农林牧渔行业周观点：“双十一”首轮销售表现亮眼，重视宠物食品行业景气

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the agricultural sector, particularly in the pet food industry and the commercialization of genetically modified crops [2][3]. Core Insights - The report highlights a strong performance in the pet food sector during the "Double Eleven" shopping festival, with significant sales growth for leading brands. The domestic pet food consumption remains robust, and top companies are expected to increase market share and performance [2][3]. - The first phase of the "Double Eleven" sales showed that pet food sales on platforms like Taobao and JD.com exceeded previous years, with notable growth rates for brands such as Fregate and Fresh. The report emphasizes the trend towards premiumization in domestic brands [7][10]. - The report also discusses the stability in pig farming prices and the positive financial results from leading companies like Wens Foodstuffs, suggesting a cautious but optimistic outlook for the pig farming sector [2][3]. Summary by Sections 1. Market Performance - The Shenwan Agricultural Index rose by 4.0%, outperforming the CSI 300 Index which increased by 0.8%. The top five gainers included companies like Quanyin High-Tech and Hai Li Biological, while China Grain and Oil Group saw a decline [3][6]. 2. Pet Food Sales Performance - During the "Double Eleven" pre-sale, pet food sales on Taobao and JD.com showed remarkable growth, with some brands achieving sales increases of over 1000% compared to the previous year. The report notes that domestic brands are gaining significant market share [7][10][13]. 3. Pig Farming Insights - The average price of live pigs was reported at 17.45 RMB/kg, with a slight week-on-week increase of 1.3%. Leading companies like Wens Foodstuffs reported strong quarterly results, indicating a positive trend in profitability despite a weakening cycle [2][3][18]. 4. Chicken Farming Trends - The report indicates a slight decline in chick prices, while the prices for broilers and chicken products are showing signs of recovery. The overall supply-demand dynamics are expected to improve, leading to better profitability for poultry farming [2][3][18]. 5. Key Companies to Watch - The report recommends focusing on key companies in the pet food sector such as Guobao Pet, Zhongchong Co., and Petty Co., as well as in the planting chain like Longping High-Tech and Dabeinong [2][3].