农林牧渔行业周报：种源地均现禽流感，白鸡再遇引种难题

Investment Rating - The industry is rated as "Buy" [5] Core Viewpoints - The report highlights a decline in pig prices, with the average price at 15.70 CNY/kg, down 4.68% week-on-week. The average weight of pigs at slaughter is 128.33 kg, showing a seasonal increase [1][51] - The report discusses the impact of avian influenza cases in Oklahoma and New Zealand, which may lead to a disruption in the import of breeding stock, affecting the long-term capacity structure of the poultry industry [2] - The report notes a decrease in prices for corn, soybean meal, and wheat, with corn averaging 2157.06 CNY/ton, down 1.79% week-on-week [3][72] Summary by Sections 1. Industry Performance - The agricultural sector underperformed compared to the broader market, with the agricultural index rising by 0.67% [41][42] 2. Key Data Tracking 2.1 Swine - The average pig price is 15.70 CNY/kg, down 4.68% week-on-week, while the average piglet price is 29.51 CNY/kg, down 1.47% [51][49] 2.2 White Feather Broilers - The price of broilers is 7.55 CNY/kg, down 1.95%, and chick prices are 4.18 CNY, down 5.43% [58][49] 2.3 Yellow Feather Broilers - The price of medium-speed chickens is 6.02 CNY/jin, down 1.47%, with expectations of price stability [69][49] 2.4 Feed Sector - The report indicates a decline in feed prices, with corn at 2157.06 CNY/ton, soybean meal at 2927.71 CNY/ton, and wheat at 2444.94 CNY/ton [72][49] 2.5 Agricultural Products - The report notes a slight decrease in sugar prices, with the current price at 6090 CNY/ton, and cotton prices at 15196 CNY/ton, down 0.54% [87][49] 3. Investment Recommendations - Recommendations include focusing on swine farming companies like Muyuan Foods, Wens Foodstuff, and Shennong Group due to expected price stability and demand recovery [4][91] - The report suggests monitoring the feed and veterinary sectors as pig prices rebound, which may lead to valuation recovery [4][91] - For the poultry sector, it anticipates strong chick prices and seasonal recovery in meat prices, with Q4 profitability expected [4][91] - In the planting chain, it suggests waiting for signs of price recovery in grain crops [4][91] - The pet food sector is highlighted as a promising area due to increasing brand recognition and market growth [4][91]