农业周观点：宠物618开门红，关注宠食板块催化

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index in the next six months [64]. Core Insights - The pet economy is identified as a significant trend with strong growth potential, driven by increasing consumer spending on pet food and products. The report highlights the robust performance of domestic pet food brands during promotional events, suggesting a favorable market environment for these companies [7][14]. - In the livestock sector, there has been a notable increase in pig sales, with April sales reaching 7.7705 million heads, a month-on-month increase of 21.38%. The average selling price of pigs also saw a slight increase, indicating a recovery in the market [8][9]. - The report emphasizes the importance of the agricultural sector in ensuring food security, particularly in light of geopolitical tensions affecting global grain supply and demand. It provides forecasts for various crops, including wheat, rice, corn, and soybeans, indicating expected increases in production and consumption [10][11][12]. Summary by Sections Livestock Industry - April pig sales increased to 7.7705 million heads, up 21.38% month-on-month. The average selling price was 14.82 yuan/kg, a 0.60% increase from the previous month [8]. - The report suggests focusing on leading livestock companies such as Muyuan Foods and Wen's Foodstuffs, which have strong growth potential [9]. Pet Industry - The report highlights the strong performance of domestic pet food brands during promotional events, with significant year-on-year growth expected in the pet food market [7][14]. - It recommends monitoring the sales progress of pet brands during promotional periods as a catalyst for the sector [7]. Crop Production - The global wheat supply is projected to increase by 4.9 million tons, reaching 107.37 million tons, with a record production forecast of 808.5 million tons for the 2025/26 season [10]. - The rice production forecast for 2025/26 is set at a record 538.7 million tons, with significant contributions from India and China [11]. - Corn consumption is expected to grow by 2% to a record 1.274 billion tons, driven by increased imports from countries like China and Vietnam [12]. Agricultural Policy and Market Dynamics - The report discusses the ongoing agricultural policies aimed at revitalizing the seed industry and promoting biotechnology, which are expected to enhance industry growth and reshape market dynamics [13]. - It emphasizes the need for strategic responses to global market changes, particularly in the context of trade agreements and international demand for agricultural products [20].