Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [76]. Core Insights - The agricultural sector index outperformed the Shanghai Composite Index, with a weekly increase of 0.91% [13][14]. - The report highlights the ongoing adjustments in the pig farming industry, with a focus on the profitability of leading companies amidst fluctuating prices [20][21]. - The poultry sector is experiencing price stabilization despite seasonal demand fluctuations, with potential impacts from avian influenza affecting supply [33][29]. - The dairy and beef sectors are showing signs of recovery, with rising prices for raw milk and beef, indicating a potential upward trend in profitability [37]. - The planting industry is stabilizing, with potential improvements expected if there are significant reductions in grain production due to external factors [44]. Summary by Sections 1. Market Review - The agricultural index closed at 2682.22 points, with a weekly increase of 0.91%, outperforming major indices [13][14]. - The top-performing sectors included telecommunications and non-ferrous metals, while agriculture ranked 20th [14]. 2. Key Data Tracking 2.1 Pig Farming - The average weight of pigs at market was 129.17 kg, with prices showing a slight decline [19][20]. - Leading companies are expected to maintain profitability above 200 CNY per pig in the first half of the year [21]. - The report suggests a cautious outlook for the second half of the year due to supply pressures [21]. 2.2 Poultry Farming - White feather chicken prices decreased to 7.32 CNY/kg, while overall prices remained stable [29][33]. - The report anticipates a recovery in consumer demand as macroeconomic policies adjust [33]. 2.3 Dairy and Beef Industry - Raw milk prices have stabilized at 2.6 CNY/kg, with expectations for further recovery in the second half of 2025 [37]. - The beef market is showing signs of a new cycle, with rising prices for calves and live cattle [37]. 2.4 Planting Industry - Grain prices are experiencing fluctuations due to tariff policies and external uncertainties [44]. - The report emphasizes the importance of increasing grain yields to counteract potential production declines [44]. 2.5 Feed and Aquaculture - Feed prices have stabilized, with slight variations in water product prices [64]. - The report notes that prices for various fish species remain steady, with some increases in shrimp prices [64].

Group 1 - Brazil is investigating new suspected cases of avian respiratory disease [1]

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].

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]