农业行业周报：猪价小幅下行，上市猪企扩产谨慎

Investment Rating - The investment rating for the agriculture sector is "Outperform the Market" and is maintained [2]. Core Viewpoints - The agriculture sector saw a 1.3% increase last week, ranking 10th among the Shenwan first-level industries. The seed and aquaculture sub-industries led the gains with a 9.9% increase, while grain and oil processing and other agricultural product processing were the only two sub-industries that declined [5][6]. - The pig farming sector has shown significant improvement in performance, with Q3 profits for listed pig farming companies more than doubling compared to Q2. However, expansion remains cautious, with production biological assets only increasing by 0.4% [6][9]. - The water product prices are experiencing seasonal declines, but the overall industry is expected to recover due to increased demand in the fourth quarter. Key focus should be on leading companies like Haida Group [7][9]. - The white feather broiler industry is expected to stabilize and improve profitability due to lower feed costs and increased demand in the fourth quarter. Companies such as Shennong Development and He Feng Co. are recommended for attention [8][9]. Summary by Sections Market Performance - The agriculture sector increased by 1.3% last week, with notable gains in seeds and aquaculture [5][6]. - The average price of live pigs was 17.2 CNY/kg, down 1.2% week-on-week [6][15]. Pig Farming Sector - The average price of 15kg piglets rose by 7.0% to 502 CNY/head, while the price of 50kg sows remained stable at 1628 CNY/head [6][18][20]. - The overall pig farming sector is entering a stable development phase, with a recommendation to focus on companies like Muyuan Foods and Wens Foodstuffs [6][9]. Aquaculture Sector - Seasonal price declines were noted in fish products, but a recovery is anticipated due to increased demand. The average price for grass carp was 5.7 CNY/jin, down 0.8% [7][9]. - The water feed industry is expected to see overall recovery, with a focus on leading companies like Haida Group [7][9]. Poultry Sector - The average price of white feather broiler chicks increased by 0.6% to 4.3 CNY/chick, while the average price of broilers rose by 1.6% to 3.8 CNY/chick [8][9]. - The overall industry is expected to improve profitability as demand increases in the fourth quarter, with recommendations for companies like Shennong Development and He Feng Co. [8][9]. Seed Industry - The commercialization of genetically modified crops is progressing, with significant opportunities for leading companies like Dabeinong and Longping High-Tech [9].