能繁母猪加速去化，关注生猪养殖左侧布局机会

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that the national breeding sow inventory has fallen below 40 million heads as of the end of October, indicating a significant adjustment in the pig farming sector [4] - The report notes a continuous decline in pig prices, with the average price dropping to 11.6 yuan/kg by November 24, down from 12.25 yuan/kg at the end of September, leading to widespread losses among farming enterprises [4] - The report suggests that the industry may enter a period of accelerated capacity reduction due to policy adjustments and ongoing losses, presenting potential investment opportunities in the pig farming sector [4] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown a relative return of 0.83% and an absolute return of 15.89% [2] Key Events and Data - The report mentions that the breeding sow inventory decreased by 0.8% in October, marking a continuous decline for two months [4] - The average price of three-way piglets reached a new low of 24.14 yuan/kg as of November 20, indicating a pessimistic outlook for prices in 2026 [4] Investment Recommendations - The report recommends a left-side layout in the pig farming sector, focusing on leading companies such as Muyuan Foods, DeKang Agriculture (Hong Kong), Wens Foodstuff Group, and Shennong Group, while also considering investment opportunities in the fishery sector [4]