农林牧渔行业周报（第9期）：养殖产能去化，估值底部，长期投资机会显现

Investment Rating - The industry investment rating is "Positive" with a recommendation to maintain the outlook for long-term investment opportunities in the agriculture sector [1][6]. Core Views - The report highlights that the livestock production capacity is decreasing, and the valuation of the sector is at a bottom level, indicating long-term investment opportunities [6][22]. - The agricultural sector has shown better performance compared to the broader market, with the feed sub-industry leading in growth [27]. Summary by Sections Livestock Industry Chain - Pork: Production capacity is starting to decline, with the national average price for live pigs at 14.5 CNY/kg, down 0.05 CNY from the previous week. The average weight of pigs after slaughter is 89.81 kg, remaining stable [6][22]. The demand for pork is expected to rise due to school openings, while supply is also increasing, leading to a potential price fluctuation [6][22]. - White Chicken: The average price for chicken seedlings is 2.43 CNY/bird, up 0.18 CNY from last week. The average purchase price for white feathered meat chickens is 2.97 CNY/kg, up 0.15 CNY. The industry is experiencing a loss of 3.28 CNY per bird, but the valuation of individual stocks is at a historical low, suggesting a high safety margin for investment [10][24]. - Yellow Chicken: The price for yellow chicken is showing signs of potential increase due to tight supply, with the average price at 11.78 CNY/kg, up 0.37 CNY from the previous month [10][25]. - Animal Health: The animal health industry is at a recovery point, with increasing sales of domestic vaccines and potential growth opportunities as new vaccines are developed [12][25]. Planting Industry Chain - Seed Industry: The environment for the seed industry is improving, with the strategic importance of the sector recognized. The performance of leading companies is expected to strengthen as genetically modified corn and soybeans continue to be industrialized [13][26]. - Planting: Recent grain prices have stabilized, with corn at 2223 CNY/ton and wheat at 2429 CNY/ton, both showing slight increases. The expectation of a rebound in grain prices presents investment opportunities in leading companies [14][26]. Recommended Companies - The report recommends buying shares in the following companies: - Denghai Seeds [4] - Muyuan Foods [4] - Suqian Agricultural Development [4]