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 - The report from CITIC Securities suggests that in 2026, both cyclical and growth factors will drive the main investment logic in the agricultural sector [1] Group 1: Cyclical Perspective - Due to market losses and administrative capacity reduction, capacity deconstruction may accelerate in Q4 2025 and the first half of 2026, leading to a potential upward fluctuation in pig prices in 2026 [1] - The report continues to recommend companies in the livestock and poultry industry that demonstrate strong operational capabilities and can withstand cyclical fluctuations [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 H2 2026 [1] - In the fruit and vegetable planting sector, the blueberry market is expected to continue benefiting from ongoing advantages, with a focus on leading companies that are increasing planting area, improving planting efficiency, enhancing brand and channel development, and accelerating international expansion [1] - The functional sugar sector is anticipated to welcome a super sugar substitute product [1]