生猪专家电话会议要点：生猪亏损加剧，去产能或加速-Key takeaways from hog expert call_ hog losses deepening; capacity reduction likely to accelerate

Recent developments 1) Drivers of recent price weakness: hog prices have fallen to around Rmb10/kg, pushing the industry into broad-based losses. On the supply side, elevated sow capacity in 2025 continues to support high production levels in 2026. On the demand side, post- CNY pork consumption typically declines by 15–20% versus pre-holiday levels. From a sentiment perspective, pessimistic price expectations have discouraged hog retention, secondary fattening and inventory building by slaughterhouses. Thes ...