农林牧渔行业定期报告：需求好转，猪价偏强上行

Investment Rating - The report maintains a "Strong Buy" rating for the agricultural sector [4] Core Insights - The demand for live pigs is recovering, leading to a strong upward trend in pig prices. As of November 24, the average pig price reached 16.49 yuan/kg, an increase of 0.43 yuan/kg week-on-week [1][11] - The white feather broiler market is expected to improve due to strong restocking activity and rising chick prices, with the chick price reaching 4.47 yuan/bird, up 7.71% week-on-week [2][41] - The seed industry is experiencing significant advancements, with a national seed conference highlighting the successful implementation of seed revitalization actions, achieving a supply guarantee capacity of 75% [3][53] Summary by Sections 1. Pig Farming - The overall pig price has shown a strong upward trend, with a notable increase in market sentiment as temperatures drop and consumption rises. The average weight of pigs traded is 126.73 kg, up 0.27 kg from the previous week [1][28] - The utilization rate of fattening pens across 17 provinces averaged 44.24%, a decrease of 1.76 percentage points from the previous ten days [1][11] - The report anticipates a rebound in pig prices during the year-end peak season due to limited supply growth and cautious restocking [1][35] 2. White Feather Broilers - The restocking activity is strong, with chick prices at a high level, indicating a positive supply-demand outlook. The average price for white feather broilers is 7.71 yuan/kg, reflecting a week-on-week increase of 0.92% [2][41] - The report notes that the impact of flight restrictions and avian influenza has led to a significant decline in the breeding stock, which is expected to affect the market positively in the coming months [2][42] 3. Seed Industry - The national seed conference showcased the achievements of the seed revitalization initiative, with significant breakthroughs in breeding innovation and a solid supply guarantee capacity [3][53] - The report emphasizes the ongoing push for the commercialization of genetically modified varieties, which is expected to expand market opportunities and improve industry concentration [3][54]