中信证券：畜禽行业静待价格拐点，菌菇行业处于景气高位

Core Viewpoint - In 2025, livestock and poultry prices are expected to experience a downward fluctuation, putting pressure on the performance of most companies in the sector, while leading companies will continue to strengthen their competitive advantages [1] Group 1: Livestock and Poultry Sector - The report indicates that the leading companies in the livestock and poultry sector will maintain their competitive advantages as prices decline [1] - It is anticipated that pig prices will continue to bottom out, with ongoing capacity reduction expected to lead to a recovery in the second half of 2026 and into 2027 [1] - The chicken industry is advised to monitor the progress of avian influenza overseas and the recovery of consumer demand [1] Group 2: Recommendations - The report recommends focusing on leading companies with strong cost capabilities in the livestock and poultry sector [1] - In the post-cycle area, companies with strong operational capabilities that can withstand economic cycles are highlighted for investment [1] - Attention is also drawn to the mushroom industry, particularly regarding production cuts and high market conditions [1]