农林牧渔行业点评报告：原材料价格阶段性上涨，重点关注养殖板块；农业政策窗口期，种业板块主题性机会

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, specifically recommending "Zhengbang Technology" and "Juxing Agriculture" [2][11]. Core Insights - The agricultural sector is experiencing a phase of rising raw material prices, particularly in the breeding segment, while the seed industry is expected to present thematic investment opportunities due to upcoming agricultural policy changes [1][9]. - The report highlights a significant increase in domestic soybean meal prices, which rose by 23.49% to 3668.29 CNY/ton as of February 17, 2025, compared to January 2, 2025. Corn prices also saw a moderate increase of 3.61% to 2199.41 CNY/ton during the same period [5][6]. Summary by Sections Market Performance - The agricultural sector (Shenwan) showed a performance of 0.0% over 1 month, -5.2% over 3 months, and -3.1% over 12 months, while the CSI 300 index performed at 2.6%, -1.0%, and 16.3% respectively [3][4]. Investment Highlights - The report indicates that the surge in soybean meal prices is driven by both medium-term supply constraints and short-term factors, including increased feed demand due to stable pig farming levels and delayed oil processing during the Spring Festival [6][8]. - It is anticipated that the cost of feed will rise due to increased prices of corn and soybean meal, with feed companies already announcing price hikes of 50-300 CNY/ton [8]. Policy and Thematic Opportunities - The upcoming release of the Central Document No. 1 is expected to focus on food security, which may create investment opportunities in the seed industry as the government continues to push for agricultural advancements [9].