农林牧渔行业周观点：重视内需复苏下的鸡肉消费弹性，关注宠物食品线上销售数据

Investment Rating - The report maintains a positive outlook on the agriculture, forestry, animal husbandry, and fishery industry, indicating an "Overweight" investment rating [1][4]. Core Insights - The report emphasizes the recovery of domestic demand leading to increased chicken consumption elasticity and highlights the online sales data of pet food [1][4]. - It suggests focusing on the recovery opportunities in meat chicken and aquatic products due to improving demand, while also recommending investments in quality pig farming enterprises for superior growth [4][10]. - The report identifies long-term growth potential in the pet economy and genetically modified seed industry, as well as the growth opportunities for feed companies expanding overseas [4][10]. Summary by Sections Market Performance - The Shenwan Agriculture, Forestry, Animal Husbandry, and Fishery Index rose by 2.0%, while the CSI 300 Index fell by 1.0% during the week [4][10]. - Top five gainers included Shuangta Food (+19.4%), Biological Shares (+12.3%), and Zunming Shares (+12.0%) [4][10]. Chicken Farming - The report notes increased uncertainty in breeding imports due to avian influenza outbreaks in the U.S. and New Zealand, which may impact chicken supply [4][10]. - The average price of meat chicken chicks fell to 3.78 yuan per chick, a week-on-week decrease of 9.6% [4][10]. Pet Food Market - In November, online sales of pet food totaled 2.69 billion yuan, a year-on-year decrease of 3% and a month-on-month decrease of 17% [4][10]. - Cumulative sales from January to November reached 25.36 billion yuan, reflecting a year-on-year increase of 12.1% [4][10]. Pig Farming - The average price of live pigs was reported at 15.95 yuan per kg, with a week-on-week increase of 1.9% [4][10]. - The report suggests that while the cyclical trend is weakening, the profitability cycle may still continue, emphasizing the importance of leading enterprises' balance sheet recovery [4][10].