policy outlook positive. The palm oil futures reached a one - year high. The main contract P2605 closed at 9684, up 1.66% from the previous trading day. In 2025, Indonesia's crude palm oil production increased by 7.3% year - on - year to 51.66 million tons. As of the end of 2025, the palm oil inventory was 2.07 million tons, a 25% decline from the previous month. Indonesian palm oil producers are trying to increase production in 2026, but weather challenges may pose obstacles [5]. 2.5 Soybean Meal - Internationally, on March 12, the CBOT soybean main contract closed at 1225.75 cents per bushel, a rise of 0.95%. The rising crude oil price supported the soybean price as soybean oil is widely used in biodiesel production. More than half of Brazil's soybeans have been harvested, and its export capacity will increase rapidly. Due to the cheaper supply of newly harvested Brazilian soybeans, the export demand for US soybeans has slowed down. Last week, the net sales volume of US soybeans was 466,258 tons, in line with market expectations, but the cumulative sales volume this year was still nearly 19% lower than the same period last year. - Domestically, on March 12, the main soybean meal contract M2605 closed at 3054 yuan per ton, a decline of 0.46%. As of last weekend, the domestic soybean meal inventory was 767,000 tons, an increase of 56,600 tons from the previous week. It is expected that the soybean crushing volume will rise to about 2 million tons this week, and the soybean meal inventory is expected to continue to rise. The Middle East conflict has led to shipping disruptions and increased logistics costs, which has increased the shipping freight and cost of imported soybeans in China, supporting the domestic soybean meal price. It is recommended to focus on South American weather changes, the progress of the Middle East situation, and the rhythm of soybean arrivals [5]. 2.6 Live Pigs - On March 12, the main live pig contract LH2605 closed at 11130 yuan per ton, a decline of 0.36%. The supply side is relatively loose, with the increase of large pigs held back before, the increase of large - scale farm slaughter, and the high frozen product inventory. The inventory of breeding sows is still at a high level, and the production capacity is large. Coupled with the improvement of breeding efficiency, the effective supply is continuously loose. On the demand side, after the Spring Festival, pork consumption has entered the off - season, the sales of downstream white - striped pork are weak, the slaughtering enterprise's operating rate is low, and the demand side's ability to absorb is insufficient, providing limited support for pig prices. Overall, the live pig market is still in a situation of strong supply and weak demand. It is recommended to focus on the progress of breeding sow reduction, the slaughter rhythm of large - scale pig enterprises, and the recovery of terminal consumption [5]. 2.7 Shanghai Copper - The main Shanghai copper contract closed at 101,010 yuan per ton, with an opening price of 100,100 yuan per ton, a highest price of 101,430 yuan per ton, and a lowest price of 100,100 yuan per ton. The trading volume was 88,000 lots, the open interest was 192,000 lots, and the settlement price was 100,860 yuan per ton. The spot price of Shanghai 1 electrolytic copper was 100,670 yuan per ton, with a discount of 340 yuan per ton compared with the futures price, and the spot discount widened. The inventory of the Shanghai Futures Exchange was 425,145 tons, an increase of 33,616 tons from the previous trading day, and the inventory continued to accumulate. The smelting output on the supply side increased month - on - month, and the inventory pressure was obvious. The seasonal recovery on the demand side is still in progress, and attention should be paid to the restocking rhythm [5]. 2.8 Logs - The main log 2605 contract opened at 792 on March 12, with a lowest price of 787, a highest price of 796, and a closing price of 789, with an increase of 317 lots in open interest. The spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 770 yuan per cubic meter, unchanged from the previous day, and the spot price of 4 - meter medium - grade A radiata pine logs in Jiangsu was 780 yuan per cubic meter, also unchanged from the previous day. Customs data showed that the log imports from January to February decreased by 11.2% year - on - year. It is necessary to pay attention to the spot - end price, import data, shipping costs, inventory changes, and the support of macro - expected market sentiment on the price [5][7]. 2.9 Iron Ore - On March 12, the main iron ore 2605 contract fluctuated and rose, with a gain of 1.34% and a closing price of 795.5 yuan. The iron ore shipments in this period decreased significantly month - on - month, the arrival volume increased, and the port inventory was at a historical high. After the Two Sessions, steel mills may have certain procurement and restocking needs, and the short - term iron ore price is in a fluctuating trend [7]. 2.10 Asphalt - On March 12, the main asphalt 2606 contract fluctuated and rose, with a gain of 5.68% and a closing price of 3980 yuan. The geopolitical conflict has high uncertainty, and the market is worried about raw material supply. The operating load is maintained at a low level, and the middle and lower reaches are more wait - and - see. The short - term asphalt price may follow the oil price [7]. 2.11 Cotton - On the night of March 12, the main Zhengzhou cotton contract closed at 15,600 yuan per ton. The cotton inventory increased by 173 lots compared with the previous trading day. According to the survey of the China National Cotton Reserves Corporation, in early March 2026, the operating rate of surveyed cotton spinning enterprises was 85.8%, a decrease of 2.4 percentage points month - on - month and 0.8 percentage points year - on - year. The average operating rate in Hebei, Fujian, Xinjiang, Shaanxi, and Hunan provinces reached over 90% [7]. 2.12 Steel - On March 12, rb2605 closed at 3120 yuan per ton, and hc2605 closed at 3275 yuan per ton. The black futures all rose, mainly driven by the macro - environment and cost. Since the market has digested the information of the release of strategic petroleum reserves by IEA member countries, investors continue to focus on the shipping interruption in the Strait of Hormuz, and international oil prices have risen sharply again. Coking coal and iron ore futures have actively risen. In the short term, driven by the rising futures, steel prices are expected to fluctuate strongly [7]. 2.13 Alumina - On March 12, ao2605 closed at 2865 yuan per ton. The positive driving force for alumina is weak. Although the FOB price of imports has decreased, it is offset by the rising freight, and the arrival cost has no advantage compared with the domestic market, so the import window remains closed. On the supply side, some alumina plants in Guizhou and Guangxi will start the roasting furnace maintenance in the second half of this month, with a total impact on the daily output of about 2500 tons and the annual production capacity of about 1 million tons. Although it will lead to a phased decline in production and a slight reduction in supply pressure, the overall oversupply pattern remains unchanged. In the现货 market, the quotes of holders have been slightly increased, and the procurement demand of downstream electrolytic aluminum enterprises is average, only maintaining basic rigid demand, and the trading atmosphere is generally light [7]. 2.14 Shanghai Aluminum - On March 12, al2604 closed at 25,240 yuan per ton. The Middle East situation remains complex, and it is difficult to ease significantly in the short term. The Strait of Hormuz remains semi - blocked, with only sporadic ships passing through. On the fundamental supply side, the operation is stable, the ratio of molten aluminum is relatively low, the backlogged and in - transit goods continue to be transported, and the social inventory pressure is high, while the warehousing rhythm has slowed down. On the demand side, there is a strong fear of high prices. The high aluminum price suppresses demand, the terminal's willingness to receive goods is average, the downstream operating rate has limited recovery, and the support for the spot is limited [7].

Core Viewpoint - UBS has downgraded its recommended allocation for US stocks to neutral, citing the risk of underperformance as global economic growth accelerates in other regions [1][2]. Group 1: Reasons for Downgrade - US corporate earnings are relatively insensitive to global growth [1][2]. - Valuations of US stocks are considered high [1][2]. - There is a trend of capital diversifying away from the US to other regions [1][2]. - The risk of a declining dollar is also a contributing factor [1][2]. Group 2: Economic Projections - UBS forecasts global GDP growth to reach 3.4% by 2026 [1][2]. Group 3: Market Trends - Investors are withdrawing from US stocks due to declining returns from large tech companies and confusion in domestic policy [1][2]. - The weak dollar, which had its worst annual performance since 2017, is a significant driving factor for this trend [3]. - Despite the shift in capital, US stocks still hold a substantial weight in global indices, comprising over 70% of the MSCI global index [3].

Group 1: Gold Market Insights - UBS maintains a positive outlook on gold, predicting an international spot gold target price of $6200 per ounce in the coming months, driven by geopolitical risks and continued Fed easing [1] - Goldman Sachs forecasts a gradual increase in gold prices, expecting them to reach $5400 per ounce by the end of 2026, supported by central bank purchases and increased private investment [2] Group 2: Oil Price Predictions - Goldman Sachs raises its Q4 2026 oil price forecast for Brent and WTI to $60 and $56 respectively, assuming no disruptions in oil supply from Iran [3] Group 3: Economic Growth and Inflation - Goldman Sachs anticipates global economic growth to exceed expectations due to diminishing tariff effects, fiscal support, and a loose financial environment, with inflation rates approaching target levels [4] Group 4: Lithium Market Outlook - UBS expresses strong optimism for the "China lithium" market, significantly raising price forecasts for lithium spodumene and carbonate, indicating the market has entered a third super cycle [5] Group 5: Currency and Economic Trends - Morgan Stanley suggests that the Swiss Franc may rise by up to 17% against the US dollar, as it is viewed as a safe-haven currency amid US policy uncertainties [6] - Barclays notes that the overturning of Trump-era tariffs could lead to moderate export growth in emerging Asia [8] Group 6: Japanese Economic Indicators - Dutch International Group expects positive signals from upcoming Japanese economic data, predicting a strong rebound in industrial production and retail sales [9] Group 7: A-Share Market Outlook - Xingzheng Strategy remains optimistic about a new upward trend in A-shares post-Spring Festival, driven by global liquidity adjustments and geopolitical factors [8] Group 8: Brain-Computer Interface Industry - CITIC Securities predicts a significant advancement in the domestic brain-computer interface industry, with the first domestic implantable product expected to apply for market registration [9] Group 9: Robotics Industry Focus - CITIC Jian Investment recommends focusing on quality segments within the humanoid robotics industry, as Tesla's Optimus V3 continues to gain traction [10] Group 10: Home Appliance and Smart Hardware Opportunities - CITIC Jian Investment identifies three structural opportunities in the emerging home appliance and smart hardware sectors, driven by changes in the tariff system and robust overseas demand [11] Group 11: Multimodal Technology Evolution - CITIC Jian Investment highlights the potential of native multimodal and world model technologies to reshape various industries, including marketing and gaming [12] Group 12: Spring Market Trends - CITIC Securities anticipates that the spring market will continue to thrive, with price increases being a key focus for the first quarter [12]

Group 1 - Smith & Wesson (SWBI.OQ) stock price fell by 4.00% to $11.53 on February 23, 2026, primarily due to the overall market environment and sector performance [1] - The aerospace and defense sector, to which Smith & Wesson belongs, experienced an overall decline of 1.07% on the same day, influenced by the drop in tech stocks and uncertainties related to tariff policies [3] Group 2 - The three major U.S. stock indices showed mixed performance, with the Nasdaq Composite Index down by 2.46% and the S&P 500 Index down by 0.77%, largely driven by former President Trump's announcement to raise global import tariffs to 15%, which heightened concerns over inflation and global economic growth [2] - The risk-averse market sentiment negatively impacted stocks like Smith & Wesson, which are sensitive to market emotions [2]

Financial Data and Key Metrics Changes - For Q4 2025, total net revenues were $17.4 million, a 19.9% increase from $14.5 million in Q4 2024 [26] - Net income attributable to controlling shareholders was $3.2 million, with earnings per diluted share of $1.14 [3] - Adjusted EBITDA for Q4 2025 was $7.5 million, compared to $1.85 million in Q4 2024, marking an increase of over 300% [28] - For the full year 2025, total net revenues were $52.3 million, a 14.4% decrease from $61.1 million in 2024 [30] - Adjusted EBITDA for the full year 2025 was $12.55 million, a 33% increase from $9.4 million in 2024 [31] Business Line Data and Key Metrics Changes - The company sold the M/V Eirini P. for $8.5 million, resulting in a gain of nearly $1 million, as part of its fleet renewal strategy [5] - The average time charter equivalent rate for Q4 2025 was $16,260 per day, significantly higher than $12,201 per day in Q4 2024 [34] - The fleet currently consists of 11 vessels with an average age of approximately 14 years, and two Ultramax vessels under construction [9] Market Data and Key Metrics Changes - Panamax spot rates declined from approximately $14,600 per day in Q4 2025 to about $9,650 per day by late December, before recovering to roughly $13,500 per day [10] - The Baltic Dry Index and the Baltic Panamax Index recorded year-over-year increases of approximately 47% and 52% respectively [11] - The global economy is projected to grow by 3.3% in 2026, with trade growth in the dry bulk sector expected at 1.9% in 2026 [12][14] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, operational efficiency, and delivering profits for shareholders [24] - There is an ongoing strategy to increase longer-term charters if market rates continue to rise [6] - The company is considering selling older vessels and potentially acquiring more modern ships as part of its fleet renewal strategy [60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strengthening market but acknowledged uncertainties related to geopolitical developments and trade dynamics [56] - The company expects the average rate for 2026 to potentially be similar to 2025, with hopes for higher rates [57] - There are concerns about the impact of ongoing geopolitical tensions and trade frictions on the global economy [12] Other Important Information - The company has repurchased 334,000 shares for a total of $5.3 million as part of its share repurchase plan [4] - The cash flow breakeven rate for Q4 2025 was $13,231, compared to $11,259 for Q4 2024 [35] - The estimated net asset value per share exceeds $48, indicating significant potential upside for shareholders [42] Q&A Session Summary Question: Satisfaction with the joint venture with NRP Partners - Management expressed satisfaction with the joint venture and indicated a willingness to pursue more such deals in the future [46] Question: Cargo breakdown for the fleet - Management offered to provide data on the cargo breakdown for the fleet offline [48] Question: Coal demand compared to other commodities - Management noted that coal consumption has stabilized but is expected to decrease as a percentage of energy mix in the future [50] Question: Fixed rate coverage for 2026 - Management indicated that expanding coverage depends on market evolution and expressed willingness to fix more long-term charters [54] Question: Fleet renewal and modernization strategy - Management has not made fixed decisions regarding the sale of older vessels but is continuously discussing the strategy [60] Question: Changes to reported numbers for Q4 2024 - Management clarified that a claim was recognized in Q4 2025, which was included in the audited results [65]

Core Viewpoint - The global economy is at a critical crossroads as it enters 2026, facing long-term low growth risks despite resilience shown in 2025 against U.S. tariff increases. Investment stagnation and limited fiscal space remain significant issues, with a complex interplay of resilience, risks, and restructuring expected throughout 2026 [1]. Economic Growth and Manufacturing - In 2025, the global economy maintained growth despite significant U.S. tariff hikes, supported by stable consumer spending and declining inflation. However, the manufacturing sector showed weak recovery, with the global manufacturing PMI averaging 49.6%, indicating a slight improvement from 2024 [2]. - Regional disparities in manufacturing performance were evident, with Asia and Africa showing PMIs above 51% and 50%, respectively, while Europe and the Americas remained below 50%, particularly the Americas at below 48% [2]. Inflation and Trade - Global inflation eased to approximately 3.4% in 2025, down from peaks between 2021 and 2023, providing central banks with more policy space, although living costs continue to rise, affecting low-income groups [3]. - Global trade grew by 3.8% in 2025 despite adverse policy environments, driven by "front-loading" behaviors due to anticipated tariff increases. However, this trend may pressure trade growth in 2026 [3]. Debt and Economic Forecasts - Global debt reached $345.7 trillion by September 2025, 3.1 times the global GDP, with developed markets' debt hitting a historical peak of $230.6 trillion, raising systemic risk concerns [3]. - Major international economic institutions predict a slowdown in global economic growth for 2026, with the IMF forecasting a growth rate of 3.3% and the UN projecting 2.7%, both lower than 2025 estimates [4]. Emerging Markets and Regional Growth - Emerging markets and developing economies are expected to remain key growth drivers, with a growth rate of 4.2% in 2025 and projections of over 4.0% for 2026-2027 [5]. - The Asian economy is anticipated to continue driving global recovery, with growth rates of 4.4% in East Asia and 5.6% in South Asia for 2026 [6]. Trade Growth and Protectionism - Global trade growth is expected to slow to 2.2% in 2026, with the WTO predicting a more pessimistic 0.5% growth, indicating a potential stagnation in trade dynamics [6]. - The uncertainty surrounding U.S. tariff policies remains a significant downside risk for the global economy in 2026, with trade tensions likely to persist [7]. Geopolitical Risks and Debt Concerns - Geopolitical tensions and protectionism are major risks for 2026, with the U.S. tariff policies impacting global trade norms and creating uncertainty [7]. - The debt situation in developed countries remains precarious, with the U.S. federal debt nearing $39 trillion, while developing countries face significant debt repayment challenges [8]. Technological Advancements - The AI revolution is accelerating its penetration into the real economy, with predictions that AI will contribute approximately 0.5% to global economic growth annually from 2025 to 2030 [9]. - Investment in digital transformation is becoming a new engine for global investment, despite a decline in foreign direct investment overall [9]. Regional Economic Integration - Regional economic integration is advancing, with agreements like RCEP enhancing trade facilitation and industrial chain integration, creating new opportunities for global economic growth [10]. Global Economic Landscape - The global economic landscape in 2026 will be shaped by various factors, including China's focus on domestic demand and innovation, U.S. tariff policies, and the structural opportunities presented by AI and green industries [11].

Group 1: Macro Economic Insights - The IMF projects global economic growth rates of 3.3% for 2026 and 3.2% for 2027, an increase of 0.2 percentage points from previous forecasts[8] - The ACC's global chemical production index remained flat in December, with a slight increase of 0.3% in the Asia-Pacific region, while North America and Europe saw declines of 0.8%[8] - Since 2022, the number of chemical plant closures in Europe has surged sixfold, with a cumulative capacity loss of 37 million tons, representing about 9% of Europe's capacity[8] Group 2: Chemical Industry Outlook - The chemical industry is expected to improve sustainably, driven by enhanced domestic competitiveness and stable profitability among industry leaders[8] - Despite current oil prices being relatively low, they are still higher than the levels seen at the start of previous cycles, indicating a need to monitor oil price fluctuations[8] Group 3: Financial Market Overview - In the week ending February 6, 2026, global stock markets showed mixed results, with the Dow Jones and European stocks leading gains; the average daily trading volume in the domestic equity market was 23,880 billion yuan, down from 30,365 billion yuan[11][17] - The 1Y Chinese government bond yield rose by 2.08 basis points to 1.3207%, while the 10Y yield fell by 0.1 basis points to 1.8102%[12] Group 4: Commodity Tracking - WTI crude oil prices fell by 2.5% to $63.55 per barrel, with U.S. crude oil production decreasing by 263,000 barrels per day year-on-year[29] - Gold prices increased by 1.77% to $4,966.61 per ounce, with the Chinese central bank continuing to increase its gold reserves by 40,000 ounces in January[43]

Group 1 - In January, the global manufacturing Purchasing Managers' Index (PMI) rose to 51%, an increase of 1.5 percentage points from the previous month, ending a trend of below 50% for ten consecutive months [1] - The European manufacturing PMI reached 50%, up 0.7 percentage points from last month, marking the end of a trend below 50% since August 2022, indicating an improvement in the European manufacturing sector [1] - The Asian manufacturing PMI was recorded at 51%, showing a slight decline from the previous month but remaining above 50% for nine consecutive months, suggesting a stable recovery in the Asian manufacturing sector [1] Group 2 - The Americas manufacturing PMI increased to 51.8%, up 3.9 percentage points from last month, ending a ten-month trend below 50%, driven primarily by the recovery in the manufacturing sectors of the United States and Canada [1] - The African manufacturing PMI fell to 49.6%, indicating a return to contraction, suggesting that the stability of the African manufacturing sector still needs improvement [1] - Analysts suggest that despite the rise in global manufacturing PMI, the overall global economic recovery remains slow, with no significant upward adjustments in growth forecasts from major international institutions [2]

Group 1 - The Asian manufacturing Purchasing Managers' Index (PMI) for January 2026 is reported at 51%, a slight decrease of 0.1 percentage points from the previous month, marking nine consecutive months above 50% [1] - China's manufacturing PMI has dropped below 50%, while India's PMI remains above 55%. ASEAN countries such as Thailand, Indonesia, Vietnam, and the Philippines have PMIs above 52%, and Malaysia, Singapore, and Myanmar are at or above 50% [1] - The overall index indicates that Asian manufacturing continues to remain in the expansion zone, with a stable recovery expected to play a significant role in global economic growth in 2026 [1] Group 2 - The International Monetary Fund (IMF) predicts that emerging markets and developing economies will continue to be the main engines of global economic growth, with growth rates expected to remain above 4.0% from 2026 to 2027 [1] - The Asian Development Bank forecasts a 4.6% economic growth rate for developing economies in the Asia-Pacific region in 2026 [1] - Asian countries are enhancing their economic recovery through strengthening endogenous growth drivers, deepening regional cooperation, and increasing supply chain resilience [1] Group 3 - The global manufacturing PMI for January is reported at 51%, an increase of 1.5 percentage points from the previous month [2]