农林牧渔：旺季消费回暖，猪价震荡上行

Investment Rating - The industry is rated as "Strongly Outperforming the Market" [4] Core Viewpoints - The pig farming sector is experiencing a seasonal recovery in consumption, leading to a fluctuation in pig prices. As of November 29, the price of pigs was 16.51 yuan/kg, with a week-on-week increase of 0.13 yuan/kg. The demand for fat pigs has also increased, with the price difference between 200kg and 175kg pigs expanding [1][11] - The white feather broiler chicken sector is seeing strong replenishment activity, with chick prices remaining firm despite some resistance from farmers due to high prices. As of November 29, the price of white feather broiler chicks was 4.42 yuan/chick, a week-on-week decrease of 1.12% [2][40] - The seed industry is witnessing significant achievements from the National Seed Double Exchange Conference, with a 75% supply guarantee capacity for agricultural seeds, which is expected to enhance the research and development of major varieties [2][60] Summary by Sections Pig Farming - Seasonal consumption recovery is driving pig prices upward, with a notable increase in slaughter volumes due to improved demand as temperatures drop [1][11] - The average weight of pigs being sold has increased to 127.35 kg, with a week-on-week rise of 0.62 kg, indicating a release of previously held back production capacity [25][35] - The outlook for pig prices remains positive as demand is expected to strengthen with the onset of winter [35] White Feather Broiler Chicken - The sector is experiencing a strong replenishment phase, with chick prices remaining high despite some negotiation from farmers. The price of white feather broiler chickens was recorded at 7.70 yuan/kg, a slight decrease of 0.13% week-on-week [2][40] - The supply-demand dynamics are expected to improve, leading to potential price increases for white chickens in the future [2][44] Seed Industry - The National Seed Double Exchange Conference highlighted significant advancements in seed industry revitalization, with a focus on enhancing breeding innovation and supply capacity [2][60] - The ongoing push for biological breeding is expected to expand market opportunities and improve industry concentration, benefiting leading seed companies [2][61]