农林牧渔行业点评报告：美国进口玉米和大豆进口关税上调，影响几何？

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, specifically recommending companies like Zhengbang Technology, Bangji Technology, and Juxing Agriculture [11]. Core Viewpoints - The increase in import tariffs on U.S. corn and soybeans is expected to drive domestic corn and soybean meal prices upward, with a projected impact on the market dynamics [6]. - The rise in raw material prices is likely to enhance the prospects for the pig feed industry in 2025, with expectations of both volume and price increases [6]. - The report anticipates a significant increase in pig farming volume in 2025, leading to expanded demand for pig feed [9]. Summary by Sections Market Performance - The agricultural sector has shown a performance of 2.0% over the last month, -5.3% over three months, and -3.0% over twelve months, compared to the Shanghai and Shenzhen 300 index which has performed at 1.8%, -1.2%, and 9.7% respectively [3][4]. Investment Highlights - The report notes that the U.S. tariffs on corn and soybeans will likely reduce import volumes from the U.S., while increasing the share of imports from South America [6]. - Domestic prices for corn and soybean meal have already risen by 4.90% and 25.90% respectively since the beginning of the year, indicating a trend of increasing costs in the feed industry [6]. - The report emphasizes the importance of mid-sized companies in the pig farming sector, highlighting their growth potential compared to larger firms [9]. Company Focus and Profit Forecast - The report provides specific EPS and PE forecasts for companies like Zhengbang Technology, Bangji Technology, and Juxing Agriculture, indicating a positive outlook for their stock performance [11].