CITIC Securities: Livestock and poultry cycle fluctuates, layout leading companies and segmented growth tracks

CITIC Securities research report indicates that in the second half of 2025, pig prices will fluctuate weakly. It is important to continue observing the progress of capacity reduction. Under the new valuation paradigm, it continues to recommend leading companies with strong innovation and dividend capabilities, as well as companies that can achieve incremental growth through mergers and acquisitions/innovation. The post-cycle prosperity continues, and it continues to recommend leading feed stocks and high-quality animal health targets. In the seed industry, it recommends companies with a positive trend in large product categories and increasing market share. The demand for pet food remains stable, and it continues to recommend leading food companies. In other growth sectors, it continues to recommend: 1) leading functional sugar companies; 2) leading blueberry companies