生猪供需博弈僵持，春季补栏助推苗价超预期

Industry Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Outperform the Market" [1] Core Viewpoints - The agricultural sector has shown resilience, with the agriculture, forestry, animal husbandry, and fishery index rising by 0.56%, ranking second among 31 primary industries [10][11] - The pig price is expected to fluctuate within a narrow range in 2025, with supply increasing and costs becoming a key competitive factor [3][17] - The white feather chicken market is experiencing a spring restocking trend, with chick prices rising, although high chick prices are causing some resistance among farmers [25] Summary by Relevant Sections Market Performance - The agriculture, forestry, animal husbandry, and fishery index increased by 0.56%, outperforming the Shanghai and Shenzhen 300 index, which only rose by 0.01% [10] - The meat chicken breeding sector led the agricultural sector's performance due to high demand in the egg-laying chicken industry [11] Livestock Industry Chain Tracking Pigs - The national average pig price is 14.57 CNY/kg, down 0.24% from last week, while the average price for 15kg piglets is 502 CNY/head, up 10 CNY/head [2][14] - The supply of breeding sows has slightly increased, with a national breeding sow inventory of 40.66 million heads as of February 2025, showing a minor year-on-year increase [3][17] - Profitability for self-breeding pigs is around 52 CNY per head, while purchasing piglets incurs a loss of 27 CNY per head [15] White Feather Chicken - As of March 28, 2025, the price of white feather chicken chicks is 3.25 CNY/chick, up 0.15 CNY from last week, with an average profit of 0.5 CNY per chick [25] - The supply of white chicken breeding stock remains high, with a 17.25% year-on-year increase in the number of breeding stock updated in 2024 [25] Planting Industry Chain Tracking - Sugar prices have adjusted downwards, with white sugar priced at 6150 CNY/ton, down 30 CNY from the previous week [28] - The price of corn has risen to 2236 CNY/ton, up 9 CNY from last week, while soybean prices have slightly decreased [28]