农业行业周报：能繁正常保有量目标下调，去产能仍为当前主线

Investment Rating - The report suggests a focus on the pig farming sector, indicating that capacity reduction remains the main theme in the industry [4][6]. Core Viewpoints - The report highlights that the normal breeding stock target has been adjusted downwards from 41 million to 39 million, indicating an oversupply in the market and a continued low price trend for pigs [4][6]. - It emphasizes the importance of cost control and flexibility in production for companies like Juxing Agriculture and Huadong Co., as well as the low market capitalization of Muyuan Foods [4][6]. - The report also notes a significant drop in prices for various aquatic products, suggesting a potential consolidation towards leading companies in the industry [4][6]. Summary by Relevant Sections Pig Farming - The average price of pigs was reported at 13.9 CNY/kg, with a slight increase of 0.5% week-on-week. However, the price of piglets decreased by 8.0% to 554 CNY/head [4]. - The new guidelines from the Ministry of Agriculture indicate that the current breeding stock exceeds the normal level by 4.1%, leading to expectations of continued low price fluctuations [4][6]. Aquaculture - Most aquatic product prices have decreased, with grass carp averaging 5.7 CNY/jin, down 2.2% week-on-week. The report suggests that the industry may see further consolidation towards leading firms due to the current pressures [4][6]. Poultry - The average price of white feather broiler chicks fell by 17.1% to 3.3 CNY/chick, attributed to adverse weather and previous price surges. Future supply tightness is expected, leading to potential price increases [5][6]. Genetic Engineering - The report identifies investment opportunities in the genetically modified seed sector, driven by supportive policies and the commercialization of transgenic products [5][6]. Animal Health - The progress of African swine fever vaccine development is noted, with potential market expansion for piglets if successful [6].