Investment Rating - The report assigns an "Accumulate" rating for the agricultural sector [6] Core Insights - The report highlights a continued optimistic outlook for agricultural products due to ongoing international conflicts, which are expected to drive prices upward [3] - The domestic pet market is experiencing rapid growth, with companies like Zhongchong Co. and Guai Bao Pet at low valuation levels, presenting investment opportunities [4] - The livestock sector is facing challenges with high weights and low prices, particularly in the pig market, where prices are expected to remain depressed [5] Summary by Sections Planting Sector - The report maintains a positive outlook for agricultural prices, particularly for major crops like soybeans, corn, and wheat, with current prices at 4,277 CNY/ton for soybeans, 2,453 CNY/ton for corn, and 2,588 CNY/ton for wheat [3] - The ongoing conflict in the Middle East is expected to increase demand for vegetable oil raw materials due to rising energy prices [3] - Recommended companies include Kangnong Seed Industry, which leads in corn seed variety iteration, and Nopson, which is expected to benefit from blueberry sales growth [3] Livestock Sector - The average weight of pigs at market is currently 128.71 kg, with prices continuing to decline, leading to a negative outlook for the sector [5] - The report suggests that rising feed costs due to higher corn prices will further pressure the livestock industry [5] - Recommended stocks in this sector include Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe [5] Pet Sector - The domestic pet market is growing rapidly, with major pet exhibitions in cities like Beijing and Shenzhen showcasing the industry's vitality [4] - Companies with overseas production capacity and increasing orders are expected to perform well despite currency fluctuations [4] - Key investment opportunities highlighted include Guai Bao Pet and Zhongchong Co., both of which are at low valuation levels [4] Key Company Profit Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations to accumulate shares in companies like Muyuan Foods (PE 9.40), Wens Foodstuff Group (PE 13.11), and Kangnong Seed Industry (PE 11.05) [36]

Investment Rating - The report maintains a "Positive" investment rating for the agricultural sector [11] Core Insights - Recent declines in pig prices, with the lowest recorded at 10.2 CNY/kg in mid-March, have led to over five months of industry losses. This situation is expected to accelerate the elimination of breeding sows, initiating a market-driven capacity reduction in pig farming [2][6] - The competitive landscape in the pig farming industry is anticipated to improve, favoring companies with cost advantages and strong cash flow, which are expected to enjoy prolonged profit cycles. Recommended companies include Wens Foodstuffs Group, DeKang Agriculture, and Shennong Group [2][7] - Geopolitical issues are driving up planting costs in major agricultural regions, which may lead to rising prices for major agricultural commodities such as soybeans, corn, and wheat. Recent increases in soybean meal prices indicate a significant uptick in market conditions [6][9] Summary by Sections Pig Farming - As of March 13, 2026, the average price of pigs is 10.28 CNY/kg, down 31% year-on-year and 1% month-on-month. The price of weaned piglets has also decreased, with 7 kg piglets priced at 326 CNY/head, a 32% year-on-year drop [19] - The industry has faced over five months of losses, with cash flow pressures becoming increasingly evident. The current oversupply of pigs and the seasonal decline in consumption are likely to keep prices at the bottom for March and April [7][19] - The report emphasizes that high-cost farming entities will be the first to exit the market, highlighting the core competitiveness of low-cost farming enterprises [2][7] Beef Farming - Beef prices have been on the rise since 2026, with the price of fattened bulls at 25.79 CNY/kg, up 8% year-on-year. The price of calves has surged by 40% year-on-year, indicating a robust market [8][35] - The report suggests that the current cycle of beef farming may last over two years due to tightening global beef supply and the implementation of import quotas by the end of 2025 [8][42] Other Agricultural Products - As of March 13, 2026, corn prices are at 2329 CNY/ton, up 6% year-on-year, while soybean meal prices are at 3474 CNY/ton, showing a 10% month-on-month increase. Wheat prices have also risen by 6% year-on-year [65] - Geopolitical tensions are expected to continue influencing agricultural prices, with potential disruptions in trade routes affecting supply chains [6][9]

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - The report highlights opportunities in the agricultural sector due to rising agricultural product prices, particularly in planting and pet sectors, while the pig farming sector is facing challenges due to low prices [2][3][5] Summary by Sections Planting Sector - The report is optimistic about the improvement in planting sector conditions, with corn prices reaching 2418 CNY/ton, a weekly increase of 1.5%, and wheat prices at 2542 CNY/ton, up 0.3% week-on-week. The report anticipates that the favorable grain price environment will benefit planting companies through 2026. It continues to recommend leading corn seed company Kangnong Seed Industry [3][4]. Breeding Sector - The pig farming sector is currently experiencing low prices, with the national average price at a historically low level. The report expects a continued weak demand post-holiday and an oversupply situation, leading to an accelerated reduction in breeding capacity in March. Data shows a limited decline in breeding sows, with a slight increase of 0.39% month-on-month in February [4][12]. Pet Sector - The report notes that exchange rate factors may impact short-term export performance, but domestic market growth remains promising. The pet market is expected to benefit from upcoming large pet exhibitions in cities like Beijing and Shenzhen. Key indicators for evaluating pet companies include revenue growth and gross margin levels [5][30]. Investment Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and Shennong Group. For the post-cycle sector, recommended stocks include Keqian Biology and Haida Group. In the agricultural product supply chain, recommended stocks are Morning Light Bio, Noposion, and Kangnong Seed Industry. In the pet sector, recommended stocks include Guibao Pet and Zhongchong Co. [5][30][31].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Due to the improvement in the export sales of US soybeans, a slight downward adjustment in Brazil's soybean production, and the impact of geopolitical crises, the recent price of CBOT US soybeans has strengthened, driving up the valuation of protein meal. However, the current domestic soybean inventory is relatively high year-on-year, and there is an expectation of a large amount of US soybean purchases in the far - term, which restricts the short - term upward space. It is recommended to wait for a pullback before attempting to buy [10]. 3. Summary According to Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Industry Information** - AgRural and StoneX have both slightly lowered their forecasts for Brazil's 2025/26 soybean production, with AgRural's estimate at 178 million tons (down 3 million tons from the previous forecast) and StoneX's at 177.8 million tons (down 3.8 million tons) [10]. - From February 19th to 26th, the US exported 380,000 tons of soybeans, with a cumulative export of 36.03 million tons in the current year, a year - on - year decrease of 7.86 million tons. The exports to China during the same period were 150,000 tons, and the cumulative exports to China in the current year were 10.82 million tons, a year - on - year decrease of 10.13 million tons [10]. - As of February 27th, Brazil's 2025/26 soybean harvest progress reached 39.66% of the total planting area, 2.38 percentage points higher than the same period last year [10]. - As of the week of February 27th, the arrival of domestic sample soybeans in 2026 was 12.54 million tons, a year - on - year increase of 1.36 million tons, and the port inventory of sample soybeans was 6.3 million tons, a year - on - year increase of 1.7 million tons [10]. - In January, the forecast for the global soybean production in 2025/26 was 425.67 million tons, an increase of 3.13 million tons compared to the December forecast and a decrease of 1.48 million tons compared to the previous year. The stock - to - consumption ratio was 29.4%, an increase of 0.39 percentage points compared to December and a decrease of 0.44 percentage points compared to the previous year [10]. - **Fundamental Assessment** - The multi - empty scores of factors such as the 5 - 7 spread of US soybeans, soybean import crushing profit, rapeseed import cost, and others are evaluated. It is recommended to wait for a pullback before attempting to buy [11]. - **Trading Strategy Suggestion** - Both unilateral and arbitrage strategies suggest waiting and seeing [12]. 3.2 Futures and Spot Market - **Spot Price** - The report presents the spot price trends of soybean meal in Dongguan, Guangdong and rapeseed meal in Huangpu, Guangdong through charts [21][22]. - **Basis of the Main Contract** - The basis trends of the May contracts of soybean meal and rapeseed meal are shown in the charts [24][25]. - **Inter - monthly Spread** - The 5 - 9 spreads of soybean meal and rapeseed meal are presented in the charts [27][28]. - **Soybean Meal - Rapeseed Meal Spread** - The spreads between the May and September contracts of soybean meal and rapeseed meal are shown in the charts [30][31] 3.3 Supply Side - **US Soybean Planting Progress** - The planting progress, emergence rate, leaf - falling rate, and good - quality rate of US soybeans are presented through charts [36][37][39][40]. - **Weather Conditions** - The precipitation observations of soybeans in Brazil, the US, and Argentina compared with the same period of the year are shown, along with the weather conditions summary of soybean - producing areas [42][43][45][47]. - **US Soybean Export Progress** - The current and next - year market - year cumulative signing volumes, exports to China, and China's monthly imports of soybeans and rapeseeds are presented through charts [53][54][56][57][59][60]. - **China's Oil Mill Crushing Situation** - The crushing volumes of soybeans and rapeseeds in major oil mills are presented through charts [62][63]. - **Brazil's Soybean Export Situation** - Brazil's monthly export volume of soybeans and exports to China, as well as the weekly and cumulative shipments to China of soybeans from Brazil and Argentina, are presented through charts [65][66][68][69][71][72] 3.4 Profit and Inventory - **Oilseed Inventory** - The port inventory of soybeans and the inventory of rapeseeds in major oil mills are presented through charts [76][77]. - **Protein Meal Inventory** - The inventories of soybean meal and rapeseed meal in coastal major oil mills are presented through charts [79][80]. - **Protein Meal Pressing Profit** - The pressing profits of imported soybeans in Guangdong and imported rapeseeds in coastal areas are presented through charts [82][83] 3.5 Demand Side - **Protein Meal Consumption** - The cumulative transactions and apparent consumption of soybean meal in major oil mills are presented through charts [86]. - **Breeding Profit** - The per - head profit of self - breeding and self - raising pigs and the breeding profit of white - feather broilers are presented through charts [88][89]

Core Insights - The average wholesale price of pork in China's agricultural markets has increased to 18.46 yuan per kilogram, reflecting a 2.2% rise compared to the previous Friday [1] - Beef prices have risen to 65.67 yuan per kilogram, marking a 0.7% increase from the last week [1] - The price of mutton is now at 63.55 yuan per kilogram, with a slight increase of 0.2% [1] - Egg prices have seen a significant rise to 8.13 yuan per kilogram, up by 4.2% [1] - The price of whole chickens has increased to 17.63 yuan per kilogram, showing a 0.4% rise [1]

Core Viewpoint - The price of tomatoes has significantly increased, leading to a situation where the cost of tomatoes in a traditional dish, tomato scrambled eggs, now exceeds that of eggs, sparking discussions among consumers [1]. Price Trends - The price of tomatoes in Nanjing has risen to between 9-15 yuan per kilogram, while the price of eggs remains low, with 30 eggs priced at only 19.9 yuan [8]. - For a typical serving of tomato scrambled eggs, the cost of 1.5 kilograms of tomatoes is approximately 15 yuan, compared to only 2 yuan for four eggs, indicating that tomatoes have become a more expensive ingredient [5]. Broader Vegetable Price Increase - The rise in tomato prices is part of a broader trend, with the average wholesale price of 28 types of vegetables in November reaching 5.72 yuan per kilogram, reflecting an 11.3% month-on-month increase and a 12.4% year-on-year increase [9]. - Factors contributing to this price surge include adverse weather conditions, such as three cold waves in northern production areas, which have reduced the supply of vegetables [9]. Market Outlook - As local tomatoes are expected to gradually enter the market, there is an anticipation that tomato prices may decrease in the future [9].

Core Viewpoint - The price of tomatoes has significantly increased recently, with retail prices rising from 1-2 yuan per jin at the beginning of the year to 7-10 yuan per jin currently, and some premium varieties exceeding 13 yuan per jin [1][17][37]. Price Trends - The current retail price of tomatoes across various regions in China has surged to 7-10 yuan per jin, with certain premium varieties reaching prices above 13 yuan per jin, marking an increase of nearly 33% compared to previous years [17][37]. - Online supermarket platforms also reflect similar pricing, with tomatoes generally priced around 10 yuan per jin [4]. Comparative Pricing - The price of tomatoes has become so high that it can now buy two jin of eggs, which are priced between 3-6 yuan per jin [37]. - According to the Agricultural and Rural Affairs Department's report, tomatoes have seen a year-on-year price increase of 88%, making them one of the most significant price risers among monitored vegetables [37][38]. Factors Influencing Price Increase - The recent price surge is attributed to multiple factors, including adverse weather conditions affecting supply. Early in the year, the supply was ample, keeping prices low at 1-2 yuan per jin. However, high temperatures in the north and heavy rainfall in the south delayed the market entry of tomatoes, leading to a price increase to 4 yuan per jin [37][40]. - In November, several cold waves in northern production areas accelerated the exit of outdoor vegetables from the market, while the growth of greenhouse vegetables slowed down due to frost damage. Additionally, southern regions like Hubei and Yunnan faced continuous rainfall, disrupting the supply chain [40]. Future Outlook - Experts predict that by late December to January, the supply of winter vegetables will gradually increase as production conditions improve in major growing areas [40].

Group 1 - The core point of the article is that the U.S. Department of Agriculture reported a 6.9% year-over-year increase in agricultural product purchase prices for October [1] Group 2 - The increase in agricultural product prices indicates a potential rise in costs for consumers and businesses involved in the agricultural supply chain [1] - This price change may impact the profitability of agricultural companies and influence investment decisions in the sector [1] - The report highlights ongoing trends in agricultural pricing, which could affect market dynamics and food inflation [1]

Core Insights - The U.S. Department of Agriculture reported a 7.2% year-over-year increase in agricultural product prices for August [1] Group 1 - Agricultural product prices have shown a significant increase, indicating potential inflationary pressures in the sector [1]

Core Insights - The U.S. Department of Agriculture reported a 9.9% year-over-year increase in agricultural product prices for August [1] Summary by Category Price Trends - Agricultural product prices have risen by 9.9% compared to the same month last year [1]