7月猪企出栏缩量，降重持续

Investment Rating - The industry rating is "Outperform the Market" [4][86] Core Views - In July, pig farming companies experienced a decrease in the number of pigs slaughtered, with a reduction in average weight continuing. The total number of pigs slaughtered by 18 companies was 15.96 million heads, a month-on-month decrease of 5.39% but a year-on-year increase of 24.48% [13][18] - The average price of pigs has shown a slight rebound, with the national average price on August 15 being 13.73 yuan/kg, an increase of 0.06 yuan/kg week-on-week. The average weight of pigs slaughtered also saw a slight increase [21][29] - The poultry sector is experiencing mixed trends, with broiler prices stabilizing after a previous increase, while chick prices remain high. The average price of white feather broilers was 7.20 yuan/kg on August 15, up 0.06 yuan/kg week-on-week [48][51] - The demand for eggs is expected to grow seasonally, with the average price of eggs at 6.40 yuan/kg from August 11 to August 14, reflecting a week-on-week increase of 0.17 yuan/kg [51] Summary by Sections Pig Farming - July saw a decrease in the number of pigs slaughtered, with a total of 15.96 million heads, a month-on-month decrease of 5.39% and a year-on-year increase of 24.48% [13][18] - The average weight of pigs slaughtered in July was 128.59 kg, with a slight month-on-month decrease of 0.01 kg [18][21] - The average selling price of pigs increased to 14.65 yuan/kg in July, a month-on-month increase of 1.90% [18][21] - The industry is under pressure from supply increases, with expectations of a 5.26% to 7.01% increase in slaughter numbers in August [43] Poultry Sector - Broiler prices have stabilized after previous increases, with the average price at 7.20 yuan/kg on August 15, reflecting a week-on-week increase of 0.06 yuan/kg [48][51] - Chick prices remain high, with the average price at 3.58 yuan per chick, up 0.45 yuan week-on-week [48] - The demand for eggs is expected to rise seasonally, with the average price at 6.40 yuan/kg, a week-on-week increase of 0.17 yuan/kg [51] Agricultural Products - Soybean meal prices have increased, with the DCE soybean meal contract closing at 3137 yuan/ton on August 15, a week-on-week increase of 43 yuan/ton [64] - The current market conditions are influenced by USDA reports and trade policies affecting supply and demand dynamics [64]