农林牧渔行业点评：生猪养殖板块跟踪

Investment Rating - The industry investment rating is "Recommended" [2][7]. Core Insights - The pig price is expected to stabilize above 9 yuan per jin for a period [2]. - The total cost of pig farming (excluding dead pigs and financial costs) is approximately 13 yuan per kilogram, with weaned piglet costs ranging from 350 to 400 yuan per head. This year, the feed cost has decreased by about 1.5 to 2 yuan per kilogram compared to last year [2]. - There is a lack of confidence in the market due to unprofitability in recent years, leading to fewer farmers replenishing sows and weaned piglets. Only older farmers are still purchasing piglets, while the lower feed prices this year have made secondary fattening more profitable [2]. - The number of pigs sold by local smallholders has significantly decreased compared to previous years [2]. - The scale of secondary fattening is expected to remain stable, with no significant changes anticipated compared to earlier in the year [2]. - The report suggests that the actual capacity expansion is still limited, and the industry's prosperity may continue or exceed expectations. In a weak consumer environment, the pig farming sector has relative performance certainty, and valuations remain low, thus continuing to recommend opportunities in the pig farming sector [2].