农林牧渔行业：25Q1公募配置比例降至历史低位，逆势增配饲料板块

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The public fund allocation in the agriculture, forestry, animal husbandry, and fishery sector has decreased to a historical low, with a current holding ratio of approximately 1.21%, down 0.11 percentage points from the previous quarter [6][14] - There is a counter-trend increase in the allocation to the feed sector, while holdings in the breeding and planting sectors continue to decline [18] - Public funds are concentrated in leading companies within the livestock breeding industry and related pet food companies [19] Summary by Sections 1. Sector Allocation - The sector allocation ratio has decreased by 0.1 percentage points, remaining at a low allocation level [14] - The standard allocation ratio for the sector is approximately 1.41%, indicating a current holding ratio that is 0.2 percentage points lower than the standard [14] 2. Feed Sector Allocation - In Q1 2025, public funds increased their allocation to the feed sector, which now stands at 0.7%, up 0.04 percentage points [18] - The breeding sector's allocation decreased to 0.34%, down 0.12 percentage points, while the planting sector's allocation fell to 0.14%, down 0.04 percentage points [18] 3. Concentration of Public Fund Holdings - Major public fund holdings are concentrated in leading companies in the livestock breeding chain and related sectors [19] - Key stocks and their respective holding ratios include: - Haida Group: 0.51% (+0.07 percentage points) - Muyuan Foods: 0.17% (-0.07 percentage points) - Guibao Pet: 0.08% (unchanged) - Zhongchong: 0.08% (+0.07 percentage points) - Wens Foodstuff: 0.06% (-0.01 percentage points) [19] 4. Investment Recommendations - For the pig industry, the expectation for pig prices in 2025 is relatively conservative, with a focus on production efficiency and market demand [35] - Recommended stocks include Wens Foodstuff and Muyuan Foods, with attention to New Hope and Zhengbang Technology for potential operational reversals [35] - In the broiler chicken sector, companies like Shennong Development and Yisheng Biological are expected to benefit from a recovery in the industry [35] - The feed industry is showing signs of recovery, with Haida Group recommended for its overseas expansion potential [35] - In the planting sector, companies like Longping High-Tech and Denge Seed Industry are suggested for investment [35] - For the pet sector, focus on domestic leading brands such as Guibao Pet and Zhongchong [35]