农业行业周报：标肥价差走阔，关注生猪养殖板块

Investment Rating - The investment rating for the industry is "Outperform the Market" and is maintained [2]. Core Viewpoints - The agricultural sector experienced a decline of 7.6% last week, ranking 27th among the Shenwan first-level industries. The sub-industries of other agricultural products processing (-3.1%) and grain and oil processing (-5.1%) had relatively smaller declines, while animal health III (-9.3%) and livestock feed (-10.2%) saw larger declines. Other major sub-industries, including broiler farming, pig farming, seeds, and aquaculture, fell by 6.8%, 8%, 8%, and 8.9% respectively [2][3]. Summary by Relevant Sections Pig Farming - The average price of live pigs rose to 17.9 yuan/kg, an increase of 0.8% compared to the pre-holiday period. The price of 15kg piglets was 438 yuan/head, down 10.1%, while the price of 50kg sows was 1628 yuan/head, down 1.1%. The average slaughter weight of pigs increased by 0.19 to 125.87kg/head. The price difference between fat pigs and standard pigs significantly increased, indicating a rise in demand for fat pigs due to cooler temperatures and a relative shortage of fat pigs from previous concentrated sales [3][4]. - The report suggests focusing on the pig farming sector, recommending stocks such as Muyuan Foods, Wens Foodstuff Group, Shennong Group, Tiankang Biological, and Huadong Food [4][5]. Aquaculture - Most aquatic product prices fell last week, with a focus on Haida Group. The average price of grass carp was 5.8 yuan/jin, down 4.7% week-on-week, while tilapia was 5.6 yuan/jin, down 1.3%. The report indicates that the supply-demand dynamics for aquatic products are improving, and the overall price level is better than last year, benefiting the aquaculture feed sales [3][4]. Poultry Farming - The prices of broiler chicks and live chickens saw slight increases, with broiler chick prices at 4.3 yuan/chick, up 10.8%, and live chicken prices at 3.6 yuan/jin, up 1.7%. The report anticipates improved profitability in broiler farming, slaughtering, and meat processing due to recovering demand and declining feed costs, recommending stocks such as Shengnong Development, Hefeng Group, Yisheng Group, and Minhe Livestock [4][5]. Seed Industry - The commercialization of genetically modified crops is progressing, with recent announcements from the Ministry of Agriculture regarding the issuance of production and operation licenses for genetically modified corn and soybean seeds. The report suggests that the industry is entering a new opportunity phase, with leading companies benefiting from technological and financial advantages, recommending stocks like Dabeinong, Longping High-Tech, and Denghai Seeds [4][5]. Pet Food - The pet food sector is performing well, with stable overseas demand and rapid growth in domestic brands. The report recommends focusing on companies like Guibao Pet, Zhongchong Co., and Petty Co. [4][5]. Rubber Industry - The supply-demand dynamics for rubber are improving, with a decline in production due to weather impacts and strong demand from Europe and the U.S. The report anticipates continued price increases for rubber, recommending Hainan Rubber [5].