Guosheng Securities research report pointed out that it is recommended to focus on investment opportunities in three directions in the breeding industry: 1) hog farming, with the gradual reduction of supply, the central price of pigs may continue to rise, and the cycle will reverse. The current valuation is still relatively low, which is a better time to lay out the pig cycle. Pay attention to Muyuan Foods, Wens Foodstuff Group, etc. 2) poultry farming, white chickens have been bottomed for a long time, pay attention to the reversal of chicken prices after emotional recovery, and suggest focusing on Shandong Yisheng Livestock & Poultry Breeding, Fujian Sunner Development, etc.; for yellow feathered broilers, the yellow chicken production capacity continues to adjust, pay attention to seasonal price elasticity opportunities, and focus on Jiangsu Lihua Animal Husbandry. 3) supporting breeding, the price fluctuations of agricultural products upstream and downstream have intensified, and the prices of livestock and poultry have not yet entered a stable boom cycle. Leading feed enterprises rely on procurement, scale, capital, and industry chain advantages, and are expected to replace small and medium-sized feed enterprises. Focus on Guangdong Haid Group, Wellhope Foods, etc.; in terms of vaccines, pay attention to the recovery of the subsequent quarters.