Guoxin Securities·2025-06-16 14:30Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [1][4]. Core Views - The report is optimistic about the reversal of the beef cycle, recommending investments in leading livestock companies with low valuations, and highlighting the sustained high demand in the pet industry [3][4]. - The report notes that the pork industry is expected to maintain a stable price environment, with a projected continuation of favorable conditions for pig prices into 2025 [1][3]. - The report emphasizes the potential for recovery in the cattle market due to domestic supply reduction and shrinking imports, suggesting a positive outlook for beef prices [3][15]. Summary by Sections Livestock - Pork: Prices are stable with a current price of 13.99 CNY/kg, showing a week-on-week decrease of 0.50% and a year-on-year decrease of 24.95% [1][13]. - Poultry: The price of broiler chicks has decreased by 13.25% week-on-week to 2.2 CNY/chick, while the price of broilers has increased by 0.56% to 7.2 CNY/kg [1][14]. - Beef: The average price of beef is 59.38 CNY/kg, remaining stable week-on-week but showing a year-on-year increase of 28.39% [1][15]. Feed and Crop Products - Soybean Meal: The current price is 2994 CNY/ton, reflecting a week-on-week increase of 1.84% [2][15]. - Corn: The price has risen to 2406 CNY/ton, with a week-on-week increase of 1.43% and a year-on-year increase of 0.21% [2][15]. - Sugar: The price in Guangxi is 5990 CNY/ton, showing a week-on-week decrease of 1.32% [2][15]. - Rubber: The price remains stable at 1700 USD/ton, with a slight increase in domestic prices [2][15]. Investment Recommendations - Recommended stocks include: - Beef: Guangming Meat Industry [4]. - Pork: Muyuan Foods, Huatong Foods, and others [3][4]. - Pet Industry: Guibao Pet and others [3][4]. - Feed: Haida Group [3][4]. - Poultry: Lihua Stock and others [3][4].