农林牧渔行业研究周报：商品猪出栏均价连续两周上涨10月能繁母猪存栏回升

Investment Rating - The industry investment rating is "Overweight" [8] Core Insights - The average price of market pigs has increased for two consecutive weeks, with a week-on-week rise of 1.17%, reaching 16.48 CNY/kg as of November 29. This increase is expected to continue due to improved short-term demand as winter approaches [3][21] - The number of breeding sows has rebounded, with October figures showing a total of 40.73 million, a 0.3% increase from September, indicating a recovery in production capacity [4][34] - The average profit for self-breeding pigs is 195.78 CNY per head, which is an increase of 42.19 CNY from the previous week, while the loss for purchased piglets has decreased to 9.98 CNY per head, down by 53.25 CNY [5][36] Summary by Sections Market Prices - The average price of market pigs has risen by 1.17% week-on-week, while the average price of piglets remained stable. The average price of two-way sows has decreased by 0.29% [3][21] - The average weight of market pigs has increased slightly, with the average market weight at 123.73 kg and the average slaughter weight at 91.90 kg [4][29] Supply and Demand - The price ratio of culling sows to market pigs remains stable at 0.76, indicating a balanced market [3][21] - The demand for market pigs is expected to rise as winter approaches, which may support prices further [5][37] Investment Strategy - Recommendations include focusing on leading companies in pig farming such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture, which have scale and cost advantages [6][38] - In the poultry sector, attention is drawn to companies with proprietary breeding sources like Shennong Development and Yisheng Livestock [6][39] - The animal health sector is also highlighted, with suggestions to invest in companies benefiting from the upward pig cycle [6][41] Industry Performance - The agricultural and forestry sector has seen a 3.24% increase, outperforming the CSI 300 index by 1.92% during the last week [43]