农林牧渔行业专题研究：2024Q3农业持仓环比回落，关注宠物板块投资机会

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the agricultural sector [4]. Core Insights - The agricultural sector's fund allocation has decreased, with a focus on investment opportunities in the pet industry, which is experiencing rapid growth and has significant development potential in China [2][8]. Summary by Sections 1. Fund Allocation Trends - In Q3 2024, the fund allocation to the agricultural sector was 1.31%, down by 0.24 percentage points from the previous quarter. The sector's overweight ratio was 0.03%, a decrease of 0.22 percentage points [5][11]. - The livestock sector saw a notable decline in fund allocation, with a Q3 2024 fund holding ratio of 0.79%, down by 0.27 percentage points. The overweight ratio for this sector was 0.30%, a decrease of 0.12 percentage points [5][11]. - The feed sector experienced a slight increase in fund allocation, with a Q3 2024 fund holding ratio of 0.42%, up by 0.01 percentage points, although its overweight ratio decreased to 0.13%, down by 0.07 percentage points [5][11]. 2. Investment Recommendations - The report emphasizes investment opportunities in the pet sector, highlighting the rapid growth of the domestic pet industry and the potential for excellent domestic brands to emerge. Recommended companies include Guai Bao Pet and Zhong Chong Co [8][21]. - For livestock farming, the report suggests focusing on companies with high realization rates and low valuations, recommending Muyuan Foods and Wens Foodstuffs [19]. - In aquaculture, the report notes a recovery in fish prices and recommends Hai Da Group as a key investment [20]. - The report also suggests monitoring the recovery of yellow chicken prices and recommends Li Hua Co. for investment [21]. 3. Key Holdings - The top holdings in the agricultural sector include Wens Foodstuffs, with 166 funds holding shares, followed by Muyuan Foods with 157 funds, and Hai Da Group with 144 funds. The concentration remains in the livestock sector, with 9 out of the top 15 holdings being livestock-related [7][18].