2025年农林牧渔行业年度策略：消费趋势演绎，周期轮转不止

Investment Rating - The industry investment rating is set to "Increase" for companies expected to outperform the market by more than 10% over the next six months, "Hold" for those expected to perform within 5%-10% of the market, and "Reduce" for those expected to underperform by more than 10% [94]. Core Insights - The pet economy is identified as a high-quality sector aligned with social development and consumption trends, with domestic pet food companies expanding capacity and enhancing branding, leading to anticipated rapid growth in performance. Key companies to watch include Guai Bao Pet, Zhong Chong Co., and Pei Ti Co. [88]. - The livestock cycle is expected to face pressure on prices due to high output in 2025, leading to a gradual capacity reduction cycle. This presents opportunities in the equity sector, particularly for large-scale breeding groups like Mu Yuan Co. and Wen's Co. [89]. - The seed industry is undergoing revitalization, with the commercialization of biological breeding expected to accelerate, creating opportunities for expansion and restructuring within the industry. Companies like Long Ping High-Tech and Da Bei Nong are highlighted as key players [91]. - The overseas market for feed is growing rapidly, particularly in Southeast Asia, where domestic leading feed groups possess management and technical advantages, indicating potential for new growth. Haid Group is noted as a significant player [91]. - Recent macro policies focus on debt reduction and stimulating consumption, which are expected to benefit sectors with strong agricultural and consumer attributes, such as Da Yu Water and Xi Wang Food [91]. Summary by Sections Pet Food Industry - The domestic pet food sector is experiencing significant growth due to increased production capacity and brand development, with companies like Guai Bao Pet, Zhong Chong Co., and Pei Ti Co. positioned for strong performance [88]. Livestock Sector - The livestock industry is facing price pressures due to high output levels, creating opportunities for investment in large-scale breeding companies such as Mu Yuan Co. and Wen's Co. [89]. Seed Industry - The seed industry is set for expansion and restructuring driven by the commercialization of biological breeding, with key companies like Long Ping High-Tech and Da Bei Nong leading the way [91]. Feed Industry - The feed industry is expanding into overseas markets, particularly in Southeast Asia, where companies like Haid Group are well-positioned to capitalize on growth opportunities [91]. Policy Impact - Recent policies aimed at debt reduction and consumption stimulation are expected to positively impact agricultural sectors, particularly those with strong consumer ties, such as Da Yu Water and Xi Wang Food [91].