中信证券：继续看好肉牛原奶周期共振

Core Viewpoint - The report from CITIC Securities indicates that since the third quarter, the reduction in dairy cow production due to heat stress, combined with the recovery in demand for the Double Festival stocking, has led to a seasonal easing of supply-demand conflicts. Although short-term de-stocking in the livestock industry has slowed, the long-term reversal logic remains intact [1] Group 1: Dairy and Beef Cattle Market - Since the second quarter, beef cattle prices have been continuously rising, and the impact of the reduction in breeding cows is expected to be evident starting in 2024 [1] - It is anticipated that by 2026, there will be downward pressure on the supply side of beef cattle, suggesting that live cattle prices still have upward potential [1] Group 2: Industry Recommendations - The report maintains a positive outlook on the resonance between beef cattle and raw milk cycles, recommending leading livestock farming companies and full industry chain leaders with high raw milk self-sufficiency rates [1]