农林牧渔行业跟踪分析：2季度公募配置比例环比略降，龙头公司持仓占比提升

Investment Rating - The industry investment rating is "Buy" [1] Core Views - The report indicates that the public fund's allocation in the agriculture, forestry, animal husbandry, and fishery sector has slightly decreased in Q2 2024 but remains at an overweight level. The current allocation ratio is 1.96%, which is 0.56 percentage points higher than the standard allocation of 1.40% [6][11] - The report highlights an increase in the allocation to the breeding industry chain, while the animal health and planting sectors have seen a decrease in holdings. The allocation to the breeding industry is now at 1.29%, up by 0.04 percentage points, while the feed sector's allocation has risen to 0.57%, up by 0.07 percentage points [11][25] - Major holdings in public funds are concentrated in leading companies within the poultry breeding industry. The report lists key stocks such as Muyuan Foods (0.48%), Haida Group (0.41%), and Wens Foodstuffs (0.37%), with respective increases in holdings [13][25] Summary by Sections Section 1: Q2 2024 Sector Allocation - The public fund's allocation in the agriculture, forestry, animal husbandry, and fishery sector is approximately 1.96%, a decrease of 0.08 percentage points from the previous quarter. This allocation is above the standard level by 0.56 percentage points [6] Section 2: Changes in Sub-industry Allocations - In Q2 2024, public funds have increased their allocation to the breeding industry chain, with the highest allocation at 1.29%, an increase of 0.04 percentage points. The feed sector's allocation is at 0.57%, up by 0.07 percentage points, while the animal health and planting sectors have decreased to 0.01% and 0.09%, down by 0.04 and 0.12 percentage points respectively [11][12] Section 3: Major Holdings in Public Funds - The report notes that public fund holdings are concentrated in leading companies in the poultry breeding industry. Key stocks include Muyuan Foods (0.48%, +0.03pct), Haida Group (0.41%, +0.07pct), and Wens Foodstuffs (0.37%, +0.09pct) [13][25] Section 4: Investment Recommendations - The report suggests that the pig farming sector is expected to benefit from the widening "scissors difference" between rising pig prices and falling costs, leading to overall profitability exceeding market expectations. It recommends large breeding companies such as Wens Foodstuffs and Muyuan Foods, and smaller companies like Tangrenshen and Tiankang Biological [25]