Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report indicates a significant rebound in the agricultural sector, with the agricultural index rising by 2.84%, ranking 8th among 31 primary industries [4][12] - The report highlights a stalemate in the supply-demand dynamics of live pigs, while the price of white chickens is rebounding [5][6] Summary by Sections Industry Overview - The closing index stands at 2556.61, with a 52-week high of 2927.53 and a low of 2110.64 [2] - The relative performance of the agricultural index shows a decline of 19% [2] Livestock Industry Tracking Live Pigs - The average price of live pigs is 14.52 yuan/kg, remaining stable compared to the previous week [5][18] - The report notes that the supply of pigs is ample, with producers actively selling due to low price expectations [5][21] - The report suggests focusing on companies with cost advantages, recommending leading firms such as Muyuan Foods and Wens Foodstuff Group, as well as smaller firms like Juxing Agriculture and Huatong Foods [21] White Chickens - The price of white feather chicken chicks has increased to 3.0 yuan/chick, with an average profit of 0.2 yuan per chick [6][28] - The price of meat chickens has risen to 3.62 yuan/kg, reflecting an increase of 8.7% [6][28] - The report emphasizes the importance of domestic breeding and notes that the supply chain remains robust despite some fluctuations [29] Crop Industry Tracking - Sugar prices have surged to 6130 yuan/ton, increasing by 90 yuan/ton [32] - The price of soybeans has slightly decreased to 3624 yuan/ton, down by 1.8% [34] - Cotton prices have shown minor fluctuations, currently at 14924 yuan/ton, up by 0.31% [34] - Corn prices have increased slightly to 2198 yuan/ton, up by 32 yuan/ton [34]
生猪供需博弈僵持，白鸡价格反弹
China Post Securities·2025-03-18 02:04