农林牧渔行业定期报告：10月三方能繁继续微增，周期景气有望延长

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [5]. Core Insights - The pig farming sector shows a slight increase in breeding stock, indicating a potential extension of the current cycle's prosperity. As of November 10, the pig price was 16.76 yuan/kg, down 0.46 yuan/kg week-on-week. The average utilization rate of fattening barns across 17 provinces was 55.47%, up 0.65 percentage points from the previous ten days, suggesting a cautious approach to replenishing stock amid weak market conditions [1][11]. - The white feather broiler chicken market is experiencing a recovery in stocking demand, with chick prices rising to 4.17 yuan/chick, a week-on-week increase of 1.21%. The price of white feather broilers remains stable at 7.64 yuan/kg. The supply-demand dynamics are expected to improve, leading to a potential increase in chicken prices [2][21]. - The seed industry is witnessing significant advancements, with the National Seed Double Exchange Conference highlighting the achievements in seed revitalization. The supply capacity for seeds has reached 75%, effectively meeting agricultural production needs. The ongoing push for seed industry revitalization is expected to enhance major seed companies' research and development capabilities [3][31]. Summary by Sections Pig Farming - The pig farming sector is seeing a slight increase in breeding stock, with a focus on consumer demand recovery as temperatures drop. The average weight of pigs slaughtered increased to 125.90 kg, with a growing proportion of larger pigs being sold [1][11][14]. - The report suggests that the pig price may rebound towards the end of the year due to limited supply growth and cautious replenishment operations [1][18]. White Feather Broiler Chicken - The market for white feather broilers is showing signs of recovery, with chick prices increasing and a stable price for broilers. The report anticipates that the price of white chickens may rise due to improved supply-demand dynamics [2][21][22]. Seed Industry - The seed industry is making strides in revitalization, with significant achievements reported at the National Seed Double Exchange Conference. The supply capacity for seeds has improved, and the focus on biotechnology is expected to enhance market opportunities for leading seed companies [3][31][32].