农林牧渔行业周报：618宠物经济火热，国产品牌强势崛起-20250526

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][68]. Core Views - The report highlights the booming pet economy, with domestic brands rapidly rising. It emphasizes the continuous improvement in industry profitability and recommends several companies in the pet food and medical sectors [5][61]. Summary by Sections Swine Industry - Swine prices are expected to fluctuate, with a forecast of weak performance in 2025 due to increased supply and weak demand. The average price of live pigs is currently 14.51 yuan/kg, with a week-on-week decrease of 0.26 yuan/kg. The report recommends companies such as Wen's Food Group, Muyuan Foods, and Juxing Agriculture [15][16]. Poultry Industry - The report anticipates a price recovery for parent stock in Q2 2025, driven by a shortage of quality breeding stock due to overseas avian influenza impacts. It recommends companies like San Nong Development and Yisheng Livestock, while suggesting attention to He Feng and Minhe shares [26][28]. Animal Health Industry - The animal health sector is experiencing cyclical weakening, but there are investment opportunities in innovative companies and the pet medical sector. The report highlights positive revenue growth for companies like Reap Bio and Kexin Bio in Q1 2025 [7][36]. Planting Industry - In April 2025, grain imports fell by 51.5% year-on-year, with significant declines in corn and wheat imports. The report suggests focusing on companies with strong transgenic seed research and development capabilities, such as Suqian Agricultural Development and Longping High-Tech [45][49]. Feed Industry - Feed prices are on the rise, with a notable increase in the production of industrial feed. The report recommends Haida Group and suggests attention to He Feng shares as the industry concentration is expected to continue increasing [51][52]. Pet Industry - The pet economy is thriving, with the market size reaching 300.2 billion yuan in 2024, growing by 7.5%. The report recommends companies in the pet food sector like Guobao Pet and Zhongchong shares, as well as in the pet medical sector like Reap Bio [61][62].