行业周报：肥标价差继续走阔，生猪存栏同比下降

Investment Rating - The report suggests a focus on the hog breeding sector, aquatic feed, white feather broilers, pet food, seed sector, and rubber, indicating a positive investment outlook for these areas [5][45]. Core Insights - The agriculture sector saw a slight increase of 0.1% last week, with notable gains in fruit and vegetable processing (+5.0%) and seeds (+3.1%), while hog breeding experienced a decline of 0.8% [5][45]. - The price spread for hogs is widening, indicating tight supply and suggesting that hog prices may remain high in the near term. The average hog price was RMB 17.8/kg, down 0.7% week-on-week, while piglet prices increased by 4.8% [5][45]. - The report highlights a recovery in the aquatic feed industry, with leading companies like Haid Group expected to benefit from improved market conditions [5][45]. - The white feather broiler market is anticipated to see improved profitability due to recovering demand and lower feed costs, with a focus on companies such as Fujian Sunner Development and Wellhope Foods [5][45]. - The commercialization of genetically modified (GM) crops is progressing, with new licenses and safety certificates expected to create opportunities for leading companies in the seed sector [5][45]. - The pet food industry is performing well, with stable overseas demand and growth in domestic brands, suggesting a positive outlook for companies like Gambol Pet Group and Yantai China Pet Foods [5][45]. - The rubber supply-demand balance is improving, with expectations of rising prices due to reduced global production and strong restocking demand in Europe and the US [5][45]. Summary by Category Hog Breeding - The report indicates that the high price environment for hogs is likely to persist due to tight supply and cautious capacity expansion in the industry [5][45]. Aquatic Feed - The aquatic feed sector is expected to recover, with leading companies like Haid Group benefiting from improved market conditions and increased stocking in the fourth quarter [5][45]. White Feather Broilers - The profitability of white feather broilers is projected to improve as demand recovers and feed costs decrease, with a focus on key players in the market [5][45]. Pet Food - The pet food market is experiencing strong performance, driven by stable overseas demand and growth in domestic brands, indicating a favorable investment environment [5][45]. Seed Sector - The advancement of GM commercialization is expected to create new opportunities for companies with technological and capital advantages in the seed sector [5][45]. Rubber - The rubber market is anticipated to see price increases due to improved supply-demand dynamics, with a focus on companies in the Hainan rubber industry [5][45].