猪价低迷底部未明，上市猪企集体补充流动资金

Core Viewpoint - The pig farming industry is facing significant financial pressure due to prolonged low prices, leading to a collective action among listed pig companies to supplement their cash flow by reallocating funds from previously planned projects [1][2][3]. Industry Overview - The main pig futures contract hit a new low of 11,440 yuan/ton, marking a 17.76% decline over the past three months, reflecting a pessimistic market sentiment [1]. - The current supply-demand dynamics in the pig industry remain loose, with no fundamental changes expected, and the anticipated year-end price rebound may not materialize until the second half of 2026 [1][5]. Company Actions - Companies like Tangrenshen and Yisheng shares have announced reallocations of funds from their projects to bolster liquidity, with Tangrenshen repurposing 78.96 million yuan for this purpose [2][3]. - Tangrenshen's financial performance has been adversely affected, reporting a revenue increase of 8.87% to 18.586 billion yuan but a net loss of 365 million yuan, with a debt ratio reaching a historical high of 65.51% [2][3]. Market Conditions - The pig price has been on a downward trend, with the average price dropping to 11.69 yuan/kg, a year-on-year decrease of 28.15%, indicating an oversupply in the market [5][6]. - Despite expectations for a seasonal demand increase, the actual market response has been weak, with the anticipated "腌腊行情" (cured meat demand) failing to significantly uplift prices [5][6]. Future Outlook - Analysts predict that the pig price will continue to fluctuate downward in the short to medium term, with a potential turning point not expected until the second half of 2026 as the industry undergoes necessary capacity adjustments [6].