农林牧渔行业投资策略周报：粮食安全战略明确，生物育种产业化有望加快

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The report emphasizes the clear direction of China's food security strategy and the acceleration of the industrialization of biological breeding. The reliance on imports for agricultural products like soybeans is high, and the instability in global agricultural supply chains has reinforced the strategic importance of food security and self-sufficiency in seed sources. The report highlights the government's initiatives since 2021 to enhance seed source security, promote agricultural biotechnology projects, and accelerate the industrialization of biological breeding [10][48]. Summary by Sections Section 1: Weekly Insights - The report discusses the impact of U.S. trade policies on China's agricultural planting industry from 2017 to 2021, noting significant fluctuations in soybean prices due to tariffs and trade negotiations. The reliance on U.S. soybeans decreased from 34% in 2017 to 19% in 2018 due to tariffs [34]. Section 2: Agricultural Sector Performance - The agricultural sector outperformed the market by 0.5 percentage points during the week [24]. Section 3: Agricultural Product Price Tracking - As of November 8, 2024, the average price of lean meat pigs was 16.7 CNY/kg, down 3.4% week-on-week but up 12.5% year-on-year. The average price of piglets was 462.3 CNY/head, up 5.4% week-on-week. The report also tracks prices for various agricultural products, including corn at 2233 CNY/ton (down 0.4% week-on-week) and soybean meal at 3175 CNY/ton (up 3.6% week-on-week) [11].