农林牧渔行业投资策略月报：生猪高景气有望延续，关注3季度水产投苗积极性提升

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery industry, consistent with the previous rating [1]. Core Views - The pig farming sector is expected to continue its high profitability, with the national average pig price in August 2024 at 20.41 CNY/kg, reflecting a month-on-month increase of 7.67% and a year-on-year increase of 18.43% [16][21]. - The average profit for self-breeding and self-raising pigs in August is approximately 472.16 CNY per head, which is a significant increase compared to previous months [16][21]. - The report highlights a rebound in the price of broiler chicks, with a notable increase of 27.66% month-on-month in August [25]. - The feed and animal health sectors are also showing signs of recovery, with a slight decrease in raw material prices such as corn and soybean meal, which may benefit the overall profitability of the industry [29]. Summary by Sections Market Review - In August 2024, the agriculture, forestry, animal husbandry, and fishery sector underperformed the CSI 300 index by 4.85 percentage points, with a decline of 8.36% compared to a 3.51% decline in the index [9][11]. Livestock Farming - The average price of pigs in August 2024 was 20.41 CNY/kg, with a month-on-month increase of 7.67% and a year-on-year increase of 18.43% [16][17]. - The average profit for self-breeding pigs was 472.16 CNY per head, reflecting a month-on-month increase of 67.58 CNY [16][21]. - The price of broiler chickens in Yantai was approximately 3.77 CNY per jin, with a month-on-month increase of 1.61% [25]. Bulk Raw Materials - In August 2024, the average price of corn was 2406 CNY/ton, down 2.47% month-on-month and down 17.02% year-on-year [29]. Investment Recommendations - The report recommends focusing on leading companies in the livestock sector, including Wens Foodstuffs Group and Muyuan Foods, as well as companies in the feed and animal health sectors [1][3].