农林牧渔行业报告：猪价持续微利运行，产能去化暂缓

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][37] Core Viewpoints - The agricultural sector has shown a comprehensive rebound, with the agricultural index rising by 0.99%, ranking 27th among 31 primary industries [5][13] - The pig price is currently operating at a slight profit, with production capacity reduction slowing down. The average price of live pigs as of May 9 is 14.73 CNY/kg, showing minor fluctuations [6][17] - The white feather chicken market is experiencing stable chick prices, with a focus on domestic breeding due to uncertainties in overseas imports [28] Summary by Sections Industry Overview - The closing index for the agricultural sector is 2606.49, with a 52-week high of 2927.53 and a low of 2110.64 [2] Market Performance - The agricultural sector's index has increased by 0.99%, while the broader market indices like the CSI 300 and Shanghai Composite Index have risen by 2.00% and 1.92%, respectively [13][14] Livestock Industry Tracking Pig Industry - The average price of live pigs has remained stable between 14.6 and 14.9 CNY/kg since April, with a slight upward shift due to increased second-time fattening [6][17] - As of May 9, self-breeding pig farmers are earning approximately 84 CNY per head, while those purchasing piglets are making about 58 CNY [18][19] - The breeding stock has shown a slight increase, with April's data indicating a 0.41% rise in breeding sows [19][20] White Feather Chicken - As of May 9, the price of white feather chicken chicks is 3.10 CNY per chick, with an average profit of 0.2 CNY per chick [28] - The market is currently characterized by a significant disparity, with high chick prices causing resistance among farmers due to rising feed costs [28] Crop Industry Tracking - Sugar prices have slightly decreased to 6150 CNY/ton, while corn prices have increased to 2306 CNY/ton, reflecting a mixed trend in crop prices [32][35]