猪价创近六年新低，行业亏损加深

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The agricultural sector has demonstrated its defensive attributes, with the agricultural index outperforming the market. The agricultural index (Shenwan) increased by 1.01%, ranking 6th among 31 primary industries [5][13] - The price of live pigs has reached a new low since 2019, with the average price at 10.09 CNY/kg as of March 13, 2026. The supply pressure is expected to remain high in the first half of 2026, leading to continued downward pressure on prices [6][17] - The white feather chicken industry faces restrictions on imports due to avian influenza outbreaks, but domestic supply remains sufficient for now [29][31] - Sugar prices have risen to 5453 CNY/ton, an increase of 93 CNY/ton from the previous week, while soybean prices have also increased by 3.2% to 5381 CNY/ton [34][35] Summary by Sections Market Review - The agricultural index has outperformed the market, with the Shanghai Composite Index down by 0.70% and the CSI 300 Index up by 0.19% during the same period [13][14] Livestock Industry Chain Tracking Swine: Prices Continue to Decline - The average price of live pigs has dropped to 10.09 CNY/kg, marking the lowest since January 2019. The supply remains high, leading to continued price pressure [6][17] - Losses in the swine sector have intensified, with self-bred pigs experiencing an average loss of 283 CNY per head, an increase of 45 CNY from the previous week [18][19] White Feather Chicken: Import Restrictions Reimposed - The average price of chicken seedlings is stable at 3.1 CNY per chick, while the price of live chickens has decreased to 3.52 CNY per jin [29][30] - The supply of breeding chickens remains adequate, but import restrictions due to avian influenza are a significant uncertainty [30][31] Planting Industry Chain Tracking - Sugar prices have increased to 5453 CNY/ton, with soybeans at 5381 CNY/ton, and corn prices have risen to 2375 CNY/ton [34][35]