Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][41]. Core Views - The agricultural sector has shown a weak performance compared to the market, with the agricultural index rising only 0.80%, ranking 25th among 31 sectors [5][12][13]. - The pig price has rebounded slightly after a decline, with the average price at 14.35 CNY/kg as of June 29, 2025, reflecting a weekly increase of 0.42 CNY/kg [6][16]. - The white feather chicken market is facing challenges with both chick and meat prices declining, indicating a supply-demand imbalance [30]. Summary by Sections 1. Market Review - The agricultural sector's index increased by 0.80%, underperforming compared to the Shanghai Composite Index and CSI 300, which rose by 1.95% and 0.91% respectively [12][13]. 2. Livestock Industry Chain Tracking 2.1 Pigs: Weak Price Fluctuations - The average pig price has stopped declining and is now at 14.35 CNY/kg, while the average price for 15kg piglets is 460 CNY/head, showing a slight decrease [6][16]. - The average weight of pigs at market is 128.14 kg, down 0.14 kg from the previous week, with a year-on-year increase of 1.71% [6][16]. - The supply of pigs is expected to remain stable, with a controlled growth rate in supply for 2025, leading to narrow price fluctuations [19][20]. 2.2 White Feather Chicken: Supply Strong, Demand Weak - As of June 27, 2025, the price of white feather chicken chicks is 1.90 CNY/chick, unchanged from the previous week, while the price of meat chickens is 3.40 CNY/kg, down 2.30% [30]. - The industry is currently facing significant losses due to a strong supply and weak demand, with concerns about the impact of imported breeds due to avian influenza outbreaks [30]. 3. Planting Industry Chain Tracking - Sugar prices have shown a slight increase, with white sugar priced at 6090 CNY/ton, up 55 CNY/ton [34]. - Soybean prices have also risen, with the imported price at 3739 CNY/ton, reflecting a 1.9% increase [34]. - Corn prices have continued to rise, averaging 2392 CNY/ton, up 11 CNY/ton [34].

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [1][40]. Core Viewpoints - The agricultural sector has experienced a significant decline, with the industry index dropping by 3.13%, ranking 26th among 31 primary industries in terms of performance [2][11]. - The report indicates that the pig market is under pressure, with prices continuing to decline, and the impact of regulatory policies is expected to manifest next year [3][17]. - The white feather chicken market is facing a decrease in chick prices, with a focus on domestic breeding opportunities due to uncertainties in imports [4][27]. Summary by Sections Market Review - The agricultural sector has seen a substantial drop, with the industry index down 3.13%, while the broader market indices like the CSI 300 and Shanghai Composite Index fell by 0.45% and 0.51% respectively [11][12]. - The core agricultural sectors have all declined, and the market sentiment remains cautious with a wait-and-see approach [12]. Livestock Industry Chain Tracking - Pig prices have continued to decline, with the national average price at 13.93 CNY/kg as of June 22, which is the second time this month it has fallen below 14 CNY [3][15]. - The price of 15 kg piglets has dropped to 400 CNY/head, down over 200 CNY from the year's peak [3][15]. - The supply of pigs is currently adequate, and the high temperatures in June have affected consumption, leading to increased selling activity from farmers [3][15]. - The report anticipates a seasonal increase in pig supply in the second half of 2025, with prices expected to fluctuate within a narrow range [17]. - The report suggests that the profitability of the industry will be a key focus this year, with cost differences being the most effective indicator of companies' profitability [17][18]. Poultry Industry Chain Tracking - As of June 20, the price of white feather chicken chicks in Yantai is 1.90 CNY/chick, a significant drop of 0.8 CNY from the previous week, while the price of broiler chickens is 3.48 CNY/jin, down 2.79% [4][27]. - The report highlights that the uncertainty surrounding imports has eased, and there is a growing focus on domestic breeding as a potential opportunity [4][27]. Planting Industry Chain Tracking - Sugar prices have adjusted downwards, with the price of white sugar in Liuzhou at 6055 CNY/ton, down 35 CNY from the previous week [32]. - Soybean prices have shown a slight increase, with the imported price at 3877 CNY/ton, up 1.9% from the previous week [32]. - Corn prices have continued to rise, with the national average at 2381 CNY/ton, up 25 CNY from the previous week [32].

Industry Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Outperform the Market" [1] Core Viewpoints - The agriculture sector has shown defensive characteristics amid fluctuations in US-China relations, leading to an increase in the industry index [4][13] - The industry index for agriculture, forestry, animal husbandry, and fishery rose by 1.62%, ranking third among 31 primary industries [12] - The report highlights significant supply pressure in the pig market, with prices remaining stagnant and a forecast for increased supply in the second half of 2025 [5][20] Summary by Sections Market Review - The agriculture sector rebounded, with the industry index increasing by 1.62%, while the Shanghai Composite Index fell by 0.25% [12] - The pig farming and animal vaccine sectors led the gains, while agricultural product processing experienced significant adjustments [15] Livestock Industry Chain Tracking Pigs - As of June 15, the average price of pigs was 14.06 yuan/kg, down 1.82% from the previous week, indicating a stagnant price situation [5][17] - Supply pressure remains high, with an increase in production capacity since May 2024, and expectations for increased supply in the latter half of 2025 [5][20] - The report suggests that the pig price will likely fluctuate within a narrow range in 2025, with cost competition becoming a key focus for the year [21] Broilers - The price of broiler chicks has slightly decreased, with the price as of June 13 being 2.70 yuan/chick, down 0.2 yuan from the previous week [30] - Concerns regarding the introduction of foreign breeds have eased, and the report emphasizes the potential opportunities for domestic breeding companies due to disruptions in overseas imports [30] Planting Industry Chain Tracking - Sugar prices have adjusted downward, with the price of white sugar at 6090 yuan/ton as of June 13, down 60 yuan from the previous week [36] - The price of soybeans has slightly decreased, with the imported price at 3707 yuan/ton, down 1.3% [36] - Corn prices have shown slight fluctuations, with an average price of 2356 yuan/ton, up 20 yuan from the previous week [36]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][39]. Core Viewpoints - The agricultural sector has shown a slight increase, with the agricultural index rising by 0.91%, ranking 20th among 31 primary industries [5][12]. - The pig market is characterized by strong supply and weak demand, leading to a continuous decline in prices, with the average price of pigs at 14.17 CNY/kg as of June 8, 2025, down 0.64% from the previous week [6][16]. - The white feather chicken market is experiencing stable yet slight adjustments in prices, with chick prices at 2.90 CNY/chick and meat chicken prices at 3.60 CNY/jin, both showing a decline [30][31]. Summary by Sections Market Review - The agricultural sector has rebounded, with the agricultural index increasing by 0.91%, while the Shanghai Composite Index rose by 1.13% [12]. - Among sub-sectors, planting and agricultural product processing led the gains, while meat chicken breeding and animal vaccine sectors faced significant adjustments [13][14]. Livestock Industry Chain Tracking Pigs - The pig price is under pressure, with a continued downward trend expected due to strong supply and weak demand [6][19]. - As of June 6, 2025, self-breeding pigs have a profit of approximately 33 CNY per head, while purchased piglets incur a loss of 121 CNY per head [17][20]. - The breeding stock remains stable, with the number of breeding sows fluctuating between 40-41 million, indicating controlled supply growth for 2025 [19][29]. White Feather Chicken - Chick prices are experiencing slight adjustments, with a focus on domestic breeding due to uncertainties in imports caused by avian influenza outbreaks [30][31]. - The industry is currently well-supplied, and domestic breeding enterprises may benefit from reduced overseas imports [30][31]. Planting Industry Chain Tracking - Sugar prices have adjusted downwards, with white sugar priced at 6090 CNY/ton, down 25 CNY from the previous week [33]. - Soybean prices have seen a slight increase, with the Brazilian soybean landed price at 3725 CNY/ton, up 1.8% [33]. - Corn prices have shown minor fluctuations, with an average price of 2336 CNY/ton, up 4 CNY from the previous week [33].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The agricultural sector index increased by 1.79%, ranking 4th among 31 primary industries, driven by policy expectations [4][12] - Supply pressure in the pig market remains significant, with policies aimed at stabilizing pig prices due to concerns about future price declines [5][20] - The white feather chicken market shows stable chick prices, with a focus on domestic breeding opportunities amid import uncertainties [27] Summary by Sections Market Performance - The agricultural sector index rose 1.79%, outperforming the Shanghai Composite Index, which fell by 0.03% [12] - Among sub-sectors, planting and fruit processing led the gains, while the breeding sector experienced fluctuations due to policy expectations [13] Breeding Industry Chain Tracking Pig Market - As of June 2, the average price of live pigs was 14.41 yuan/kg, remaining stable compared to the previous week [5][17] - Supply pressures are expected to continue due to an increase in breeding sows and high market weights of pigs [5][20] - Profitability for self-bred pigs is around 36 yuan per head, while purchased piglets incur losses of 84 yuan per head [18] - The industry anticipates a narrow fluctuation in pig prices for 2025, with controlled supply growth [21] White Feather Chicken - As of June 3, chick prices were stable at 3.00 yuan per chick, with meat chicken prices at 3.68 yuan/kg [27] - The industry is currently well-supplied, with high levels of parent stock, despite uncertainties in imports due to avian influenza [27] Planting Industry Chain Tracking - Sugar prices have adjusted downwards, with white sugar priced at 6090 yuan/ton as of June 3, a decrease of 65 yuan/ton [30] - The price of Brazilian soybeans was 3640 yuan/ton, reflecting a 2.0% decrease [30] - Cotton prices showed slight fluctuations, priced at 14550 yuan/ton, down 0.1% [30] - Corn prices experienced a minor decline, averaging 2332 yuan/ton [32]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][35] Core Viewpoints - The agricultural sector index has shown a slight decline of 0.36%, ranking 15th among 31 primary industries in the market [4][12] - The pig price has been weak, with an average price of 14.46 CNY/kg as of May 23, 2025, down 1.12% from the previous week [5][16] - The supply pressure in the pig market is increasing due to high historical weights of pigs being marketed and a stable breeding sow inventory [5][18] - The profitability of self-bred pigs is around 48 CNY per head, which has decreased by 32 CNY per head compared to the previous week [17][19] - The white feather chicken market is stable, with chick prices at 3.00 CNY per chick and a slight increase in meat chicken prices [27][28] Summary by Sections 1. Market Performance - The agricultural sector index has decreased by 0.36%, with the overall market indices also showing declines [12][14] - The performance of sub-sectors varies, with the pet sector showing resilience while meat chicken and seed sectors have faced more significant adjustments [13] 2. Livestock Industry Tracking 2.1 Pigs - The average pig price is 14.46 CNY/kg, reflecting a downward trend since mid-May [5][16] - Supply pressures are attributed to high weights of marketed pigs and a stable breeding sow inventory [5][18] - Profit margins for self-bred pigs are decreasing, while external pig purchases are currently unprofitable [17][19] 2.2 White Feather Chicken - Chick prices remain stable, with a slight increase in meat chicken prices [27][28] - The industry is observing a shift towards domestic breeding due to uncertainties in imports caused by avian influenza outbreaks [27][28] 3. Planting Industry Tracking - Sugar prices have shown a slight decline, while soybean prices have increased by 2.1% [30] - Cotton prices have risen slightly, and corn prices have remained stable with minor fluctuations [30][31]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][37] Core Viewpoints - The agricultural sector has shown a comprehensive rebound, with the agricultural index rising by 0.99%, ranking 27th among 31 primary industries [5][13] - The pig price is currently operating at a slight profit, with production capacity reduction slowing down. The average price of live pigs as of May 9 is 14.73 CNY/kg, showing minor fluctuations [6][17] - The white feather chicken market is experiencing stable chick prices, with a focus on domestic breeding due to uncertainties in overseas imports [28] Summary by Sections Industry Overview - The closing index for the agricultural sector is 2606.49, with a 52-week high of 2927.53 and a low of 2110.64 [2] Market Performance - The agricultural sector's index has increased by 0.99%, while the broader market indices like the CSI 300 and Shanghai Composite Index have risen by 2.00% and 1.92%, respectively [13][14] Livestock Industry Tracking Pig Industry - The average price of live pigs has remained stable between 14.6 and 14.9 CNY/kg since April, with a slight upward shift due to increased second-time fattening [6][17] - As of May 9, self-breeding pig farmers are earning approximately 84 CNY per head, while those purchasing piglets are making about 58 CNY [18][19] - The breeding stock has shown a slight increase, with April's data indicating a 0.41% rise in breeding sows [19][20] White Feather Chicken - As of May 9, the price of white feather chicken chicks is 3.10 CNY per chick, with an average profit of 0.2 CNY per chick [28] - The market is currently characterized by a significant disparity, with high chick prices causing resistance among farmers due to rising feed costs [28] Crop Industry Tracking - Sugar prices have slightly decreased to 6150 CNY/ton, while corn prices have increased to 2306 CNY/ton, reflecting a mixed trend in crop prices [32][35]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][37] Core Viewpoints - The agricultural sector has shown a comprehensive rebound, but the growth in the agricultural sector is relatively small, with the agricultural index rising by 0.99%, ranking 27th among 31 primary industries [5][13] - The pig price is operating at a micro-profit level, with production capacity reduction slowing down. The average price of pigs as of May 9 is 14.73 CNY/kg, showing slight upward movement due to increased frequency of secondary fattening [6][17] - The white feather chicken market is experiencing stable chick prices, with the price at 3.10 CNY/chick as of May 9, while the average profit per chick is 0.2 CNY [28] Summary by Sections Industry Overview - The closing index is at 2606.49, with a 52-week high of 2927.53 and a low of 2110.64 [2] Market Performance - The agricultural sector index has increased by 0.99%, while the broader market indices such as the CSI 300 and Shanghai Composite Index have risen by 2.00% and 1.92%, respectively [13][14] Livestock Industry Tracking Pig Industry - The average price of pigs has remained stable between 14.6 and 14.9 CNY/kg since April, with a slight upward shift in average price due to increased secondary fattening [6][17] - As of May 9, self-breeding and self-raising pigs have an average profit of approximately 84 CNY per head, while purchased piglets yield a profit of 58 CNY [18][19] - The breeding stock has shown slight fluctuations, with April data indicating a 0.41% increase in breeding sows [19][20] White Feather Chicken - The chick price remains stable, with a current price of 3.10 CNY/chick and a meat chicken price of 3.75 CNY/kg [28] - The market is experiencing significant polarization, with high chick prices causing resistance from the breeding sector due to rising feed costs [28] Crop Industry Tracking - Sugar prices have slightly decreased to 6150 CNY/ton, while corn prices have increased to 2306 CNY/ton, reflecting a rise of 49 CNY/ton [32]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The agricultural sector continues to experience weak adjustments, with the agricultural index down by 2.15%, ranking 30th among 31 primary industries [4][12] - National pig prices have been on a slight upward trend, with an average price of 14.85 CNY/kg as of April 18, 2025, reflecting a 1.60% increase from the previous week [5][18] - The profitability of self-bred pigs has increased to approximately 79 CNY per head, up by 28 CNY from the previous week, while the profitability of purchased piglets stands at 28 CNY [19][22] - The white feather chicken market is experiencing price fluctuations, with chick prices at 3.10 CNY per chick, showing a slight increase [31] Summary by Sections 1. Market Performance - The agricultural sector index decreased by 2.15%, while the Shanghai Composite Index and CSI 300 increased by 0.59% and 1.19%, respectively [12] - All sub-sectors, except for fruit and vegetable processing, experienced declines, particularly in animal health and seed sectors [14][16] 2. Livestock Industry Tracking 2.1 Pigs - Prices are showing a strong performance in the north and weaker in the south, with expectations of limited price fluctuations in 2025 [5][18] - The supply of breeding sows is slightly increasing, with a total of 40.66 million heads as of February 2025, reflecting a minor year-on-year increase [21] - Recommendations include focusing on companies with cost advantages, such as Muyuan Foods and Wens Foodstuff Group, as well as smaller firms like Juxing Agriculture and Huatong Foods [22] 2.2 White Feather Chicken - The market is characterized by price volatility, with chick prices rising slightly, while feed prices are a concern for breeders [31] - The supply chain remains robust, with a significant increase in the number of breeding stock, but uncertainties in overseas breeding imports pose risks and opportunities [31] 3. Crop Industry Tracking - Sugar prices have slightly decreased to 6150 CNY/ton, while soybean prices have adjusted to 3692 CNY/ton, reflecting a 1.2% drop [35] - Cotton prices continue to decline, currently at 14205 CNY/ton, down by 73 CNY from the previous week [35] - Corn prices remain stable at 2230 CNY/ton, showing no significant change [35]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report indicates a significant rebound in the agricultural sector, with the agricultural index rising by 2.84%, ranking 8th among 31 primary industries [4][12] - The report highlights a stalemate in the supply-demand dynamics of live pigs, while the price of white chickens is rebounding [5][6] Summary by Sections Industry Overview - The closing index stands at 2556.61, with a 52-week high of 2927.53 and a low of 2110.64 [2] - The relative performance of the agricultural index shows a decline of 19% [2] Livestock Industry Tracking Live Pigs - The average price of live pigs is 14.52 yuan/kg, remaining stable compared to the previous week [5][18] - The report notes that the supply of pigs is ample, with producers actively selling due to low price expectations [5][21] - The report suggests focusing on companies with cost advantages, recommending leading firms such as Muyuan Foods and Wens Foodstuff Group, as well as smaller firms like Juxing Agriculture and Huatong Foods [21] White Chickens - The price of white feather chicken chicks has increased to 3.0 yuan/chick, with an average profit of 0.2 yuan per chick [6][28] - The price of meat chickens has risen to 3.62 yuan/kg, reflecting an increase of 8.7% [6][28] - The report emphasizes the importance of domestic breeding and notes that the supply chain remains robust despite some fluctuations [29] Crop Industry Tracking - Sugar prices have surged to 6130 yuan/ton, increasing by 90 yuan/ton [32] - The price of soybeans has slightly decreased to 3624 yuan/ton, down by 1.8% [34] - Cotton prices have shown minor fluctuations, currently at 14924 yuan/ton, up by 0.31% [34] - Corn prices have increased slightly to 2198 yuan/ton, up by 32 yuan/ton [34]