Investment Rating - The industry investment rating is "Overweight" [1]. Core Views - The report indicates a slowdown in the replenishment enthusiasm for live pigs in October, with a year-on-year increase of 13.5% in the slaughter volume of 16 listed pig companies [1]. - The average weight of pigs slaughtered nationwide is 125.9 kg, which is 4.2 kg lower than the same period in 2022 [1]. - The report forecasts that the price of pigs in 2025 will receive strong support, with a projected average breeding sow inventory decrease of approximately 4.5% compared to 2023 [1][2]. Summary by Sections 1. Market Overview - The agricultural sector index increased by 6.04% in the week from November 4 to November 8, 2024, outperforming the CSI 300 index by 0.54 percentage points [9]. - The agricultural sector has seen a decline of 15.07% year-to-date, ranking 25th among 31 sub-industries [9]. 2. Industry Data - The current price of live pigs is 16.75 yuan/kg, down 3.1% week-on-week [1]. - The price of 50 kg two-way sows is 1626 yuan/head, showing a slight decrease of 0.1% week-on-week [1]. - The average price of white feather chicken products is 9200 yuan/ton, down 0.5% week-on-week and 5.6% year-on-year [2]. 3. Company Performance - The report highlights that the slaughter volume of listed pig companies reached 1.22 billion heads from January to October, a year-on-year increase of 3.7% [1]. - The report recommends focusing on leading pig companies such as Wens Foodstuffs, Muyuan Foods, and Shennong Group, which are currently valued at historical lows [2]. 4. Price Trends - The report notes that the corn spot price is 2233.04 yuan/ton, down 0.40% week-on-week and 17.07% year-on-year [19]. - The soybean spot price is 3994.74 yuan/ton, remaining stable week-on-week but down 19.43% year-on-year [19].
农林牧渔行业周报：10月生猪补栏积极性放缓，USDA玉米、大豆库消比下降
Huaan Securities·2024-11-10 11:06