农林牧渔行业周观点：中央农村工作会议召开，重视粮食安全

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the agricultural sector [6][9]. Core Insights - The report emphasizes the importance of food security, particularly highlighted during the Central Rural Work Conference, which sets clear goals for agricultural production and supply stability [6][9]. - The agricultural sector is expected to benefit from the recovery of domestic demand, with a focus on the white-feathered chicken industry due to its current low demand and price levels [6][9]. - The report suggests monitoring the impact of U.S.-China trade agreements on domestic soybean and corn supplies, as well as the acceleration of genetically modified corn adoption in 2025 [6][9]. Summary by Sections Market Performance - The Shenwan Agricultural Index fell by 3.6%, while the CSI 300 Index decreased by 0.1%. The top five gainers included companies like Guobao Pet (6.1%) and Yuehai Feed (5.4%), while the biggest losers were Zhenghong Technology (-13.7%) and Lvkang Biochemical (-13.0%) [9][21]. Investment Analysis - The report recommends focusing on the white chicken industry, particularly companies like Shengnong Development and Yisheng Shares, as the demand and prices are at historical lows [6][9]. - In the pig farming sector, the average price of pigs was reported at 15.38 yuan/kg, reflecting a 2.0% week-on-week decline, suggesting a weakening trend in the market [6][9]. - The pet food sector showed growth, with November exports amounting to 871 million yuan, a 16.1% year-on-year increase [6][9]. Key Focus Areas - The report highlights the need to ensure food security, with specific measures to maintain arable land and enhance agricultural technology [6][9]. - The white-feathered chicken market is expected to recover in 2025, driven by improved demand and supply conditions [6][9]. - The report also notes the potential impact of animal diseases on livestock prices, emphasizing the importance of monitoring these developments [6][9].