农林牧渔行业周度报告：猪价阶段性上行-20250422

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The agricultural sector continues to experience weak adjustments, with the agricultural index down by 2.15%, ranking 30th among 31 primary industries [4][12] - National pig prices have been on a slight upward trend, with an average price of 14.85 CNY/kg as of April 18, 2025, reflecting a 1.60% increase from the previous week [5][18] - The profitability of self-bred pigs has increased to approximately 79 CNY per head, up by 28 CNY from the previous week, while the profitability of purchased piglets stands at 28 CNY [19][22] - The white feather chicken market is experiencing price fluctuations, with chick prices at 3.10 CNY per chick, showing a slight increase [31] Summary by Sections 1. Market Performance - The agricultural sector index decreased by 2.15%, while the Shanghai Composite Index and CSI 300 increased by 0.59% and 1.19%, respectively [12] - All sub-sectors, except for fruit and vegetable processing, experienced declines, particularly in animal health and seed sectors [14][16] 2. Livestock Industry Tracking 2.1 Pigs - Prices are showing a strong performance in the north and weaker in the south, with expectations of limited price fluctuations in 2025 [5][18] - The supply of breeding sows is slightly increasing, with a total of 40.66 million heads as of February 2025, reflecting a minor year-on-year increase [21] - Recommendations include focusing on companies with cost advantages, such as Muyuan Foods and Wens Foodstuff Group, as well as smaller firms like Juxing Agriculture and Huatong Foods [22] 2.2 White Feather Chicken - The market is characterized by price volatility, with chick prices rising slightly, while feed prices are a concern for breeders [31] - The supply chain remains robust, with a significant increase in the number of breeding stock, but uncertainties in overseas breeding imports pose risks and opportunities [31] 3. Crop Industry Tracking - Sugar prices have slightly decreased to 6150 CNY/ton, while soybean prices have adjusted to 3692 CNY/ton, reflecting a 1.2% drop [35] - Cotton prices continue to decline, currently at 14205 CNY/ton, down by 73 CNY from the previous week [35] - Corn prices remain stable at 2230 CNY/ton, showing no significant change [35]