2025年农林牧渔行业投资策略：养殖链和宠物景气延续，生物育种有望扩面提速

Investment Rating - The report maintains a "Positive" investment rating for the agriculture, forestry, animal husbandry, and fishery industry [2]. Core Insights - The breeding industry chain shows continued prosperity, with pig farming expected to rebound in 2024 due to a gradual recovery in prices and declining costs, leading to significant profit elasticity for enterprises [4][17]. - The poultry farming sector is stable, with expectations of sufficient supply in 2025, particularly for white feather chickens, while the yellow feather chicken market remains tight [4]. - The feed industry is anticipated to benefit from the recovery in pig farming, with sales expected to continue improving in 2025 [4]. - The animal health sector is projected to see a recovery in demand, with new product launches expected to enhance growth opportunities [4]. - The seed industry is witnessing steady progress in the commercialization of genetically modified crops, with leading companies poised to benefit from this trend [4]. - The pet industry is experiencing robust growth in the domestic market, with a focus on companies that can leverage their supply chain and marketing advantages [4]. Summary by Sections 1. Pig Farming - The pig price is expected to rebound in 2024, with average prices projected at 14.9, 16.3, and 19.6 CNY/kg for the first three quarters respectively, showing a year-on-year increase of 21.8% in Q3 [4][17]. - The supply of pigs is expected to increase gradually in 2025, but overall growth will be limited due to slow recovery in breeding capacity [26][35]. 2. Poultry Farming - The white feather chicken breeding segment is expected to maintain high sales levels in 2024, with a stable supply anticipated for 2025 [4]. - The yellow feather chicken market is expected to remain tight due to slow capacity growth [4]. 3. Feed Industry - The feed sales are expected to recover in 2025, benefiting from the positive outlook in pig farming [4]. - Leading companies in the feed sector are expected to maintain significant competitive advantages [4]. 4. Animal Health - The demand for animal health products is expected to recover, with new product launches likely to drive growth [4]. - Companies with strong R&D capabilities are expected to build stronger competitive advantages [4]. 5. Seed Industry - The commercialization of genetically modified corn is expected to expand the market and reduce costs [4]. - Leading companies are anticipated to benefit from mergers and acquisitions in the seed industry [4]. 6. Pet Industry - The domestic pet market is in a growth phase, with new brands emerging and product innovations occurring [4]. - Companies with strong financial backing and supply chain advantages are expected to enhance their market share [4].