行业周报：2025Q1农业板块公募重仓持股占比下降，中宠股份获逆势增持-20250427

Investment Rating - The investment rating for the agriculture sector is "Positive" (maintained) [1] Core Insights - The report indicates a decline in the proportion of public fund heavy holdings in the agriculture sector for Q1 2025, attributed to the escalation of tariffs between China and the U.S. However, an increase in heavy holdings is expected in Q2 2025 due to the sector's enhanced risk-averse attributes [4][13] - The total market capitalization of the agriculture sector decreased to 12,367 billion yuan, a decline of 0.40% quarter-on-quarter, representing 1.69% of the A-share market capitalization, down 0.03 percentage points [4][13] - The report highlights that the livestock sector has seen a significant year-on-year decline in public fund heavy holdings, while other sub-sectors remain relatively stable [5][16] Summary by Sections Public Fund Holdings - In Q1 2025, the public fund heavy holdings in the agriculture sector decreased, with the heavy holdings market value accounting for only 0.40% of the total public fund stock investment, down from 0.44% in Q4 2023 [4][13][15] - The sub-sectors of livestock, feed, planting, animal health, and agricultural product processing had public fund heavy holdings of 0.19%, 0.17%, 0.03%, 0.01%, and 0.003% respectively, with the livestock sector experiencing a notable year-on-year decline [5][16] Market Performance - For the week of April 21-25, the agriculture index underperformed the broader market by 0.72 percentage points, with the agriculture index declining by 0.16% while the Shanghai Composite Index rose by 0.56% [24][28] - The report notes that the pet food sector led the gains among sub-sectors during this period, with individual stocks like Zhongchong Co. and Guibao Pet rising significantly [24][29] Price Tracking - As of April 25, the average price of live pigs was 14.95 yuan/kg, down 0.02 yuan/kg from the previous week, while the average price of white strip meat increased by 0.05 yuan/kg to 19.31 yuan/kg [7][35] - The report also tracks price movements for various agricultural products, noting increases in beef and bass prices, while prices for shrimp have decreased [35][45]