农林牧渔2025年1月投资策略：看好橡胶中长期景气上行，聚焦宠物优质标的布局机会

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][5][16]. Core Viewpoints - The report is optimistic about the medium to long-term outlook for rubber and focuses on high-quality investment opportunities in the pet sector [1][15]. - Key recommendations include Hainan Rubber, Ruipubio, Muyuan Foods, Haida Group, and Longping High-Tech, with a focus on sectors such as pets, breeding, and seeds [1][3][4]. Summary by Relevant Sections Investment Strategy - The report highlights the pet industry as a rare growth sector, with domestic consumption maintaining high growth and exports expected to perform well [17]. - In the planting chain, attention is drawn to opportunities in the seed industry due to upcoming policy changes and the favorable supply-demand dynamics for natural rubber [1][17]. - The breeding sector is expected to maintain low volatility in overall capacity, with a focus on high ROE value stocks [1][18]. Key Recommendations - Pets: Recommended stocks include Ruipubio, Guibao Pet, and Zhongchong Co., with a focus on the growth potential in pet health and domestic brands [3][17]. - Breeding: Recommended stocks include Muyuan Foods, Huadong Co., and Wen's Foodstuffs, with expectations of stable profitability in the breeding sector [3][18]. - Seeds: Recommended stocks include Hainan Rubber, Qianshan High-Tech, and Longping High-Tech, with a focus on the competitive landscape and capital integration [3][20]. Market Trends - The report notes that the overall market for agriculture, forestry, animal husbandry, and fishery has seen a decline, with the SW Agriculture, Forestry, Animal Husbandry, and Fishery Index down 4.09% in December [2][3]. - The pet sector outperformed, with leading stocks such as Guibao Pet and Green Health Biotech showing significant gains [2][3]. Price Tracking - December pig prices were reported at 15.78 yuan/kg, down 4% month-on-month, while chicken prices remained stable with slight fluctuations [2][28]. - The report indicates that the supply of poultry remains at a low level, with expectations for demand to improve as macroeconomic conditions recover [32][36].