Shanxi Securities·2026-03-04 08:33Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group, "Buy-B" for Shengnong Development and Wens Foodstuff, and "Increase-A" for Guobao Pet and Zhongchong Shares [2]. Core Insights - The agricultural sector has shown a 4.01% increase in the recent week, outperforming the Shanghai and Shenzhen 300 index, which rose by 1.08%. The sector ranks 14th among all industries [3][15]. - The pig price has recently decreased, leading to losses in self-breeding pig farming. The average prices for external three yuan pigs in Sichuan, Guangdong, and Henan are 10.7, 11.51, and 10.93 yuan/kg, respectively, with declines of 5.73%, 3.76%, and 12.07% [4][21]. - The feed industry is experiencing a shift from product competition to value chain competition, with market share concentrating among leading companies with R&D advantages and scale [4]. Summary by Sections 1. Agricultural Sector Performance - The agricultural sector's performance for the week of February 24 to March 1 shows a 4.01% increase, with the top-performing sub-industries being other planting, seeds, fruit and vegetable processing, meat chicken farming, and food and feed additives [3][15]. 2. Pig Farming - The average pig price has decreased, resulting in a loss of 159.65 yuan per head for self-breeding farms, a decline of approximately 61.33 yuan per head. The average pork price is 17.54 yuan/kg, down 3.52% [4][21]. - The report suggests that the pig farming industry may face pressure in the first half of the year, but it also presents a good window for capacity reduction [5]. 3. Poultry Farming - The price of white feather chickens has decreased to 7.47 yuan/kg, with a slight increase in chicken chick prices to 2.87 yuan/chick, up 19.58%. The profit from raising meat chickens is 0.40 yuan/chick, an increase of 0.60 yuan [39]. 4. Feed Processing - The average price of fattening pig feed remains stable at 3.37 yuan/kg, while meat chicken and egg-laying chicken feed prices are 3.45 yuan/kg and 2.80 yuan/kg, respectively, showing no change [46]. 5. Aquaculture - The price of sea cucumbers is 110 yuan/kg, down 15.38%, and shrimp is priced at 300 yuan/kg, down 6.25%. Freshwater fish prices, such as bass and grass carp, have shown slight increases [51]. 6. Planting and Grain Processing - The prices of major grains are mixed, with corn at 2390.78 yuan/ton (up 0.78%), soybeans at 4072.11 yuan/ton (unchanged), and wheat at 2534.89 yuan/ton (up 0.16%) [61].