CITIC Securities: Livestock and poultry cycle fluctuates, layout leading and subdivision growth track.

Guosen Securities research report indicates that in the second half of 2025, pig prices will fluctuate weakly. They will continue to observe the progress of capacity digestion. Under the new valuation paradigm, they recommend leading companies with strong innovation and dividend capabilities, as well as companies that can achieve incremental growth through mergers and acquisitions/innovation. In the later stage of the economic cycle, they continue to recommend leading stocks in the feed industry and high-quality targets in the animal health sector. In the seed industry, they recommend companies with good trends in major products and continuously increasing market share. The demand for pet food remains stable, and they continue to recommend leading companies in the food sector. In other growth tracks, they continue to recommend: 1) leading companies in functional sugars; 2) leading companies in blueberries.