农业行业周报：猪价持续调整，关注冬季消费的提振作用

Investment Rating - The investment rating for the agriculture sector is "Outperform the Market" and is maintained [2]. Core Viewpoints - The agriculture sector saw a 6.0% increase last week, ranking 18th among the Shenwan primary industries. All sub-industries experienced growth, with aquaculture (+21.2%) and grain and oil processing (+12.0%) leading the gains [5][9]. - Pig prices are undergoing adjustments, with the average price for live pigs at 16.9 yuan/kg, down 1.8% week-on-week. The market is expected to see a supply-demand gap as it approaches the peak consumption season, potentially leading to a price increase by year-end [6][9]. - The water product prices are generally declining due to seasonal factors, but future prices may remain strong due to reduced stocking earlier in the year and an upcoming consumption peak [7][9]. - The white feather broiler industry is expected to stabilize and improve profitability as feed costs decrease and demand increases in the fourth quarter [8][9]. - The commercialization of genetically modified crops is progressing, with new licenses and safety certificates being issued, presenting new opportunities for leading companies in the sector [8][9]. Summary by Sections Market Performance - The agriculture sector increased by 6.0% last week, with all sub-industries showing positive growth. Notable increases were seen in aquaculture (+21.2%) and grain and oil processing (+12.0%) [5][9]. Pig Industry Insights - The average price of live pigs is 16.9 yuan/kg, reflecting a 1.8% decrease. The price of 15kg piglets increased by 5.6% to 530 yuan/head, while the price of 50kg sows decreased slightly by 0.1% to 1626 yuan/head [6][19]. Aquaculture Insights - Prices for various fish species are generally declining, with the average price for grass carp at 5.7 yuan/kg, down 0.3% week-on-week. However, the shrimp market is showing strength with an 8% increase in prices [7][9]. Poultry Industry Insights - The average price for white feather broiler chicks is stable at 4.3 yuan/chick, with the average price for broilers at 3.8 yuan/chick. The industry is expected to see improved profitability due to lower feed costs and increased demand [8][9]. Genetically Modified Crops - The advancement of genetically modified crops is highlighted by recent licenses and safety certificates, indicating a potential acceleration in commercialization and opportunities for leading companies [8][9].