Main points of investment: reviewing the development of pig farming in the United States, China can now correspond to the stage of scale expansion in the United States. Since the 21st century, great changes have taken place in the model of American pig farming industry, and economies of scale continue to appear. Reviewing the development of pig farming in the United States, it can be roughly divided into the following three stages: (1) the withdrawal of retail investors (before 1980s)Lotto649jackpottoday(2) accelerated expansion of scale field (1980s-early 21st century); (3) large-scale formation, the professional division of labor under the contract system has become the mainstream (from the beginning of the 21st century to now). The scale of pig farming in China has been increasing since 2017.Lotto649jackpottoday.9% will be raised to 65.1% in 2022, which can be used to mark the second phase of the United States. Peep at the same: scale and integration is the development direction of pig farming in China. Through the inspiration of the American pig breeding industry and looking forward to the development of China's pig breeding industry, we think that scale and integration will be the main theme in the future. Large-scale farming can reduce costs and increase efficiency through economies of scale. In 2022, the market share of CR10 pigs in China was 20.1%. In the United States, the market share of CR10 pigs reached 41.0% in 2017. China is only half of that of the United States, and there is still a lot of room for improvement. The vertical integration of the breeding end is conducive to the realization of profit maximization. We believe that the middle-end pig farms may expand to the back-end slaughtering processing and channel sales links to break through the profits of this part of the industrial chain and improve their profitability. Differences: cost and market will be the long-standing differences between China and the United States. Due to the differences in the national conditions of the two countries, China's pig farming industry will still retain some inherent characteristics. First of all, restricted by the population structure and feed price, the cost of pig farming in China will be higher than that in the United States for a long time in the future; secondly, there are differences in the structure of domestic and export, and the cycle of pig prices between China and the United States cannot be compared at will; finally, low-carbon consumption and animal welfare culture in the United States may reduce pork consumption, while China will still maintain traditional pork consumption. Risk indicates uncertainty of non-plague; extreme weather uncertainty; feed price uncertainty. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.