Galaxy Securities: Focus on the opportunities for offensive and defensive layout in the pig farming industry.

Galaxy Securities pointed out that there is a dual emphasis on both offense and defense in the pig farming industry layout opportunity. Based on the considerations of the role value of sows and breeding efficiency, pig prices are expected to decline year on year this year, with the possibility of some rebound during the period. In view of policy capacity reduction and industry loss reduction, it is important to focus on high-quality pig enterprises with significant marginal cost changes and good liquidity. 2) In the pet food industry, high-quality companies are experiencing an increasing market share. 3) Attention can be paid to companies in the later stages of the breeding chain and animal vaccine industry. 4) Considering that the supply of Huangyu chicken is relatively low, coupled with expectations for improvement in demand.