展望后市，经历了规模化提速、超额利润阶段后，行业迎来高质量发展阶段，盈利周期延长、波动减弱 或是当前阶段的主要特征，行业整体进入效率驱动盈利的良性发展轨道。 据发改委，近日全国平均猪粮比价跌至6∶1以下，进入三级预警区间。为促进生猪市场平稳运行，近期 国家发改委将会同有关部门开展中央冻猪肉储备收储。华储网公告称，8月25日中央储备冻猪肉收储1万 吨。 具体到 A 股市场，光大证券认为，重视生猪养殖行业"反内卷"进程，行业产能有望进入稳健高质量发 展的阶段，成本的不断优化以及产业整合兼并仍能为企业带来盈利增长，具备成本优势的养殖主体有望 实现长期盈利。 光大证券分析，此次猪粮比价进入三级预警区间，主要因供应与需求两端失衡。 来源：金融界 短期来看，中央冻猪肉储备收储 1 万吨，虽从体量上看相对有限，但能在一定程度上缓解生猪供给压 力，对市场情绪有积极引导作用。 "反内卷"驱动下，生猪产能调控政策持续出台。今年二季度以来，国家发改委等部门针对生猪行业持续 低迷及市场波动问题，出台了系列产能调控政策，核心内容聚焦于能繁母猪存栏量压减（将全国能繁母 猪存栏量再调减100万头左右）和二次育肥行为规范（杜绝生猪流入二次育 ...

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating a positive outlook compared to the overall market performance [4][5]. Core Insights - The report highlights the ongoing "de-involution" process in the pig farming industry, recommending high-quality pig farming companies as key investment opportunities. The Ministry of Agriculture and Rural Affairs has emphasized the need for capacity control measures in the industry, which is expected to enhance profitability and stability for leading companies [4][5]. - The report notes a rebound in the prices of yellow feathered chickens, suggesting a potential turnaround in profitability as the traditional consumption peak approaches [4][5]. - The pet food sector is experiencing mixed performance, with export figures showing a decline due to trade tensions, but domestic growth remains promising [4][5]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural Index rose by 3.6%, outperforming the CSI 300 Index, which increased by 1.7%. The top five gainers included ST Tianshan (39.8%), Dayu Water-saving (36.2%), and Shennong Group (15.4%) [4][5]. Pig Farming Industry - The report emphasizes the importance of the "de-involution" process in the pig farming sector, with a focus on capacity control measures. The average price of live pigs was reported at 14.10 yuan/kg, a decrease of 2.0% week-on-week [4][5]. Poultry Farming - White feather chicken prices have shown a seasonal rebound, with the average sales price for broiler chicks at 1.60 yuan/chick, up 28.0% week-on-week. Yellow feather chicken prices have also increased, indicating a potential for profitability as the consumption season approaches [4][5]. Pet Food Industry - In June 2025, China's pet food export value was 824 million yuan, down 10.0% month-on-month and 20.2% year-on-year. The cumulative export value for the first half of 2025 was 4.999 billion yuan, showing a slight increase of 0.4% year-on-year [4][5].