农林牧渔行业周报：生猪价格周环比小幅回升，白羽鸡苗价格居高不下

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The report highlights a slight week-on-week increase in pig prices by 1.9%, with the current national pig price at 16.34 yuan per kilogram. However, the enthusiasm for breeding remains weak, with a decrease in the utilization rate of fattening barns year-on-year [2][4] - The report anticipates that pig prices will be supported in 2025, with a projected average breeding sow inventory decrease of approximately 4.5% compared to 2023. The cost of pig farming is expected to decline in 2025, leading to a potential increase in net profits for pig farmers [2][4] - White feather chick prices remain high, with the average price for chicken products at 9300 yuan per ton, unchanged week-on-week but down 4.4% year-on-year. The report notes a significant year-on-year increase of 92.7% in the price of broiler chicks [2][4] Summary by Sections 1. Weekly Market Review - The agricultural sector index fell by 2.76% in the week from November 18 to November 22, 2024, underperforming compared to the CSI 300 index which decreased by 2.60% [19] - The agricultural sector ranks 25th among 31 sub-industries in terms of performance since the beginning of 2023, with a decline of 22.42% [19] 2. Industry Data 2.1 Primary Agricultural Products - Corn spot price is 2210.20 yuan per ton, up 0.10% week-on-week but down 18.19% year-on-year. Soybean spot price is 4005.26 yuan per ton, down 0.17% week-on-week and 18.18% year-on-year [40] - The report indicates that the global corn stock-to-use ratio for 2024/25 is projected at 21.4%, the lowest since the 2016/17 season [4] 3. Industry Valuation - As of November 22, 2024, the absolute PE and PB ratios for the agricultural sector are 29.59 times and 2.47 times, respectively, significantly lower than historical averages of 116.05 times and 3.63 times [30][33] - The agricultural sector's relative PE and PB ratios compared to the CSI 300 are 2.40 and 1.82 times, respectively, indicating a valuation at historical lows [33][34]