2025年农林牧渔行业年度投资策略：养殖景气，种植兴起

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The main investment themes for 2025 focus on the pig farming sector and seed industry, emphasizing low-cost operations and structural changes in the market [6][7] - The pig farming sector is expected to benefit from three key changes: low sow replenishment, a shift from high-cost to low-cost producers, and a cycle of growth and value co-existence [15][50] - The seed industry is experiencing a strong expansion phase, driven by the commercialization of genetically modified organisms and a focus on food security [7][9] Summary by Sections Pig Farming - The report highlights three significant changes in the pig farming sector: low sow replenishment leading to market resilience, a shift from high-cost producers to quality low-cost producers, and a cycle of growth and value co-existence [15][32][50] - Recommended stocks include Muyuan Foods, WH Group, and Shennong Group, focusing on low-cost pig farming enterprises [15][7] Poultry - The profitability of yellow chicken is expected to improve due to reduced parent stock and lower costs, while white chicken is seen as undervalued [7][9] - Recommended stocks for yellow chicken include Lihua Agricultural and for white chicken include Yisheng Livestock and Shennong Development [7] Feed - Demand for pig feed is anticipated to gradually increase due to a recovery in pig stocks and sustained profitability in farming [8] - The report also notes potential recovery in aquaculture feed demand as restaurant consumption rebounds [8] Animal Health - The animal health sector is viewed as undervalued, with expectations of recovery as pig prices stabilize and demand for high-end health products increases [9][50] - Key companies to watch include Keqian Biology and RuiPu Biology [9] Seed Industry - The seed industry is in a phase of bottoming out, with a focus on themes and individual stocks as competition intensifies [9][50] - Recommended stocks include Qianyuan High-Tech and Longping High-Tech, with a suggestion to monitor Dabeinong and Fengle Seed [9][50]