农林牧渔行业跟踪分析：10月上市公司出栏保持增长，出栏均重环比小幅下滑

Industry Rating - The industry rating for the agriculture, forestry, animal husbandry, and fishery sector is Buy [4] Core Views - The pig price experienced a downward trend in early November, with the price falling below 17 yuan/kg, while the breeding sow capacity continued to recover slowly [10] - The overall breeding profit remains in the positive range, with self-breeding profits at 264 yuan/head as of November 8 [10] - The total number of commercial pigs sold by listed companies in October reached 13.99 million, a month-on-month increase of 15.19% and a year-on-year increase of 15.88% [23] - The average sales price of listed companies in October was 17.57 yuan/kg, a month-on-month decrease of 6.74% [25] - The average weight of pigs sold by listed companies in October was 107.15 kg/head, a month-on-month decrease of 2.39% [26] Company Tracking - Muyuan Foods: Sold 6.498 million commercial pigs in October, a month-on-month increase of 21.3% and a year-on-year increase of 33.2% [23] - Wens Foodstuff Group: Sold 2.672 million commercial pigs in October, a month-on-month increase of 6.4% and a year-on-year increase of 11.5% [23] - New Hope: Sold 1.253 million commercial pigs in October, a month-on-month increase of 5.1% but a year-on-year decrease of 14.8% [23] - Tangrenshen Group: Sold 497,000 commercial pigs in October, a month-on-month increase of 55.3% and a year-on-year increase of 29.5% [23] - Tiankang Bio: Sold 284,000 commercial pigs in October, a month-on-month increase of 0.9% and a year-on-year increase of 22.9% [23] - Huazhong Agriculture: Sold 201,000 commercial pigs in October, a month-on-month decrease of 4.1% but a year-on-year increase of 9% [23] Investment Recommendations - The pig breeding sector is currently undervalued, with large-scale breeding companies such as Wens Foodstuff Group and Muyuan Foods being key recommendations [37] - Smaller-scale breeding companies like Tangrenshen Group, Tiankang Bio, and Huazhong Agriculture are also worth monitoring [37] - The industry's supply is expected to remain tight, with cautious expansion actions from companies, which may lead to a longer-than-expected period of high profitability [37]