Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [87]. Core Insights - The agricultural sector index decreased by 2.15% this week, while the overall market indices showed mixed performance, with the agricultural sector outperforming the Shanghai Composite Index [12][13]. - New Zealand's beef prices are expected to rise due to global price increases, benefiting local exporters as over 90% of beef is exported [3][23]. - The pig farming sector is experiencing a supply pressure with a potential price decline, but the overall market sentiment is stabilizing after previous pessimism [4][41]. - Poultry prices are showing signs of recovery, particularly for white feather chickens, as consumer demand gradually improves [5][57]. - The dairy and beef sectors are expected to see a recovery in prices due to supply reductions and increasing consumer demand [65]. Summary by Sections 1. Market Review - The agricultural index closed at 2612.71 points, down 2.15% week-on-week, while the Shanghai Composite Index rose by 1.19% [12][16]. 2. New Zealand Beef Market - New Zealand's beef industry is closely linked to its dairy sector, with a significant portion of beef coming from dairy cows. The beef production in 2024 is projected at 694,300 tons, with exports primarily to the US and China [3][20][23]. 3. Pig Farming - The average weight of pigs at market is 128.57 kg, with a slight decrease from the previous week. The current price for pigs is 14.97 yuan/kg, reflecting a week-on-week increase of 2.11% [4][39]. - The report suggests that the pig farming sector is at a low valuation point, with potential for recovery if supply constraints are managed effectively [41][42]. 4. Poultry Farming - White feather chicken prices have increased to 7.50 yuan/kg, with a recovery in demand noted. The report highlights a significant drop in breeding stock, which may impact future production [5][57]. - The overall poultry market is expected to benefit from improved consumer demand and a shift towards higher-quality products [5][57]. 5. Dairy and Beef Industry - The dairy sector is facing a reduction in production capacity, which is expected to stabilize prices in the latter half of 2025. The beef market is also showing signs of recovery with rising prices for calves and live cattle [65][66]. 6. Planting Industry - Grain prices are showing slight increases, with corn prices at 2,204.29 yuan/ton, reflecting a week-on-week rise of 0.26%. The report emphasizes the importance of monitoring price trends in the context of trade tensions [66][68]. 7. Feed and Aquaculture - Feed prices have stabilized, with pig feed at 3.35 yuan/kg. Aquaculture prices remain steady, with slight fluctuations noted in specific species [77][80].

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [87]. Core Insights - The agricultural sector index decreased by 2.15% this week, while the overall market indices showed mixed performance, with the agricultural sector outperforming the Shanghai Composite Index [12][13]. - New Zealand's beef prices are expected to rise due to increasing global beef prices, benefiting local exporters [3][23]. - The pig farming sector is experiencing a supply pressure with a potential for price declines, but the overall sentiment is stabilizing after previous pessimism [4][41]. - Poultry prices are showing signs of recovery, particularly for white feather chickens, as consumer demand gradually improves [5][57]. - The dairy and beef sectors are anticipated to see a recovery in prices as supply constraints develop [66]. Summary by Sections 1. Market Review - The agricultural index closed at 2612.71 points, down 2.15% week-on-week, while the Shanghai Composite Index rose by 1.19% [12][13]. - The top-performing sectors this week were banking and real estate, while agriculture ranked lower [13]. 2. New Zealand Beef Market - New Zealand's beef industry is heavily export-oriented, with over 90% of beef produced being exported [3][23]. - The beef production in New Zealand for 2024 is projected at 694,300 tons, a decrease of 3.89% year-on-year, with exports expected to follow a similar trend [23]. 3. Pig Farming - The average weight of pigs at market is 128.57 kg, indicating a high level compared to historical data [4][40]. - The current price for pigs is 14.97 CNY/kg, reflecting a week-on-week increase of 2.11% [39]. - The report suggests that the pig farming sector is at a valuation bottom, with potential for recovery if supply constraints are managed [41][42]. 4. Poultry Farming - The average price for white feather chickens has increased to 7.50 CNY/kg, up 2.18% from the previous week [57]. - The poultry sector is expected to benefit from a recovery in consumer demand and a potential increase in high-end product consumption [5][57]. 5. Dairy and Beef Industry - The dairy sector is facing a reduction in production capacity, which may lead to price stabilization in the latter half of 2025 [66]. - The report highlights a potential upward trend in beef prices as supply constraints are expected to tighten [66]. 6. Planting Industry - The report notes fluctuations in grain prices, with corn prices at 2,204.29 CNY/ton, reflecting a slight increase [66]. - The planting sector is expected to stabilize as domestic agricultural policies are implemented [68]. 7. Feed and Aquaculture - Feed prices have remained stable, with pig feed priced at 3.35 CNY/kg [77]. - Aquaculture prices are also stable, with no significant changes reported in major fish species [77].