生猪高质量发展大会召开，哪些重点信号？

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [6] Core Insights - The report emphasizes the implementation of policies to control production capacity and reduce the number of breeding sows, aiming for high-quality development in the pig farming industry. This includes reducing the weight of pigs at slaughter and controlling new production capacity to stabilize profits [2][3]. - The report expresses a bearish outlook on recent farming profits due to high inventory levels and low demand, predicting a significant probability of unexpected price declines for pigs. The current average slaughter weight is 128.83 kg, which is among the lowest since 2021, indicating a potential oversupply situation [3]. - The report highlights potential investment opportunities in the sector, suggesting that the industry may enter a new phase of de-stocking, which could lead to a recovery in profit expectations for pig farming companies. Key companies to watch include leading firms such as Wens Foodstuff Group and Muyuan Foods, along with other flexible targets like Shennong Group and Dekang Agriculture [4]. Summary by Sections - Policy Implementation: The meeting on July 23 emphasized strict control over new production capacity and a reduction in the number of breeding sows to address the current high production levels and price volatility in the pig farming industry [2]. - Profit Outlook: The report indicates that the high inventory and low demand environment could lead to a significant drop in pig prices, with the current slaughter weight being notably high. The report also notes rising feed costs due to a rebound in corn prices and increased disease interference [3]. - Investment Opportunities: The report suggests that the combination of price declines and policy-driven reductions in sow numbers may lead to a new de-stocking cycle, presenting potential recovery in profitability for key players in the industry [4].