农林牧渔行业周观点：猪价震荡走弱，关注粮食安全主题

Investment Rating - The report maintains a positive outlook on the agriculture, forestry, animal husbandry, and fishery industry, with an investment rating of "Overweight" [2][3]. Core Insights - The report highlights the importance of food security themes and suggests focusing on investment opportunities in the seed and planting sectors. It notes that the U.S. elections have reignited expectations of trade protectionism, which could impact the supply of key agricultural products like soybeans and corn from the U.S. to China. The report also mentions the successful commercialization of genetically modified corn in 2024, with further acceleration expected in 2025 [2][3]. - The report emphasizes the strong performance of the pet food industry, recommending companies such as Guai Bao Pet, Zhongchong Co., and Petty Co. due to sustained high consumer demand [2][3]. Weekly Market Performance - The Shenwan Agriculture, Forestry, Animal Husbandry, and Fishery Index rose by 6.0%, while the CSI 300 Index increased by 5.5%. The top five performing stocks included Xiwang Food (61.4%), Guolian Aquatic (31.4%), and Shennong Technology (24.1%) [3][7]. - The report notes that the overall performance of the agriculture, forestry, animal husbandry, and fishery sector saw a significant increase in net profit, with a total of 18.4 billion yuan in Q3 2024, representing a year-on-year growth of 358% [2][3]. Key Price Trends - The report indicates that the price of live pigs has shown fluctuations, with the average selling price on November 10 being 16.76 yuan/kg, a decrease of 2.7% week-on-week. However, the price of piglets has been on the rise, reaching 530 yuan/head, an increase of 30 yuan/head week-on-week [2][3]. - The report also highlights the upward trend in chicken prices, with the average price of white feather broiler chicks at 4.28 yuan/chick, a week-on-week increase of 0.47% [2][3]. Recommendations - The report suggests focusing on leading companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuffs, due to their improving financial health and shareholder returns. It also recommends caution in production and expansion strategies, as the current profit cycle may continue into 2025 [2][3]. - For the poultry sector, the report anticipates a marginal improvement in supply-demand dynamics, which could lead to better profitability for breeding and slaughtering operations [2][3].