农林牧渔行业报告（2025.05.17-2025.05.23）：猪价偏弱运行，供应压力增大

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][35] Core Viewpoints - The agricultural sector index has shown a slight decline of 0.36%, ranking 15th among 31 primary industries in the market [4][12] - The pig price has been weak, with an average price of 14.46 CNY/kg as of May 23, 2025, down 1.12% from the previous week [5][16] - The supply pressure in the pig market is increasing due to high historical weights of pigs being marketed and a stable breeding sow inventory [5][18] - The profitability of self-bred pigs is around 48 CNY per head, which has decreased by 32 CNY per head compared to the previous week [17][19] - The white feather chicken market is stable, with chick prices at 3.00 CNY per chick and a slight increase in meat chicken prices [27][28] Summary by Sections 1. Market Performance - The agricultural sector index has decreased by 0.36%, with the overall market indices also showing declines [12][14] - The performance of sub-sectors varies, with the pet sector showing resilience while meat chicken and seed sectors have faced more significant adjustments [13] 2. Livestock Industry Tracking 2.1 Pigs - The average pig price is 14.46 CNY/kg, reflecting a downward trend since mid-May [5][16] - Supply pressures are attributed to high weights of marketed pigs and a stable breeding sow inventory [5][18] - Profit margins for self-bred pigs are decreasing, while external pig purchases are currently unprofitable [17][19] 2.2 White Feather Chicken - Chick prices remain stable, with a slight increase in meat chicken prices [27][28] - The industry is observing a shift towards domestic breeding due to uncertainties in imports caused by avian influenza outbreaks [27][28] 3. Planting Industry Tracking - Sugar prices have shown a slight decline, while soybean prices have increased by 2.1% [30] - Cotton prices have risen slightly, and corn prices have remained stable with minor fluctuations [30][31]