金吾财讯 | 中信证券研究指，26H1猪价持续探底，其中4月均价降至9.32元/公斤，为近十年新低，近期猪价仍在低位震荡。上市公司层面，26H1板块亏损逐季度加深，业绩整体承压。但上市公司头均盈利差距仍大，立华股份、牧原股份26Q2头均亏损较行业领先200元/头以上，较部分头部企业领先100元/头以上。深度亏损下，上市猪企资金压力加大，26Q2末板块资产负债率为65.11%，同比上升13.3%，环比提升2.74ppts，母猪生物资产继续削减。展望后续，26H2猪价预估仍在成本线下震荡，而政策持续约束头部企业产能们预估生猪产能维持去化趋势，2027年猪价景气可期。考虑到行业基本面底部已过，反转预期加强，该机构继续推荐板块。
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