农林牧渔行业点评报告：节粮降耗，力争2030年单位规模动物产品平均饲料消耗量下降7%以上

Industry Investment Rating - The report assigns a "Recommend" rating to the Agriculture, Forestry, Animal Husbandry, and Fishery industry [1] Core Views - The Ministry of Agriculture and Rural Affairs issued the "Opinions on Implementing Grain-Saving Actions in the Breeding Industry" aiming to reduce the average feed consumption per unit of animal products by more than 7% by 2030 compared to 2023 [1] - Feed grain consumption accounts for a significant proportion of China's total grain consumption, with feed costs constituting about 70% of breeding costs [1] - The goal is to improve breeding efficiency and ensure stable and safe supply of livestock and aquatic products while reducing feed consumption [1] Detailed Analysis Grain-Saving and Efficiency Improvement - In 2023, the average feed consumption per head of large-scale pig farming was 347.02 kg, with an average slaughter weight of 131.28 kg [2] - By 2030, the feed consumption per head of large-scale pig farming is required to decrease by 7% to 322.73 kg, a reduction of 22.49 kg per head [2] - For large-scale broiler farming, the feed consumption per bird was 6.26 kg in 2023, and it is required to decrease by 7% to 5.82 kg by 2030, a reduction of 0.44 kg per bird [2] Improving Feed Conversion Rate - The feed-to-meat ratio for pigs in the fattening stage (from 7 kg to slaughter) was 2.79 in 2023, and it needs to decrease to 2.60 by 2030 [3] - The feed-to-meat ratio for broilers was 2.47 in 2023, and it needs to decrease to 2.30 by 2030 [3] - Key approaches to reducing the feed-to-meat ratio include genetic improvement, precise nutritional formulas, and scaling up breeding operations [3] - Large-scale pig farming has a lower feed-to-meat ratio (2.79) compared to medium-scale (2.82) and small-scale (2.85) operations [3] Expanding Feed Resources - The report emphasizes the importance of exploring alternative feed resources, such as microbial protein feed and food waste [4] - In 2022, 1.6 million tons of food waste were processed into 7,000 tons of feed products in pilot projects in Beijing and Shanghai [4] - Increasing the proportion of high-quality forage in ruminant diets can reduce the need for concentrated feed, with current gaps of 20%, 18%, and 4% for beef cattle, sheep, and dairy cows, respectively [4] Investment Recommendations - The "Opinions" are expected to enhance breeding efficiency, standardize large-scale breeding practices, and promote technological advancements in the industry [5] - Beneficiaries include leading breeding companies, feed additive producers, and animal breeding enterprises [5]