Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Views - The report highlights a continued decline in pig prices and strong performance in pet food sales during the "Double Eleven" shopping festival [1]. - The industry is currently trading at lower price-to-earnings (P/E) and price-to-book (P/B) ratios compared to historical averages, indicating potential for valuation recovery [1]. Summary by Sections Market Review - In October 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 0.19%, outperforming the CSI 300 index, which had a return of approximately 0% [8][11]. - The pet food sector experienced a decline, while the wood processing sector showed strong gains [11]. Livestock Farming Data Tracking - Pig prices continued to decline in October 2025, with an average price of 11.52 yuan/kg, down 11.46% month-on-month and 34.77% year-on-year [16]. - The average price for white feather broilers was 3.38 yuan/jin, showing a slight decrease of 0.29% month-on-month and 7.65% year-on-year [26]. Pet Food Sales Performance - During the "Double Eleven" period in 2025, total sales of pet food reached 9.4 billion yuan, a year-on-year increase of 59.3% [35]. - Pet food exports in September 2025 totaled 30,500 tons, up 18.78% year-on-year, while the cumulative export amount from January to September was 1.057 billion USD, down 3.73% year-on-year [32][35]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulaike, QiuLe Seed Industry, GuaiBao Pet, ZhongChong Co., and Petty Co., all rated as "Buy" [1].

Investment Rating - The industry investment rating is "Overweight" [5][26] Core Insights - In October 2025, the total slaughter volume of listed pig companies reached 18.8143 million heads, representing a year-on-year increase of 30.28% and a month-on-month increase of 23.03%. The increase is attributed to higher supply during the consumption peak season and significant capacity expansion in 2024 [10][11] - The average selling price of pigs in October 2025 decreased by 11.85% month-on-month and 34.66% year-on-year, primarily due to abundant supply and weak demand during the peak season [20][21] - The cumulative revenue of listed pig companies from January to October 2025 was CNY 246.6 billion, reflecting a year-on-year increase of 4.33%, despite lower average selling prices compared to the previous year [12][11] Summary by Sections Slaughter Volume - In October 2025, listed pig companies accelerated their slaughter volume, achieving a total of 18.8143 million heads, with significant increases from leading companies such as Muyuan Foods, Wens Foodstuffs, and New Hope Liuhe [10][11] - The cumulative slaughter volume from January to October 2025 was 158 million heads, with a year-on-year increase of 21.25% [11] Revenue and Pricing - The revenue for listed pig companies in October 2025 was CNY 23.729 billion, showing a year-on-year decrease of 16.36% but a month-on-month increase of 9.62% [2][11] - The average selling price for pigs in October 2025 was CNY 11.57 per kilogram, down 34.66% year-on-year [20][21] Weight and Demand - The average weight of pigs slaughtered in October 2025 was 106.17 kg per head, which is an increase of 1.08% month-on-month and 3.65% year-on-year, indicating strong demand for heavier pigs during the consumption peak [20][21]

Core Insights - The report emphasizes the cyclical nature of the pig farming industry, indicating that the downward cycle is nearing its end, with a potential upward turning point expected in 2026 [3][19] - The pet economy remains a key growth area, highlighting investment opportunities in niche sectors [4] Group 1: Industry Overview - The agricultural sector, particularly the pig farming segment, is experiencing a downturn, with 2025 expected to see continued losses, leading to a price bottom in the first half of 2026 [5][19] - The chicken farming sector is also under pressure, with expectations of supply-side stabilization and demand recovery in 2026 [20] - The cattle farming sector is projected to face a supply contraction starting in 2026, which may last until 2027 [21] Group 2: Investment Opportunities - The pet food industry is anticipated to maintain its growth trajectory, with leading companies increasing their market share despite challenges in export performance [5][4] - The blueberry market in Yunnan is expected to see profit realization from 2024 to 2025, with growth potential continuing into 2026-2027 [5] - The artificial cultivation of Cordyceps is gaining traction as natural production declines, with early movers in this space likely to see performance improvements [5] Group 3: Key Companies to Watch - The report identifies several key companies for investment consideration, including Muyuan Foods, Wens Foodstuff Group, DeKang Agriculture, TianKang Biological, and others in the pet food sector [5]

Market Overview - The Shanghai Composite Index closed at 3949.83 points, with a decline of 0.56% [1] - The total trading volume of A-shares reached 1,296.161 billion yuan [1] Technical Analysis - A total of 112 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Shanshui Bide (300844) with a distance of -1.40% - Yingboer (300681) with a distance of -1.28% - Yake Technology (002409) with a distance of -1.06% [1] Individual Stock Performance - Shanshui Bide (300844) saw a decline of 6.62% with a trading turnover rate of 3.31% [1] - Yingboer (300681) decreased by 2.30% with a turnover rate of 2.45% [1] - Yake Technology (002409) fell by 0.20% with a turnover rate of 2.33% [1] - Other notable declines include: - Bohai Automobile (600960) down by 3.53% - Western Gold (601069) down by 2.80% [1] Additional Stock Movements - Stocks such as Muyu (002714) and Qinglong (002457) showed slight increases of 0.80% and -3.28% respectively [2] - The stock performance of various companies indicates a mixed sentiment in the market, with several stocks experiencing declines while a few managed to gain [2]

Core Insights - The swine industry is experiencing significant losses, with the average selling price of live pigs dropping to 11.56 yuan/kg, leading to a loss of 71.95 yuan per head for self-bred pigs [1] - Analysts suggest that the current oversupply and weak demand may result in a "non-peak" season for pork prices in Q4, indicating potential investment opportunities in the sector [1] - The industry is expected to undergo capacity reduction, which may lead to an upward adjustment of pork price levels by 2026, benefiting low-cost producers [1] Group 1: Market Performance - As of November 18, 2025, the China Livestock Breeding Index (930707) showed mixed performance among its constituent stocks, with Muyuan Foods (002714) leading with a 0.43% increase [1] - The Livestock ETF (516760) was quoted at 0.7 yuan [1] - The top ten weighted stocks in the index accounted for 65.58% of the total index weight, indicating a concentration in a few key players [2] Group 2: Stock Performance - The stock performance of key companies includes: - Muyuan Foods (002714): +0.43%, weight 11.37% - Haida Group (002311): +0.34%, weight 9.52% - Biological Shares (600201): +0.25%, weight 3.91% - Other notable declines include New Hope (000876): -1.01% and Tian康 Biological (002100): -1.96% [4]

Summary of the Agricultural Sector Conference Call Industry Overview - The conference call focuses on the **Agricultural Sector**, specifically the **Pig Farming** and **Poultry Farming** industries, along with **Feed and Animal Health** sub-sectors [1][2][3]. Key Points and Arguments Pig Farming Sector - In Q3 2025, the profitability of the pig farming sector declined significantly, with a **71% year-on-year** and **38% quarter-on-quarter** drop in profits, totaling **CNY 5.54 billion** for 18 listed pig farming companies [2][3][9]. - The average price of live pigs was **CNY 13.8/kg**, while the average cost for most listed companies was between **CNY 13-14/kg**, indicating a challenging margin environment [9][12]. - Major players like **Muyuan** and **Wens** reported combined profits of approximately **CNY 6 billion**, while the remaining 16 companies were in a loss position [9]. - The industry is expected to accelerate the reduction of sow capacity, which may elevate the price center for pigs in 2026 [2][12][13]. - The cash flow situation remains positive, with **CNY 18.1 billion** in operating cash flow for Q3, marking the tenth consecutive quarter of net inflow [10]. Poultry Farming Sector - The poultry farming sector is experiencing a tightening supply of parent stock, particularly for **white feathered chickens**, which is expected to support price increases in 2026 [5][14]. - The **yellow feathered chicken** sector is facing historical lows in parent stock, compounded by ongoing industry losses, setting the stage for potential price increases [5][14]. - The overall revenue for the poultry sector increased by **11% year-on-year**, but net profit fell by **45%** due to low chicken prices [14]. Feed and Animal Health Sub-Sectors - The feed and animal health sectors are showing signs of recovery, with demand improving as livestock numbers stabilize [6][7][17]. - Leading feed companies are expanding overseas, which is expected to create new growth opportunities [6][18]. - The animal health sector reported a **19% year-on-year** revenue increase, with profits rising **76%** due to a low base from the previous year [19]. Additional Important Insights - The average cost of pig farming is projected to be between **CNY 13-14/kg** for 2025, with expectations for 2026 to rise to **CNY 14-16/kg** [12][13]. - The **Haida Group** plans to IPO its overseas assets, which may dilute short-term earnings but is expected to enhance long-term growth potential [18]. - Investment recommendations focus on low-cost leading companies in pig farming like **Muyuan** and **Wens**, as well as smaller quality firms such as **Shennong** and **Dekang** [8][20]. Investment Recommendations - Emphasis on companies with strong cost control and cash flow improvement in the pig farming sector [8][20]. - In the poultry sector, recommendations include **Shennong** for white feathered chickens and **Lihua** for yellow feathered chickens [8][20]. - For feed and animal health, focus on leading companies like **Haida Group** and **Kefei**, as well as those with product advantages in the animal health sector [8][20].

在马来西亚身穿当地特色服饰的雪王。宇通纯电动公交车交付哈萨克斯坦。 冰淳茶饮在越南的门店。 卫华集团生产的起重机运往海外。 志之所趋，无远弗届，穷山距海，不能限也。 1978年改革开放的春风，2001年中国正式加入世界贸易组织的步伐，2013年共建"一带一路"倡议擘画的蓝 图，一次次为包括豫企在内的中国企业出海，按下"加速键"。 面对国际市场，"走出去"企业代表的不仅是一家公司，更代表着河南企业乃至中国企业的形象。这是一份沉 甸甸的责任，也是一枚亮闪闪的勋章。 回望豫企出海的脉络和路径，不妨从3个故事说起。 "2003年，我们获得出口食品生产企业备案资质，作为首家速冻食品企业开拓香港及海外市场。"思念食品有 限公司董事长王鹏告诉记者，中国美食文化博大精深，但当中华美食走出国门，面临的是从消费习惯到产业 生态的双重挑战。如何让外国朋友也爱上速冻水饺和汤圆？通过产品创新、渠道多元化、本地化生产的不断 协同，思念在海外的"美食版图"不断扩大。 2018年年底，思念食品美国查茨沃思生产基地正式投产，主要生产水饺、虾饺、馄饨、面点等。2025年，思 念食品海外业务版图再扩大——其经典产品猪肉白菜水饺，正式进驻美国15个 ...

Investment Rating - The report suggests a positive outlook for the agricultural sector, indicating an "Overweight" rating for the industry, as it is expected to outperform the overall market [46]. Core Insights - The agricultural sector index rose by 2.7% while the Shanghai and Shenzhen 300 index fell by 1.1%, highlighting a divergence in performance [2][3]. - The report emphasizes the ongoing decline in pig prices, leading to increased losses and a potential acceleration in capacity reduction within the industry [2][3]. - The "Double Eleven" sales event showed strong performance for pet food brands, indicating growth potential for leading companies in this segment [2][3]. Summary by Sections Pig Farming - Pig prices have continued to decline, with the average selling price for external three yuan pigs at 11.56 yuan/kg, down 2.9% year-on-year [2]. - Losses for self-breeding sows are significant, with a reported loss of 71.95 yuan per head, a week-on-week increase of 30.89 yuan [2]. - The report anticipates that the fourth quarter will see a lackluster peak season for pig prices, with proactive capacity reduction expected to accelerate [2][3]. Pet Food - Major e-commerce platforms reported strong sales during the "Double Eleven" event, with leading brands achieving high rankings in sales [2]. - The report highlights that domestic pet food brands are experiencing a growth trajectory, despite short-term export challenges due to trade tensions [2]. - Companies such as Guai Bao Pet, Zhong Chong Co., and Pei Di Co. are recommended for their strong market positions and growth potential [2][3]. Poultry Farming - The price of white feather broiler chicks has slightly decreased to an average of 3.35 yuan per chick, while chicken prices remain stable at 3.45 yuan/kg [2]. - The report notes that the supply of white chickens is expected to remain abundant, which may impact pricing dynamics in 2025 [2]. - Recommendations include focusing on leading companies like Sheng Nong Development for long-term value [2]. Beef Cattle - Prices for beef cattle and calves have seen a slight decline, with the average price for fattened bulls at 25.6 yuan/kg, down 0.16% week-on-week [2]. - The wholesale price of beef has increased slightly to 66.73 yuan/kg, reflecting a potential upward trend in beef pricing [2].

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry, indicating a positive outlook compared to the overall market performance [2][46]. Core Insights - The Swine price continues to decline, leading to an increase in losses, while the capacity reduction is expected to accelerate. The pressure on fat pig supply remains significant, and the seasonal demand for pigs may not boost prices, potentially undermining industry confidence [2][3]. - The pet food sector showed strong sales performance during the "Double Eleven" shopping festival, with leading companies achieving significant market share growth. The report suggests focusing on the growth potential of top-tier companies in this sector [2][3]. - The report highlights the stable performance of the white feather broiler chicken market, with slight declines in chick prices but stable chicken meat prices. The overall supply remains abundant, indicating a focus on leading companies for long-term value [2][3]. Summary by Sections Market Performance - The Shenwan Agriculture, Forestry, Animal Husbandry, and Fishery Index rose by 2.7%, while the CSI 300 Index fell by 1.1%. The top five gainers included Green Kang Bio (27.6%), ST Jiawo (23.2%), and Pingtan Development (22.2%) [2][3][9]. Swine Farming - The report notes a continued decline in swine prices, with the average price for external three yuan pigs at 11.56 yuan/kg, down 2.9% year-on-year. Losses for self-breeding sows are reported at -71.95 yuan per head, a week-on-week increase in losses [2][3][41]. Pet Food - The report emphasizes the strong sales of domestic pet food brands during the "Double Eleven" event, with major brands like Guobao Pet and Zhongchong leading in sales rankings across various platforms [2][3]. Poultry Farming - The average selling price for white feather broiler chicks is reported at 3.35 yuan per chick, a week-on-week decrease of 2.9%. The average price for white feather broiler meat is stable at 3.45 yuan/kg [2][3]. Beef Cattle - The report indicates a slight decrease in the prices of beef cattle and calves, with the average price for fattened bulls at 25.6 yuan/kg, down 0.16% week-on-week [2][3].

Core Viewpoint - In October, the pig farming industry experienced a significant increase in the number of pigs slaughtered, leading to a sharp decline in pork prices due to oversupply and weakened demand [1][2]. Group 1: Industry Performance - In October, 14 listed pig companies collectively slaughtered 17.2 million pigs, representing a month-on-month increase of 23.20% and a year-on-year increase of 25.85% [1][2]. - Major companies such as Muyuan Foods, WH Group, and New Hope reported slaughter increases of 26.97%, 17.07%, and 20.87% respectively [1][2]. - The total number of market pigs slaughtered by these companies was approximately 15.4 million, with a month-on-month increase of 23.96% and a year-on-year increase of 24.58% [2]. Group 2: Price Dynamics - The increase in slaughter volume has led to a significant drop in pork prices, with most listed companies reporting a price decline of over 10% month-on-month and over 30% year-on-year [2]. - The average weight of slaughtered pigs increased to 126.27 kg, up by 1.09 kg month-on-month, indicating a trend towards heavier pigs being brought to market [2]. Group 3: Future Outlook - The current weak prices for both fattened pigs and piglets, alongside policy-driven factors, suggest that the pig farming industry may initiate a capacity reduction phase [4]. - The price of fattened pigs has fallen below 12 yuan per kg, while weaned piglet prices are around 200 yuan per head, indicating a phase of overall industry losses [4]. - Historical trends suggest that when both fattened and piglet prices are low, the industry is likely to undergo market-driven capacity reduction, which could support long-term price increases [4]. Group 4: Investment Recommendations - The pig farming sector is expected to benefit from recent policies and market dynamics that promote capacity reduction, enhancing long-term performance for companies like Muyuan Foods, WH Group, and others [5]. - The recovery in pig inventory is anticipated to boost demand for feed and veterinary products, benefiting companies in the downstream supply chain [5]. - The agricultural sector is showing positive trends with rising grain prices, presenting investment opportunities in large-scale agricultural companies [5].