生猪养殖行业月度跟踪：农林牧渔行业：11月猪价先跌后涨，产能维持微增

Investment Rating - The report maintains a "Positive" investment rating for the agriculture, forestry, animal husbandry, and fishery industry [2][12]. Core Viewpoints - In November, pig prices initially fell before rebounding, with production capacity showing a slight increase. The average prices for piglets, live pigs, and pork were 34.42 CNY/kg, 17.33 CNY/kg, and 28.69 CNY/kg respectively, with year-on-year changes of 41.98%, 14.72%, and 14.93% [11][26]. - The supply side is characterized by increased market supply due to higher slaughter rates and improved market conditions, while the demand side saw slight improvements due to seasonal consumption patterns [29][33]. - The report anticipates a potential rebound in pig prices before the Spring Festival, although the extent of this rebound is expected to be limited [12][33]. Summary by Sections Industry Overview - The industry consists of 100 listed companies, with a total market value of 132.63 billion CNY and a circulating market value of 100.56 billion CNY. The average price-to-earnings ratio stands at 31.38 [5][6][8]. Supply and Demand Analysis - In November, pig prices experienced a downward trend in early November due to increased supply, followed by a rebound in late November driven by seasonal demand for cured meats. The slaughtering rate increased by 1.64 percentage points to 29.64% [11][29]. - The number of breeding sows showed a slight increase, with a total of 40.73 million sows reported in October, reflecting a 0.30% month-on-month increase [12][33]. Sales Data - In November, the average sales prices for major pig farming companies decreased, with Muyuan, Wens Foodstuffs, and New Hope reporting average sales prices of 16.22 CNY/kg, 16.71 CNY/kg, and 16.49 CNY/kg respectively, reflecting declines of 5.53%, 5.27%, and 5.07% month-on-month [39][41]. - The total number of pigs slaughtered by 17 listed companies in November was 14.21 million, a slight increase of 0.38% month-on-month and a 3.58% increase year-on-year [41][44]. Future Outlook - The report suggests that the profitability of breeding companies is expected to remain robust in 2024, particularly for leading companies with cost advantages. The industry is anticipated to undergo valuation recovery as consumption-boosting policies are implemented [12][33].