农林牧渔行业研究周报：标肥价差走阔，仔猪均价回升

Investment Rating - The report assigns an "Overweight" rating to the industry [5]. Core Insights - The price gap between fat pigs and standard pigs has widened, while the price of piglets has rebounded [2][3]. - The average selling price of commodity pigs remained stable week-on-week at 17.51 CNY/kg as of October 25 [2][12]. - The average price of piglets increased by 7.61% week-on-week, reaching 336.67 CNY/head, indicating potential for further price recovery [2][18]. - The average price of culling sows decreased by 2.95% week-on-week to 12.50 CNY/kg [2][12]. - The average weight of commodity pigs at slaughter decreased slightly, with an average of 123.81 kg, down 0.02% week-on-week [3][15]. Summary by Sections Price Trends - The average price of piglets has shown a significant increase, while the price of culling sows has decreased [2][3]. - The price gap between fat pigs and standard pigs is currently at -0.68 CNY/kg, indicating a favorable price advantage for fat pigs [3][15]. Profitability - The average breeding profit for self-bred pigs is 289.32 CNY/head, while purchasing piglets results in a loss of 30.06 CNY/head, both showing a decrease compared to the previous week [4][18]. - The report anticipates that the demand for pork will increase as the autumn and winter seasons approach, which may support prices [4][18]. Investment Strategy - The report suggests focusing on leading companies in pig farming with scale and cost advantages, such as Muyuan Foods, Wens Foodstuff Group, and others [5][20]. - It also recommends attention to companies in the poultry and animal health sectors, indicating a positive outlook for the animal health segment due to the upward cycle in pig prices [5][20]. Market Performance - The agricultural sector has outperformed the broader market, with a 3.98% increase, ranking 12th among 31 industries [21].