Group 1 - Anta Sports-R (82020), Tencent Holdings-R (80700), and Geely Automobile-R (80175) have the highest short-selling ratios at 100.00%, 90.92%, and 80.03% respectively [1][2] - Meituan-W (03690), Alibaba-W (09988), and Tencent Holdings (00700) lead in short-selling amounts, with 1.554 billion, 1.440 billion, and 1.253 billion respectively [1][2] - Tencent Holdings-R (80700), China Wangwang (00151), and Country Garden (02007) have the highest deviation values at 45.18%, 36.17%, and 33.66% respectively [1][2] Group 2 - The top short-selling amounts are led by Meituan-W (03690) at 1.554 billion, followed by Alibaba-W (09988) at 1.440 billion, and Tencent Holdings (00700) at 1.253 billion [2] - The top short-selling ratios include Anta Sports-R (82020) at 100.00%, Tencent Holdings-R (80700) at 90.92%, and Geely Automobile-R (80175) at 80.03% [2] - The highest short-selling deviation values are observed in Tencent Holdings-R (80700) at 45.18%, China Wangwang (00151) at 36.17%, and Country Garden (02007) at 33.66% [2][3]

国金证券发布研报称，现代牧业(01117)作为奶牛养殖龙头公司，原奶价格的上涨将直接带动公司业绩 回暖。此外，由于奶牛的生产特性，公司每年都会销售部分的淘汰奶牛和奶犊牛，这部分收入有望充分 受益牛肉价格上涨，为公司未来业绩增加明显弹性。给予"买入"评级,目标价为2.04港元。 风险提示：数据准确度风险、肉价与奶价不及预期。 肉牛方面 历史高点山东活牛价格超36元/公斤。根据钢联数据，仅2024年行业产能去化幅度超过22%，行业产能 去化幅度巨大。海外方面，全球牛存栏量自2023年开始趋势调减，目前全球牛价持续创历史新高，预计 未来2-3年全球可供出口贸易的牛肉边际减少。目前我国活牛均价约27元/公斤，该行认为在本轮国内肉 牛产能大幅去化叠加海外价格上涨周期带动进口量减少的背景下，本轮国内活牛价格有望创历史新高。 估值和评级 考虑到2026年行业景气度持续上行且有望维持较长时间，该行给予公司2026年10XPE，对应合理价格为 2.04港元/股，给予"买入"评级，而随着行业景气度的上行，公司未来仍有较大成长空间。 国金证券主要观点如下： 原奶方面 目前全国生鲜乳合同价为3.03元/公斤。该行观察到行业中小牧场成 ...

Group 1 - The core viewpoint is that the increase in raw milk prices will directly boost the performance of Modern Dairy, a leading dairy farming company, and the sales of cull cows and calves will benefit from rising beef prices, providing significant earnings elasticity for the company in the future [1] Group 2 - The current national fresh milk contract price is 3.03 yuan/kg, with a notable increase in the proportion of breeding cows among small and medium-sized farms. The expected supply gap due to a potential shortage of breeding cows by 2026-2027 is highlighted [2] - The domestic milk price is currently lower than international prices, which is expected to suppress import volumes. However, with the gradual establishment of deep processing capacity and improvement in the macro economy, raw milk demand is anticipated to marginally increase, with prices expected to stabilize and rebound by 2026 [2] Group 3 - Historical high prices for live cattle in Shandong have exceeded 36 yuan/kg, with a significant industry capacity reduction of over 22% expected in 2024. Global cattle inventory is trending down since 2023, leading to record high global beef prices and a marginal decrease in exportable beef supply over the next 2-3 years [3] - The current average price of live cattle in China is about 27 yuan/kg, and the combination of domestic capacity reduction and rising overseas prices is expected to drive domestic live cattle prices to historical highs [3] Group 4 - Given the anticipated sustained upturn in industry conditions through 2026, the company is assigned a 10X PE for 2026, corresponding to a target price of 2.04 HKD per share, with a "buy" rating indicating significant growth potential as industry conditions improve [4]

Group 1 - The core viewpoint of the report is that the policy strengthening the "meat and milk resonance" logic is favorable for the reversal of the raw milk cycle, with rising beef prices improving cash flow from cattle sales and indicating a potential turning point in the raw milk cycle by 2026 [1] - The Ministry of Commerce announced safeguard measures for imported beef, which will be implemented from January 1, 2026, to December 31, 2028, involving country-specific quotas and an additional 55% tariff on imports [2] - The combination of quotas and tariffs is expected to tighten the overall beef import market, impacting supply and supporting beef prices [2] Group 2 - Domestic beef and beef prices have been strengthening since 2025, primarily due to tightened import policies and ongoing reductions in domestic cattle inventory, leading to a sustained supply constraint [3] - The import quotas for beef from 2026 to 2028 are set at 2.688 million tons, 2.742 million tons, and 2.797 million tons respectively, representing a 6% reduction compared to the 2024 import volume of 2.87 million tons [3] - The combination of quotas and tariffs is expected to support beef prices by restricting both supply and price dynamics in the market [3]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國現代牧業控股有限公司(於開曼群島註冊成立的有限公司) 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01117 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 ...

Core Viewpoint - Dairy stocks are rising against the trend, with Modern Dairy (01117) up 3.8% to HKD 1.64 and Yuanrong Dairy (09858) up 3.44% to HKD 5.11 [1] Group 1: Market Impact - The Ministry of Commerce announced temporary subsidies on specific dairy imports from the EU, imposing tariffs between 21.9% and 42.7% starting December 23 [1] - Citigroup estimates that the EU accounts for 20.7% of the import volume for the affected products, and domestic production costs are lower than imports, suggesting a shift towards domestic solid dairy processing to alleviate surplus raw milk supply [1] Group 2: Company Implications - Citigroup believes that domestic solid dairy companies, particularly Yili, will benefit from increased demand for raw milk due to these measures, which are expected to enhance the market for high-end and specialty dairy products [1] - Huachuang Securities noted that the subsidy rate of nearly 30% significantly raises the cost of related EU imported products, and the immediate execution of the policy reflects the government's commitment to stabilizing the market [1]

Core Viewpoint - Dairy stocks are rising against the trend, with Modern Dairy (01117) up 3.8% to HKD 1.64 and Yurun Dairy (09858) up 3.44% to HKD 5.11, following the announcement of temporary anti-subsidy measures on certain dairy imports from the EU [1] Group 1: Market Impact - The Ministry of Commerce announced temporary tariffs ranging from 21.9% to 42.7% on specific dairy products imported from the EU, effective from December 23 [1] - Citigroup estimates that the EU accounts for 20.7% of the import volume for the affected products, and domestic production costs are lower than imports, suggesting a potential shift towards domestic solid dairy processing businesses [1] Group 2: Demand and Supply Dynamics - The measures are expected to boost domestic raw milk demand, particularly benefiting domestic solid dairy companies like Yurun Dairy, which primarily serves clients such as Yili [1] - Huachuang Securities noted that the nearly 30% subsidy rate significantly increases the cost of related EU imported products, indicating a strong commitment from authorities to stabilize the market [1]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 乳业股早盘逆势上扬，截至发稿，优然牧业（09858）上涨4.25%，报5.15港元；现代牧业（01117）上 涨3.80%，报1.64港元。 责任编辑：卢昱君 乳业股早盘逆势上扬，截至发稿，优然牧业（09858）上涨4.25%，报5.15港元；现代牧业（01117）上 涨3.80%，报1.64港元。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

每经AI快讯，港股乳业股逆势上扬。截至发稿，现代牧业(01117.HK)涨3.8%，报1.64港元；优然牧业 (09858.HK)涨3.44%，报5.11港元。 ...

Core Viewpoint - Dairy stocks are rising against the trend, with Modern Dairy (01117) up 3.8% and Yuanrong Dairy (09858) up 3.44% following the announcement of temporary import tariffs on specific dairy products from the EU [1] Group 1: Market Impact - The Ministry of Commerce announced temporary tariffs ranging from 21.9% to 42.7% on certain EU dairy imports, effective from December 23 [1] - Citigroup estimates that the EU accounts for 20.7% of the import volume for the affected products, which include fresh cheese, curd, and cream [1] - The lower domestic production costs are expected to replace the EU's market share in these products, helping to alleviate the surplus of raw milk in the domestic market [1] Group 2: Company Implications - Citigroup believes that domestic solid dairy product companies, particularly Yili, which is a major client of Yuanrong Dairy, will benefit from the increased demand for raw milk due to these measures [1] - The high-end and specialty dairy products from Yuanrong Dairy are expected to better meet the upgraded consumption demands of downstream consumers [1] Group 3: Policy Execution - Huachuang Securities noted that the nearly 30% subsidy rate significantly increases the cost of related EU imported products [1] - The policy is set to take effect immediately after its announcement, demonstrating the authorities' commitment to stabilizing the market, with expected rapid transmission of effects to the market [1]