According to CoinMeta, a research report by Huatai Securities states that as of November 9th, the average price of live pigs nationwide was 8.6 yuan per kilogram, falling below the previous low point of this cycle. Huatai Securities believes that the recent second dip in pig prices has exceeded market and industry expectations, mainly due to the still high supply and inventory pressures in the industry, while consumer demand has been weak. It is almost certain that the peak season for the pig farming industry in the fourth quarter will not be strong. Looking ahead, as pig prices and the price of piglets hit new lows again, the industry's cash flow losses will increase, which may lead to a faster reduction in the number of breeding sows than expected, opening up room for future flexibility and sustainability in pig prices. Since the sector's holdings are still at a relatively low level, Huatai Securities reiterates the investment opportunities in the pig farming sector.