农林牧渔行业月报：猪价偏弱运行，“双十一”宠物数据维持增长

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The report highlights that the pig prices are experiencing a downward trend, while pet food data continues to show growth, particularly during the "Double Eleven" shopping festival [1][19]. - The overall performance of the agriculture, forestry, animal husbandry, and fishery index outperformed the CSI 300 index, with a decline of 1.10% compared to a 3.16% drop in the CSI 300 [3][4]. - The report suggests that the industry is currently undervalued, with the potential for valuation recovery in the future [1]. Summary by Sections Market Review - In October 2024, the agriculture, forestry, animal husbandry, and fishery index ranked 22nd among 30 sectors, outperforming the CSI 300 index by 2.06 percentage points [3][4]. - The pig farming sector is facing a supply-demand imbalance, leading to a decrease in pig prices, with the average price at 17.66 yuan/kg, down 6.95% month-on-month but up 16.80% year-on-year [5][10]. Pig Farming - The average price of piglets showed a fluctuating trend, with a significant drop of 19.76% month-on-month, but a year-on-year increase of 107.68% [5]. - The report anticipates that the market will enter a phase of simultaneous supply and demand growth in Q4 2024, potentially stabilizing pig prices [1][5]. Poultry Industry - The average price of white feather broilers in October 2024 was 3.65 yuan/kg, reflecting a slight increase from the previous month, while the price of broiler chicks rose to 4.36 yuan/chick [13]. - The report indicates that the supply of broilers is tightening, which may support price increases in the coming months [13][15]. Pet Food Sector - Pet food exports in September 2024 reached 25,600 tons, a year-on-year increase of 5.47%, with total exports for the first nine months amounting to 242,600 tons, up 25.9% [18]. - The "Double Eleven" sales event saw significant growth in pet food sales, with total sales reaching 5.9 billion yuan, a year-on-year increase of 22.92% [19][20]. Key Agricultural Product Prices - The report tracks the prices of major agricultural products, noting fluctuations in corn, wheat, and soybean meal prices during October 2024 [22][23][24].