Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The livestock sector is expected to experience a cyclical rebound, with both beef and raw milk prices anticipated to rise [3] - The pig farming industry is undergoing capacity adjustments, which may support long-term price stability [3] - Poultry supply is expected to increase slightly, with a focus on seasonal demand recovery [3] - The feed industry is benefiting from deeper industrialization and clearer division of labor, enhancing competitive advantages for leading companies [3] - The pet industry is identified as a growth sector, benefiting from demographic trends [3] Summary by Sections Pig Farming - The price of live pigs as of February 28 is 10.79 CNY/kg, down 7.78% week-on-week [1] - The price of 7kg piglets is approximately 356.19 CNY/head, down 0.27% week-on-week [1] - Official capacity control is expected to improve cash flow for leading companies [3] Poultry - The price of chicken seedlings is 2.72 CNY/bird, up 10.57% week-on-week [1] - The price of broiler chickens is 7.14 CNY/kg, down 2.46% week-on-week [1] - Supply of yellow chickens remains at a low level, with potential benefits from improved domestic demand [1] Beef - The price of fattened bulls is 25.20 CNY/kg, unchanged week-on-week, with a year-on-year increase of 6.78% [2] - The average market price for beef is 61.88 CNY/kg, also unchanged week-on-week, with a year-on-year increase of 20.44% [2] Raw Milk - The average price of raw milk is 3.04 CNY/kg, stable week-on-week, but down 2.25% year-on-year [2] - The ongoing reduction in dairy cow numbers is expected to continue [3] Feed - Soybean meal prices are at 3163 CNY/ton, up 1.45% week-on-week [2] - Domestic soybean prices are stable at 4072 CNY/ton [2] Corn - The price of corn is 2364 CNY/ton, up 1.33% week-on-week, with a year-on-year increase of 7.55% [2] Investment Recommendations - Recommended stocks include: - Livestock: YouRan Agriculture, Modern Farming [3] - Pork: HuaTong Co., DeKang Agriculture, MuYuan Co., Wen's Food [3] - Poultry: LiHua Co., YiSheng Co., ShengNong Development [3] - Feed: HaiDa Group [3] - Pet: GuaiBao Pet [3]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The agricultural sector is expected to experience a cyclical rebound, particularly in beef and raw milk, driven by domestic and international market dynamics [3] - The pig farming industry is anticipated to stabilize due to capacity control measures, benefiting leading companies with improved cash flow and cost advantages [3] - Poultry supply is expected to remain stable, with potential recovery in demand leading to better cash flow returns for leading enterprises [3] - The feed industry is set to deepen industrialization, with leading companies leveraging technological and service advantages [3] - The pet industry is identified as a growth sector benefiting from demographic trends [3] Summary by Sections Swine Industry - The pig price on February 14, 2026, was 11.61 yuan/kg, down 2.60% week-on-week [1] - The price of 7kg piglets was approximately 357.14 yuan/head, down 0.13% week-on-week [1] - The industry is expected to stabilize due to capacity control measures [3] Poultry Industry - The price of chicken seedlings on February 14, 2026, was 2.33 yuan/chick, up 18.27% week-on-week [1] - The price of broilers was 7.32 yuan/kg, up 0.27% week-on-week [1] - Supply is expected to remain stable, with potential demand recovery [3] Beef Industry - The price of fattened bulls on February 14, 2026, was 25.20 yuan/kg, unchanged week-on-week [2] - The beef market price was 61.88 yuan/kg, unchanged week-on-week [2] - A new round of price increases is anticipated, indicating a bullish cycle for beef [2][3] Dairy Industry - The average price of raw milk on February 5, 2026, was 3.04 yuan/kg, unchanged week-on-week [2] - The reduction in dairy cow inventory is expected to continue, with a potential price turning point in 2026 [2][3] Feed Industry - The domestic soybean spot price was 4072 yuan/ton, unchanged week-on-week [2] - The domestic soybean meal price was 3168 yuan/ton, up 1.59% week-on-week [2] - Valuations are at historical lows, with potential catalysts from weather or trade developments [2][3] Corn Industry - The domestic corn spot price was 2333 yuan/ton, up 0.09% week-on-week [2] - Strong bottom support is expected, with a tightening supply-demand balance [2][3] Rubber Industry - The price of natural rubber was 16150 yuan/ton, up 1.57% week-on-week [2] - Short-term benefits are anticipated from rising petrochemical prices, with a positive outlook for the mid-term [2][3]