农林牧渔行业周报：全国能繁母猪存栏环比微降，出栏均重连续五周大降

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The national breeding sow inventory slightly decreased month-on-month in December, while the average weight of slaughtered pigs has dropped for five consecutive weeks [3] - The average price of live pigs reached approximately 16 CNY/kg, with a week-on-week increase of 1.7% [3] - The average weight of slaughtered pigs was 121.51 kg, a significant decrease of 1.45 kg week-on-week, marking a continuous decline for five weeks [3] - The breeding sow price increased by 0.1% week-on-week to 1641 CNY/head, while the price of piglets surged by 8.4% week-on-week [3] - The valuation of leading pig farming companies is at historical lows, with recommendations for investment in Wens Foodstuffs and Muyuan Foods [3] Industry Data Summary Primary Agricultural Products - The current price of corn is 2160.2 CNY/ton, with a week-on-week increase of 0.53% and a year-on-year decrease of 10.55% [50] - The soybean price is 3937.32 CNY/ton, with a week-on-week decrease of 0.62% and a year-on-year decrease of 18.15% [50] Livestock and Poultry - The average price of external three-yuan pigs is 15.23 CNY/kg, with a week-on-week decrease of 2.9% and a year-on-year increase of 5.3% [93] - The average price of piglets is 37.93 CNY/kg, with a week-on-week increase of 1.23% and a year-on-year increase of 38.9% [93] Chicken Industry - The price of parent stock chicken is 51.57 CNY/set, with a year-on-year increase of 43% [4] - The average price of white feather broilers is 7.22 CNY/kg, with a week-on-week decrease of 1.63% and a year-on-year decrease of 9.64% [108] Aquaculture - The wholesale price of crucian carp is 20.81 CNY/kg, with a week-on-week decrease of 0.67% and a year-on-year increase of 0.92% [126] - The price of Chinese shrimp is 360 CNY/kg, with a week-on-week stability and a year-on-year increase of 20% [126] Animal Vaccines - The issuance of pig vaccines has shown varied growth rates, with high pathogenic porcine reproductive and respiratory syndrome vaccine at 27.6% [146] Monthly Slaughter Data - In December 2024, 18 listed pig companies reported a total slaughter of 17.68 million pigs, a year-on-year increase of 11.4% [163] - The total slaughter for 2024 was 159 million pigs, a year-on-year increase of 3.8% [164]