行 农林牧渔 2026 年 01 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 农林牧渔 沪深300 相关研究报告 《肥猪供给偏紧年前猪价上行，宠物 食品出口环比改善 —行业周报》- 2025.12.28 《年前猪价存在供需双重支撑，蛋鸡 存栏高位淘鸡延续 —行业周报》- 2025.12.21 《腌腊渐入旺季支撑猪价上行，犊牛 价格上行彰显牛周期景气—行业周 报》-2025.12.14 10 牛肉进口"国别配额及配额外加征关税"落地，利 多国内牛价 ——行业周报 chenxueli@kysec.cn 证书编号：S0790520030001 陈雪丽（分析师） 王高展（分析师） wanggaozhan@kysec.cn 证书编号：S0790525070003 周观察：牛肉进口"国别配额及配额外加征关税"落地，利多国内牛价 供需双驱驱动年前猪价中枢上移，据涌益咨询，截至 2025 年 12 月 31 日，全国 生猪均价 12.78 元/公斤，周环比+1.20 元/公斤，同比-3.01 元/公斤。截至 ...

本报讯（四川日报全媒体记者刘春华）2025年12月30日，新希望控股集团有限公司首批自主评审 的畜牧、兽医专业9名副高级人员名单公示结束。他们是四川启动下放部分专业高级职称评审权试 点后，全省首批由民营企业自主评审产生的副高级职称获得者。 ●赋予民营企业高级职称评审权，是四川为人才松绑，赋能民营经济发展的具体举措 ●2024年将工程、农业、自然科学等系列部分专业高级职称评审权下放至17个试点单位 "赋予民营企业高级职称评审权，是四川为人才松绑，赋能民营经济发展的具体举措。"省人力资 源社会保障厅专业技术人员管理处相关负责人介绍，近年来，四川不断优化民营企业职称评审环 境。为充分发挥用人主体在职称评审中的主导作用，2024年将工程、农业、自然科学等系列部分 专业高级职称评审权下放至17个试点单位，其中包括新希望集团。 目前，新希望集团已建立"评—育—用"闭环人才发展机制，并依托人力数字化管理平台，实现对 人才盘点、发展追踪与配置建议的智能化。此外，还将建立职称评审复盘制度，定期对评审标 准、培养项目及任用效果进行评估与优化，确保整个人才管理体系能动态适应企业发展需要，最 终形成人才助力企业增长、企业反哺人才成长 ...

Core Viewpoint - The domestic feed industry is entering a phase of stock competition, with ample capacity becoming the norm. In this context, leading companies are accelerating their overseas expansion, which not only shows a clear growth trajectory but also significantly contributes to their profits [3][4]. Group 1: Industry Overview - The domestic feed market is characterized by surplus capacity and insufficient operating rates, leading companies to focus on improving cost-effectiveness and service to capture market share [5]. - The overseas market is viewed as a "growth blue ocean" for leading companies, with significant results already being observed [5][9]. Group 2: Company Strategies and Performance - New Hope (000876.SZ) reported overseas sales of 4.72 million tons in the first three quarters, a year-on-year increase of 21%, with overseas sales contributing 60-70% of total profits despite only accounting for about 30% of total sales [5][9]. - Haida Group (002311.SZ) experienced a remarkable growth rate in its overseas business, with a 40% year-on-year increase in overseas feed sales in the first half of the year, continuing this growth into the third quarter [5][6]. Group 3: Future Plans and Projections - New Hope plans to increase its overseas feed production capacity by approximately 3.5 million tons over the next two to three years, aiming for a total overseas capacity of 10 million tons by 2028 to support a sales target of 9 million tons [6][9]. - Yuehai Feed (001313.SZ) is also expanding its overseas market, with a recent project in Vietnam generating over 80,000 tons in orders during its launch event [6][9]. - Haida Group is planning to spin off its subsidiary Haida Holdings for a public listing in Hong Kong, which is expected to help achieve its goal of 7.2 million tons in overseas feed sales by 2030 [7][9]. Group 4: Market Potential - The overseas market is seen as a blank slate for domestic feed companies, particularly in regions like Southeast Asia and Africa, where there is a strong demand for high-quality feed products to improve farming efficiency [9]. - The profit margins in overseas markets are expected to be higher than in domestic markets, with some companies reporting that overseas sales account for a significant portion of their profits [9].

Group 1 - The core viewpoint of the articles highlights the emergence of a new phase in the real estate market, characterized by extreme scarcity and asset value differentiation, as evidenced by the record-breaking sales of luxury properties in Shenzhen and Chengdu [3][5][27] - In Shenzhen, the project Shenzhen Bay Luanxi achieved sales of 13 billion yuan on its opening day, setting a national record for single project sales in 2025, while another project, CITIC Xinyue Bay, sold over 10 billion yuan within two hours of its launch [1][2] - The success of these projects signals a shift towards pricing based on super scarcity and asset attributes, indicating that properties in highly sought-after areas are becoming status symbols for elite buyers [5][27] Group 2 - The upcoming project New Hope D10 Wangjiang in Chengdu is positioned as a significant offering for high-end buyers, leveraging the city's rich historical context and unique geographical advantages [8][12][26] - The project is set to include a five-star hotel and a museum, aiming to create a high-end living experience that combines luxury services with cultural significance, thus enhancing its appeal to affluent buyers [18][25] - The real estate market in Chengdu is expected to see a surge in high-end transactions, with over 3,000 new homes priced above 10 million yuan anticipated in 2025, indicating a competitive landscape for luxury properties [27][28]

Core Viewpoint - The Central Rural Work Conference held on December 29-30 in Beijing analyzed the current situation and challenges facing the "three rural issues" and outlined the work plan for 2026, emphasizing the importance of agricultural modernization for China's overall modernization [2] Group 1 - The conference highlighted the necessity to accelerate the construction of a strong agricultural nation, indicating its critical role in the broader context of Chinese modernization [2]

Core Insights - Oligonucleotide therapies are emerging as a significant breakthrough in the treatment of rare diseases, with over a dozen therapies approved globally and hundreds in clinical research, promising to benefit more patients in the future [1][14][15] Industry Developments - The global landscape has seen more than ten oligonucleotide therapies approved for rare diseases, providing new treatment options for conditions such as Amyotrophic Lateral Sclerosis (ALS), Duchenne Muscular Dystrophy (DMD), and Hemophilia [1][14] - There are currently over a hundred oligonucleotide therapies in clinical development targeting various rare diseases, including siRNA and antisense oligonucleotide (ASO) therapies [2][14] Recent Approvals and Innovations - In August, Ionis Pharmaceuticals received FDA approval for the LICA drug Dawnzera (donidalorsen) for preventing hereditary angioedema (HAE) attacks in patients aged 12 and older, marking it as the first RNA-targeted drug for HAE [4][18] - Ionis Pharmaceuticals and Sobi announced the approval of ASO drug Tryngolza (olezarsen) in the EU for treating genetically confirmed familial chylomicronemia syndrome (FCS) [4][19] - Alnylam Pharmaceuticals' siRNA therapy Amvuttra (vutrisiran) was approved by the FDA in March for treating patients with transthyretin amyloidosis with cardiomyopathy [5][19] Clinical Trial Progress - NS Pharma reported positive results from the long-term extension study of ASO therapy brogidirsen for DMD, showing effective exon 44 skipping and stable maintenance of motor function in patients [7][21] - RIBOMIC's umedaptanib pegol showed promising results in a Phase 2 trial for achondroplasia in children, with many patients experiencing improved height growth rates [7][21] - Ionis Pharmaceuticals' ASO therapy zilganersen demonstrated significant results in stabilizing walking speed in Alexander disease patients, with plans for a new drug application to the FDA in 2026 [8][22] WuXi TIDES Platform - WuXi TIDES has established an integrated solution for oligonucleotide and peptide therapies, covering custom synthesis, conjugation, process development, and CMC, facilitating the transition of innovative projects into clinical stages [1][11][26] - The platform offers comprehensive CRDMO services from drug discovery to commercial production, supporting high-throughput synthesis and custom synthesis for various oligonucleotides [11][26][27] Future Outlook - The company aims to continue leveraging its integrated CRDMO model to empower the development of various new drugs, including oligonucleotide therapies, to bring more effective treatments to patients [12][27]

S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 2025 年 12 月 30 日 生猪养殖行业深度报告 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：同花顺 iFinD，东莞证券研 究所 超配（维持） 关注产能去化 布局盈利拐点 深 农林牧渔行业 | 图 | 27：SW 生猪养殖板块单季营收同比增速（%） 12 | | | --- | --- | --- | | 图 | 28：SW 生猪养殖板块单季归母净利润同比增速（%） 12 | | | 图 29：SW | 生猪养殖板块单季度毛利率净利率（%） 13 | | | 图 | 30：SW 生猪养殖板块单季度期间费用率（%） 13 | | | 图 | 31：我国生猪养殖年出栏户数占比（%） | 14 | | 图 | 32：我国生猪行业规模化程度（%） | 14 | 推荐 分析师：魏红梅 SAC 执业证书编号： 我国是全球最大的生猪及猪肉产需国。根据美国农业部2025年4 月份《牲畜和家 ...

Core Viewpoint - The aquaculture sector experienced a rise of 1.15% on December 30, with Jingji Zhino leading the gains, while the overall market showed mixed results with the Shanghai Composite Index closing at 3965.12, unchanged, and the Shenzhen Component Index at 13604.07, up by 0.49% [1]. Group 1: Stock Performance - Jingji Zhino (000048) closed at 17.23, up by 5.90%, with a trading volume of 453,500 shares and a transaction value of 766 million yuan [1]. - Other notable performers included: - Shennong Group (605296) at 29.45, up by 2.08% [1]. - Muyuan Foods (002714) at 50.89, up by 1.98% [1]. - Lihua Co. (300761) at 20.78, up by 1.27% [1]. - Wens Foodstuff Group (300498) at 17.12, up by 1.18% [1]. Group 2: Capital Flow - The aquaculture sector saw a net outflow of 21.95 million yuan from institutional investors, while retail investors contributed a net inflow of 153 million yuan [2]. - The capital flow for key stocks included: - Muyuan Foods (002714) had a net inflow of 1.29 billion yuan from institutional investors, but a net outflow of 104 million yuan from retail investors [3]. - Jingji Zhino (000048) experienced a net inflow of 32.34 million yuan from institutional investors and a net inflow of 43.92 million yuan from retail investors [3]. - New Hope (000876) had a net inflow of 11.87 million yuan from institutional investors [3].

Core Insights - The article emphasizes the importance of small and micro enterprises (SMEs) as vital sources of regional economic vitality, while highlighting ongoing challenges related to financing difficulties and high costs [1] Group 1: Financing Support Initiatives - The Laizhou Financial Regulatory Bureau has implemented a financing coordination mechanism specifically for SMEs, establishing a special leadership group to enhance communication between government, banks, and enterprises [2] - As of November 2025, local banks have granted credit of 11.892 billion yuan and disbursed loans amounting to 10.332 billion yuan to SMEs and individual businesses, effectively alleviating their financial burdens [1] Group 2: Targeted Financing Solutions - A case study illustrates how a technology company faced a liquidity gap due to capacity expansion and received a 4 million yuan credit loan from a local bank, facilitated by a specialized working group [2] - A fishing cooperative identified a funding gap of 1 million yuan for replacing old fishing boats, which was resolved through a tailored loan product that matched the cooperative's needs [3] Group 3: Service Quality Improvement - Local banks are simplifying credit application requirements and optimizing approval processes to enhance service efficiency and responsiveness to SMEs [4] - A freight company successfully obtained a 1.25 million yuan operating loan with a preferential interest rate of 2.65%, demonstrating the effectiveness of personalized financial solutions [4] Group 4: Future Directions - The Laizhou Financial Regulatory Bureau plans to continue refining the financing coordination mechanism and improving financial service processes to support the high-quality development of SMEs [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000876 证券简称：新希望 公告编号：2025-130 债券代码：127015,127049 债券简称：希望转债，希望转2 新希望六和股份有限公司 关于董事辞职暨选举职工代表董事的公告 公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、关于公司董事离任的情况 新希望六和股份有限公司（以下简称"公司"）董事会于2025年12月27日收到周伯平先生的书面辞职报 告，因个人原因，请求辞去担任的本公司董事及战略与可持续发展委员会委员职务，辞职后将不在公司 担任任何职务。周伯平先生担任公司第十届董事会非独立董事的原定任期为2025年4月3日至2028年4月2 日。截至本公告披露日，周伯平先生持有公司股份100股，不存在应当履行而未履行的承诺事项。 根据《公司法》《公司章程》等有关规定，该辞职报告已于送达公司董事会时生效。公司董事会对周伯 平先生在担任公司董事期间为公司生产经营及发展所做的贡献表示衷心的感谢！ 二、关于公司职工代表董事选举情况 根据《公司法》《深圳证券交易所股票上市规则》等法律法规、规范性文件 ...