Investment Rating - The report maintains an "Overweight" rating for the industry [4]. Core Insights - The report anticipates that pig prices in 2026 will be lower than market expectations, leading the industry into a significant loss phase. This will mark a major capacity reduction cycle, which is expected to result in substantial stock price increases for the sector [2][3]. Summary by Sections 1. Pig Price Trends in 2025 - The average pig price for 2025 was 13.7 yuan/kg, with a downward trend observed throughout the year, particularly in the fourth quarter where prices ranged between 11.5 and 12.5 yuan/kg [7]. 2. 2026 Pig Price Forecast - The report predicts that the average pig price for 2026 will likely be below 12 yuan/kg, with the second half of the year not showing improvement over the first half [17][32]. 3. Capacity Reduction Cycle - The current capacity reduction cycle is expected to last approximately three years, marking the largest cycle since 2021. This cycle is characterized by a more equitable competition among all farming entities due to the diminished impact of African swine fever [34][38]. 4. Stock Price Increase Potential - The report suggests that the stock prices in the pig farming sector will experience significant upward movement driven by the ongoing capacity reduction. Key companies to focus on include Muyuan Foods, Wens Foodstuff Group, and Tian Kang Biological [3][4]. 5. Supply Dynamics - The report emphasizes that an increase in the number of breeding sows does not necessarily correlate with an increase in supply. The actual supply has been significantly boosted by improved production efficiency and a reduction in loss rates since the decline of African swine fever [20][23]. 6. Important Time Points - Two critical time points are highlighted: post-Chinese New Year, where prices typically drop, and around May/June when piglet prices are expected to fall below cost, accelerating capacity reduction [4][44].

三、特别说明与风险提示 证券代码：603477 证券简称：巨星农牧 公告编号：2026-018 债券代码：113648 债券简称：巨星转债 乐山巨星农牧股份有限公司 2026年1月养殖业务销售情况简报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 乐山巨星农牧股份有限公司（以下简称"公司"）现将2026年1月养殖业务销售情况披露如下： 一、2026年1月养殖业务销售情况 ■ 1、上述披露信息仅包含公司养殖业务的商品肥猪销售情况，不包括其他业务和其他产品。 2、上述销售数据来源于公司内部统计，未经审计，与定期报告披露的数据之间可能存在差异，上述销 售数据仅作为阶段性数据供投资者参考。因四舍五入，以上数据可能存在尾差。商品肥猪销价为当月销 售均价。 3、生猪市场价格的大幅波动（下降或上升）与动物疫病是生猪养殖行业的系统性风险，对任何一家生 猪养殖生产者来讲都是客观存在的、不可控制的外部风险，可能会对公司的经营业绩产生重大影响。 敬请广大投资者审慎决策，理性投资，注意风险。 特此公告。 乐山巨星农牧股份有限公司董事会 2026年2 ...

Group 1 - RuiLian New Materials reported a total operating revenue of 1.677 billion yuan for 2025, an increase of 14.95% year-on-year, with a net profit of 311 million yuan, up 23.48% year-on-year [1] - China Shenhua's subsidiary, Guoneng Qingyuan Power, successfully put its fourth generator unit into commercial operation, expected to provide approximately 20 billion kWh of clean energy annually [2] - Qijiang Airlines announced a 6.04% year-on-year decline in passenger turnover for January 2026, with a passenger load factor of 84.03%, up 1.61% year-on-year [3] Group 2 - QiZheng Tibetan Medicine reported a total operating revenue of 2.416 billion yuan for 2025, a year-on-year increase of 3.34%, with a net profit of 646 million yuan, up 10.98% year-on-year [5] - QiaoYin Co. announced the termination of its artificial intelligence industry headquarters project due to changes in investment cooperation conditions [6] - New Point Software plans to use 90.81 million yuan of surplus raised funds for new projects, including AI-driven software development [7] Group 3 - High Measurement Co. announced plans for major shareholders and executives to reduce their holdings by up to 3.19% of the company's shares [8] - SAIC Group's subsidiary plans to establish a private equity fund with an initial scale of 2.5 billion yuan, focusing on solid-state batteries and chip localization [9] - Tianqi Lithium announced the resignation of its deputy general manager due to personal career planning [10] Group 4 - ZhongKong Technology reported a total operating revenue of 8.051 billion yuan for 2025, a decrease of 11.90%, with a net profit of 450 million yuan, down 59.70% year-on-year [11] - Spring Airlines reported a 6.28% year-on-year increase in total passenger volume for January 2026, with a total available ton-kilometers of 57,008.37 [12] - Qifan Cable's controlling shareholder reduced its stake by 3% through various trading methods [13] Group 5 - China Chemical signed contracts worth a total of 36.925 billion yuan in January 2026, with significant contracts exceeding 5 billion yuan totaling 11.371 billion yuan [19] - SaiTuo Bio received a CEP certificate for its raw material drug Betamethasone, which is used to treat allergies and autoimmune inflammation [20] - Giant Star Agriculture reported a sales revenue of 649 million yuan from commodity fat pigs in January 2026, with a sales volume of 404,400 pigs [23] Group 6 - Qinglong Pipe Industry's subsidiary won a 146 million yuan pipeline project [24] - Changshan Pharmaceutical announced that some of its products are expected to be selected for national centralized procurement [26] - Yangdian Technology completed the transfer of 12.96% of its shares through an agreement [27] Group 7 - Deepin Technology's investment fund introduced new limited partners and adjusted the capital contributions of some partners [28] - Qingyun Technology plans to pledge 25% of its shares for a loan application of up to 30 million yuan [29] - LaiMei Pharmaceutical reported a 57.20% year-on-year decline in net profit for 2025 [30] Group 8 - YouLiDe reported a 16.88% year-on-year decline in net profit for 2025, with total operating revenue of 1.221 billion yuan, up 7.99% [31] - Warner Pharmaceutical reported a net profit of 241 million yuan for 2025, an increase of 46.95% year-on-year [32] - LianRui New Materials reported a net profit of 293 million yuan for 2025, an increase of 16.42% year-on-year [33] Group 9 - HuaQin Technology expects a 24.28% year-on-year decrease in net profit for 2025, with projected revenue of 1.251 billion yuan, up 9.83% [34] - QiPai Technology's shareholder subscribed for 6.3 million shares, accounting for 5.49% of the total share capital [35] - Qilin Security's shareholders completed their planned share reductions without exceeding the original plan [36] Group 10 - Dameng Data announced the lifting of the detention of its senior vice president, allowing him to resume his duties [37] - Haiyou Engineering won a contract for the "NFPS COMP5" project worth approximately 4 billion USD, with the company's share exceeding 800 million USD [38] - Yatai Group plans to sell 20.81% of its shares in Northeast Securities, pending confirmation of financial statements [39]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-018 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 2026 年 1 月养殖业务销售情况简报 2、上述销售数据来源于公司内部统计，未经审计，与定期报告披露的数据 之间可能存在差异，上述销售数据仅作为阶段性数据供投资者参考。因四舍五入， 以上数据可能存在尾差。商品肥猪销价为当月销售均价。 3、生猪市场价格的大幅波动（下降或上升）与动物疫病是生猪养殖行业的 系统性风险，对任何一家生猪养殖生产者来讲都是客观存在的、不可控制的外部 风险，可能会对公司的经营业绩产生重大影响。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 乐山巨星农牧股份有限公司（以下简称"公司"）现将 2026 年 1 月养殖业 务销售情况披露如下： 一、2026 年 1 月养殖业务销售情况 | 产品 | 销售量（万头） | 销售量同比增减（%） | | --- | --- | --- | | 商品肥猪 | ...

巨星农牧（603477）(603477.SH)发布公告，公司2026年1月商品肥猪销售量为40.44万头，同比增长 61.28%。 ...

智通财经APP讯，巨星农牧(603477.SH)发布公告，公司2026年1月商品肥猪销售量为40.44万头，同比增 长61.28%。 ...

Core Viewpoint - The company reported significant growth in its pig farming business for January 2026, indicating a strong performance in sales and revenue generation [1] Group 1: Sales Performance - The sales volume of commercial fat pigs reached 404,400 heads, representing a year-on-year increase of 61.28% [1] - The sales revenue for the month amounted to 649 million yuan, with a cumulative sales revenue of 649 million yuan for the same period [1] - The average selling price of commercial fat pigs was 12.71 yuan per kilogram [1]

截至9月30日，巨星农牧股东户数4.47万，较上期增加23.11%；人均流通股11407股，较上期减少 18.77%。2025年1月-9月，巨星农牧实现营业收入56.39亿元，同比增长42.57%；归母净利润1.07亿元， 同比减少58.69%。 分红方面，巨星农牧A股上市后累计派现2.22亿元。近三年，累计派现1.02亿元。 2月10日，巨星农牧跌0.84%，成交额9185.47万元。两融数据显示，当日巨星农牧获融资买入额1177.48 万元，融资偿还861.51万元，融资净买入315.97万元。截至2月10日，巨星农牧融资融券余额合计1.98亿 元。 融资方面，巨星农牧当日融资买入1177.48万元。当前融资余额1.96亿元，占流通市值的2.16%，融资余 额低于近一年30%分位水平，处于低位。 融券方面，巨星农牧2月10日融券偿还100.00股，融券卖出3400.00股，按当日收盘价计算，卖出金额 6.06万元；融券余量9.89万股，融券余额176.22万元，超过近一年90%分位水平，处于高位。 资料显示，乐山巨星农牧股份有限公司位于四川省成都市高新区名都路166号嘉煜金融科技中心1栋26 层，成立日期 ...

Investment Ratings - The report maintains an investment rating of "Buy-A" for Haida Group (002311.SZ) and "Buy-B" for Shengnong Development (002299.SZ) and Wen's Shares (300498.SZ) [2] Core Insights - The pig prices are expected to face downward pressure after the peak season, with self-breeding pig farming profits currently in the negative [4] - The feed industry is undergoing accelerated consolidation, with market share shifting towards leading companies with R&D advantages and scale [4] - The report highlights opportunities for Haida Group due to its efficient internal management and strong service advantages in the industry chain [4] - The report suggests that the pig farming industry may experience a significant capacity reduction in 2026, which could improve the fundamentals and valuations of the sector [5] - The pet food sector is expected to continue growing, with a shift in competition from marketing to R&D and supply chain management [6] Summary by Sections 1. Industry Performance - The agricultural sector saw a decline of 1.92% in the week of February 2-8, 2026, with the food and feed additives, meat chicken farming, and pig farming sectors performing relatively well [3][13] 2. Pig Farming - As of February 6, 2026, the average prices for external three-way cross pigs in Sichuan, Guangdong, and Henan were 11.65, 11.96, and 12.38 CNY/kg, respectively, showing a week-on-week decline of 4.12%, 1.64%, and 1.98% [4][22] - The average pork price was 18.34 CNY/kg, down 1.45% from the previous week [4][22] - Self-breeding pig farming profits were reported at -38.09 CNY/head, a decrease of 63.19 CNY/head from the previous week [4][22] 3. Poultry Farming - The price of white feather chickens was reported at 7.53 CNY/kg, down 2.71% week-on-week, with a loss of 0.26 CNY per chicken [37] 4. Feed Processing - The average price of feed for fattening pigs remained stable at 3.37 CNY/kg as of January 29, 2026 [41] 5. Aquaculture - As of February 6, 2026, the price of sea cucumbers was 120 CNY/kg, and the price of shrimp was 320 CNY/kg, both remaining stable [47] 6. Crop and Oilseed Processing - As of February 6, 2026, corn was priced at 2368.43 CNY/ton, with a slight decrease of 0.33% week-on-week, while soybean prices remained stable at 4072.11 CNY/ton [56][57]

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, has experienced a slight increase in stock price and has undergone significant shareholder changes, including a major reduction in holdings by a key shareholder, Sichuan Hebang Investment Group [1][2]. Stock Performance - As of February 6, 2026, Juxing Agriculture and Animal Husbandry's stock closed at 17.84 yuan, up 1.36% from the previous week [1]. - The stock reached a high of 17.99 yuan and a low of 17.1 yuan during the week [1]. - The company's total market capitalization is 9.1 billion yuan, ranking 10th in the livestock sector and 2188th in the A-share market [1]. Shareholder Changes - Sichuan Hebang Investment Group reduced its holdings by a total of 10,201,400 shares, representing 2% of the total share capital, between November 17, 2025, and February 4, 2026 [2]. - The reduction was executed at prices ranging from 16.71 to 18.14 yuan per share, totaling approximately 175.95 million yuan [2]. - Following the reduction, Hebang Group's ownership decreased from 14.34% to 12.34%, and combined with another shareholder, their total holding dropped from 18.50% to 16.64% [2]. Corporate Announcements - The company received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending registration with the China Securities Regulatory Commission (CSRC) [1][4]. - The company plans to raise up to 227.07 million yuan for projects including the construction of a boar station, research on breeding technology, and digital intelligence development [5]. - The board of directors decided not to adjust the conversion price of the "Juxing Convertible Bonds," despite triggering conditions for a downward adjustment [3][4].