农林牧渔行业周观点：聚焦畜禽龙头业绩兑现，关注宠物食品消费新趋势

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the agricultural sector compared to the overall market performance [4][6][33]. Core Insights - The report highlights a focus on the performance of leading livestock companies and the emerging trends in pet food consumption. The domestic pet food market continues to show growth, with leading companies gaining market share and improving performance [4][5][6]. - The report emphasizes the profitability of the pig farming industry in the second half of 2024, suggesting that companies with cost and output certainty should be prioritized for investment [4][5][6]. Summary by Sections Market Performance - The Shenwan Agricultural Index increased by 1.5%, while the CSI 300 Index decreased by 0.2%. The top five gainers included Wancheng Group (up 14.8%), Jinjian Rice Industry (up 10.6%), and Yike Food (up 8.0%) [4][6]. - The report suggests focusing on the growth certainty of leading companies in the pet food sector and the performance of major livestock companies [4][6]. Pig Farming - The report notes an increase in the average selling price of pigs to 19.98 yuan/kg, with a slight week-on-week increase of 0.1%. The average weight of pigs sold has also increased to 126.73 kg, reflecting a positive trend in the industry [4][5]. - The report anticipates continued profitability in pig farming for the second half of 2024, with improved cash flow and reduced debt ratios for some companies [4][5]. Poultry Farming - The report indicates a decline in the price of broiler chickens, with the average price dropping to 3.60 yuan/kg, a decrease of 2.44% week-on-week. The demand for chicken remains weak, impacting prices negatively [5]. - It is suggested that supply pressures are easing, and a marginal recovery in demand could improve chicken prices in the latter half of the year [5]. Pet Food Industry - The report identifies three key trends in the pet food industry: increasing brand concentration, innovative marketing strategies, and a shift towards high-quality ingredients [5]. - Leading companies in the pet food sector, such as Guibao Pet and Zhongchong Co., are expected to see steady growth in market share and performance [5][6].