农林牧渔行业双周报（2026、1、2-2026、1、15）：生猪养殖盈利有所回升-20260116

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][46] Core Insights - The profitability of pig farming has shown signs of recovery, with self-breeding pig farming profits turning positive [30] - The industry has slightly underperformed compared to the CSI 300 index, with a decline of 0.72% from January 5 to January 15, 2026, lagging behind the index by approximately 3.34 percentage points [14] - The report highlights the potential for price recovery in pig farming due to seasonal demand, and emphasizes the importance of capacity reduction in the breeding sector [46][48] Industry Performance Overview - The SW agriculture, forestry, animal husbandry, and fishery industry index has a current PB ratio of approximately 2.63, indicating a slight decline in valuation and positioning at about 59.2% of the historical average since 2006 [21] - Among the sub-sectors, animal health, fishery, agricultural product processing, and planting recorded positive returns, with increases of 8.52%, 4.59%, 1.77%, and 0.45% respectively, while feed and breeding sectors saw declines of 0.99% and 2.34% [17][18] Key Industry Data - The average price of external three-breed pigs fluctuated from 12.86 CNY/kg to 12.48 CNY/kg and then rebounded to 12.76 CNY/kg between January 2 and January 15, 2026 [22] - As of January 15, 2026, the average price of corn was 2363.82 CNY/ton and soybean meal was 3184 CNY/ton, both showing a recent increase [27] - The profit for self-breeding pig farming reached 7.39 CNY/head, while the profit for purchased pig farming was 48.35 CNY/head, indicating a shift from loss to profit [30] Company Insights - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and Shengnong Development (002299), which are positioned well for potential growth in the sector [48][49] - The report notes that the domestic pet market has growth potential, with exports expected to maintain rapid growth, highlighting opportunities in leading domestic companies [48]