Fund position: the breeding chain has increased significantly, and the planting position is still strong. The total number of heavy positions in 22q1 agricultural sector increased by about 77.1%, and the heavy positions of growth stocks Muyuan Foods Co.Ltd(002714) , Guangdong Haid Group Co.Limited(002311) were firmly in the dominant position, and the market recognition was further highlighted; In addition, the targets for the obvious month on month increase in the total holdings of the fund’s heavy positions are as follows:
\u3000\u3 China Vanke Co.Ltd(000002) 840(+8671%)、 Meihua Holdings Group Co.Ltd(600873) (+7324%)、 New Hope Liuhe Co.Ltd(000876) (+1506%)、 Leshan Giantstar Farming&Husbandry Corporation Limited(603477) (+589%)、 Zhongnongfa Seed Industry Group Co.Ltd(600313) (+409%)、 Tangrenshen Group Co.Ltd(002567) (+214%)、 Tech-Bank Food Co.Ltd(002124) (+190%)、 Fujian Aonong Biological Technology Group Incorporation Limited(603363) (+150%)、 Muyuan Foods Co.Ltd(002714) (+125%)、 Wens Foodstuff Group Co.Ltd(300498) (+112%)、 Hunan New Wellful Co.Ltd(600975) (+100%)。
The pig, seed and yellow chicken sectors with high prosperity, as well as high-quality animal protection standards have been focused on.
Pig sector position: market attention has increased significantly, and the core layout is muyuan and breeding pioneer. Compared with 21q4, the number of heavy warehouse funds of pig targets in 22q1 increased significantly, and the total amount of heavy warehouse holdings increased by 117% month on month. Among them, the number of heavy warehouse holdings of Zhejiang Huatong Meat Products Co.Ltd(002840) , New Hope Liuhe Co.Ltd(000876) , Leshan Giantstar Farming&Husbandry Corporation Limited(603477) and other targets increased by more than 500% month on month, and Shenzhen Kingsino Technology Co.Ltd(002548) , Hunan New Wellful Co.Ltd(600975) , Dongrui Food Group Co.Ltd(001201) . The number of shares held by leading Muyuan Foods Co.Ltd(002714) heavy positions and the total market value still ranked first in the pig sector, with a quarter on quarter increase of 125% and 140% respectively, showing the strong confidence of institutional investors in Muyuan Foods Co.Ltd(002714) . For this new cycle, we believe that 2022 is the best stage to layout the pig sector in advance, and the pig cycle in 2023 is likely to reverse the market. From the perspective of certainty, we recommend ; From the perspective of growth space and expected repair space, we are more optimistic about Zhejiang Huatong Meat Products Co.Ltd(002840) , Fujian Aonong Biological Technology Group Incorporation Limited(603363) , Leshan Giantstar Farming&Husbandry Corporation Limited(603477) , Tecon Biology Co.Ltd(002100) , Dongrui Food Group Co.Ltd(001201) , COFCO Jiakang and other breeding pioneers.
Industry view: continue to be optimistic about the cycle reversal of the pig sector and recommend investment opportunities in the seed industry sector. 1) Pigs:
Don’t worry about mood swings. Continue to be optimistic about the cycle reversal logic. At present, the pig breeding industry is squeezed by both downstream and upstream, and the cash loss rate of the industry is unprecedented. It continues to maintain the judgment of clearing production capacity in the first half of 2023. 2022 is the best layout window. Core recommendations: Zhejiang Huatong Meat Products Co.Ltd(002840) and Muyuan Foods Co.Ltd(002714) .
2) white chicken: the short-term production capacity has been greatly reduced, and we are optimistic about the valuation and repair logic of white horse shares. In March, the sales volume of chicken seedlings decreased significantly, with a decline rate of nearly 30%. Therefore, we judge that the prices of relevant products are expected to rebound in mid and late April. Considering the large scale of capacity removal and the rapid repair of price, we are optimistic about the valuation repair of the industry, especially the valuation repair of white horse shares. Key recommendations: Fujian Sunner Development Co.Ltd(002299) .
3) seed industry: we are optimistic that under the background of global potential food security crisis, China is expected to promote the landing of genetically modified seeds in a reasonable, orderly and safe manner, the substantive promotion of the variety end in 2022, and the relevant head beneficiary targets. Key recommendations: Yuan Longping High-Tech Agriculture Co.Ltd(000998) , Shandong Denghai Seeds Co.Ltd(002041) and Beijing Dabeinong Technology Group Co.Ltd(002385) .
Investment suggestion: optimistic about the breeding sector and seed industry from top to bottom. Among them, 1) recommendations for pig breeding include: 1) recommendations for pig breeding: Hongda Xingye Co.Ltd(002002) 840 the; 2) Recommended by seed industry Yuan Longping High-Tech Agriculture Co.Ltd(000998) , Shandong Denghai Seeds Co.Ltd(002041) , Beijing Dabeinong Technology Group Co.Ltd(002385) ; 3) Recommended for poultry sector: Jiangsu Lihua Animal Husbandry Co.Ltd(300761) , Hunan Xiangjia Animal Husbandry Company Limited(002982) ; It is suggested to pay attention to the targets of white chicken: Springsnow Food Group Co.Ltd(605567) , Fujian Sunner Development Co.Ltd(002299) , Shandong Yisheng Livestock & Poultry Breeding Co.Ltd(002458) , Shandong Xiantan Co.Ltd(002746) .
Risk warning: uncertainty risk caused by bad weather; Potential risks caused by uncontrollable animal outbreaks.
