农林牧渔行业周报：降温助增肉类消费，关注猪价季节性回升

Investment Rating - The industry is rated as "Buy" [4] Core Viewpoints - The report highlights that the seasonal drop in temperature is expected to boost meat consumption, particularly pork, with a favorable outlook for pork prices towards the end of the year [3][49] - The report emphasizes the strong supply and demand dynamics in the pork market, driven by seasonal consumption increases and a rebound in prices [3][49] Summary by Sections 1. Industry Performance - The agricultural sector underperformed the market, with the agricultural index down 2.76% compared to a 2.60% drop in the CSI 300 index [40][46] - Specific sub-sectors such as animal husbandry and feed experienced declines of 3.16% and 3.09% respectively [40] 2. Key Data Tracking 2.1 Swine - As of November 22, the price of live pigs was 16.34 CNY/kg, a week-on-week increase of 0.68% [49][46] - The average weight of pigs at slaughter was 126.73 kg, up 0.27 kg week-on-week [49][46] - The report notes a continued strong supply due to increased market activity from large pig farming enterprises [49] 2.2 Broiler Chickens - The price of broiler chickens was 7.71 CNY/kg, up 0.92% week-on-week, while chick prices rose to 4.47 CNY/kg, an increase of 7.71% [56][46] - Supply constraints due to reduced chick availability are expected to support higher prices [56] 2.4 Feed Sector - Corn prices increased slightly to 2210.2 CNY/ton, while soybean meal and wheat prices decreased [74][46] - The report indicates that adverse weather in Northeast China has affected corn prices, but improved storage conditions are anticipated [74] 3. Investment Recommendations - The report recommends focusing on swine farming companies such as Muyuan Foods, Wens Foodstuff Group, and Shennong Group due to their strong performance and cost management [3][94] - It suggests that the reversal in pork prices will boost demand for feed and veterinary products, indicating a potential recovery in valuations for companies like Haida Group [3][94] - The poultry sector is expected to see seasonal price increases, with Q4 profitability remaining promising [3][94] - In the planting sector, grain prices are expected to stabilize, with attention on climate impacts on production [3][94] - The pet food industry is highlighted as a growth area, with increasing brand recognition and market expansion [3][94]