农业周观点：春节猪价抬升，宠物年货热销

Investment Rating - The industry investment rating is "Hold," indicating that the growth level of the industry is expected to be similar to that of the CSI 300 index in the next six months [68]. Core Insights - The pet food sector is projected to maintain a high growth rate, with compound annual growth rates (CAGR) for pet staple food, nutritional products, and snacks expected to reach 17%, 15%, and 25% respectively by 2026 [3][12]. - Domestic leading pet companies are enhancing brand strategies and marketing efforts, which is expected to support profitability improvements [3]. - The livestock sector shows a significant increase in sales, with December pig sales reaching 16.76 million heads, a month-on-month increase of 22.45% [4]. - The average price of pigs in December was 15.71 yuan/kg, reflecting a month-on-month decrease of 0.88 yuan/kg but a year-on-year increase of 9.55% [4]. - The feed industry is anticipated to benefit from a recovery in the breeding cycle, with demand for feed expected to rise as the breeding cycle improves [7]. Summary by Sections Pet Industry - The pet food market is experiencing a shift towards more affordable products, with consumers focusing on value for money [3]. - The report suggests continuous attention to investment opportunities in the pet sector due to its robust growth potential [3][12]. Livestock Industry - December saw a significant increase in pig sales, with major companies like Muyuan and New Hope reporting substantial month-on-month increases in sales volume [4][5]. - The average weight of pigs sold in December was 129.26 kg, showing a month-on-month increase of 2.09% [4]. - The report highlights the profitability of self-breeding and purchased pig farming, with profits of 202.56 yuan/head and -33.62 yuan/head respectively [4][6]. Feed and Veterinary Industry - The veterinary medicine sector is expected to recover alongside improvements in livestock operations, with historical data showing higher sales during profitable breeding years [6]. - The report emphasizes the potential for domestic veterinary companies to benefit from the increasing market space and the shift towards domestic alternatives in veterinary products [7]. Grain and Crop Industry - The report discusses global grain supply and demand, noting adjustments in expected production for wheat, rice, corn, and soybeans for the 2024/25 season [8][9][10]. - The focus on seed industry revitalization is highlighted, with policies aimed at promoting the commercialization of biotechnology in agriculture [11].