农业行业周报：生猪产能恢复偏弱，仔猪价格持续走低

Investment Rating - The report maintains a "Buy" rating for Haida Group and "Hold" ratings for Wens Foodstuffs, Muyuan Foods, and Plentiful [2] Core Insights - The agricultural sector underperformed the market, with the CSI 300 index rising by 15.7% while the agricultural sector increased by 15.3%, ranking 14th among 31 sub-industries [4][10] - Livestock prices showed mixed trends, with chicken prices rising and pig and chick prices declining. The average price of live pigs was 17.62 yuan/kg, down 6.38% week-on-week [4][23] - The report suggests a positive outlook for pig prices, anticipating a supply shortage in the coming quarters due to reduced breeding stock [5] Summary by Sections Market Review - The agricultural sector's performance lagged behind the broader market, with a 15.3% increase compared to the CSI 300's 15.7% [4][10] Livestock Prices - As of September 27, the average price of live pigs was 17.62 yuan/kg, reflecting a 6.38% decrease week-on-week. Conversely, the price of chicken rose to 3.62 yuan/500g, up 0.56% [23] CPI Contribution - In August, agricultural prices contributed positively to the Consumer Price Index (CPI), with various meat prices showing mixed trends [4] Investment Recommendations - The report recommends focusing on companies with cost advantages and faster growth rates, such as Wens Foodstuffs and Muyuan Foods, as the market anticipates a recovery in pig prices [5] Valuation Levels - As of September 27, the agricultural sector's price-to-earnings (P/E) ratio was 20.52, compared to the CSI 300's 10.96. The price-to-book (P/B) ratio for the agricultural sector was 2.35, while the CSI 300's was 1.21 [16]