Guoxin Securities: Continuously emphasize the importance of focusing on opportunities in the pig farming industry with both offensive and defensive strategies.

Galaxy Securities research report indicated that the average annual pig price remained relatively stable, with the difference being that excellent pig enterprises continuously optimized their full cost, leading to breeding profits exceeding expectations. In addition, changes in pig enterprise production capacity since 2025, industry second-child situation, slaughter weight, and other aspects may bring unexpected changes due to related influences, which are worth paying attention to. It is continuously emphasized to focus on the layout opportunities of both offense and defense in the pig breeding industry. Based on the role value of breeding sows and breeding efficiency, pig prices in 2025 may show a downward trend compared to the previous year, with relatively stable operation during the year, coupled with profits exceeding expectations due to the downward cost. It is crucial to focus on high-quality pig enterprises with significant changes in marginal costs and good capital conditions.