产能恢复明显偏弱，龙头猪企回购彰显信心

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 enthusiasm for breeding [1]. - The prices of live pigs and piglets have continued to decline, with live pig prices dropping by 3.6% week-on-week [1][3]. Summary by Sections 1. Weekly Market Review - The agricultural sector increased by 15.3% this week, but the agricultural index underperformed the CSI 300 index by 0.4 percentage points [11]. - The agricultural industry accounted for 1.0% of stock investment market value at the end of 2023, up 0.26 percentage points quarter-on-quarter [19]. - As of September 27, 2024, the absolute PE and PB of the agricultural sector were 54.39 times and 2.37 times, respectively [21]. 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 average price of white feather chicken products has dropped to 9150 CNY/ton, with a week-on-week decrease of 1% [3]. - The price of piglets has seen a significant decline, with the price for 15 kg piglets dropping by 12.3% week-on-week [1]. 3. Industry Dynamics - The report highlights that the buyback plans of leading companies like Wens Foodstuffs and Muyuan Foods reflect confidence in the market [3]. - The report also notes a significant decrease in the sales of breeding pigs, with a 0.14 percentage point decline in the proportion of breeding sales [1].