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][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 [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]