农林牧渔行业周报：欧美高致病性禽流感持续，USDA农产品库消比下降

Investment Rating - The industry investment rating is "Overweight" as of February 15, 2025 [2]. Core Insights - The report highlights that the U.S. and Europe are experiencing ongoing outbreaks of highly pathogenic avian influenza, impacting poultry prices and production [5][7]. - The report indicates a slight increase in pig prices, with the national average at 14.58 CNY/kg, reflecting a week-on-week increase of 0.1% [4]. - The report suggests that the performance of breeding companies varies significantly, with some companies showing substantial growth in output while others face declines [4]. - The valuation of leading pig farming companies is at historical lows, with recommendations to focus on companies like Wens Foodstuffs and Muyuan Foods [4]. Summary by Sections 1. Weekly Market Review - The agricultural sector saw a 1.06% increase this week, underperforming compared to the CSI 300 index which rose by 1.19% [23]. - The agricultural sector ranks 21st among 31 sub-industries in terms of performance since the beginning of 2025 [23]. 2. Industry Weekly Data 2.1 Primary Agricultural Products - Corn prices are reported at 2189.41 CNY/ton, with a week-on-week increase of 1.11% but a year-on-year decrease of 9.06% [49]. - Soybean prices remain stable at 3916.79 CNY/ton, with a year-on-year decrease of 17.86% [49]. 2.2 Livestock and Poultry - The average price of live pigs is reported at 14.58 CNY/kg, with a slight increase noted [4]. - The report indicates that the price of parent stock chicken chicks has increased by 4.7% week-on-week, reflecting a 57% year-on-year growth [5]. 3. Industry Dynamics - The report notes that the breeding stock of sows has shown a slight increase in recent months, but overall breeding enthusiasm remains weak [4]. - The report emphasizes the ongoing impact of avian influenza on poultry production and pricing, particularly in the U.S. and Europe [5][7]. 4. Valuation - As of February 14, 2025, the absolute PE and PB ratios for the agricultural sector are 28.8 times and 2.42 times, respectively, significantly lower than historical averages [36]. - The report suggests that the agricultural sector's relative valuation compared to the small-cap index is also low, indicating potential investment opportunities [36].