农林牧渔行业周观点：引种不确定性加剧，关注白羽肉鸡行业

Investment Rating - The report maintains a "Positive" investment rating for the agriculture sector, specifically highlighting opportunities in the white feather broiler industry [1][3]. Core Insights - The report emphasizes the importance of domestic demand recovery and food security themes in the agriculture sector. It notes that the demand and prices for white feather broilers are at historical lows due to ongoing pressure on terminal consumption in 2024. The resurgence of avian influenza overseas has created uncertainties in breeding imports, suggesting a focus on the white chicken industry, with recommendations for companies like Shengnong Development and Yisheng Shares [1][3]. - The report also discusses the impact of changes in US-China trade agreements on domestic supplies of soybeans and corn. It highlights the successful commercialization of genetically modified corn in 2024, with expectations for accelerated promotion in 2025, recommending attention to companies like Longping High-Tech and Denge Seed Industry [1][3]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agriculture Index rose by 0.7%, while the CSI 300 increased by 1.4%. The top five gainers included Andeli (15.9%), Zhangzidao (15.9%), and Yuehai Feed (13.9%), while the top five losers were Zhengbang Technology (-5.2%) and ST Tianbang (-3.0%) [3][11]. Livestock Breeding - The report notes a significant decline in pig prices, with the national average for external three yuan pigs at 15.64 yuan/kg, down 4.3% week-on-week. The report suggests that while the cyclical trend is weakening, the profitability cycle may still continue, with a focus on the recovery of leading companies' balance sheets and shareholder returns [1][3]. Poultry Industry - The report highlights the resurgence of avian influenza in the US and New Zealand, which has led to increased uncertainty in breeding imports. The average price for white feather broilers was reported at 3.74 yuan/kg, down 1.8% week-on-week, indicating a challenging environment for the industry [1][3]. Pet Food Sector - In October 2024, China's pet food exports reached 916 million yuan (approximately 129 million USD), showing a month-on-month increase of 3.8% and a year-on-year growth of 26.4%. The cumulative export value for the first ten months of 2024 was 8.73 billion yuan (approximately 1.23 billion USD), reflecting a year-on-year increase of 23.5% [1][3].