Zhongyuan Securities·2026-03-31 08:24Investment 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 price-to-earnings (PE) ratio below historical averages, indicating potential for valuation recovery [6] Summary by Sections Market Review - In March 2026, the agriculture, forestry, animal husbandry, and fishery index fell by 4.26%, outperforming the Shanghai and Shenzhen 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 yuan/kg, a week-on-week decrease of 4.37% [14] - The average price for 7 kg piglets was 278.61 yuan/head, down 11.80% week-on-week [14] - White feather chicken prices initially rose before falling, with an average price of 3.51 yuan/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, up 53.53% year-on-year [30] Major Agricultural Product Price Tracking - In March 2026, corn and wheat prices showed an upward trend, while soybean meal prices increased as well [34][39] Industry Dynamics and Company News - The report tracks key industry events, including a meeting organized by the National Development and Reform Commission to discuss market regulation in response to falling pig prices [43] - Several companies in the sector have announced various guarantees and financing activities, indicating ongoing corporate actions within the industry [45][46]