Investment Rating - The report maintains a "Hold" rating for the industry, indicating a cautious approach towards investment in the sector [2]. Core Insights - The report highlights a decrease in the utilization rate of fattening barns, with a slight increase in the average weight of pigs being marketed. The national average pig price has shown a minor recovery, while the price of breeding sows has slightly decreased [2][4]. - The report emphasizes the ongoing challenges in the pig farming sector, including high asset-liability ratios among listed pig companies and a decline in the number of breeding sows, which is expected to impact production in the coming years [2][4]. Summary by Sections 1. Weekly Market Review - The agricultural sector index increased by 1.98% in the week of December 9-13, 2024, outperforming the Shanghai Composite Index by 2.99 percentage points [25]. - The agricultural sector ranks 30th among 31 sub-industries in terms of performance since the beginning of 2024, with a decline of 5.34% compared to the Shanghai Composite Index's increase of 14.63% [25]. 2. Industry Data 2.1 Primary Agricultural Products - Corn spot price is reported at 2147.45 CNY/ton, down 0.45% week-on-week and down 18.29% year-on-year. Soybean spot price is at 3989.47 CNY/ton, down 0.21% week-on-week and down 18.05% year-on-year [57]. - The report notes a significant decrease in the global corn and soybean stock-to-use ratios, indicating tighter supply conditions [4]. 2.2 Livestock - The average weight of pigs marketed has increased to 130.27 kg, with a notable drop in the utilization rate of fattening barns [2]. - The report indicates that the proportion of pigs weighing over 150 kg has risen to 8.25%, reflecting changes in market dynamics [2]. 3. Monthly Slaughter Data - The report provides insights into the monthly slaughter volumes of major listed pig companies, indicating a year-on-year increase of 4.2% in slaughter volumes for November [4]. - The report also highlights the performance of various listed pig companies, with significant variations in their slaughter volumes and market performance [4]. 4. Industry Dynamics - The report discusses the supply and demand situation for agricultural products in December 2024, noting the impact of external factors such as disease outbreaks on production [4]. - It also highlights the price trends for various livestock and poultry products, indicating fluctuations in market prices [4].
农林牧渔行业周报：育肥栏舍利用率同环比再降，USDA玉米、大豆库消比下降
Huaan Securities·2024-12-15 10:42