农林牧渔行业周观点：猪价小幅回暖，鸡苗价格继续保持强势

Investment Rating - The report maintains a positive outlook on the agriculture, forestry, animal husbandry, and fishery industry, rating it as "Overweight" [1][4]. Core Insights - The report highlights the importance of food security and suggests focusing on investment opportunities in the agricultural sector under the logic of domestic demand recovery. Changes in China-US bilateral trade terms may impact the supply of domestic soybeans and corn. The successful commercialization of genetically modified corn in 2024 is expected to accelerate its promotion in 2025. Key companies to watch include Longping High-Tech, Denghai Seeds, and Da Bei Nong [4][1]. - The report notes a slight recovery in pig prices, with the average selling price of external three yuan pigs at 16.38 yuan/kg, a week-on-week increase of 0.7%. However, the price of piglets has decreased slightly, indicating a mixed market trend. The report suggests that while the cyclical trend may weaken, the profit cycle is expected to continue, with a focus on the long-term value of leading pig farming companies [1][4]. - In the poultry sector, the price of chick seedlings remains strong, with the average selling price of white feather meat chicken seedlings at 4.63 yuan per chick, a week-on-week increase of 7.4%. The report anticipates a bottom recovery in the white feather meat chicken industry by 2025, recommending companies like Shengnong Development and Yisheng Shares [1][4]. - The report also tracks the pet food export data, noting a significant year-on-year increase in both export value and volume, with October 2024 pet food exports amounting to 916 million yuan (approximately 129 million USD), a year-on-year increase of 26.4% [1][4]. Summary by Sections Market Performance - The Shenwan Agriculture, Forestry, Animal Husbandry, and Fishery Index fell by 2.8%, while the CSI 300 Index decreased by 2.6%. The top five gainers included Huailong Co. (up 13.6%), Fujian Jinsen (up 6.4%), and Yisheng Shares (up 5.6%) [4][10]. Price Trends of Major Agricultural Products - The average price of external three yuan pigs is reported at 16.38 yuan/kg, with a slight increase of 0.7% week-on-week. The average price of piglets is 492 yuan/head, down 21 yuan from the previous week. The average price of white feather meat chicken is 3.78 yuan/kg, with a week-on-week increase of 0.53% [1][11][13]. Investment Recommendations - The report emphasizes the need to pay attention to food security themes and suggests monitoring investment opportunities in the agricultural sector due to the recovery of domestic demand. It also highlights the importance of leading companies in the pig farming and poultry sectors for long-term investment [4][1].