农林牧渔行业周报：能繁存栏接近调控绿区上限，宠物、谷子尽显个性化情绪消费的崛起

Investment Rating - The report maintains a recommendation rating for the pig farming and pet food industries [25]. Core Insights - The capacity of breeding sows is gradually increasing, with the stock expected to reach the upper limit of the national control green zone. Short-term expectations for pig prices have been realized, while a long-term view suggests a slow decline in price volatility [21][22]. - The domestic pet market continues to expand, with pet food remaining the main market segment. The "millet economy" is gaining popularity, reflecting a rise in personalized emotional consumption trends [22][23][24]. Summary by Sections 1. Industry Review - As of October 2024, the number of breeding sows in China reached 40.73 million, a month-on-month increase of 0.27%. The upper limit for breeding sows is set at 40.95 million, indicating a slight excess of 0.54% [21]. - The average price of live pigs was 16.49 yuan per kilogram, with a week-on-week increase of 0.34 yuan [22]. 2. Key Stock Recommendations - Recommended stocks include: - Juxing Agriculture (603477.SH): Expected to reduce breeding costs to below 13 yuan per kilogram by the end of 2024, enhancing profitability [29]. - Zhengbang Technology (002157.SZ): Recently restructured with the introduction of a strategic investor, aiming to improve cost control and revenue [29]. - Dekang Agriculture (2019.HK): Projected to have a breeding cost of 14.2 yuan per kilogram in the first half of 2024, with a decrease to 13.8 yuan in Q2 [29]. 3. Market Data - The pet market in urban areas is projected to reach 300.2 billion yuan in 2024, growing at a rate of 7.5%. The pet food market holds a 52.8% share, while the pet medical market accounts for 28.0% [23]. - The "millet economy," which includes products derived from IP value, is expected to see significant growth, particularly in the two-dimensional market, projected to grow from 221.9 billion yuan in 2023 to 590 billion yuan by 2029, with a compound annual growth rate of 18% [24].