农林牧渔行业月度点评：11月生猪均价中枢下移，宠物食品景气向好

Investment Rating - The report gives the agricultural, forestry, animal husbandry, and fishery industry a "Market Perform" rating for the first time [1][12]. Core Insights - The agricultural, forestry, animal husbandry, and fishery industry underperformed the market in November, with the industry index declining by 0.26% compared to a 1.42% increase in the Shanghai Composite Index and a 0.66% increase in the CSI 300 Index [21][25]. - The report highlights that the average price of live pigs decreased in November, while the pet food sector showed positive growth [4][12]. - The report suggests that the supply of breeding sows is gradually recovering, but the process is slow, indicating a tight supply situation for live pigs in the future [12]. Summary by Sections Market Review - In November, the agricultural, forestry, animal husbandry, and fishery industry index ranked 21st among 31 first-level industry indices, with a year-to-date decline of 7.80% [21][25]. - The sub-sectors that performed well included aquaculture (18.40%) and pet food (8.72%), while pig farming (-4.18%) and poultry feed (-0.71%) lagged behind [25]. Pig Farming - The average price of external three-way crossbred pigs in November was 16.56 yuan/kg, down 5.93% month-on-month but up 12.99% year-on-year [8][45]. - The average profit for self-bred pigs was approximately 220.77 yuan/head, while the profit for purchased piglets was -40.76 yuan/head [46][47]. Poultry Farming - The average price of white feather chickens in major production areas increased by 3.13% month-on-month in November, while the average price of broiler chicks rose by 2.71% [8][60]. Feed and Seed - The report notes a decline in domestic corn spot prices in November, while global corn futures prices increased [9]. - The feed sector's PE and PB valuations are at historical low levels, indicating potential investment opportunities [9][31]. Pet Food - Retail exports of packaged dog and cat food increased by 4.37% month-on-month in October, with a year-on-year increase of 28.07% [11]. - The pet consumption market is expected to grow steadily, with the market size reaching 300.2 billion yuan in 2024, a year-on-year increase of 7.5% [11].