KAIYUAN SECURITIES·2026-02-01 05:45Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that the pig price is expected to face downward pressure after the Spring Festival due to limited inventory reduction and increased supply pressure [10][11] - The agricultural sector outperformed the market by 2.26 percentage points during the week of January 26 to January 30, 2026, with the agricultural index rising by 1.82% [5][16] - The report indicates that the demand for pork remains weak despite seasonal support, with the average price of live pigs at 12.24 yuan/kg, down 0.68 yuan/kg week-on-week [10][11] Summary by Sections Weekly Observation - The report notes a shift from withholding to active selling in pig breeding, but inventory reduction remains limited, leading to increased risk of price decline after the holiday [10][11] - The average weight of pigs sold has slightly decreased to 127.86 kg, indicating potential supply pressure on prices [10][11] Market Performance - The agricultural sector outperformed the broader market, with the Shanghai Composite Index down 0.44% while the agricultural index increased by 1.82% [5][16] - Notable stock performances include Nongfa Seed Industry (+30.24%), Shennong Technology (+26.06%), and Dunhuang Seed Industry (+16.13%) [5][21] Key News - The Ministry of Agriculture and Rural Affairs has initiated a nationwide inspection of the spring crop seed market, focusing on key crops such as corn, soybeans, and rice [4][24] - The Ministry of Finance has allocated 176.6 billion yuan for high-standard farmland construction in 2025, a 53% increase year-on-year [4][24] Price Tracking - As of January 30, 2026, the average price of live pigs was 12.30 yuan/kg, down 5.17% from the previous week, while the price of piglets rose to 25.04 yuan/kg, up 6.37% [26][30] - The average price of white feather chickens increased to 7.74 yuan/kg, up 3.20% week-on-week [32][30] - The average price of beef was reported at 66.03 yuan/kg, reflecting a 0.56% increase [39][30]