CAITONG SECURITIES·2025-09-29 13:13Core Insights - The report maintains a positive outlook on the pig farming industry, recommending continued investment in pig farming despite recent price declines due to supply pressures [1][7][21] - The report highlights a significant drop in pig prices, with the average price for market pigs at 12.67 yuan/kg, down 3.65% week-on-week [7][32][33] - The report indicates ongoing losses in pig farming, with self-breeding and purchased pig farming yielding losses of 74.11 yuan/head and 236.57 yuan/head respectively [7][37] Industry Overview - The agricultural sector index has decreased by 1.97% week-on-week, while the Shanghai and Shenzhen 300 index increased by 1.07% [11] - Since January 2, 2025, the agricultural sector has seen a total increase of 16.95%, compared to a 15.63% increase in the Shanghai and Shenzhen 300 index [12][11] - The report notes that the pig farming sector is currently in a downward cycle, with supply pressures gradually being released [21] Pig Farming Data Tracking - The number of breeding sows has slightly decreased by 0.80% month-on-month in August, indicating a potential reduction in future supply [22][7] - The average weight of market pigs at the time of sale is reported at 128.55 kg [22][8] - The report emphasizes that the current breeding and purchasing sentiment is declining due to stricter environmental regulations and market conditions [17][21] Poultry Farming Data Tracking - The average price for white feathered chickens is reported at 6.90 yuan/kg, with a slight increase of 0.29% week-on-week [38][41] - The report notes that the poultry industry is facing uncertainties due to ongoing outbreaks of avian influenza in overseas markets [38][39] Animal Health Data Tracking - The demand for animal health products is expected to rebound, with significant growth in vaccine approvals and product launches [46] - The report highlights that the industry is seeing a recovery in sales, with some vaccines showing substantial year-on-year growth [46] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn have shown slight increases, indicating a potential upward trend in agricultural input costs [50] - The report emphasizes the importance of food security and the need for advancements in agricultural biotechnology [50] Pet Industry Data Tracking - Pet food exports have decreased by 15.5% year-on-year, with a total export value of 834 million yuan in August 2025 [55][56] - Domestic sales of pet food continue to grow, with significant increases reported on e-commerce platforms [57] - The report suggests that companies with strong domestic sales and innovative product offerings are likely to gain market share [59]