农林牧渔行业报告（2026.1.9-2026.1.16）：猪价偏强震荡
China Post Securities·2026-01-20 02:27

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The agricultural sector continues to perform poorly, with the agricultural index down 3.26%, ranking 27th among 31 primary industries [4][14] - Pig prices are showing a slight upward trend, with an average price of 12.44 CNY/kg, up 1.92% from the previous week [5][20] - The supply of pigs is expected to decrease in the second half of 2026, potentially leading to a new upward cycle in pig prices [5][23] - The white feather chicken market is facing downward pressure, with chick prices dropping to 2.7 CNY/bird, down 1 CNY from before the hatching pause [7][33] - The planting sector shows mixed trends, with sugar prices slightly decreasing and cotton prices increasing [37] Summary by Sections Market Review - The agricultural sector continues to underperform, with the agricultural index down 3.27% this week [14] - The pig farming sector is leading the decline due to recent price fluctuations [17] Livestock Industry Chain Tracking Pigs - Prices are slightly recovering, with an average price of 12.44 CNY/kg, and piglet prices rising to 336 CNY/head, an increase of 31 CNY from last week [5][20] - The industry remains in a loss position, with expectations of continued losses as supply pressures persist [5][23] - The production capacity is expected to continue decreasing, with a potential new cycle beginning in the second half of 2026 [23][24] White Feather Chicken - Chick prices have decreased due to weak demand and an accumulation of breeding eggs during the hatching pause [7][33] - The overall supply remains high despite a decrease in the number of breeding stock updates due to avian influenza outbreaks [7][33] Planting Industry Chain Tracking - Sugar prices have slightly decreased to 5345 CNY/ton, while cotton prices have increased to 15978 CNY/ton [37] - Soybean prices have shown minor adjustments, with Brazilian soybeans at 3611 CNY/ton and U.S. soybeans at 4638 CNY/ton, both down by approximately 1% [37]