中信证券：继续看好肉牛原奶周期共振，龙头牧业企业利润改善可期

Core Viewpoint - The significant reduction in breeding cows since 2024 has led to a shortage in cattle supply, which is the main driver behind the recent increase in beef prices [1] Group 1: Cattle Supply and Price Trends - Since the second quarter, there has been a noticeable upward trend in live cattle prices [1] - The report anticipates a decline in domestic beef supply by 2026, suggesting that beef prices still have room to rise [1] Group 2: Industry Outlook - The report maintains a positive outlook on the resonance between beef and raw milk cycles, indicating potential profit improvements for leading livestock companies [1]