Group 1 - The core viewpoint indicates that the livestock industry is entering a profit cycle starting from Q2 2024, but the average debt reduction rate suggests that the industry still has a long way to go in terms of reducing liabilities [1] - Current market expectations regarding the recovery of hog production capacity may be overly pessimistic, potentially overlooking the positive impacts of declining raw material costs and the potential rebound in macro demand in 2025 [1] - The ongoing profitability period in the hog farming industry may last longer than the market's pessimistic expectations [1] Group 2 - The livestock sector is gradually entering a configuration range, with attention on the marginal changes in the livestock ETF (159865) [2] - For investors without stock accounts, alternative options include the Guotai Zhongzheng Livestock Farming ETF Link A (012724) and Link C (012725) [2]