Guohai Securities·2025-04-14 10:00Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights the weak fluctuation of pig prices, with expectations of a downward trend in the short term and a long-term weak operation in 2025 due to increased supply and weak demand [4][14] - The poultry sector may see price improvements due to the impact of tariffs and a shortage of quality breeding stock caused by avian influenza [5][28] - The animal health sector is expected to benefit from improved downstream demand and external expansion opportunities, with rising prices for key products like Tylosin [6][41] - The planting sector is experiencing price fluctuations for major grains, with a focus on the commercialization of genetically modified seeds [8][46] - The feed sector is seeing a decline in prices, with recommendations for companies like Haida Group [8][49] - The pet market continues to grow rapidly, with strong performance from domestic brands and recommendations for companies in the pet food and medical sectors [8][54][57] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly, with a forecast of weak performance in 2025 due to increased supply [4][14] - As of April 10, 2025, the average price of live pigs is 14.6 CNY/kg, with no change from the previous week [14] Poultry Industry - The poultry sector may see price increases due to tariff impacts and a lack of quality breeding stock [5][28] - The average price of broiler chickens is 3.75 CNY/lb, reflecting a weekly increase [28] Animal Health - The animal health sector is experiencing improved profitability, with Tylosin prices rising significantly [6][41] - The report suggests focusing on companies with expected external expansion, such as Reap Bio [6] Planting Sector - Major grain prices are fluctuating, with corn priced at 2199 CNY/ton and wheat at 2422 CNY/ton [8][46] - The report recommends companies involved in genetically modified seed development [8] Feed Sector - Feed prices are declining, with pig feed at 3.35 CNY/kg [8][49] - The report suggests focusing on companies like Haida Group due to expected industry consolidation [8] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [8][54] - Recommendations include companies like Guobao Pet and Zhongchong Co., which are experiencing significant growth [8][57]