农林牧渔行业周报：看好养殖板块估值修复和宠物板块品牌集中度提升逻辑

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights the valuation recovery in the breeding sector and the increasing brand concentration in the pet sector [1] - The pig farming sector is expected to see a price peak in Q4 2024, with 2025 prices likely to remain above cost lines [2][14] - The poultry sector is experiencing rising prices for parent stock chicken, indicating a potential recovery in industry sentiment [22][23] - The animal health sector is poised for growth due to improved downstream demand, with specific companies recommended for investment [30] - The pet industry is in a rapid development phase, with domestic brands gaining market share [47][51] Summary by Sections 1. Pig Farming - Average pig price as of October 31, 2024, is 17.35 CNY/kg, with a slight decrease from the previous month [13] - The number of breeding sows is expected to decline slightly, with a year-on-year decrease of 4.2% as of Q3 2024 [14] - Recommended companies include Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [2][14] 2. Poultry - Parent stock chicken prices have increased, with a notable rise in the price of white feather chicken parent stock [22] - The industry is expected to stabilize with a focus on companies like Shennong Development and Yisheng Livestock [23] 3. Animal Health - The average profit for self-bred pigs is 500 CNY/head, indicating a recovery in the breeding sector [30] - Companies such as Keqian Biological and Ruipu Biological are highlighted for their potential in the animal health market [30] 4. Planting - Grain prices are fluctuating, with a notable decrease in imports of various grains [36] - Companies involved in transgenic seed commercialization are recommended, including Suqian Agricultural Development and Longping High-Tech [37] 5. Feed - Feed prices are declining, which is expected to improve breeding costs [41] - The report suggests focusing on companies like Haida Group and He Feng Group due to the anticipated increase in industry concentration [43] 6. Pet Industry - The pet market in urban China reached 279.3 billion CNY in 2023, with a growth rate of 3.2% [47] - Domestic brands are increasingly prominent, with companies like Zhongchong and Peidi leading the way [51]