农林牧渔行业：本周猪价继续下行，关注冬季疫病态势

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The pig price continues to decline, with the average price at 17.59 CNY/kg as of October 18, down 3.09% week-on-week but up 14.07% year-on-year. The supply remains tight due to a decrease in the breeding stock [7][19] - The poultry sector shows signs of recovery, with white feather chicken prices rising to 3.80 CNY/kg, an increase of 3.5% week-on-week. Companies like Shengnong Development and Yisheng Shares are expected to benefit [7][19] - The feed and animal health sectors are experiencing stable demand, with corn prices holding steady and soybean meal prices declining by 1.5% [8][29] - The planting sector is advancing with the approval of new genetically modified corn and soybean varieties, suggesting a steady progression in the biotechnology industry [9] Summary by Sections Livestock - The average price of live pigs is 17.59 CNY/kg, down 3.09% week-on-week, with a total breeding stock of 42.694 million pigs, a decrease of 1.535 million pigs year-on-year [7][19] - The average price of piglets is 476.72 CNY/head, up 3.97% week-on-week, indicating cautious expansion in the industry [21][23] - Recommended companies include Wens Foodstuff Group and Muyuan Foods for large-scale breeding, and Tangrenshen, Tiankang Biological, and Huadong Food for smaller enterprises [7][19] Poultry - The price of white feather chicken is 3.80 CNY/kg, reflecting a recovery trend, while yellow feather chicken prices are also on the rise [7][19] - The average price of chicken seedlings is 4.17 CNY/bird, down 0.71% week-on-week, but up 76.69% year-on-year [23][26] Feed and Animal Health - Corn prices are stable at 2,248 CNY/ton, while soybean meal prices have decreased by 1.47% to 3,055 CNY/ton [29][30] - The animal health sector is expected to recover as breeding profitability improves, with companies like BioFeng, Zhongmu, and Pulaike recommended for investment [8][29] Planting - The approval of 27 genetically modified corn varieties and 3 soybean varieties indicates progress in the biotechnology sector [9] - Domestic sugar prices are approximately 6,575 CNY/ton, up 0.8% week-on-week, while international raw sugar prices have decreased by 6.4% [9][40] Market Performance - The agricultural sector underperformed the market by 0.9 percentage points, with the overall sector increasing by 0.1% compared to a 1.0% increase in the CSI 300 index [16]