Investment Rating - The report assigns an "Accumulate" rating for the industry [3] Core Insights - The price of piglets follows a clear historical pattern, with expectations for continued price increases followed by a decline around May/June. A significant capacity reduction cycle is anticipated in 2026, primarily occurring in the second half of the year, while stock prices are expected to start rising in the first half [5][6] - The report emphasizes that piglet prices are influenced by production patterns, with December and January being peak slaughter months, leading to increased demand for piglets. Conversely, supply remains relatively stable, which can lead to price increases when demand surges [7] - The report highlights that piglet prices do not correlate with pig price expectations and cannot be used to predict pig prices. The annual variations in piglet prices are consistent, while pig prices fluctuate yearly, indicating a lack of direct relationship [7] - The report recommends focusing on the pig farming sector, predicting a significant capacity reduction cycle in 2026. It suggests that the first half of 2026 will resemble the first half of 2023, with losses in fat pigs but profits in piglets, leading to a smoother capacity reduction after the anticipated price drop in May/June [7] - Key companies to watch include Muyuan Foods, Wens Foodstuff Group, Tiankang Biological, Juxing Agriculture, and Shennong Group, as their valuations are currently at the bottom, with potential for stock price increases as the industry faces losses and clearer capacity reduction trends [7][8] Summary by Sections Historical Price Trends - Piglet prices exhibit a clear historical trend, typically bottoming out in December/January and peaking in May/June. The fluctuations are tied to seasonal production patterns and demand cycles [5][7] Production and Supply Dynamics - The report discusses the relationship between supply and demand, noting that while supply is stable, demand spikes during certain months can lead to price increases. The cyclical nature of pig farming is highlighted, with adjustments made to align production with demand [7] Investment Opportunities - The report identifies a significant capacity reduction cycle in the pig farming industry for 2026, suggesting that investors should focus on companies with strong fundamentals and current low valuations, as they are likely to benefit from the anticipated market changes [7][8]

Group 1 - The core point of the announcement is regarding the equity changes of a major shareholder, Hebang Group, which has reduced its stake in the company, Juxing Agriculture and Animal Husbandry Co., Ltd. [1][2] - Hebang Group's shareholding decreased from 14.34% to 13.34% after a reduction of 5,100,700 shares, marking a change that touches the 1% threshold [2] - Following this, on January 30, 2026, Hebang Group further reduced its stake by 4,374,200 shares, bringing the combined holding of Hebang Group and its concerted actor, He Zhenggang, from 17.50% to 16.64% [2] Group 2 - The equity changes are part of Hebang Group's planned share reduction and do not trigger a mandatory takeover bid, nor will they affect the company's controlling shareholder or actual controller [3] - The company emphasizes that the governance structure and ongoing operations will remain unaffected by these changes [3] - The convertible bonds, referred to as "Juxing Convertible Bonds," are still in the conversion period, and any changes in shareholder rights due to conversions will be disclosed according to relevant regulations [4]

格隆汇1月30日丨巨星农牧(603477.SH)公布，2026年1月30日，公司收到和邦集团出具的《股份权益变 动比例触及1%的告知函》，和邦集团股份减持数量437.42万股, 和邦集团及一致行动人贺正刚先生合计 持股比例由17.50%变为16.64%，权益变动触及1%刻度。 ...

格隆汇1月30日丨巨星农牧(603477.SH)公布，2026年1月30日，公司收到和邦集团出具的《股份权益变 动比例触及1%的告知函》，和邦集团股份减持数量437.42万股, 和邦集团及一致行动人贺正刚先生合计 持股比例由17.50%变为16.64%，权益变动触及1%刻度。 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-013 | | --- | --- | --- | | 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 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 投资者及其一致行动人贺正刚先生保证向本公司提供的信息真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2025 年 10 月 18 日，公司披露了和邦集团股份减持计划的相关公告，公告 中和邦集团计划在 2025 年 11 月 10 日至 2026 年 2 月 9 日期间通过集中竞价交易 方式和大宗交易方式合计减持贵司股份数量不超过 10,201,406 股（不超过公司 股份总数的 2%）。 2025 年 11 月 17 日，公司收到和邦集团出具的《股份权益变动比例触及 1% 暨股份减持数量过半的告知函》，和邦集团股份减持数量 5,100,700 股,减持数 量过半；和邦集团持股比例由 14.34%变为 13.34%，权益变动触及 1%刻度，详见 公司于 2025 年 11 月 18 日披露的相关公告（公告编号：2025-110）。 ...

截至 2026 年 1 月 29 日，乐山巨星农牧股份有限公司（以下简称"公司"） 股价已出现有十个交易日的收盘价低于转股价格25.04元/股的80%（20.032元/股）， 若公司股价在连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价格 的 80%，将触发"巨星转债"转股价格向下修正条款。若触发条件，公司将于触发 条件当日召开董事会审议决定是否向下修正转股价格，并及时履行信息披露义务。 敬请广大投资者注意投资风险。 一、 巨星转债基本情况 （一）可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可[2022]663 号核准，公司于 2022 年 4 月 25 日向社会公开发行了面值总额 100,000.00 万元的可 转换公司债券，每张面值为人民币 100.00 元，发行数量 1,000 万张，发行价格为人 民币 100.00 元/张，期限 6 年，本次发行的票面利率：第一年 0.40%、第二年 0.60%、 第三年 1.00%、第四年 1.50%、第五年 2.25%、第六年 3.00%。 （二）可转债上市情况 | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号 ...

Core Viewpoint - The aquaculture sector experienced a rise of 1.85% on January 29, with Fu Cheng Co., Ltd. leading the gains, while the overall market showed mixed results with the Shanghai Composite Index up by 0.16% and the Shenzhen Component Index down by 0.3% [1] Group 1: Market Performance - The aquaculture sector's performance was highlighted by Fu Cheng Co., Ltd. closing at 6.46, up by 5.38% with a trading volume of 347,300 shares and a transaction value of 223 million yuan [1] - Other notable performers included Mu Yuan Co., Ltd. at 46.33, up by 2.64%, and Wen's Foodstuffs Group at 15.55, up by 1.97% [1] - The overall trading volume for the aquaculture sector was significant, with Mu Yuan Co., Ltd. alone accounting for a transaction value of 2.824 billion yuan [1] Group 2: Capital Flow - The aquaculture sector saw a net inflow of 253 million yuan from main funds, while retail investors experienced a net outflow of 82.155 million yuan [2] - Main funds showed a positive net inflow in companies like Mu Yuan Co., Ltd. with 24.6 million yuan and Wen's Foodstuffs Group with 95.752 million yuan [3] - Conversely, retail investors showed significant outflows in companies such as Mu Yuan Co., Ltd. with 132 million yuan and Fu Cheng Co., Ltd. with 6.78 million yuan [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 ■ 注1：受"巨星转债"转股影响，全文中提及的"占公司总股本比例"以公司截至2026年1月26日总股本即 510,070,411股为基数计算； 注2：上表中数值若出现总数与各分项数值之和尾数不符，均为四舍五入原因所致。 重要内容提示: ● 乐山巨星农牧股份有限公司（以下简称"公司"、"本公司"）控股股东四川巨星企业集团有限公司（以 下简称"巨星集团"）持有公司股份数量为152,289,646股，占公司总股本比例为29.86%；巨星集团及其一 致行动人合计持有公司股份数量为152,359,646股，占公司总股本比例为29.87%。截至本公告披露日， 巨星集团累计质押股份数量为95,650,000股，占其持股数量的62.81%；巨星集团及其一致行动人累计质 押股份数量为95,650,000股，占其持股数量的62.78%。 2026年1月28日，公司收到巨星集团关于将其持有的本公司部分股份解除质押的通知，现将相关情况公 告如下： 一、本 ...

（编辑 楚丽君） 证券日报网讯 1月28日，巨星农牧发布公告称，公司控股股东四川巨星企业集团有限公司（以下简 称"巨星集团"）持有公司股份数量为152，289，646 股，占公司总股本比例为 29.86%；巨星集团及其一 致行动人合计持有公司股份数量为 152，359，646 股，占公司总股本比例为 29.87%。截至本公告披露 日，巨星集团累计质押股份数量为 95，650，000 股，占其持股数量的 62.81%；巨星集团及其一致行动 人累计质押股份数量为 95，650，000 股，占其持股数量的62.78%。 ...

Performance Highlights - State Grid Yingda (600517.SH) expects a net profit of 2.3 billion to 2.75 billion CNY, a year-on-year increase of 46.10% to 74.69%[3] - Zhongjin Gold (600489.SH) anticipates a net profit of 4.8 billion to 5.4 billion CNY, reflecting a growth of 41.76% to 59.48%[4] - Shenzhen South Circuit (002916.SZ) projects a net profit of 3.154 billion to 3.342 billion CNY, with an increase of 68% to 78%[5] - Electric Investment and Financing (000958.SZ) forecasts a net profit of 3 billion to 3.5 billion CNY, a significant rise of 187.37% to 235.26%[6] - Oriental Securities (600958.SH) expects a net profit of 5.62 billion CNY, up 67.8% year-on-year[9] Industry Trends - AI and high-end manufacturing are driving growth, with companies like Shenzhen South Circuit and Huadian Electric benefiting from AI computing upgrades[47] - Resource prices are showing differentiation, with gold, tungsten, and lithium companies like Zhongjin Gold and Xiamen Tungsten experiencing performance recovery due to strategic resource demand[48] - The financial sector is witnessing a dual trend of stability and transformation, as seen in Oriental Securities and Guotai Junan's performance amid market activity[49] - The recovery in consumer and service industries is highlighted by Wanda Film's return to profitability, indicating a rebound in content and experiential consumption[50] - The pharmaceutical sector is experiencing significant differentiation, with companies like Chengdu Xian Dao achieving high growth through innovation, while others like Bichang Pharmaceutical face competitive pressures[51]