农林牧渔行业报告：生猪供应压力大，价格继续调整

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][39]. Core Viewpoints - The agricultural sector has shown a slight increase, with the agricultural index rising by 0.91%, ranking 20th among 31 primary industries [5][12]. - The pig market is characterized by strong supply and weak demand, leading to a continuous decline in prices, with the average price of pigs at 14.17 CNY/kg as of June 8, 2025, down 0.64% from the previous week [6][16]. - The white feather chicken market is experiencing stable yet slight adjustments in prices, with chick prices at 2.90 CNY/chick and meat chicken prices at 3.60 CNY/jin, both showing a decline [30][31]. Summary by Sections Market Review - The agricultural sector has rebounded, with the agricultural index increasing by 0.91%, while the Shanghai Composite Index rose by 1.13% [12]. - Among sub-sectors, planting and agricultural product processing led the gains, while meat chicken breeding and animal vaccine sectors faced significant adjustments [13][14]. Livestock Industry Chain Tracking Pigs - The pig price is under pressure, with a continued downward trend expected due to strong supply and weak demand [6][19]. - As of June 6, 2025, self-breeding pigs have a profit of approximately 33 CNY per head, while purchased piglets incur a loss of 121 CNY per head [17][20]. - The breeding stock remains stable, with the number of breeding sows fluctuating between 40-41 million, indicating controlled supply growth for 2025 [19][29]. White Feather Chicken - Chick prices are experiencing slight adjustments, with a focus on domestic breeding due to uncertainties in imports caused by avian influenza outbreaks [30][31]. - The industry is currently well-supplied, and domestic breeding enterprises may benefit from reduced overseas imports [30][31]. Planting Industry Chain Tracking - Sugar prices have adjusted downwards, with white sugar priced at 6090 CNY/ton, down 25 CNY from the previous week [33]. - Soybean prices have seen a slight increase, with the Brazilian soybean landed price at 3725 CNY/ton, up 1.8% [33]. - Corn prices have shown minor fluctuations, with an average price of 2336 CNY/ton, up 4 CNY from the previous week [33].