农林牧渔行业点评：行业引导破除“内卷式”竞争，优质低成本龙头或受益

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the need to break the "involutionary" competition in the agricultural sector, suggesting that high-quality, low-cost leading companies may benefit from this shift [3] - The report highlights the importance of technological innovation and the integration of agricultural resources to create a sustainable ecosystem that empowers farmers and drives continuous innovation [6][7] - The report anticipates that the pig farming market, valued at trillions, will see opportunities for technology-driven enterprises that can navigate the challenges of the industry [6] Summary by Sections Production Capacity - As of May, the national breeding sow inventory was 40.42 million heads, a year-on-year increase of 1.15% and a month-on-month increase of 0.1% [5] - The Ministry of Agriculture and Rural Affairs is focusing on stabilizing pig prices and controlling production capacity among leading enterprises [5] Market Performance - The price of live pigs reached a new high of 15.08 yuan/kg on July 1, attributed to a reduction in supply and the release of previous weight reduction pressures [7] - The white-feathered chicken market is experiencing a contradiction of "high capacity, weak consumption," but overall industry growth is expected to continue [8] Investment Recommendations - The report suggests that leading companies in the seed industry, particularly those with advanced research capabilities, are likely to see sustained performance growth [11] - The pet economy is highlighted as having strong consumer resilience and significant growth potential, with a favorable market structure [10] Industry Trends - The report notes that the agricultural industry is moving towards a model that emphasizes biotechnology, smart equipment, and low-carbon agriculture as key areas for future development [7] - The feed industry is characterized as a service-oriented sector with opportunities and risks, requiring companies to balance scale and flexibility [9]