CITIC Securities: Acceleration of capacity digestion in October, continue to recommend the pork industry sector.

CITIC Securities research report indicates that the liquidation of sows in October has accelerated. In the short term, the industry's supply side continues to maintain a loose situation, with pig prices under pressure, and subsequent capacity reduction is expected to continue, boosting the cyclical prosperity and duration after 2026H2. Recommendations continue to include: 1) leading companies with strong innovation and dividend capabilities; 2) cost-leading companies; 3) companies with M&A growth potential.