Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that a new round of price increases for pigs may gradually begin, with the African swine fever vaccine opening growth opportunities for the animal health sector [4][5] - The report emphasizes that the investment logic for live pigs is marginally improving, supported by both fundamental and policy factors, with recommendations for specific companies [5][31] Summary by Sections Weekly Observation - As of August 15, 2025, the national average price of live pigs is 13.73 CNY/kg, with a week-on-week increase of 0.06 CNY/kg but a year-on-year decrease of 7.44% [4][13] - The price premium for 150kg fat pigs over 120kg standard pigs is 0.28 CNY/kg, indicating a tightening supply [4][13] Weekly Market Performance (August 11-15) - The agricultural sector underperformed the market by 1.84 percentage points, with the agricultural index down 0.14% while the Shanghai Composite Index rose by 1.70% [6][35] - Key stocks that led the gains include COFCO Sugar (+41.04%), Shunli Biological (+13.97%), and Xiaoming Co. (+8.86%) [6][35] Price Tracking (August 11-15) - The average price of live pigs on August 15 is 13.76 CNY/kg, a slight increase from the previous week [6][46] - The average price of piglets is 28.87 CNY/kg, showing a decrease of 5.03% from the previous week [6][46] - The average price of white feathered chickens is 7.20 CNY/kg, with a week-on-week increase of 0.84% [6][51] Key News (August 11-15) - The central government allocated 1.146 billion CNY for agricultural disaster relief, supporting major grain-producing provinces [6][41]

Core Viewpoints - The report maintains a positive outlook on the agriculture, forestry, animal husbandry, and fishery industry, with a focus on potential investment opportunities in the sector [1][3] - The market performance over the last 12 months shows a decline of 11% for the agriculture sector compared to a 4% decline in the CSI 300 index, indicating relative underperformance [2][10] Livestock Farming Data Tracking - Pig prices have been declining due to increased supply pressure, with the average price of live pigs at 13.74 CNY/kg as of August 14, reflecting a week-on-week decrease of 2.00% [6][29] - The number of breeding sows showed a slight increase in July, with a month-on-month growth of 0.28% [20] - Profitability for self-bred pigs remains positive at 28.85 CNY per head, while purchased piglets show a loss of 157.05 CNY per head [35] Poultry Farming Data Tracking - The average price of white feather broilers was 7.20 CNY/kg as of August 15, with a week-on-week increase of 0.84% [36][39] - The ongoing avian influenza outbreaks in Europe and the U.S. are expected to benefit the white feather chicken industry by stabilizing prices [36] Animal Health Data Tracking - The demand for animal health products is expected to rebound, with significant year-on-year growth in vaccine issuance for various diseases, including a 76% increase for circovirus vaccines in June [45] - The development of African swine fever vaccines is progressing, with clinical trials expected to enhance market interest in the sector [45] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn as of August 15 are 2438 CNY/ton, 3097 CNY/ton, and 2394 CNY/ton, respectively, with soybean meal prices increasing by 2.7% week-on-week [48] - The USDA's August report indicates a decrease in global corn and soybean stocks for the 2025/26 season compared to the previous year, which may impact pricing and availability [49][51] Pet Industry Data Tracking - Pet food exports totaled 4.999 billion CNY in the first half of 2025, showing a year-on-year increase of 0.4% [53] - Domestic sales of pet food are growing rapidly, with a combined growth rate of 5% across major e-commerce platforms in July [56] - Companies with strong domestic sales growth and supply chain advantages are expected to enhance their market share [56]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Views - The pig sector is experiencing high average weights for market release, indicating a need to focus on the expected differences in the sector [11][12] - The dairy and beef sectors are approaching a new cycle, with opportunities arising from the current market conditions [13][14] - The pet industry is witnessing a rise in domestic brands and a positive trend in pet food exports, highlighting growth potential [15][16] - The poultry sector is facing challenges with breeding imports and demand improvements, suggesting a need for strategic investments [17][19] - The planting sector emphasizes food security and the importance of biological breeding strategies [21][22] - The feed sector is recommended for companies with increasing market share and consistent performance, while the animal health sector is focusing on innovative products to break through market competition [23][24] Summary by Sections Pig Sector - As of August 16, the national average pig price is 14.34 CNY/kg, with a self-breeding profit of approximately 94 CNY per head [11] - The average weight for market release is at a historical high of 127.82 kg, indicating strong supply conditions [11][12] - The sector is advised to focus on undervalued companies with strong profitability, with key recommendations including Wen's Food Group and Muyuan Foods [12] Beef Sector - The live cattle price is 26.70 CNY/kg, showing a 0.6% increase week-on-week, while fresh milk prices are at 3.02 CNY/kg [13][14] - The dairy industry is nearing the end of a downturn, with potential for price rebounds as production capacity clears [14] Pet Sector - The pet economy is thriving, with domestic brands rapidly growing; pet food exports reached 16.79 million tons in the first half of 2025, a year-on-year increase of 5.70% [15][16] - Key recommendations include companies like Guibao Pet and Zhongchong Co., focusing on high-growth domestic firms [16] Poultry Sector - The white chicken sector faces uncertainties in breeding imports, with a 30.14% year-on-year decline in breeding stock updates [17][18] - Investment suggestions include focusing on self-breeding opportunities and companies like Shennong Development [18] Planting Sector - The focus is on achieving high yields through improved breeding strategies, with a significant emphasis on food security [21][22] - Recommended companies include Longping High-Tech and Dabeinong [22] Feed and Animal Health Sectors - The feed sector highlights Hai Da Group for its market share growth and performance consistency [23] - The animal health sector is focusing on innovative products to address market saturation, with recommendations for companies like Kexin Biological [24]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The rhythm of pig sales led to July pig prices rising less than expected, but the outlook for future prices remains optimistic. In July 2025, the national average selling price of live pigs was 14.55 yuan/kg, up 1.89% month-on-month but down 23.21% year-on-year. The slaughter volume in July was 4.1583 million heads, down 3.67% month-on-month but up 1.80% year-on-year. The completion rate of pig sales in July was 97.11% of the planned output, with an increase of 6.60% in planned output for August compared to July [6][15][22]. Summary by Sections Industry Overview - The increase in pig prices in July was less than expected due to the accelerated growth rate of pigs in May and June, leading to earlier sales in July. The price peaked at 15.46 yuan/kg on July 3 and fell to 14.09 yuan/kg by the end of July. The supply gap and supportive policies suggest a positive outlook for future prices [6][15][18]. Supply and Structure - As of August 7, 2025, the proportion of large pigs (over 150kg) in the sales structure decreased, while the proportion of breeding stock increased. The breeding stock increased by 0.52% month-on-month, and the average profit per head for self-breeding and self-raising in July was 101.66 yuan, a month-on-month increase of 304.30% [7][16][22]. Corporate Performance - In July 2025, 12 listed pig companies reported a total of 15.2799 million heads sold, a year-on-year increase of 24.82%. The average selling prices for major companies increased month-on-month, with prices for companies like Muyuan, Wens, and New Hope rising by 1.6% to 3.4% [8][28][33].

Group 1 - The core viewpoint of the articles indicates that several A-share listed companies engaged in pig farming have reported significant year-on-year increases in pig sales for the first seven months of the year [1][2] - For instance, Wens Foodstuff Group reported cumulative pig sales of 21.10 million heads in the first seven months of this year, compared to 16.70 million heads in the same period last year [1] - Muyuan Foods announced cumulative sales of 44.75 million heads this year, up from 38.55 million heads last year [1] Group 2 - Despite facing considerable pressure, the pig farming sector still maintains a certain level of profitability, with self-breeding profits reported at 89.01 yuan per head in the first week of August [2] - The Ministry of Agriculture and Rural Affairs highlighted challenges in the pig industry, including high production capacity and significant price fluctuations, necessitating strict capacity control measures [2] - As of June 2025, the national breeding sow inventory stood at 40.43 million heads, which is 3.7% above the normal holding standard of 39 million heads, indicating difficulties in capacity optimization [2] Group 3 - Companies are advised to enhance innovation and cost control to achieve sustainable development, with larger firms benefiting from cost advantages amid price fluctuations [3] - The current pig market is characterized by slow quantity reduction, rapid efficiency improvement, and evident structural contradictions [3] - Policies aimed at controlling the weight of pigs at market release and avoiding excessive breeding are expected to stabilize prices and improve overall industry profitability [3]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][6]. Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, with expectations of a simultaneous rise in domestic and international beef and raw milk markets [4]. - The pet consumption sector is identified as a growing industry that will benefit from demographic changes [4]. - The feed industry, particularly Haida Group, is expected to achieve excess returns due to the recovery of the aquaculture market [4]. - The pig farming sector shows insufficient expansion willingness, but a stable market is anticipated in 2025, with a focus on undervalued leading companies [4]. - The poultry sector is expected to see a long-term increase in consumption, with yellow chicken likely to benefit first from domestic demand recovery [4]. Summary by Sections Livestock - Beef prices have started to rise, with the average price on August 8 being 60.33 yuan/kg, a 0.97% increase from the previous week and a 29.74% increase year-on-year [2][16]. - The pig price on August 8 was 13.65 yuan/kg, down 3.81% week-on-week and down 33.51% year-on-year [14]. - The report forecasts a stable pig market in 2025, with a focus on leading companies like Muyuan and Wens [4][5]. Poultry - The price of broiler chicks increased by 23.08% week-on-week to 3.36 yuan/chick, while the price of broilers rose by 7.16% to 7.18 yuan/kg [15]. - The report anticipates a long-term increase in consumption for white chickens and expects yellow chickens to benefit from improved domestic demand [4]. Feed and Other Agricultural Products - The report notes that soybean meal prices are at historical lows, with a current price of 3008 yuan/ton, a 0.33% increase week-on-week [3][16]. - Corn prices are expected to maintain a moderate upward trend, with the current price at 2384 yuan/ton, down 0.71% week-on-week but up 0.76% year-on-year [3][16]. - Sugar prices have decreased slightly, with the current price at 5910 yuan/ton, down 1.34% week-on-week [3][16]. Investment Recommendations - Recommended stocks include: - Livestock: YouRan, Modern Farming, China Shengmu, and Guangming Meat [4][5]. - Pet industry: Guibao Pet, Zhongchong Co., and Ruipu Biotech [4]. - Feed industry: Haida Group [4]. - Pig farming: Dekang Agriculture, Muyuan, Huadong, Wens, and others [4]. - Poultry: Lihua, Yisheng, and Shengnong Development [4].

Group 1 - The poultry concept sector declined by 0.44% as of the market close on August 13, ranking among the top declines in concept sectors, with notable declines in companies such as Xiaoming Co., Minhe Foods, and Chunxue Foods [1][2] - Among the poultry concept stocks, five companies saw price increases, with Jinlongyu, Yike Foods, and Shuanghui Development leading the gains at 2.64%, 1.28%, and 1.21% respectively [1][2] - The poultry concept sector experienced a net outflow of 221 million yuan from major funds today, with 19 stocks seeing net outflows, and nine stocks with outflows exceeding 10 million yuan [2][3] Group 2 - The stock with the highest net outflow was Tangrenshen, with a net outflow of 36.32 million yuan, followed by Juxing Agriculture, Wens Foodstuffs, and Tianma Technology with net outflows of 34.18 million yuan, 30.05 million yuan, and 23.45 million yuan respectively [2][3] - The stocks with the highest net inflows included Jinlongyu, Yike Foods, and Luoniushan, with net inflows of 33.41 million yuan, 6.70 million yuan, and 2.66 million yuan respectively [2][3] - The poultry concept sector's outflow list included companies like Tangrenshen, Juxing Agriculture, and Wens Foodstuffs, with respective declines of 0.61%, 0.38%, and 0.29% [2][3]

Core Viewpoint - The establishment of the "Chinese Native Chicken Industry Base" aims to enhance the quality and recognition of the native chicken industry in Xinxing County, promoting local agricultural development and aligning with national agricultural optimization strategies [2][9][19]. Group 1 - The "Chinese Native Chicken Industry Base" was officially launched on August 12 in Xinxing County, with participation from various government and industry representatives [2][4][6]. - Xinxing County is recognized for its favorable natural environment, making it an ideal location for native chicken farming [8]. - The initiative aligns with national efforts to optimize agricultural structures and promote high-quality specialty agricultural products [9][10][19]. Group 2 - Xinxing County has been actively developing modern agriculture and has established six major billion-dollar industry clusters, including the native chicken industry [18][19]. - The county has a complete industrial chain from breeding to processing and sales, which is crucial for enhancing the market presence of "Xinxing Native Chicken" [26][29]. - The collaboration aims to create a new development model characterized by resource sharing and mutual benefits among stakeholders [31][32]. Group 3 - Industry leaders, including Wen's Group, emphasize the importance of stabilizing urban consumption while expanding market reach and enhancing brand recognition [48][50]. - The Chinese Food Industry Association will support the brand development of the native chicken industry through various promotional activities [40][42]. - Experts discussed strategies for revitalizing the native chicken industry, focusing on brand building and market guidance [55].

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development, Wen's Shares, and others [7]. Core Insights - The report suggests focusing on the recovery cycle of feed and the marginal improvement in breeding [1]. - The pig price has decreased week-on-week, with average prices in key provinces showing a decline [3]. - The feed industry is expected to see a bottoming out and recovery due to the decline in upstream raw material prices and improvements in the downstream breeding sector [3]. - The report highlights the potential growth of Haida Group's overseas feed business as a new performance growth point [3]. Industry Performance - For the week of August 4 to August 10, the CSI 300 index rose by 1.23%, while the agriculture sector increased by 2.52%, ranking 10th among sectors [2][24]. - The top-performing sub-industries included broiler chicken breeding, fruit and vegetable processing, and pig breeding [2][24]. Pig Breeding Sector - As of August 8, the average price of external three-way cross pigs in Sichuan, Guangdong, and Henan was 13.30, 15.39, and 13.83 yuan/kg, respectively, reflecting a week-on-week decline of 2.92%, 4.05%, and 3.82% [3][33]. - The average pork price was 20.41 yuan/kg, down 0.92% from the previous week [3][33]. - The self-breeding profit was 45.13 yuan/head, while the profit from purchasing piglets was -134.14 yuan/head [3][33]. Poultry Sector - As of August 8, the weekly price of white feather broiler chickens was 7.14 yuan/kg, up 4.54% week-on-week [3][47]. - The price of broiler chicks was 3.13 yuan/chick, reflecting a week-on-week increase of 21.79% [3][47]. - The profit from chicken breeding was 0.62 yuan/chick, while egg prices fell by 6.94% to 6.70 yuan/kg [3][47]. Feed Processing Sector - In June 2025, the total industrial feed production in China was 27.67 million tons, a month-on-month decrease of 0.1% but a year-on-year increase of 6.6% [54]. - The production of compound feed, concentrated feed, and additive premix feed saw year-on-year growth of 6.6%, 3.4%, and 8.7%, respectively [54]. Recommendations - The report recommends stocks such as Wen's Shares, Shengnong Group, Juxing Agriculture, Tangrenshen, and New Hope in the pig breeding sector due to expected profitability recovery starting from Q2 2024 [4]. - It also highlights the potential of domestic pet food brands like Guibao Pet and Zhongchong Shares, which are expected to perform well in the upcoming years [5].

Investment Rating - The industry investment rating is "Positive" (maintained) with a key recommendation for the "platform + ecosystem" service-oriented enterprise Dekang Agriculture and Animal Husbandry [3] Core Viewpoints - The report emphasizes the ongoing transformation of the pig industry policy, highlighting the importance of high-quality development and the need for cost control and capacity management [4][5][17] - The report suggests that the industry is entering a high-quality development phase, with expectations for improved profit margins and a focus on technology-driven and service-oriented companies [17] - The report identifies potential investment opportunities in leading companies such as Muyuan Foods and Wens Foodstuffs, as well as Dekang Agriculture and Animal Husbandry [17] Summary by Sections 1.1 Pig Industry - Recent pig prices are at 13.72 CNY/kg (down 0.02 CNY/kg MoM), with average slaughter weight slightly decreasing to 127.8 kg (down 0.18 kg MoM) [4][16] - The Ministry of Agriculture and Rural Affairs emphasizes reducing breeding stock and controlling new capacity, with a focus on improving the entire industry chain's competitiveness [5][16] - The report anticipates further policy measures to stabilize pig prices and control production capacity, recommending Dekang Agriculture and Animal Husbandry as a key player [17] 1.2 Poultry - The report notes a persistent contradiction of "high capacity, weak consumption" in the white feather chicken industry, with a focus on improving return on equity (ROE) [18] - Key recommendations include focusing on leading companies in the integrated supply chain and those with strong breeding capabilities [18] 1.3 Feed - The report highlights positive price trends in aquatic products, with significant year-on-year increases in various fish species [20] - It recommends Haida Group due to its improved management effectiveness and capacity utilization, expecting it to exceed growth expectations [20] 1.4 Pet Industry - Online sales growth in the pet industry has slightly slowed, with notable performance from brands like Guibao and Zhongchong [21][22] - The report suggests that long-term impacts from tariff uncertainties are limited, with leading companies expected to maintain high growth rates [22] 1.5 Agricultural Products - The report discusses uncertainties in soybean imports and the rising prices of natural rubber, with a focus on macroeconomic conditions affecting the agricultural sector [23] 2. Market and Price Situation - The report notes that the agricultural index rose by 2.52% during the week, with the pet food sector performing the best at +5.41% [24]