农业行业周报：最近猪价呈现季节性回落

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development and Wen's Shares [2] Core Views - The livestock farming sector is expected to see improved performance in 2024, with a potential recovery in profitability starting from Q2 2024. The market may be overly pessimistic regarding the impact of rising pig production capacity on profitability cycles [5][6] - The report highlights that the poultry industry may benefit from a rebound in demand and lower raw material costs, suggesting a positive outlook for companies like Shengnong Development and Haida Group [6] Summary by Sections Livestock Farming - As of February 14, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 14.44, 15.32, and 14.64 yuan/kg, reflecting a week-on-week decrease of 1.70%, 3.34%, and 2.20% respectively. The average pork price was 21.78 yuan/kg, down 5.02% [4][27] - The self-breeding profit was 22.12 yuan/head, while the profit from purchasing piglets was -4.24 yuan/head [4][27] Poultry Farming - The weekly price for white feather broiler chickens was 6.17 yuan/kg, down 14.54% from January 24. The price for broiler chicks was 1.96 yuan/chick, down 21.91% [39] - The profit from chicken farming was -3.53 yuan/chick, and egg prices were 7.80 yuan/kg, down 17.02% [39] Feed Processing - In 2024, the total industrial feed production in China was 31,503.1 million tons, a decrease of 2.1% from the previous year. The production of compound feed was 29,354.0 million tons, down 1.8% [44] Market Performance - For the week of February 10-16, 2025, the Shanghai and Shenzhen 300 index increased by 1.19%, while the agriculture sector rose by 1.06%, ranking 17th among sectors. The top-performing sub-industries included animal health, pig farming, and feed additives [3][20]