农林牧渔行业年度策略：三条主线把握2025年农业投资

Investment Rating - The report maintains an "Overweight" rating for the agriculture sector [5]. Core Views - The investment opportunities in the agriculture sector for 2025 are centered around three main lines: 1) recovery in the aquaculture and white feather chicken industries, 2) high-performing growth stocks in the pet food and pig farming sectors, and 3) restructuring opportunities in state-owned enterprises [1][2][3]. Summary by Sections Main Line 1: Recovery in Aquaculture and White Feather Chicken Industries - The domestic demand is gradually recovering, which is expected to positively impact the aquaculture and white feather chicken industries. The macroeconomic policies are anticipated to be more accommodative in 2025, further supporting demand growth [2][22]. - The aquaculture sector is currently experiencing a supply contraction, with fish prices expected to rebound as demand improves. The report suggests focusing on Hai Da Group [2][23]. - The white feather chicken industry is facing price pressures, but recovery in domestic consumption could lead to price increases. Attention is recommended on Shengnong Development [2][34]. Main Line 2: High-Performing Growth Stocks in Pet Food and Pig Farming - The pet food sector is identified as a high-growth area, with a year-on-year revenue increase of 21% in the first three quarters of 2024. The report highlights the importance of brand strength and supply chain capabilities, recommending stocks like Guai Bao Pet, Zhong Chong Co., and Pei Di Co. [3][32]. - The pig farming sector has shown significant profit growth, with a focus on companies that demonstrate strong profitability and cost advantages, such as Mu Yuan Co. and Wen's Co. [3][33]. Main Line 3: Restructuring Opportunities in State-Owned Enterprises - The report notes potential opportunities in the seed industry due to restructuring among state-owned enterprises, particularly in light of geopolitical factors affecting grain prices. Companies like Quan Yin High-Tech and Longping High-Tech are highlighted for their strong backing from state-owned groups [4][22].