农林牧渔行业周观点：关注2025年中央一号文件，宠物食品景气依旧

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [6][43]. Core Insights - The report emphasizes the importance of food security and the ongoing growth in the pet food sector, with domestic brands rising and consumer upgrades being key themes for 2024 and beyond [5][6]. - The "Central No. 1 Document" highlights food security as a priority, with a focus on agricultural productivity and the promotion of genetically modified corn expected to accelerate in 2025 [5][6]. - The report suggests monitoring the trends in agricultural technology and smart agriculture, particularly in the context of the biobreeding industry [5][6]. Summary by Sections Agricultural Sector Performance - The Shenwan Agricultural Index decreased by 0.4% while the CSI 300 increased by 1.0% during the week [5][6]. - Notable stock performances included New Hope (+9.7%), Denghai Seeds (+9.5%), and Shennong Technology (+8.5%) [5][6]. Livestock Farming - Pig prices showed a slight increase, with the average selling price for pigs at 14.81 CNY/kg, up 1.4% week-on-week [5][6]. - The report indicates that the industry may face micro-profit or even losses in the short term, suggesting potential left-side investment opportunities [5][6]. Poultry Farming - The price of white feather broiler chicks has slightly rebounded, with the average price at 1.95 CNY/chick, up 8.3% week-on-week [5][6]. - The report notes that the demand side remains a core constraint on the current poultry market [5][6]. Pet Food Industry - The pet food sector continues to grow steadily, with a total sales figure of 21.6 billion CNY in January, reflecting a year-on-year increase of 4% [5][6]. - The report highlights the strong performance of leading brands such as Guai Bao Pet and Petty Co., with market share expected to increase in 2025 [5][6]. Agricultural Technology and Breeding - The report stresses the importance of agricultural technology and the ongoing transformation in the seed industry, with a focus on biobreeding and smart agriculture [5][6].