农林牧渔周观点：聚焦景气，布局反转，关注宠物食品与养殖板块-2025-03-16

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [48]. Core Viewpoints - The report emphasizes focusing on the pet food and breeding sectors, highlighting a favorable competitive landscape and potential for performance recovery in the breeding industry [3][4]. - The pet economy is driven by demographic changes, with a significant increase in new pet owners expected from 2025 to 2040, supporting long-term growth [7][8]. - The breeding sector is nearing a bottom, with expectations of a cyclical recovery in the livestock market, particularly for pork and beef [7][8]. Summary by Sections Market Performance - The Shenwan Agricultural Index rose by 2.8% this week, outperforming the CSI 300 Index which increased by 1.6% [7][8]. - Top-performing stocks included Xue Rong Biological (44.0%), Pingtan Development (16.8%), and Zhongji Health (13.1%) [8]. Pet Food Sector - The pet food industry remains a core focus, with expectations of continued growth driven by consumer upgrades and a favorable competitive environment [7][8]. - Leading companies in the pet economy include Guibao Pet, Zhongchong Co., and Ruipu Biological [7][8]. Breeding Sector - The report suggests a left-side layout in the breeding sector, with the pork breeding industry nearing a bottom and a potential recovery in the beef market expected by late 2025 to early 2026 [7][8]. - Current pork prices are low, with the average price at 14.63 CNY/kg, indicating a challenging environment for farmers [7][8]. Chicken Breeding - The white feather chicken market is showing signs of recovery, with prices for chicken seedlings rising by 8.5% week-on-week [7][8]. - The report highlights the importance of consumer demand, particularly in the restaurant and catering sectors, for the recovery of the chicken breeding market [7][8]. Key Companies and Valuations - Key companies in the breeding sector include Muyuan Foods, Wens Foodstuffs, and Juxing Agriculture, with varying earnings per share (EPS) and price-to-earnings (PE) ratios projected for 2023 to 2025 [43].