智通财经网·2026-03-03 08:31Core Viewpoint - China Galaxy Securities emphasizes the dual strategy opportunities in the pig farming industry, predicting a year-on-year decline in pig prices for 2026, with potential rebounds during the year due to policy-driven capacity reduction and industry losses [1] Group 1: Pig Farming Industry - In January 2026, the Consumer Price Index (CPI) increased by 0.2% year-on-year, with food prices declining by 0.7%, and pork prices down by 13.7% year-on-year [1] - The pig price on February 11 was 12.75 yuan/kg, up 2.7% from the end of 2025, but the industry is facing losses, with self-breeding and external piglet farming profits at -159.65 yuan/head and 20.83 yuan/head respectively [3] - The number of breeding sows in China at the end of 2025 was 39.61 million, a decrease of 2.9% year-on-year, indicating potential accelerated capacity reduction in the industry due to ongoing losses [3] Group 2: Agricultural Index Performance - In February, the agricultural index underperformed the CSI 300, with a decline of 0.14%, while the breeding industry saw a relative increase of 1.02% [2] Group 3: Pet Food Industry - In December, China's pet food export value was 906 million yuan, down 2.91% year-on-year, with export volume increasing by 15.49% but average export price dropping by 15.93% [4] - For the year 2025, the total export value of pet food was 10.102 billion yuan, a decrease of 4.1% year-on-year, with export volume at 361,300 tons, an increase of 7.8%, and average export price down by 11% [4]