Investment Rating - The industry is rated as "Maintain Overweight" [4] Core Views - The pig farming sector is experiencing significant losses, with prices dropping to 9.46 CNY/kg, indicating a high certainty of continued deep losses in the industry. The expected duration and extent of these losses are surpassing initial forecasts. The focus remains on the reduction of loss-making capacity, with a high likelihood of industry losses in the upcoming quarter [12][15] - The report suggests strengthening allocations in the sector and highlights opportunities in bulk agricultural products and edible fungi [12] - The report emphasizes the importance of monitoring the performance of low-cost pig farming companies such as DeKang Agriculture, Wen's Foodstuffs, Muyuan Foods, and others during this loss phase [12] Summary by Sections Pig Farming - The national price for lean meat pigs has fallen below 10 CNY/kg, deepening losses. The market has seen a significant pullback after a brief rebound, with low participation levels. High-cost participants are expected to face pressure to reduce output, and changes in sow capacity data will continue to catalyze the market [12][15] - Current valuations remain relatively low, suggesting potential investment opportunities in low-cost pig farming companies [12] Bulk Agricultural Products - High oil prices are expected to increase production costs while expanding demand, with the most affected categories being vegetable oils and rubber, followed by sugar and corn. The report notes that major bulk agricultural products have seen some price increases, but pricing remains insufficiently reflected in the market [13] - The report recommends focusing on related stocks in vegetable oils, rubber, sugar, and corn [13] Edible Fungi - The price of enoki mushrooms has exceeded expectations, with strong performance from key companies in the sector. The report highlights the upcoming release of winter worm summer grass as a significant new product, suggesting high annual allocation value [13] Livestock Support - Price fluctuations in agricultural products are intensifying, with livestock prices not yet stabilizing. Leading feed companies are expected to replace smaller competitors due to their advantages in procurement, scale, and capital [13] - The report also notes the importance of monitoring the clinical trial progress of vaccines, particularly for African swine fever [13] Poultry Farming - For yellow feathered broilers, the report suggests monitoring seasonal price elasticity opportunities, while for white feathered chickens, attention should be paid to the trends in parent stock [13][25]

Investment Rating - The industry is rated as "Maintain Overweight" [4] Core Views - The pig farming sector is experiencing significant losses, with prices dropping to 9.46 CNY/kg, indicating a high certainty of continued deep losses in the industry. The expected duration and extent of these losses are surpassing initial forecasts. The focus remains on the reduction of loss-making capacity, with a high likelihood of industry losses in the upcoming quarter. Investors are advised to strengthen their allocations and pay attention to opportunities in bulk agricultural products and edible fungi [12][13] - In the livestock sector, the price of lean meat pigs has fallen below 10 CNY/kg, deepening losses. The market has seen a significant pullback after a brief rebound, with low participation levels. It is anticipated that participants facing high costs will reduce their output over a longer period. Investors are encouraged to consider opportunities during this loss phase, particularly in low-cost pig farming companies such as DeKang Agriculture, Wen's Foodstuffs, Muyuan Foods, and others [12][13] - The bulk agricultural products sector is influenced by high oil prices, which are expected to increase production costs and expand demand. The most affected products include vegetable oils and rubber, followed by sugar and corn. Current pricing for major bulk agricultural products has seen some increases, but the market has not fully reflected these changes yet [13] - The mushroom sector, particularly enoki mushrooms, is experiencing unexpected price stability, with key companies reporting high growth. The upcoming release of winter worm summer grass as a new product is anticipated to enhance annual investment value [13] - In the poultry sector, there are seasonal price elasticity opportunities for yellow feathered chickens, while the trend for parent stock in white feathered chickens is noteworthy. Companies such as Shennong Development and Yisheng Livestock are highlighted for potential investment [13] Summary by Sections Pig Farming - The average price of lean meat pigs is 9.46 CNY/kg, down 12.2% from last month. The average wholesale price of pork is 15.73 CNY/kg, down 11.1% [15][22] - Self-breeding and self-raising profitability has decreased, with average losses of 344.24 CNY per head for self-bred pigs and 189.87 CNY per head for purchased piglets. The gross profit from selling piglets has decreased by 62.18 CNY per head [19][20] Bulk Agricultural Products - Domestic corn prices have risen to 2452.75 CNY/ton, an increase of 3.0% from last month. Wheat prices have also increased to 2588.11 CNY/ton, up 2.1% [38][40] - The price of domestic soybeans has risen to 4277.37 CNY/ton, up 5.0% from last month [52] Mushroom Sector - The enoki mushroom prices remain unexpectedly stable, with key companies like Zhongxing Mushroom Industry and Xue Rong Biological reporting high growth [13] Poultry Sector - The average price of white feathered chickens is 7.11 CNY/kg, down 4.8% from last month. The average price of chicken products is 9 CNY/kg, down 2.7% [25][26] - Profitability for parent stock chickens has increased slightly, while slaughter profits have also seen a rise [28]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [4][70]. Core Insights - The pig farming sector is experiencing a significant decline in prices, leading to widespread losses among farmers. As of March 27, the price of pigs dropped to 9.37 CNY/kg, a decrease of 0.50 CNY/kg from March 20. The profits for self-breeding and purchased pig farming are reported at -344.24 CNY/head and -189.87 CNY/head respectively, with week-on-week declines of 46.56 CNY and 48.39 CNY [2][9][28]. - The beef market shows an upward trend in prices for fattened and calf cattle, with prices reaching 26.21 CNY/kg and 35.09 CNY/kg respectively as of March 27, 2026. This is attributed to tight supply and strong market sentiment, suggesting a bullish outlook for beef prices in the coming years [3][30]. - The poultry sector is facing pressure, particularly in the white chicken segment, where prices for chicken products have declined due to falling pig prices. As of March 27, the price for white feathered meat chickens was 7.11 CNY/kg, down 0.22% week-on-week [3][39]. Summary by Sections Pig Farming - Continued decline in pig prices leading to comprehensive losses in farming. The average price on March 27 was 9.37 CNY/kg, with significant losses reported in farming profits [2][9][28]. - Increased slaughtering rates and rising frozen product inventories indicate a slow recovery in demand, with average daily slaughtering volume at 154,700 heads, up 3.32% from the previous week [12][28]. - The average weight of pigs at market is increasing slightly, with an average of 128.71 kg as of March 26, indicating strong selling intentions despite limited market absorption capacity [20][28]. Beef Industry - Prices for fattened and calf cattle are on the rise, with current prices at 26.21 CNY/kg and 35.09 CNY/kg respectively, reflecting a tightening supply and bullish market sentiment [3][30]. - The beef market is expected to enter an upward cycle in prices from 2026 to 2027 due to reduced supply from the ongoing decrease in breeding cows [30]. Dairy Sector - The raw milk price remains low at 3.03 CNY/kg as of March 20, with expectations of continued capacity reduction leading to a potential stabilization and recovery in prices in 2026 [31]. Poultry Sector - The white chicken segment is under pressure with declining prices for both chicken products and chicks, attributed to the impact of falling pig prices. The average price for chicks is 3.07 CNY/bird, down 0.13% week-on-week [39][42]. - The egg market is seeing a slight increase in prices due to seasonal stocking ahead of the Qingming Festival, with an average wholesale price of 7.72 CNY/kg as of March 27 [3][39]. Seed Industry - The 2026 Central Document No. 1 emphasizes the promotion of biological breeding industrialization, which is expected to enhance food security and benefit leading seed companies [52].

Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [7] Core Views - The report highlights that the price of agricultural products may continue to rise, coupled with policy guidance that is expected to lead to a reduction in pig production capacity [1][2] - In the pig farming sector, strict policy controls combined with farming losses are prompting attention to the progress of breeding sows' reduction [22][23] - The poultry farming sector shows a mixed trend for white feather broilers, with fluctuating prices for live chickens [31] - The planting sector is optimistic about the trend of rising agricultural product prices due to the transmission of energy prices [4] Summary by Sections 1. Industry Overview - The agricultural sector increased by 1.01% this week, ranking 17th among the primary industries [15] - The livestock, feed, veterinary, agricultural processing, fishery, and planting sectors all experienced slight declines [18] 2. Industry Data Tracking 2.1 Pig Farming - The average price of live pigs is 10.06 yuan/kg, down 1.18% week-on-week and 2.40% over two weeks; the price of piglets is 379 yuan/head, down 10.19% week-on-week [21][22] - The average daily slaughter volume of pigs is 173,000 heads, with a week-on-week change of 23.74% [22] 2.2 Poultry Farming - The average price of white feather broilers is 7.33 yuan/kg, up 1.66% week-on-week; the price of meat chicken chicks is 3.20 yuan/chick, up 9.59% week-on-week [31] 2.3 Planting Sector - The average price of corn is 2453.27 yuan/ton, up 0.54% week-on-week; the average price of domestic wheat is 2595.63 yuan/ton, up 1.34% week-on-week; the average price of domestic soybeans is 4277.37 yuan/ton, unchanged [43][45] 2.4 Aquaculture Sector - The average price of carp is 20.00 yuan/kg, unchanged; the average price of crucian carp is 30.00 yuan/kg, unchanged; the average price of bass is 44.00 yuan/kg, down 4.26% [47]

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group, "Buy-B" for Shennong Development and Wens Foodstuffs, and "Hold-A" for Guai Bao Pet and Zhongchong Shares [8]. Core Insights - The report highlights the return of capacity reduction logic in the breeding sector, suggesting that the pig farming industry may face pressure in the first half of the year, but this period could also serve as a favorable window for capacity reduction [2][4]. - The report indicates that the overall pig price has decreased, leading to an expansion of losses in pig farming profits. As of March 13, the average price of external three yuan pigs in Sichuan, Guangdong, and Henan was 10.25, 10.96, and 10.13 yuan/kg, respectively, with an average pork price of 16.17 yuan/kg, down 4.99% from the previous week [3][24]. - The feed industry is experiencing a shift from product competition to value chain competition, with market share concentrating among leading companies with advantages in research and development, scale, and service [3]. Summary by Sections 1. Market Performance - During the week of March 9 to March 15, the Shanghai and Shenzhen 300 Index rose by 0.19%, while the agriculture sector increased by 1.01%, ranking sixth among sectors. The top-performing sub-industries included grain and oil processing, food and feed additives, and pig farming [2][15]. 2. Pig Farming - The report notes a significant decline in pig farming profits, with self-breeding losses reaching -283.15 yuan per head, a decrease of approximately 45.17 yuan from the previous week. The profit from purchasing piglets was -118.18 yuan per head, down about 59.29 yuan [3][24]. 3. Poultry Farming - The price of white feather chickens has slightly rebounded, with a weekly price of 7.21 yuan/kg, while the profit from raising meat chickens has decreased to 0.11 yuan per chicken, down 38.89% from the previous week [44]. 4. Feed Processing - The average price of feed for fattening pigs has increased to 3.38 yuan/kg, while the average price for chicken feed is 3.55 yuan/kg, both showing a week-on-week increase [49]. 5. Aquaculture - The report states that the price of sea cucumbers remains stable at 110 yuan/kg, while the price of shrimp is 280 yuan/kg. Freshwater fish prices, such as grass carp and crucian carp, have seen slight declines [56]. 6. Planting and Grain Processing - The report indicates a notable increase in grain prices, with corn at 2446.86 yuan/ton (+1.20%), soybeans at 4277.37 yuan/ton (+5.04%), and wheat at 2577.61 yuan/ton (+1.40%) [65].

招商证券主要观点如下： 白羽鸡：节后毛鸡价格回落，鸡产品价格显著好于往年 2月主产区毛鸡均价7.49元/千克，同比+24%，环比-1.9%；鸡苗均价2.52元/羽，同比+19.2%，环比 +4.4%；鸡产品均价9300元/吨，同比+2.8%，环比+0.5%；毛鸡养殖端羽均亏损0.02元。本月鸡源相较充 足，但节后需求端承接有限，鸡价自春节后逐步小幅回落；而由于前期鸡苗成本处于低位水平，养殖端 仍有一定盈利；鸡产品价格显著好于往年。节后鸡苗供应量不大，种禽企业挺价意愿明显，支撑苗价向 好。 智通财经APP获悉，招商证券发布研报称，2月鸡源相较充足，但节后需求端承接有限，鸡价自春节后 逐步小幅回落；而由于前期鸡苗成本处于低位水平，养殖端仍有一定盈利；鸡产品价格显著好于往年。 节后鸡苗供应量不大，种禽企业挺价意愿明显，支撑苗价向好。春节期间黄羽鸡餐饮消费及家庭消费改 善，尤其节前慢速鸡价更为坚挺，而节假日期间快速鸡也保持着较好盈利。当前黄羽肉鸡出栏成本已回 落至低位，2月份头部养殖企业羽均盈利或已提升至2元左右，同时看好26年黄鸡高景气延续。 结合产能来看，当前父母代产能已降至历史偏低位水平，再加之2025年行业亏 ...

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group, "Buy-B" for Shengnong Development and Wens Foodstuff, and "Hold-A" for Guobao Pet and Zhongchong Shares [3]. Core Insights - The agricultural sector has shown resilience with a 2.12% increase in the agricultural sector index, ranking 4th among sectors, despite the Shanghai Composite Index declining by 1.07% [5][16]. - The pig farming industry is experiencing a seasonal price decline, leading to increased losses in pig farming, with average prices for external three-way pigs in Sichuan, Guangdong, and Henan at 10.35, 10.96, and 10.43 yuan/kg respectively, reflecting a week-on-week decrease of 3.27%, 4.78%, and 4.57% [5][24]. - The feed industry is shifting from product competition to value chain competition, favoring leading companies with R&D and scale advantages, with Haida Group expected to benefit from this trend [6]. Summary by Sections 1. Agricultural Sector Performance - The agricultural sector index increased by 2.12%, with the top-performing sub-industries being seeds, food and feed additives, other planting industries, pig farming, and poultry feed [5][16]. - The top ten companies in the sector saw significant gains, with Yasheng Group leading at 39.04% [16]. 2. Pig Farming - The average price of pigs has decreased, leading to expanded losses in pig farming, with self-breeding profits at -237.98 yuan/head, down approximately 78.33 yuan from the previous week [5][24]. - The report suggests that the pig farming industry may see a significant capacity reduction this year, with companies like Wens Foodstuff, Shennong Group, and Juxing Agriculture being highlighted for their potential resilience [7]. 3. Poultry Farming - The price of white feather chickens has decreased to 7.20 yuan/kg, with a significant drop in profitability to 0.18 yuan/chicken, down 55% week-on-week [40]. 4. Feed Processing - The average price of meat chicken feed has increased slightly to 3.5 yuan/kg, while pig feed prices remained stable at 3.37 yuan/kg [45]. 5. Aquaculture - Prices for sea cucumbers and shrimp have remained stable, while freshwater fish prices have shown slight declines [50]. 6. Planting and Grain Processing - Grain prices have generally increased, with corn at 2417.84 yuan/ton (+1.13%) and soybean at 4072.11 yuan/ton (unchanged) [55].

Investment Rating - The industry is rated as "Outperforming the Market" with a target of exceeding the performance of the CSI 300 index by 10% or more over the next six months [3]. Core Insights - The report highlights that the pig farming sector is experiencing a backlog of breeding sows due to the Spring Festival, which is affecting the breeding stock. There is a potential for increased capacity regulation policies [19][20]. - The average price of live pigs this week is 10.56 CNY/kg, reflecting a week-on-week decrease of 3.39% and a two-week decrease of 5.24%. The average price of piglets is 448 CNY/head, down 3.24% week-on-week [19][24]. - The poultry sector is facing a downward trend in white feather broiler prices, with the average price at 7.20 CNY/kg, a decrease of 3.61% week-on-week [24]. - The corn market shows stability with a slight increase in prices, averaging 2405.53 CNY/ton, up 1.09% week-on-week, influenced by geopolitical tensions affecting oil prices and ethanol demand [32]. Summary by Sections 1. Weekly Market Review - The agricultural sector increased by 2.12% this week, outperforming major indices such as the CSI 300, which decreased by 1.07% [11]. - Sub-sectors like planting and breeding have shown positive growth, while agricultural processing, fishery, and animal health sectors experienced slight declines [14]. 2. Industry Data Tracking 2.1 Pig Farming - The average daily slaughter volume of pigs is 152,700 heads, with a week-on-week change of 26.05% [19]. - The breeding sow stock is expected to be adjusted down to 36.5 million heads, a reduction of 3.11 million heads, which will help to eliminate excess capacity in the industry [20]. 2.2 Poultry Farming - The market for white feather broilers is weak, with prices fluctuating and overall market confidence low due to slow sales and high inventory levels [24]. 2.3 Planting Sector - The prices of planting products remain stable, with corn prices showing a slight increase due to supply concerns and rising international oil prices [32]. 2.4 Aquaculture Sector - Prices for various aquatic products remain stable, with specific declines noted in shrimp prices, which decreased by 6.67% [37]. 3. Industry Events - A meeting was held with several pig farming companies to discuss the implementation of production capacity control targets for 2025 [49].

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The pig price has dropped to a new low of 10.29 CNY/kg, with significant losses in breeding, indicating a weak market trend [2][9] - The beef market is showing signs of recovery with rising prices for imported frozen products and calves, suggesting a long-term upward trend in meat and milk prices [3][29] - The poultry sector is experiencing a decline in broiler prices and fluctuating chick prices, with potential impacts from limited overseas breeding imports [3][41] - The release of the 2026 No. 1 Document emphasizes the promotion of biological breeding industrialization, which is expected to benefit leading seed companies [3][52] Summary by Sections Pig Farming - Pig prices continue to decline, reaching 10.29 CNY/kg, with breeding profits for self-bred and purchased piglets at -237.98 CNY and -58.89 CNY per head respectively [2][9] - Slaughter volumes have slightly increased due to seasonal demand, with a weekly average of 130,700 pigs slaughtered, up 17.28% week-on-week [11] - The average weight of pigs at slaughter has risen to 128.15 kg, indicating increased market supply pressure [16][27] Cattle Farming - The beef market is stable, with calf prices rising to 33.99 CNY/kg, supported by increased demand and limited supply [3][29] - Imported beef prices are also on the rise, with Brazilian cuts priced at 60.32 CNY/kg, reflecting a 2.01% increase week-on-week [29] Poultry Sector - Broiler prices have decreased to 7.20 CNY/kg, while chick prices are fluctuating around 2.85 CNY each, influenced by seasonal demand and feed price increases [39][41] - The market is facing challenges due to limited overseas breeding imports, which may affect supply dynamics [41] Seed Industry - The 2026 No. 1 Document focuses on enhancing agricultural modernization and promoting biological breeding, which is expected to accelerate the adoption of genetically modified crops [52][55]

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group, "Buy-B" for Shengnong Development and Wens Foodstuff, and "Increase-A" for Guobao Pet and Zhongchong Shares [2]. Core Insights - The agricultural sector has shown a 4.01% increase in the recent week, outperforming the Shanghai and Shenzhen 300 index, which rose by 1.08%. The sector ranks 14th among all industries [3][15]. - The pig price has recently decreased, leading to losses in self-breeding pig farming. The average prices for external three yuan pigs in Sichuan, Guangdong, and Henan are 10.7, 11.51, and 10.93 yuan/kg, respectively, with declines of 5.73%, 3.76%, and 12.07% [4][21]. - The feed industry is experiencing a shift from product competition to value chain competition, with market share concentrating among leading companies with R&D advantages and scale [4]. Summary by Sections 1. Agricultural Sector Performance - The agricultural sector's performance for the week of February 24 to March 1 shows a 4.01% increase, with the top-performing sub-industries being other planting, seeds, fruit and vegetable processing, meat chicken farming, and food and feed additives [3][15]. 2. Pig Farming - The average pig price has decreased, resulting in a loss of 159.65 yuan per head for self-breeding farms, a decline of approximately 61.33 yuan per head. The average pork price is 17.54 yuan/kg, down 3.52% [4][21]. - The report suggests that the pig farming industry may face pressure in the first half of the year, but it also presents a good window for capacity reduction [5]. 3. Poultry Farming - The price of white feather chickens has decreased to 7.47 yuan/kg, with a slight increase in chicken chick prices to 2.87 yuan/chick, up 19.58%. The profit from raising meat chickens is 0.40 yuan/chick, an increase of 0.60 yuan [39]. 4. Feed Processing - The average price of fattening pig feed remains stable at 3.37 yuan/kg, while meat chicken and egg-laying chicken feed prices are 3.45 yuan/kg and 2.80 yuan/kg, respectively, showing no change [46]. 5. Aquaculture - The price of sea cucumbers is 110 yuan/kg, down 15.38%, and shrimp is priced at 300 yuan/kg, down 6.25%. Freshwater fish prices, such as bass and grass carp, have shown slight increases [51]. 6. Planting and Grain Processing - The prices of major grains are mixed, with corn at 2390.78 yuan/ton (up 0.78%), soybeans at 4072.11 yuan/ton (unchanged), and wheat at 2534.89 yuan/ton (up 0.16%) [61].