生猪养殖行业深度报告：关注产能去化，布局盈利拐点

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for the long-term growth potential of China's pig farming sector [3][50]. Core Insights - China is the world's largest producer and consumer of pigs and pork, with a projected pig production of 705 million heads in 2025, accounting for 54.7% of global production [3][12]. - The report forecasts a gradual decline in pig supply in 2026, driven by a reduction in the breeding sow population, which is currently at a historically high level [3][32]. - The profitability of pig farming is expected to gradually improve as pig prices rebound and feed costs remain low [3][47][48]. Summary by Sections 1. China's Position in the Global Pork Market - China leads the world in both pig and pork production, with 2025 projections indicating a pork production of 57 million tons, representing 48.9% of global output [3][12]. - The country has a low reliance on pork imports, with an expected import volume of 1.3 million tons in 2025, only 2.2% of its total consumption [3][27]. 2. Breeding Sow Capacity and Supply Outlook - The breeding sow population is undergoing a gradual reduction, with a current stock of 39.57 million heads, down 3.01% from the previous year [3][32]. - The report anticipates a gradual decline in pig supply in 2026, which may lead to a recovery in pig prices [3][34]. 3. Industry Scale and Growth Potential - The scale of pig farming in China is increasing, with over 70% of production now coming from large-scale farms [3][50]. - The top 26 enterprises accounted for approximately 33% of total pig output in 2024, indicating a significant concentration in the industry [3][50]. 4. Investment Recommendations - The report highlights leading companies with cost and scale advantages, such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe, as potential investment opportunities [3][50].