Zhongyuan Securities·2025-09-26 06:50Investment Rating - The report maintains an investment rating of "Outperform" for the agricultural, forestry, animal husbandry, and fishery industry [1]. Core Insights - The agricultural, forestry, animal husbandry, and fishery industry outperformed the benchmark index in August 2025, with a rise of 11.6% compared to a 10.3% increase in the CSI 300 index, resulting in a 1.3 percentage point outperformance [8][11]. - The report highlights a mixed performance in livestock prices, with pig prices declining while chicken prices showed signs of recovery [8][27]. - The report suggests that the industry is currently undervalued, with both price-to-earnings (PE) and price-to-book (PB) ratios below historical averages, indicating potential for valuation recovery [8]. Summary by Sections Market Review - In August 2025, the agricultural, forestry, animal husbandry, and fishery index rose by 11.6%, ranking 9th among 30 sectors [8][11]. - The planting sector saw the highest gains, while the aquaculture processing sector experienced the largest declines [8]. Livestock Industry Data Tracking - Pig Farming: The average price of pigs in August 2025 was 13.77 yuan/kg, down 5.36% month-on-month and 32.27% year-on-year. The market faced oversupply, leading to price declines [17][24]. - Chicken Farming: The average price of white feathered chickens was 3.56 yuan/jin, reflecting a month-on-month increase of 10.56% but a year-on-year decrease of 4.30% [27][29]. Pet Food - Pet food exports in August 2025 reached 29,500 tons, a year-on-year increase of 3.53%. However, the export value in USD decreased by 15.86% [32][34]. Major Agricultural Product Price Tracking - The report includes tracking of corn, wheat, soybean meal, and rapeseed meal prices, indicating fluctuations in the market [36][37]. Industry Dynamics and Company News - The report tracks significant events in the industry, including changes in grain import volumes and agricultural production forecasts [43]. - It also highlights key announcements from listed companies in the sector, including profit distribution plans and stock buybacks [45][48].