Orient Securities·2025-10-19 11:19Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Views - The report highlights a significant reduction in pig production, with a focus on the long-term performance improvement in the pig farming sector due to recent policies and market dynamics [3][7] - The report identifies various investment opportunities across different segments of the agriculture industry, including pig farming, feed, planting, and pet food sectors [3][54] Summary by Sections Pig Farming - The report indicates a confirmed trend of capacity reduction in the pig farming industry, driven by weak prices and policy support [7] - In September, 13 listed pig companies collectively reported a pig output of 13.7586 million heads, a month-on-month decrease of 8.65% but a year-on-year increase of 18.31% [11] - The average selling price of pigs has dropped significantly, with most companies reporting a price decline of around 30% year-on-year [12][13] Feed Sector - The report notes that raw material prices for feed are stabilizing at the bottom, with fluctuations in prices for corn, wheat, and soybean meal [40] - As of October 17, corn prices averaged 2263.14 yuan/ton, down 1.78%, while wheat prices increased slightly to 2451.94 yuan/ton [40] Planting Chain - The report emphasizes a positive outlook for the planting and seed industry, with a confirmed upward trend in grain prices [3][54] Pet Food Sector - The pet food industry is experiencing growth, with increasing recognition of domestic brands and a favorable market environment [3][54]