光大证券农林牧渔行业周报：“618”战报出炉，宠物消费同比高增-20250622

Investment Rating - The industry is rated as "Buy" [5] Core Views - The pet economy continues to show high growth, with over 400 pet brands achieving sales growth of over 100% during the "618" shopping festival. The number of pet transaction users increased by 32%, and new pet owners grew by 39% [1] - The pig price has risen, with the average price for live pigs at 14.22 yuan/kg, a week-on-week increase of 1.43%. The average price for piglets is 31.85 yuan/kg, down 3.16% week-on-week [2][24] - The prices of corn, soybean meal, and wheat have increased, with corn averaging 2417.06 yuan/ton (up 0.47%), soybean meal at 3015.14 yuan/ton (up 1.59%), and wheat at 2441.67 yuan/ton (up 0.46%) [3][47] Summary by Sections Pet Industry - The pet food sector is experiencing growth and price increases, with domestic brands gaining recognition and leading companies continuing to grow. Recommended companies include Guibao Pet, Zhongchong Co., and Petty Co. [4][74] Pig Farming Sector - The pig farming sector is entering a destocking phase, with the industry capacity cycle having bottomed out. The recent policy-driven destocking is expected to realign the supply-demand relationship, leading to a long-term profit uptrend post-destocking. Recommended companies include Juxing Agriculture, Shennong Group, Muyuan Foods, and Wens Foodstuffs [4][70] Feed and Planting Chain - The planting chain is showing positive fundamentals with an upward trend in grain prices. Recommended companies include Suqian Agricultural Development, Beidahuang, Hainan Rubber, Qiule Seed Industry, Longping High-Tech, and Denghai Seed Industry [4][70] Poultry Sector - The white feather broiler price is 7.12 yuan/kg, down 2.06% week-on-week, while chick prices have dropped significantly due to weak demand and high temperatures affecting restocking [34][34]