Group 1 - The core viewpoint of the news highlights the positive performance of the livestock sector, with significant increases in stock prices for companies like Tiankang Biological, Lihua Shares, and Biological Shares, alongside a rise in the Livestock ETF [1] - A meeting on pig production capacity regulation is scheduled, involving 25 major companies to discuss current production conditions and strategies for capacity control for the latter half of the year and next year [1] - Short-term forecasts indicate an increase in pig output, leading to potential pressure on pig prices, while long-term policies aim to eliminate inefficient production capacity, which may elevate pig prices over time [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities Livestock Breeding Index account for 65.57% of the index, with major players including Muyuan Foods, Wens Foodstuff, and Haida Group [2]

Report Industry Investment Rating No relevant information provided. Report's Core View - The report analyzes the weekly situation of the feed and breeding industry, including the markets of pigs, eggs, and corn, and provides corresponding strategy suggestions based on the supply - demand, cost, and other factors of each variety [4][5][6]. Summary According to the Directory 1. Feed and Breeding View Summary - **Pigs**: Supply growth suppresses prices, and the futures price can be short - sold on rebounds. In the short term, policy regulation and pre - holiday stocking expectations may support prices, but the large supply will limit the upside. In the long term, the supply before May next year will increase, and prices will still be under pressure [4]. - **Eggs**: The game between supply and demand intensifies, and it is necessary to wait for spot guidance. In the short term, cold - storage eggs may limit price increases, and in the long term, the supply pressure is still large, but the growth rate may slow down [5]. - **Corn**: During the new crop listing period, the futures price rebound is under pressure. Currently, the supply is relatively sufficient, and the price may be under seasonal pressure. In the long term, the planting is stable, but the cost support has shifted down [6]. 2. Variety Industry Data Analysis Pigs - **Weekly Market Review**: As of September 12, the national spot price was 13.26 yuan/kg, down 0.46 yuan/kg from last week; the futures price of live pigs 2511 was 13255 yuan/ton, down 70 yuan/ton from last week; the basis of the 11 - contract was 215 yuan/ton, down 440 yuan/ton from last week [4]. - **Fundamental Data Review**: The average weekly slaughter weight increased, the fat - standard price difference widened, the daily average slaughter rate and slaughter volume decreased first and then increased, the cold - storage inventory rate increased slightly, the pig - grain ratio decreased, the profit of self - breeding and self - raising and purchasing piglets decreased, and the number of live - pig warehouse receipts decreased [12]. - **Key Data Tracking**: The inventory of breeding sows increased steadily from May to November 2024, decreased slightly in December 2024 and January 2025, increased again from May to June 2025, and decreased slightly in July. The production performance improved. The supply of live pigs will increase in the third and fourth quarters, especially after September [15]. - **Strategy Suggestions**: For the 11 and 01 contracts, take rolling stop - profit on short positions and add short positions on rebounds. The 05 and 03 contracts are generally weak, and the 03 contract is weaker. The 07 contract is relatively strong. Also, pay attention to the long 05 and short 03 arbitrage [4]. Eggs - **Weekly Market Review**: As of September 12, the average price in the main egg - producing areas was 3.58 yuan/jin, up 0.21 yuan/jin from last Friday; the average price in the main sales areas was 3.61 yuan/jin, up 0.35 yuan/jin from last Friday; the futures price of the main 2511 contract was 3040 yuan/500 kg, up 34 yuan/500 kg from last Friday; the basis was 230 yuan/500 kg, up 306 yuan/500 kg from last Friday [5]. - **Fundamental Data Review**: The price of eggs increased, the utilization rate of hatching eggs was stable, the number of culled chickens decreased, the egg - chick price decreased, the production and circulation inventories decreased, and the profit of egg - chicken farming improved [60]. - **Key Data Tracking**: The number of newly - laid hens in September is relatively high, and the number of culled chickens has slowed down. The overall supply is relatively sufficient. In the long term, the supply pressure is still large, but the growth rate may slow down [83]. - **Strategy Suggestions**: For non - holders, wait for spot guidance. For short positions, pay attention to the pressure level of 3100 - 3150. The 12 and 01 contracts are mainly in a wide - range shock [83]. Corn - **Weekly Market Review**: As of September 12, the平仓 price of corn at Jinzhou Port, Liaoning was 2310 yuan/ton, up 20 yuan/ton from last Friday; the futures price of the main 2511 contract was 2197 yuan/ton, down 27 yuan/ton from last Friday; the basis was 113 yuan/ton, up 47 yuan/ton from last Friday [6]. - **Fundamental Data Review**: The price of corn in some areas increased, the inventory of old - crop corn was limited, the new - crop corn in some areas of the Northeast was gradually listed, the import volume decreased, the demand for feed and deep - processing was weak, and the inventory decreased [90]. - **Key Data Tracking**: In the next 10 days, precipitation in some areas is expected to be higher than normal, which may have an impact on corn production. The overall growth of new - season corn is suitable, but the cost support has shifted down [100]. - **Strategy Suggestions**: For the 11 - contract, wait for rebounds to short - sell, pay attention to the pressure level of 2220 - 2250, and pay attention to the 1 - 5 reverse arbitrage [100].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply - demand pattern of the pig market remains loose, and pig prices are still under pressure. However, a meeting in mid - September will affect market sentiment and cause price fluctuations. It is recommended to wait and see for now [7]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights Summary - **Market Review**: Pig prices fluctuated downward, with the main contract 2511 down 0.53% for the week [7][11]. - **Market Outlook**: On the supply side, farmers have a sentiment of holding up prices, and spot prices are stable with fluctuations. But the inventory of breeding sows in September corresponds to the peak of the previous increase cycle, and the number of newborn piglets six months ago increased, so there is supply pressure. According to Mysteel data, the planned slaughter volume in September increased month - on - month. The meeting on September 16 will affect market sentiment. On the demand side, the demand in the north has slightly recovered due to the temperature drop, and the slaughterhouse operating rate has continued to rise, but the growth rate has declined in the latest week [7]. 3.2 Futures Market Situation - **Price Movement**: Pig futures prices declined this week, with the main contract 2511 down 0.53% for the week [7][11]. - **Net Position and Warehouse Receipts**: As of September 12, the net short position of the top 20 holders in pig futures increased by 891 lots to 15,745 lots, and the number of futures warehouse receipts was 428, a decrease of 2 lots from last week [17]. - **Contract Spreads**: The spread between lh2511 and lh2601 contracts was - 435, and the spread between lh2511 and lh2603 contracts was 195 [21]. 3.3 Spot Market Situation - **Pig and Piglet Prices**: The average national pig market price this week was 13.49 yuan/kg, a decrease of 0.38 yuan/kg from last week and a 2.1% decrease from last month. The average price of 15 - kg weaned piglets was 28.00 yuan/kg, unchanged from last week and a 2.51% decrease from the same period last month [34]. - **Pork and Breeding Sow Prices**: As of the week of August 28, the national pork market price was 24.83 yuan/kg, an increase of 0.02 yuan/kg from the previous week. The average market price of binary sows this week was 32.51 yuan/kg, unchanged from the previous week [39]. - **Pig - Grain Ratio**: As of the week of August 20, 2025, the pig - grain ratio was 5.89, a decrease of 0.05 from the previous week [44]. 3.4 Upstream Situation - **Breeding Sow Inventory**: In late July 2025, the inventory of breeding sows was 40.41 million heads, a decrease of 10,000 heads month - on - month and a 0.025% decrease year - on - year, reaching 103.6% of the normal inventory. According to Mysteel data, in August, the inventory of breeding sows in 123 large - scale farms decreased slightly by 0.83% month - on - month and increased by 1.86% year - on - year; in 85 small and medium - sized farms, it decreased slightly by 0.09% month - on - month and increased by 5.92% year - on - year [49]. - **Pig Inventory**: In Q2 2023, the pig inventory was 424.47 million heads, an increase of 7.16 million heads from the end of the previous quarter and an increase of 9.14 million heads year - on - year. According to Mysteel data, in August, the inventory of commercial pigs in 123 large - scale farms increased by 1.11% month - on - month and 5.28% year - on - year; in 85 small and medium - sized farms in July, it increased by 2.49% month - on - month and 7.23% year - on - year [55]. - **Pig Slaughter Volume and Average Weight**: In August, the slaughter volume of commercial pigs in 123 large - scale farms was 10.7035 million heads, an increase of 2.56% month - on - month and 23.49% year - on - year; in 85 small and medium - sized farms in July, it was 0.4737 million heads, a decrease of 1.44% month - on - month and an increase of 54.30% year - on - year. The average slaughter weight of national outer - ternary pigs this week was 123.47 kg, an increase of 0.07 kg from last week [60]. 3.5 Industry Situation - **Breeding Profits**: As of September 12, the breeding profit of purchasing piglets reported a loss of 161.93 yuan/head, with the loss widening by 13.53 yuan/head; the breeding profit of self - breeding and self - raising pigs was 16.84 yuan/head, a decrease of 15.39 yuan/head month - on - month. The egg - laying hen breeding profit was - 0.02 yuan/head, with the weekly loss decreasing by 0.21 yuan/head, and the 817 meat - hybrid chicken breeding profit was 1.12 yuan/head [65]. - **Pork Imports**: In July 2025, China's pork imports were 90,000 tons, a year - on - year decrease of 0.6%; from January to July, the imports were 630,000 tons, a year - on - year increase of 4.1% [70]. - **Substitute Products**: As of the week of September 12, the price of white - striped chickens was 14.3 yuan/kg, unchanged from last week. As of the week of September 11, the average national price difference between standard and fat pigs was - 0.40 yuan/kg, unchanged from last week [73]. - **Feed Situation**: As of September 12, the spot price of soybean meal was 3079.43 yuan/ton, an increase of 6.86 yuan/ton from the previous week; as of September 11, the corn price was 2365.49 yuan/ton, an increase of 2.55 yuan/ton from the previous week. The closing price of the Dalian Commodity Exchange pig feed cost index was 912.18, a decrease of 0.66% from last week; the price of fattening pig compound feed was 3.35 yuan/kg, unchanged from last week. As of July 2025, the monthly feed production was 2827.3 tons, a decrease of 110.4 tons month - on - month. According to Mysteel data, in July 2025, the sales of piglet feed decreased by 0.04% month - on - month and increased by 9.15% year - on - year [80][85][89]. - **CPI**: As of August 2025, China's CPI decreased by 0.4% year - on - year [93]. 3.6 Downstream Situation - **Slaughter and Demand**: The operating rate of slaughter enterprises increased, and the frozen - product storage capacity remained stable. As of July 2025, the slaughter volume of designated pig slaughtering enterprises was 31.66 million heads, an increase of 5.32% from the previous month. In July 2025, the national catering revenue was 450.4 billion yuan, a year - on - year increase of 1.1% [94][100]. 3.7 Pig - Related Stocks The report provides trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis content [101][104].

Core Viewpoint - The livestock industry is experiencing mixed performance, with a focus on capacity regulation and price stabilization for pigs, as indicated by the upcoming meeting of major enterprises organized by the Ministry of Agriculture and Rural Affairs [1] Group 1: Market Performance - As of September 12, 2025, the CSI Livestock Breeding Index (930707) showed mixed results among its constituent stocks, with Huaying Agriculture (002321) leading gains at 3.57%, followed by Jin Xin Nong (002548) at 3.03%, and Luo Niu Shan (000735) at 2.03% [1] - The Livestock ETF (159867) was quoted at 0.69 yuan, with a net subscription exceeding 140 million shares, marking four consecutive days of net inflow [1] Group 2: Industry Regulation and Risks - The Ministry of Agriculture and Rural Affairs plans to convene 25 leading enterprises on September 16 to discuss pig production capacity regulation for the second half of the year and next year, emphasizing "capacity control, weight reduction, and limiting breeding" [1] - Pacific Securities noted that the industry faces increased epidemic risks, particularly with recent outbreaks of African swine fever in Vietnam and Guangxi, China, leading to a rise in risks for the breeding industry [1] - Despite ongoing profitability in fattening and breeding segments, the implementation of anti-involution policies and the need to mitigate epidemic risks are expected to lead to a reduction in industry capacity [1] Group 3: Investment Value - Most listed breeding companies are currently valued at historical lows, with significant potential for upward movement towards historical averages, indicating long-term investment value [1] - The top ten weighted stocks in the CSI Livestock Breeding Index, which include companies like Muyuan Foods (002714) and Wens Foodstuff Group (300498), account for 65.57% of the index [2]

Core Viewpoint - The livestock industry is undergoing significant regulatory changes aimed at controlling pig production capacity, with a focus on improving the supply-demand balance and potentially increasing pig prices in the future [1][4]. Group 1: Event Overview - The Ministry of Agriculture and Rural Affairs will hold a meeting on September 16 to discuss pig production capacity control, with participation from 25 major pig farming companies, including Muyuan Foods and Wens Foodstuff Group [1]. - The meeting will cover the current production situation, measures taken by companies to comply with capacity control, and plans for the second half of the year and next year [1]. Group 2: Policy Developments - Since late May, multiple policies have been introduced to regulate the pig farming industry, including a halt on expanding breeding sows and controlling the weight of pigs for slaughter [2]. - A target has been set to reduce the number of breeding sows by approximately 1 million, bringing the total down to 39.5 million [2]. Group 3: Implementation Status - The average slaughter weight of pigs has been decreasing, with a reported decline of 3.65% as of early September [3]. - Muyuan Foods plans to reduce its breeding sow inventory from 3.431 million to 3.3 million by the end of the year, a reduction of 3.82% [3]. - Many provinces have reported a significant decrease in the movement of pigs, with companies ceasing to issue feeding tickets [3]. Group 4: Price Outlook - The current breeding sow inventory stands at 40.42 million, slightly above the target of 39.5 million, indicating room for further reductions [4]. - Pig prices have been fluctuating at low levels, with August averages below 14 yuan per kilogram and recent prices in Guangxi dropping to below 12.5 yuan per kilogram [4]. - If pig prices continue to decline, it may trigger a new round of active capacity reduction, alongside passive reductions driven by policy, leading to an improved supply-demand situation [4]. Group 5: Investment Recommendations - The pig farming sector is currently undervalued, and companies like Lihua Agricultural Technology are recommended for investment due to their stable operations and growth potential in pig production [5]. - Lihua's pig output is expected to exceed 1 million heads in 2024 and reach 2 million in 2025, with a significant reduction in production costs anticipated [5].

Core Insights - The Ministry of Agriculture and Rural Affairs plans to convene 25 leading enterprises on September 16 to discuss pig production capacity regulation, emphasizing "capacity control, weight reduction, and limited second breeding," reflecting the government's determination to stabilize pig prices and accelerate industry clearing [1] Industry Trends - The pig farming industry is undergoing a paradigm shift, with the traditional "pig cycle" evolving into "converging amplitude, shortened length, and reduced volatility." Policies are pushing the national breeding sow inventory to a normal retention range, shifting the industry from extensive scale expansion to a focus on cost and efficiency, making cost-advantaged enterprises more competitive [1] Highlights - Amid industry transformation and policy regulation, the investment logic in pig farming is shifting from cyclical elasticity to focusing on intrinsic enterprise value. Leading enterprises, leveraging cost control advantages, are expected to stand out in the new competitive landscape, enhancing the quality of industry development. Currently, the PB-LF of the CSI Modern Agriculture Index is 2.8 times, which is at 38% of the level seen in the past five years [1] Related Products - The E Fund Agricultural ETF (562900), which tracks the CSI Modern Agriculture Index, has a 43% allocation to the pig farming industry and a 49% allocation to the breeding industry. Investors can share in the dividends during the industry's transition towards high-quality development and "anti-involution" [1]

Investment Rating - Industry rating: Recommended [4] Core Viewpoints - The Ministry of Agriculture and Rural Affairs will hold a meeting on September 16 to discuss the current situation of pig production and measures for capacity regulation among 25 pig farming enterprises [1] - Since late May, there have been frequent policies regarding capacity regulation in the pig farming industry, including a reduction of 1 million breeding sows to a target of 39.5 million [2] - The average slaughter weight of pigs has been steadily decreasing, with a decline of 3.65% as of the first week of September [2] - The current pig prices are low, with August's average price below 14 yuan/kg and recent prices in Guangxi dropping to under 12.5 yuan/kg [3] Summary by Sections Policy and Regulation - The government has implemented strict measures to control the breeding sow population and reduce the weight of pigs for slaughter [2] - Major enterprises like Muyuan Foods have committed to reducing their breeding sow population, with a planned reduction of 3.82% by the end of the year [2] Market Dynamics - The breeding sow population is currently at 40.42 million, slightly above the normal level, indicating potential for further reductions [3] - The pig price is expected to rise in the future due to a combination of active and passive capacity reductions, improving the supply-demand balance [3] Investment Opportunities - The pig farming sector is currently undervalued, with a recommendation to focus on companies like Lihua Stock, which is expected to benefit from rising chicken prices and a growing pig farming business [6] - The company plans to achieve a pig output of over 1 million heads in 2024, with a projected increase to 2 million heads in 2025 [6]

1. Report Industry Investment Ratings - **Oils and Fats**: Expected to fluctuate [6] - **Protein Meal**: Expected to fluctuate [6] - **Corn and Starch**: Expected to fluctuate weakly [7] - **Hogs**: Expected to fluctuate [8] - **Natural Rubber and No. 20 Rubber**: Expected to fluctuate strongly in the short - term [9] - **Synthetic Rubber**: Expected to fluctuate [11] - **Cotton**: Expected to fluctuate in the short - term [12] - **Sugar**: Expected to fluctuate weakly in the long - term, and run in the 5500 - 5750 range in the short - term [14] - **Pulp**: Expected to fluctuate [15] - **Double - Glue Paper**: Expected to fluctuate [16] - **Logs**: Expected to stop falling and stabilize [19] 2. Core Views of the Report - **Oils and Fats**: Affected by the relatively bearish MPOB report, the market sentiment is weak, and it may continue to adjust. Pay attention to the effectiveness of the lower technical support [6]. - **Protein Meal**: The market has both long and short factors, and the market will continue to fluctuate narrowly. Hold long positions at 2900 - 2910 and add positions on dips. It is recommended that oil mills sell on rallies, and downstream enterprises buy basis contracts or fix prices on dips [6]. - **Corn and Starch**: Maintain the idea of shorting on rallies in the fourth quarter. There is a short - term tight supply, and a short - term long - term long pattern is expected [7]. - **Hogs**: The expectation of "anti - involution" boosts the market. In the short - term, the supply is abundant, and the cycle is still under supply pressure. In the long - term, if the capacity - reduction policy is implemented, the supply pressure in 2026 will be gradually weakened. Pay attention to the reverse arbitrage strategy [8]. - **Natural Rubber**: After the decline, it stabilizes, and there will still be fluctuations in the short - term. The short - term trend is expected to fluctuate strongly [9]. - **Synthetic Rubber**: It returns to the fluctuating trend. The short - term price of butadiene is expected to rise slightly, and the market may fluctuate strongly [11]. - **Cotton**: The cotton price fluctuates within the range. Try short - term long positions when the price reaches the lower limit of the range [12]. - **Sugar**: In the long - term, the sugar price has a downward driving force due to the expected supply surplus in the new season. In the short - term, it runs in the 5500 - 5750 range, and pay attention to the support at 5500 [14]. - **Pulp**: The pulp futures fluctuate sharply with the listing of double - glue paper. It is expected to fluctuate [15]. - **Double - Glue Paper**: The fundamentals are weak, but the listing price is neutral to low. Consider range operation between 4000 - 4500 [16]. - **Logs**: The market is in a game between weak reality and peak - season expectation. The price may stop falling and stabilize in September [19]. 3. Summaries According to Relevant Catalogs 3.1 Oils and Fats - **Logic**: Due to the limited expected decline in US soybean yield per unit, combined with the impact of oil - meal arbitrage, US soybeans and soybean oil fell on Tuesday. The MPOB report is bearish, and domestic oils and fats fluctuated and fell yesterday. The US soybean is affected by drought, and the domestic soybean oil inventory may peak. The MPOB report on palm oil is bearish, and the domestic rapeseed oil inventory is slowly falling but still high year - on - year [6]. - **Outlook**: Affected by the bearish MPOB report, the market sentiment is weak and may continue to adjust [6]. 3.2 Protein Meal - **Logic**: Internationally, the Fed's rate cut in September is almost certain. There are factors such as the possible occurrence of La Nina and the expected increase in Brazil's soybean exports. Domestically, the state reserve plans to sell 22,500 tons of imported soybeans, and the soybean import volume is large. The demand for soybean meal may increase steadily [6]. - **Outlook**: Both domestic and international markets will continue to fluctuate within the range. Hold long positions at 2900 - 2910 and add positions on dips [6]. 3.3 Corn and Starch - **Logic**: The domestic corn price shows a differentiated trend. The supply is short - term tight, and the demand has a phased increase. With the approaching of the new grain listing, the selling pressure will gradually appear in the fourth quarter [7]. - **Outlook**: Look for short - selling opportunities on rallies when the new grain is concentratedly listed. Consider reverse arbitrage [7]. 3.4 Hogs - **Logic**: The Ministry of Agriculture plans to hold a symposium on hog production capacity regulation enterprises on September 16. In the short - term, the supply is abundant, and the demand is stable. In the long - term, the "anti - involution" policy may drive the price to strengthen in 2026 [8]. - **Outlook**: The spot price is expected to fluctuate. The futures market is in a pattern of "weak reality + strong expectation", and pay attention to the reverse arbitrage strategy [8]. 3.5 Natural Rubber and No. 20 Rubber - **Logic**: The rubber market stabilizes after a sharp decline. The short - term fundamentals are strong, and there are many speculative themes. The supply increase may be postponed, and the downstream purchasing enthusiasm recovers after the price decline [9]. - **Outlook**: The short - term trend is expected to fluctuate strongly [9]. 3.6 Synthetic Rubber - **Logic**: The BR market stabilizes after a large decline and returns to the fluctuating trend. It follows the natural rubber market, and the cost of raw material butadiene provides support. The supply and demand fundamentals support the market to fluctuate in a narrow range [11]. - **Outlook**: The short - term price of butadiene may rise slightly, and the market may fluctuate strongly [11]. 3.7 Cotton - **Logic**: The domestic cotton market has low inventory and marginal improvement in demand. The new cotton commercial inventory is tight, and the demand is improving but the upward driving force is insufficient. Wait for the new cotton purchase price to give direction [12]. - **Outlook**: Fluctuate in the short - term. Try short - term long positions when the price reaches the lower limit of the range [12]. 3.8 Sugar - **Logic**: In the new season, although the drought in Brazil reduces the sugarcane yield, the sugar production is expected to increase due to the high sugar - making ratio. The supply in Southeast Asia is expected to increase. The domestic supply marginally increases, and the sugar price has a downward driving force [14]. - **Outlook**: In the long - term, the sugar price may decline. In the short - term, it runs in the 5500 - 5750 range, and pay attention to the support at 5500 [14]. 3.9 Pulp - **Logic**: The pulp futures fluctuate sharply with the listing of double - glue paper. The supply and demand change little, and it may be due to emotional speculation. The needle - broadleaf pattern is differentiated, and the price may continue to decline [15]. - **Outlook**: The pulp futures are expected to fluctuate [15]. 3.10 Double - Glue Paper - **Logic**: The fundamentals are bearish, with over - supply in the industry, declining demand, and high inventory. The listing price is neutral to low, and consider range operation between 4000 - 4500. Pay attention to reverse arbitrage in the early stage of listing [16]. - **Outlook**: The fundamentals are weak, but the listing price is neutral to low. Consider range operation [16]. 3.11 Logs - **Logic**: The log market is in a game between weak reality and peak - season expectation. The inventory is decreasing, and the demand is expected to increase. The price may stop falling and stabilize in September [19]. - **Outlook**: The price may stop falling and stabilize in September [19].

Group 1 - The A-share pork sector has seen significant gains, with Lihua Co. rising over 14%, Muyuan Foods increasing over 5%, and other companies like Wens Foodstuff and Shennong Group also performing strongly [1] - The Agricultural ETF managed by E Fund, the Livestock ETF, and the Breeding ETF all rose over 2%, reflecting positive market sentiment in the agricultural sector [2] - The Agricultural 50 ETF tracks the CSI Agricultural Index, with top-weighted stocks including Muyuan Foods, Wens Foodstuff, and others, indicating strong performance in the livestock and agricultural sectors [3] Group 2 - The Ministry of Agriculture and Rural Affairs plans to hold a meeting on September 16 to discuss pig production capacity regulation, which is expected to influence the pork market positively [3][4] - The meeting will include 25 companies, including Muyuan, Wens, and New Hope, to analyze the current pig production situation and discuss measures for capacity regulation [4] - Huaxi Securities notes that the current valuation of the pig farming sector is at a low level, suggesting potential for price increases in the medium to long term, with Lihua Co. being a recommended stock due to its strong performance in both chicken and pig farming [4] Group 3 - Zhongyou Securities highlights that the government's focus on capacity control and quality development in the pig farming industry is expected to benefit pig prices in the coming years, with a potential price increase by the second half of 2026 [5] - The report emphasizes that while there are significant cost differences among companies, those with cost advantages are likely to remain profitable [5]

Group 1 - The China Securities Agricultural and Animal Husbandry Theme Index (931778) has seen an increase of 1.06%, with notable stock performances including TianKang Biological (002100) up by 9.94%, LiHua Co. (300761) up by 9.86%, and Dongfang Tower (002545) up by 4.75% [1] - A meeting is scheduled for September 16 to discuss the regulation of pig production capacity, analyzing the current production situation and measures taken by pig farming enterprises [1] - Guosen Securities indicates that the pig sector is expected to maintain a high price level due to a trend against over-competition, leading to improved cash flow for low-cost leading enterprises and potential increases in long-term dividend ratios [1][2] Group 2 - The domestic beef cycle in 2025 may reach a turning point, with both domestic and international beef and raw milk markets expected to rise together [2] - The feed sector, particularly the aquatic feed leader HaiDa Group, is showing significant excess returns amid a steady recovery in industry conditions, with ongoing overseas expansion highlighting its long-term growth potential [2] - The China Securities Agricultural and Animal Husbandry Theme ETF (159616) closely tracks the Agricultural and Animal Husbandry Theme Index, which includes 50 listed companies involved in various agricultural sectors [2]