[Huatai Securities: pig price three bottoms look forward cycle upward] May 30, Huatai Securities believes that it is currently in the third bottoming period of the current pig cycle, and it is expected that the stock and elimination of fertile sows will continue or even accelerate. From the perspective of historical experience, after the end of the trough period, pig prices will enter the main rising waves of the cycle, and the breeding end is expected to usher in a sustained profit period of the annual magnitude. The cost differentiation of pig enterprises has intensified again, and the possibility of scale expansion is facing challenges. It is suggested to pay attention to the enterprises with deep cost barriers and low capital risk.