白羽鸡苗价格维持高位，双十一国产宠物品牌表现靓丽

Investment Rating - The industry investment rating is "Overweight" [2] Core Views - The report highlights that the price of white feather chicken seedlings remains high, while domestic pet brands performed well during the Double Eleven shopping festival [2] - The report indicates a slowdown in the replenishment enthusiasm for pigs, with a 14.6% month-on-month increase in the output of listed pig companies [2][5] - The report predicts that pig prices will receive strong support in 2025, with a projected average decrease of 4.5% in the breeding sow inventory compared to 2023 [5] Summary by Sections 1. Weekly Market Review - The agricultural sector fell by 6.06% this week, underperforming the CSI 300 index by 2.77 percentage points [25][26] - The agricultural sector's absolute PE and PB are 30.41 times and 2.54 times, respectively, which are significantly lower than historical averages [36][38] 2. Industry Weekly Data 2.1 Primary Agricultural Products - Corn spot price is 2208.04 CNY/ton, down 1.12% week-on-week, and soybean spot price is 4012.11 CNY/ton, up 0.43% week-on-week [44] 2.2 Livestock - The average weight of pigs sold nationwide is 126.46 kg, up 0.56 kg week-on-week [2] - The price of pigs is currently 16.03 CNY/kg, down 4.3% week-on-week [2] 2.3 Poultry - The price of white feather chicken seedlings is 56.03 CNY/set, down 1.3% week-on-week, but up 15.2% year-on-year [5] - The price of yellow feather chicken has shown slight fluctuations, with the average price of black chicken at 23 CNY/kg [5] 3. Market Dynamics - The report notes that the sales of pig vaccines have increased, with the growth rates for various vaccines ranging from 8.3% to 83.3% [5] - The report emphasizes the strong performance of domestic pet food brands during the Double Eleven shopping festival, with significant year-on-year growth in sales [5]