农林牧渔行业双周报（2026、3、6-2026、3、19）：未来将以更大力度推进种业振兴-20260320

Investment Rating - The report maintains an "Overweight" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][45]. Core Insights - The SW agricultural, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 1.03% from March 6 to March 19, 2026, exceeding the index by approximately 2.42 percentage points [11]. - Over half of the sub-sectors recorded positive returns during the same period, with notable gains in the breeding, animal health, feed, and agricultural product processing sectors, while planting and fishery sectors experienced declines [12]. - The overall price-to-book (PB) ratio for the industry is approximately 2.68 times, reflecting a slight recovery in valuation, which remains at a historical low level, around the 60.4 percentile since 2006 [19]. Industry Important Data - Pig Farming: - The average price of external three-line pigs decreased from 10.48 CNY/kg to 10.26 CNY/kg during the reporting period [22]. - The breeding sow inventory reached 39.58 million heads by the end of January 2026, a slight decrease of 0.08% [22]. - The prices of corn and soybean meal have increased slightly, with corn priced at 2455.29 CNY/ton and soybean meal at 3396 CNY/ton as of March 19, 2026 [24]. - Profitability for self-bred pigs was reported at -283.15 CNY/head, while purchased piglets yielded a loss of -118.18 CNY/head [26]. - Poultry Farming: - The average price for meat chicken and egg chicken chicks rose to 2.92 CNY/chick and 3.5 CNY/chick, respectively [28]. - The average price for white feather meat chickens was 7.21 CNY/kg, with profitability at 0.11 CNY/chick, both showing a slight decline [32]. - Aquaculture: - The average wholesale price for crucian carp and carp was reported at 19.67 CNY/kg and 14.6 CNY/kg, respectively, both showing a slight decrease [36]. Industry Important News - The Ministry of Agriculture and Rural Affairs emphasized the need for greater efforts in promoting seed industry revitalization, aiming for technological self-reliance and control over seed sources, which is expected to benefit leading companies in the seed industry [39]. Company Important News - Notable companies to watch include: - Muyuan Foods (002714): A leading domestic pig farming company with cost and scale advantages [46]. - Wens Foodstuff Group (300498): A leader in both pig and yellow feather chicken farming with strong cost control [46]. - Haida Group (002311): A leading feed company expected to maintain steady market share growth [46]. - Reap Bio (300119): A leader in the animal health sector with a growing product matrix for pet health [46]. - Longping High-Tech (000998): A leading seed company with advanced transgenic reserves [46].