农林牧渔行业点评报告：全球供需+关税上行双因素催化，重点推荐猪饲料&生猪养殖板块

Investment Rating - The report maintains a "Buy" recommendation for the pig feed and pig farming sectors [1][11]. Core Insights - The dual factors of global supply-demand dynamics and rising tariffs are expected to catalyze price increases in domestic corn and soybean meal, with corn prices projected to show a slow upward trend in 2025 [5][6]. - The report highlights that the increase in tariffs on U.S. imports of corn and soybeans will likely lead to a rise in domestic soybean meal prices, as China is more reliant on imported soybeans compared to corn [6][8]. - The anticipated increase in feed prices is expected to create investment opportunities in the pig feed and pig farming sectors, with a focus on mid-sized companies showing growth potential [8][9]. Summary by Sections Market Performance - The agricultural sector (Agriculture, Forestry, Animal Husbandry, and Fishery) has shown mixed performance over the past month, with a 1.8% increase over one month, a 3.5% decrease over three months, and a 1.0% decrease over twelve months [2]. Investment Highlights - The report forecasts that domestic corn prices will gradually rise due to global supply-demand expectations and tariff impacts, with a projected average price increase in 2025 compared to 2024 [5]. - The soybean meal prices are expected to experience short-term fluctuations followed by a long-term upward trend, influenced by tariff increases and supply-demand factors [6][8]. - The pig feed sector is anticipated to benefit from rising raw material prices, with expectations of price increases for corn, soybean meal, and alternative feed ingredients [8]. Company Focus and Profit Forecast - The report emphasizes specific companies for investment, including Zhengbang Technology, Bangji Technology, and Juxing Agriculture, all rated as "Buy" with projected earnings per share (EPS) growth [11]. - The report predicts that the price of live pigs will decline throughout 2025, with an expected average price of 12 CNY/kg, while also indicating potential investment opportunities due to rising feed costs [9].