农林牧渔行业跟踪分析：海外祖代引种或再次中断，近期白鸡产业链景气回暖

Investment Rating - The industry investment rating is "Buy" [10] Core Insights - The white chicken industry chain prices are showing a strong upward trend, with a rebound in prices for parent stock chicks and broilers, indicating a potential for continued recovery in the industry [9][8] - There is uncertainty regarding overseas breeding imports due to recent outbreaks of avian influenza in the United States and New Zealand, which may impact the supply of parent stock chicks in China [8][9] - The domestic breeding stock levels are relatively high, with parent stock chick sales showing a year-on-year increase, suggesting a stable supply situation [8] Summary by Sections Industry Overview - The report highlights a significant increase in the cumulative update of domestic grandparent stock chickens, reaching 1.473 million sets from January to November, a year-on-year growth of 24.41% [8] - The structure of updates shows that self-breeding accounted for 52.8%, while imports from the U.S. and New Zealand accounted for 44.8% and 2.4%, respectively [8] Market Dynamics - The average price of parent stock chicks has been fluctuating upwards, with a recent average of approximately 56.03 CNY/set, yielding an estimated profit of about 35 CNY/set [8] - As of November 29, the prices for commercial chicks and broilers were approximately 4.42 CNY/bird and 3.8 CNY/pound, respectively, both above the cost line [8] Investment Recommendations - The report suggests focusing on the sales volume of parent stock chicks and the culling situation of breeding chickens, as the industry may continue to experience a recovery trend [9] - Recommended companies to watch include Shengnong Development, Yisheng Shares, Minhe Shares, Xiantan Shares, and Hefeng Shares [9]