智通财经APP获悉，2025年12月10日，全球权威碳排放评级机构——全球环境信息研究中心(CDP)公布了全球企业最新一期评级结 果。现代牧业(01117)凭借在温室气体减排、水资源及森林保护三大核心领域的卓越实践，三度荣获CDP管理级别评级，充分彰显了公 司作为全球牧业领军者，以卓越ESG治理能力践行可持续发展战略的坚定决心与标杆担当。 全球非营利性环境组织CDP自2000年成立以来，通过问卷推动温室气体、用水和森林等环境信息披露，并已将 ISSB 的气候相关披露 标准纳入其系统。截至2025年，CDP已汇聚全球超过640家资本市场签署方，其代表资产规模约127万亿美元。近2.5万家、覆盖全球 总市值三分之二的企业通过CDP平台披露环境影响数据，印证了CDP在全球环境信息披露领域的标杆地位与权威影响。 CDP评级体系以严谨性著称，采用从D-(披露级别)至 A(领导力级别)的评分体系，全面衡量企业在环境治理方面的成熟度与行动力。 在本次评级中，现代牧业在气候变化、水安全、森林风险三大关键维度继续保持"B"评级(管理级别)。这一成果不仅体现了公司在可 持续发展领域的深厚积淀与扎实成果，也进一步巩固了其在全球牧业 ...

Core Insights - The report emphasizes the accelerated reduction of pig production capacity and highlights investment opportunities in raw milk and beef cattle sectors [2][15]. Livestock Farming - As of December 12, the average price for lean pigs in China is 11.03 CNY/kg, unchanged from the previous week but down 33.2% year-on-year. The industry continues to face significant supply pressure and losses due to short-term demand stagnation and regional epidemics [7][15]. - The number of breeding sows decreased by 1.1% month-on-month in October, indicating a more pronounced decline compared to September. The winter season is noted as a high-risk period for pig diseases, which may further impact production capacity [15]. - Recommended leading companies include Wens Foodstuffs Group and Muyuan Foods, with additional attention on Dekang Agriculture and New Hope Liuhe. Companies with potential for operational turnaround include Zhengbang Technology, while smaller firms like Tiankang Biological and Shennong Group are also suggested for consideration [15]. - For broiler chickens, the average price for live chickens and chicks is 3.65 CNY/jin and 3.54 CNY/chick, respectively, both showing a week-on-week increase of 1.4% [15]. Dairy Sector - The current price for fresh milk in major production areas is 3.02 CNY/kg, stable week-on-week but down 3.2% year-on-year. The industry is expected to continue reducing capacity due to long-term losses and financial pressures [16]. - The report anticipates a gradual balance in supply and demand as previous capacity reductions take effect, with a positive outlook for the raw milk cycle in 2026-2027 [16]. - Recommended companies in the dairy sector include Yurun Agriculture and Modern Farming [16]. Feed and Animal Health - The report notes a mixed performance in aquatic product prices, with a significant rebound in white shrimp prices due to previous disease outbreaks and delayed stocking [17]. - The aquaculture industry is expected to improve in 2025 compared to 2023-2024, although profitability is projected to remain lower than pre-2023 levels, necessitating upgrades in feed formulations and farming techniques [17]. - Leading feed companies are expected to enhance their market share domestically and expand internationally, leveraging their cost advantages [17]. - Key companies to watch in the animal health sector include Keqian Biological, Pulaike, Ruipu Biological, and Biological Shares, as they expand into pet healthcare [17]. Crop Sector - The domestic corn spot price is 2357 CNY/ton, remaining stable, while soybean meal prices have increased by 1.5% to 3159 CNY/ton [18]. - The report highlights the importance of monitoring weather conditions in South America and trade factors affecting soybean prices [18]. - Companies to focus on in the seed industry include Suqian Agricultural Development, Beidahuang, and Longping High-Tech [18]. Pet Food Industry - The global production layout of pet food companies is maturing, with limited impact from trade frictions on overseas operations. The domestic market shows high growth potential, driven by functional and health-oriented products [20]. - The industry is witnessing a trend towards consolidation, with leading companies like Guibao Pet and Zhongchong Shares showing strong brand performance [20]. - The long-term outlook remains positive for industry growth and the rise of domestic brands [20].

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11月30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: 2025年12月1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 | | 1,000,000,00 ...

原奶价格企稳筑底，26 年上行确定性较强。受益于季节性供需错配与新版灭菌乳国标落地，9 月奶价有 所反弹回升，行业供需格局达到初步平衡。双节后奶价表现坚挺，11 月延续筑底趋势，整体供需情况 好于预期。目前我国原奶自给率逾70%，24 年进口干乳制品折合生鲜乳约为1500 万吨，占原奶产量比 例达37%；伊利、蒙牛等企业持续发力初深加工产能建设，未来随着国产替代比例提升，原奶需求有望 进一步提振。此外，供给端有望受益于前期集中扩产影响消退、泌乳牛补栏减少与部分社会存栏退出， 26 年奶价上行确定性较强。 能繁母牛持续去化，景气周期有望延续。供给端能繁母牛存栏持续去化，25Q3 全国牛存栏同比-2.4%至 9932 万头，肉牛整体繁育周期较长，我们认为供给端缺口持续下景气周期有望延续至27 年。25 年8 月 起美国对巴西牛肉加征40%关税，大量在途货物流入中国等市场，受国际供需格局变化与行业囤货等影 响，25H2 我国进口牛肉量同比提升；随着11 月美国关税政策松绑，牛肉进口端影响有望减弱。我国进 口牛肉措施调查将于1 月结束，我们认为未来如推出进口端限制政策或进一步提振国内牛肉需求。 本报告导读： 原奶价格 ...

Core Insights - China Modern Dairy Holdings Limited has been awarded the "Best Bond Deal of 2025" by FinanceAsia for its 5-year $350 million senior unsecured sustainable development bond issuance, recognizing its leadership in sustainable finance and impactful industry contributions [1][6] Group 1: Milestones Achieved - The bond issuance is the first sustainable USD bond in the Asia-Pacific food and beverage sector and the first globally in the dairy industry [1][3] - The issuance received a second-party opinion from Moody's and was rated SQS3 (Good), highlighting its best practices in fundraising, project evaluation, and fund management [3] Group 2: Market Performance - Despite a challenging market environment with expectations of global interest rate cuts and currency fluctuations, the issuance was successfully completed with strong investor demand [4][5] - The final order book exceeded $1.2 billion, achieving a subscription rate of 3.4 times, and the issuance size was increased from $300 million to $350 million due to high demand [5] Group 3: Recognition and Impact - The bond issuance set a record for the narrowest spread for a BBB-rated issuer in the Asia-Pacific food and beverage sector in 2025 [6] - The successful issuance not only secured critical funding for the company's green and social responsibility projects but also showcased the leadership of the Chinese dairy industry in the ESG space [6]

Core Viewpoint - The report from Guotou Securities emphasizes the importance of consumption in economic growth, predicting a stabilization in the consumption fundamentals in 2026, which presents a significant opportunity for investment in the food and beverage industry [1] Group 1: Alcohol Industry - The liquor sector is at a cyclical bottom, with low expectations, low holdings, and low valuations, suggesting potential for left-side layout opportunities [2] - The rapid clearing of financial reports in the past two quarters indicates a resolution of supply-demand conflicts, with a gradual recovery in household consumption expected [2] - The white liquor business model remains strong, and with a potential economic recovery, valuations are likely to rebound quickly [2] Group 2: Beer Industry - The beer sector is expected to maintain a structural market in 2026, with investment opportunities in companies with strong single-product growth logic and those benefiting from competitor adjustments [3] - Overall profitability in the beer sector is on an upward trend, driven by the expansion of products priced between 8-10 yuan and improved efficiency from lean management [3] Group 3: Dairy Industry - The dairy sector is positioned for a turnaround in the raw milk cycle in 2026, with a focus on the profitability elasticity of the dairy supply chain [4] - Demand for dairy products has shown differentiation, with low-temperature fresh milk and cheese experiencing healthy growth, while room temperature liquid milk has been a drag [4] - The average milk price in major production areas is expected to recover above the average cost of production in 2026, making it an opportune time to invest in the dairy supply chain [4] Group 4: Soft Drink Industry - The soft drink sector has seen significant performance differentiation, with companies in strong growth categories leading the industry [5] - In 2026, there is a focus on functional beverages and the competitive landscape of packaged water, with an emphasis on companies introducing new products [5] - The demand for low-sugar functional beverages is anticipated to grow, particularly among white-collar workers seeking fatigue-relief options [5] Group 5: Snack Industry - The snack sector is benefiting from strong new channel drivers, with expectations of improved gross and net profit margins due to scale effects [6] - The konjac product category is maintaining high market interest, with significant growth potential in China [6] - Investment recommendations include focusing on companies with strong performance during the adjustment period and those with leading products in the snack sector [6]

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for several companies including China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report highlights significant price increases in vegetables and corrugated paper, with the spot cost index for vegetables rising by 7.08% month-on-month and 16.16% year-on-year, while corrugated paper prices increased by 8.81% month-on-month and 17.49% year-on-year [6][24][27]. - Most spot cost indices for monitored consumer goods have risen, while futures cost indices have generally declined, indicating a mixed outlook for the sector [31]. Summary by Category Beer - The spot cost index for beer decreased by 2.25% month-on-month, with a cumulative decline of 3.04% since the beginning of the year [12][32]. - The futures index also fell by 2.62% month-on-month, reflecting ongoing supply-demand imbalances [12][32]. Condiments - The spot cost index for condiments decreased by 0.95% month-on-month, with a cumulative decline of 3.50% since the start of the year [15][33]. - Soybean prices have shown an increase, with spot prices rising by 1.38% month-on-month [15][33]. Dairy Products - The spot cost index for dairy products increased by 0.74% month-on-month, while the futures index decreased by 1.07% [18][34]. - Fresh milk prices have declined to 3.03 yuan/kg, a year-on-year decrease of 3.2% [18][34]. Instant Noodles - The spot cost index for instant noodles increased by 0.64% month-on-month, while the futures index decreased by 1.47% [21][35]. - Palm oil prices have decreased significantly, impacting production costs [21][35]. Frozen Foods - The spot cost index for frozen foods increased by 0.37% month-on-month, while the futures index rose by 0.52% [24][36]. - Vegetable prices have surged due to adverse weather conditions, contributing to rising costs [24][36]. Soft Drinks - The spot cost index for soft drinks increased by 2.50% month-on-month, while the futures index decreased by 1.70% [27][37]. - The price of PET chips has declined, affecting overall production costs [27][37].

Core Viewpoint - The report from Minsheng Securities highlights the cyclical recovery in the livestock industry, emphasizing the valuation shift for leading companies in the sector [1] Livestock Industry - The domestic livestock cycle is expected to reverse, with both domestic and international beef and raw milk markets likely to experience upward momentum [1] - Official capacity regulation in the pig industry is anticipated to accelerate cash flow improvements for leading enterprises, potentially transforming them into dividend stocks as industry capacity contracts [1] - In the poultry sector, limited supply fluctuations are expected, with market conditions likely to improve alongside demand recovery, allowing leading companies to achieve higher cash flow and dividend returns [1] Feed Industry - The deepening industrialization of livestock and poultry farming, along with clear industry segmentation, positions leading feed companies to further enhance their competitive advantages through technology and service [1] Pet Industry - The pet industry is identified as a scarce growth sector, expected to benefit from demographic changes [1] Investment Recommendations - Recommended livestock companies include: - For livestock: Youran Dairy, Modern Dairy, and China Shengmu [1] - For pigs: Huazhong Holdings, Dekang Agriculture, Muyuan Foods, Wens Foodstuff, Tiankang Biological, and Shennong Group [1] - For poultry: Lihua Stock, Yisheng Shares, and Shennong Development [1] - For feed: Haida Group [1] - For pets: Guibao Pet [1]

Core Viewpoint - Modern Farming (01117) has been recognized as a "2025 Excellent Practice Case for Sustainable Development of Listed Companies" by the China Listed Companies Association for its achievements in digital innovation in smart farming and deep governance of process waste gas [1][3] Group 1: Social Dimension - The company has made key breakthroughs in gene breeding and digital farming, developing the "Modern No. 1" genomic chip to shift dairy cattle breeding from "import dependence" to "self-control" [3] - Modern Farming has established smart platforms like "Cloud Cattle" and "AI Cattle Doctor," equipping 60,000 dairy cows with smart collars for health monitoring and precise feeding, showcasing the company's commitment to technology-driven innovation and responsibility [3] Group 2: Environmental Dimension - The company has been recognized for its pollution prevention and ecosystem protection efforts, creating a green circular industry chain that utilizes 100% of manure resources [3] - In 2024, the biogas power generation is expected to exceed 107 million kilowatt-hours, with over 8 million tons of organic fertilizer promoted, demonstrating significant carbon reduction effects [3] - Modern Farming actively conducts biodiversity assessments and ecological restoration, implementing biogas fertilizer return and saline-alkali land improvement in regions like Inner Mongolia and Tokto, achieving both ecological benefits and agricultural income [3] Group 3: Future Outlook - The company will continue to adhere to the development philosophy of "Technology for Good, New Agriculture," implementing the national "dual carbon" strategy and deepening green low-carbon farming models [3] - It aims to enhance manure resource utilization and ecological protection technologies, driving the entire industry chain towards a new stage of efficient, green, and sustainable high-quality development [3]

Core Viewpoint - Modern Dairy has been recognized as a "2025 Excellent Practice Case for Sustainable Development of Listed Companies" by the China Listed Companies Association for its achievements in digital innovation in smart farming and deep governance of process waste gas [1] Group 1: Social Dimension - The company has made key breakthroughs in gene breeding and digital farming, developing the "Modern No. 1" genomic chip to shift from reliance on imports to self-sufficiency in dairy cattle breeding [3] - Modern Dairy has established smart platforms such as "Cloud Cattle" and "AI Cattle Doctor," equipping 60,000 dairy cows with smart collars for health monitoring and precise feeding, showcasing the empowerment of technology in the industry [3] Group 2: Environmental Dimension - The company has been recognized for its pollution prevention and ecosystem protection efforts, creating a green circular industry chain that utilizes 100% of manure resources [3] - In 2024, the biogas power generation is expected to exceed 107 million kilowatt-hours, with over 8 million tons of organic fertilizer promoted, demonstrating significant carbon reduction effects [3] - Modern Dairy actively conducts biodiversity assessments and ecological restoration, implementing biogas fertilizer return and saline-alkali land improvement in regions like Inner Mongolia and Tuo Ke Tuo, achieving both ecological benefits and agricultural income [3] Group 3: Future Outlook - The company will continue to adhere to the development philosophy of "Technology for Good, New Agriculture," implementing the national "dual carbon" strategy and deepening green low-carbon farming models [3] - Modern Dairy aims to enhance manure resource utilization and ecological protection technologies, driving the entire industry chain towards a new stage of efficient, green, and sustainable high-quality development [3]