农产品研究跟踪系列报告（187）：行业产能维持去化，看好肉奶周期共振反转

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][4]. Core Views - The livestock industry is expected to experience a cyclical rebound, with both meat and milk sectors showing signs of recovery [3]. - The pig farming sector is anticipated to benefit from capacity adjustments, leading to improved cash flow for leading enterprises [3]. - Poultry supply is expected to stabilize, with leading companies likely to achieve higher cash flow returns as demand recovers [3]. - The feed industry is set to deepen industrialization, with leading companies gaining competitive advantages through technology and service [3]. - The pet industry is identified as a growth sector benefiting from demographic trends [3]. Summary by Sections Livestock - Beef prices are on an upward trend, with the average price for fattened bulls at 25.40 CNY/kg, up 0.79% week-on-week and 7.17% year-on-year [2]. - The average price of raw milk is stable at 3.02 CNY/kg, with expectations for a price turning point next year [2]. Swine - The average price of live pigs is 11.57 CNY/kg, reflecting a week-on-week increase of 2.03% [1]. - The price of 7kg piglets is approximately 218.57 CNY/head, down 0.43% week-on-week [1]. Poultry - The price of broilers is 7.28 CNY/kg, up 0.55% week-on-week, indicating a slight increase in supply [1]. - The price of eggs in major production areas is 3.07 CNY/jin, down 0.65% week-on-week and 5.98% year-on-year, indicating significant supply pressure [1]. Feed - Domestic soybean prices are stable at 4015 CNY/ton, with soybean meal prices at 3118 CNY/ton, down 0.51% week-on-week [2]. - The corn price is 2301 CNY/ton, down 0.52% week-on-week but up 9.05% year-on-year, indicating a tightening supply-demand balance [2]. Key Companies - Recommended livestock companies include YouRan Agriculture and Modern Farming, with investment ratings of "Outperform" [4]. - Recommended pig farming companies include HuaTong Co., DeKang Agriculture, and MuYuan Co. [3]. - Recommended poultry companies include LiHua Co. and YiSheng Co. [3].