Group 1 - The fluctuation in raw milk prices significantly impacts the fair value of dairy cows, with rising milk prices leading to an upward adjustment in fair value, thereby increasing the apparent performance elasticity of dairy farming companies [1] - Current capacity reduction is expected to accelerate, indicating that the turning point in the raw milk cycle is approaching [1] - The recovery in beef prices, resulting from previous capacity reductions, may also enhance the performance elasticity of dairy farming companies [1] Group 2 - The Livestock ETF (159865) tracks the CSI Livestock Index (930707), which selects listed companies involved in livestock farming, feed production, and veterinary medicine to reflect the overall performance of the livestock farming industry chain [1] - The constituent stocks of the index cover major enterprises in both upstream and downstream sectors of the livestock industry, demonstrating strong industry representation [1] - Investors without stock accounts can consider the Guotai CSI Livestock Farming ETF Connect A (012724) and Guotai CSI Livestock Farming ETF Connect C (012725) [1]