GOLDEN SUN SECURITIES·2025-04-13 09:20Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The report emphasizes the importance of food security and self-sufficiency in agriculture, highlighting the recent issuance of the "Plan for Accelerating the Construction of an Agricultural Powerhouse (2024-2035)" by the Central Committee and the State Council [1][17] - The plan focuses on ensuring stable and safe supply of food and important agricultural products, with a commitment to protect 1.865 billion acres of arable land and 1.546 billion acres of permanent basic farmland [1][17] - The report notes the acceleration of genetically modified (GM) crop approvals, with 99 GM varieties recently passing initial review, indicating a potential increase in GM crop planting and market penetration [2][18] Summary by Sections Agricultural Data Tracking - The average price of lean pigs is 14.56 CNY/kg, down 0.3% from last week, while the average wholesale price of pork is 20.84 CNY/kg, also down 0.3% [21][22] - The average price of white feather chickens is 7.34 CNY/kg, down 0.3%, and the average price of chicken products remains stable at 8.9 CNY/kg [19][35] - The report highlights the potential for investment in companies involved in the commercialization of GM crops, as the approval process is expected to enhance growth prospects for industry players [19] Livestock and Poultry - In pig farming, the report suggests focusing on leading companies with favorable cost-performance ratios, such as Muyuan Foods and Wens Foodstuffs [3][19] - In poultry farming, the report indicates a potential recovery in chicken prices and suggests monitoring seasonal price elasticity opportunities [19] Crop and Agricultural Products - The approval of GM varieties is expected to lead to commercial sales, with the report anticipating positive impacts on industry growth and profitability [19] - The report also notes that fluctuations in agricultural product prices are increasing, with leading feed companies likely to benefit from their scale and supply chain advantages [19]