农业行业周报：水产饲料需求或有望见底回升，看好海大集团的配置时机

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development, Wen's Shares, and others [6][18]. Core Insights - The agricultural sector has shown resilience with a weekly increase of 2.84% in the agricultural sector, outperforming the Shanghai and Shenzhen 300 index which rose by 1.59% [3][18]. - The report highlights a potential recovery in aquaculture feed demand, particularly for Haida Group, as raw material costs stabilize and macroeconomic policies support growth [6][18]. - The pig farming industry is expected to enter a profitability cycle starting from Q2 2024, with a focus on debt reduction rather than rapid capacity expansion [5][6]. Summary by Sections Pig Farming - As of March 14, 2025, the average price of external three yuan pigs in Sichuan, Guangdong, and Henan was 14.65, 15.77, and 14.29 yuan/kg respectively, with a mixed trend in prices [4][25]. - The average pork price was 20.79 yuan/kg, showing a slight decrease of 0.10% [4][25]. - The self-breeding profit was 35.15 yuan/head, while the profit from purchasing piglets was -34.44 yuan/head [4][25]. Poultry Farming - The weekly price of white feather broilers was 7.11 yuan/kg, up by 7.89%, while the price of chicken seedlings rose by 9.84% to 2.79 yuan/seedling [34]. - The profit from broiler farming was reported at -0.51 yuan/seedling, and egg prices decreased by 5.00% to 7.60 yuan/kg [34]. Feed Processing - The total industrial feed production in 2024 was 31,503.1 million tons, a decrease of 2.1% from the previous year [36]. - The production of pig feed was 14,391.3 million tons, down by 3.9%, while pet feed saw an increase of 9.3% to 159.9 million tons [36]. Aquaculture - As of March 14, 2025, the price of sea cucumbers was 180.00 yuan/kg, while shrimp and bass prices remained stable at 300.00 yuan/kg and 50.00 yuan/kg respectively [42]. - Freshwater fish prices showed slight increases, with grass carp at 15.33 yuan/kg and crucian carp at 20.74 yuan/kg [42]. Crop and Oilseed Processing - As of March 14, 2025, soybean prices were 3,856.79 yuan/ton, with corn and wheat prices at 2,262.45 yuan/ton and 2,429.44 yuan/ton respectively, showing slight increases [47]. - The price of canola oil increased by 3.72%, while the price of sugar was reported at 6,214.00 yuan/ton, a marginal increase of 0.06% [47].