Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [8] Core Insights - The report highlights that the pet food production has shown counter-cyclical growth, with a 9.3% increase in pet feed production in 2024, reaching 1,599,000 tons [27][28] - The "No. 1 Document" for 2025 introduces the concept of "new agricultural productivity," emphasizing the need for technological advancements in agriculture [29][30] Summary by Sections Market Review - In January 2025, the agriculture, forestry, animal husbandry, and fishery index fell by 2.12%, outperforming the CSI 300 index, which dropped by 2.99% [10] - The pet food sector showed strong performance, while the aquatic processing sector faced declines [10] Livestock Industry Data Tracking - In January 2025, the average price of live pigs was 15.77 yuan/kg, with a month-on-month decrease of 0.25% but a year-on-year increase of 10.82% [14] - The white feather chicken price averaged 3.65 yuan/kg, showing a slight decline [22] - The report indicates a rebound in the price of piglets, with a 12.57% month-on-month increase [14] Pet Food - Pet food exports showed significant growth, with a 31.6% year-on-year increase in quantity and a 14.7% increase in value in December 2024 [26] - The overall feed production in China decreased by 2.1%, but pet feed production increased, indicating a shift in consumer preferences [27][28] Policy Developments - The 2025 "No. 1 Document" emphasizes stabilizing grain planting areas and improving yield and quality, which is crucial for food security [29] - The document introduces "new agricultural productivity," focusing on the application of biotechnology and digital technologies in agriculture [30] Price Tracking of Major Agricultural Products - The report notes that corn prices stabilized in January 2025, while soybean meal prices saw a rebound [32][33]
农林牧渔行业月报：宠物饲料产量逆势增长，“一号文件”首提“农业新质生产力”
中原证券·2025-02-27 10:58