国泰海通发布研报称，2026年1月，淘天宠物与炼丹炉大数据联合发布《宠物行业新品趋势报告》显 示，时令节日仪式感消费已成为"它经济"的核心增长极，"新年宠物礼盒"这一搜索关键词在天猫平台上 的同比增速便已经达到了20%+。根据天猫数据，宠物过年衣服销量实现330%的大幅增长，宠物年夜饭 实现290%的增长。此外，春节后，华南与华北区域举办规模领先的宠物展会，国内头部品牌预计在展 会上推出新品，值得关注。 养殖：春节后预期猪价进入淡季节奏 春节后预期猪价进入淡季节奏。春节后预计需求淡而供给多，预期价格进入淡季节奏。事实上腊月小年 后，春节备货已经开始逐步下降，接下来节后的屠宰场正月初七和初八正式开工后，价格将进入低价和 养殖亏损阶段。关注低猪价下的产能去化情况。 标的方面 生猪推荐标的：牧原股份(002714.SZ)、温氏股份(300498.SZ)；后周期推荐标的：科前生物 (688526.SH)、海大集团(002311.SZ)。农产品产业链推荐标的：晨光生物(300138.SZ)、诺普信 (002215.SZ)、荃银高科（维权）(300087.SZ)、国投丰乐(000713.SZ)，相关标的：康农种业 (30 ...

春节宠物消费增长快，关注宠物经济蓬勃之势 [Table_Industry] 农业 | | | | | | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 王艳君(分析师) | 021-38674633 | wangyanjun2@gtht.com | S0880520100002 | | 林逸丹(分析师) | 021-38038436 | linyidan@gtht.com | S0880524090001 | | 巩健(分析师) | 021-23185702 | gongjian@gtht.com | S0880525040051 | 本报告导读： 养殖：春节后预期猪价进入淡季节奏。宠物: 春节宠物消费增长快，关注宠物经济 蓬勃之势。 投资要点： [宠物Table_Summary] : 春节宠物消费增长快，关注宠物经济蓬勃之势。 养殖：春节后预期猪价进入淡季节奏。 春节后预期猪价进入淡季节奏。春节后我们预计需求淡而供给多， 预期价格进入淡季节奏。事实上腊月小年后，春节备货已经开始逐 步下降，接下来节后的屠宰场正月初七和初八 ...

回望过去一年，KKR中国业务在稳步推进投资布局的同时，也迎来了多元化的退出成果：通过公开市 场减持、企业分红、接续基金以及战略买家收购等多种方式，成功签署或交割的退出交易总额接近10亿 美元。这些进展，既验证了以价值创造为导向的投资策略，也增强了我们持续深耕中国市场的信心。 展望2026年，二级市场的韧性仍在延续，一级市场情绪逐步修复。顺应这一变化，KKR中国团队将继 续通过多元化的退出路径为投资者实现价值兑现，不依赖单一方式，而是为每一笔投资审慎规划更具弹 在相对积极的政策发展环境与强劲的技术驱动投资的支撑下，我们对2026年美国、日本和中国的经济增 长保持高于市场共识的预期。其中，中国市场的发展和机遇令人瞩目。我们认为，中国经济将在2026年 步入更加温和但更趋稳定的增长阶段。随着中国经济逐步从房地产和投资驱动型模式转向以数字经济和 绿色经济为引擎、以服务业和消费驱动的新增长模式，我们预期未来几年中国经济将保持在中个位数的 稳健增长水平。在此过程中，KKR 作为长期投资者，将保持积极而审慎的投资策略，继续聚焦中国市 场中基本面强劲的优质机会，重点关注国内消费和服务业等兼具增长韧性与长期政策契合度的核心领 ...

要说起吃鸡，中国在全世界当属第一大消费国。 一年下来，中国人能吃掉约70亿只白羽肉鸡！而这些白羽肉鸡从哪里来？ 福建一家企业一年出栏8亿羽肉鸡，其生产的鸡肉占领了全球70%；在中国，则贡献近50%的产量。 这家企业就是福建圣农控股集团。 圣农集团因具备完整产业链而成为亚洲养鸡行业的龙头企业，一体化规模堪称全世界第一，市值一度达到了205亿元。 2025年圣农集团营收高达351.13亿，一只鸡撑起了一个商业帝国，造就了一个百亿富豪。 圣农集团是怎么一个企业？ 它在中国白羽肉鸡市场占比最大，在养鸡领域是最大的上市公司。 不止如此，圣农集团把一只鸡开发得很彻底，生肉熟肉都在生产，甚至鸡血、鸡毛、鸡粪都利用了起来。 圣农集团最开始只是福建山坳里一个养鸡场，后来鸡肉业务量增大。 创始人傅光明考虑到人工杀鸡不卫生也不环保，国产杀鸡设备也存在一些卫生问题，便花30万美元购买了一套进口全自动的冻肉加工设备。 圣农在"装备"上一下子与同行（同行用的都是国产杀鸡设备）拉开了距离，意外撞开了现代化国际的大门。 因为购买进口设备，圣农集团吸引到了肯德基的注意。 当时肯德基准备落户福州，急需找到一个有质量保证且提供大量鸡肉的商家。 这 ...

Group 1 - The company achieved a sales revenue of 2.021 billion yuan in January 2026, representing a year-on-year increase of 40.48% and a month-on-month increase of 8.60% [1] - In the poultry breeding and processing segment, chicken sales revenue was 1.360 billion yuan, up 45.11% year-on-year, with a month-on-month change of -1.80% [1] - The deep-processed meat products segment generated sales revenue of 1.106 billion yuan, reflecting a year-on-year increase of 52.76% and a month-on-month increase of 16.72% [1] Group 2 - The sales volume for the poultry breeding and processing segment in January was 133,700 tons, a year-on-year increase of 42.79%, with a month-on-month change of -9.40% [1] - The sales volume for deep-processed meat products was 55,000 tons, showing a year-on-year increase of 54.48% and a month-on-month increase of 11.78% [1] - The company expects cumulative data for January and February to return to normal levels due to the impact of the Spring Festival holiday, which increased actual production days compared to the same period last year [2] Group 3 - The company continues to enhance profitability and stability through optimized high-value channels and product structures, alongside systematic improvements in cost control and production efficiency [2] - The comprehensive meat production costs in January further decreased year-on-year, supported by the company's integrated advantages across the entire industry chain [2]

Sales Performance - In January 2026, the company achieved a sales revenue of 2.021 billion yuan, representing a year-on-year increase of 40.48% and a month-on-month increase of 8.60% [2] - The poultry breeding and processing segment generated chicken sales revenue of 1.36 billion yuan, up 45.11% year-on-year, but down 1.80% month-on-month [2] - The deep-processed meat products segment reported sales revenue of 1.106 billion yuan, reflecting a year-on-year increase of 52.76% and a month-on-month increase of 16.72% [2] Sales Volume - The sales volume for chicken in the poultry breeding and processing segment was 133,700 tons, marking a year-on-year increase of 42.79% and a month-on-month decrease of 9.40% [2] - The sales volume for deep-processed meat products was 55,000 tons, which is a year-on-year increase of 54.48% and a month-on-month increase of 11.78% [2] Operational Insights - The increase in actual production days in January due to the Spring Festival led to significant year-on-year fluctuations in sales volume and operational data, with expectations for cumulative data in January-February to return to normal levels [3] - The company continues to leverage its integrated industry chain advantages, focusing on refined cost control and systematic improvements in production efficiency, resulting in a further year-on-year decrease in comprehensive meat production costs [3] - Ongoing optimization of high-value channels and product structures has effectively enhanced the company's profitability resilience and stability [3]

Core Viewpoint - The company, Shennong Development, reported a significant increase in sales revenue for January 2026, indicating strong growth momentum in its operations [1] Financial Performance - The sales revenue for January 2026 reached 2.021 billion yuan, representing a year-on-year growth of 40.48% compared to the same month last year [1] - Month-on-month, the sales revenue increased by 8.60% compared to the previous month [1]

Group 1 - Baichuan Co., Ltd. announced a recent price increase for some of its main products due to market supply and demand factors, but the sustainability of this price fluctuation remains uncertain, making it difficult to predict the impact on the company's performance [1] - Jincheng Co., Ltd. plans to increase its acquisition of CMH Company by an additional 42.50% stake, which will give it a total ownership of 97.5% and ultimate control over CMH [2] - Xinhang New Materials intends to raise no more than 1 billion yuan through a private placement of A-shares, with the funds allocated for projects including high-performance resin production and a composite materials innovation center [3] Group 2 - SMIC reported a sales revenue of $2.489 billion for Q4 2025, a 4.5% increase quarter-on-quarter, with an annual revenue of $9.327 billion, reflecting a 16.2% year-on-year growth [4] - China Railway Construction recently won 10 major projects, each valued over 1.5 billion yuan, totaling 45.142 billion yuan, which represents 4.23% of the company's audited revenue for 2024 [5] - Shenzhen Airport recorded a passenger throughput of 5.8795 million in January 2026, a year-on-year increase of 2.84% [6] Group 3 - China State Construction reported a new contract total of 399.5 billion yuan in January 2026, marking a 1.8% year-on-year increase [7] - Jindi Group's sales amount in January 2026 decreased by 45.78% year-on-year, with a signed area of 78,000 square meters [8] - Changyuan Power achieved a power generation of 3.971 billion kWh in January 2026, a year-on-year increase of 37.81% [9] Group 4 - Senyuan Electric is expected to win a project from the Southern Power Grid valued at 272 million yuan [10] - Chengyi Pharmaceutical's products are set to be selected for the national centralized procurement of expiring varieties [12] - Xinwufeng reported a 10.71% year-on-year decrease in pig sales volume in January 2026 [13] Group 5 - Shengnong Development's sales revenue in January 2026 increased by 40.48% year-on-year, with chicken sales volume rising by 42.79% [14] - Minglida announced the termination of its investment in a key component manufacturing project due to global economic uncertainties [15] - CITIC Securities reported that its subsidiary, Huaxia Fund, achieved a net profit of 2.396 billion yuan in 2025 [16] Group 6 - Pianzaihuang completed the first subject enrollment for its Phase II clinical trial of PZH2107 [17] - Xinzhou Bang reported a 16.56% year-on-year increase in net profit for 2025 [18] - Ankai Bus produced 761 vehicles in January 2026, a year-on-year increase of 35.65% [19] Group 7 - Weilan Bio plans to acquire a 50% stake in Aidimeng Weilan for 47 million yuan [20] - Ningbo Gaofa intends to establish a wholly-owned subsidiary with an investment of no more than 100 million yuan [21] - Shanghai Airport signed a leasing contract worth approximately 585 million yuan with the Shanghai Airport Group [22] Group 8 - Fosun Pharma's subsidiary received acceptance for a drug registration application [23] - Jindai Home's subsidiary invested in acquiring shares in a North American market company [24] - Huatong Co. reported a 1.45% year-on-year decrease in pig sales revenue in January 2026 [25] Group 9 - Yunnan Energy Investment's Nanchong Wind Power Project has been approved with a total installed capacity of 62,500 kW [28] - Youyan Silicon reported a 10.14% year-on-year decrease in net profit for 2025 [29] - Jinpu Titanium announced a temporary shutdown of its Nanjing Titanium White production due to reduced demand [30] Group 10 - Yipin Hong completed the sale of its stake in Arthrosi for a total of $9.5 billion in upfront payments [31] - Liande Co. stated that its gas turbine business currently has limited supply, with minimal impact on overall performance [32] - Tiens Wind Power signed new contracts worth 870 million yuan in the offshore engineering sector [33] Group 11 - Daqin Railway reported a freight volume of 31.28 million tons in January 2026, a year-on-year increase of 5% [34] - ST Mingcheng successfully dismissed all claims from Beijing Fusheng in a recent court ruling [35] - Zhiyang Innovation is planning to acquire control of Lingming Photon and will continue its stock suspension for up to five trading days [36][37] Group 12 - Fulai New Materials accelerated the commercialization of flexible sensors, preparing for mass production of its third-generation electronic skin products [38] - Minhe Co. reported a 36.89% year-on-year decrease in sales of broiler chicks in January 2026 [39] - Ruiang Gene received government subsidies totaling 2 million yuan [40] Group 13 - Huiyu Pharmaceutical's shareholder was forced to reduce holdings by 0.307% due to a court order [41] - Fuyuan Pharmaceutical's subsidiary obtained a drug registration certificate for a new oral solution [42] - Xuantai Pharmaceutical's product is set to be selected for national procurement [43] Group 14 - Chunqiu Electronics completed the cancellation of 9.1369 million repurchased shares [44] - Jinguang Electric won a bid worth approximately 28.8691 million yuan [45] - Hongda Co. plans to invest approximately 71.43 million yuan in a 110kV power transmission project [46] Group 15 - Nanchao Foods reported a 1.99% year-on-year decrease in revenue for January 2026 [47] - Shisheng Intelligent plans to repurchase shares worth between 17.5 million and 35 million yuan [48]

Core Viewpoint - The company reported a significant increase in sales revenue for January 2026, indicating strong growth in both poultry and processed meat segments [1] Group 1: Sales Revenue - The company achieved a sales revenue of 2.021 billion yuan in January 2026, representing a year-on-year increase of 40.48% and a month-on-month increase of 8.60% [1] - The poultry farming and processing segment generated sales revenue of 1.360 billion yuan, up 45.11% year-on-year, but down 1.80% month-on-month [1] - The processed meat products segment reported sales revenue of 1.106 billion yuan, reflecting a year-on-year increase of 52.76% and a month-on-month increase of 16.72% [1] Group 2: Sales Volume - In January, the poultry farming and processing segment sold 133,700 tons of chicken, which is a 42.79% increase compared to the same month last year, but a decrease of 9.40% from the previous month [1] - The processed meat products segment sold 55,000 tons, marking a year-on-year increase of 54.48% and a month-on-month increase of 11.78% [1]

Core Viewpoint - The company reported a significant increase in sales revenue for January 2026, indicating strong growth in both poultry and processed meat segments [1] Group 1: Sales Revenue - The total sales revenue for January 2026 reached 2.021 billion yuan, representing a year-on-year increase of 40.48% and a month-on-month increase of 8.60% [1] - The poultry farming and processing segment generated sales revenue of 1.360 billion yuan, which is a 45.11% increase compared to the same period last year, but a month-on-month decrease of 1.80% [1] - The processed meat products segment achieved sales revenue of 1.106 billion yuan, reflecting a year-on-year growth of 52.76% and a month-on-month increase of 16.72% [1] Group 2: Sales Volume - In January, the poultry farming and processing segment sold 133,700 tons of chicken, marking a year-on-year increase of 42.79% and a month-on-month decrease of 9.40% [1] - The processed meat products segment sold 55,000 tons, which is a 54.48% increase compared to the same month last year and an 11.78% month-on-month increase [1]