Valuation Summary - The overall valuation of A-shares as of March 20, 2026, shows the CSI All Share (excluding ST) PE at 21.7x and PB at 1.8x, positioned at the historical 81st and 43rd percentiles respectively [2] - The Shanghai Stock Exchange 50 PE is at 11.4x and PB at 1.3x, at the historical 57th and 34th percentiles [2] - The CSI 300 PE is at 14.0x and PB at 1.5x, at the historical 62nd and 36th percentiles [2] - The CSI 500 PE is at 35.1x and PB at 2.4x, at the historical 67th and 56th percentiles [2] - The ChiNext Index PE is at 41.2x and PB at 5.6x, at the historical 36th and 64th percentiles [2] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Automation Equipment, Retail, IT Services, and Communication [2] - Industries with PB valuations above the historical 85th percentile include Electronics (Semiconductors) and Communication [2] - Industries with both PE and PB valuations below the historical 15th percentile include Securities, Food and Beverage, Medical Services, and White Goods [2] Industry Midstream Sentiment Tracking New Energy - In the photovoltaic sector, polysilicon futures prices fell by 11.8%, and spot prices dropped by 3.2%, indicating cautious demand from downstream [3] - Battery material prices, including lithium, have seen significant declines, with lithium carbonate down 3.9% [3] Technology TMT - The Philadelphia Semiconductor Index rose by 0.3%, while the Taiwan Semiconductor Index fell by 0.4% [3] - The DRAM price index increased by 4.1%, indicating a positive trend in semiconductor pricing [3] Real Estate Chain - The national average price of rebar fell by 0.4%, while cement prices increased by 1.3% as construction activity picks up [3] - Real estate sales area decreased by 13.5% year-on-year in January-February 2026, indicating ongoing challenges in the sector [3] Consumer Sector - The average price of live pigs fell by 1.8%, prompting government intervention to stabilize prices [3] - Retail sales grew by 2.8% year-on-year in January-February 2026, showing signs of recovery in consumer confidence [3] Midstream Manufacturing - Manufacturing investment grew by 3.1% year-on-year in January-February 2026, reflecting improved cash flow and external demand [3] - Industrial electricity consumption increased by 6.1% year-on-year, driven by higher manufacturing output [3] Cyclical Industries - Concerns over global economic stagnation have led to significant declines in metal prices, with COMEX gold down 10.6% and copper down 7.1% [3] - Brent crude oil prices rose by 0.5% to $104.41 per barrel, influenced by geopolitical tensions affecting supply [3]

Core Insights - The report by Zhiyan Consulting highlights the market trends and investment strategies in China's pig farming industry from 2026 to 2032 [1] Price Trends - According to data from the National Bureau of Statistics, the market price for pigs (External Three Yuan) in late January 2026 is projected to be 12.7 yuan per kilogram, reflecting a year-on-year decline of 18.59% and a month-on-month decrease of 1.55% [1] - Over the past five years, the highest price recorded for pigs (External Three Yuan) was 37.6 yuan per ton in late January 2020 [1]

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].

Core Viewpoint - The National Bureau of Statistics reported on February 14 that in early February 2026, prices of important production materials in the circulation sector showed mixed trends, with 28 products increasing in price, 20 decreasing, and 2 remaining stable [1]. Group 1: Price Changes in Major Categories - In the black metal category, prices for rebar (20mm, HRB400E) decreased by 10.5 to 3169.0, while wire rod (8-10mm, HPB300) fell by 13.7 to 3357.1 [2]. - In the non-ferrous metals category, electrolytic copper (IH) saw an increase of 334.3 to 101661.4, while aluminum (A00) dropped by 662.8 to 23418.6 [2]. - In the chemical products category, sulfuric acid (98%) rose by 35.0 to 1089.4, while caustic soda (liquid, 32%) decreased by 16.0 to 663.8 [2]. Group 2: Energy and Fuel Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) prices fell by 29.5 to 3827.4, while liquefied petroleum gas (LPG) increased by 14.4 to 4452.9 [2]. - Diesel prices saw a slight increase of 6.4 to 16889 [2]. Group 3: Agricultural Products - In agricultural products, the price of rice (high-quality) increased by 4.3 to 3966.0, while wheat (international three-year) rose by 7.2 to 2510.8 [2]. - The price of soybeans (yellow soybeans) increased significantly by 22.6 to 4255.9, while the price of peanuts remained stable at 7475.0 [2]. Group 4: Fertilizers and Agricultural Inputs - Urea (medium and small types) saw an increase of 20.6 to 1783.8, while compound fertilizers (sulfur zinc compound fertilizer, nitrogen phosphorus zinc content 45%) rose by 19.0 to 3458.9 [2]. - Pesticides (95% active ingredient) increased by 21.4 to 23900.0 [2]. Group 5: Wood and Forest Products - Natural rubber (standard rubber SCRIVF) prices increased by 100.0 to 15950.0, while imported wood products saw a significant decrease of 76.6 to 5285.4 [2].

根据国家统计局公布的数据，农产品（主要用于加工）类别下的生猪（外三元）2026年1月中旬市场价 格为12.9元/千克，同比下滑17.31%，环比上涨3.2%，纵观近5年同时期其价格，2020年1月中旬达到最 大值，有36.8元/吨。 2020-2026年1月中旬生猪（外三元）市场价格变动统计图 相关报告：智研咨询发布的《2026-2032年中国生猪养殖行业市场调查研究及投资策略研究报告》 数据来源：国家统计局 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry as a whole, but it highlights various sectors with their respective valuation metrics, indicating potential investment opportunities based on historical percentiles [1][2]. Core Insights - The report tracks the valuation of A-shares as of January 9, 2026, with the overall market PE at 22.4 times and PB at 1.9 times, indicating a historical percentile of 83% and 49% respectively [1][2]. - Key sectors with PE valuations above the historical 85th percentile include Real Estate, Automation Equipment, Retail, Chemical Pharmaceuticals, Electronics, and IT Services [1][2]. - The semiconductor market is projected to reach nearly $1 trillion in sales by 2026, with a year-on-year growth of 22.5% [3]. Valuation Summary A-Share Valuation - The overall market PE is 22.4x, with a historical percentile of 83% [1][2]. - The Shanghai Composite Index PE is 12x, with a historical percentile of 65% [1][2]. - The ChiNext Index PE is 42.6x, with a historical percentile of 41% [1][2]. Industry Valuation Comparison - Industries with PE valuations above the 85th percentile include: - Real Estate - Automation Equipment - Retail - Chemical Pharmaceuticals - Electronics - IT Services [1][2]. - Industries with PB valuations above the 85th percentile include: - Defense and Military - Electronics (Semiconductors) - Telecommunications [1][2]. Sector-Specific Insights New Energy - The photovoltaic industry sees a mixed trend with upstream silicon prices down by 9.4% while downstream battery prices increased by 1.3% [1][2]. - Lithium carbonate prices increased by 17.9% due to supply disruptions [1][2]. Technology (TMT) - The semiconductor index rose by 3.7%, with global sales increasing by 29.8% year-on-year [3]. - DRAM prices increased by 10.9%, indicating strong demand in the cloud services sector [3]. Real Estate Chain - Steel prices increased slightly, while cement prices remained stable [3]. - The glass market is expected to reach a weak balance due to production adjustments [3]. Consumer Goods - Pork prices decreased by 1.0%, while wholesale prices for liquor increased by 2.2% [3]. - Agricultural products showed mixed price movements, with corn prices stable and soybean prices up by 0.8% [3]. Midstream Manufacturing - Excavator sales increased by 19.2% year-on-year, driven by equipment upgrades and demand from mining sectors [3]. Cyclical Industries - Industrial metals saw price increases, with copper up by 4.1% [3]. - Brent crude oil prices rose by 3.7% due to geopolitical tensions [3].

Core Insights - The monitoring of prices for 50 important production materials in the national circulation sector indicates that by late December 2025, 18 products saw price increases, 28 experienced declines, and 4 remained stable [1] Group 1: Price Changes Overview - Among the monitored products, live pigs (external three yuan) increased by 1.7%, while liquefied natural gas (LNG) decreased by 7.8% [1] - The price of rebar (Φ20mm, HRB400E) rose by 0.5% to 3184.6 yuan, while ordinary medium plate (20mm Q235) fell by 0.3% to 3352.3 yuan [2] - In the non-ferrous metals category, electrolytic copper (1) increased by 3.8% to 95990.8 yuan, while zinc ingot (0) decreased by 0.3% to 23193.3 yuan [2] Group 2: Chemical Products and Energy - In the chemical products sector, sulfuric acid (98%) decreased by 0.2% to 1056.0 yuan, while styrene (first-grade) increased by 0.2% to 6616.7 yuan [2] - The price of liquefied natural gas (LNG) fell by 7.8% to 3614.8 yuan, and liquefied petroleum gas (LPG) decreased by 1.1% to 4358.0 yuan [3] Group 3: Agricultural Products - In agricultural products, the price of rice (glutinous rice) increased by 0.2% to 3951.0 yuan, while wheat (national standard grade three) decreased by 0.2% to 2491.4 yuan [3] - The price of live pigs (external three yuan) was reported at 11.7 yuan per kilogram, reflecting a 1.7% increase [3] - Urea (medium and small particles) saw a price increase of 0.9% to 1727.6 yuan, while agricultural chemicals (glyphosate, 95% raw material) decreased by 3.0% to 25358.3 yuan [3]

Valuation Summary - The overall valuation of A-shares as of December 19, 2025, shows the CSI All Share Index (excluding ST stocks) with a PE of 21.1 times and a PB of 1.8 times, positioned at the 77th and 39th historical percentiles respectively [2][5] - The Shanghai Composite Index has a PE of 11.7 times and a PB of 1.3 times, at the 61st and 40th historical percentiles [2][5] - The CSI 300 Index has a PE of 14 times and a PB of 1.5 times, at the 62nd and 34th historical percentiles [2][5] - The ChiNext Index has a PE of 39.9 times and a PB of 5.4 times, at the 32nd and 61st historical percentiles [2][5] Industry Valuation Comparison - Industries with PE valuations above the 85th historical percentile include Real Estate, Retail, and IT Services (Software Development) [2] - Industries with PB valuations above the 85th historical percentile include Electronics (Semiconductors) and Communications [2] - The Medical Services industry has both PE and PB valuations below the 15th historical percentile [2] Industry Economic Tracking New Energy - The photovoltaic industry chain prices remained stable, with battery cell spot prices rebounding by 8.1% [2] - The price of polysilicon futures increased by 6.4%, while the price of lithium carbonate rose by 7.4% [2] - Concerns about tightening lithium supply emerged due to local mining permit cancellations [2] Real Estate Chain - The average sales area of commercial housing in China from January to November 2025 decreased by 7.8% year-on-year, with a notable decline in real estate investment by 15.9% [3] - The price of rebar increased by 1.2%, while iron ore prices rose by 1.6% [3] Consumer Sector - The average price of live pigs increased by 0.9%, while the wholesale price of pork rose by 0.2% [3] - Retail sales from January to November 2025 grew by 4.0% year-on-year, showing a slight decline in growth rate compared to the previous ten months [3] Midstream Manufacturing - Manufacturing investment from January to November 2025 increased by 1.9% year-on-year, while infrastructure investment (excluding electricity) decreased by 1.1% [3] - Heavy truck sales in November 2025 surged by 65.4% year-on-year, with new energy heavy trucks seeing a significant increase in sales [3] Technology TMT - The production of integrated circuits and optoelectronic devices in China increased by 10.6% and 9.7% year-on-year respectively [3] Commodities - The price of Brent crude oil futures fell by 1.1% to $60.55 per barrel, amid rising supply pressures [3] - The price of thermal coal decreased by 5.6%, while coking coal prices rose by 0.5% [3]

Core Insights - The National Bureau of Statistics reported on December 4 that in the monitoring of prices for 50 important production materials across nine categories in the national circulation market, there were notable price changes in November 2025 [1] Price Changes Summary - 15 products experienced price increases, while 30 products saw price decreases, and 5 products remained stable [1] - Specifically, the price of live pigs (external three yuan) decreased by 2.6% compared to the previous period [1] - The price of coking coal (main coking coal) also saw a decline of 2.5% in the same timeframe [1]

Key Points - Domestic gasoline and diesel prices will be reduced starting from November 24, with gasoline prices decreasing by 0.05 yuan per liter for 92 octane and 0.06 yuan per liter for 95 octane, while diesel prices will also decrease by 0.06 yuan per liter [1] - As of the end of October, China's total installed power generation capacity reached 3.75 billion kilowatts, marking a year-on-year increase of 17.3%, with solar power capacity growing by 43.8% and wind power capacity increasing by 21.4% [1] - The State Administration for Market Regulation has issued measures to support private economic organizations in participating in the construction of industrial metrology testing centers, enhancing their measurement capabilities [2] - The People's Bank of China announced a 1 trillion yuan MLF operation scheduled for November 25, 2025, with a one-year term [2] - The National Bureau of Statistics reported that in mid-November, 30 out of 50 monitored important production materials saw price increases, while 17 experienced declines [2] - The Ministry of Transport reported a decrease in national logistics performance from November 17 to November 23, with rail freight down by 0.34% and highway truck traffic down by 2.16% [3] - Shenzhen has achieved significant breakthroughs in financing for technology and small and medium-sized enterprises during the 14th Five-Year Plan period, with total direct financing exceeding 2.8 trillion yuan, a growth of over 50% compared to the previous five-year period [4] - Moody's Analytics predicts that the Bank of Korea will maintain the benchmark interest rate at 2.5% during its upcoming monetary policy meeting [5] - Singapore's overall CPI accelerated to 1.2% year-on-year in October, driven by rising private transportation prices [6]