KAIYUAN SECURITIES·2025-07-27 11:15Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The agricultural sector's public fund heavy holdings increased in Q2 2025, benefiting from US-China tariff disturbances and policy catalysts, with total market capitalization rising to 13,208 billion yuan, up 6.80% quarter-on-quarter [13][12] - The investment logic for the pig industry is improving marginally, with expectations for a price increase in H2 2025 driven by both fundamental and policy factors [23][5] - The pet sector is experiencing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with the pet food market expected to exceed 60 billion yuan by 2025 [26][25] Summary by Sections Weekly Observation - The agricultural sector's public fund heavy holdings increased, with a total market capitalization of 13,208 billion yuan, representing 1.74% of the A-share market [13][12] - The pig price is expected to stabilize and rise due to ongoing capacity adjustments and supply pressures [4][16] Weekly Market Performance (July 21-25) - The agricultural index outperformed the market by 1.95 percentage points, with the agricultural index rising 3.62% [27][29] - Leading stocks included Shen Nong Group (+15.42%), Zhong Ji Health (+11.63%), and Bang Ji Technology (+11.41%) [32][27] Price Tracking (July 21-25) - The average price of live pigs was 14.15 yuan/kg, down 0.12% from the previous week, while the average price of piglets was 31.89 yuan/kg, also down 0.07% [35][38] - The price of soybean meal increased to 2,983 yuan/ton, up 1.86% week-on-week, driven by rising import costs [19][49] Key Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [5][23] - In the feed sector, recommended stocks include Haida Group and New Hope [5][23] - For the pet sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty Co. [25][26]