农林牧渔行业报告（2026.2.24-2026.2.28）：猪价创新低

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The agricultural sector has shown a significant increase, with the agricultural index rising by 4.01% in the first week after the Spring Festival, ranking 14th among 31 primary industries [4][12] - The pig price has reached a new low, with the average price at 10.76 CNY/kg as of February 28, 2026, down 0.8 CNY/kg from before the festival, marking the lowest level since 2019 [5][16] - The white feather chicken price has seen a slight increase in chick prices, averaging 3.1 CNY/chick, while the price of broiler chickens has slightly decreased to 3.62 CNY/kg [6][28] - The planting sector has experienced price fluctuations, with sugar prices slightly increasing to 5313 CNY/ton, while soybean prices surged by 19.1% to 5192 CNY/ton [33] Summary by Sections Market Review - The agricultural sector index has increased significantly, with all sub-sectors except aquaculture showing growth [12][13] - The pig farming sector continues to face challenges, with prices under pressure due to increased supply and decreased consumer demand [5][16] Livestock Industry Chain Tracking - Pigs: Prices have dropped to a record low, with ongoing supply pressures expected to continue into the first half of 2026, leading to potential further price declines [5][20] - Profitability: The pig farming sector is experiencing losses, with self-bred pigs showing an average loss of 160 CNY per head [17] - White Feather Chicken: The supply of breeding chickens remains adequate, with potential uncertainties arising from overseas imports [6][28] Planting Industry Chain Tracking - Sugar: Prices have increased slightly, reflecting market dynamics [33] - Soybeans: A significant price increase of 19.1% has been noted, indicating strong demand or supply constraints [33] - Cotton and Corn: Both commodities have seen price increases, with cotton at 16700 CNY/ton and corn at 2330 CNY/ton [33]