Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][35] Core Viewpoints - The agricultural sector experienced a slight decline, with the agricultural index down by 0.08%, ranking 10th among 31 primary industries [4][12] - The pig price is fluctuating at a low level, with expectations of continued capacity reduction due to oversupply [5][15] - The white feather chicken market shows stable chick prices and a slight increase in meat chicken prices, supported by holiday stocking [6][28] Summary by Sections 1. Market Review - The agricultural sector saw a minor decline, with the agricultural index down 0.08% [12] - The animal health and pig farming sectors led the gains due to ongoing low pig prices [13] 2. Livestock Industry Chain Tracking 2.1 Pigs - Pig prices are fluctuating around 11 CNY/kg, showing a trend of bottoming out [5][15] - Supply exceeds demand, with expectations of continued increases in pig output due to prior increases in piglet supply [15][18] - The industry is currently experiencing overall losses, with expectations that pig prices have not yet reached their lowest point [18] 2.2 White Feather Chicken - As of December 12, chick prices are stable at 3.7 CNY/chick, with an average profit of approximately 0.8 CNY per chick [6][28] - Meat chicken prices have increased by 1.39% to 3.65 CNY/jin, supported by holiday demand [6][28] 3. Planting Industry Chain Tracking - Sugar prices continue to decline, with an average price of 5393 CNY/ton as of December 12, down 56 CNY from the previous week [30] - Soybean prices have decreased, with Brazilian soybeans at 3762 CNY/ton and U.S. soybeans at 4329 CNY/ton, both down 2.1% [30] - Corn prices are rising, with an average price of 2299 CNY/ton, up 19 CNY from the previous week [30]

Industry Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Outperform the Market" and is maintained [1]. Core Insights - The report indicates that the pig price is in a second bottoming trend, with ongoing capacity reduction expected. The average price of pigs as of November 28 is 11.09 yuan/kg, down 0.37 yuan/kg from the previous week, reflecting a continued supply surplus and weak demand [5][16]. - The report highlights that the October capacity reduction data for pigs exceeded expectations, leading to a notable increase in the pig farming sector, while the aquaculture sector experienced significant adjustments [14][16]. - The report emphasizes the importance of monitoring the situation regarding avian influenza in France, which has impacted the supply of breeding chickens [31][32]. Summary by Sections Market Overview - The agriculture sector performed well last week, with the agriculture, forestry, animal husbandry, and fishery index rising by 1.57%, ranking 21st among 31 primary industries [11][14]. Livestock Industry Chain Tracking Pigs - The average price of pigs is currently in a downward adjustment phase, primarily due to oversupply and weak demand. The industry is experiencing significant losses, with self-breeding pigs losing an average of 158 yuan per head as of November 28 [16][17]. - The Ministry of Agriculture reported that the number of breeding sows decreased to 39.9 million in October, achieving half of the target reduction of 1 million sows [18][19]. Broilers - The price of broiler chicks remains stable at 3.7 yuan/chick, with an average profit of approximately 0.8 yuan per chick. However, the terminal consumption remains weak, limiting price increases [31][32]. Planting Industry Chain Tracking - Sugar prices continue to decline, with the national average price at 5,493 yuan/ton, down 18 yuan/ton from the previous week. In contrast, soybean prices have shown some rebound, with Brazilian soybeans at 3,851 yuan/ton, down 0.9% [35][36].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The agricultural sector has shown defensive characteristics amid recent market adjustments, with the agricultural index down 3.45%, ranking 9th among 31 primary industries [5][12] - The pig market is experiencing weak prices, with a stabilization around 11.50 CNY/kg, driven by seasonal demand expectations, but overall supply exceeds demand, limiting price increases [5][16] - October saw a significant reduction in pig production capacity, with the number of breeding sows falling below 40 million for the first time in 17 months, indicating a potential for price increases in the second half of 2026 [6][18] - The white feather chicken market is facing stable chick prices but declining meat prices, with a notable decrease in the number of breeding chicks updated, indicating supply chain pressures [30][31] Summary by Sections Market Review - The agricultural sector demonstrated resilience with a smaller adjustment compared to the broader market, as the Shanghai Composite Index and CSI 300 fell by 3.90% and 3.77% respectively [12] - Among agricultural sub-sectors, only aquaculture and seeds saw price increases, while others declined [15] Livestock Industry Tracking Pigs - Prices are fluctuating around 11.50 CNY/kg, with expectations of a demand increase due to seasonal factors, but slaughter rates remain low [16] - Losses in pig farming are increasing, with self-bred pigs losing an average of 136 CNY per head, and purchased piglets losing 235 CNY per head [17] - The Ministry of Agriculture reported a 1.1% decrease in breeding stock in October, with a target of reducing 1 million sows being halfway achieved [18][19] White Feather Chicken - Chick prices remain stable at 3.7 CNY per chick, with average profits around 0.8 CNY per chick, while meat prices have slightly decreased to 3.52 CNY per jin [30] - The number of breeding chicks updated has decreased significantly, with a 19.01% drop compared to the previous year, indicating potential supply issues [30][31] Planting Industry Tracking - Sugar prices have decreased to 5512 CNY/ton, down 148 CNY from the previous week [35] - Soybean prices have also fallen, with Brazilian soybeans at 3816 CNY/ton, down 7.4% [35] - Corn prices have shown an upward trend, reaching 2227 CNY/ton, an increase of 16 CNY from the previous week [37]

Industry Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Outperform the Market" [1] Core Viewpoints - The industry is experiencing significant supply pressure in the fourth quarter, with a focus on capacity reduction [5][19] - The overall market performance shows that the agriculture sector has risen by 2.70%, ranking 8th among 31 primary industries [12][14] - The pig price continues to decline, with an average price of 11.56 CNY/kg as of November 14, 2025, indicating ongoing supply pressure [5][16] - The white feather chicken market is stabilizing, with prices for chicken seedlings at 3.7 CNY/piece and broiler prices at 3.55 CNY/kg as of November 14, 2025 [27] Summary by Sections Market Review - The agriculture sector has shown resilience, with the agriculture, forestry, animal husbandry, and fishery index rising while the broader market indices fell [12][14] - Key sub-sectors such as agricultural product processing and animal vaccines have seen significant price increases [14] Livestock Industry Chain Tracking Pigs - The average pig price has decreased by 0.31 CNY/kg over the week, with ongoing supply pressures expected to persist [5][16] - The average loss for self-bred pigs is 115 CNY per head, while for purchased piglets, it is 206 CNY per head, indicating increasing financial strain [17] - Capacity reduction is anticipated to accelerate due to low prices and regulatory pressures [19] White Feather Chicken - The price of chicken seedlings remains stable, with a profit of approximately 0.8 CNY per piece [27] - The supply of grandparent stock has decreased significantly, with a 19.01% reduction compared to the previous year [27][30] Planting Industry Chain Tracking - Sugar prices have slightly rebounded, with an average price of 5660 CNY/ton as of November 14, 2025 [35] - Soybean prices have increased, with Brazilian soybeans at 4123 CNY/ton, reflecting a 1.8% rise [35] - Corn prices have shown slight fluctuations, averaging 2211 CNY/ton, up by 12 CNY/ton [36]

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Views - The report highlights a continued decline in pig prices and strong performance in pet food sales during the "Double Eleven" shopping festival [1]. - The industry is currently trading at lower price-to-earnings (P/E) and price-to-book (P/B) ratios compared to historical averages, indicating potential for valuation recovery [1]. Summary by Sections Market Review - In October 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 0.19%, outperforming the CSI 300 index, which had a return of approximately 0% [8][11]. - The pet food sector experienced a decline, while the wood processing sector showed strong gains [11]. Livestock Farming Data Tracking - Pig prices continued to decline in October 2025, with an average price of 11.52 yuan/kg, down 11.46% month-on-month and 34.77% year-on-year [16]. - The average price for white feather broilers was 3.38 yuan/jin, showing a slight decrease of 0.29% month-on-month and 7.65% year-on-year [26]. Pet Food Sales Performance - During the "Double Eleven" period in 2025, total sales of pet food reached 9.4 billion yuan, a year-on-year increase of 59.3% [35]. - Pet food exports in September 2025 totaled 30,500 tons, up 18.78% year-on-year, while the cumulative export amount from January to September was 1.057 billion USD, down 3.73% year-on-year [32][35]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulaike, QiuLe Seed Industry, GuaiBao Pet, ZhongChong Co., and Petty Co., all rated as "Buy" [1].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The agricultural sector has shown a good performance recently, with the agricultural index rising by 1.99%, ranking sixth among 31 primary industries [4][12] - The pig price has peaked and is expected to face downward pressure due to supply issues in the fourth quarter, despite a recent increase in prices [5][20] - The report suggests focusing on companies with cost advantages, recommending leading firms such as Muyuan Foods and Wens Foodstuff Group, as well as smaller firms like Juxing Agriculture and Huatong Food [6][20] Summary by Sections Market Review - The agricultural sector outperformed the market, with the agricultural index increasing by 1.99% while the CSI 300 index decreased by 0.43% [12] - Among agricultural sub-sectors, grain and oil processing saw the highest increase, supported by strong performance from leading companies in the pig farming sector [15] Livestock Industry Chain Tracking Pig Farming - Pig prices initially rose to 12.35 CNY/kg but fell to 12.15 CNY/kg due to insufficient demand and increased supply from northern enterprises [5][17] - The average loss for self-bred pigs is around 89 CNY per head, while for purchased piglets, it is about 179 CNY [18] - The Ministry of Agriculture's policies to control production capacity are expected to accelerate capacity reduction, potentially leading to a price increase in the second half of next year [20] Broiler Chicken - As of October 31, the price of white feather broiler chicks was 3.7 CNY per chick, with an average profit of 0.8 CNY per chick [31] - The price of broiler chickens was 3.55 CNY per kg, reflecting a 5.34% increase, but overall demand remains weak [31][32] - The decline in the number of grandparent stock updates indicates potential future supply issues, although the current supply chain remains stable [32] Planting Industry Chain Tracking - Sugar prices continue to decline, with white sugar priced at 5730 CNY/ton, down 20 CNY from the previous week [36] - Soybean prices are on the rise, with Brazilian soybeans at 4062 CNY/ton, an increase of 1.3% [38] - Cotton prices have slightly increased to 14807 CNY/ton, while corn prices have decreased to 2203 CNY/ton, down 14 CNY [38]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Views - The agricultural sector underperformed the market, with the agricultural index declining by 1.36% while the Shanghai Composite Index rose by 2.88% [12][15]. - The pig price has rebounded slightly but lacks the foundation for significant increases, with prices reaching 11.71 yuan/kg as of October 26, 2025, reflecting a weekly increase of 0.68 yuan/kg [5][17]. - The white feather chicken market shows stable chick prices at 3.5 yuan/chick, but the terminal demand remains weak, leading to losses in broiler chicken farming [31][32]. Summary by Sections 1. Market Review - The agricultural sector performed poorly, significantly lagging behind the broader market indices [12][15]. 2. Livestock Industry Chain Tracking 2.1 Pigs: Price Lacks Strong Rebound Foundation - National pig prices have rebounded to 11.71 yuan/kg, but significant price increases are not expected due to increased supply and weak demand [5][17]. - As of October 24, 2025, self-breeding pig farms faced an average loss of 186 yuan per head, while purchased piglets incurred a loss of 289 yuan per head [18]. - The Ministry of Agriculture reported a slight decrease in breeding stock in September, indicating a potential acceleration in capacity reduction [19][20]. 2.2 White Feather Chicken: Stable Prices, Weak Terminal Demand - Chick prices are stable, but broiler prices are under pressure due to weak consumer demand, leading to losses in farming [31][32]. - The number of grandparent stock updated has decreased significantly, with a 19.01% reduction compared to the previous year [31][32]. 3. Planting Industry Chain Tracking - Sugar prices continue to decline, with white sugar priced at 5750 yuan/ton as of October 24, 2025 [39]. - Soybean prices have slightly increased, with Brazilian soybeans at 4011 yuan/ton, reflecting a 1.4% rise [39]. - Cotton prices have seen a minor increase, now at 14793 yuan/ton, while corn prices remain stable at 2217 yuan/ton [39].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The agricultural sector experienced a downward adjustment, with the Agricultural, Forestry, Animal Husbandry, and Fishery (Shenwan) index declining by 2.20%, ranking 13th among 31 primary industries [4][13] - National pig prices showed a slight rebound after a decline, with the average price rising to 11.03 CNY/kg as of October 19, indicating a potential bottoming out [5][18] - The "anti-involution" policies have been intensified since May, which is expected to accelerate capacity reduction in the pig industry and lead to a price increase in the second half of next year [6][20] Summary by Sections Market Review - The agricultural sector followed the overall market trend and declined, with the Shanghai Composite Index and CSI 300 dropping by 1.47% and 2.22%, respectively [13][14] Livestock Industry Chain Tracking Pigs: Price Stabilization and Capacity Reduction - The national average pig price fell to a low of 10.87 CNY/kg before rebounding to 11.03 CNY/kg [5][18] - The average loss for self-bred pigs was approximately 254 CNY per head, while for purchased piglets, it was about 375 CNY [19] - The breeding stock saw a reduction in September, with a decrease of 0.07% in the number of breeding sows [19] Broilers: Profit Squeeze - As of October 19, the price of broiler chicks was 3.5 CNY per chick, with an average profit of 0.4 CNY per chick, while the price of broiler chickens was 3.37 CNY per jin, resulting in a loss of 2.2 CNY per chick [31] - The number of grandparent stock updated in the first three quarters of 2025 was 803,300 sets, a decrease of 9.86 million sets or 19.01% compared to the same period in 2024 [31][32] Planting Industry Chain Tracking - Sugar prices continued to decline, with white sugar priced at 5,780 CNY/ton, down 55 CNY/ton [35] - The price of corn was 2,216 CNY/ton, showing a slight decrease [36]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The agricultural sector has shown resilience, with the agricultural index rising by 1.03% recently, ranking 12th among 31 primary industries [5][13] - The pig price has entered a downward trend, reaching a national average of 10.97 yuan/kg, the lowest in recent years, leading to significant industry losses [6][17] - Policies aimed at controlling production capacity and reducing weights in the pig industry are expected to positively impact prices in the second half of next year [7][19] - The white feather chicken sector faces challenges with high chick prices and low meat prices, resulting in losses for farmers [8][28] - The sugar market continues to decline, with prices dropping to 5835 yuan/ton, while soybean prices show slight fluctuations [32][34] Summary by Sections Market Review - The market has experienced significant fluctuations post-holiday, with the agricultural sector outperforming the broader market [5][13] Livestock Industry Tracking - **Pigs**: Prices have sharply declined, with a significant increase in supply post-holiday and a drop in demand from slaughterhouses [6][17] - **White Feather Chicken**: Chick prices remain high at 3.5 yuan/chick, while meat prices are low at 3.37 yuan/jin, leading to losses for farmers [8][28] Planting Industry Tracking - **Sugar**: Prices have decreased by 10 yuan/ton recently [32] - **Soybeans**: Prices have shown minor fluctuations, with Brazilian soybeans at 3900 yuan/ton and American soybeans at 4385 yuan/ton [32][34] - **Corn**: The average price has dropped to 2247 yuan/ton, a decrease of 81 yuan/ton [32][34]

Investment Rating - The industry investment rating is "Outperform" [2] Core Views - The agricultural sector has significantly underperformed the market, with the agricultural index declining by 1.97% last week, ranking 21st among 31 primary industries [5][14] - The pig farming sector is facing downward price pressure, with the average price of live pigs at 12.28 CNY/kg as of September 28, down 0.41 CNY/kg from the previous week [6][18] - The "anti-involution" policies have been reinforced, which are expected to benefit pig prices in the coming year, with a potential upward trend anticipated in the second half of 2026 [7][21] Summary by Sections Market Review - The agricultural sector continues to decline, with the agricultural index down 1.97%, while the broader market indices, such as the CSI 300, increased by 1.07% [14] - All sub-sectors within agriculture experienced declines, with the planting sector seeing the largest adjustments [17] Livestock Industry Chain Tracking Pig Farming - Prices continue to decline, with significant supply pressure expected in the second half of 2025 due to increased production capacity since May 2024 [6][18] - The average loss for self-bred pigs has increased to approximately 74 CNY per head, while the loss for purchased piglets is around 237 CNY per head [19] - The number of breeding sows has decreased slightly, indicating a potential for accelerated capacity reduction in the future [20] Broiler Chicken - The price of broiler chicken chicks remains stable at 3.5 CNY per chick, while the price of broiler chickens is 3.37 CNY per jin, leading to a loss of 2.2 CNY per chick [8][29] - The update of grandparent stock has significantly decreased, with a reduction of 17.66% compared to the same period last year [29] Planting Industry Chain Tracking - Sugar prices have adjusted to 5855 CNY/ton, down 50 CNY/ton from the previous week [33] - The price of imported soybeans has decreased, with Brazilian soybeans at 3941 CNY/ton and U.S. soybeans at 4502 CNY/ton, both showing a decline of around 1% [33] - Corn prices have slightly decreased to 2323 CNY/ton, down 2 CNY/ton from the previous week [33]