农业周报：屠宰量降幅扩大，猪价上涨仍在途中

Investment Rating - The agriculture sector has a current investment rating of "Underperform" as it fell by 3.1% this week, ranking 28th among SW industries [48]. Core Insights - Hog prices are on the rise, with the average price reaching RMB 17.4/kg, up 7.9% week-on-week, while slaughtering volume in April has decreased significantly, indicating a tight supply and a solid foundation for future price increases [48]. - The aquatic feed industry is expected to benefit from rising fresh fish prices, with a focus on Haid Group as a key player [48]. - The commercialization of genetically modified organisms (GMO) is progressing, with significant opportunities for companies like Beijing Dabeinong Technology Group and Yuan Longping High-Tech [48]. - The pet food sector is showing strong performance, with recommendations to focus on companies such as Gambol Pet Group and Yantai China Pet Foods [48]. Summary by Relevant Sections Hog Breeding - The average hog price is RMB 17.4/kg, up 7.9% week-on-week, with piglet prices at RMB 745 each, up 5.7%, and sow prices at RMB 1592 each, up 1.1% [48]. - The slaughtering volume in April was 25.63 million, down 10.5% year-on-year, indicating a tight supply [48]. - The end of Q1 hog inventory was 410 million, down 5.2% year-on-year, suggesting a historical low supply level [48]. Aquatic Feed - Fresh fish prices are rising, with the average price for tilapia at RMB 5.7/kg, up 30% year-on-year, indicating a recovery in the aquatic feed industry [48]. - The aquatic feed sector is expected to benefit from improved supply-demand dynamics [48]. Broiler Chickens - The average price for white broiler chicks is RMB 3.0 each, down 1.5%, while live chicken prices are RMB 3.7 each, down 3.1% [48]. - The decline in breeding stock is expected to tighten chick supply, maintaining high prices [48]. Pet Food - The pet food sector is experiencing strong sales growth, particularly in overseas markets, with recommendations to focus on companies like Gambol Pet Group and Petpal Pet Nutrition Technology [48]. GMO and Seed Industry - The commercialization of GMO is advancing, with significant developments in the approval of GMO seeds, suggesting new opportunities for companies with technological advantages [48].