宠物经济蓬勃发展，关注新品推出动向

Investment Rating - The report maintains an "Overweight" rating for the industry, consistent with the previous rating [2]. Core Insights - The pet economy is experiencing robust growth, with a focus on the launch of new products from domestic brands [3]. - Corn spot prices continue to rise, surpassing 2260 RMB/ton, indicating a positive outlook for corn prices in 2025 due to reduced imports [2]. - The livestock sector is facing supply accumulation, leading to weaker price expectations [4]. Summary by Relevant Sections Seed Industry - Corn spot prices have risen, breaking through 2260 RMB/ton, continuing the upward trend since the beginning of the year. The outlook for corn prices in 2025 is optimistic due to potential reductions in imports from the U.S. [2]. Pet Industry - Leading domestic pet companies are increasing their R&D efforts, with significant breakthroughs expected in pet health and nutrition. Recent collaborations and product launches, such as the strategic partnership between Zhongchong Co. and the Chinese Academy of Food Fermentation Industry, highlight innovation in pet food [3]. Livestock Industry - The livestock sector is experiencing supply accumulation, which is expected to weaken price forecasts. The average price of live pigs is currently 14.58 RMB/kg, with a slight increase noted [6]. The report suggests that the industry may face a period of losses due to high costs and declining piglet prices [5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares. For the pig sector, stocks such as Muyuan Foods and Wens Foodstuffs are highlighted. In the pet sector, recommended stocks include Guobao Pet, Zhongchong Co., and Petty Shares [5].