Investment Rating - The industry investment rating is "Overweight" [1] Core Views - In September, the output of 17 listed pig companies decreased by 2.1% year-on-year, with a total output of 12.27 million heads [1][3] - The average price of live pigs increased by 4.4% week-on-week, reaching 17.99 yuan per kilogram, while the price of piglets continued to decline [1] - The recovery of production capacity is significantly weak, and pig prices are expected to be supported in 2025 [3] Summary by Sections Weekly Market Review - The agricultural sector index fell by 7.59% this week, underperforming the CSI 300 index by 4.34 percentage points [13][14] - The agricultural industry accounted for 1.0% of stock investment market value at the end of 2023, showing a slight increase [20] Industry Data - The average price of corn is 2245.88 yuan per ton, down 0.47% week-on-week, and the average price of soybeans is 4172.11 yuan per ton, down 2.22% week-on-week [29] - The average price of white feather chicken products is 9150 yuan per ton, unchanged from the previous period but down 7.1% year-on-year [3] Monthly Output of Listed Companies - The output of listed pig companies in September was 12.27 million heads, a decrease of 2.1% year-on-year [1][3] - The output of 17 listed pig companies from January to September was 111 million heads, an increase of 1.5% year-on-year [1] Industry Dynamics - The recovery of breeding capacity is slow, with the number of breeding sows showing a slight increase in September [1][3] - The price difference for fattening pigs has improved, indicating a potential increase in breeding activity [1]
农林牧渔行业周报：9月上市猪企出栏量同比下降，USDA农产品库消比分化
Huaan Securities·2024-10-13 07:09