1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The current pig market is in a situation of loose supply and demand, with pig prices fluctuating narrowly within a range. The overall supply - side pressure remains high, the progress of capacity reduction is slow, and the pattern of weak supply and demand remains unchanged, so pig prices lack the driving force for continuous upward movement. After a phased rebound, pig prices are expected to continue to be weakly adjusted. The industry is in a key game period between short - term price pressure and long - term capacity clearance, and the long - term supply pressure is difficult to fundamentally ease. The domestic total pork consumption shows a steady downward trend, and the short - term spot market of live pigs may continue to be weakly volatile, while the futures market will decline weakly to repair the basis [10][13]. 3. Summary According to Different Catalogs 3.1 Weekly Views and Strategies 3.1.1 Fundamental Views - Spot: The weekly average price of live pig spot was 11.44 yuan/kg, a week - on - week decrease of 0.02 yuan/kg, a month - on - month decrease of 0.17%, and a year - on - year decrease of 25.67%. The demand for curing and pickling has increased, but the slaughter volume of slaughtering enterprises has not increased significantly, and the overall demand pull is limited. Although the scale enterprises' slaughter rhythm is normal, the market sentiment of bullishness has increased, and a small amount of second - fattening has entered the market, supporting the phased rebound of prices. However, the overall supply - side pressure remains high, the progress of capacity reduction is slow, and the pattern of weak supply and demand remains unchanged [10][22]. - Capacity: In October 2025, the inventory of fertile sows was 39.9 million, a month - on - month decrease of 1.1%, falling below 40 million again. Although the capacity regulation has achieved initial results, the inventory of fertile sows is still in the green and reasonable area of capacity regulation, which does not mean the start of a new cycle of soaring pig prices. The production efficiency of the pig - breeding industry has increased significantly, and the cycle of capacity reduction has been continuously lengthened. It is expected that the lowest price point of this cycle will be in the first quarter of 2026 [10]. 3.1.2 Strategy Views and Outlook - Outlook: The industry is in a key game period between short - term price pressure and long - term capacity clearance. The supply of commercial pigs is expected to continue to grow until the first half of 2026, and the long - term supply pressure is difficult to fundamentally ease. The domestic total pork consumption shows a steady downward trend. The short - term spot market of live pigs may continue to be weakly volatile, and the futures market will decline weakly to repair the basis. Although the traditional consumption demand in winter may boost the market, it is difficult to change the pattern of supply growth exceeding demand growth. In December, scale enterprises may accelerate the slaughter, increasing the supply pressure [13]. - Strategy: The pattern of strong supply and weak demand in the national live pig market is difficult to reverse in the short term. The main contract will fluctuate widely at a low level, with a reference range of 11,000 - 12,000. For options, out - of - the - money put options can be sold [13]. 3.2 Futures and Spot Market - Spot price: The weekly average price of live pig spot was 11.44 yuan/kg, a week - on - week decrease of 0.02 yuan/kg, a month - on - month decrease of 0.17%, and a year - on - year decrease of 25.67%. The demand for curing and pickling has increased, but the slaughter volume of slaughtering enterprises has not increased significantly. The supply - side pressure remains high, and the pattern of weak supply and demand remains unchanged [22]. - Spot - futures basis: Not specifically analyzed in detail in the content - Futures spread: Not specifically analyzed in detail in the content - Standard - fat price: The standard - fat spread this week was - 0.61 yuan/kg, widening by 0.13 yuan/kg compared with last week, mainly due to the strengthening of the fat pig price dominated by seasonal demand [40]. - Piglet and binary sow price: The weekly average price of 7 - kg piglets nationwide this week was 217.38 yuan/head, a week - on - week decrease of 1.19 yuan/head, a month - on - month decrease of 0.54%, and a year - on - year decrease of 40.87%. The current national piglet profit is about a loss of 50 yuan/head [45]. - Culled sow price: The price of culled sows still sells at a 60% - 80% discount. It follows the narrow - range adjustment of live pig prices. It is expected that the price of culled sows of multiple parities may fluctuate and adjust [48]. 3.3 Capacity - Inventory of fertile sows: In October 2025, the inventory of fertile sows was 39.9 million, a month - on - month decrease of 1.1%. According to the statistics of 208 fixed - point sample enterprises by Mysteel Agricultural Products, in November, the inventory of fertile sows in 123 large - scale farms was 5.0294 million, a month - on - month decrease of 0.37% and a year - on - year increase of 0.07%; in 85 small and medium - sized farms, the inventory was 169,680, a month - on - month decrease of 0.78% and a year - on - year increase of 0.78%. It is expected that the inventory of fertile sows in China may still slightly decrease in December [53][57]. - Culling volume of fertile sows: In November, the culling volume of fertile sows in 123 large - scale farms was 112,378, a month - on - month increase of 5.05% and a year - on - year increase of 14.63%; in 85 small and medium - sized farms, the culling volume was 11,605, a month - on - month increase of 1.38% and a year - on - year increase of 29.36%. It is expected that the culling of fertile sows may still increase in December [60]. 3.4 Supply Side - Inventory of commercial pigs: In November, the inventory of commercial pigs in 123 large - scale farms was 37.0059 million, a month - on - month increase of 0.32% and a year - on - year increase of 5.28%; in 85 small and medium - sized farms, the inventory was 1.5573 million, a month - on - month decrease of 0.07% and a year - on - year increase of 6.94%. It is expected that the inventory of commercial pigs may increase month - on - month in December [68]. - Slaughter volume of commercial pigs: In November, the slaughter volume of commercial pigs in 123 large - scale farms was 11.3649 million, a month - on - month decrease of 0.65% and a year - on - year increase of 15.59%; in 85 small and medium - sized farms, the slaughter volume was 515,100, a month - on - month decrease of 2.03% and a year - on - year increase of 29.75%. It is expected that the slaughter volume of the breeding end may still increase in December [71]. - Slaughter average weight of commercial pigs: As the standard - fat spread widened this week, farmers' intention to slaughter standard pigs decreased, and the proportion of large - pig supply increased, but the overall slaughter volume was limited. The average weight of large - scale farms decreased slightly [78]. 3.5 Demand Side - Slaughter volume of live pigs: In December 2025, as the peak season of curing and pickling approached, the temperature in the northern region began to drop, and the white - strip price was running at a relatively low level during the year. The terminal sales improved slightly, and the slaughter volume of slaughtering enterprises increased slightly, with an expected increase of 20% [83]. - Cold storage capacity rate of slaughtering enterprises: The cold storage capacity rate was about 18.31%. The consumption improved month - on - month, but slaughtering enterprises faced difficulties in destocking frozen products. The overall frozen product dumping intensity was limited, and the inventory changed little. It is expected that the fresh - sales rate may continue to rise slightly in the near future [90]. - Operating rate and fresh - sales rate of slaughtering enterprises: Affected by the winter solstice stocking last weekend, the enterprise operating rate increased, but after the winter solstice, the market demand declined, and the operating rate decreased slightly. Next week is the New Year's Day holiday, which may support the consumption end, and the weekly average operating rate will maintain a volatile upward trend. The fresh - sales rate decreased slightly, and the cold storage capacity rate increased slightly [91]. - Substitute price: Not specifically analyzed in detail in the content 3.6 Cost and Profit - Pig - breeding and slaughtering profit: This week, the overall loss of the domestic pig - breeding industry narrowed slightly. The average loss per head in the self - breeding and self - raising mode was 66.57 yuan, and the average loss per head in the mode of purchasing piglets was still 223.82 yuan. In the short term, the pig price is expected to continue to rebound next week, and the breeding profit may be slightly repaired, but the long - term profitability pressure will still continue [102]. - Slaughter gross profit and feed - to - meat ratio: Not specifically analyzed in detail in the content - Pig - grain ratio: This week, the pig - grain ratio was 4.97, a month - on - month increase of 0.26%. The pig price rose slightly after a decline, and the corn price was weakly volatile. The market is still in a loss state and is adjusted in the third - level early - warning range of excessive decline. It is expected that the domestic pig - grain ratio may continue to rise slightly next week [109].

Summary of the Pig Farming Industry Conference Call Industry Overview - The pig farming industry in 2025 is experiencing multiple changes, including a decrease in the proportion of smallholders to about 10%, accelerated integration of feed companies into pig farming, increased government regulation on production capacity, and continuous improvement in production efficiency with stable growth in PSY (Pigs Weaned per Sow per Year) data. However, the industry is facing overall losses [1][2]. Key Points Market Dynamics - In 2025, pig prices are expected to rise initially but decline later, with profitability in the first half of the year. By the end of September, the industry began to incur losses, with self-breeding costs around 6-6.1 CNY/kg and market prices dropping to 5.6-5.7 CNY/kg [1][4]. - The number of breeding sows has increased by 1% according to official data, while Yongyi's data shows an 8% increase, indicating significant supply pressure and a year-on-year price drop of at least 6 CNY/kg [1][5]. Changes in Industry Structure - The market share of large-scale enterprises has increased, with listed companies holding 30% of the breeding sow inventory and pig output. The definition of smallholders has changed, with those producing fewer than 200 pigs per year now representing only about 10% of the market [2]. - Integration of feed, breeding, and slaughtering industries is accelerating, with companies like Bangji entering pig farming and collaborating with farmers [2]. Policy and Production Efficiency - The government has intensified regulatory measures since June 2025, holding monthly meetings with leading companies to address declining pig prices and industry losses [2]. - Production efficiency is improving, with PSY data indicating an increase. Official PSY is reported at 22, while Yongyi's data shows 24, with an annual growth rate of about 0.7-0.8 pigs [2][3]. Future Price Expectations - It is anticipated that in the first half of 2026, pig prices will remain below cost, potentially leading to a reduction in production capacity. However, the piglet market still holds profit potential, with piglet prices around 200 CNY for 7 kg weaned piglets against a cost of 260-280 CNY [7]. - If production capacity decreases in the first half of 2026, a price rebound may occur in the second half, with increased price volatility expected next year [7]. Weight and Market Performance - Current average weights for pig output are 129.7 kg for Yongyi data, with a slight decrease from the previous week. Group farms maintain an average weight of 124.34 kg, while smallholders average 147.65 kg [8]. - In December 2025, there was no significant reduction in weight for group farms, contrasting with the previous year when weight reductions began [9]. Differentiation Between Smallholders and Large Farms - Smallholders have reduced numbers due to past disease losses but have increased output weights. In contrast, large-scale farms focus on standard pigs, leading to a widening price gap between fat pigs and standard pigs [10]. Impact of Seasonal Consumption - The influence of seasonal consumption on pig prices has diminished, with limited price increases observed before the winter solstice [12]. Overall Market Outlook - The overall performance in 2025 is considered moderate, with self-breeding operations yielding a profit of about 1 CNY/kg, while external piglet purchases are generally at a loss. The profit outlook for 2026 is expected to resemble that of 2023 [14]. - The certainty of production capacity reduction in the first half of 2026 is high, with smallholders and medium-sized farms expected to be the main contributors to this reduction [15][16]. Production Efficiency and Disease Impact - Future PSY growth is expected to slow to 0.3-0.5 pigs, with many medium-sized farms planning to upgrade to better-performing sow breeds [18]. - In a low-price environment, low-cost producers have a competitive advantage, and while disease impacts are present, they are not as severe as in previous years [19].

Investment Rating - The report does not explicitly state an investment rating for the swine farming industry Core Insights - The swine farming industry in China is a strategic pillar for national economy and CPI stability, currently transitioning towards large-scale operations with a significant reduction in smallholders and a rise in large enterprises like Muyuan Foods, which has an annual output of 71.6 million pigs, creating a strong scale and cost moat [4] - The industry is characterized by two main business models: "self-breeding and self-raising" represented by Muyuan, and "company + farmer" represented by Wens, with feed costs accounting for approximately 75% of total breeding costs, highlighting the importance of cost control [5] - Future opportunities include the upgrade of consumption structure towards deep processing, the proliferation of intelligent breeding technologies, and the reassessment of assets due to self-sufficient breeding sources, while challenges include reliance on imported feed materials, ongoing risks from African swine fever mutations, and high fixed costs due to asset-heavy operations [6] Summary by Sections 1. Industry Position and Competitive Landscape - The Chinese swine farming industry is crucial for food security and CPI stability, primarily using a "three-way cross" breeding system for commercial production. The industry is accelerating towards scale, with an increasing number of large farms (over 50,000 heads) and a decreasing number of smallholders, with major players like Muyuan Foods dominating the market [4] 2. Business Model and Policy Evolution - The main business models are "self-breeding and self-raising" (capital-intensive, strong control) and "company + farmer" (light asset, rapid expansion). The policy focus has shifted from early environmental regulations and post-ASF supply guarantees to current "counter-cyclical regulation" and "capacity optimization," marking the end of the era of simple scale expansion [5][16] 3. Future Opportunities and Challenges - Opportunities lie in the upgrade of consumption structure, the spread of intelligent breeding technologies, and the reassessment of breeding assets. Challenges include strategic vulnerability due to dependence on imported feed materials, ongoing risks from ASF, and high fixed costs associated with transitioning from light to heavy assets [6][48][49][50] 4. Industry Overview - The swine industry is a cornerstone of China's food culture and economy, with pork consumption accounting for over 60% of meat consumption. The supply-demand dynamics are the most significant factors affecting the industry [7] 5. Breeding System - The breeding system in China primarily employs a three-way crossbreeding method, utilizing different breeds to enhance productivity and disease resistance [10] 6. Scale of the Industry - The swine industry is expected to see an output of over 700 million pigs by 2025, following a cyclical pattern of stability, decline, and recovery influenced by factors such as ASF [18] 7. Industry Chain - The swine farming industry chain includes upstream suppliers (feed, veterinary products), midstream farming entities, and downstream processing and retail sectors, with the farming segment being the core [22][24] 8. Cost Structure - Feed constitutes the largest portion of breeding costs, with energy feeds making up 75% of total feed costs. The cost structure varies significantly between different farming models [25][26] 9. Policy Changes - The last decade has seen a shift in policies from strict environmental regulations to a focus on capacity optimization and quality improvement, indicating a transition towards a more sustainable industry model [16] 10. Competitive Landscape - The competitive landscape is dominated by a few large enterprises, with Muyuan Foods leading the market with a significant output, allowing it to maintain a competitive edge during price downturns [35]

Core Viewpoint - The Ministry of Finance has revised the management measures for the reward funds for major pig (and sheep) producing counties to enhance the capacity for pig and sheep supply, aligning with national policies aimed at stabilizing meat production and ensuring market supply [1][2]. Group 1: Policy Changes - The revised measures allocate reward funds based on a factor method, considering the average annual pig output, slaughter volume, and stock over the past three years, with respective weights of 50%, 25%, and 25% [1]. - The distribution of reward funds will now support the top 500 pig-producing counties nationwide, while the range for sheep-producing counties has been adjusted to the top 100 [1]. Group 2: Financial Implications - The revised measures clarify that reward funds will serve as general transfer payments to support local financial resources, allowing local governments to allocate these funds as needed [2]. - The distribution of provincial reward funds will consider the production situation of pigs and sheep in each province, based on the average annual output over the past three years [2]. Group 3: Market Impact - The stability of agricultural product supply is emphasized as a key area for fiscal support, with the revised measures expected to motivate local governments to enhance production and supply stability [2]. - The Ministry of Finance has allocated a total of 3.33 billion yuan for the 2026 pig (and sheep) producing county reward funds, with the top three provinces receiving significant amounts: Hunan (368 million yuan), Henan (347 million yuan), and Sichuan (313 million yuan) [3].

本报记者 肖艳青 养殖场内，智能饲喂系统实现猪群的精准投喂，巡检机器人自主巡检，集控大屏闪烁着各项生产数据——曾经手持铲勺的 饲养员，如今正紧盯着屏幕，化身掌控全局的"数据监管员"。这不仅是生产场景的转换，更是我国养殖业在阵痛中开启深层变 革的直观呈现。 当前，养殖业正在经历洗牌，行业竞争逻辑也加速改变：从一味追求规模扩张，转向对质量效益与全球资源整合能力的比 拼。在此背景下，头部企业以智能化革新练内功、以全球化布局谋外拓，"内外兼修"加速锻造穿越周期、决胜未来的新引擎。 产能调控成共识 今年以来，我国生猪价格处于下跌趋势。中国养猪网数据显示，12月12日，生猪（外三元）价格为11.45元/千克，同比下 降27.85%，环比下降3.94%。生猪价格的持续下探，使得多家企业宣布中止或延期生猪养殖项目。 "这两年，我们公司接到的焊接猪栅栏的订单明显减少了。"某焊接设备制造企业负责人向《证券日报》记者表示，这类产 品主要用于新建规模化养猪场的配套建设，订单下滑反映出生猪养殖行业新增产能放缓的情况。 面对挑战，产能调控与行业自律成为推动行业走出困局的关键路径。 今年以来，农业农村部等有关部门多次召开生猪产能调控座谈会 ...

Core Viewpoint - The agricultural, animal husbandry, and fishery sector is experiencing a rise, with the only agricultural ETF (159275) increasing by 0.93% as of the report time, driven by significant gains in individual stocks within the sector [1][3]. Group 1: Market Performance - The agricultural ETF (159275) has shown a price increase of 0.93%, with a trading price of 0.981 [2]. - Key stocks in the sector include Shennong Seed Industry, which hit the daily limit with a 20% increase, and other notable performers like Tianma Technology and Hainan Rubber, which rose by over 7% and 5% respectively [1][3]. Group 2: Industry Trends - The average price of market pigs has been declining since early November, with a reported price of 11.11 CNY/kg as of December 5, reflecting a 0.18% week-on-week decrease [2][3]. - The Ministry of Agriculture and Rural Affairs has announced measures to strengthen the regulation of pig production capacity and adjust the target for the normal retention of breeding sows [3]. Group 3: Valuation and Investment Opportunities - The current valuation of the agricultural and fishery sector is considered low, with the market's highest "pig-related" ETF showing a price-to-book ratio of 2.48, which is at the 21.48% percentile of the last decade [3]. - Analysts suggest that the ongoing reduction in production capacity within the pig farming industry may lead to an upward adjustment in pig prices in the medium to long term, with a focus on improving quality and efficiency [3][4].

Summary of Livestock Industry Conference Call Industry Overview - The conference call focuses on the livestock industry, specifically the pig farming sector, and discusses the current market conditions and future trends related to pig prices and supply dynamics [1][2][3]. Key Points and Arguments Current Market Conditions - The pig market is experiencing fluctuations due to seasonal factors, with prices for fat pigs higher than standard pigs post-Chinese New Year, but a significant drop in prices observed from June to August 2025 due to supply mismatches [1][2]. - In September and October, slaughter data showed a month-on-month increase of 7% and 3% respectively, indicating potential unmonitored small pigs entering the market [1][3]. - The impact of local rainfall on piglet mortality rates has been noted, affecting the concentration of fat pig sales [1][3]. Supply and Demand Dynamics - October wholesale volumes increased by 4.6%, and November saw a 12% increase, likely driven by rising demand for cured meat [1][4]. - If slaughter volumes in November significantly increase, it may alleviate supply pressures in December and January [4]. - The supply peak may shift to November, reducing pressure in the following months [4]. Price Trends and Forecasts - Despite current supply pressures, prices are in a weak rebound phase, with uncertainty surrounding post-holiday price predictions due to potential supply increases [5]. - The futures market indicates significant price increases for January and March 2025 contracts, influenced by ongoing epidemic impacts [5]. Impact of Epidemics - The epidemic has led to panic selling, but larger enterprises like Muyuan have achieved survival rates above 90%, indicating effective disease control measures [6]. - Smaller enterprises may not have seen similar improvements, highlighting a disparity in epidemic management capabilities [6]. Future Supply Predictions - The supply-demand relationship is expected to normalize in the coming months, with a peak in piglet numbers around September 2025, leading to potential supply adjustments in December [7]. - Large enterprises are reducing sow inventories in response to national policies, which will affect future fat pig supplies [7][8]. Policy and Capacity Reduction - Companies are responding positively to capacity reduction policies, with significant decreases in sow inventories noted in November [8][9]. - The execution of these policies among smallholders and mid-sized enterprises remains to be observed, as they play a crucial role in overall market supply [8][9]. Cost Structures and Profitability - Large enterprises have a complete cost of approximately 12.5 to 13 yuan per kilogram, while smaller farms face higher costs due to weaker epidemic control [10]. - The industry is cautious about future market conditions, with many companies hesitant to hedge significantly due to fears of unexpected capacity reductions [11]. Market Sentiment and Future Expectations - The sentiment within the industry is neither overly optimistic nor pessimistic, with cautious attitudes towards price levels around 14 yuan being considered high [11]. - The current market for piglets shows slight recovery, with prices expected to stabilize above 11 yuan in the future [15]. Inventory and Demand for Processed Products - Frozen product inventories have increased, but sales are hindered by low fresh meat prices, with significant slaughter volumes in October contributing to stockpiling [16]. - Demand for cured meat products is anticipated to rise as production ramps up in December and January [17]. Long-term Price Expectations - Expectations for the second half of 2026 suggest that product prices may exceed 14 yuan, but uncertainties remain regarding capacity adjustments and other influencing factors [18]. Overall Industry Outlook - The livestock industry is currently in a phase of capacity adjustment, with short-term price fluctuations expected to continue until around March or April 2026 [19]. - The overall industry fundamentals are improving, supported by ongoing government policies and market adjustments [19].

（来源：今日猪价行情价格表） 近日，财政部提前下达2026年生猪（牛羊）调出大县奖励资金预算，资金总计达到33.3亿元。值得关注的是，为深入贯彻落实 党中央、国务院关于做好生猪产能调控、稳定牛羊基础产能的决策部署，财政部修订了《生猪（牛羊）调出大县奖励资金管理 办法》，其中有多条和生猪有关。 新《办法》修订哪些内容 新《办法》表示，近年来中央一号文件多次就生猪（牛羊）产业发展提出明确要求，要优化生猪产能调控机制，稳定牛羊肉基 础生产能力，促进平稳发展，构建完善上下联动、响应及时的生猪生产调控机制，在生猪层面对《办法》进行了如下修订。 一是落实各省（区、市）人民政府对本地区稳产保供负总责的总体要求，将省级统筹奖励资金的测算因素调整为"各省份过去三 年年均生猪（牛羊）出栏量"，要求各省份优化生猪产能调控机制，稳定牛羊肉基础生产能力，并明确对能繁母猪存栏量处于 《生猪产能调控实施方案》（农牧发〔2024〕11号）规定的红色区域的省份，暂停安排省级统筹奖励资金。 其二是根据《中华人民共和国预算法》等有关规定，强化奖励资金作为一般性转移支付对地方财力补助的资金性质，明确奖励 资金由地方统筹安排使用。 新《办法》还表示， ...

（来源：中国猪业） 来源：中国猪业 1.2 规模化企业产能调整进展 在政策压力和市场倒逼的双重作用下，头部养殖企业纷纷加快产能调整步伐。牧原股份的调整最为激 进，能繁母猪存栏从最高的362.1万头降至9月末的330.5万头，已提前完成32万头的调减目标，相当于减 少900万头肥猪供应。公司明确表示短期内不再新增母猪，显示出坚定的去产能决心。 目前，生猪行业仍处于周期性深度探底中，产能去化超预期但短期价格仍承压，2026年下半年有望迎来 趋势性反转。业内专家基于最新数据，预计2026年生猪均价14.9元/公斤，较2025年上涨5.1%。 核心观点：能繁母猪产能去化进程显著加速，10月末能繁母猪存栏降至3990万头，时隔17个月重回4000 万头以下，单月去化45万头，去化速度超0.8%。这一数据标志着行业供需拐点正在临近。 短期供应压 力依然巨大，12月全国生猪出栏量预计达7200-7300万头，同比增长2.5%-3.0%。规模企业为完成年度目 标集中出栏，叠加二次育肥猪源释放，供应端压力将持续至春节前。 消费端需求疲软，市场对猪肉消 费占比从2024年的58.3%降至2025年的54.2%，禽肉、牛羊肉替代效 ...

转自：证券日报网 本报记者 舒娅疆 12月5日晚间，新希望六和股份有限公司（以下简称"新希望"）披露11月份生猪销售情况简报。在 10月份猪价跌至阶段低位后，该公司的商品猪销售均价在11月份环比止跌。 牧原食品股份有限公司相关负责人近日在与投资者交流时表示，当前，政府对生猪产能的综合调控 与市场的自发调节正在共同作用，推动生猪市场供需情况逐步改善，能够促进猪价在长期内回归更稳 定、合理的水平。在相关政策的引导下，生猪养殖行业将迈向"稳定健康、高质量发展"的新阶段。 中国民营科技实业家协会新质生产力工委秘书长高泽龙向《证券日报》记者表示："政策、技术与 消费升级等因素将共筑生猪养殖行业的增长基石。国家鼓励规模化养殖，环保政策倒逼散户退出，行业 集中度持续提升。在智能化养殖等创新因素驱动下，养殖成本正在不断下降，种猪改良技术也对生产效 率的提升带来积极影响。此外，消费升级推动着生猪养殖行业向高附加值方向发展。" 据悉，新希望的生猪养殖成本继续降低。今年第三季度，其运营场线出栏肥猪完全成本降至12.9 元/公斤，同时，该公司的核心生产指标持续改善，比如窝均断奶数在第三季度达到11.5，PSY（每头种 母猪年断奶仔猪 ...