Core Viewpoint - The main investment logic driving the agricultural sector in 2026 will be both cyclical and growth perspectives, with an expectation of accelerated capacity reduction in the first half of 2026 and a potential upward trend in pig prices [1] Group 1: Cyclical Perspective - In the context of market losses and administrative capacity reduction, capacity deconstruction may accelerate in the fourth quarter of 2025 and the first half of 2026 [1] - The pig price is expected to fluctuate upwards in 2026 [1] - Companies with leading operational capabilities in the livestock and poultry industry chain are continuously recommended [1] Group 2: Growth Perspective - The domestic demand for the pet sector remains robust, with strong momentum for domestic brands, potentially leading to high growth in performance in the second half of 2026 [1] - In the fruit and vegetable planting sector, the blueberry dividend is expected to continue, with a focus on leading blueberry companies that are increasing planting area, improving planting efficiency, enhancing brand and channel development, and accelerating overseas expansion [1] - The functional sugar sector is anticipated to welcome a super single product in the sugar substitute category [1]

Core Viewpoint - Berkshire Hathaway has officially announced the acquisition of Occidental Petroleum's chemical business, OxyChem, for $9.7 billion in cash, marking a significant strategic move for both companies [1][3]. Group 1: Transaction Details - The acquisition of OxyChem represents Occidental Petroleum's largest asset sale in its history and is a crucial step in its strategy to reduce debt following several large acquisitions [3]. - Occidental plans to use $6.5 billion of the proceeds from the sale to pay down debt, aiming to achieve a target of "debt principal below $15 billion" by December 2023 after acquiring CrownRock [3]. - This transaction is Berkshire Hathaway's largest acquisition since the $13.7 billion purchase of Alleghany Insurance in 2022 and marks its second significant investment in the chemical sector [3]. Group 2: Strategic Implications - The acquisition is expected to strengthen Berkshire's financial position and aligns with Warren Buffett's investment philosophy of acquiring quality assets at low prices [3]. - OxyChem's business is seen as complementary to Berkshire's existing assets, enhancing its chemical portfolio [3]. - Berkshire's vice chairman, Greg Abel, expressed optimism about OxyChem becoming an operational subsidiary of the group and endorsed Occidental's decision to optimize its balance sheet [3]. Group 3: Market Reactions - Analysts from Roth MKM suggest that OxyChem could have supported Occidental's expansion, and its sale may hinder future free cash flow growth [4]. - Scotiabank analyst Paul Cheng indicated that the transaction price appears low, as he previously valued OxyChem at approximately $12 billion [4].