Investment Rating - The report maintains an "Increase" rating for the agricultural sector [5] Core Views - The report emphasizes the need to combat "involutionary" competition and optimize pig production capacity, as highlighted in the recent meeting of the Central Financial Committee [1][17] - The overall pig farming industry is currently profitable, with self-breeding and self-raising models showing increased profits [18][23] - The poultry sector is experiencing price declines, particularly in broiler chickens and chicken seedlings, indicating a potential for price recovery in the future [19][36] Summary by Sections Agricultural Data Tracking - The national average price for lean meat pigs is 14.82 CNY/kg, up 3.9% from last week, while the average wholesale price for pork is 20.58 CNY/kg, up 1.7% [21][22] - The average weight of pigs for slaughter has decreased to 90.05 kg, down 0.6% week-on-week [26] - The price of 15 kg piglets has decreased to 36.77 CNY/kg, down 1% from last week [29] Pig Farming - The average profit for self-breeding pigs is 119.72 CNY/head, an increase of 69.48 CNY/head from last week, while the profit for purchased piglets is -26.26 CNY/head, an increase of 105.45 CNY/head [23][24] - The report suggests monitoring the impact of recent policy changes on pig prices and inventory behavior [18] Poultry Farming - The average price for broiler chickens is 6.75 CNY/kg, down 3.7% from last week, and the average price for chicken products is 8.45 CNY/kg, down 1.2% [36] - The price for broiler chicks has dropped to 1.36 CNY/chick, down 20% from last week [31] Crop and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth opportunities for industry companies [19] Livestock Support - The report notes increased price volatility in agricultural products, with leading feed companies likely to replace smaller competitors due to their advantages in procurement and scale [19]

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The pet sector showed strong performance during the 618 pre-sale event, with significant sales growth and a notable increase in domestic brand presence [12][13] - In the pig farming sector, the average selling price of lean pigs decreased to 14.46 CNY/kg, down 1.2% from the previous week, indicating a low valuation environment [14][15] - The poultry sector experienced a slight decline in white feather chicken prices, with the average price at 7.36 CNY/kg, down 0.5% [14][30] - The commercialization of genetically modified varieties is expected to enhance growth potential in the agricultural sector [14] - The fluctuation of agricultural product prices and the ongoing adjustment of poultry production capacity present investment opportunities [14] Summary by Sections Weekly Highlights - The pet category performed exceptionally well during the 618 sales event, with sales figures surpassing last year's first-day totals [12] - Domestic brands are gaining market share, with significant sales growth reported for several brands [13] Agricultural Data Tracking - The average selling price of lean pigs is 14.46 CNY/kg, down 1.2% from last week, while the average wholesale price of pork remains stable at 20.95 CNY/kg [15][16] - The average price of white feather chickens is 7.36 CNY/kg, down 0.5%, and the average price of chicken products is stable at 8.86 CNY/kg [30][31] - The price of 15kg piglets decreased to 42.42 CNY/kg, down 2.1% from last week [20][34] Livestock and Poultry - The self-breeding profit for pigs decreased to 48.21 CNY/head, down 32.45 CNY from last week, while the profit from purchased piglets is negative [17][21] - The average price of meat chicken seedlings remains stable at 2.85 CNY each [26][30] Crop and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, enhancing the growth potential of industry companies [14] - The fluctuation in agricultural product prices is expected to create opportunities for leading feed companies to replace smaller competitors [14]

Investment Rating - Maintain "Increase" rating for the agricultural sector [4] Core Views - The recent confirmation of highly pathogenic avian influenza virus in Brazilian commercial poultry may have limited impact if it does not affect imports from other states or lead to nationwide import suspensions [11][12] - The reliance on chicken imports from Brazil is low, with only 5.5% of chicken meat being imported, primarily consisting of chicken by-products [11] - The price of lean pork has decreased to 14.63 CNY/kg, down 0.7% from the previous week, while the average wholesale price of pork has increased by 1.6% to 20.94 CNY/kg [12][13] - White feather chicken prices have dropped to 7.4 CNY/kg, a decrease of 0.7%, and chicken product prices have also fallen by 0.4% to 8.86 CNY/kg [12][24] - The approval of genetically modified varieties is expected to enhance the growth potential of industry companies [12] - The agricultural sector has underperformed the market by 1.1 percentage points this week, with a slight increase of 0.05% [8][9] Summary by Sections Livestock Farming - The price of lean pork is currently 14.63 CNY/kg, down 0.7% from last week, with a focus on leading companies with cost-effectiveness such as Muyuan Foods and Wens Foodstuffs [12][13] - The average price of white feather chicken is 7.4 CNY/kg, down 0.7%, and the average price of chicken products is 8.86 CNY/kg, down 0.4% [12][24] - The price of meat chicken chicks is 2.85 CNY each, down 2.1% from last week [12][22] Planting and Agricultural Products - The commercialization of genetically modified varieties is expected to begin following the public announcement period, with potential for significant growth in the sector [12] Breeding Support - The volatility in agricultural product prices is increasing, and leading feed companies are expected to replace smaller firms due to their advantages in procurement and scale [12]

Investment Rating - The industry rating is "Maintain Increase" [4] Core Views - Recent white chicken prices have rebounded after a prolonged decline, with meat chicken prices at 6.59 yuan/kg, up 8% week-on-week, and chicken chick prices at 2.54 yuan/chick, up 10.9% week-on-week. This price recovery is attributed to a supply shortage due to seasonal factors and increased slaughter profits [10][12] - In the pig farming sector, the average price for lean pigs is 14.44 yuan/kg, down 0.6% from the previous week, indicating a continued low valuation in the market. The focus is on leading companies with cost-effectiveness and growth potential [12][14] - The planting and agricultural products sector is expected to see growth potential following the approval of genetically modified varieties for commercial sales, which will gradually confirm the growth and realization timeline for industry companies [12] Summary by Sections Livestock Farming - The average price for lean pigs is 14.44 yuan/kg, down 0.6% week-on-week, with the average wholesale price for pork at 20.81 yuan/kg, down 0.2% [14][15] - In poultry farming, the average price for white feathered meat chickens is 6.59 yuan/kg, up 8% week-on-week, while the average price for chicken products is 8.97 yuan/kg, down 0.3% [12][27] - The profit for self-bred pigs is 33.56 yuan/head, down 9.52 yuan/head, while the profit for purchased piglets is -12.52 yuan/head, down 21.91 yuan/head [16][33] Agricultural Products - The domestic corn spot price is 2229.12 yuan/ton, up 0.5% week-on-week, while the soybean spot price is 3856.79 yuan/ton, down 0.6% [42][56] - The average price for domestic wheat is 2424.61 yuan/ton, down 0.4% week-on-week, and the average price for domestic soybean meal is 3648.57 yuan/ton, down 2.2% [45][63] Industry Recommendations - Companies to watch in the white feathered chicken sector include Shengnong Development, Hefeng Co., and Xiantan Co. due to their complete industry chain [11][12] - In the pig farming sector, focus on leading companies such as Muyuan Foods, Wen's Foodstuffs, and Tangrenshen for their cost-effectiveness and growth potential [12]