农林牧渔行业报告（2025.12.05-2025.12.12）：猪价低位窄幅震荡

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][35] Core Viewpoints - The agricultural sector experienced a slight decline, with the agricultural index down by 0.08%, ranking 10th among 31 primary industries [4][12] - The pig price is fluctuating at a low level, with expectations of continued capacity reduction due to oversupply [5][15] - The white feather chicken market shows stable chick prices and a slight increase in meat chicken prices, supported by holiday stocking [6][28] Summary by Sections 1. Market Review - The agricultural sector saw a minor decline, with the agricultural index down 0.08% [12] - The animal health and pig farming sectors led the gains due to ongoing low pig prices [13] 2. Livestock Industry Chain Tracking 2.1 Pigs - Pig prices are fluctuating around 11 CNY/kg, showing a trend of bottoming out [5][15] - Supply exceeds demand, with expectations of continued increases in pig output due to prior increases in piglet supply [15][18] - The industry is currently experiencing overall losses, with expectations that pig prices have not yet reached their lowest point [18] 2.2 White Feather Chicken - As of December 12, chick prices are stable at 3.7 CNY/chick, with an average profit of approximately 0.8 CNY per chick [6][28] - Meat chicken prices have increased by 1.39% to 3.65 CNY/jin, supported by holiday demand [6][28] 3. Planting Industry Chain Tracking - Sugar prices continue to decline, with an average price of 5393 CNY/ton as of December 12, down 56 CNY from the previous week [30] - Soybean prices have decreased, with Brazilian soybeans at 3762 CNY/ton and U.S. soybeans at 4329 CNY/ton, both down 2.1% [30] - Corn prices are rising, with an average price of 2299 CNY/ton, up 19 CNY from the previous week [30]