农林牧渔行业周报：需求预期向好，带动猪价持续性上涨

Investment Rating - The report maintains an "Overweight" rating for the agriculture sector [2]. Core Viewpoints - The demand outlook is positive, leading to a sustained increase in pig prices. Recent data indicates a recovery in basic consumption due to colder weather in the north and the upcoming southern curing season, which is expected to improve overall consumption [16][17]. - The report highlights that the national average price for lean pigs is 16.49 CNY/kg, reflecting a 0.5% increase from the previous week, supported by reduced supply and seasonal consumption recovery [18][21]. - The report emphasizes the investment potential in leading companies with favorable cost-performance ratios, such as Muyuan Foods, Wens Foodstuff Group, and others [18]. Summary by Sections Weekly Insights - The agriculture sector outperformed the market by 1.9 percentage points, with a 3.2% increase this week [10][11]. Market Review - The report notes that the pig price has been rising, with the average wholesale price of pork at 23.51 CNY/kg, up 0.1% from last week [21][22]. Pig Farming - As of October 2024, the number of breeding sows was 40.73 million, a 0.3% increase month-on-month but a 3.2% decrease year-on-year. The slaughter volume from large-scale pig slaughtering enterprises was 28.76 million heads, up 8.9% month-on-month and 0.3% year-on-year [16][17]. - The report indicates that the profit per head for self-bred pigs is 195.78 CNY, while for purchased piglets, it is -9.98 CNY, showing a significant increase in profitability for self-bred pigs [25][35]. Poultry Farming - The average price for white feather chickens is 7.7 CNY/kg, down 0.1% from last week, while the average price for chicken products remains stable at 9.30 CNY/kg [18][31]. - The report suggests monitoring the potential price rebound for white chickens as market sentiment improves [18]. Crop and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with significant investment potential anticipated as actual transaction prices and profit distribution become clearer [18][19]. Livestock Support - The report notes that leading feed companies are likely to replace smaller competitors due to their advantages in procurement, scale, and capital [19].