气温升高消费增幅受限，猪价或震荡偏弱

Investment Rating - The industry investment rating is maintained at "Outperform the Market - A" [7] Core Viewpoints - The report indicates that rising temperatures are limiting consumption growth, leading to a potentially weak fluctuation in pig prices [2][20] - The overall demand for pork remains subdued, with slaughterhouses facing challenges in sales, which may exert downward pressure on prices [20] - The poultry sector shows slight price declines for white feather broilers, while the market for chicken products remains firm [28] Summary by Sections Livestock Farming - The average price of live pigs this week is 14.77 CNY/kg, with a week-on-week decrease of 0.27% and a two-week decrease of 0.07% [20] - The average price of piglets is 630 CNY/head, down 2.63% week-on-week and 1.47% over two weeks [20] - The average daily slaughter volume of pigs is 169,100 heads, reflecting a week-on-week decrease of 2.49% [20] - The report anticipates a continued weak market for pigs due to limited consumption growth and cautious bidding from slaughterhouses [20] Poultry Farming - The average price of white feather broilers is 7.40 CNY/kg, with a week-on-week decrease of 0.67% and a two-week decrease of 0.54% [28] - The price of chicken seedlings is 2.85 CNY/bird, down 2.06% week-on-week [28] - The market for breeding eggs is weak, with a surplus in supply affecting prices [28] Aquaculture - The average prices for various fish species remain stable, with no week-on-week changes for carp, crucian carp, and others [42] - The average price for grass carp is 19.00 CNY/kg, showing a year-on-year increase of 5.56% [42] - The report highlights investment opportunities in the aquaculture sector despite stable prices [42] Investment Recommendations - For the livestock sector, recommended stocks include Wen's Food Group, Muyuan Foods, and Shennong Group [4] - In the poultry sector, recommended stocks include San Nong Development, Yisheng Livestock, and Minhe Livestock [4] - The report suggests focusing on feed companies like Bangji Technology and Haida Group, as well as animal health companies like Keqian Biology and Zhongmu Co. [4] Crop and Seed Industry - The report suggests monitoring companies like Beidahuang, Sukang Agricultural Development, and Dabeinong in the crop and seed industry [4]