Market Overview - The feed sector experienced a decline of 0.69% on January 21, with Aonong Biological leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Jin Xin Nong (002548) closed at 6.56, up 2.34% with a trading volume of 399,800 shares and a transaction value of 261 million [1] - Petty Holdings (300673) closed at 19.46, up 1.62% with a trading volume of 82,200 shares and a transaction value of 159 million [1] - Aonong Biological (603363) closed at 4.27, down 1.84% with a trading volume of 430,600 shares and a transaction value of 184 million [2] - Other notable declines include Tian Kang Biological (002100) down 1.26% and Hai Da Group (002311) down 1.17% [2] Capital Flow Analysis - The feed sector saw a net outflow of 95.94 million from institutional investors, while retail investors had a net inflow of 63.31 million [2] - The capital flow for individual stocks shows Jin Xin Nong with a net inflow of 21.61 million from institutional investors, while Aonong Biological had a net outflow of 1.32 million [3] - Petty Holdings experienced a net outflow of 1.99 million from institutional investors but a net inflow of 6.27 million from retail investors [3]

Core Viewpoint - The report from GF Securities indicates a significant increase in the total output of market pigs by listed companies in 2025, with a year-on-year growth of 25% to 111.53 million heads, and a 30% increase to 90.39 million heads when excluding Muyuan Foods [1][3]. Group 1: Market Output - In December 2025, the total output of market pigs from listed companies reached 19.05 million heads, reflecting a month-on-month increase of 7.1% and a year-on-year increase of 11.3% [2]. - The output of market pigs from listed companies, excluding Muyuan Foods, was 12.07 million heads in December, with a month-on-month growth of 8.0% and a year-on-year growth of 35.7% [2][3]. - Major companies such as Muyuan Foods, Wens Foodstuff Group, New Hope Liuhe, and Dekang Agriculture showed varying month-on-month growth rates in December, with increases of 5.7%, 4.8%, 15.4%, and 4.1% respectively [3]. Group 2: Piglet Sales and Prices - The overall sales volume of piglets from listed companies saw a significant increase in 2025, with a notable rise in the proportion of piglet sales [2][4]. - The price of 7 kg piglets has rebounded to 307 RMB per head, attributed to the upcoming replenishment season and positive market sentiment regarding pig prices in the second half of 2026 [1][5]. - The average selling price of pigs in December was estimated at 11.53 RMB per kilogram, showing a month-on-month decline of 1.4% [4]. Group 3: Company Performance - In 2025, major companies reported the following cumulative outputs: Muyuan Foods at 77.98 million heads (+19%), Wens Foodstuff Group at 40.48 million heads (+34%), New Hope Liuhe at 17.55 million heads (+6%), and Dekang Agriculture at 10.83 million heads (+23%) [3]. - Smaller companies like Tangrenshen, Tiankang Biological, Shennong Group, and Juxing Agriculture also reported varying outputs, with Tangrenshen showing a year-on-year increase of 23% [3]. Group 4: Industry Outlook - The industry is currently facing cumulative losses, which may lead to continued reduction in pig production capacity [1][5]. - The breeding sow inventory decreased by 0.22% month-on-month in December, indicating potential challenges in production [5].

Market Overview - The feed sector experienced a decline of 0.52% on January 16, with Aonong Biological leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Individual Stock Performance - The top gainers in the feed sector included: - Jinxinnong (002548) with a closing price of 6.40, up 4.07% on a trading volume of 612,000 shares and a turnover of 1.76 million [1] - Just Update (001313) with a closing price of 7.70, up 4.19% on a trading volume of 251,200 shares and a turnover of 191 million [1] - The top decliners included: - Aonong Biological (603363) with a closing price of 4.16, down 1.65% on a trading volume of 623,800 shares and a turnover of 261 million [2] - Tiankang Biological (002100) with a closing price of 7.07, down 1.26% on a trading volume of 247,400 shares and a turnover of 176 million [2] Capital Flow Analysis - The feed sector saw a net outflow of 71.01 million from institutional investors, while retail investors contributed a net inflow of 31.24 million [2] - The capital flow for individual stocks showed: - Jinxinnong (002548) had a net inflow of 21.44 million from institutional investors, but a net outflow of 26.24 million from retail investors [3] - Just Update (001313) had a net inflow of 20.81 million from institutional investors, with a net outflow of 25.93 million from retail investors [3]

Group 1 - The feed sector experienced a slight increase of 0.13% on January 15, with Lude Technology leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Key stocks in the feed sector showed varied performance, with Lude Technology closing at 17.62, up 1.91%, and Tangrenshen closing at 4.40, down 0.23% [1] Group 2 - The feed sector saw a net outflow of 116 million yuan from institutional investors, while retail investors contributed a net inflow of 116 million yuan [2] - The trading volume for Lude Technology was 27,000 hands, with a transaction amount of 46.9584 million yuan [1] - The stock performance of major companies included Hada Group with a closing price of 53.63, up 1.15%, and Petty Co. with a closing price of 18.75, down 2.09% [2][3] Group 3 - The net inflow from retail investors for TianKang Biological was 17.1 million yuan, while the net outflow from institutional investors was 18.4821 million yuan [3] - The net inflow for GuaiBao Pet was 6.3998 million yuan from institutional investors, while it faced a net outflow of 10.7891 million yuan from retail investors [3] - The overall sentiment in the feed sector indicates mixed investor behavior, with some stocks attracting retail interest while others faced institutional selling pressure [2][3]

证券日报网讯1月14日，天康生物（002100）在互动平台回答投资者提问时表示，根据中国证券登记结 算有限责任公司下发的《合并普通账户和融资融券信用账户前N名明细数据表》显示，截至2026年1月9 日收盘，公司股份持有人数为62323户。 ...

Core Viewpoint - The company is actively seizing strategic opportunities from the "Belt and Road" initiative and the construction of the Xinjiang Free Trade Zone to steadily advance its overseas business expansion [1] Group 1: Overseas Business Expansion - The company's overseas business primarily focuses on two core sectors: "feed" and "animal vaccines," which are still in the initial and expansion stages [1] - Future plans include diversifying into aquaculture, feed, oil, and trade through multiple channels [1] - The company will cautiously assess its business goals based on market development progress, local demand, and its own production capacity [1] Group 2: Market Challenges - The expansion of overseas business is influenced by multiple factors, including target market policies, competitive environment, and international trade conditions, which introduce uncertainties [1]

天康生物股份有限公司 关于公司与子公司担保进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、担保决策情况概述 天康生物股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日召开 2025 年第一次临时股东大会会议，审议通过公司《关于为下属公司原料采购提供担保 的议案》，同意为下属公司饲料原料采购应付货款提供不超过 1.61 亿元担保。内 容详见刊登于 2025 年 3 月 7 日本公司规定信息披露报纸《证券时报》和巨潮资讯 网 www.cninfo.com.cn 上的《天康生物股份有限公司关于为下属公司原料采购提 供担保的公告》（公告编号：2025-008）。 公司于 2025 年 8 月 18 日召开 2025 年第二次临时股东大会会议，审议通过《关 于对公司 2025 年度融资担保额度进行预计的议案》，同意向当地有关银行申请综 合融资授信额度 66.5 亿元提供担保，同意为公司产业链养殖户和经销商等合作伙 伴的融资提供不超过 4.8 亿元担保。内容详见刊登于 2025 年 8 月 2 日本公司规定 信息披露报纸《证券时报》和巨潮资 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The industry is expected to see a peak in hog slaughtering in late January, with prices anticipated to slightly rise from the bottom before the Lunar New Year. In December 2025, the national average selling price of hogs was 11.59 yuan/kg, reflecting a month-on-month decrease of 0.84% and a year-on-year decrease of 26.23% [5][15] - The December hog slaughter volume was 5.93 million heads, which is a month-on-month increase of 18.68% and a year-on-year increase of 3.50% [15] - The overall supply pressure is expected to ease due to increased slaughtering in late December, leading to a slight price increase for hogs, although the upward potential remains limited [5][15] Summary by Sections Industry Overview - The industry anticipates a peak in hog slaughtering in late January, with prices expected to rise slightly from the bottom before the Lunar New Year. The December 2025 national average selling price of hogs was 11.59 yuan/kg, down 0.84% month-on-month and down 26.23% year-on-year [5][15] - The December hog slaughter volume was 5.93 million heads, up 18.68% month-on-month and 3.50% year-on-year [15] Supply and Demand Dynamics - The supply of large hogs is expected to remain ample, with the proportion of hogs over 150 kg slightly higher than the same period in 2024. As of January 1, 2026, the proportion of hogs over 150 kg was 6.76%, with a month-on-month decrease of 0.25 percentage points and a year-on-year increase of 0.03 percentage points [6][18] - The demand recovery, combined with reduced weight slaughtering, has led to an increase in the price difference for hogs. However, high frozen product inventory levels may suppress future hog prices, with the national frozen product inventory rate at 19.89%, up 4.93 percentage points year-on-year [21][23] Financial Performance of Listed Companies - In December 2025, 12 listed hog farming companies collectively slaughtered 17.6075 million heads, a year-on-year increase of 8.86%. The individual slaughter volumes varied significantly among companies, with some experiencing substantial growth while others faced declines [29][30] - The average selling prices of major listed hog companies in December showed a month-on-month decline, with prices ranging from 10.66 to 12.21 yuan/kg, reflecting various percentage changes [36][37]

Group 1 - The animal vaccine sector experienced a decline of 0.04%, ranking among the top losers in the concept sector, with notable declines from companies such as Hengtong Co., BioShares, and Kanghua Bio [1] - Among the animal vaccine stocks, 9 companies saw price increases, with Dongfang Bio, KQ Bio, and Haili Bio leading the gains at 2.23%, 0.87%, and 0.77% respectively [1] - The sector faced a net outflow of 212 million yuan from main funds, with 14 stocks experiencing outflows, and 7 stocks seeing outflows exceeding 10 million yuan, led by Roniu Mountain with a net outflow of 82.38 million yuan [2] Group 2 - The top stocks with net outflows included BioShares, Hengtong Co., and Kanghua Bio, with net outflows of 41.91 million yuan, 41.77 million yuan, and 24.74 million yuan respectively [2] - Conversely, the stocks with the highest net inflows were Dabeinong, Haili Bio, and Guoyao Modern, with net inflows of 32.76 million yuan, 6.20 million yuan, and 3.24 million yuan respectively [2] - The trading data indicated that Roniu Mountain had a trading rate of 8.05% and a price drop of 1.05%, while Dongfang Bio had a trading rate of 1.46% and a price increase of 2.23% [3]

Group 1 - The feed sector experienced a decline of 0.25% on January 12, with Jin Xin Nong leading the drop [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - Major stocks in the feed sector showed varied performance, with notable gainers including Guai Bao Pet Food, which rose by 2.75% to a closing price of 69.14 [1] Group 2 - Jin Xin Nong's stock price fell by 2.37% to 6.18, with a trading volume of 488,700 shares and a turnover of 303 million yuan [2] - The feed sector saw a net outflow of 184 million yuan from main funds, while retail investors contributed a net inflow of 141 million yuan [2] - The stock performance of various companies indicated mixed trends, with some stocks like Petty Co. showing a slight increase of 0.43% [2][3] Group 3 - The main fund inflow for Da Bei Nong was 29.46 million yuan, while it experienced a net outflow from retail investors of 10.16 million yuan [3] - Lu Si Co. had a net inflow of 1.44 million yuan from main funds, with retail investors also contributing positively [3] - The overall sentiment in the feed sector appears cautious, with significant movements in fund flows indicating varying investor confidence [3]