Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the pig price is supported by both supply and demand factors as the year-end approaches, with expectations for an upward trend in prices before the Spring Festival [3][4] - The report highlights that the pig farming sector is experiencing losses, which may accelerate the reduction of stock, while the pet sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [5][29] Summary by Sections Weekly Observation - As of December 21, 2025, the national average price of live pigs is 11.41 yuan/kg, with a week-on-week decrease of 0.15 yuan/kg and a year-on-year decrease of 3.71 yuan/kg [3][13] - The average weight of pigs sold is 130.18 kg per head, with a week-on-week increase of 0.55 kg [3][13] - The supply of pork may be tight leading up to the Spring Festival, with expectations for prices to rise [3][13] Weekly Insights - The pig farming sector is facing increasing losses, and the reduction of stock may accelerate due to various factors including policy and disease [5][24] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector [5][24] Market Performance (December 15-19) - The agricultural index increased by 0.87%, outperforming the market by 0.84 percentage points [6][30] - Leading stocks include Zhongxing Junye (+18.42%), Xibu Muye (+14.64%), and Xiwang Food (+13.84%) [6][30] Price Tracking (December 15-19) - The average price of live pigs is 11.58 yuan/kg, with a week-on-week increase of 0.10 yuan/kg [7][37] - The average price of piglets is 19.02 yuan/kg, with a slight decrease of 0.02 yuan/kg [7][37] - The average price of white feathered chickens is 7.35 yuan/kg, with a week-on-week increase of 0.27 yuan/kg [7][37] Key News (December 15-19) - The Ministry of Commerce announced anti-dumping duties on imported pork and related products from the EU starting December 17, 2025 [35]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the pig price is supported by both supply and demand factors as the market enters the winter consumption peak, with expectations for a gradual increase in the price center [11] - The beef cycle is expected to maintain its prosperity, with a decrease in cattle inventory and high calf prices indicating cautious expansion in the breeding sector [20] - The report highlights the acceleration of pig breeding losses and the strengthening logic of domestic pet products, recommending several companies in the pig farming and pet sectors [24] Summary by Sections Weekly Observation - The average price of pigs in China as of November 28, 2025, is 11.20 yuan/kg, with a week-on-week decrease of 0.42 yuan/kg and a year-on-year decrease of 5.27 yuan/kg [11] - The average weight of pigs at market is 129.22 kg, showing a week-on-week increase of 0.41 kg and a year-on-year increase of 2.49 kg [11] - The report notes that winter consumption favors larger pigs, leading to an increase in average weights at market [11] Weekly Views - The report states that pig and piglet prices are in a loss situation, which may accelerate the culling of breeding sows [24] - The feed sector is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices [24] - The pet sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers [24] Market Performance (November 24-28) - The agricultural index outperformed the market by 0.17 percentage points, with the Shanghai Composite Index rising by 1.40% and the agricultural index rising by 1.57% [26] - Key stocks leading the market include Jin Xin Nong (+12.60%), Yuan Fei Pet (+8.39%), and Xi Wang Food (+7.57%) [26] Price Tracking (November 24-28) - The average price of pigs is 11.19 yuan/kg, down 0.45 yuan/kg from the previous week; piglet prices are 19.19 yuan/kg, up 0.04 yuan/kg [33] - The average wholesale price of beef is 66.39 yuan/kg, showing a week-on-week decrease of 0.18 yuan/kg [36] - Corn and soybean meal prices have increased, with corn futures at 2241.00 yuan/ton (up 2.66%) and soybean meal futures at 2459.00 yuan/ton (up 1.32%) [44]