东方证券农林牧渔行业周报：宰后均重新低，去库存尾声-20251220

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry, indicating a favorable outlook for future performance [5]. Core Insights - The report highlights the acceleration of capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in this segment [3]. - The report identifies several investment opportunities across different segments, including pig farming, animal health, crop planting, and the pet food industry, suggesting specific stocks for potential investment [3]. Summary by Sections Investment Recommendations - The report recommends a positive outlook for the pig farming sector, with specific stocks such as Muyuan Foods (牧原股份, 002714) and Wens Foodstuff Group (温氏股份, 300498) being highlighted for investment [3]. - It notes a structural growth trend in the post-cycle sector, with potential profit transmission to downstream segments if the current capacity reduction in pig farming proceeds smoothly, recommending stocks like Haida Group (海大集团, 002311) [3]. - In the planting chain, the report indicates a confirmed upward trend in grain prices, presenting significant investment opportunities in large-scale planting, with stocks like Suqian Agricultural Development (苏垦农发, 601952) suggested [3]. - The pet food sector is noted for its growth potential, with increasing recognition of domestic brands and ongoing price increases, recommending stocks such as Guibao Pet (乖宝宠物, 301498) [3]. Industry Fundamentals - The report discusses the pig market, noting that as of December 19, the average price of live pigs was 11.58 yuan/kg, reflecting a week-on-week increase of 0.87% [12]. - It highlights the ongoing supply pressure in the pig market due to increased slaughtering activity and the impact of diseases on farmers' willingness to sell [12]. - The white feather broiler market is also discussed, with prices for broilers rising to 7.35 yuan/kg, while chick prices have slightly decreased [16]. - The report mentions the feed sector, indicating a slight decline in prices for corn, soybean meal, and wheat, with corn prices averaging 2348.63 yuan/ton [26]. Market Performance - The agriculture sector outperformed the broader market indices, with the agricultural index rising by 0.87% during the week of December 15-19, 2025 [43]. - Specific stocks within the agriculture sector showed significant price movements, with the top gainers including Wancheng Group (+8.49%) and Tiankang Biological (+6.63%) [45].