中国生猪-2026 年一季度预览：亏损扩大，净利润或创年度最低-China‘s hog industry_ 1Q preview_ Losses to widen, net profit likely lowest in 2026

Rating, target price, and earnings estimate changes Equity Research Report 24 March 2026 China's hog industry Equities 1Q preview: Losses to widen, net profit likely lowest in 2026 1Q26 preview: industry steeped in losses. Hog prices have fallen to around RMB10/kg y-t-d, driving the entire hog breeding sector into deep losses, especially since the Spring Festival. Based on monthly data, we expect only the companies with strong cost control (Muyuan and Wens) to have remained marginally profitable in January- ...