Workflow
开源证券:收储助推猪价见底回升 宠物食品出口及国内消费高景气延续
智通财经网·2025-08-25 07:06

Group 1 - The National Development and Reform Commission (NDRC) reported that the average pig-to-grain price ratio has fallen below 6:1, prompting the central government to initiate frozen pork reserve collection [2][4] - The China National Storage Network announced plans to collect 10,000 tons of pork on August 25 and 19,000 tons from August 26 to 29, which is expected to boost market sentiment and support a rebound in pork prices [2][4] - As of August 22, 2025, the average price of live pigs was 13.73 yuan/kg, showing a week-on-week increase of 0.04 yuan/kg but a year-on-year decrease of 6.51 yuan/kg [1][5] Group 2 - In July 2025, China's pet food export value reached $130 million, marking a month-on-month increase of 13.35% despite a year-on-year decline of 3.85% [3] - The 27th Asia Pet Expo held from August 20-24 showcased continued domestic pet consumption growth, with significant sales reported by companies like Petty Holdings [3][4] - The pet sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers, reinforcing the logic of domestic brand growth [4] Group 3 - The investment logic for the pig industry is improving due to dual drivers from fundamental and policy aspects, with recommendations for companies like Muyuan Foods and Wens Foodstuffs [4] - The feed sector is benefiting from the post-cycle of poultry and livestock, supported by strong overseas demand, with recommendations for companies like Haida Group and New Hope Liuhe [4] - The pet sector's growth is further supported by domestic consumption upgrades, with recommendations for companies like Guibao Pet and Zhongchong Co [4]