农业周观点：经济工作会议渐近，关注消费预期抬升

Investment Rating - The industry investment rating is "Overweight" indicating that the industry growth level is expected to exceed that of the CSI 300 index over the next six months [86][87]. Core Viewpoints - The upcoming national market operation and consumption promotion meeting is expected to lead to more policies aimed at expanding domestic demand and promoting consumption, particularly in the pet food sector [2][6]. - The pet food segment is anticipated to maintain a high growth rate, with a projected compound annual growth rate of 17% for the pet staple food industry by 2026 [6]. - The report emphasizes the importance of brand marketing and capacity expansion among leading domestic pet food companies, which is expected to enhance profitability [6]. - The report also highlights the potential for domestic pet pharmaceutical companies to benefit from policy support for new veterinary drug production [10]. Summary by Sections Market Performance - The performance of the Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery sector was 3.24% for the week of November 23-29, ranking 11th out of 31 industries [1]. - The top five gainers included Yike Food (+20.2%) and Quidong Power (+20.1%), while the top five losers included Huilong Co. (-2.2%) and Fujian Jinsen (-1.7%) [1]. Livestock Industry - In October, the total sales of 13 listed pig companies reached 13.59 million heads, a month-on-month increase of 15.63% [7]. - The average price of live pigs in October was 17.60 yuan/kg, down 1.36 yuan/kg from the previous month, with a year-on-year increase of 15.26% [7]. - The report suggests focusing on leading breeding companies such as Muyuan Foods and Wens Foodstuffs, which have growth potential [10]. Pet Industry - The report recommends focusing on leading domestic pet food companies such as Guibao Pet, Zhongchong Co., and Petty Co. due to their strong market positions [2][22]. - The pet food sector is expected to benefit from ongoing consumption recovery and policy support aimed at enhancing consumer spending [6]. Feed Industry - The feed industry is anticipated to see a recovery in demand as the breeding cycle improves, with a focus on high-quality feed companies like Haida Group and Tianma Technology [10]. Crop Industry - The report notes adjustments in global grain supply and demand forecasts, with an increase in wheat and rice production expected for the 2024/25 season [17][18].