金吾财讯 | 广发证券研究指，10月20日，国家统计局公布3季度生猪存栏数据，截至2026年3季度末，全国生猪存栏42533万头，同比减少1147万头，下降2.6%。其中，能繁母猪存栏为3602万头，同比减少433万头，下降10.7%。该机构表示，预计母猪产能继续去化，看好27年猪周期上行。生猪供给仍处相对高位，近期猪价震荡下行，再次跌破“10”元关口。从25年9月开始，行业累计亏损时间已达到1年，资金链压力不断累积，预计行业母猪产能将持续下降。冬季是生猪疫病高发期，养殖企业面临较大的防疫压力，密切关注北方降温后生猪疫病情况。综合母猪、生猪存栏、饲料等数据，看好未来猪周期反转机遇。
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