农林牧渔行业研究周报：仔猪均价周环比回升，标肥价差走阔

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - The average price of piglets has increased by 10.61% week-on-week, while the average price of market pigs has decreased by 3.05% week-on-week, indicating a mixed market trend [3][4] - The price difference between fat pigs and standard pigs has widened, which is favorable for farmers to hold back pigs and for secondary fattening [4][18] - The report suggests focusing on leading companies with scale and cost advantages in pig farming, such as Muyuan Foods, Wens Foodstuff Group, and others [5][20] Summary by Sections Piglet and Market Pig Prices - The average price of market pigs has decreased to 17.51 CNY/kg, down 3.05% week-on-week, due to slow entry of secondary fattening and weak price expectations from farmers [3][13] - The average price of 7kg piglets is 312.86 CNY/head, reflecting a week-on-week increase of 10.61% [3][13] - The average price of culling sows has decreased by 0.46% to 12.88 CNY/kg [3][13] Weight and Price Differences - The average weight of market pigs has increased to 123.83 kg, up 0.04% week-on-week, while the average post-slaughter weight is 92.17 kg, up 0.57% week-on-week [4][15] - The price difference for fat pigs is -0.66 CNY/kg, which has widened week-on-week, indicating a favorable market for fat pigs [4][15] Profitability and Market Outlook - The average profit for self-bred pigs is 346.01 CNY/head, while for purchased piglets it is 27.79 CNY/head, showing a week-on-week increase for self-bred pigs and a decrease for purchased ones [18][19] - The report anticipates that the demand for pork will increase as the autumn and winter seasons approach, which may support prices and limit declines [18][19]