农业周观点：24H1养殖景气回升，宠物经济亮眼

Investment Rating - The industry investment rating is "Overweight" indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [57]. Core Viewpoints - The recent performance of the agricultural sector shows a recovery in the breeding segment and a bright outlook for the pet economy, suggesting potential investment opportunities in related areas [3][10]. - The report highlights that the livestock sector is experiencing a rebound, with significant profit increases in the breeding of pigs and chickens, while the pet food market is also showing strong growth [3][10]. - The report recommends focusing on leading companies in the pet food sector such as "Guibao Pet," "Zhongchong Co.," and "Petty Co.," as well as prominent pig farming companies like "Muyuan Foods" and "Wens Foodstuff" [3][10]. Summary by Sections Market Overview - The agricultural sector index increased by 1.47% this week, ranking 20th out of 31 sectors, while the Shanghai Composite Index decreased by 0.43% [1][14]. Livestock Sector - The breeding sector is benefiting from a recovery in pig and chicken prices, with net profits for the pig and chicken breeding segments increasing by 131.9% and 45.4% year-on-year, respectively [7][10]. - The report notes a significant increase in the sales volume and prices of pigs, with Wens Foodstuff reporting a 21.96% increase in sales volume [22]. Pet Industry - The pet food market is projected to grow significantly, with compound annual growth rates of 17% for pet staple food, 15% for nutritional products, and 25% for pet snacks expected by 2026 [13]. - The report emphasizes the trend towards brand consolidation in the pet food industry, with leading companies gaining market share [13]. Feed Industry - The feed sector is expected to benefit from a recovery in the breeding cycle and a decrease in raw material costs, which will likely boost demand for feed products [10]. - The report suggests focusing on leading feed companies such as "Haida Group" and "Tianma Technology" [10]. Crop Sector - The planting sector is experiencing mixed performance, with revenue declines in grain planting and seed sectors, while the breeding sector shows improvement [3][10]. - The report highlights the importance of global food supply and demand dynamics, particularly in light of geopolitical factors affecting grain production [11][12]. Company Insights - Muyuan Foods and Wens Foodstuff are highlighted as key players with strong growth potential in the breeding sector [10][22]. - The report also mentions the positive performance of Shennong Group, which reported a 146.98% increase in net profit year-on-year [24]. Investment Recommendations - The report recommends monitoring leading companies in the livestock and pet sectors for potential investment opportunities, given their strong performance and growth prospects [3][10].