1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The US-Iran situation is gradually becoming clear, and the time of the most intense war has passed, but the subsequent long - tail effect still needs attention. The rebound of global risk assets has driven the repair of stock index futures, and the long - position strategy of stock index futures can gradually increase positions [21]. - If the war can end quickly, the negative impact on the bond market from inflation will be significantly weakened, and there are not many negative factors in March, while negative factors will gradually accumulate in Q2 [25][26]. - The US private credit market may face a liquidity shock, and the US dollar index will maintain a volatile trend in the short term [15][16]. - The US stock market is under downward pressure due to the uncertainty in the Strait of Hormuz and concerns about stagflation, and it is expected to operate weakly in a volatile manner in the short term [19]. - The prices of various commodities are affected by multiple factors, including geopolitical situations, supply - demand relationships, and policy changes. Different commodities have different investment suggestions, such as paying attention to buying opportunities on dips for some commodities and maintaining a wait - and - see attitude for others [22][26][35] 3. Summary According to Relevant Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - US existing - home sales in February 2026 were 4.09 million units, with a month - on - month increase of 1.7%. Trump signaled a willingness to end the war, but the situation in the Middle East remains uncertain. The short - term trend of precious metals is volatile, and the Middle East situation disturbs the market [10][11][12]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - A credit fund with an asset size of $33 billion is facing a redemption of over 7%. The US private credit market may face a liquidity shock, and the US dollar index will maintain a volatile trend in the short term [13][15][16]. 3.1.3 Macro Strategy (US Stock Index Futures) - The conflict between the US, Israel, and Iran continues to escalate. The US Energy Information Administration has raised the forecast of US oil production next year. The short - term situation in the Strait of Hormuz is uncertain, the US stock market is facing downward pressure, and it is expected to operate weakly in a volatile manner in the short term, with a wait - and - see attitude recommended [17][18][19]. 3.1.4 Macro Strategy (Stock Index Futures) - The Shanghai Stock Exchange is researching and reserving a series of policies to support science and innovation. China's imports and exports in the first two months achieved good results. Trump said the war would end soon, driving the repair of the stock index. The long - position strategy of stock index futures can gradually increase positions [20][21][22]. 3.1.5 Macro Strategy (Treasury Bond Futures) - China's import and export data in the first two months exceeded expectations. The central bank conducted a 7 - day reverse repurchase operation of 39.5 billion yuan. If the war ends soon, there are not many negative factors for the bond market in March, while negative factors will gradually accumulate in Q2 [23][25][26]. 3.2 Commodity News and Comments 3.2.1 Black Metals (Coking Coal/Coke) - The Mongolian imported coking coal market is running strongly, but the terminal's acceptance of high - priced coal is limited. With the weakening of crude oil trading sentiment, attention should be paid to downstream replenishment [27][28][29]. 3.2.2 Black Metals (Rebar/Hot - Rolled Coil) - China's automobile exports increased in the first two months, while steel exports decreased. The steel price may be in a volatile pattern in the short term, and a volatile thinking is recommended [30][31][32]. 3.2.3 Agricultural Products (Soybean Meal) - China's soybean imports in the first two months decreased slightly. The USDA report only slightly adjusted the global soybean supply and demand. The short - term trend of soybean meal may be strongly volatile, but its supply - demand fundamentals are weak, and blind chasing of the rise is not recommended [33][34][35]. 3.2.4 Agricultural Products (Corn) - The US corn exports to China were zero in a certain week. The supply and demand of corn are in a multi - factor game situation. In the short term, the market is volatile, and in the medium and long term, the price is expected to stabilize and rebound [36][37][38]. 3.2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil exports increased in the first 10 days of March, and the inventory decreased in February. The short - term market is affected by the Iranian situation, and attention should be paid to the export recovery of Malaysian palm oil and Indonesia's biodiesel policy [39][40][42]. 3.2.6 Agricultural Products (Sugar) - India's sugar production in a certain state increased, and Brazil's sugar exports decreased in the first week of March. The market's expectation of global sugar supply surplus has decreased, and the short - term trend of Zhengzhou sugar is expected to be volatile at a low level [43][44][46]. 3.2.7 Agricultural Products (Pigs) - The sales volume of some pig companies increased in February, while the sales revenue of some decreased. The pig market is under pressure in the short term, and it is recommended to short the near - month contract on rebounds and pay attention to reverse arbitrage opportunities in the long term [47][48][49]. 3.2.8 Non - Ferrous Metals (Lithium Carbonate) - The Guangzhou Futures Exchange issued an announcement on the lithium carbonate futures contract. A trading company signed a lithium purchase agreement. The short - term demand for lithium carbonate is supported, and attention should be paid to buying opportunities on dips [50][51][53]. 3.2.9 Non - Ferrous Metals (Platinum) - The price of platinum rebounded slightly, and the price of palladium was mainly volatile. The short - term trend of platinum and palladium is expected to be volatile, and it is recommended to wait and see in the short term and pay attention to the opportunity of going long on platinum and shorting on palladium in the medium term [54][55]. 3.2.10 Non - Ferrous Metals (Lead) - The price of lead is expected to be volatile at a low level in the short term, and attention should be paid to buying opportunities on pullbacks [56][57][58]. 3.2.11 Non - Ferrous Metals (Zinc) - The price of zinc is running cautiously, and it is recommended to wait and see in the short term and maintain the idea of positive arbitrage between domestic and foreign markets in the medium term [59][60]. 3.2.12 Non - Ferrous Metals (Copper) - China's copper imports showed different trends in the first two months. Mongolia is seeking to renegotiate the copper mine contract. The short - term trend of copper is expected to bottom out and rebound, and it is recommended to pay attention to buying opportunities on dips and positive arbitrage between domestic and foreign markets [61][63][65]. 3.2.13 Non - Ferrous Metals (Tin) - The short - term supply - demand pattern of tin is weak, and it is expected to operate in a wide - range volatile manner, with limited downward space [66][67][68]. 3.2.14 Energy Chemicals (Crude Oil) - The EIA maintained the forecast of US crude oil production in 2026. An oil refinery in the UAE was attacked. The risk premium of oil prices has declined, and the market has returned to pricing the short - term blockade of the Strait of Hormuz [69][70][71]. 3.2.15 Energy Chemicals (Liquefied Petroleum Gas) - The price of LPG is expected to fluctuate widely due to the impact of the Iranian situation and supply reduction [72][73]. 3.2.16 Energy Chemicals (Carbon Emissions) - The price of CEA is expected to fluctuate in a narrow range, and enterprises with demand can consider buying on dips [73][74][75]. 3.2.17 Shipping Index (Container Freight Rates) - The transportation department约谈ed shipping companies. The European line futures are mainly in a wide - range volatile pattern, and it is expected to maintain a high - level volatile pattern in the short term. Attention should be paid to the price adjustment of high - price shipping companies in late March [76][77][78].

Company Overview - Shenzhou Mosang High-Tech Co., Ltd. (referred to as "Mosang High-Tech") was established on December 29, 2015, with a registered capital of 151.276862 million yuan [1] - The company is the first in China to achieve industrialized sericulture using all-age artificial feed [2] - The major shareholder is Shenzhou Babei Tie Co., Ltd., holding 35.02% of the shares [1] Shareholding Structure - The actual controllers of the company are Jin Yao and Jin Qi, who control 53.49% of the shares through Shenzhou Babei and Shenshang Enterprise Management [2] - Jin Yao directly holds 0.13% of the shares, while his son Jin Feng controls an additional 2.64% through Sangzi Investment, bringing the total family control to 56.27% [2] - Jin Yao serves as the Chairman and CEO, while Jin Feng is the Vice Chairman [2][3] Financial Performance - The company's revenue for 2023, 2024, and the first four months of 2025 was 1.014 billion yuan, 1.445 billion yuan, and 534 million yuan, respectively [6] - Net profits for the same periods were 89.1611 million yuan, 200 million yuan, and 77.9171 million yuan [6] - The gross profit margins for these years were 21.66%, 22.14%, and 22.40% [6] IPO Plans - Mosang High-Tech has completed the IPO counseling record with the Zhejiang Securities Regulatory Bureau and plans to list on the Beijing Stock Exchange [1]

Core Insights - The significance of agriculture extends beyond land and food, encompassing civilization and peace, as highlighted by Thomas Pavy, a representative from the French National Agency for Agriculture and Seafood Products [1] - The 62nd International Agricultural Show in Paris emphasized the importance of cultural exchange through food, with China showcasing its culinary heritage [1] - Pavy noted the cultural similarities between France and China, particularly in agriculture and food traditions, which serve as a vital connection between the two nations [1] Group 1 - France is known as the "country of ham," which has been influenced by Chinese genetics, leading to the development of new pig breeds that combine the strengths of both countries [2] - The improved French pig breeds are exported to China, contributing to the local livestock industry's upgrade and creating a positive feedback loop [2] - A significant portion of fish and shrimp products in France comes from China, indicating a deep integration of agricultural structures between the two countries [2] Group 2 - The strategic importance of agricultural cooperation is underscored by challenges such as climate change, environmental pressures, and geopolitical uncertainties [2] - China is recognized for its advancements in agricultural robotics, while France is promoting precision agriculture, suggesting potential for enhanced technical collaboration [2] - Pavy emphasized that trade should be viewed as a bridge for peace rather than a tool for conflict, advocating for continued cooperation between France and China [2]

Core Insights - The article highlights the successful implementation of rural revitalization strategies in Qilian County, focusing on ecological tourism and diversified industrial development [1][2] Group 1: Rural Development Initiatives - Qilian County has deployed 23 village work teams to cover 18 poverty alleviation villages and 5 key rural revitalization villages, aiming to transform traditional views and explore diversified industrial paths [1] - A systematic work chain has been established to ensure the effectiveness of village cadres, including training programs and strict work discipline [1] Group 2: Economic and Employment Impact - The county has opened 38 pastoral family hotels, significantly boosting employment and tourism consumption [2] - Over the year, work teams have visited more than 28,000 households, addressing 422 practical difficulties related to healthcare, employment, and education [2] Group 3: Ecological and Brand Development - The "Party branch + ecological cooperative + herdsman" model has been adopted to manage grasslands and promote tourism services while enhancing the livestock industry [1] - Qilian County has certified 9 national special agricultural products, aiming for collective economic income to exceed 300 million yuan by 2025 [1]

1. Report Industry Investment Ratings - **Macro - finance**: Bullish on stock indices in the medium - to - long - term with a strategy of buying on dips; expect government bonds to move in a range [1][6] - **Black building materials**: Short - term trading for coking coal, range trading for rebar, buying on dips for glass [1][6] - **Non - ferrous metals**: General traders are advised to reduce trading positions before the holiday, while hedgers are recommended to increase hedging coverage for copper; strengthen observation for aluminum; wait - and - see for nickel; range trading for tin, gold, and silver; expect lithium carbonate to move in a range [1][10] - **Energy and chemicals**: Range trading for PVC, styrene, rubber, urea, and methanol; temporary wait - and - see for caustic soda and soda ash; expect polyolefins to be weakly volatile [1][20] - **Cotton textile industry chain**: Expect cotton and cotton yarn to adjust in a range, apples and jujubes to move in a range [1][29] - **Agriculture and animal husbandry**: Short - term supply - demand game for hogs, with a strategy of selling on rallies for off - season contracts; sell on rallies for hedging post - festival contracts of eggs; short - term cautious about chasing high prices for corn, and grain holders can wait for rallies to sell for hedging; expect soybean meal to be mainly volatile in the short term, with the M2603 contract paying attention to the performance at the 3030 level; expect oils and fats to be volatile at high levels in the short term, and recommend buying on pullbacks [1][31] 2. Core Views of the Report - The report provides trading suggestions for various futures products based on their fundamentals, market sentiment, and macro - economic factors. It takes into account factors such as supply and demand, cost, inventory, and policy to analyze the price trends of different commodities and gives corresponding investment strategies [1][6] 3. Summary by Relevant Catalogs Macro - finance - **Stock indices**: Bullish in the medium - to - long - term, expected to be volatile and stronger. Overseas rebounds and reduced liquidity shock disturbances may drive stock indices to move in this way. It is recommended to buy on dips [1][6] - **Government bonds**: Expected to move in a range. Although institutions may have a demand to hold bonds during the holiday, the rebound of the TL2603 contract was blocked, and there are uncertainties after the holiday [6] Black building materials - **Double - coking coal**: Expected to move in a range, with short - term trading recommended. The coal market has short - term fluctuations, but the price increase is not sustainable due to weak demand and other factors [7][8] - **Rebar**: Expected to move in a range. The price is currently at a low static valuation, and the recent weakness is due to weakened cost support. It is recommended to trade with a light position before the holiday [8] - **Glass**: Expected to move in a range with a bullish bias. There are industry rumors, and although there is pressure above, the price is at a relatively low level again. It is recommended to buy on dips [9][10] Non - ferrous metals - **Copper**: Expected to be volatile at a high level. The recent sharp decline is due to macro - level panic. Although there are uncertainties, it may stabilize in a range after risk release. Traders are advised to reduce positions, and hedgers to increase coverage [11][12] - **Aluminum**: Expected to be volatile at a high level. Supply is increasing, while demand is weakening. It is recommended to strengthen observation and reduce positions before the holiday [13] - **Nickel**: Expected to move in a range. Although there is positive news, the fundamentals are weak. It is recommended to wait and see [15] - **Tin**: Expected to move in a range. Supply is tight, and consumption is in a recovery stage. It is recommended to conduct range trading [16][17] - **Silver and gold**: Expected to move in a range. Affected by factors such as the nomination of the Fed chairman and economic data, the medium - term price center is rising. It is recommended to conduct range trading and pay attention to relevant economic data [17][18] - **Lithium carbonate**: Expected to move in a range. Supply and demand are both changing, and it is necessary to pay attention to the impact of mine - end disturbances [19] Energy and chemicals - **PVC**: Expected to be volatile at a low level in a wide range. The current supply - demand situation is weak, but there are opportunities for industrial upgrading in the long - term. It is recommended to be cautious about chasing high prices [21] - **Caustic soda**: Expected to be volatile at a low level. Demand is weak, and supply is under pressure. It is recommended to wait and see [22] - **Styrene**: Expected to move in a range. There is support for inventory reduction, but the valuation is high. It is recommended to be cautious about chasing high prices and pay attention to cost and supply - demand changes [23] - **Rubber**: Expected to move in a range. Supply is tightening, and demand is under pressure. It is recommended to conduct range trading [23] - **Urea**: Expected to move in a range. Supply is increasing, and demand is stable. It is recommended to pay attention to factors such as compound fertilizer production and export policies [24][25] - **Methanol**: Expected to move in a range. Supply is decreasing, and demand is weak. It is affected by geopolitical and port factors [25] - **Polyolefins**: Expected to be weakly volatile. Supply is high, and demand is weakening. It is recommended to sell on rallies and pay attention to downstream demand and inventory [26][28] - **Soda ash**: It is recommended to wait and see. Supply is expected to shrink, and there is cost support. The price may have limited downward space [28] Cotton textile industry chain - **Cotton and cotton yarn**: Expected to adjust in a range. Although there is short - term pressure, the long - term outlook is optimistic [29] - **Apples and jujubes**: Expected to move in a range. The market for apples in production areas is stable, and the price of jujubes is determined by quality [29][31] Agriculture and animal husbandry - **Hogs**: Expected to build a bottom in a range. In the short - term, there is a supply - demand game, and it is recommended to sell on rallies for off - season contracts. In the long - term, pay attention to capacity reduction [31] - **Eggs**: Expected to rebound from a low level. The supply is sufficient in the short - term, and the market will experience a grinding process in the long - term. It is recommended to be cautious about short - selling and consider hedging on rallies [33] - **Corn**: The price increase is limited. In the short - term, it is recommended to be cautious about chasing high prices, and grain holders can sell on rallies for hedging. In the long - term, the supply - demand pattern is relatively loose [34][35] - **Soybean meal**: Expected to be volatile at a low level. Pay attention to the support at 2700 yuan/ton for the M2605 contract, and it is recommended to short on rallies [35] - **Oils and fats**: Expected to be volatile at high levels. It is recommended to buy on pullbacks and pay attention to position risks before the holiday. Different oils have different performance characteristics [36][41]

Group 1: Market Overview - The market experienced significant fluctuations last week, particularly in precious metals, technology stocks, and US stocks [4] - The Hang Seng Tech Index has entered a technical bear market, with a decline of -21.56% from its recent high of 6715.46 points to a low of 5267.63 points [4] Group 2: Index Valuation - Major broad-based indices are generally at normal or higher valuation levels, with the Shanghai Composite Index and CSI 300 at below 50 degrees, indicating low relative valuation [7] - The Hang Seng Index (82.1 degrees), Sci-Tech 50 (82.2 degrees), and State-Owned Enterprises Index (82.7 degrees) are at higher valuation levels, suggesting caution in investment decisions [7] - The overall market represented by the CSI All A is at 62.3 degrees, indicating limited low-valuation opportunities [7] Group 3: Global Index Valuation - Compared to domestic indices, global broad-based indices are at higher valuation levels, with major indices in the US, UK, Germany, and Japan also showing elevated valuations [9] - The high valuations in global markets may lead to increased volatility with any external disturbances [9] Group 4: Dividend Indices - The CSI Dividend Index has a PE ratio around 10 and a dividend yield of 4.89%, which is historically low, indicating a need to wait for better opportunities [11] - The dividend yield of Hong Kong stocks remains higher than that of A-shares, influenced by market factors and tax considerations [12] Group 5: Strategy Indices - Among strategy indices, the Dividend Quality index is currently undervalued, while the 300 Value and 50 Fundamentals indices are relatively low [13] - The AH strategy, which involves arbitrage between A and H shares, is currently at a historically high valuation level [14] Group 6: Industry Indices - The pharmaceutical and consumer sectors are currently at lower valuation levels, with leading consumer indices still undervalued despite some recent rebounds [15] - The technology sector, represented by tech leaders and the All-Information Index, is at historically high valuation levels, driven by advancements in AI and cloud computing [18] Group 7: Other Indices - The agricultural sector, represented by indices like the CSI Livestock and CSI Agriculture, is at a low valuation level, reflecting its status as a "necessity consumer goods" sector [20] - The demand in the agricultural sector is relatively stable, which presents both advantages and limitations in terms of elasticity [21]

Core Viewpoint - The document outlines the importance of agricultural modernization and rural revitalization in China, emphasizing the need for comprehensive policies and actions to strengthen the agricultural sector and improve rural living conditions during the "15th Five-Year Plan" period [1][22]. Group 1: Agricultural Production and Quality Improvement - The grain production target is set to stabilize at approximately 1.4 trillion jin, with initiatives to enhance production capacity and quality through integrated actions [2][23]. - The "vegetable basket" industry will be improved by promoting a diversified food supply system and stabilizing livestock production, particularly in pork and dairy sectors [2][23]. - Measures will be taken to protect and enhance arable land quality, including strict management of land use and promoting high-standard farmland construction [3][24]. Group 2: Technological Innovation and Disaster Prevention - The document emphasizes the need for agricultural technology innovation, including the development of key agricultural technologies and the promotion of biotechnology [4][25]. - A robust agricultural disaster prevention and mitigation system will be established, focusing on monitoring and responding to extreme weather events [5][26]. Group 3: Support for Farmers and Employment - A systematic approach to regular assistance for farmers will be implemented, ensuring the stability of financial support and resources to prevent large-scale poverty [6][27]. - Employment support for farmers will be enhanced through organized labor output and job creation initiatives, particularly for migrant workers [7][32]. Group 4: Rural Infrastructure and Public Services - The document calls for the optimization of rural land use and infrastructure development to improve living conditions and public services in rural areas [8][34]. - Strengthening basic public services in rural areas, including education and healthcare, is highlighted as a priority to enhance the quality of life for rural residents [9][35]. Group 5: Ecological Protection and Cultural Development - There is a focus on ecological protection and the improvement of rural living environments, including waste management and pollution prevention [10][14]. - The promotion of cultural values and community engagement in rural areas is emphasized to foster a positive social atmosphere and enhance rural governance [11][15]. Group 6: Leadership and Governance - The document stresses the importance of strong leadership in rural revitalization efforts, with a focus on enhancing the capabilities of local governance structures [12][20]. - It advocates for innovative approaches to rural management and the integration of various resources to support agricultural and rural development [13][21].

Group 1 - The core point of the article is that Muyuan Foods Co., Ltd. has launched its H-share IPO, aiming to raise funds amid a challenging market environment for the pig farming industry [1] - Muyuan Foods plans to issue a total of 274 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international placement [1] - The IPO price is set at a maximum of 39 HKD per share, which represents a discount of approximately 25% compared to its A-share price of 46 RMB (about 51.67 HKD) [1] Group 2 - Muyuan Foods is the largest pig farming company globally, with an expected breeding capacity of 81 million pigs per year by the end of 2024 [1] - The company forecasts a net profit of 14.7 billion to 15.7 billion RMB for 2025, reflecting a decline of 12.20% to 17.79% year-on-year due to fluctuations in the pig market [4][6] - The average selling price of commercial pigs is expected to be around 13.5 RMB per kilogram in 2025, down approximately 17.3% compared to the previous year [4][6] Group 3 - The domestic supply of breeding sows remains high, coupled with improved industry biosecurity and production efficiency, leading to increased pig supply [7] - Despite a slight increase in pig prices in January 2026, the overall market remains under pressure, with expectations of price declines post-holiday [7] - Muyuan Foods aims to use approximately 10% of the net proceeds from the IPO, around 1.046 billion HKD, for working capital and general corporate purposes [7]

Core Viewpoint - The Guangdong Province has made significant advancements in agricultural technology during the "14th Five-Year Plan" period, focusing on nine key innovation areas to enhance high-quality agricultural development [3][4][5]. Group 1: Agricultural Technology Innovations - The Guangdong Seed Industry Expo showcased key progress in nine major agricultural technology innovation directions, including seed industry revitalization, disease prevention, smart equipment, processing value addition, and soil protection [2][3][4]. - The South American white shrimp breeding and industrialization project led by Sun Yat-sen University has established a genetic resource bank and developed two national approved shrimp varieties, resulting in over 200 billion shrimp larvae sold [8][10][11]. Group 2: Disease Prevention and Control - The new comprehensive disease prevention technology project, undertaken by the Guangdong Academy of Agricultural Sciences, has developed remote monitoring and early warning systems for major livestock diseases, along with six new diagnostic technologies and vaccines [17][19][20]. - The integrated technology system has been applied in core breeding and large-scale farming sites, achieving a contract value of 5.4 million yuan from two technology transfers [21]. Group 3: Smart Harvesting Technologies - The intelligent harvesting technology for Lingnan specialty fruits, led by Jiaying University, has developed various harvesting equipment and filed 39 invention patents, with contracts worth nearly 1 million yuan for the lychee harvesting robot [22][24][26]. Group 4: Functional Gene Exploration - The project on functional gene exploration and application for important crops has identified 25 new genes and created 41 new breeding materials, with over 50 published SCI papers [34][36][38]. Group 5: Soil Degradation Control - The soil degradation control technology project has developed 14 technologies and established demonstration projects covering over 10,000 acres, with a projected sales increase of 18.74 million yuan in 2024 [47][50][52]. Group 6: Carbon Neutrality Initiatives - The microbial group research and application technology for achieving "carbon peak" and "carbon neutrality" has led to a 14-53% reduction in greenhouse gas emissions and a 90% reduction in livestock waste odor [54][56][59].

Group 1 - In 2025, the average per capita consumption expenditure in Sichuan reached 26,073 yuan, with a nominal growth of 4.8% year-on-year, and a real growth of 5.1% after adjusting for price factors [1][8] - The per capita disposable income for residents was 36,120 yuan, showing a nominal increase of 5.2% and a real increase of 5.5% after accounting for inflation [1][8] - The cultural and entertainment consumption expenditure saw a significant increase of 12.6% compared to the previous year, indicating a strong willingness to spend in this sector [5][6] Group 2 - The Consumer Price Index (CPI) in Sichuan experienced a year-on-year decline of 0.3%, attributed to insufficient domestic consumption and price competition in certain industries [3][4] - The core CPI, which excludes volatile food and energy prices, increased by 0.5% year-on-year, suggesting a gradual recovery in internal demand [3][4] - Industrial consumer goods prices showed signs of recovery, with a year-on-year increase of 0.4%, marking the highest level in nearly 35 months [4] Group 3 - The agricultural sector reported stable growth, with total grain production reaching 36.625 million tons, an increase of 0.8% year-on-year [1][2] - The livestock industry remained stable, with a 1.6% year-on-year increase in the number of pigs slaughtered, and pork production rising by 4.7% [7][8] - The employment situation in urban areas was generally stable, with quarterly urban survey unemployment rates fluctuating around 5.1% to 5.4% throughout the year [7]