国泰海通｜农业：周期破晓见曦，成长擎画新篇——展望2026行业报告

Group 1: Swine and Cattle Farming - In 2026, swine prices are expected to remain low in the first half, leading to continued low profits in the industry [2] - The swine farming sector is undergoing capacity reduction driven by policy and cyclical adjustments, with a focus on companies that can improve costs and show growth potential [2] - The cattle farming cycle is long, and supply-side contraction is expected to drive price increases starting from 2025, as the output volume is projected to decline [4] Group 2: Poultry Farming - The white chicken industry is experiencing deep price declines, and it will take time for supply and demand to return to balance [3] - Yellow chicken prices may see slight recovery, with promotional activities for native breeds potentially boosting consumption [3] Group 3: Post-Farming Cycle - Feed sales are anticipated to grow, with an increase in industry concentration among leading companies [5] - The demand for animal health products may face pressure due to low profits in farming, but there is a focus on new product developments such as vaccines [5] Group 4: Planting Industry - Grain prices are expected to stabilize and trend upwards, emphasizing the importance of food security [6] - There is a focus on seed innovation and opportunities in specialty crops like blueberries and mushrooms [6] - The demand for plant extraction products is projected to grow due to the trend towards natural health [6] Group 5: Pet Industry - The pet market is experiencing robust growth, with pet owners showing a strong willingness to spend [7] - By 2025, the industry may face challenges in scaling revenue due to increased competition and marketing expenditures impacting short-term profit margins [7] - Companies that integrate production, sales, and research are rare and are expected to outperform in competitive scenarios, with attention on the growth of domestic brands and price increases [7]