Zhongyuan Securities·2026-03-31 08:32Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The report highlights a continuous decline in pig prices, while pet food exports are experiencing rapid growth [1]. - The industry is currently trading at a lower price-to-earnings (P/E) and price-to-book (P/B) ratio compared to historical averages, indicating potential for valuation recovery [6][9]. Summary by Sections Market Review - In March 2026, the agriculture, forestry, animal husbandry, and fishery index fell by 4.26%, outperforming the CSI 300 index, which declined by 4.42% [6][9]. - All sub-sectors experienced varying degrees of decline, with the pet food sector showing the largest drop [9]. Livestock Farming Data Tracking - Pig prices continued to decline in March 2026, with an average trading price of 9.62 CNY/kg, a week-on-week decrease of 4.37% [14]. - The average price for 7 kg piglets was 278.61 CNY/head, down 11.80% week-on-week [14]. - White feather chicken prices initially rose but then fell, with an average price of 3.51 CNY/jin, a decrease of 4.10% month-on-month [24]. Pet Food - Pet food exports saw significant growth, with February 2026 exports reaching 33,500 tons, a year-on-year increase of 60.85% [30]. - The export value in February 2026 was 120 million USD, reflecting a year-on-year increase of 53.53% [30]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulaike, Suqian Agricultural Development, Guibao Pet, Zhongchong Co., Petty, and Qiule Seed Industry, all rated as "Buy" [1].