农林牧渔行业周观点：把握宠物食品景气，重视粮食安全主题

Investment Rating - The industry investment rating is "Overweight" [4][40]. Core Viewpoints - The report emphasizes the importance of food security and the growth potential in the pet food sector. The pet food industry is expected to maintain rapid growth in 2024, driven by domestic brands rising and consumer upgrades. In 2025, the trend of leading companies increasing market share and profitability is seen as a certainty [2][4]. - The report suggests focusing on companies such as Guai Bao Pet, Zhong Chong Co., and Pei Di Co. for investment opportunities in the pet food sector. Additionally, with the upcoming policy document, food security is likely to be emphasized again, and the promotion of genetically modified corn is expected to accelerate in 2025 [4][2]. Summary by Sections Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 3.9%, while the CSI 300 Index increased by 2.1%. The top five gainers included Guai Bao Pet (28.1%), Zhong Chong Co. (19.6%), ST Jiawo (15.2%), Yongshuntai (14.6%), and Jinhe Biological (14.5%) [4][8]. - The report highlights the significant growth in the pet food sector, with online sales in December 2024 reaching 2.36 billion yuan, a year-on-year increase of 22%. For the entire year, sales reached 27.74 billion yuan, up 13% year-on-year [4][2]. Livestock Farming - In pig farming, the average selling price of pigs was 15.46 yuan/kg, with a week-on-week decrease of 1.6%. The average weight of pigs at market was 122.96 kg, down 1.14 kg from the previous week. The price of piglets rose to 581 yuan/head, an increase of 43 yuan [4][2]. - In chicken farming, the price of white feather broiler chicks was 2.49 yuan/chick, up 9.7% week-on-week, while the price of broiler chickens was 3.64 yuan/kg, down 1.6% [4][2]. Agricultural Products - The report indicates that food security will continue to be a focus, with the Central Rural Work Conference emphasizing the need to ensure national food security. The main agricultural products' prices are expected to stabilize in 2025, and the report recommends focusing on the planting and seed industry sectors [4][2].