农林牧渔行业研究周报：仔猪价格连续两周环比回升，标肥价差走阔

Investment Rating - The report assigns an "Accumulate" rating for the agricultural, forestry, and fishery industry [6] Core Insights - The report highlights that piglet prices have risen for two consecutive weeks, while the average price of commodity pigs has decreased [1][16] - The average price of commodity pigs fell by 2.55% week-on-week, reaching 15.68 CNY/kg as of January 10 [19] - The average price of piglets increased by 4.42% week-on-week, reaching 404.76 CNY/head, indicating a recovery in the breeding sector's sentiment [19][32] - The report suggests that companies with cost advantages and scale in pig farming will have a competitive edge as pig prices stabilize and improve [34] Summary by Sections Price Trends - The average price of commodity pigs decreased by 2.55% week-on-week, while piglet prices increased by 4.42% [19][32] - The average price of culling sows rose by 2.20% week-on-week, reaching 11.60 CNY/kg [19] Production and Slaughter Data - The average weight of commodity pigs at slaughter decreased by 0.28% week-on-week, with an average weight of 122.98 kg [29] - Daily slaughter volume has decreased by 3.39% week-on-week, although it remains higher than the same period last year [29] Profitability Insights - The average profit for self-bred pigs is 202.56 CNY/head, an increase of 33.74 CNY/head from the previous week, while losses for purchased piglets decreased to 33.62 CNY/head [32] Investment Recommendations - The report recommends focusing on leading companies in pig farming such as Muyuan Foods, Wens Foodstuff Group, and others that have scale and cost advantages [35][10] - In the poultry sector, it suggests looking at companies with proprietary breeding sources like Shennong Development and Yisheng Livestock [36] - For the animal health sector, it recommends companies benefiting from the upward pig cycle, including Biocause and other leading veterinary drug firms [37]