农林牧渔2024年12月投资策略：拥抱养殖链价值股，关注橡胶景气上行与种业资本整合机会

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][5][20]. Core Viewpoints - The report emphasizes embracing value stocks in the breeding chain and focusing on capital integration opportunities in the seed industry [1][2][20]. - Key recommendations include companies like Huazhong Holdings, Muyuan Foods, and others, which are expected to benefit from the cyclical recovery in the pig and poultry markets [1][2][20]. Summary by Sections Investment Recommendations - Focus on breeding chain value stocks, with core recommendations for Huazhong Holdings, Muyuan Foods, and others [1][2][20]. - In the seed sector, attention is drawn to Hainan Rubber, which is expected to benefit from an upturn in the rubber market [2][20]. Breeding Sector - The pig sector is expected to maintain low volatility in production capacity, with a favorable price cycle anticipated for 2025 [1][20]. - The poultry sector is projected to benefit from a recovery in pig prices, with a focus on companies like Lihua Holdings and Shengnong Development [1][20]. Market Trends - The report notes that the SW Agriculture, Forestry, Animal Husbandry, and Fishery Index fell by 0.26% in November, underperforming the broader market [1][20]. - Key stock performances in November included significant gains for companies like Kangnong Seed Industry and Oufu Egg Industry, with increases of 83.59% and 51.53%, respectively [1][20]. Price Tracking - As of November, the average pig price was 16.41 CNY/kg, down 5% month-on-month, while the price for 7kg piglets was 399 CNY/head, down 19% [1][20]. - The report highlights that the supply of soybeans is becoming increasingly loose, with prices continuing to decline [1][20].