Huaan Securities·2025-03-09 14:10Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The report highlights a significant divergence in the growth rates of listed pig farming companies, with a continued weak replenishment enthusiasm and a slight increase in the average weight of pigs at slaughter [3][6] - The report indicates that the recent tariff increases by China on certain imports, particularly sorghum and soybeans, will have a substantial impact on the domestic market [6] Summary by Sections Industry Overview - The agricultural sector index increased by 1.04% in the week from March 3 to March 7, 2025, while the overall agricultural index has underperformed compared to the Shanghai and Shenzhen 300 index [19] - The agricultural industry accounted for 0.61% of the stock investment market value at the end of 2024, which is below the standard allocation [29] Livestock Data - The average price of live pigs decreased by 0.5% to 14.5 CNY/kg, with the average weight of pigs at slaughter rising to 127.06 kg, an increase of 0.54 kg week-on-week [3][6] - The report lists the monthly output of major listed pig companies, showing a significant variation in growth rates, with companies like Lihua and Dongrui experiencing substantial increases [3][6] Price Trends - The price of white feather chicken products fell to 8,970 CNY/ton, while yellow feather chicken prices showed mixed trends [6] - The report notes that the prices of corn and soybeans have fluctuated, with corn prices at 2,229.12 CNY/ton and soybeans at 3,856.79 CNY/ton [43] Tariff Impact - The new tariffs imposed by China starting March 10, 2025, will affect imports of sorghum and soybeans significantly, with an estimated impact on 19% of soybean consumption and 46% of sorghum consumption [6]