证券日报网讯1月26日，正邦科技（002157）在互动平台回答投资者提问时表示，二级市场股价受众多 因素的影响，公司严格依照相关法律法规履行信息披露义务，不存在应披露而未披露的重大事项。 ...

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].

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]

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 ...

Core Insights - The pig industry in China is experiencing a significant bifurcation, with major listed companies increasing their output while many smaller producers are exiting the market due to ongoing losses [1][6]. Group 1: Industry Performance - In 2025, the total output of major listed pig companies reached approximately 205 million heads, a year-on-year increase of 20.57%, with these companies accounting for about 29% of the national total [1]. - Nine out of ten listed pig companies reported positive growth in output, with only two companies, Aonong Biological and Luoniushan, experiencing declines [1]. - The top three companies, Muyuan, Wens, and New Hope, collectively produced 136 million heads, representing over 66% of the total output [1]. Group 2: Competitive Landscape - The second tier of companies saw significant changes, with Zhengbang Technology's output increasing by approximately 106% to 8.54 million heads, marking the most notable growth among listed companies [2]. - COFCO Jiajia Kang returned to the top ten with a nearly 70% increase, while Lihua shares achieved over 50% growth for two consecutive years [2]. - The threshold to enter the top ten in output has risen to over 4.5 million heads, indicating heightened competition [2]. Group 3: Price and Cost Dynamics - Despite the increase in output, pig prices have remained low, with average prices in November showing a decline of approximately 28.73% for Muyuan and 29.92% for Wens compared to the previous year [3][4]. - The price of feed ingredients, such as soybean meal, has risen by 20% year-on-year, further squeezing profit margins for smaller producers [3]. Group 4: Future Outlook - The industry is expected to undergo a significant restructuring in 2026, with many smallholders and high-cost producers likely to exit the market due to oversupply and high costs [6]. - The market is anticipated to reach a supply-demand balance by the second half of 2026, as major companies begin to reduce their breeding stock [5][6]. - Predictions suggest that pig prices in 2026 may fluctuate between 10 to 13 yuan per kilogram, with only a slight recovery expected compared to 2025 [5].

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].

Group 1 - The core viewpoint of the articles highlights the positive trend in pig prices driven by the consumption peak season, with the average price of lean pigs reaching 12.49 CNY/kg, a 2.6% increase month-on-month [1] - The stock performance of the livestock breeding index shows mixed results, with leading stocks like Ruisheng Biological rising by 9.91% and the Livestock ETF priced at 0.68 CNY [1] - The overall pig farming sector is experiencing a "tug-of-war" state, where companies with cost advantages are more resilient in competition [1] Group 2 - According to Huaxi Securities, the average price of external three yuan pigs reached 12.7 CNY/kg, a week-on-week increase of 1.26%, indicating a steady rise in pig prices [2] - As of the end of October, the number of breeding sows in China was 39.9 million, a decrease of 1.1% month-on-month, reflecting ongoing adjustments in pig production capacity [2] - The self-breeding and external purchasing pig farming models have turned profitable, with profits of 7.39 CNY/head and 2.31 CNY/head respectively [2] Group 3 - The CSI Livestock Breeding Index (930707) includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock sector [2] - The top ten weighted stocks in the CSI Livestock Breeding Index account for 67.66% of the index, with major companies including Muyuan Foods, Haida Group, and Wens Foodstuffs [2]

Group 1 - The pork concept has shown a volatile upward trend, with companies like Jingji Zhino increasing by over 7% [1] - Other companies in the sector, such as Zhengbang Technology, Aonong Bio, and Guangming Meat Industry, also reported significant gains [1]

Group 1 - The livestock farming industry in China is undergoing a significant transformation, with the Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission calling for capacity reduction and operational control as of September 2025 [1][19] - The pig cycle typically follows a pattern of price fluctuations, with each upward cycle lasting about 1-2 years and downward cycles lasting about 1-3 years, indicating potential for price increases following supply reductions [1][19] - Current signals suggest that the pig farming industry is at a relatively low valuation, with indications that capacity reduction may accelerate [1][19] Group 2 - The CSI Livestock Farming Industry Index, launched on December 31, 2021, includes 50 listed companies in sectors such as livestock products, animal health, feed, meat products, and dairy products, serving as a benchmark for the overall performance of the livestock farming sector [2][20] - The index has a base point of 1000 and aims to reflect the core fluctuations of the livestock farming industry, with a high concentration of leading companies [4][23] - The top five constituent stocks account for 50.1% of the index, while the top ten account for 67.6%, indicating a significant concentration advantage in the industry [4][23] Group 3 - The CSI Livestock Farming Industry Index has outperformed its peers by 5 percentage points since its inception, with a current PE (TTM) ratio of 19.02, indicating a low valuation at the bottom of the cycle and potential for valuation recovery [6][26] - The index's historical performance has shown significant volatility due to the cyclical nature of the livestock farming industry [6][26] - The index is designed to provide a high-purity tool for tracking the cyclical movements of pig farming, benefiting from the resilience and profit elasticity of leading enterprises during current cost-focused cycles [4][23] Group 4 - The top ten constituent stocks of the index include major players such as Muyuan Foods (15.6% weight), Wens Foodstuff Group (14.7%), and Haida Group (9.1%), highlighting the dominance of leading companies in the livestock sector [25] - The index is positioned to benefit from ongoing policy incentives and signals of cyclical reversal, making it an attractive investment option for those optimistic about the long-term development of the livestock farming industry [33]

证券之星消息，1月15日养殖业板块较上一交易日下跌0.28%，*ST天山领跌。当日上证指数报收于 4112.6，下跌0.33%。深证成指报收于14306.73，上涨0.41%。养殖业板块个股涨跌见下表： 从资金流向上来看，当日养殖业板块主力资金净流出4.55万元，游资资金净流出4309.47万元，散户资金 净流入4314.02万元。养殖业板块个股资金流向见下表： | 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 | -5881.48万 | 3.38% | -1873.42万 | -1.08% | -4008.06万 | -2.31% | | 300498 | 温氏股份 | 2532.99万 | 3.12% | -1954.54万 | -2.41% | -578.46万 | -0.71% | | 300967 | 晓鸣股份 | 2512.54万 | 11.45% | -478.94万 | -2 ...