农林牧渔行业周报：宠物经济火热，长期看好国产品牌发展-20250513

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][62]. Core Viewpoints - The pet economy is thriving, with a long-term positive outlook for domestic brand development [2]. - The swine market is expected to experience price fluctuations, with a long-term bearish trend anticipated due to increasing supply and weak demand [4][14]. - The poultry sector is showing signs of recovery, particularly in the parent stock prices for the second quarter of 2025 [5][25]. - The animal health sector is poised for valuation recovery, driven by improved downstream demand and external expansion opportunities [6][36]. - The planting sector is witnessing rising corn and wheat prices, while soybean meal prices are declining [7][42]. - The feed sector is experiencing a rebound in prices, with expectations of continued industry consolidation [8][47]. - The pet market continues to grow rapidly, with strong performance from domestic brands [9][50]. Summary by Sections Swine Industry - In April 2025, the average price of live pigs was 14.77 yuan/kg, with a slight month-on-month increase of 0.16 yuan/kg [13]. - The supply of live pigs is expected to increase, leading to a bearish price outlook for 2025 [14]. - Recommended companies include Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [4][14]. Poultry Industry - The price of white feather parent stock chicks is expected to rise in Q2 2025 due to improved market conditions [5][25]. - The industry is stabilizing, with recommended companies including San Nong Development and Yisheng Livestock [5][25]. Animal Health Industry - Companies like Reap Bio and Kexin Bio are expected to benefit from rising product prices and improved performance [6][36]. - The report highlights the importance of external expansion for leading companies to overcome industry challenges [6][36]. Planting Industry - Corn prices increased by 1.8% week-on-week, while soybean meal prices decreased by 5.1% [7][42]. - The report suggests focusing on companies with strong transgenic seed development [7][42]. Feed Industry - Feed prices are recovering, with a notable increase in the price of fattening pig feed [8][47]. - The report recommends Haida Group and suggests monitoring He Feng Group [8][47]. Pet Industry - The pet market in urban China reached 300.2 billion yuan in 2024, with a year-on-year growth of 7.5% [9][50]. - Recommended companies in the pet food sector include Guai Bao Pet, Zhong Chong Co., and Pei Di Co. [9][50].