猪价二次探底 后续如何看待？ ———— 杨蕊霞 投资咨询号：Z0011333 国投期货研究院 2026-2-27 一、供应施压，春节后生猪现货价格二次探底 春节过后，生猪现货价格二次探底。截至 2026 年 2 月 25 日，涌益数据显 示全国生猪出栏均价 10.77 元/公斤，跌破 2025 年国庆后猪价首次探底的低点， 彼时 10 月 13 日生猪出栏均价最低达到 10.84 元/公斤。2025 年 10 月至 2026 年 2 月期间，生猪现货价格最高反弹至 13.3 元/公斤。 春节后猪价的二次探底，从供需两方面来看，一方面春节后猪肉消费需求处 于季节性的淡季，屠宰量处于低位；另一方面，上轮生猪产能回升周期在 2025 年 7/8 月左右见顶，由于能繁母猪至生猪出栏大约需要 10 个月左右时间。因此， 预计在 2026 年 5/6 月份之前，生猪出栏量仍处于惯性环比增加过程中，出栏压 力仍然在延续。 0 50000 100000 150000 200000 250000 300000 350000 2025/10/1 2025/11/1 2025/12/1 2026/1/1 2026/2/1 生猪样本 ...

Core Viewpoint - The overall profitability of the pig industry is expected to decline in 2025 due to fluctuations in the market, with several listed pig companies forecasting significant drops in net profits compared to the previous year [1]. Group 1: Company Performance - Muyuan Foods is expected to report a net profit of 14.7 billion to 15.7 billion yuan, a decrease of 12.2% to 17.79% year-on-year [1]. - Wens Foodstuff Group anticipates a net profit of 5 billion to 5.5 billion yuan, reflecting a decline of 40.73% to 46.12% year-on-year [1]. - New Hope Group forecasts a loss of 1.8 billion to 1.5 billion yuan, compared to a profit of 474 million yuan in the previous year [1]. - Other companies like Tangrenshen and Juxing Agriculture are also expected to see declines in profits from pig farming in 2025 [1]. Group 2: Market Price Trends - In 2025, the price of live pigs (external three yuan) is projected to decrease by approximately 17% compared to 2024, with prices fluctuating from 15-16 yuan/kg at the beginning of the year to 11-12 yuan/kg in the fourth quarter [1]. - The price of live pigs showed a downward trend throughout 2025, starting from 16.1 yuan/kg in early January and reaching a low of 10.9 yuan/kg by mid-October [2]. Group 3: Supply and Production Capacity - The supply of live pigs is expected to remain ample throughout 2025, prompting authorities to emphasize the need for capacity regulation measures, including the reduction of breeding sows and control of pig weights [6]. - As of the end of Q4 2025, the number of breeding sows was reported at 39.61 million, which is 101.6% of the normal holding capacity, indicating a slight decrease in capacity [7]. - The production efficiency in the pig farming industry has significantly improved, with the number of weaned piglets per sow per year (PSY) increasing to around 26, with some leading companies nearing 29 [7]. Group 4: Future Price Outlook - Many institutions predict that the supply side may tighten in the second half of 2026, potentially leading to a cyclical rebound in pig prices [7]. - The pig industry may face pressure in the first half of 2026, but this period could also serve as a favorable window for capacity reduction [8]. - The ongoing market dynamics suggest that while there may be a rebound in prices, the extent of this rebound could be limited if capacity reduction is not thorough [9].

Investment Rating - The report maintains an "Overweight" rating for the industry [4]. Core Insights - The report anticipates that pig prices in 2026 will be lower than market expectations, leading the industry into a significant loss phase. This will mark a major capacity reduction cycle, which is expected to result in substantial stock price increases for the sector [2][3]. Summary by Sections 1. Pig Price Trends in 2025 - The average pig price for 2025 was 13.7 yuan/kg, with a downward trend observed throughout the year, particularly in the fourth quarter where prices ranged between 11.5 and 12.5 yuan/kg [7]. 2. 2026 Pig Price Forecast - The report predicts that the average pig price for 2026 will likely be below 12 yuan/kg, with the second half of the year not showing improvement over the first half [17][32]. 3. Capacity Reduction Cycle - The current capacity reduction cycle is expected to last approximately three years, marking the largest cycle since 2021. This cycle is characterized by a more equitable competition among all farming entities due to the diminished impact of African swine fever [34][38]. 4. Stock Price Increase Potential - The report suggests that the stock prices in the pig farming sector will experience significant upward movement driven by the ongoing capacity reduction. Key companies to focus on include Muyuan Foods, Wens Foodstuff Group, and Tian Kang Biological [3][4]. 5. Supply Dynamics - The report emphasizes that an increase in the number of breeding sows does not necessarily correlate with an increase in supply. The actual supply has been significantly boosted by improved production efficiency and a reduction in loss rates since the decline of African swine fever [20][23]. 6. Important Time Points - Two critical time points are highlighted: post-Chinese New Year, where prices typically drop, and around May/June when piglet prices are expected to fall below cost, accelerating capacity reduction [4][44].

Core Viewpoint - The article discusses the recent listing of Muyuan Foods on the Hong Kong Stock Exchange, highlighting its ambitions for international expansion and the challenges it faces in the current pork market cycle. Group 1: Company Overview - Muyuan Foods, led by Qin Yinglin, has become the largest pig farming enterprise in China and globally, with a net worth of 187 billion yuan, ranking 16th on the Hurun Rich List [4][6][19]. - The company completed its "A+H" listing on February 6, raising 10.47 billion HKD, with plans to use 60% of the funds for international market expansion [6][25]. Group 2: Market Performance - On its first trading day, Muyuan's stock rose only 3.90%, attributed to a decline in pork prices, with an average selling price of 12.57 yuan/kg in January, down 16.92% year-on-year [8][26]. - The company expects a net profit of 15.1 to 16.1 billion yuan for 2025, a decrease of 14.12% to 19.45% compared to the previous year [30]. Group 3: Investment and Partnerships - Major cornerstone investors include Charoen Pokphand Foods, which invested approximately 1.56 billion HKD, and Wilmar International, which invested about 546 million HKD [27][28]. - Muyuan is exploring overseas opportunities, particularly in Southeast Asia, and has partnered with BAF Vietnam Agricultural Co., providing services like pig house design and smart farming [9][29]. Group 4: Industry Challenges - The pork industry is currently experiencing a downturn, with many producers facing losses due to the cyclical nature of pig prices, often referred to as the "pig cycle" [12][36]. - The company has faced significant challenges, including a reported loss of 4.263 billion yuan in 2023, marking its first annual loss since its listing [15][35]. Group 5: Future Outlook - Muyuan aims to leverage its international listing to enhance its core business and expand its global footprint, with a focus on technological innovation and cost control [7][18]. - The company plans to maintain a competitive edge through continuous improvement in breeding, smart farming, and biosecurity measures [6][30].

Core Viewpoint - The company, Muyuan Foods, faces significant financial challenges, including high debt levels, liquidity risks, and reliance on volatile pig prices, which could jeopardize its future performance and investor confidence [3][6][12]. Debt and Financial Structure - As of the end of 2024, the company's total liabilities reached 110.1 billion yuan, a decrease from the peak of 121.3 billion yuan in 2023, but short-term repayment pressures have increased [3]. - The company has 60.27 billion yuan in interest-bearing debt due within one year, marking a four-year high, with short-term loans amounting to 45.3 billion yuan and cash equivalents of only 12.8 billion yuan, resulting in a short-term repayment gap exceeding 32.5 billion yuan [3]. - The debt structure is characterized by a mismatch in maturity, with 70.3% of short-term loans, leading to a net current liability of 17.1 billion yuan [3][5]. Profitability and Cash Flow - In 2024, the company reported a net profit of 18.925 billion yuan, a 519% increase year-on-year, largely driven by a recovery in pig prices; however, a decline in average pig prices by 16.8% is expected in 2025, leading to a projected net profit drop to at least 15.1 billion yuan [6][8]. - The operating cash flow for 2024 was 37.5 billion yuan, but significant outflows from investment activities caused cash and cash equivalents to decrease from 19.4 billion yuan at the beginning of the year to 12.8 billion yuan by year-end [8]. - Concerns have been raised regarding the quality of earnings, with regulatory scrutiny highlighting discrepancies in cash management and insufficient provisions for inventory depreciation [8]. Market Position and Strategic Moves - The company's IPO on the Hong Kong Stock Exchange raised over 10 billion Hong Kong dollars, but the share price was set at 39 HKD, approximately 23.9% lower than its A-share price, reflecting market caution [9][11]. - The allocation of IPO proceeds includes 60% for overseas expansion, 30% for research and development, and 10% for working capital, raising concerns about the sustainability of this strategy given the existing debt burden [11]. - The company's international operations are still in the early stages, primarily involving technology transfer, and face various risks, including local policy challenges and disease control [11][12].

Core Insights - The core consumer price index (CPI) in China showed a mild increase, with a month-on-month rise of 0.2% and a year-on-year rise of 0.2% in January, while the core CPI excluding food and energy rose by 0.8% year-on-year, indicating a steady recovery in consumer demand [1][2][3] Industry Analysis - The increase in core CPI is attributed to high service consumption demand and rising prices of durable goods, supported by international gold price increases and consumption policies [1][2] - Specific price changes include a 5.7% increase in airplane tickets, a 2.0% rise in travel agency fees, and price increases in household goods and personal care items ranging from 0.7% to 1.4% [1][2] - The industrial consumer goods price, excluding energy, rose by 2.6% year-on-year, with notable increases in gold jewelry prices by 77.4% and household goods by 2.1% to 6.6% [2] Consumer Goods Stability - Essential consumer goods such as vegetables, meat, and fruits maintained stable prices, with fresh vegetable prices decreasing by 4.8% and pork prices increasing by 1.2% [2][3] - The stability in prices of essential goods is seen as a successful regulatory measure to ensure basic living needs are met [2] Future Outlook - Predictions indicate that the CPI growth rate will significantly increase to around 1.0% in February due to the reversal of the Spring Festival timing effect, with a combined CPI growth rate of approximately 0.6% for January and February [3] - For 2026, the CPI growth rate is expected to fluctuate between 0.5% and 1.2%, with a potential year-end rate around 0.8% [3][4] - The data from January is viewed as a positive signal for high-quality economic development in 2026, emphasizing the need for policies to support income growth, youth employment, and infrastructure investment [4]

Core Viewpoint - The article discusses the marginal improvement in domestic prices as of January 2025, driven by input factors and anti-involution policies, while still remaining at low levels. It anticipates the potential for expanding domestic demand and monetary easing measures [1][9]. Group 1: CPI Analysis - In January, the CPI increased by 0.2% year-on-year, a decrease of 0.6 percentage points from the previous month, influenced by last year's high base and weak domestic demand [5][10]. - Food prices fell by 0.7% year-on-year, with pork prices down 13.7%, indicating a significant decline in demand [5][10]. - Core CPI rose by 0.8% year-on-year, but this was a decrease of 0.4 percentage points from the previous month, reflecting weak service price growth [12]. Group 2: PPI Analysis - The PPI decreased by 1.4% year-on-year in January, but the decline was less severe than in December, indicating a narrowing of the drop [6][21]. - Input factors have led to price increases in upstream industries, particularly in non-ferrous metals, while downstream sectors remain weak due to insufficient demand [21][24]. - The PPI is expected to recover more significantly, driven by anti-involution policies and geopolitical factors affecting commodity prices [8][21]. Group 3: Future Outlook - The article forecasts a moderate recovery in prices, supported by policies such as the "old-for-new" consumption incentive, adjustments in pig production capacity, and international gold price trends [8][9]. - The central bank's monetary policy is expected to remain accommodative, with potential for interest rate cuts and reserve requirement ratio reductions to stimulate demand [27][30]. - The overall economic environment is characterized by a strong supply but weak demand, necessitating continued efforts to stabilize market expectations and enhance domestic momentum [30][31]. Group 4: Pig Cycle Analysis - The pig price in January showed a year-on-year decline of 13.7%, but the rate of decline has narrowed, indicating a potential bottoming out of the cycle [16][17]. - The current pig cycle is still in a downward trend, with production capacity adjustments beginning but not yet sufficient to drive a significant price recovery [16][17]. - The industry is experiencing increased concentration, which may lead to reduced price volatility in future cycles compared to traditional patterns [18]. Group 5: Monetary Policy Insights - The central bank's Q4 report emphasizes the need for a flexible and effective monetary policy, with a focus on using tools like interest rate cuts to support economic recovery [27][30]. - There is a notable increase in household deposits moving towards wealth management products, indicating a shift in investment preferences that could impact bank liquidity [29][35]. - Loan interest rates continue to decline, with the weighted average rate at 3.15%, reflecting ongoing efforts to lower financing costs for the economy [29][36]. Group 6: Exchange Rate Dynamics - The RMB has strengthened, reaching a midpoint of 6.91 against the USD, creating a favorable environment for capital inflows and policy flexibility [38]. - The anticipated easing of US monetary policy may further enhance China's economic positioning and open up additional policy space [38].

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The overall agricultural market is expected to be mainly volatile as the holiday approaches. Different agricultural products have different trends, including weakening, fluctuating, and potential recovery [1]. - For example, the supply of live pigs is abundant, leading to a weakening of pig prices in the short - term, but the pig cycle is expected to bottom out and recover in the second half of 2026 [1][10]. 3. Summary by Relevant Catalogs 3.1.行情观点 3.1.1. Oils and Fats - **Viewpoint**: Exports are weakening, and sentiment is cautious. Oils and fats are undergoing a corrective adjustment. - **Logic**: The 1 - month palm oil inventory in Malaysia is lower than expected, but the weak export performance from February 1 - 10 has put pressure on sentiment. For soybeans, the market anticipates an increase in South American soybean production in the USDA's February report, and the support from Sino - US agricultural trade is weakening. Regarding rapeseed oil, after the tariff reduction agreement between China and Canada in early January, the supply is expected to increase. - **Outlook**: Soybean oil, palm oil, and rapeseed oil are all expected to be volatile. It is recommended to pay attention to the strategy of buying hedges at low回调 levels [5]. 3.1.2. Protein Meal - **Viewpoint**: Funds are reducing positions before the holiday, and the two types of meal are trading in a narrow range. - **Logic**: Internationally, China's purchase of US soybeans provides support, but the accelerated harvest of Brazilian soybeans and the expected increase in Brazilian soybean production in the USDA's February report suppress the upward space of US soybean futures prices. Domestically, due to factors such as the exchange's margin increase and the Spring Festival holiday, pre - holiday funds are mainly for risk - avoidance, and the market is inactive. After the holiday, the cost of imported soybeans is expected to decrease, and the spot and basis of soybean meal are expected to be weak. - **Outlook**: Both soybean meal and rapeseed meal are expected to be volatile [6]. 3.1.3. Corn - **Viewpoint**: Pre - holiday arrivals are decreasing, and prices are volatile. - **Logic**: As the Spring Festival approaches, downstream procurement is coming to an end, and the trading activity is decreasing. After the holiday, there may be some selling pressure, but the remaining grain pressure is limited. The supply of feed grains is supplemented by policy - grain auctions and imported grains. - **Outlook**: Volatile. Pay attention to the trading and restocking rhythm of traders after the holiday [8][9]. 3.1.4. Live Pigs - **Viewpoint**: Supply is abundant, and pig prices are weakening. - **Logic**: In the short - term, as the Spring Festival approaches, the number of slaughtered pigs is increasing, and the average weight is decreasing. In the medium - term, the supply surplus pressure will last until at least April 2026. In the long - term, the process of capacity reduction was hindered in January 2026. After the holiday, the demand will decrease significantly, and the supply is still excessive in the first quarter of 2026. It is expected that the pressure on live pig slaughter will weaken in the second half of 2026. - **Outlook**: Weakly volatile. Before the Spring Festival, there is a risk of selling pressure. After the holiday, the fundamentals remain weak. It is recommended that the industrial side pay attention to the hedging opportunity of short - selling at high prices in the first half of the year. The pig cycle is expected to bottom out and recover in the second half of 2026 [1][10]. 3.1.5. Natural Rubber - **Viewpoint**: Maintaining range - bound trading. - **Logic**: The rubber price is expected to continue range - bound trading before the holiday. Although the fundamentals are relatively weak, there is a possibility of an early rise due to expected factors. The overseas supply is increasing seasonally, and the demand side has some support but no large - scale restocking. The obvious negative factor is the rapid inventory accumulation. - **Outlook**: Volatile. The trading volume is limited, but the capital attention is increasing [11][12]. 3.1.6. Synthetic Rubber - **Viewpoint**: Mainly range - bound trading before the holiday. - **Logic**: The BR futures price first rose and then fell. The fundamentals have not changed significantly, and the trading of butadiene is not bad. The mid - term core logic is the expectation of tight supply of butadiene in the first half of 2026. - **Outlook**: Weakly bullish in the medium - term. Although the short - term rise is fast and needs adjustment, the mid - term trend is still bullish [13]. 3.1.7. Cotton - **Viewpoint**: Lack of upward momentum before the holiday. - **Logic**: The processing and inspection of new cotton are coming to an end, and the demand is improving. However, as the Spring Festival approaches, textile factories are shutting down for holidays. Before the holiday, there is no obvious driving force, and the cotton price is expected to be range - bound. After the holiday, the traditional peak season will boost the cotton price. In the long - term, the domestic cotton supply - demand pattern is expected to be in a tight balance, and the cotton price center is expected to rise. - **Outlook**: Weakly bullish. It is recommended to buy on dips [14]. 3.1.8. Sugar - **Viewpoint**: Brazil still has export potential, and sugar prices are expected to be weakly volatile in the medium - and long - term. - **Logic**: In the 2025/2026 sugar - making season, the global sugar market is expected to have a supply surplus. Major producing countries are expected to increase production. Brazil's production is coming to an end, but its export potential is large. The production in the Northern Hemisphere is optimistic. - **Outlook**: Weakly volatile. It is recommended to short on rebounds [16]. 3.1.9. Pulp - **Viewpoint**: Spot prices are almost stagnant, and futures are fluctuating independently. - **Logic**: Before the Spring Festival, the supply - demand situation is weak, and both the terminal and downstream are in a low - demand state. After the holiday, the seasonal recovery of demand will bring marginal benefits. The valuation of pulp futures is not high, and the downward space is limited. - **Outlook**: Volatile. It is recommended to wait and see during the Spring Festival [17]. 3.1.10. Double - Glued Paper - **Viewpoint**: Trading is coming to an end, and double - glued paper is trading in a narrow range. - **Logic**: The double - glued paper market has entered a pre - holiday stagnant state. Paper mills' production is basically stable, and some production lines have maintenance plans. After the holiday, the consumption recovery rhythm depends on the resumption of work of downstream printing factories, and there may be more price - cutting phenomena. - **Outlook**: Weakly volatile. It is recommended to operate within the range of 4000 - 4400 yuan/ton [18][19]. 3.1.11. Logs - **Viewpoint**: Trading is light, and the market is range - bound. - **Logic**: Before the holiday, the log market is entering a shutdown stage, and trading is light. The spot price is relatively stable, and the market is range - bound. Although the fundamentals have improved marginally, there is still pressure from weak future demand and expected supply increase. - **Outlook**: Volatile. It is recommended to operate within the range of 770 - 830 yuan/cubic meter for the short - term 03 contract [21][22]. 3.2. Variety Data Monitoring The report only lists the names of varieties such as oils and fats, protein meal, corn, etc., but no specific data monitoring content is provided. 3.3. CITIC Futures Commodity Index (February 10, 2026) - **Composite Index**: The commodity 20 index is 2722.24, up 0.43%; the industrial products index is 2281.60, up 0.12%; the PPI commodity index is 1404.94, up 0.04%. - **Sector Index**: The agricultural product index on February 10, 2026, is 927.60, with a daily decline of 0.03%, a 5 - day decline of 0.61%, a 1 - month decline of 1.66%, and a decline of 0.58% since the beginning of the year [182][183][184].

Core Viewpoint - Pacific Securities report indicates that Wens Foodstuff Group expects a decline in net profit attributable to shareholders for 2025, projecting a range of 5-5.5 billion yuan, a year-on-year decrease of 40.73%-46.12% [1] Group 1: Financial Projections - The company's net profit after deducting non-recurring items is expected to be between 4.8-5.3 billion yuan, reflecting a year-on-year decline of 44.64%-49.86% [1] - For 2026-2027, the projected net profit attributable to shareholders is 8.325 billion yuan and 15.018 billion yuan, with earnings per share (EPS) estimated at 1.25 yuan and 2.26 yuan respectively [1] Group 2: Business Performance - The company anticipates a total pig output of 40.4769 million heads in 2025, representing a year-on-year increase of 34.11%, exceeding the initial target of 33-35 million heads [1] - Profit margins in the pig and chicken farming sectors are expected to decline due to a significant drop in market prices, which has outpaced cost reductions [1] Group 3: Market Outlook - The industry is expected to continue capacity reduction in the first half of the year due to persistently low pig prices since early 2026, with a potential turning point in the market likely occurring in the second half [1] - Despite the anticipated downturn in the pig cycle for 2026, the company's ongoing cost reduction efforts suggest that performance may still see growth over the next two years [1] Group 4: Valuation - The current stock price corresponds to a price-to-earnings (PE) ratio of 12.64x for 2026 and 7.01x for 2027, maintaining a "buy" rating [1]

Core Viewpoint - Muyuan Foods has completed its A+H share capital layout with its listing on the Hong Kong Stock Exchange, aiming to accelerate its international expansion despite a lukewarm market response and declining performance metrics [1][2][3]. Group 1: Company Performance and Market Response - Muyuan Foods' stock was priced at HKD 39 per share during its Hong Kong IPO, with a closing price of HKD 40.52, reflecting a modest increase of 3.9% on its first day [1]. - The total market capitalization of Muyuan Foods reached HKD 111.22 billion, which is relatively low compared to the overall market size of HKD 2300 billion [1]. - The company's performance has been declining, with a projected net profit for the previous year between CNY 151 billion and CNY 161 billion, representing a year-on-year decrease of 14.93% to 20.21% [3]. Group 2: Sales and Market Trends - In January, Muyuan Foods sold 7.009 million pigs, with an average selling price of CNY 12.57 per kilogram, down 16.92% year-on-year, leading to a total sales revenue of CNY 10.566 billion, a decline of 11.93% [4]. - The average price of pigs has dropped by CNY 1.22 per kilogram since mid-January, indicating ongoing market volatility [4]. Group 3: International Expansion Strategy - Muyuan Foods is focusing on international markets, particularly Southeast Asia, to mitigate domestic market challenges, with plans to establish operations in Vietnam [5][6]. - The company has partnered with BAF Agricultural Joint Stock Company in Vietnam, planning to invest approximately CNY 3.2 billion to build a high-tech pig farming facility [5]. - The company aims to leverage its technological advantages to penetrate markets in Vietnam, Thailand, and the Philippines, where pork consumption is expected to rise due to increasing income levels [5][6]. Group 4: Industry Context and Challenges - The Chinese pork industry is facing a stable demand environment, making it difficult for companies like Muyuan Foods to find growth opportunities domestically [2][6]. - The international expansion strategy comes with risks, including economic fluctuations, regulatory challenges, and political instability in target markets [7][8].