Investment Rating - The report maintains an "Outperform" rating for the agricultural sector, particularly highlighting the potential for valuation recovery among leading companies in the industry [4]. Core Insights - The report is optimistic about the reversal of the beef cycle, recommending investments in the pet industry and Hai Da Group, while also focusing on undervalued leaders in the pig and poultry sectors [3]. - Key observations include a stable supply of live pigs, a potential upward trend in beef prices by 2025, and a gradual shift in chicken consumption patterns [3][4]. - The report emphasizes the importance of agricultural asset allocation, suggesting that high-quality agricultural assets are likely to see valuation recovery [1]. Summary by Sections Weekly Agricultural Price Tracking - Live pig prices were reported at 14.06 CNY/kg, with a week-on-week decrease of 2.29% [1]. - Chicken prices showed a decline, with broiler prices at 7.14 CNY/kg, down 2.19% week-on-week [1]. - Beef prices remained stable at 59.38 CNY/kg, reflecting a year-on-year increase of 28.39% [1][3]. Key Product Insights - **Beef**: Anticipated upward cycle by 2025 due to domestic supply reduction and import contraction [3]. - **Poultry**: White chicken consumption is expected to gradually increase, while yellow chicken may benefit from improved domestic demand [3]. - **Eggs**: Supply pressures are expected to persist, with prices at 2.83 CNY/jin, down 4.07% week-on-week [1][3]. Investment Recommendations - Recommended investments include: - Beef: Guangming Meat Industry, among others [3]. - Pets: Guibao Pet, Zhongchong Co., and Ruip Bio [3]. - Feed: Hai Da Group [3]. - Swine: Muyuan Foods, Huazhong Foods, and others [3]. - Poultry: Lihua Co., Yisheng Co., and others [3].