行业 生猪日报 日期 2025 年 12 月 16 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 021-60635740 期货从业资格号：F3055047 请阅读正文后的声明 - 2 - 每日报告 一、行情回顾与操作建议 图1：全国生猪出栏价 元/公斤 图2：样本屠宰场屠宰量 头 数据来源：涌益，建信期货研究中心 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，15 日 ...

Core Viewpoint - TianKang Bio plans to acquire 51% of Xinjiang Qiangdu Animal Husbandry Technology Co., Ltd. for 1.275 billion yuan, aiming to strengthen its position in the pig farming industry during a downturn [1][3]. Group 1: Acquisition Details - The acquisition will make Qiangdu Animal Husbandry a subsidiary of TianKang Bio, which will consolidate its financials [3]. - Qiangdu Animal Husbandry has been profitable since 2020 and is a significant player in the southern Xinjiang pig farming sector, with expected pig output of approximately 1.36 million in 2024 and over 1.5 million in 2025 [3][4]. - The valuation of Qiangdu Animal Husbandry shows a book value of 1.836 billion yuan and a valuation of 3.511 billion yuan, resulting in an appreciation of 1.675 billion yuan, or 91.21% [4]. Group 2: Strategic Considerations - The acquisition is seen as a "counter-cyclical layout" to integrate quality production capacity during an industry downturn, potentially enhancing TianKang Bio's competitive strength [1][4]. - TianKang Bio aims to leverage its full industry chain advantages, including feed research, animal vaccines, and pig breeding, to create synergies with Qiangdu's established farming techniques and scale [4]. - The integration focuses on optimizing existing production capacity without increasing new pig production, aligning with current regulatory frameworks [4]. Group 3: Industry Context - The pig farming industry is currently experiencing a downturn, with prices dropping significantly; as of December 15, the average price was 11.58 yuan/kg, down 27.31% year-on-year [8]. - Many companies in the industry are adopting contraction strategies, with several halting expansion projects and reallocating funds to maintain liquidity [9]. - The current market conditions present an opportunity for consolidation, as high-quality assets are available at lower valuations, which could enhance TianKang Bio's bargaining power and risk resilience [4][9].

Overview - The report emphasizes the need to focus on leading companies in the agricultural sector amidst a challenging market environment, highlighting potential investment opportunities in key areas such as food security and livestock production [2][8]. Group 1: Swine Farming - The report indicates that the reduction in breeding sow inventory has begun, with a notable decline to 39.9 million heads as of October 2025, marking a 1.1% month-on-month decrease and a 2.1% year-on-year decrease [20]. - The average price of live pigs was reported at 12.33 yuan/kg in November 2025, down 25.6% from the beginning of the year, indicating significant price pressure in the market [27]. - The report recommends focusing on leading companies such as Muyuan Foods, Wens Foodstuff Group, and others, as they are expected to have stronger resilience and market share growth in a low-margin environment [11][20]. Group 2: Natural Rubber - The report discusses the slow contraction of supply in the natural rubber market, with production challenges due to climate change and labor cost increases, which are expected to impact future supply dynamics [49][55]. - It highlights that the current natural rubber prices are in a new bottoming phase, influenced by both supply constraints and weak demand from the tire and automotive sectors [59]. - The report recommends Hainan Rubber as a key player, noting its strategic land resource management and potential for growth in a recovering market [60][66]. Group 3: Sugar and Tomato Industries - The sugar industry is projected to see a production increase to 11.7 million tons in the 2025/26 season, a 4.8% rise year-on-year, driven by improved pricing for sugarcane [77]. - The report notes that the import of non-standard sugar sources has decreased significantly, which has positively impacted profit margins for domestic sugar producers [77]. - The tomato industry is undergoing accelerated capacity reduction, with a focus on improving efficiency and profitability in the face of market challenges [68].

2025 年 12 月 15 日 总量研究 "猪周期"投资的新范式 ——《光大投资时钟》第二十七篇 作者 分析师：赵格格 执业证书编号：S0930521010001 0755-23946159 zhaogege@ebscn.com 稳定币：从数字美元到霸权上链 ——《大国 博弈》系列第八十八篇（2025-07-25） 特朗普为何加速推进 232 调查？——《大国 博弈》第八十七篇（2025-07-09） 关税大限将至，特朗普如何抉择？——《大 国博弈》系列第八十六篇（2025-07-03） 以斗争求合作，中方打到美方筹码底线—— 《大国博弈》系列第八十五篇（2025-05- 12） 中美会晤前哨观察：特朗普的交易底线—— 《大国博弈》系列第八十四篇（2025-05- 10） 关税互搏，中美谁的经济韧性更强？—— 《大国博弈》系列第八十二（2025-04- 09） 分析师：刘星辰 执业证书编号：S0930522030001 021-52523880 liuxc@ebscn.com 相关研报 黄金"狂欢"未歇，铜价能否共舞？—— 《光大投资时钟》系列报告第二十六篇 （2025-10-21） 黄金周：黄金上涨的三个 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The swine industry is experiencing a weak price trend, with a gradual strengthening of capacity reduction logic. The average price of live pigs has fluctuated, reaching 11.54 CNY/kg, while the overall industry is facing losses. However, the market sentiment may improve as the capacity reduction logic strengthens [4][15] - The agricultural policy is shifting towards protecting farmers' rights and stimulating enterprise innovation, indicating a focus on high-quality development in the industry. The price of pigs is expected to stabilize and potentially rebound due to capacity control policies [5][16] - The poultry sector is facing a "high capacity, weak consumption" contradiction, leading to a reduction in production capacity among breeding farms. Integrated enterprises and contract farming are likely to increase their market share [6][16] - The feed sector is recommended to focus on Hai Da Group, which is expected to benefit from industry recovery and improved capacity utilization [7][17] - The pet industry is experiencing increased concentration, with leading brands gaining market share despite competitive pressures. The outlook remains positive for domestic sales growth [9][21] Summary by Sections Swine Industry - The SW swine breeding sector rose by 1.11%, with live pig prices showing a rebound from lows. The average weight of pigs at slaughter has increased to approximately 130 kg, with plans for increased output in December [4][15] - The government is actively implementing capacity control measures to stabilize pig prices, with a focus on protecting farmers and encouraging innovation [5][16] Poultry Industry - The price of chicken chicks is stable, while the price of broilers has seen a slight increase. The industry is facing challenges due to high production capacity and weak consumer demand [6][16] Feed Industry - The feed sector is experiencing mixed price trends for various aquatic products. Hai Da Group is highlighted as a key player due to its expected growth and improved management [7][17] Pet Industry - The pet food market is seeing a slowdown in sales growth due to earlier promotions. However, the overall outlook remains positive, with expectations for continued growth in domestic sales [9][21] Agricultural Products - Domestic soybean meal prices have weakened, while corn prices have also adjusted downwards. The market is expected to remain stable with a focus on supply and demand dynamics [11][22]

Core Insights - The pig farming industry in Linwei District, Weinan City, Shaanxi Province has become a significant economic pillar, with a pig output of 133,800 heads in the first half of the year, representing an 8.5% year-on-year increase [1] - The "insurance + futures" project, supported by the Dalian Commodity Exchange and implemented by Huishang Futures in collaboration with Anbang Property Insurance, successfully delivered 3.27 million yuan in compensation to farmers, showcasing the effectiveness of a decade-long mature model in supporting agriculture [1][2] Group 1 - The pig farming sector in Linwei District has a long history and faces survival challenges due to price volatility caused by rising feed costs, seasonal consumption dips, and pandemic impacts [1] - The "insurance + futures" scheme was tailored to meet the specific needs of the local pig farming industry, utilizing enhanced Asian put options to cover 15,000 pigs set to be sold in three months, creating a risk protection barrier worth 20.84 million yuan [1] - The project is supported by a diverse funding system that includes policy guidance, financial matching, and market participation, with a total insurance premium of 1 million yuan [1] Group 2 - The project represents a successful example of the Dalian Commodity Exchange's ten-year "insurance + futures" model, introducing professional financial derivatives to farmers who traditionally relied on weather conditions for their livelihoods [2] - The initiative has effectively connected financial services to local farmers, benefiting both larger enterprises that create jobs and small-scale farms rooted in villages, thereby expanding financial access to more ordinary farmers [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2025, a new industrial pattern was basically formed. Group companies continued the incremental trend, the profit of the breeding port expanded, some large - scale farms and individual farmers shifted to the professional fattening model, the stocking model expanded significantly, market flexibility increased again, and the dual - drive of raw materials and management led to a further decline in the cost center. In the first half of 2026, the supply increment trend was difficult to reverse, and the spot price would seek the cycle bottom. If it fell below the cash - flow cost, it might stimulate the acceleration of capacity elimination. In the second half of 2026, the inventory cycle was at a low level. The speculative replenishment demand in the third quarter provided support, and the regular demand increased in the fourth quarter. The price center might rise compared with the first half, and a slight profit pattern was expected [2][44][45]. - The main trading logic in the first half of 2026 was the capacity cycle anchored by the industry's cash - flow cost, maintaining a contango structure as a whole. In the second half, there would be a rebound repair market after the phased bottom and a reality repair market after the high - expectation on the disk was realized. The forward premium structure brought stronger game - playing for the cycle reversal market, and the industry could reasonably arrange hedging according to the expected profit [3][47]. Summary by Relevant Catalogs 1. 2025 Review of the Live Pig Futures and Spot Market - The core law of the live pig futures and spot market in 2025 was the reality repair after the advance of spot and policy expectations. The market expected a large increase in capacity in 2025 due to high profits in the second half of 2024, and anchored each contract to the cost in advance. However, in the first quarter, the low social inventory and continuous high profits led to strong inventory accumulation space and willingness in the industry, and the increase in supply was not effectively released, so the disk repaired upwards. From June to July, the policy - driven expectations of inventory and capacity reduction drove the disk up, but as the supply pressure gradually released, the spot price led the disk to decline [6]. - The futures and spot price trends in 2025 could be divided into four stages: - January - February: Weak expectations advanced, and prices were anchored to the cost. The market expected the industry to enter an incremental cycle in advance and anchored the January contract below the cost, with a discount of nearly 3000 yuan/ton to the spot price [7]. - March - May: The reality was stronger, and the disk repaired. After the Spring Festival, the social inventory and weight level decreased. From the end of February, the industry entered the stage of restocking. The price of piglets rose rapidly, and group farms actively sold, reducing the pen pressure. The feed weight - gain cost was lower than in previous years, and group farms also started the active weight - gain trend in March. The low frozen - product inventory supported the demand in the off - season, and the disk repaired its valuation upwards [8]. - June - July: Affected by policies, market sentiment was high. The low - inventory and high - profit pattern in the first half led to strong inventory - accumulation continuity. Although some leading enterprises announced weight reduction and banning secondary fattening according to policy guidance, the flexibility of medium - sized and speculative groups was higher, which extended the policy - driven inventory reduction and increased short - term fluctuations in the disk and spot prices. On July 23, the Ministry of Agriculture organized a meeting on the high - quality development of the live pig industry, and the live pig futures rose sharply following the commodity sentiment [9]. - August - December: Policies were implemented, and industrial logic was realized. As the policy - driven expectations of inventory and capacity reduction cooled down and specific policies were implemented, most clauses aimed at adjusting the long - term supply, and it was difficult to quickly reverse the short - term oversupply situation in the spot market. The industrial logic returned. The Guangxi warehouse - receipt price dropped from 14,000 yuan/ton to a minimum of 10,000 yuan/ton, and the disk price continued to fall from a high of 15,000 yuan/ton to a minimum of 11,020 yuan/ton [10]. 2. 2026 Live Pig Operation Logic: Dual - Drive of Policy and Market Profit, and the Direction of Capacity Reduction is Determined 2.1 Supply Side - The industry was about to enter a stage of continuous and deep losses, and the pattern of capacity reduction was determined. In recent years, due to the continuous decline in raw material prices such as corn and soybean meal, the breeding cost center had dropped rapidly. The industry entered the loss stage in September 2025, and with strong policy - driven willingness to reduce capacity, the pattern of capacity reduction was determined. However, due to the lag in the pig production chain, the supply would still maintain an incremental trend in the first half of 2026, and the supply situation in the second half was more variable, with the market's capacity - reduction effect expected to be initially realized [13]. - Policy intervention confirmed the direction of capacity reduction. The policy determined the direction of capacity adjustment, and the data of breeding sows initially reflected this. In May 2025, the live pig industry was included in the anti - involution industry, and the policy would adjust the capacity in a timely manner. A series of policy measures were implemented, and the number of breeding sows began to decline in July, with the inventory decreasing to 39.9 million heads in October [14]. - The industry's cash flow was still sufficient, and the acceleration of inventory reduction would start the capacity - reduction process. The industry had been profitable, and the cost center had decreased, resulting in sufficient cash flow. As of the fourth quarter of 2025, the full cost of Muyuan Co., Ltd. had dropped to 11.3 yuan/kg, and the costs of other leading breeding enterprises had also decreased. As of mid - September 2025, most self - breeding and self - fattening groups still had profits, making it difficult to drive the whole market to actively reduce capacity. As of early December 2025, the market was still in the passive inventory - accumulation stage, but with the arrival of the winter solstice peak season, the social and group sectors would actively increase the supply and reduce the weight, starting the inventory - reduction stage. If the weight - reduction target could be achieved before the Spring Festival, it would mark the start of capacity reduction [16][22]. - Continuous and deep losses would stimulate capacity reduction. Reviewing the pig cycle, it was found that the cycle duration after African swine fever was shorter than before, but the capacity cycle was the core, and the profit cycle was the driving force. In 2021 and 2023, continuous losses led to effective capacity reduction and cycle reversal. In the fourth quarter of 2025, self - breeding and self - fattening only suffered losses for half a month, and the loss depth was limited. If there were deep losses below the cash - flow cost in the first half of 2026 and they lasted for a long time, it would stimulate the acceleration of capacity reduction [24][25]. 2.2 Demand Side - Overall demand was stable, and speculative demand decreased. - The total pork consumption increased year - on - year, and it was difficult to have higher elasticity in 2026. In 2025, the total pork slaughter volume increased significantly year - on - year and was at a historical high. The high slaughter volume and price in the first half were slightly stronger than in the same period of 2024, indicating that the consumption capacity had increased. The low frozen - product inventory and small price difference between frozen and fresh products stimulated the conversion of frozen - product consumption to fresh - product consumption. The low price in 2025 had stimulated pork consumption, and there was limited space for additional consumption growth in 2026, and the pickled meat reserve might overdraw the next year's consumption [32]. - In recent years, the seasonal influence of speculative demand had increased. The seasonal consumption pattern of live pigs still followed the traditional rules, but the influence of secondary fattening speculative demand had increased significantly and had certain seasonal characteristics. However, since June 2025, the secondary fattening group had suffered multiple losses, and the expected concentrated release of pressure in December 2025 might suppress the enthusiasm of the secondary fattening group in 2026 [41]. - The room for further decline in the cost side was limited, and policy - driven demand might provide support. Feed raw material prices were at a relatively low level in recent years, and the room for further decline was limited. The industry's average cost had decreased to 12 - 13 yuan/kg, and there was no strong driving force for a significant cost reduction. There was an expectation of continuous state reserve purchases when the pig - grain price ratio fell below 5:1, which would strengthen the bottom - level policy - driven demand support [43]. 3. Conclusion and Investment Outlook 3.1 Conclusion - The direction of capacity reduction was determined, and the bottom - grinding stage might exceed expectations. In 2026, the supply increment trend in the first half was difficult to reverse, and the spot price would seek the cycle bottom. If it fell below the cash - flow cost, it might stimulate the acceleration of capacity elimination. In the second half, the inventory cycle was at a low level, and the price center might rise, with a slight profit pattern expected [44][45]. - Supply side: The industry's cash flow was sufficient in 2025, so the supply increment pattern in the first half of 2026 was difficult to change. As of early December 2025, the market was still in the passive inventory - accumulation stage. In the first quarter of 2026, the key was whether the weight inventory could be cleared. In the second quarter, the supply of standard pigs was large, and if there was secondary fattening - related supply after the Spring Festival, the market pressure from April to May would increase. Although policies and market losses in the fourth quarter of 2025 stimulated capacity reduction, the impact on the overall supply in the third quarter of 2026 was limited, and the supply might decrease year - on - year in the fourth quarter [45]. - Demand side: In 2025, the regular demand exceeded expectations due to the stimulating effect of low prices on pork consumption. However, the consumption elasticity was limited, and it was difficult to have additional regular consumption growth in 2026. The low price in September - October 2025 had advanced some slaughter and storage, which might overdraw the off - season frozen - product storage demand in 2026. The demand for piglets might be suppressed, and the secondary fattening seasonality in 2026 was expected to be weaker than in 2025. In the first half of 2026, the price center was low, and the demand elasticity was weak. If a panic bottom appeared, the speculative demand for cycle reversal might be boosted in the second half [46]. 3.2 Investment Outlook - In the fourth quarter of 2025, the industry's profit turned negative, and the dual - drive of policy and market started capacity reduction. In 2026, the marginal supply was expected to decline, but the decline in the cost center suppressed the enthusiasm for active capacity reduction. Only when the price dropped deeply and stayed below the cost for a long time could it stimulate sufficient capacity reduction. - In the first half of 2026, the core fluctuation range of the spot price was expected to be 10,000 - 13,000 yuan/ton, and the futures index was expected to fluctuate between 10,500 - 13,000 yuan/ton. In the second half, the core fluctuation range of the spot price was expected to be 11,000 - 14,500 yuan/ton, and the futures index was expected to fluctuate between 12,000 - 15,000 yuan/ton. - In terms of rhythm, the main trading logic in the first half of 2026 was the capacity cycle anchored by the industry's cash - flow cost, maintaining a contango structure. In the second half, there would be a rebound repair market after the phased bottom and a reality repair market after the high - expectation on the disk was realized. The forward premium structure brought stronger game - playing for the cycle reversal market, and the industry could reasonably arrange hedging according to the expected profit [47].

分析师：赵格格 执业证书编号：S0930521010001 0755-23946159 zhaogege@ebscn.com 分析师：刘星辰 执业证书编号：S0930522030001 021-52523880 liuxc@ebscn.com 2025 年 12 月 15 日 总量研究 "猪周期"投资的新范式 ——《光大投资时钟》第二十七篇 作者 相关研报 黄金"狂欢"未歇，铜价能否共舞？—— 《光大投资时钟》系列报告第二十六篇 （2025-10-21） 黄金周：黄金上涨的三个新变量——《光大 投资时钟》系列报告第二十五篇（2025- 10-08） 美国政府停摆：可能性与市场影响——《大 国博弈》系列第八十九篇（2025-09-25） 稳定币：从数字美元到霸权上链 ——《大国 博弈》系列第八十八篇（2025-07-25） 特朗普为何加速推进 232 调查？——《大国 博弈》第八十七篇（2025-07-09） 关税大限将至，特朗普如何抉择？——《大 国博弈》系列第八十六篇（2025-07-03） 以斗争求合作，中方打到美方筹码底线—— 《大国博弈》系列第八十五篇（2025-05- 12） 中美会晤前哨观察：特朗 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [2][42]. Core Insights - The agricultural sector is experiencing intensified losses, with a significant acceleration in capacity reduction. The report recommends a left-side investment strategy focusing on the pig farming sector [2][36]. - Pig prices are at a bottom and continue to fluctuate, with losses widening. The average loss for self-breeding sows is reported to exceed 120 CNY per head [2][36]. - The pet food sector shows continued industry vitality, with online sales growth of 17% year-on-year for October and November [2][36]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index fell by 0.1%, mirroring the decline in the Shanghai and Shenzhen 300 Index [2]. - Top gainers included *ST Zhengbang (19.4%), BioShares (17.2%), and Pingtan Development (13.8%) [2][8]. Pig Farming - The report highlights that pig prices are in a bottoming phase, with losses continuing to expand. The average loss for self-breeding sows is approximately 128.3 CNY per head for those with fewer than 50 sows and 146.5 CNY for those with 5,000 to 10,000 sows [2][36]. - The report suggests that the ongoing losses and the seasonal decline in pig prices may catalyze a faster capacity reduction in the industry [2][36]. Pet Food Sector - The pet food industry has shown resilience, with a combined sales figure of 7.02 billion CNY for October and November, reflecting a 17% year-on-year increase [2][36]. - Notable brands such as GuaiBao Pet and ZhongChong Co. reported significant growth in sales, with GuaiBao Pet achieving a 40% increase [2][36]. Chicken Farming - The report notes a slight rebound in prices for broiler chickens, with the average selling price for white feather broiler chicks at 3.33 CNY per chick, reflecting a week-on-week increase of 1.22% [2][36]. - The report emphasizes that the supply of white chickens remains abundant, which is expected to be a key theme for 2025-2026 [2][36]. Beef Market - The prices for beef and calves have shown a slight increase, with the average price for fattened bulls at 25.56 CNY per kg, up 0.08% week-on-week [2][36].

Group 1: Report's Core View - In 2025, the overall commodity market showed a high - opening and low - closing trend. Agricultural products were less affected by macro - liquidity but pressured by cyclical factors. The downstream of the breeding industry chain led the decline, and pig prices hit a new low in Q3 2025. The industry focused on cost - reduction and efficiency - improvement, with no significant increase in absolute production capacity, but the production efficiency of sows improved [2]. - Looking ahead to H1 2026, it's difficult for feed costs to continue to decline. As the de - stocking of pig production capacity deepens, pig prices are expected to rise. It is recommended to buy contracts after 2607 below the breeding cost or go long on market volatility in Q2 [3]. Group 2: Industry Investment Rating - There is no information about the industry investment rating in the report. Group 3: Summary by Directory Part 1: Review of 2025 Pig Futures and Spot Prices 1. Review of Pig Futures and Spot Price Quotes - In 2025, domestic policies increased liquidity, but the economy still faced pressure. Commodity prices were polarized, and agricultural products generally fell. The downstream of the feed - breeding industry chain was under pressure due to over - capacity and weak demand [11]. 2. Summary of Characteristics of Typical Pig Cycle Bottoms in the Past - Different pig cycles had different bottom characteristics in terms of time, pig and piglet prices, sow inventory, and reasons for the bottom, such as diseases, trade issues, and policy impacts [47]. 3. Pig Futures Trading Volume and Open Interest - There is no specific content about pig futures trading volume and open interest in the given text. Part 2: Supply - Demand Fundamentals of Pigs 1. Supply Side - The industry's absolute production capacity did not increase significantly, but the average PSY of sows increased from 24 to over 26, with some leading enterprises approaching 29. The growth of sow inventory was limited [2]. 2. Demand Side - In 2025, consumer confidence was low, and food consumption was at a low level. The slaughter volume of large - scale pig slaughtering enterprises increased year - on - year, but the profit and capacity utilization rate of slaughtering enterprises were relatively low [78]. 3. Pork Supply - Demand Balance Sheet and Related Meat Production - From 2010 to 2025E, the pork supply - demand balance sheet showed changes in production, imports, supply, and demand. In 2025E, production was 5230000 tons, imports were 80000 tons, and the supply - demand difference was 168000 tons [95]. 4. Pig Breeding Profit and Cost - The average breeding cost of group enterprises decreased. The profit of pig breeding showed seasonal and annual fluctuations, with significant differences between self - breeding and self - raising and purchasing piglets for fattening [101][108][109]. 5. Seasonal Characteristics of Pig Prices - Pig prices showed certain seasonal patterns, with different monthly price changes in different years [112]. Part 3: Technical Analysis of Pig Futures and Option Strategies 1. Technical Analysis of Pig Futures - There is no specific content about the technical analysis of pig futures in the given text. 2. Pig Options - There is no specific content about pig options in the given text. Part 4: Outlook for the 2026 Pig Market - In 2026, it's difficult for feed costs to decline further. As the de - stocking of production capacity deepens, pig prices are expected to gradually recover from the bottom [3]. Appendix: Performance of Stock Prices of Related Listed Pig Companies - As of certain dates, different listed pig companies had different stock price performances and annual cumulative price change rates [124].