农林牧渔行业报告（2025.7.7-2025.7.13）：猪价窄幅震荡，6月产能增长放缓

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][40]. Core Insights - The agricultural, forestry, animal husbandry, and fishery industry index increased by 1.09%, ranking 22nd among 31 primary industries in the Shenwan index [5][13]. - The report highlights a slight rebound in the market, particularly in the fruit and vegetable processing and breeding sectors, while the aquaculture sector experienced a decline [5][16]. - The report indicates that pig prices are experiencing narrow fluctuations, with a national average price of 14.52 yuan/kg as of July 13, 2025, a decrease of 0.21 yuan/kg from the previous week [6][19]. - The report anticipates seasonal fluctuations in pig prices, with a potential short-term increase during the peak consumption months of July and August, but significant pressure expected in the fourth quarter due to increased supply [7][22]. Summary by Sections Market Review - The agricultural, forestry, animal husbandry, and fishery industry index rose by 1.09%, while the CSI 300 and Shanghai Composite Index increased by 0.82% and 1.09%, respectively [13]. - The report notes that the market is rebounding, with previously underperforming sectors seeing some recovery [14]. Livestock Industry Chain Tracking Pigs - The average weight of pigs at market was 129.03 kg, an increase of 0.39 kg from the previous week [6][19]. - The report indicates that self-breeding and self-raising operations are still profitable, with average profits of 134 yuan per head, an increase of 14 yuan from the previous week [20][22]. - The report highlights a cautious approach to increasing production among breeding enterprises due to clear policy guidance [21][22]. Broilers - The price of white feather broiler chicks was 1.40 yuan/chick, a slight rebound of 0.3 yuan/chick from the previous week, with an average loss of 1.2 yuan per chick [32]. - The report notes that the demand for broilers is weak, leading to significant losses in the industry [32]. Planting Industry Chain Tracking - Sugar prices decreased slightly, with white sugar priced at 6100 yuan/ton, down 10 yuan/ton [34]. - The price of corn was 2399 yuan/ton, a slight decrease of 3 yuan/ton [34].