Core Viewpoint - Shennong Group (605296.SH) reported significant growth in sales of commodity pigs in January 2026, indicating a strong performance in the livestock sector [1] Group 1: Sales Performance - The company sold 295,300 commodity pigs in January 2026, representing a year-on-year increase of 53.24% [1] - Sales revenue from commodity pigs reached 461 million yuan, reflecting a year-on-year growth of 28.06% [1] - The average selling price of commodity pigs was 12.03 yuan per kilogram, with a month-on-month increase of 8.57% [1] Group 2: Internal Sales - Out of the total sales, 49,200 commodity pigs were sold to the company's internal slaughtering enterprises [1]

Core Viewpoint - Shennong Group (605296.SH) reported significant growth in its pig sales for January 2026, indicating a strong performance in the livestock sector [1] Sales Performance - The company sold 295,300 commodity pigs in January 2026, representing a year-on-year increase of 53.24% [1] - Sales revenue from commodity pigs reached 461 million yuan, reflecting a year-on-year growth of 28.06% [1] - The average selling price of commodity pigs was 12.03 yuan per kilogram, with a month-on-month increase of 8.57% [1] Additional Sales Data - In January 2026, the company also sold 10,200 piglets [1]

证券代码：605296 证券简称：神农集团 公告编号：2026-006 云南神农农业产业集团股份有限公司 2026 年 1 月养殖业务主要经营数据公告 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。 云南神农农业产业集团股份有限公司（以下简称"公司"）现将 2026 年 1 月养殖业务主要经营数据披露如下： 一、2026 年 1 月养殖业务主要经营数据 1、2026 年 1 月份，公司销售商品猪 29.53 万头，同比变动 53.24%（其中： 向集团内部屠宰企业销售商品猪 4.92 万头）。商品猪销售收入 4.61 亿元，同比 变动 28.06%。商品猪销售均价 12.03 元/公斤，环比变动 8.57%。 2、2026 年 1 月，公司销售仔猪 1.02 万头。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上 述数据仅作为阶段性数据供投资者参考。 二、风险提示 （一）公司目前主营业务包括饲料加工、生猪养殖、生猪屠宰、肉制品深加工等 业务，上述销售情况只代表公司生猪养殖板块中活体销售情况，饲料加工、生猪 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The agricultural sector is expected to experience a cyclical recovery, particularly in the beef and dairy markets, driven by domestic and international demand [3] - The pig farming sector is anticipated to stabilize due to capacity control measures, benefiting leading companies with improved cash flow and cost advantages [3] - Poultry supply is expected to remain stable, with potential for increased cash flow returns for leading enterprises as demand recovers [3] - The feed industry is likely to see enhanced competitive advantages for leading companies due to deeper industrialization and specialization [3] - The pet industry is identified as a growth sector benefiting from demographic trends [3] Summary by Sections Livestock - Beef prices are expected to continue rising, with the average price for fattened bulls at 25.20 CNY/kg, stable week-on-week and up 8.15% year-on-year [2] - Dairy cow depopulation is likely to accelerate, with raw milk prices expected to reach a turning point in 2026 [2] - The pig price on February 6, 2026, was 12.05 CNY/kg, down 1.31% week-on-week and down 20.67% year-on-year [13] Poultry - Chicken supply has slightly increased, with a focus on seasonal consumption recovery [13] - Egg prices in major production areas were 3.44 CNY/jin, up 6.83% week-on-week and up 19.44% year-on-year [13] Feed - Soybean meal prices are at historical lows, with potential catalysts from weather or trade factors [2] - Corn prices are expected to maintain a stable upward trend, with a current price of 2331 CNY/ton, down 0.09% week-on-week but up 8.52% year-on-year [2] Key Companies and Investment Recommendations - Recommended livestock companies include YouRan MuYe and Modern MuYe [3] - Recommended pig farming companies include HuaTong Co., DeKang Agriculture, and MuYuan Co. [3] - Recommended poultry companies include LiHua Co. and YiSheng Co. [3] - Recommended feed company is HaiDa Group [3] - Recommended pet company is GuaiBao Pet [3]

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]

Investment Rating - The report gives an "Overweight" rating for the agricultural industry, indicating that it is expected to outperform the overall market [3][10]. Core Insights - The 2026 Central Document emphasizes food security and agricultural modernization, reiterating the importance of "new agricultural productivity" and the continuous focus on seed industry revitalization, particularly in biological breeding [4]. - In livestock, there is a shift towards "strengthening" comprehensive regulation of pig production capacity, with a focus on stabilizing the beef and dairy industries, and promoting dairy product consumption [4]. - The document highlights the importance of grain security, aiming to stabilize grain production at around 14 trillion jin, and introduces measures to enhance grain circulation efficiency [4]. - The report outlines the implementation of agricultural technology, including the integration of artificial intelligence with agriculture, and identifies key application scenarios such as drones, IoT, and robotics [4]. - The report suggests three main investment focuses: the recovery of the beef and dairy industries, the expected rebound in the pig cycle, and the continued advancement of the seed industry and biological breeding [4]. Summary by Sections Livestock Industry - The report indicates a comprehensive approach to regulating pig production capacity and acknowledges the success of measures taken to support the beef and dairy industries [4]. - It also mentions the introduction of multiple measures to promote dairy product consumption for the first time [4]. Crop Production - The focus remains on food security, with a commitment to stabilize grain production and enhance the efficiency of grain circulation [4]. - The report introduces a new round of initiatives aimed at increasing grain production capacity, particularly for oilseed crops like soybeans [4]. Seed Industry - The report emphasizes the ongoing implementation of seed industry revitalization actions and the acceleration of biological breeding industrialization [4]. - It notes the continuous mention of biological breeding in the Central Document over the past six years, highlighting its growing importance [4]. Agricultural Technology - The report outlines the path for implementing new agricultural productivity, emphasizing the need for technology integration, particularly in AI applications [4]. Agricultural Trade - The report advocates for the coordination of agricultural trade and production, promoting diversification of agricultural imports and supporting the export of competitive agricultural products [4].

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group, "Buy-B" for Shengnong Development and Wens Foodstuff, and "Hold-A" for Guai Bao Pet and Zhongchong Shares [4]. Core Insights - The report highlights that the feed industry is transitioning from product competition to value chain competition, with market share increasingly concentrating among leading companies with advantages in technology, scale, and service [7]. - Haida Group is expected to continue gaining market share due to its efficient internal management and strong service advantages, with significant growth potential in overseas markets [7]. - The report suggests that the pig farming industry is undergoing a market-driven capacity reduction, which may stabilize prices in the coming months [8]. Industry Performance Overview - For the week of January 26 to February 1, the agricultural sector saw a 1.82% increase, ranking fifth among sectors, while the CSI 300 index had a slight increase of 0.08% [6][16]. - The report notes a decline in pig prices, with average prices for external three-way pigs in Sichuan, Guangdong, and Henan at 12.15, 12.16, and 12.63 yuan/kg respectively, reflecting decreases of 5.08%, 9.66%, and 4.54% [6][26]. - The average pork price increased slightly to 18.61 yuan/kg, up by 0.65% [6][26]. Livestock and Feed Industry - The report indicates that the average profit for self-bred pigs is 25.10 yuan/head, down by 18.25 yuan from the previous week, while the profit for purchased pig farming increased by 8.29 yuan to 124.13 yuan/head [6][26]. - In the poultry sector, the price of white feather chickens rose to 7.74 yuan/kg, a 3.20% increase, and the profit per chicken increased significantly by 550% to 0.39 yuan/chicken [44]. - The average price of feed for fattening pigs remained stable at 3.37 yuan/kg, while chicken feed prices were steady at 3.45 yuan/kg [47]. Market Trends and Future Outlook - The report emphasizes the ongoing consolidation in the feed industry, with a focus on companies that can leverage technological and service advantages [7]. - The pet food sector is expected to continue growing, with a shift towards R&D and supply chain management as key competitive factors [9]. - The report suggests monitoring companies like Wens Foodstuff, Shennong Group, and Juxing Agriculture for potential investment opportunities in the pig farming sector [8].

Core Viewpoint - The company forecasts a significant decline in net profit for 2025, primarily due to a substantial drop in pig sales prices despite an increase in sales volume and a decrease in breeding costs [1] Group 1: Financial Performance - The company expects a net profit attributable to shareholders of 313 to 384 million yuan for 2025, representing a year-on-year decline of 44.09% to 54.43% [1] - The net profit after deducting non-recurring gains and losses is projected to be 278 to 349 million yuan, reflecting a year-on-year decrease of 49.92% to 60.11% [1] - The company anticipates a sales volume of 3.0742 million pigs in 2025, a year-on-year increase of 35.34%, with a sales revenue of 4.729 billion yuan, up 5.21% year-on-year [1] Group 2: Cost and Production Efficiency - The breeding cost continues to decline, with the total cost expected to drop to 12.3 yuan per kilogram for 2025, including a production cost of 11.4 yuan per kilogram and an expense amortization of 0.9 yuan per kilogram [2] - The company achieved a PSY (Pigs per Sow per Year) of 29.5 and a feed conversion ratio of 2.45-2.48, indicating improved overall production performance compared to 2024 [2] Group 3: Investment Outlook - The company projects net profits for 2025-2027 to be 346 million, 511 million, and 823 million yuan respectively, with corresponding EPS of 0.66, 0.97, and 1.57 yuan [3] - The current stock price corresponds to a PE ratio of 29 times for 2026, and the investment rating is maintained at "Accumulate-B" [3]

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][4]. Core Views - The report anticipates a reversal in the livestock cycle, particularly benefiting Hong Kong dairy farming stocks [1]. - The monthly recommended stock portfolio includes leading companies in various segments: Yuran Agriculture, Modern Farming, Muyuan Foods, Dekang Agriculture, and Lihua Co., among others [1][3]. - The report highlights the expected upward trend in domestic beef and milk prices, driven by a recovery in the livestock cycle and improved cash flow for leading companies [1][14]. Summary by Sections Livestock Sector - The livestock sector is expected to experience a significant turnaround, with recommendations for Yuran Agriculture and Modern Farming as key beneficiaries [1][14]. - The report notes that domestic beef production capacity is decreasing, which may lead to price increases through 2028 [14]. - The improvement in raw milk prices is anticipated to benefit dairy farming companies, with a projected profit increase for Yuran Agriculture and Modern Farming [17]. Swine Sector - The swine sector is highlighted for its potential recovery, with leading companies like Huazhong, Dekang Agriculture, and Muyuan Foods recommended for investment [1][14]. - The report indicates that the industry is moving towards a more stable price center, supported by a reduction in production capacity and improved cash flow for leading firms [15][20]. Poultry Sector - The poultry sector is expected to see a recovery in demand, with recommendations for Lihua Co. and Shengnong Development [1][18]. - The report notes that the supply of white feather chickens is increasing, but demand is expected to improve, leading to potential price recovery [22][24]. Pet Sector - The pet food market is identified as a growing segment, with a focus on domestic brands like Guibao Pet [1][16]. - The report emphasizes the long-term growth potential of the pet sector, driven by rising consumer sentiment and market expansion [16]. Feed Sector - The feed sector is expected to benefit from deeper industrialization in livestock farming, with leading companies like Haida Group recommended [1][18]. - The report notes that feed prices are at historical lows, providing a strong support level for future price recovery [18].

Core Insights - The report emphasizes a favorable outlook for the livestock sector, particularly dairy farming, anticipating a significant cyclical reversal benefiting Hong Kong-listed dairy farming companies [1][12] - The investment strategy highlights a recommended monthly portfolio including leading companies in various segments such as dairy, pig farming, and pet food [1][3] Livestock Sector - The livestock sector is expected to experience a cyclical reversal, with both beef and milk prices projected to rise, driven by a reduction in domestic beef production and a historical low in milk prices [14][29] - Key recommendations include Yuran Dairy and Modern Farming, which are positioned to benefit from the anticipated price recovery in raw milk and beef [14][17] Pig Farming Sector - The pig farming sector is witnessing a stabilization in prices, with a notable increase in piglet prices, indicating a potential recovery in profitability for leading companies [20][21] - Recommended companies in this sector include Muyuan Foods, Wens Foodstuffs, and Huazhong Holdings, which are expected to benefit from improved cash flow and dividend returns [3][15] Poultry Sector - The poultry sector is seeing a slight increase in supply, with expectations of demand recovery supporting price stability, particularly for broiler chickens [22][24] - Leading companies such as Lihua Agricultural and Shengnong Development are highlighted for their competitive advantages in cost management and market positioning [18][19] Pet Food Sector - The pet food market is identified as a high-growth area, benefiting from rising consumer sentiment and the emergence of domestic brands [16][18] - Companies like Guibao Pet Food are recommended for their strong growth potential in this segment [3][16] Feed Sector - The feed industry is expected to deepen its industrialization, with leading companies leveraging technological and service advantages to enhance competitive positioning [1][3] - The report notes that feed prices are at historical lows, providing a supportive cost structure for producers [20][21] Agricultural Products - The report tracks agricultural product prices, noting fluctuations in pork, chicken, and feed prices, with implications for overall market dynamics [2][21] - The analysis indicates that soybean meal prices are at historical lows, while corn prices are stabilizing, suggesting a tightening supply-demand balance in the medium term [20][21]