农林牧渔周度报告：农林牧渔行业周度报告猪价阶段性上行

Investment Rating - The industry investment rating is "Outperform the Market" [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 yuan/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 yuan per head, up by 28 yuan from the previous week, while the profitability of purchased piglets stands at 28 yuan [19][22] - The white feather chicken market is experiencing price fluctuations, with chick prices at 3.10 yuan 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 Swine - National pig prices have shown a slight increase, with northern regions experiencing more significant gains compared to the south [18] - The supply of breeding sows has slightly increased, with a total of 40.66 million heads as of February 2025, reflecting a minor year-on-year increase [21] - The industry is expected to maintain a narrow price fluctuation range in 2025, with cost management becoming a key competitive factor [22] 2.2 White Feather Chicken - Chick prices are experiencing slight fluctuations, with a current price of 3.10 yuan per chick [31] - The supply of white chicken breeding stock remains high, with a 17.25% year-on-year increase in breeding stock updates [31] - The uncertainty surrounding overseas breeding imports due to trade tensions may present both risks and opportunities for domestic breeding enterprises [31] 3. Planting Industry Tracking - Sugar prices have slightly decreased to 6150 yuan/ton, while soybean prices have adjusted to 3692 yuan/ton, reflecting a 1.2% decline [35] - Cotton prices have continued to drop, currently at 14205 yuan/ton, down by 73 yuan from the previous week [35] - Corn prices remain stable at 2230 yuan/ton, showing no significant change [35]