农林牧渔行业周报：生猪价格走弱 关注行业体重变化

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [80]. Core Insights - The agricultural sector index outperformed the Shanghai Composite Index, with a weekly increase of 0.91% [13][14]. - The report highlights the ongoing adjustments in the pig farming industry, with a focus on the profitability of leading companies amidst fluctuating prices [22]. - The poultry sector is experiencing price stability despite seasonal demand fluctuations, with potential impacts from overseas avian influenza affecting supply [35]. - The dairy industry is seeing a recovery in milk prices due to reduced supply, while beef prices are expected to rise as the industry undergoes capacity adjustments [39]. - The planting sector is stabilizing, with potential improvements expected if there are significant reductions in grain production due to external uncertainties [47]. Summary by Sections 1. Market Review - The agricultural index closed at 2682.22 points, reflecting a weekly increase of 0.91%, outperforming the Shanghai Composite Index [13][14]. - The top-performing sectors included telecommunications and non-ferrous metals, while agriculture ranked 20th [14]. 2. Key Data Tracking 2.1 Pig Farming - The average weight of pigs sold was 129.17 kg, with a slight decrease in price to 14.05 CNY/kg, down 2.90% week-on-week [20][21]. - Leading companies are expected to maintain profitability above 200 CNY per pig in the first half of the year, despite anticipated price pressures in the second half [22]. 2.2 Poultry Farming - The average price for white feather chickens was 7.32 CNY/kg, showing a decrease of 0.68% week-on-week, while overall prices remain stable [32][35]. - The report anticipates a recovery in consumer demand as macroeconomic policies adjust, potentially boosting poultry product consumption [35]. 2.3 Dairy Industry - The price of raw milk has stabilized at 2.6 CNY/kg, with expectations for further recovery as supply decreases [39]. - The beef market is showing signs of a new cycle, with rising prices for calves and live cattle [39]. 2.4 Planting Industry - Grain prices are experiencing fluctuations due to tariff policies, with corn prices at 2294.29 CNY/ton and soybeans at 3925.26 CNY/ton [46]. - The planting sector is stabilizing, with potential improvements if significant reductions in grain production occur [47]. 2.5 Feed & Aquaculture - Feed prices have stabilized, with pig feed at 3.37 CNY/kg and poultry feed at 3.40 CNY/kg [65]. - Aquaculture prices remain steady, with notable increases in shrimp prices [65].