Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the strengthening of pork prices as the breeding stock decreases to 35.61 million heads by the end of December, indicating a bullish trend in the market [1][2] - The report emphasizes the importance of the seed industry revitalization action, which has made significant progress in enhancing seed security and promoting domestic seed usage [1][12] - The commercialization of genetically modified crops is expected to accelerate, contributing to higher self-sufficiency rates in key varieties [1][12] Summary by Sections Planting Industry - The Ministry of Agriculture and Rural Affairs has reported progress in the seed industry revitalization action, with a focus on policy support, funding, and institutional guarantees [1][12] - Key companies recommended for investment include Beidahuang and Suqian Agricultural Development, as well as leading seed companies like Dabeinong and Longping High-Tech [1][12] Pig Farming - The average price of live pigs is reported at 12.99 CNY/kg, with a week-on-week increase of 2.27% [2][13] - The breeding stock of sows is at 39.61 million heads, showing a year-on-year decrease of 2.9% [2][13] - Recommended companies in the pig farming sector include Lihua Co., Muyuan Foods, and Shuanghui Development [5][13] Feed and Veterinary - The average price of pig feed is 2.65 CNY/kg, reflecting a week-on-week increase of 0.38% [52] - Companies in the feed sector such as Haida Group and veterinary companies like Jinhai Biological and Zhongmu Co. are expected to benefit [5][13]

农林牧渔 chenxueli@kysec.cn 证书编号：S0790520030001 周观察：供给压力后置春节前后猪价承压，海外禽流感引发祖代引种暂停 均重维持高位叠加二育回升积累供给压力，春节前后猪价回落风险抬升。据涌 益咨询，截至 2026 年 1 月 23 日，全国生猪均价 12.92 元/公斤，周环比+0.15 元 /公斤，同比-2.40 元/公斤，期间一度冲高至 13.30 元/公斤，体现节前补库带来 的阶段性供需博弈。供给端，出栏均重均重未见回落，供给兑现或将集中于春 节前后，叠加二育栏舍利用率回升至 38%形成"抽水"效应，对价格构成短期支 撑，供给压力后置。需求端，白条价修复至 17.15 元/公斤，毛白价差扩大至 4.09 元/公斤，屠宰端利润改善但量端未起，需求表现偏"价强"而非"量强"。结 构侧肥标差走扩至 0.74 元/公斤，大猪端未见转松；库存端冻品库容率持续下 行，去库验证终端承接改善，当前"价强量缩"更偏供给收缩与结构偏紧驱动。 展望后市，短期看节前备货与白条价格修复叠加冻品持续去库，价格仍有韧 性；但均重未降与二育回升使得供给压力后置，春节前后供给释放风险上升， 猪价存在回落 ...

Investment Rating - The report maintains a positive investment rating for the pig farming sector, recommending continued investment in this area due to low valuations and expected profitability [4]. Core Insights - The report highlights a rebound in pig prices to 13 CNY/kg, with self-breeding and self-raising operations achieving profitability for two consecutive weeks [4]. - The white feather breeding stock update for 2025 is projected at 1.5742 million sets, with a year-on-year increase of 4.9% [5]. - The pet food market in urban China is expected to reach 312.6 billion CNY in 2025, growing by 4.1% year-on-year [6]. Summary by Sections Pig Farming - Pig prices have rebounded to 13 CNY/kg, with a week-on-week increase of 0.7%. The average weight of pigs at slaughter has risen to 128.89 kg, with a decrease in the proportion of heavier pigs [4]. - The profitability of self-breeding and self-raising operations has reached 43.35 CNY per head, marking a significant recovery since December 2025 [4]. - The report forecasts a new wave of price declines post-Spring Festival, indicating potential capacity reduction in the pig farming industry [4]. Poultry Farming - The white feather breeding stock update for 2025 is 1.5742 million sets, with 55% from self-breeding and 45% from imports. The price of yellow feather chicken has increased by 2.6% week-on-week [5]. - The average price of chicken products is reported at 9,250 CNY/ton, with a slight year-on-year decrease of 0.5% [5]. Pet Industry - The urban pet market is projected to grow to 312.6 billion CNY in 2025, with dog and cat markets at 160.6 billion CNY and 152.0 billion CNY, respectively [6]. - The number of pet dogs and cats in urban areas is expected to reach 126.32 million, with a year-on-year growth of 1.8% [8]. - Pet food remains the primary consumption category, accounting for 53.7% of the market share, with a projected market size of approximately 167.9 billion CNY in 2025 [8].

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002714 牧原股份 | | 4864.44万 | 2.40% | -1.03 Z | -5.09% | 5472.11万 | 2.70% | | 000048 京基智农 | | 3754.32万 | 5.32% | -2675.12万 | -3.79% | -1079.19万 | -1.53% | | 300498 温氏股份 | | 1469.67万 | 1.96% | -3572.38万 | -4.77% | 2102.71万 | 2.81% | | 600965 福成股份 | | 1392.45万 | 8.25% | -116.50万 | -0.69% | -1275.95万 | -7.56% | | 300761 立华股份 | | 1088.54万 | 6.42% | -420.66万 | -2.48% | -667.88万 | -3.94% | | 6052 ...

Core Insights - In December 2025, 16 major pig farming companies in China achieved a total sales volume of 17.72 million pigs, marking a year-on-year increase of 3.51% and a month-on-month increase of 7.15% [1][5][6] - The total revenue for these companies in December was 22.104 billion yuan, reflecting a year-on-year decline of 26.85% but a month-on-month increase of 4.87% [1][5][11] Sales Volume Analysis - The leading company, Muyuan Foods, sold 6.98 million pigs in December, while Wens Foodstuffs and New Hope reported sales of over 1.8 million pigs each [1][6] - Jin Xin Nong and Zhengbang Technology experienced significant sales growth, with increases exceeding 70% year-on-year, while four companies, including Muyuan Foods and Tangrenshen, saw declines of over 10% [1][6][10] Revenue Analysis - The revenue figures for December showed that Jin Xin Nong and Zhengbang Technology had revenue growth rates exceeding 20%, while four companies, including Zhenghong Technology and Tiankang Biological, reported revenue declines of over 30% [1][11] - Muyuan Foods generated 9.667 billion yuan in revenue for December, down 36.06% year-on-year, while Wens Foodstuffs and New Hope also reported declines of 11.38% and 10.75%, respectively [10][12] Price Trends - The average transaction price for pigs in the national market fluctuated around 15 yuan per kilogram in early 2025, dropping to a low of 11.05 yuan per kilogram in the latter half of the year [2]

Core Viewpoint - Shenzhen Jingji Zhino Times Co., Ltd. (referred to as "Jingji Zhino") is diversifying its business by entering the robotics sector through acquiring control of Jiangsu Huibo Robot Technology Co., Ltd. This move is seen as a strategic layout to enhance growth potential while leveraging its existing real estate and pig farming operations for stability [1][2][3]. Group 1: Robotics Business Expansion - Jingji Zhino plans to invest in Jiangsu Huibo to gain control, which is a national high-tech enterprise focused on robotics and intelligent manufacturing [1][2]. - The company aims to establish a "Embodied Robot Research Institute" in collaboration with Jiangsu Huibo, focusing on core technology research and product innovation [2][3]. - Jiangsu Huibo is expected to launch two humanoid robot products by 2026 and achieve an annual revenue growth rate of no less than 30% from 2026 to 2028 [2][3]. Group 2: Existing Business Structure - Jingji Zhino's real estate and pig farming sectors remain crucial to its value structure, with significant assets in Shenzhen, including a project valued at 6 billion yuan [6]. - The company has reported cumulative sales of 2.3129 million pigs, generating revenue of 3.763 billion yuan [6][7]. - The pig farming industry is transitioning towards refined competition, with Jingji Zhino focusing on standardization and digital management to enhance stability [7]. Group 3: Strategic Intent and Market Position - The acquisition of Jiangsu Huibo reflects Jingji Zhino's long-term strategic consideration in the robotics sector, differentiating it from other companies that merely invest through partnerships [3][4]. - The diverse application of Jiangsu Huibo's products across various sectors, including energy and education, provides a solid foundation for future growth [4]. - The market's attention to this transaction indicates a reassessment of Jingji Zhino's future growth potential and valuation [4].

证券之星消息，1月22日养殖业板块较上一交易日下跌0.42%，京基智农领跌。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。养殖业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603717 | 天域生物 | 7.82 | 2.76% | 8.14万 | 6271.16万 | | 600965 | 福成股份 | 6.26 | 1.95% | 17.27万 | 1.07亿 | | 002321 | 华英农业 | 2.43 | 1.67% | 40.25万 | 9700.06万 | | 002157 | 正邦科技 | 3.35 | 1.52% | 152.74万 | 5.09亿 | | 000735 | 罗牛山 | 7.92 | 1.41% | 34.06万 | 2.68亿 | | 301116 | 益客食品 | 11.48 | 1.15% | 5.72万 | 6534.05万 | | 002982 | 湘佳股份 | 14.22 ...

格隆汇1月21日｜京基智农(000048.SZ)公告称，公司股价连续两日涨幅偏离值累计超过20%，与公司经 营业绩情况相偏离。公司主营业务为生猪养殖，受生猪销售价格下跌影响，2025年前三季度营业收入同 比下降20.12%，净利润同比下降50.50%。此外，公司拟收购汇博机器人，但交易存在无法按预期达成 或终止的风险，且收购资金来源存在重大不确定性。 ...

新京报贝壳财经讯 京基智农(000048.SZ)1月21日公告称，公司股价连续两日涨幅偏离值累计超过20%， 与公司经营业绩情况相偏离。公司主营业务为生猪养殖，受生猪销售价格下跌影响，2025年前三季度营 业收入同比下降20.12%，净利润同比下降50.50%。此外，公司拟收购汇博机器人，但交易存在无法按 预期达成或终止的风险，且收购资金来源存在重大不确定性。 ...

(本文来自第一财经) 京基智农发布异动公告称，公司股价连续两日涨幅偏离值累计超过20%，与公司经营业绩情况相偏离。 公司主营业务为生猪养殖，受生猪销售价格下跌影响，2025年前三季度营业收入同比下降20.12%，净 利润同比下降50.50%。此外，公司收购汇博机器人存在无法按预期达成或交易终止的风险。标的公司 目前尚未实现盈利，2024年度净利润为亏损约6607.10万元且营业收入增速较缓，其所属行业未来发展 情况及其未来盈利能力均存在重大不确定性。 ...