农林牧渔行业点评报告：一号文件政策催化种业主题性机会，重点推荐生猪养殖和饲料板块

Investment Rating - The report maintains a "Buy" rating for companies such as Zhengbang Technology, Juxing Agriculture, and Dekang Agriculture, highlighting their cost advantages and capacity expansion [9]. Core Insights - The 2025 Central Document No. 1 emphasizes food security, creating thematic investment opportunities in the seed industry, particularly in biological breeding [5]. - The report anticipates a decline in pig prices throughout 2025, estimating the average price to fall to around 12 RMB/kg, while also noting rising costs in pig farming due to increased prices of corn and soybean meal [5][7]. - The report suggests that the pig farming industry will maintain profitability in Q1 2025 but is expected to enter a loss cycle in Q2 2025, which may lead to the elimination of outdated production capacity [5]. - The increase in raw material prices, particularly corn and soybean meal, is expected to drive up feed prices, benefiting feed companies like New Hope, Dabeinong, and Haida Group [7]. Summary by Sections Industry Performance - The agricultural sector has shown mixed performance, with a 1.8% increase over the last month but a decline of 4.5% over the past year, compared to a 14% increase in the CSI 300 index [2]. Market Dynamics - The report indicates that the prices of corn and soybean meal have increased by 3.87% and 28.16% respectively since early January 2025, driven by global production adjustments and supply chain issues [5]. Recommended Companies - The report recommends focusing on companies with strong growth potential in the feed sector, particularly those with significant production and sales scales, such as Bangji Technology [7].