Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [1][4]. Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, with domestic beef and raw milk markets expected to experience upward momentum [3]. - The report highlights the support for long-term pig prices due to industry restructuring, and it sees potential recovery for undervalued leading companies in the sector [3]. - The pet consumption sector is identified as a growth area, benefiting from demographic changes [3]. - The report suggests that the feed sector, particularly Haida Group, is likely to benefit from the recovery in aquaculture [3]. - The poultry sector is expected to see a long-term increase in consumption, with yellow chicken likely to benefit first from domestic demand recovery [3]. Summary by Sections Swine - The report notes that as of October 10, the price of live pigs is 11.14 yuan/kg, down 7.48% week-on-week and down 38.45% year-on-year [1][13]. - The price of 7kg piglets is approximately 188.57 yuan/head, down 5.04% week-on-week and down 33.33% year-on-year [1][13]. Poultry - For white chickens, prices are slightly increasing, with chick prices at 3.23 yuan/bird, up 1.25% week-on-week, and broiler prices at 6.68 yuan/kg, down 0.30% week-on-week [1][14]. - Yellow chicken prices are stable, with prices for various types around 5.0 to 8.7 yuan/kg, showing a decrease of 9.09% to 3.33% week-on-week [1][14]. Beef - The domestic beef market price is 61.13 yuan/kg, down 0.20% week-on-week but up 21.05% year-on-year [2][16]. - The report anticipates a new round of beef price increases and a reversal in the beef cycle by 2025 [2][3]. Raw Milk - The average price of raw milk is 3.04 yuan/kg, stable week-on-week but down 3.19% year-on-year [2][16]. - The report suggests that the acceleration of dairy cow liquidation in Q3 may lead to a price turning point by year-end [2][3]. Soybean Meal - The report indicates that soybean meal prices are supported by supply and demand dynamics, with current prices at 3006 yuan/ton, up 0.6% week-on-week [2][16]. - The report notes that the valuation of soybean meal is at historical lows, with potential catalysts from weather or trade developments [2][3]. Corn - The domestic corn price is 2233 yuan/ton, down 5.06% week-on-week but up 3.24% year-on-year [2][16]. - The report suggests that the supply-demand balance is tightening, with prices expected to maintain a moderate upward trend [2][3]. Sugar - The report highlights an increase in short-term imports of sugar, with prices in Guangxi at 5760 yuan/ton, down 0.35% week-on-week [2][16]. - Attention is drawn to the rhythm of imports and fluctuations in crude oil prices [2][3]. Key Company Recommendations - Recommended companies include: - Livestock: YouRan MuYe, Modern Farming, China Shengmu, Guangming Meat [3]. - Swine: DeKang Agriculture, Muyuan Foods, Huazhong Agriculture, Wens Foodstuffs, and others [3]. - Pet sector: Guibao Pet, Reap Bio [3]. - Feed sector: Haida Group [3]. - Poultry: Lihua Co., Yisheng Co., and Shengnong Development [3].

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][4]. Core Views - The report is optimistic about the reversal of the cattle cycle in 2025, with both domestic and international beef and raw milk markets expected to rise [3]. - The pig farming sector is expected to stabilize long-term prices due to reduced competition, with a focus on undervalued leading companies [3]. - The pet consumption market is identified as a growing sector benefiting from demographic changes [3]. - The feed industry, particularly Haida Group, is projected to achieve excess returns due to the recovery in aquaculture [3]. - The poultry sector is expected to see a long-term increase in consumption, with yellow chicken likely to benefit first from domestic demand recovery [3]. Summary by Sections Livestock - Beef prices have started to rise, with the average market price at 61.25 yuan/kg, unchanged from the previous week but up 21.29% year-on-year [2][3]. - Raw milk prices are expected to reach a turning point by the end of the year, with current prices at 3.03 yuan/kg, stable week-on-week but down 3.5% year-on-year [2][3]. Swine - The pig price as of September 26 is 12.44 yuan/kg, down 1.50% week-on-week and down 30.73% year-on-year [1][13]. - The price of 7kg piglets is approximately 210.95 yuan/head, down 12.45% week-on-week and down 30.67% year-on-year [1][13]. Poultry - The price of broiler chicks is 3.21 yuan/bird, down 2.13% week-on-week and down 9.07% year-on-year [1][14]. - The price of eggs in major production areas is 3.55 yuan/jin, down 3.01% week-on-week and down 19.50% year-on-year [1][14]. Feed - The domestic soybean spot price is 4061 yuan/ton, up 0.42% week-on-week, while soybean meal is priced at 2998 yuan/ton, down 0.46% week-on-week [2][3]. - The corn price is 2352 yuan/ton, up 0.09% week-on-week and up 8.49% year-on-year [2][3]. Sugar and Rubber - The sugar price in Guangxi is 5780 yuan/ton, down 1.03% week-on-week [2][3]. - The rubber price is expected to stabilize in the short term, with the Thai standard price at 1860 USD/ton, up 1.64% week-on-week [2][3].

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, with both domestic and international beef and raw milk markets expected to rise [3] - The pig farming sector is supported by a stable price floor, with a focus on undervalued leading companies [3] - The pet consumption market is identified as a growing sector benefiting from demographic changes [3] - The feed industry, particularly Haida Group, is expected to see significant returns due to the recovery of the aquaculture market [3] - The poultry sector is projected to experience a long-term increase in consumption, with yellow chicken likely to benefit first from domestic demand recovery [3] Summary by Sections Swine - The swine industry is progressing orderly with a stable production capacity, and pig prices are expected to maintain a favorable trend into 2025. As of September 12, the price of live pigs was 13.26 yuan/kg, down 3.35% week-on-week and down 31.86% year-on-year [1] - The price of 7kg piglets was approximately 284.29 yuan/head, down 9.95% week-on-week and down 29.43% year-on-year [1] Poultry - The supply of white chickens has slightly increased, with attention on seasonal consumption recovery. As of September 12, the price of chicken seedlings was 3.03 yuan/bird, down 8.46% week-on-week [1] - The price of eggs in major production areas was 3.58 yuan/jin, up 6.98% week-on-week but down 24.10% year-on-year [1] Beef - A new round of beef price increases has begun, with a positive outlook for the beef cycle reversal in 2025. As of September 12, the average price of beef in the domestic market was 61.25 yuan/kg, unchanged from the previous week and up 21.29% year-on-year [1][3] Raw Milk - The average price of raw milk in major production areas was 3.03 yuan/kg as of September 4, up 0.3% week-on-week but down 3.5% year-on-year [2] Soybean Meal - The short-term supply of soybean meal is ample, while the medium to long-term supply-demand balance is expected to strengthen. As of September 12, the domestic soybean spot price was 4044 yuan/ton, up 0.95% week-on-week [2] Corn - The domestic supply-demand balance is tightening, and prices are expected to maintain a moderate upward trend. As of September 12, the domestic corn spot price was 2357 yuan/ton, up 0.30% week-on-week and up 1.77% year-on-year [2] Sugar - Short-term imports are increasing, with attention on the import rhythm and fluctuations in crude oil prices. As of September 12, the spot price of sugar in Guangxi was 5900 yuan/ton, up 0.17% week-on-week [2]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][5][4] Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, the growth of pet consumption, and the undervaluation of leading companies in the breeding chain [3][4] - It highlights a new round of beef price increases and expects strong support for pork prices due to low production capacity [1][3] Summary by Relevant Sections Livestock - Pork prices are expected to maintain low volatility, with a price of 13.70 CNY/kg as of August 15, 2025, up 0.37% week-on-week [1][13] - The beef market is seeing a new price increase, with an average price of 60.58 CNY/kg, up 0.41% week-on-week and 24.91% year-on-year [1][15] - The report anticipates a sustained improvement in the beef and raw milk markets due to domestic and international demand [3] Poultry - White chicken supply has slightly increased, with a price of 7.06 CNY/kg, down 1.67% week-on-week [1][14] - Yellow chicken supply remains at a low level, with prices for various types showing increases of 13% to 5% week-on-week [1][14] - The report expects long-term consumption levels for white chicken to rise, benefiting from domestic demand recovery [3] Feed and Other Agricultural Products - Soybean prices are at 3953 CNY/ton, up 0.67% week-on-week, while soybean meal prices are at 3092 CNY/ton, up 2.79% week-on-week [2][15] - Corn prices are expected to maintain a moderate increase, with a current price of 2376 CNY/ton, down 0.34% week-on-week but up 1.19% year-on-year [2][15] - The report notes that sugar prices have increased slightly, with a current price of 5960 CNY/ton, up 0.85% week-on-week [2][15] Investment Recommendations - Recommended stocks include: - Livestock: Youan Livestock, Modern Animal Husbandry, China Shengmu, Guangming Meat [3][4] - Pet Industry: Guibao Pet, Zhongchong Co., RuiPu Bio [3][4] - Feed: Haida Group [3][4] - Swine: Dekang Agriculture, Muyuan Foods, Huazhong Foods, Wens Foodstuffs, and others [3][4] - Poultry: Lihua Co., Yisheng Co., Shengnong Development [3][4]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][6]. Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, with expectations of a simultaneous rise in domestic and international beef and raw milk markets [4]. - The pet consumption sector is identified as a growing industry that will benefit from demographic changes [4]. - The feed industry, particularly Haida Group, is expected to achieve excess returns due to the recovery of the aquaculture market [4]. - The pig farming sector shows insufficient expansion willingness, but a stable market is anticipated in 2025, with a focus on undervalued leading companies [4]. - The poultry sector is expected to see a long-term increase in consumption, with yellow chicken likely to benefit first from domestic demand recovery [4]. Summary by Sections Livestock - Beef prices have started to rise, with the average price on August 8 being 60.33 yuan/kg, a 0.97% increase from the previous week and a 29.74% increase year-on-year [2][16]. - The pig price on August 8 was 13.65 yuan/kg, down 3.81% week-on-week and down 33.51% year-on-year [14]. - The report forecasts a stable pig market in 2025, with a focus on leading companies like Muyuan and Wens [4][5]. Poultry - The price of broiler chicks increased by 23.08% week-on-week to 3.36 yuan/chick, while the price of broilers rose by 7.16% to 7.18 yuan/kg [15]. - The report anticipates a long-term increase in consumption for white chickens and expects yellow chickens to benefit from improved domestic demand [4]. Feed and Other Agricultural Products - The report notes that soybean meal prices are at historical lows, with a current price of 3008 yuan/ton, a 0.33% increase week-on-week [3][16]. - Corn prices are expected to maintain a moderate upward trend, with the current price at 2384 yuan/ton, down 0.71% week-on-week but up 0.76% year-on-year [3][16]. - Sugar prices have decreased slightly, with the current price at 5910 yuan/ton, down 1.34% week-on-week [3][16]. Investment Recommendations - Recommended stocks include: - Livestock: YouRan, Modern Farming, China Shengmu, and Guangming Meat [4][5]. - Pet industry: Guibao Pet, Zhongchong Co., and Ruipu Biotech [4]. - Feed industry: Haida Group [4]. - Pig farming: Dekang Agriculture, Muyuan, Huadong, Wens, and others [4]. - Poultry: Lihua, Yisheng, and Shengnong Development [4].

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][5][4]. Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, with expectations of a simultaneous rise in domestic and international beef and milk prices [3][4]. - The pet consumption sector is identified as a growing industry that will benefit from demographic changes [3]. - The feed industry, particularly Haida Group, is expected to achieve excess returns due to the recovery in aquaculture [3]. - The report anticipates sustained profitability in the pig farming sector due to limited expansion intentions, with a focus on undervalued leading companies [3]. - The poultry sector is expected to see a long-term increase in consumption, with yellow chicken likely to benefit first from improved domestic demand [3]. Summary by Sections Livestock - Beef prices have started to rise, with the average price at 59.75 CNY/kg as of August 1, 2025, reflecting a 0.88% increase week-on-week and a 28.49% increase year-on-year [1][14]. - The pig market shows stable production capacity, with prices at 14.19 CNY/kg, up 0.78% week-on-week, and a forecast for continued price stability into 2025 [1][13]. Poultry - White chicken supply has slightly increased, with prices at 6.70 CNY/kg, up 0.6% week-on-week [1][14]. - Yellow chicken prices are stable, with potential benefits from domestic demand improvements [1][14]. Feed - Soybean meal prices are at 2998 CNY/ton, up 1.15% week-on-week, with a favorable supply-demand outlook [2][16]. - Corn prices are at 2401 CNY/ton, showing a slight decrease of 0.12% week-on-week but a 0.67% increase year-on-year [2][16]. Investment Recommendations - Recommended stocks include: - Livestock: YouRan Agriculture, Modern Agriculture, China Shengmu, Guangming Meat [3][4]. - Pets: Guibao Pet, Zhongchong Co., RuiPu Bio [3]. - Feed: Haida Group [3]. - Swine: Dekang Agriculture, Muyuan Foods, Huazhong Foods, Wens Foodstuffs, Bangji Technology, Shennong Group, New Five Feng, Juxing Agriculture, Tangrenshen, Tiankang Biological [3]. - Poultry: Lihua Co., Yisheng Co., Shengnong Development [3]. - Animal Health: Keqian Biological, Huisheng Biological [3]. - Planting Chain: Hainan Rubber, Qianyuan High-Tech, Fengle Seed Industry, Longping High-Tech [3].

Group 1: Core Views - The report maintains an "outperform" rating for the agriculture, forestry, animal husbandry, and fishery sector, highlighting a favorable investment environment for livestock, pet, and pork industries [1][3][12] - The report emphasizes the potential reversal of the beef cycle in 2025, with expectations of rising prices driven by both domestic and international markets [14][21] - The pet industry is identified as a high-growth sector, benefiting from changing consumer demographics and increasing emotional spending [15][18] Group 2: Investment Recommendations - Key recommendations for the livestock sector include Guangming Meat Industry, a rare listed beef company with stable resources from New Zealand, and Muyuan Foods, a leading player in pig farming [1][3][18] - In the pet food sector, Zhongchong Co. is highlighted as a pioneer with synchronized growth in domestic and international markets [1][3][18] - For the pork industry, the report recommends companies such as DeKang Agriculture and Muyuan Foods, which are expected to benefit from improving cash flows and dividend ratios [1][3][16] Group 3: Market Trends and Data - As of June 2025, the average price of live pigs was 14.80 yuan/kg, reflecting a month-on-month increase of 2.85% [2][21] - The report notes a decrease in the price of 7kg piglets to 433 yuan/head, down 13.95% month-on-month, indicating a cautious approach to industry expansion [2][21] - The poultry sector is experiencing increased supply, with expectations of demand recovery, particularly for yellow chickens, which are anticipated to benefit from domestic demand improvements [28][39]