Workflow
禽类养殖
icon
Search documents
牛肉价格稳步上行,奶牛产能去化有望加速
SINOLINK SECURITIES· 2025-05-18 14:14
Investment Rating - The report suggests a neutral investment rating for the agricultural sector, indicating a limited expected change in performance compared to the market over the next 3-6 months [72]. Core Insights - The agricultural sector index outperformed the Shanghai Composite Index, with a slight increase of 0.05% during the week [12][13]. - The report highlights the ongoing fluctuations in pig prices, with a current average price of 14.61 yuan/kg, reflecting a week-on-week decrease of 1.42% [19][30]. - The poultry sector is experiencing price adjustments due to seasonal demand and external factors like avian influenza, with white feather chicken prices currently at 7.40 yuan/kg [30][35]. - The dairy and beef sectors are expected to see a recovery in prices as supply constraints continue, with a potential upward trend in raw milk prices anticipated in the second half of 2025 [4][36]. - The planting sector is stabilizing at the bottom of the market cycle, with potential improvements expected if there are significant reductions in grain production due to external uncertainties [5][44]. Summary by Sections 1. Market Review - The agricultural index closed at 2620.55 points, with a weekly increase of 0.05%, outperforming the Shanghai Composite Index [12][13]. - The top-performing sectors included beauty care and non-bank financials, while the agricultural sector ranked 20th [12][13]. 2. Key Data Tracking 2.1 Swine Farming - The average weight of pigs at market is 129.71 kg, with a stable trend compared to previous weeks [19]. - The report indicates a potential downward pressure on pig prices due to increased supply and inventory adjustments [20]. - Key companies to watch include Muyuan Foods and Wens Foodstuff Group, which are positioned for better profitability amid market fluctuations [20]. 2.2 Poultry Farming - White feather chicken prices have seen a slight decrease, but there is an expectation of recovery as consumer demand improves [30][35]. - The report notes a significant reduction in the breeding stock of parent chickens due to external factors, which may impact future production [35]. 2.3 Livestock - The beef market is showing signs of recovery, with rising prices for calves and live cattle, indicating a potential new cycle in the beef sector [36]. - The dairy sector is expected to stabilize as supply constraints are addressed, with raw milk prices projected to recover in the latter half of 2025 [4][36]. 2.4 Planting Industry Chain - The report discusses the impact of tariff policies on commodity prices, with fluctuations observed in major agricultural products [44]. - The planting sector is stabilizing, with potential improvements if significant reductions in grain production occur [5][44]. 2.5 Feed & Aquaculture - Feed prices have remained stable, with no significant changes reported in the prices of various fish species [58]. - The report indicates that aquaculture prices are holding steady, suggesting a stable market environment for aquatic products [58].
猪价偏弱运行,毛鸡价格下跌
INDUSTRIAL SECURITIES· 2025-03-12 06:49
Investment Rating - The industry investment rating is maintained as "Recommended" [2] Core Insights - The report highlights a weak trend in pig prices and a decline in broiler chicken prices, indicating potential challenges in the livestock sector [3][4] - The report provides a detailed analysis of various agricultural commodities, including grains, oils, and livestock, with specific price movements and percentage changes noted [23][24] Market Overview - The report covers the market performance of the agricultural sector, noting a decrease of 0.35% in the agricultural index compared to the Shanghai and Shenzhen 300 index [13] - Specific livestock prices are detailed, with live pig prices at 14.51 yuan/kg, showing a decrease of 0.96% [24] - Broiler chicken prices are reported at 3.40 yuan per 500 grams, reflecting an increase of 9.68% [24] Price Trends - The report includes various price trends for grains, with domestic corn priced at 2151.43 yuan/ton, showing an increase of 1.14% [23] - Domestic soybean prices are noted at 3950.00 yuan/ton, remaining stable with no change [23] - The report also highlights fluctuations in edible oils, with soybean oil priced at 8408.00 yuan/ton, showing a slight increase of 0.10% [23] Individual Stock Performance - The report lists individual stock performances within the agricultural sector, with notable movements such as New Hope rising by 1.02% and *ST Aonong declining by 2.01% [13][16] - The performance of various companies in the livestock and feed sectors is analyzed, indicating mixed results across the board [13][16] Valuation Levels - The report provides valuation metrics, with TTM (Trailing Twelve Months) PE ratios for the agricultural sector at 22.41, compared to 11.39 for the broader market [16]