农林牧渔行业周报：需求兑现惜售显现猪价反弹，长期看好宠物经济持续扩容

Investment Rating - The report maintains a recommendation rating for the pig farming and pet food industries [27]. Core Insights - Short-term pork demand expectations have been fulfilled, leading to a rebound in pig prices, with the average price reaching 16.38 yuan/kg, up 0.34 yuan/kg from the previous low [21][22]. - The report anticipates a slight rebound in pig prices in the short term, while maintaining a long-term view of gradual decline due to supply-side pressures [21][23]. - The pet economy is expected to continue expanding, driven by emotional value consumption trends, with a positive outlook on both domestic market growth and recovery of overseas orders [25][26]. Summary by Sections 1. Industry Review - The report highlights a 2% month-on-month increase in national pig slaughtering in October, with an average price of 18.25 yuan/kg, reflecting a year-on-year increase of 14.8% [19]. - The average profit per pig in October was 412 yuan, with a cumulative profit of 204 yuan per pig from January to October, an increase of 278 yuan year-on-year [19]. 2. Current Market View - The report notes that the pig price has touched a low and is expected to rebound slightly due to seasonal demand for cured meat products as temperatures drop [21][22]. - The average weekly price for pigs was reported at 16.15 yuan/kg, with a week-on-week decrease of 0.48 yuan/kg [23]. 3. Stock Recommendations - Key stocks recommended include: - Juxing Agriculture (603477.SH): Expected to reduce breeding costs below 13 yuan/kg in 2024, enhancing profitability [30]. - Zhengbang Technology (002157.SZ): Benefiting from cost control improvements and business recovery [30]. - Dekang Agriculture (2019.HK): Positioned in the industry’s top tier for breeding costs, with a projected output of 4.0261 million pigs in the first half of 2024 [30]. 4. Industry Data - As of November 22, 2024, the average price for piglets was 399.05 yuan/head, with a week-on-week change of -0.70% [39]. - The feed price data indicates corn at 2210.20 yuan/ton, with a year-on-year decrease of 18.19% [34]. 5. Pet Food Market - The report notes a 7.95% year-on-year increase in pet food exports in October, totaling 0.69 million tons [26]. - The domestic pet market is expected to expand significantly, with a focus on tracking developments in both primary and secondary markets [25][26].