智通财经网·2025-12-30 01:25Core Viewpoint - The report from China Galaxy Securities emphasizes the dual opportunities in the pig farming industry, highlighting the importance of breeding sows and farming efficiency, with expectations of a price decline in 2026 but potential rebounds in between [1] Group 1: Pig Farming Industry - In December 2025, the pig price was 11.81 yuan/kg, down 27.4% from the end of 2024 [3] - The breeding profit for self-bred and purchased piglets was -130 yuan/head and -163 yuan/head respectively, indicating ongoing industry losses that may accelerate capacity reduction [3] - As of the end of October, the number of breeding sows was 39.9 million, a decrease of 1.1% month-on-month [3] - The annual average pig price is expected to decline year-on-year, with variations based on the performance of leading pig companies in cost optimization [3] - The report suggests focusing on leading companies with strong cost control, healthy financials, and reasonable valuations [3] Group 2: Agricultural Index Performance - In December, the agricultural index underperformed the CSI 300, with a decline of 0.95% compared to a 2.56% increase in the CSI 300 [2] - Among sub-industry indices, animal health showed a relative increase of 5.35%, while aquaculture and farming sectors declined by 2.01% and 3.81% respectively [2] Group 3: Pet Food Industry - In November, China's pet food export value was 838 million yuan, down 3.81% year-on-year, with export volume at 33,400 tons, up 11.23% [4] - The average export price was 25.08 yuan/kg, marking a year-on-year decrease of 13.51% [4] - Cumulatively from January to November, the export value was 9.196 billion yuan, down 4.18%, with a total export volume of 323,600 tons, up 6.96% [4] - The average export price for the same period was 28.42 yuan/kg, down 10.41% year-on-year [4]