Group 1 - A-shares main indices continue to strengthen, with the Shenzhen Component Index rising nearly 0.5%, and both the ChiNext Index and Shanghai Composite Index turning positive after previously dropping over 1% [1] - Sectors such as gaming, Huawei Ascend, and aquaculture saw significant gains, with nearly 3,100 stocks in the Shanghai and Shenzhen markets rising [1] Group 2 - Notable stock performances include: - Aonong Biological (603363) up 10.08% with a market cap of 10.8 billion and a year-to-date increase of 17.23% - Muyuan Foods (002714) up 8.12% with a market cap of 303.5 billion and a year-to-date increase of 46.46% - Lihua Agricultural (300761) up 4.58% with a market cap of 1.74 billion and a year-to-date increase of 9.59% - Tiankang Biological (002100) up 4.53% with a market cap of 944.8 million and a year-to-date increase of 9.32% [2]

Group 1 - The pig farming sector experienced a rise in stock prices, with the breeding ETF (516760) increasing by 1.43% and key stocks such as Muyuan Foods (002714) rising by 4.09% [1] - The National Development and Reform Commission reported that the average pig-to-grain price ratio fell below 6:1, prompting the government to initiate central frozen pork reserves [1] - The China National Storage Network announced a plan to store 10,000 tons of pork on August 25 and an additional 19,000 tons from August 26 to 29, which is expected to boost market sentiment and support rising pork prices [1] Group 2 - The breeding ETF closely tracks the CSI Livestock Breeding Index, which includes companies involved in livestock feed, veterinary drugs, and livestock farming [2] - The latest price-to-earnings ratio (PE-TTM) for the CSI Livestock Breeding Index is 13.71, indicating it is at a historical low, below 84.54% of the time over the past three years [2] - The current valuation of the sector remains low, suggesting a high margin of safety, and it is recommended to actively monitor the breeding ETF (516760.SH) [2]

Group 1: Poultry Market Insights - The average prices for fast, medium, and slow-growing yellow feathered chickens in the third week of August are 10.84 CNY/kg, 12.68 CNY/kg, and 15.24 CNY/kg, respectively, showing year-on-year increases of 5.9%, 5.0%, and 5.0% [1][2] - Yellow chicken prices have risen for five consecutive weeks, with a single chicken's profit restored to 3.7 CNY based on a weight of 2.2 kg and a cost of 11 CNY/kg [2] - The supply side indicates a significant reduction in the supply of medium and fast-growing chickens, leading to market shortages, while high-end products are selling well [2][4] Group 2: Demand Factors - The demand is positively influenced by events such as graduation banquets and preparations for the Mid-Autumn Festival and National Day, leading to an overall increase in sales [2] - The industry is gradually resuming breeding activities, further boosting overall sales volume [2] Group 3: Investment Recommendations - The current market conditions suggest that the poultry sector may experience a recovery in the next quarter, with a recommendation to focus on leading companies such as Wens Foodstuff Group (300498.SZ) and Lihua Agricultural (300761.SZ) [2] - In the white feather chicken segment, the average price is 7.33 CNY/kg, with a slight increase of 1.8% from the previous week, while chicken product prices have decreased by 0.6% [4] - The market for genetically modified varieties is expected to enter commercial sales, indicating potential growth for industry companies [5] Group 4: Livestock Market Overview - The national price for lean meat pigs is 13.71 CNY/kg, reflecting a slight decrease of 0.2% from the previous week, with a focus on companies that demonstrate cost-effectiveness and growth potential [3] - The livestock sector is still experiencing price volatility, and leading feed companies are expected to benefit from their advantages over smaller competitors [6]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The pork market is experiencing an oversupply, leading to a continued decline in pork prices [2] - The planting industry is focusing on pest control for autumn crops, which is crucial for achieving the annual grain production target of approximately 1.4 trillion jin [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] Summary by Sections Planting Industry - A national meeting was held to address pest control for autumn crops, emphasizing its importance for overall grain yield [11] - The autumn crop accounts for three-quarters of the annual grain production, making pest control critical [11] - The Ministry of Agriculture is promoting the protection of new plant varieties to support innovation in the seed industry [11] - Recommended stocks include Beidahuang and Suqian Agricultural Development in the planting sector, and major seed companies like Dabeinong and Longping High-Tech [11] Swine Farming - The average price of external three-breed pigs is 13.80 yuan/kg, with a slight weekly decrease of 0.07% [2] - Demand remains weak, and there are no immediate positive factors expected to boost demand [2] - The number of breeding sows has decreased to 40.43 million, down 370,000 from the peak last year [2] - Recommended stocks in the breeding sector include DeKang Agriculture, Jingji Zhino, Muyuan Foods, and Wen's Foodstuffs [2] Key Agricultural Products Data Tracking - Corn: The average price is 2385.10 yuan/ton, down 0.39% week-on-week [24] - Wheat: The average price is 2435.58 yuan/ton, down 0.10% week-on-week [27] - Rice: The average price for japonica rice is 2892.80 yuan/ton, down 0.66% week-on-week [32] - Soybeans: The average price is 3952.63 yuan/ton, up 0.27% week-on-week [37] - Cotton: The average price in Xinjiang is 15090.00 yuan/ton, up 0.18% week-on-week [42] Feed and Vitamin Prices - The average price of pig feed is 2.71 yuan/kg, down 0.37% week-on-week [49] - The average price of vitamin E is 67.50 yuan/kg, unchanged week-on-week [49]

新华财经北京8月25日电近期，生猪养殖企业7月的销售数据陆续披露。新华财经和面包财经研究员在剔除部分数据披露不全的上市猪企后，以沪、深两大交 易所主要上市生猪养殖企业为样本，分别统计其生猪销售收入、销量。 统计结果显示，2025年7月生猪养殖企业合计实现生猪销量1435.73万头，同比上升14.82%，环比下降4.9%。其中，牧原股份居首，销量达635.5万头，温氏 股份、新希望的销量超过130万头。同比增速方面，多数企业实现正增长，正虹科技、正邦科技的销量增速超过200%。 收入方面，生猪养殖企业7月合计实现收入233.18亿元，同比下降11.18%，环比下降6.44%。同比增速方面，多数企业负增长，金新农、华统股份等6家的跌 幅超过20%。 7月上市生猪企业销量同比上涨14.82% 根据国家生猪市场披露的数据，全国生猪成交均价进入2025年以来相对稳定，在15元／公斤上下浮动。2025年7月，生猪成交均价持续下滑，最低达到14.33 元／公斤，低于去年同期的18-19元／公斤。 图1：2024年7月以来全国生猪成交均价 正虹科技7月生猪销量达1.63万头，同比增速达288.69%，位列增速第一。2025年 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]

Investment Rating - The industry is rated as "Maintain Increase" [4] Core Views - The price of yellow chickens continues to rise, with average prices for fast, medium, and slow-growing yellow feathered chickens at 10.84 CNY/kg, 12.68 CNY/kg, and 15.24 CNY/kg respectively, showing year-on-year increases of 5.9%, 5.0%, and 5.0% [13][14] - The supply side is experiencing a significant reduction in the supply of medium and fast-growing chickens, leading to market shortages, while high-end products are selling well [13] - Demand is being driven by seasonal factors such as graduation banquets and preparations for the Mid-Autumn Festival and National Day, which is boosting overall sales [13] - The current cycle of prosperity in the industry is expected to last about one quarter, with a recovery in the fundamentals of the sector [13] Summary by Sections Livestock Farming - The average price for lean pigs is 13.71 CNY/kg, down 0.2% from last week, indicating a relatively low valuation [14][16] - The average wholesale price of pork is 20.1 CNY/kg, up 0.2% from last week [16] - Self-breeding pigs show a profit of 33.95 CNY per head, while purchased piglets show a loss of 151.8 CNY per head [18][19] Poultry Farming - The average price for white feathered chickens is 7.33 CNY/kg, up 1.8% from last week, while the average price for chicken products is 8.75 CNY/kg, down 0.6% [30] - The price of meat chicken chicks remains stable at 3.58 CNY each [25] - The yellow chicken production capacity is being adjusted, with a focus on seasonal price elasticity opportunities [14] Planting and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies [14] Supporting Industries - The volatility of agricultural product prices is increasing, and leading feed companies are expected to replace smaller companies due to their advantages in procurement, scale, and capital [14]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report indicates that the pig price is expected to gradually rise due to government storage initiatives, with the average pig price as of August 22, 2025, being 13.73 yuan/kg, showing a week-on-week increase of 0.04 yuan/kg but a year-on-year decrease of 6.51% [3][13] - The pet food export market is experiencing high growth, with July 2025 exports amounting to 130 million USD, a month-on-month increase of 13.35% [4][25] - The report highlights a positive outlook for the pig farming sector, driven by both fundamental and policy factors, with recommendations for specific companies in the sector [5][26] Weekly Observations - The report notes that the storage of frozen pork by the government is set to begin on August 25, 2025, with a total of 10,000 tons to be stored [38] - The average pig-to-grain price ratio has fallen below 6:1, prompting government intervention to stabilize the market [13][41] - The agricultural index outperformed the market by 0.23 percentage points during the week of August 18-22, 2025, with a 3.72% increase [30][33] Price Tracking - As of August 22, 2025, the average price of live pigs was 13.73 yuan/kg, with a slight decrease of 0.03 yuan/kg from the previous week [43][44] - The average price of piglets was 27.78 yuan/kg, down 1.09 yuan/kg week-on-week [43][44] - The report also tracks the prices of other agricultural products, noting fluctuations in beef, chicken, and feed prices [42][54] Recommendations - The report recommends several companies for investment, including Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector, as well as companies in the feed sector like Haida Group and New Hope [5][26][28] - In the pet food sector, companies such as Guibao Pet and Petty are highlighted as strong investment opportunities due to the rising domestic market [5][29]

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - The report indicates that the destocking phase for live pigs is nearing its end, with a focus on the effects of a new round of pork reserves [1] - The report highlights a recent decline in pork prices, with the average price for live pigs at 13.75 yuan/kg, down 0.07% week-on-week, and a significant drop in the price of piglets by 3.78% to 27.78 yuan/kg [1][22] - The report notes an increase in the average weight of slaughtered pigs, which is expected to stabilize prices as the government resumes pork reserves to boost market sentiment [1][22] Summary by Sections 1. Market Overview - The agriculture, forestry, animal husbandry, and fishery sector underperformed compared to the broader market, with the sector index rising by 3.72% while the Shanghai Composite Index rose by 3.49% [13] - The report provides a detailed performance breakdown of sub-sectors, with livestock farming showing a 4.31% increase [13] 2. Key Data Tracking 2.1 Live Pigs - The average weight of slaughtered pigs is reported at 127.98 kg, showing a slight increase of 0.16 kg week-on-week [22] - The national frozen meat storage capacity rate is at 14.77%, up 0.1 percentage points [22] 2.2 White Feather Broilers - The price of white feather broilers increased to 7.33 yuan/kg, up 1.81% week-on-week, while chick prices remained stable at 3.58 yuan each [31] 2.3 Yellow Feather Broilers - The price of medium-speed chickens rose to 6.34 yuan/jin, reflecting a 4.97% increase, driven by rising demand post-typhoon [40] 2.4 Feed Sector - The report notes a decline in the prices of corn, wheat, and soybean meal, with corn averaging 2373.53 yuan/ton, down 0.86% week-on-week [2][45] 2.5 Major Agricultural Products - The price of natural rubber fell to 15640 yuan/ton, down 0.89% week-on-week, with inventory levels decreasing slightly [60] 3. Investment Recommendations - The report recommends focusing on the pig farming sector, suggesting that the long-term profitability cycle is beginning to improve, with specific companies highlighted for investment: Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, and Shennong Group [3] - It also suggests monitoring the feed and animal health sectors, particularly companies like Haida Group and Ruipu Biological, as demand is expected to rise [3] - In the planting chain, the report identifies investment opportunities in companies such as Suqian Agricultural Development and Beidahuang Group due to favorable grain price trends [3]

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [82]. Core Insights - The agricultural sector index has shown a weekly increase of 3.72%, but it underperformed compared to the Shanghai Composite Index [13][14]. - The report highlights that the pig farming industry is under pressure with prices declining, but there is potential for a mid-term recovery if supply is effectively managed [3][25]. - Poultry farming is experiencing weak demand, leading to price adjustments, but there is optimism for recovery as consumer demand improves [4][40]. - The beef and dairy sectors are seeing a gradual increase in prices, with expectations of a new cycle in beef production [5][46]. - The planting industry is stabilizing, with potential improvements if there are significant reductions in grain production due to external factors [6][52]. - Feed prices are stabilizing, and the aquaculture sector is showing signs of recovery in pricing [68][73]. Summary by Sections 1. Market Review - The agricultural index closed at 2941.27 points, with a weekly increase of 3.72%, while the Shanghai Composite Index increased by 3.49% [13][14]. 2. Key Data Tracking 2.1 Pig Farming - The average price of commodity pigs is 13.73 yuan/kg, with a weekly decrease of 0.22%. The average weight of pigs at slaughter is 127.98 kg, showing a slight increase [23][24]. - The report anticipates continued pressure on pig prices in the short term, but potential for recovery if production capacity is managed [3][25]. 2.2 Poultry Farming - The average price of white feather chickens is 7.33 yuan/kg, with a weekly increase of 1.81%. The profitability of chicken farming is under pressure but may improve with better consumer demand [34][40]. 2.3 Livestock - The price of live cattle in Shandong is 26.96 yuan/kg, reflecting a 0.60% increase. The dairy sector is expected to stabilize as production capacity decreases [5][46]. 2.4 Planting Industry - Domestic corn prices are stable at 2311.43 yuan/ton, while soybean prices remain unchanged. The planting sector is stabilizing, with potential improvements if grain production decreases significantly [51][52]. 2.5 Feed and Aquaculture - Feed prices for fattening pigs are stable at 3.34 yuan/kg. Aquaculture prices are showing signs of recovery, with various fish prices remaining stable [68][73].