
Group 1 - The core viewpoint indicates that while pig prices are seasonally declining, they are performing better than market expectations due to reduced supply pressure and price differentials in the industry [1][3] - In February, the national breeding sow capacity increased slightly by 0.1% month-on-month, suggesting a weak de-capacity trend in the medium term [1][3] - The industry is still in a capacity release phase, with a notable increase in the number of pigs slaughtered, reaching 7.32 million heads in February, a year-on-year increase of 36% [2] Group 2 - The average slaughter weight of pigs has slightly increased, with major listed companies reporting weights of 121 kg and 132 kg, reflecting a marginal rise [2] - The overall profitability in pig farming is narrowing due to rising feed prices, particularly for soybean meal and corn, which have led to a rebound in feed costs [1][3] - The investment outlook suggests that high-quality pig companies may achieve considerable profits and continue to repair their balance sheets, despite the overall pressure on pig prices in the first half of the year [3]