农林牧渔行业动态报告：猪价景气延续、政策催化，农业板块全面受益

Investment Rating - Industry rating: Recommended [3] Core Viewpoints - The pig price continues to rise, benefiting the entire agricultural sector, with significant profit expansion in the breeding industry chain [2][10] - The breeding industry has turned profitable in Q3, with substantial profits expected to continue [11][17] - The planting industry is experiencing weak fluctuations in grain prices, but the supply-demand structure is expected to improve [14][15] Summary by Sections 1. Breeding Industry Chain: Q3 Pig Price Continues to Rise, Profits Expand - Pig prices for Q1/Q2/Q3 of 2024 were 14.44/16.29/19.38 yuan/kg, showing year-on-year changes of -3.86%/+13.02%/+21.49% and month-on-month changes of +1.48%/+12.77%/+19.01% [2][10] - The price of pigs reached a peak of 21.19 yuan/kg on August 15, 2024, before slightly declining, but remained above the cost line [2][11] - The breeding industry has turned from loss to profit, with significant profit margins for self-breeding and purchased pig breeding, with profit increases of +357.21% and +74.24% respectively in Q3 [11][17] 2. Planting Industry Chain: Weak Fluctuations in Grain Prices, Supply-Demand Structure Expected to Improve - Corn prices have shown a downward trend, with Q1/Q2/Q3 prices at 2459.56/2433.29/2400.73 yuan/ton, reflecting year-on-year declines of -15.40%/-12.86%/-16.98% [14] - Wheat prices have also decreased, with a current average of 2485.62 yuan/ton in Q3, down 14.35% year-on-year [14][15] - Soybean prices have been declining, with Q1/Q2/Q3 averages of 4677.81/4382.20/4422.56 yuan/ton, showing year-on-year changes of +11.71%/-11.46%/-9.65% [14][15] 3. Beneficiaries of the Price Recovery - The feed sector is expected to benefit from lower raw material prices and improved profitability in the breeding sector, with leading companies like Haida Group and New Hope poised to gain [17][18] - The veterinary medicine sector is also expected to see improved performance due to increased demand for veterinary products as breeding profitability rises, with companies like Jinhai Biological and Zhongmu Co. likely to benefit [17][18] - In the pig breeding sector, companies such as Jingji Zhino, Muyuan, and Wens Foodstuffs are recommended for their strong financial positions and cost control [17][18]