光大证券农林牧渔行业周报（20241125-20241201）：需求如期上量，年底猪价反弹启动

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery industry [4]. Core Insights - Demand for pork is recovering, leading to an increase in prices, with the average price of live pigs at 16.47 CNY/kg, up 0.80% week-on-week [52]. - The white feather broiler market is experiencing price declines, with broiler prices at 7.7 CNY/kg, down 0.13% [55]. - The report highlights a seasonal increase in demand for pork driven by holiday consumption and regional market demand [52]. Summary by Sections 1. Industry Performance - The agriculture, forestry, animal husbandry, and fishery sector outperformed the broader market, with a weekly increase of 3.24% compared to the Shanghai Composite Index's 1.81% [41]. - Sub-sectors such as aquaculture, animal health, and planting showed significant gains, with aquaculture up 11.07% [41]. 2. Key Data Tracking 2.1 Swine - The average weight of pigs at slaughter is 127.35 kg, up 0.62 kg week-on-week, indicating improved fattening efficiency due to cooler temperatures [52]. - The inventory rate of frozen products in slaughterhouses is at 13.37%, down 0.05 percentage points [52]. 2.2 White Feather Broilers - The price of broiler chicks is 4.42 CNY/kg, down 1.12%, with expectations of price support due to pre-holiday demand [55]. 2.3 Yellow Feather Broilers - The price of medium-speed chickens is 6.11 CNY/jin, down 1.77%, with a stable supply expected to keep prices steady [64]. 2.4 Feed Sector - Corn prices are at 2,196.27 CNY/ton, down 0.63%, while soybean meal prices remain stable at 3,012.57 CNY/ton [71]. 2.5 Agricultural Products - The wholesale price of sugar is 6,155 CNY/ton, up 0.98%, while cotton prices are slightly down to 15,279 CNY/ton [81]. 3. Investment Recommendations - The report recommends focusing on swine farming companies such as Muyuan Foods, Wens Foodstuff Group, and Shennong Group due to expected price stability [88]. - It suggests monitoring companies in the feed and animal health sectors, as the rebound in pork prices is likely to boost demand in these areas [88]. - For the planting chain, it advises attention to climate impacts on production, recommending companies like Suqian Agricultural Development and Beidahuang [88].