农林牧渔行业：本周猪价小幅震荡，白鸡产业链复苏延续

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The pig price is experiencing slight fluctuations, with the average price for lean pigs at 19.26 CNY/kg as of July 26, showing a 0.05% decrease week-on-week but a 10.94% increase year-on-year. The estimated profit for self-breeding and self-raising exceeds 400 CNY per head [2][10] - The feed industry is seeing a recovery in profitability, with a notable increase in pig feed sales. The demand for poultry feed remains stable, and the aquaculture feed sector is also improving due to lower costs [3][10] - The sugar market is expected to maintain a weak fluctuation trend, with domestic sugar prices at 6480 CNY/ton, up 0.3% week-on-week, while international raw sugar prices are at 18.95 cents/pound, down 2.60% [11][45] Summary by Sections Livestock Farming - The average price for lean pigs is 19.26 CNY/kg, with a slight week-on-week decrease and a significant year-on-year increase. The profit for self-breeding pigs is estimated at 459.35 CNY per head [10][19] - The feed production for pigs has decreased by 7.3% year-on-year, indicating a potential supply contraction in the second half of the year [10] - Recommended companies include Wens Foodstuffs, Muyuan Foods, and Lihua Agricultural [10] Feed and Animal Health - Corn and soybean meal prices are experiencing slight fluctuations, with pig feed sales showing a positive trend. The demand for aquaculture feed is also expected to recover [3][10] - The animal health sector is projected to recover as profitability in farming improves, with recommended companies including BioFuda and Zhongmu [3][10] Crop Farming - Domestic sugar prices are at 6480 CNY/ton, with expectations of a weak fluctuation trend due to increased supply and import pressures [11][45] - The international raw sugar price is at 18.95 cents/pound, reflecting a decrease [11][45] Industry Tracking - The agricultural sector has underperformed the market by 0.8 percentage points, with the aquaculture sector showing a slight increase [17] - The average price for broiler chickens is 3.90 CNY/kg, with a week-on-week increase of 4.84% [25][19]