农林牧渔行业报告（2025.9.30-2025.10.12）：节后猪价宽幅下跌

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The agricultural sector has shown resilience, with the agricultural index rising by 1.03% recently, ranking 12th among 31 primary industries [5][13] - The pig price has entered a downward trend, reaching a national average of 10.97 yuan/kg, the lowest in recent years, leading to significant industry losses [6][17] - Policies aimed at controlling production capacity and reducing weights in the pig industry are expected to positively impact prices in the second half of next year [7][19] - The white feather chicken sector faces challenges with high chick prices and low meat prices, resulting in losses for farmers [8][28] - The sugar market continues to decline, with prices dropping to 5835 yuan/ton, while soybean prices show slight fluctuations [32][34] Summary by Sections Market Review - The market has experienced significant fluctuations post-holiday, with the agricultural sector outperforming the broader market [5][13] Livestock Industry Tracking - Pigs: Prices have sharply declined, with a significant increase in supply post-holiday and a drop in demand from slaughterhouses [6][17] - White Feather Chicken: Chick prices remain high at 3.5 yuan/chick, while meat prices are low at 3.37 yuan/jin, leading to losses for farmers [8][28] Planting Industry Tracking - Sugar: Prices have decreased by 10 yuan/ton recently [32] - Soybeans: Prices have shown minor fluctuations, with Brazilian soybeans at 3900 yuan/ton and American soybeans at 4385 yuan/ton [32][34] - Corn: The average price has dropped to 2247 yuan/ton, a decrease of 81 yuan/ton [32][34]