农林牧渔行业研究周报：商品猪出栏均价下跌，标肥价差小幅收窄

Investment Rating - The report assigns an "Accumulate" rating for the industry [6]. Core Insights - The average price of market pigs has decreased by 3.70% week-on-week, reaching 16.67 CNY/kg as of November 8 [3][14]. - The average price of piglets has increased by 6.99% week-on-week, with a price of 400.95 CNY/head for 7kg piglets [3][14]. - The average price of culling sows has dropped by 10.74% week-on-week, now at 12.38 CNY/kg [3][14]. - The weight of market pigs at slaughter has remained stable week-on-week at 123.82 kg, while the post-slaughter weight has decreased by 0.39% to 91.73 kg [4][18]. - The price difference between fat pigs and standard pigs has slightly narrowed, indicating a potential recovery in demand for fat pigs [4][18]. - The average breeding profit for self-bred pigs is 263.75 CNY/head, a decrease of 20.44 CNY from the previous week, while the loss for purchased piglets has increased to 54.15 CNY/head [5][21]. - The report anticipates a recovery in demand during the winter season, which may support prices and stabilize the market [5][21]. Summary by Sections Price Trends - The average price of market pigs has decreased by 3.70% week-on-week [3][14]. - The average price of piglets has increased by 6.99% week-on-week [3][14]. - The average price of culling sows has decreased by 10.74% week-on-week [3][14]. Weight and Price Differences - The average weight of market pigs has remained stable at 123.82 kg [4][18]. - The post-slaughter weight has decreased by 0.39% to 91.73 kg [4][18]. - The price difference between fat pigs and standard pigs has slightly narrowed to -0.60 CNY/kg [4][18]. Profitability and Market Outlook - The average breeding profit for self-bred pigs is 263.75 CNY/head, down 20.44 CNY from the previous week [5][21]. - The loss for purchased piglets has increased to 54.15 CNY/head [5][21]. - The report suggests that winter demand may support prices and stabilize the market [5][21]. Investment Strategy - The report recommends focusing on leading companies in pig farming with scale and cost advantages, such as Muyuan Foods and Wens Foodstuff [6][23]. - It also suggests monitoring the upward cycle of pig prices and the profitability of pig farming companies [6][23].