农林牧渔行业周报：12月白羽祖代更新量同环比大降，宠物板块业绩预告亮眼

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights a significant decline in the breeding volume of white feather broilers in December, with a year-on-year decrease of 12.4% [4][6]. - The report indicates a positive outlook for the pet sector, with companies like Yiyi Co. and Zhongchong Co. expecting substantial growth in net profits for 2024, driven by favorable exchange rates and high domestic demand [7]. Summary by Sections 1. Market Overview - The agricultural sector index increased by 3.89% in the week from January 13 to January 17, 2025, outperforming the CSI 300 index by 1.75 percentage points [21]. 2. Industry Data 2.1 Primary Agricultural Products - Corn spot price is 2148.82 CNY/ton, up 1.35% week-on-week, while soybean spot price is 3962.05 CNY/ton, unchanged week-on-week [48]. 2.2 Livestock - National pig prices slightly increased to 15.71 CNY/kg, with a week-on-week rise of 0.1%. The average weight of pigs at slaughter decreased for four consecutive weeks [3][6]. - The report notes a continuous decline in the proportion of heavy pigs being slaughtered, with the average weight at 122.96 kg, down 1.14 kg week-on-week [3]. 3. Company Performance - In December 2024, 18 listed pig companies reported a year-on-year increase in slaughter volume of 11.4%, with a total of 17.68 million pigs slaughtered [3]. - The report recommends focusing on leading companies such as Wens Foodstuffs and Muyuan Foods, which are currently valued at historical lows [3]. 4. Price Trends - The average price of parent stock chicks rose to 50.99 CNY/set in December, a year-on-year increase of 26.4% [6]. - The report anticipates that the performance issues of breeding chickens will persist into 2025, with price support expected from duck disease outbreaks [6]. 5. Pet Industry Outlook - The pet food and supplies sector is projected to perform well in 2024, with companies like Yiyi Co. and Zhongchong Co. forecasting significant profit growth [7].