上市猪企销售月报总结：顺势出栏，产能继续缓增

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [7] Core Viewpoints - The report highlights a cautious market expectation with slow capacity growth, indicating that the industry is still profitable but companies are hesitant to increase production due to concerns over future pig prices and potential diseases [10][33] - The report suggests that the current low valuation of the industry presents a good investment opportunity, particularly for companies with cost advantages and strong growth potential [11][33] Summary by Sections 1. Volume: Increase in Slaughter - In October, 17 listed pig companies collectively slaughtered 13.239 million pigs, a month-on-month increase of 6.2% and a year-on-year increase of 4.3% [9][23] - The total slaughter for the first ten months reached 126 million pigs, with a year-on-year growth of 2.0% [23] 2. Price: Continued Decline - The average price for October was 17.64 yuan per kilogram, a month-on-month decrease of 6.84% but a year-on-year increase of 17.02% [27] - The report notes that while prices are declining, the rate of decline is slow due to limited supply increases and strong resistance to low prices from producers [27] 3. Weight: Increase Followed by Decrease - The average slaughter weight in October was 117.4 kg per head, a decrease of 1.27% month-on-month [30] - The report indicates that while weights initially increased due to favorable conditions, expectations of weaker market conditions led to a decrease in slaughter weights later in the month [30] 4. Investment Recommendations - The report recommends focusing on companies with strong cost advantages and high slaughter completion rates, suggesting specific companies such as Muyuan Foods and Wens Foodstuffs [11][33] - It also highlights smaller companies with faster growth and greater cost reduction potential, recommending companies like Juxing Agriculture and Huadong Animal Husbandry [11][33]