农业行业周报：猪价震荡下行，外购仔猪养殖亏损扩大

Investment Rating - The report maintains a "Buy" rating for the agriculture sector, indicating a positive outlook for investment opportunities in this industry [4]. Core Insights - The agriculture sector outperformed the CSI 300 index, with the Agricultural, Forestry, Animal Husbandry, and Fishery index rising by 6.04% from November 4 to November 8, compared to a 5.50% increase in the CSI 300 [1][10]. - The report highlights that the pig farming sector is experiencing increased losses from external piglet purchases, while self-breeding and self-raising profits remain relatively stable [2][3]. - The report suggests a favorable supply-demand balance in the pig farming sector, recommending investments in leading companies such as Wens Foodstuffs, Muyuan Foods, Tian Kang Biological, and Shennong Group [2][3]. Summary by Sections 1. Pig Farming - As of November 8, the price of live pigs was 16.64 CNY/kg, down 4.04% week-on-week, while the price of 15kg piglets increased by 6.76% to 35.05 CNY/kg [2][14]. - The profit for self-breeding pigs was reported at 263.75 CNY per head, a decrease of 7.19% week-on-week, while losses for externally purchased piglets increased significantly [2][14]. - The report emphasizes the importance of monitoring the impact of winter temperatures on disease outbreaks in the coming months [2]. 2. Chicken Farming - The chicken farming sector's price-to-book ratio (PB) was 1.87 as of November 8, reflecting a 6.25% increase week-on-week [21]. - The average price of broiler chickens was stable at 3.82 CNY per jin, while the price of chicken seedlings rose by 1.21% to 4.17 CNY per chick [21]. - The report recommends focusing on companies with cost advantages in the yellow feather chicken segment, such as Lihua Stock, due to expected price increases [2][3]. 3. Feed Industry - The report notes that corn prices were 2233 CNY/ton, down 0.40% week-on-week, while soybean meal prices increased by 3.59% to 3175 CNY/ton [3][41]. - The feed sector is advised to focus on companies with strong supply chain management and research capabilities, such as Haida Group [3][41]. 4. Investment Recommendations - The report suggests a focus on several key companies across different segments: Wens Foodstuffs, Muyuan Foods, Tian Kang Biological, Shennong Group in pig farming; Lihua Stock in yellow feather chicken farming; and Haida Group in the feed business [3][4]. - The overall valuation of the agriculture sector is considered to be at a historically low level, presenting potential investment opportunities [3][4].