金吾财讯 | 中信证券指出，2025年猪价震荡下行，9月跌破成本线，全年均价13.73元/公斤，同比-18.2%，行业微利（其中25Q4行业亏损150元/头）。生猪板块上市公司业绩大幅下滑，但部分公司以头均150-200元利润大幅跑赢行业，某公司成本下降持续超预期，2025Q4完全成本约11.4元/公斤。展望2026年，存栏体重高位下，该机构预计猪价继续触底。持续亏损，叠加供给侧改革加持下，26H1产能预计逐步去化，26H2/2027年猪价景气可期。中期来看，猪价稳定性或变强。继续推荐：1）成本领先、强创现分红预期的企业；2）估值低位的企业。该机构表示，2025年畜禽价格震荡下行，板块多数公司业绩承压，畜禽龙头竞争优势持续拉大。肉鸡行业关注海外禽流感进展和消费复苏情况。后周期领域推荐经营能力领先、穿越周期的企业等。此外，关注减产兑现、景气高位的菌菇行业。
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