Group 1: Pet Economy - The pet economy continues to show high growth, with over 400 pet brands achieving sales growth of over 100% year-on-year during the "618" shopping festival [1] - The number of pet transaction users increased by 32% year-on-year, while new pet owners grew by 39% [1] - Top brands in various pet food categories include Royal Canin and Maffidi for cat and dog dry food, and Maffidi and Zeal for cat and dog snacks/wet food [1] Group 2: Pig Prices - The average price of external three yuan pigs rose to 14.22 yuan/kg, a week-on-week increase of 1.43% [2] - The average price of piglets decreased to 31.85 yuan/kg, down 3.16% week-on-week [2] - The average weight of market pigs decreased slightly to 128.28 kg, while the inventory rate of frozen products increased to 14.04% [2] Group 3: Grain Prices - Prices for corn, soybean meal, and wheat have increased, with corn averaging 2417.06 yuan/ton (up 0.47%), soybean meal at 3015.14 yuan/ton (up 1.59%), and wheat at 2441.67 yuan/ton (up 0.46%) [3] - Weather conditions and trade dynamics are influencing corn prices, while soybean meal prices are affected by supply concerns from the U.S. and geopolitical tensions [3] Group 4: Investment Recommendations - The pig farming sector is expected to enter a long-term profit growth phase after inventory reduction, with recommended companies including Juxing Agriculture, Shennong Group, and Muyuan Foods [4] - The post-cycle sector is seeing a recovery in feed and veterinary demand, with companies like Haida Group and Ruipu Biotech recommended [4] - The planting chain is showing positive fundamentals with rising grain prices, suggesting investment opportunities in companies like Suqian Agricultural Development and Beidahuang [4] - The pet food industry is in a growth phase, with increasing recognition of domestic brands and recommended companies including Guibao Pet and Zhongchong Co. [4]

Investment Rating - The industry is rated as "Buy" [5] Core Views - The report indicates a weakening trend in pig prices, with the national average price for external three yuan pigs at 14.61 yuan/kg, down 1.42% week-on-week. The average price for 15 kg piglets is 36.23 yuan/kg, down 1.74% week-on-week. The report suggests that the industry is approaching a turning point in inventory levels as the market conditions evolve [1][24] - The white feather broiler and chick prices have also declined, with the white feather broiler price at 7.40 yuan/kg, down 0.67% week-on-week, and chick price at 2.85 yuan/bird, down 2.06% week-on-week. The report highlights a decrease in procurement willingness due to increased inventory and slow sales of frozen products [1][33] Summary by Sections 1. Industry Performance - The agricultural and forestry sector underperformed the market, with the agricultural index rising only 0.05% compared to the Shanghai Composite Index's 0.76% increase [14] - The performance of sub-sectors varied, with animal health and feed sectors showing positive growth, while poultry farming and planting sectors experienced declines [14][18] 2. Key Data Tracking - The average weight of pigs at slaughter is at a new high since early 2023, indicating potential inventory reduction in the near future [24] - The average price of corn is 2374.90 yuan/ton, up 0.48% week-on-week, while soybean meal prices have decreased by 5.93% to 3115.71 yuan/ton [2][47] 3. Investment Recommendations - The report recommends focusing on the pig farming sector, suggesting that the industry is nearing a turning point in inventory levels, which could lead to a long-term profit increase. Key companies to watch include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [4][73] - For the post-cycle sector, companies like Haida Group and Ruipu Biological are recommended due to the recovery in feed and veterinary demand [4][73] - In the planting chain, companies such as Suqian Agricultural Development and Beidahuang are highlighted as having strong investment opportunities due to the upward trend in grain prices [4][73] - The pet food sector is also noted for its growth potential, with companies like Guibao Pet and Zhongchong Co. being recommended [4][73]

Investment Rating - The industry is rated as "Buy" [5] Core Viewpoints - The report indicates a weakening trend in pig prices, with the national average price for external three yuan pigs at 14.61 yuan/kg, down 1.42% week-on-week. The average price for 15 kg piglets is 36.23 yuan/kg, down 1.74% week-on-week [24][1] - The report highlights that the industry is approaching a turning point in inventory levels, with the average post-slaughter weight of pigs reaching a new high since early 2023, suggesting a potential recovery in profitability after inventory reduction [4][24] - In the poultry sector, both white feather broiler and chick prices have declined, with white feather broiler prices at 7.40 yuan/kg, down 0.67% week-on-week, and chick prices at 2.85 yuan/bird, down 2.06% week-on-week [33][2] Summary by Sections 1. Market Review - The agricultural sector underperformed the market, with the agricultural index rising only 0.05% compared to the Shanghai Composite Index's 0.76% increase [14] - The performance of sub-sectors within agriculture varied, with animal health and feed sectors showing positive growth while poultry and planting sectors faced declines [14][18] 2. Key Data Tracking - The average price of corn is 2374.90 yuan/ton, up 0.48% week-on-week, while soybean meal prices fell by 5.93% to 3115.71 yuan/ton. Wheat prices increased by 0.33% to 2468.89 yuan/ton [2][47] - The report notes that the average weight of pigs at slaughter is 92.02 kg, with a slight increase of 0.17% week-on-week, indicating stable supply conditions [22][24] 3. Investment Recommendations - For the pig farming sector, the report recommends stocks such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture, anticipating a long-term upward trend in profitability following inventory reduction [4][73] - In the planting chain, the report suggests focusing on companies like Suqian Agricultural Development and Beidahuang, as the upward trend in grain prices is expected to continue [4][73] - The pet food sector is highlighted as a growth area, with recommendations for companies like Guibao Pet and Zhongchong Co., as the domestic market continues to expand [4][73]

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery industry [4] Core Views - The current pig price is on the rise, with the national average price for live pigs at 14.82 yuan/kg as of May 9, reflecting a week-on-week increase of 0.07% [28] - The average weight of pigs at slaughter has reached a new high since early 2023, indicating a potential turning point in inventory levels, which may lead to a phase of destocking in the industry [28][3] - The report highlights a significant differentiation in sales performance among listed companies, with some experiencing a decline in sales volume while others maintain growth [2][13] Summary by Sections Sales Volume - In April, the total number of pigs sold by 13 listed companies was 16.26 million heads, a decrease of 5.39% month-on-month but an increase of 39.69% year-on-year [2][14] - The average weight of slaughtered pigs has increased, with the average weight for April reported at 125.25 kg, up by 0.81 kg from the previous month [17][28] Sales Price - The report notes that the average selling price of pigs has remained stable, with most companies reporting price fluctuations within 3% [2][15] - The lowest average price was recorded at 14.32 yuan/kg by TianKang Biological, while the highest was 15.81 yuan/kg by DongRui Co [15][2] Inventory and Market Dynamics - The report indicates that the current inventory levels are high, and the demand has weakened post the May Day holiday, leading to increased pressure on pig sales in southern regions [28][3] - The report suggests that the industry may be entering a destocking phase as the willingness to sell fattened pigs decreases [28][3] Investment Recommendations - The report recommends focusing on companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture for the pig farming sector [3] - It also suggests monitoring companies in the feed and animal health sectors, such as Haida Group and Ruipu Biological, as their performance is expected to improve with the recovery of pig inventory levels [3]