农林牧渔行业专题研究：水产养殖景气上行，重视水产链投资机会

Investment Rating - The report maintains an "Outperform" rating for the industry [6][20]. Core Insights - The aquaculture industry is entering a period of rising prosperity, with strong price performance across various aquatic products. Factors contributing to this include reduced stocking levels, lower supply pressures, and a recovery in demand [6][20]. - Key recommendations include focusing on investment opportunities within the aquaculture supply chain, particularly in companies like Haida Group and Yuehai Feed [6][20]. Summary by Sections 1. Aquaculture Industry Trends - The price of grass carp has rebounded, with an average price of 6.4 CNY/kg as of May 10, reflecting a 3% increase week-on-week and an 8% increase year-on-year. This is attributed to low stocking levels and a recovery in consumer demand [11][12]. - Carp prices are at a five-year high, with an average price of 7.2 CNY/kg, up 3.4% week-on-week and 33% year-on-year. Stocking levels in key regions are critically low, indicating potential for further price increases [2][11]. - Tilapia prices have reached a five-year high at 6 CNY/kg, with a 0.5% increase week-on-week and a 33% increase year-on-year, driven by low stocking levels and a general market shortage [3][13]. - The price of California bass has increased to 17 CNY/kg, up 7.9% week-on-week and 31% year-on-year, with expectations for continued price strength due to reduced stocking capacity [4][17]. 2. Investment Recommendations - The report emphasizes the importance of investing in the aquaculture supply chain, highlighting that current price trends are not solely seasonal but also reflect a long-term recovery from previous low periods [6][20]. - Haida Group is recommended as a key player due to its leading position in aquaculture feed, with expected sales growth and improved profit margins [20]. - Yuehai Feed is also highlighted for its strong product offerings in special aquatic feeds, with anticipated recovery in sales and profitability [20].