农林牧渔行业研究周报：商品猪出栏均价周环比回升，关注有成本优势养殖企业

Investment Rating - The report maintains a rating of "Overweight" for the agricultural, forestry, animal husbandry, and fishery industry, particularly focusing on companies with cost advantages in pig farming [4][26]. Core Insights - The average price of commodity pigs has stabilized and increased by 3.97% week-on-week, reaching 18.06 CNY/kg as of October 11. This increase is attributed to the concentrated outflow of pigs and accelerated market supply due to upcoming holidays [2][14]. - The average price of piglets has decreased by 2.78% week-on-week, indicating weak demand in the market. The average price for 7kg piglets is 282.86 CNY/head [2][14]. - The average price of culling sows has risen by 5.63% week-on-week, reaching 12.94 CNY/kg, with a price ratio of 0.72 compared to commodity pigs [2][14]. - The average weight of commodity pigs at outflow and post-slaughter has increased by 0.05% week-on-week, ending a three-week decline. The average outflow weight is 123.78 kg [3][18]. - The profit per head for self-bred pigs is 305.91 CNY, while for purchased piglets, it is 47.27 CNY, both showing a decrease compared to the previous week [23][25]. Summary by Sections Pig Farming - The report suggests focusing on leading companies with scale and cost advantages, such as Muyuan Foods, Wens Foodstuff Group, and others, as the pig cycle is expected to rebound [4][26]. - The report highlights that the average cost of pig farming has decreased to approximately 13.7 CNY/kg, with a target of 13 CNY/kg by year-end [25]. Chicken Farming - Recommendations include focusing on companies with proprietary breeding sources for white feather chickens, such as Shennong Development and Yisheng Livestock, as well as companies producing commercial chicken seedlings [26]. Animal Health Sector - The upward trend in the pig cycle is favorable for the animal health sector, with suggestions to invest in companies like BioFarma and leading vaccine producers [26]. Crop Farming - The report also recommends attention to seed companies such as Donghai Seed Industry and Longping High-Tech [26].