Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][39] Core Viewpoints - The agricultural sector index increased by 2.55%, ranking 7th among 31 primary industries, with aquaculture and agricultural product processing leading the gains, while the animal vaccine sector declined [5][12][13] - The average price of live pigs as of July 6 is 14.73 CNY/kg, with a weekly increase of 0.38 CNY/kg, and there is market attention on whether prices can reach the 15 CNY/kg mark [6][17] - The white feather chicken sector is experiencing deep losses due to weak demand, with chick prices dropping to a near historical low of 1.10 CNY/chick and meat chicken prices falling by 8.82% to 3.10 CNY/kg [7][30] Summary by Sections Market Review - The agricultural sector index rose by 2.55%, outperforming the Shanghai Composite Index and CSI 300, which increased by 1.40% and 1.54% respectively [12] - The aquaculture and agricultural product processing sectors showed significant gains, while the animal vaccine sector faced declines [13] Livestock Industry Chain Tracking Swine - The average weight of pigs at market is 128.64 kg, up 0.5 kg from the previous week, with a year-on-year increase of 2.33% [6][17] - The profitability for self-bred pigs is around 120 CNY per head, an increase of 69 CNY from the previous week, while the loss for purchased piglets decreased to 26 CNY per head [18][20] - The supply of pigs is expected to increase in the second half of 2025, leading to seasonal price fluctuations, with potential short-term rebounds in July and August [6][19] White Feather Chicken - The average loss per chick is approximately 1.5 CNY, with the average loss per meat chicken at 2.2 CNY due to high temperatures and rising feed costs [7][30] - The update of breeding stock is at 150.07 million sets, a year-on-year increase of 17.25%, but the uncertainty in imports due to avian influenza poses risks and opportunities for domestic breeding [30] Planting Industry Chain Tracking - Sugar prices remained stable at 6110 CNY/ton, while soybean prices increased by 2.2% to 3899 CNY/ton [33][34] - Cotton prices rose by 1.36% to 15189 CNY/ton, and corn prices increased by 11 CNY/ton to 2392 CNY/ton [34][37]