2025年第43周周报：全球进入禽流感高发季，持续关注海外引种情况-20251026

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Views - The poultry sector is experiencing a high season for avian influenza, with a focus on the need for overseas breeding imports, particularly for white chickens. The French Ministry of Agriculture has raised the risk level for highly pathogenic avian influenza from "medium" to "high" as of October 22, 2025. The total breeding stock update from January to September 2025 was 906,200 sets, a year-on-year decrease of 21.78% [12][13] - The yellow chicken segment is expected to see supply contraction, with demand being the core variable. As of September 21, 2025, the breeding stock was at 13.7 million sets, with a week-on-week decrease of 0.5% but a year-on-year increase of 5% [14] - The egg-laying chicken segment is seeing record profits for leading companies, with a significant reduction in domestic breeding imports due to avian influenza, leading to a tightening supply outlook [15] Summary by Sections Poultry Sector - Focus on white chicken fundamentals and changes in breeding imports. The ongoing avian influenza season necessitates attention to overseas breeding imports, particularly from France, which has seen a significant drop in breeding stock updates [12][13] - Yellow chicken supply may contract, with prices sensitive to demand changes. The average price for yellow chickens is expected to improve in the second half of the year compared to the first half [14] - Leading egg-laying companies are achieving historical profit highs, with a focus on companies like Xiaoming Co. due to their market share and bargaining power [15] Swine Sector - The swine industry continues to face losses, with a slight rebound in pig prices and stabilization in piglet prices. The average price of pigs was 11.95 yuan/kg, up 5.7% from the previous week [16][17] - There is a focus on the potential for capacity reduction in the swine sector, with leading companies like Muyuan Foods and Wen's Group being highlighted for their profitability [17] Cattle Sector - The dairy and beef cattle industries are undergoing significant capacity reduction, with a notable 8% decrease in dairy cow stock. The price for beef cattle is expected to see a turning point, with companies that utilize a "dairy-meat linkage" model being particularly well-positioned [18] Pet Sector - The domestic pet brand market is rapidly growing, with a focus on companies like Guibao Pet and Zhongchong Co. The export of pet food is also on the rise, with a year-on-year increase of 7.56% in volume [19][20][21] Seed Industry - The seed industry is poised for a turnaround, with a focus on biotechnology and genetically modified crops. Leading companies in the seed sector are expected to enhance their competitive edge [22] Feed and Animal Health Sectors - The feed sector is recommended for companies like Haida Group, which is expected to benefit from market share gains. The animal health sector is also highlighted for its potential to break through homogenized competition with innovative products [23][24]