农业行业周报：饲料行业景气度有望见底回升，看好海大集团的配置时机

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development and Wen's Shares [4]. Core Views - The feed industry is expected to see a bottoming out and recovery in its prosperity, with a favorable investment opportunity in Haida Group [2][8]. - The pig farming industry is entering a profitability cycle starting from Q2 2024, with potential for sustained profitability exceeding market pessimism [7]. - The poultry industry is showing signs of improvement, with rising prices for white feather broilers and eggs, indicating a potential recovery in profits [48]. Summary by Sections Market Performance - For the week of April 14-20, the CSI 300 index increased by 0.59%, while the agriculture sector declined by 2.15%, ranking 30th among sectors [5][23]. Pig Farming - As of April 18, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 14.66, 15.34, and 15.02 yuan/kg, with a week-on-week change of +1.81%, -0.26%, and +1.69% respectively [6][33]. - The average pork price was 20.85 yuan/kg, showing a slight increase of 0.05% [6][33]. - The self-breeding profit was 79.46 yuan/head, while the profit from purchasing piglets was 21.88 yuan/head [6][33]. Poultry Farming - The weekly price for white feather broilers was 7.50 yuan/kg, up by 2.18%, and the price for broiler chicks was 2.97 yuan/chick, up by 6.45% [48]. - Egg prices reached 8.00 yuan/kg, reflecting an increase of 8.11% [48]. Feed Processing - In January-February 2025, the total industrial feed production in China was 49.2 million tons, a year-on-year increase of 9.6% [55]. - The production of compound feed, concentrated feed, and additive premix feed increased by 9.8%, 9.2%, and 5.6% respectively [55]. Aquaculture - As of April 18, the price of sea cucumbers was 110.00 yuan/kg, while the price of shrimp was 280.00 yuan/kg, both remaining stable [62]. - The price of bass was 46.00 yuan/kg, down by 4.17% from the previous week [62]. Crop and Grain Processing - As of April 18, soybean prices were 3887.37 yuan/ton, with a slight increase of 0.15% [73]. - The price of corn was 2268.04 yuan/ton, showing a decrease of 0.01% [73].