CICC: Leading pig farming companies are expected to continue outperforming the industry in 2026.

CICC believes that looking ahead to 2026, the new paradigm in the pig industry is expected to further strengthen. In terms of the new paradigm of pig prices, it may continue to verify the price features of shortened cycle length, converging amplitudes, and decreasing volatility. In 2026, pig prices may moderately decline, and leading companies are expected to maintain profitability throughout the year; in terms of the new growth paradigm, the leading company in the pig industry is entering a period of opportunity, with growth and value attributes rising simultaneously; in terms of the new investment paradigm, sector investment is transitioning from pure cyclical thinking to considering both cycles and values, with low-cost and large-scale leading companies continuously reshaping their valuation system, and leading companies are expected to continue outperforming the industry.