农林牧渔行业投资策略周报：宠物双11呈高品质健康化趋势，国产品牌加速赶超

Investment Rating - The industry rating is "Buy" [1] Core Viewpoints - The pet food industry showed strong performance during the Double 11 shopping festival, with total online sales reaching 5.9 billion CNY, a year-on-year increase of 23% [28] - The trend towards quality and health in pet consumption continues, with new processing methods and health-related products maintaining rapid growth [28] - Domestic pet food brands are rapidly catching up, with top brands dominating sales on major platforms during the Double 11 event [28] Summary by Sections Weekly Insights - The pet food sector's sales during Double 11 reached 5.9 billion CNY, with cat and dog food sales growing over 40% year-on-year [28] - New processing methods, such as low-temperature baking and fresh food, are leading the market, with cat baking food sales increasing by over 120% and dog baking food by over 60% [28] - Health awareness among pet owners is driving demand for medical and health products, with sales in this category growing by over 60% [28] Industry Tracking - As of November 15, the average price for live pigs was 16.3 CNY/kg, down 2.3% week-on-week but up 14.2% year-on-year [40] - The average price for piglets was 476 CNY/head, with a week-on-week increase of 3.0% [40] - The price of broiler chickens in Yantai remained stable at 3.8 CNY/lb, while chick prices fell by 0.5% [40] Agricultural Sector Performance - The agricultural sector underperformed the market by 2.8 percentage points, with a decline of 6.1% compared to a 3.3% drop in the CSI 300 index [44] - Sub-sectors such as animal health, agricultural processing, and feed experienced significant declines [44] Agricultural Product Price Tracking - The average price of corn fell by 1.1% week-on-week to 2208 CNY/ton, and soybean meal prices decreased by 4.4% to 3035 CNY/ton [68] - The price of wheat was 2462 CNY/ton, down 0.1% week-on-week [68]