农业行业周报：猪价在淡季仍维持在盈利区间

Investment Ratings - The report provides investment ratings for several stocks in the agriculture sector, with "Buy-A" ratings for Haida Group (002311.SZ) and "Buy-B" ratings for Shengnong Development (002299.SZ) and Wen's Shares (300498.SZ) [1]. Core Insights - The livestock farming sector is expected to see improved performance in 2024, with a focus on the profitability of pig farming as the industry enters a recovery phase [4]. - The report highlights that the current market may be overly pessimistic regarding the impact of rising pig production capacity on profitability, overlooking potential positive influences from declining raw material costs and macroeconomic demand recovery in 2025 [4]. - The poultry industry is also showing signs of recovery, with rising prices for broiler chickens and eggs, indicating potential profitability improvements [26]. Summary by Sections Livestock Farming - As of February 28, 2025, average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 14.84, 15.17, and 14.34 yuan/kg, reflecting a week-on-week decline of 1.98%, 3.80%, and 2.05% respectively [3]. - The average pork price was 20.86 yuan/kg, down 2.75% week-on-week, while the average wholesale price for piglets increased by 0.44% to 27.25 yuan/kg [3][18]. - The self-breeding profit was 43.08 yuan/head, while the profit from purchasing piglets was 9.39 yuan/head [3][18]. Poultry Farming - The weekly price for white feather broiler chickens was 6.10 yuan/kg, up 3.92% week-on-week, and the price for broiler chicks rose by 9.05% to 2.29 yuan/chick [26]. - Egg prices increased by 5.41% to 7.80 yuan/kg [26]. Feed Processing - In 2024, the total industrial feed production in China decreased by 2.1% to 31,503.1 million tons, with pig feed production down 3.9% to 14,391.3 million tons [30]. - The production of pet feed, however, saw a growth of 9.3%, indicating a potential area of opportunity within the feed sector [30]. Aquaculture - As of February 28, 2025, prices for sea cucumbers, shrimp, and bass remained stable at 180.00 yuan/kg, 300.00 yuan/kg, and 50.00 yuan/kg respectively [34]. - Freshwater fish prices showed mixed results, with grass carp at 15.02 yuan/kg (down 0.66%) and crucian carp at 20.55 yuan/kg (up 0.05%) [34]. Crop and Oilseed Processing - As of February 28, 2025, soybean prices were 3,878.89 yuan/ton, down 0.49%, while corn and wheat prices were 2,218.14 yuan/ton and 2,434.28 yuan/ton, respectively, showing slight increases [37].