Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The recovery of production capacity is significantly weak, and leading pig companies' buybacks demonstrate confidence [1] - The average weight of pigs for slaughter has decreased, indicating weak breeding enthusiasm [1][3] Summary by Sections 1. Weekly Market Review - The agricultural sector rose by 15.3% this week [11] - The agricultural index has underperformed compared to the CSI 300 index by 0.4 percentage points [11] 2. Industry Data 2.1 Primary Agricultural Products - Corn spot price is 2260.2 CNY/ton, down 2.30% week-on-week and down 21.50% year-on-year [28] - Soybean spot price is 4266.84 CNY/ton, down 2.02% week-on-week and down 15.16% year-on-year [28] 2.2 Livestock - The national pig price is 17.73 CNY/kg, down 3.6% week-on-week [1] - The average weight of pigs for slaughter is 125.68 kg, down 0.29 kg week-on-week [1] 3. Industry Dynamics - The price of white feather chicken products has dropped to 9150 CNY/ton, down 1% week-on-week and down 10.3% year-on-year [3] - The stock of yellow feather parent stock is at a historical low for the same period [3] 4. Vaccination Trends - The issuance of pig vaccines has shown varied growth rates, with high pathogenic pig blue ear vaccine increasing by 21.2% year-on-year [3]
农林牧渔行业周报：产能恢复明显偏弱，龙头猪企回购彰显信心
Huaan Securities·2024-09-29 09:37