According to the CITIC Securities Research Report, 2026 is expected to be the first year when prices of bulk agricultural products are bottoming out and gaining momentum. Among them, due to international conflicts and El Niño climate disturbances, the prices of many varieties in overseas planting chains rose first, and the bottom of domestic staple food prices stabilized. Looking ahead to 2027, historic El Niño production cuts are expected, compounded by high agricultural costs, driven by bioenergy demand, and declining consumption ratios, and agricultural product prices are expected to continue to rise. Pigs are still at a deep loss stage. As losses+policies continue to remove production capacity, the 2027 H2 cycle boom can be expected. The meat and poultry industry chain is recovering moderately. Post-cycle sports insurance is expected to bottom up.

According to the CITIC Securities Research Report, 2026 is expected to be the first year when prices of bulk agricultural products are bottoming out and gaining momentum. Among them, due to international conflicts and El Niño climate disturbances, the prices of many varieties in overseas planting chains rose first, and the bottom of domestic staple food prices stabilized. Looking ahead to 2027, historic El Niño production cuts are expected, compounded by high agricultural costs, driven by bioenergy demand, and declining consumption ratios, and agricultural product prices are expected to continue to rise. Pigs are still at a deep loss stage. As losses+policies continue to remove production capacity, the 2027 H2 cycle boom can be expected. The meat and poultry industry chain is recovering moderately. Post-cycle sports insurance is expected to bottom up.