农林牧渔行业周报：猪价震荡下跌，鸡苗价格高位运行

Investment Rating - The report assigns a "Buy" rating to Haida Group and "Hold" ratings to Wens Foodstuffs, Muyuan Foods, Guobao Pet, and Jinlongyu [1][2]. Core Insights - The agricultural sector outperformed the market, with the Shanghai Composite Index rising by 5.50% and the agricultural sector increasing by 6.04% during the reporting period [4][9]. - The report indicates a downward trend in pig prices, with the average price on November 8 being 16.68 CNY/kg, a decrease of 2.85% week-on-week. However, the prices for broiler chickens and chicks remained stable [25][4]. - The report anticipates a rebound in pig prices due to seasonal demand and a decrease in supply, suggesting optimism for the profitability of pig farming companies in the fourth quarter [4][25]. Summary by Sections Market Review - The agricultural sector's performance was strong, ranking 18th among 31 sub-industries, with notable increases in the fishery sector (+18.85%) and agricultural product processing (+7.63%) [4][10]. Livestock Prices - As of November 8, the national average price for live pigs was 16.68 CNY/kg, reflecting a continued decline due to ample supply and weak demand [25][4]. - The price for broiler chickens was stable at 3.85 CNY/500g, while chick prices remained high at 4.70 CNY each [25][4]. Investment Recommendations - The report suggests focusing on companies with cost advantages and faster growth rates, such as Wens Foodstuffs and Muyuan Foods, as they are expected to perform well in the upcoming market conditions [4][25]. Valuation Levels - As of November 8, the agricultural sector's price-to-earnings (P/E) ratio was 24.99, compared to the Shanghai Composite Index's P/E ratio of 11.45 [13][4]. Important Announcements - Muyuan Foods reported a total sales volume of 6.498 million pigs in October, with a revenue of 13.423 billion CNY, indicating a decrease in average sales price compared to the previous month [16][4].