今日（12.17），沪指小幅反弹，大消费盘中翻红，消费ETF（159928）涨0.38%，盘中成交额已超2.3亿元！资金连续涌入，昨日全天流入超1.6亿元，今日 盘中再获净申购1000万份！ 中国银河证券认为，12月在重要高层会议和美联储降息的背景下，关注政策主线、出海主线、高股息与红利主线、科技创新和内需复苏主线。具体来看，关 注现金流稳定、分红率占优的防御板块。同时，政策促消费方向明确，服务类消费有望成为新增长点，商业运营龙头直接受益。 光大证券指出，市场短期或进入宽幅震荡阶段。配置方面，短期可关注防御及消费板块，中期继续关注TMT和先进制造板块。市场处于震荡过程中时，前 期滞涨方向可能表现会更好，对应到本轮即为高股息及消费板块。中期来看，在流动性驱动的行情下，行情中期TMT更容易成为主线，本轮或许也会如 此。若行情转向基本面驱动，考虑到当前行情或正处于中期，先进制造值得重点关注。 【食品饮料已连跌五年，反转关注哪些机会？】 从过去5年的行业趋势来看（截至今年12/16），申万31个一级行业中，仅食品饮料和房地产连续5年下跌。而横向参考其他行业板块，在连续下跌3~4年后往 往有所反转，例如今年以来涨幅亮眼 ...

证券代码：002311 证券简称：海大集团 公告编号：2025-066 广东海大集团股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东海大集团股份有限公司（以下简称"公司"）于近日接到公司控股股东 广州市海灏投资有限公司（以下简称"海灏投资"）函告，获悉海灏投资将其所 持有公司的部分股份办理了质押手续，具体事项如下： 一、股东股份质押的基本情况 1、股东股份本次质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押 数量 | 占其所 持股份 | 占公司 总股本 | 是否为 | 是否为 补充 | 质押 | 质押 | 质权人 | 质押用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 一致行动人 | （股） | 比例 | 比例 | 限售股 | 质押 | 起始日 | 到期日 | | | | 海灏投资 | 是 | 5,000,000 | 0.55% | 0.30% | 否 | 2025 否 月 ...

每经AI快讯，海大集团（SZ 002311，收盘价：53.53元）12月16日晚间发布公告称，截至本公告日，海 灏投资累计质押股数为5996万股，占其所持股份比例为6.58%。 2025年1至6月份，海大集团的营业收入构成为：饲料行业占比83.45%，苗种行业占比16.55%。 （记者 王瀚黎） 截至发稿，海大集团市值为891亿元。 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 2026年农林牧渔年度策略：布局年？抓紧龙头 2 0 2 5 . 1 2 . 1 5 中泰农业团队 分析师：王佳博 执业证书编号：S0740523010002 分析师：严瑾 执业证书编号： S0740523010001 展望 中国:CPI:食品烟酒:畜肉类:当月同比 中国:CPI:食品烟酒:粮食:当月同比 -40% -20% 0% 20% 40% 60% 80% 100% 94-01 95-05 96-09 98-01 9 -05 0 -09 02-01 03-05 04-09 06-01 07-05 08-09 10-01 11-05 12-09 14-01 15-05 16-09 18-01 19-05 20-09 2 -01 23-05 24-09 图表1：CPI:当月同比（月） 图表2：农林牧渔基金持仓市值 2 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 0 100 200 300 400 500 600 700 14-03 14-10 ...

品质渔仓，链通 四海！顺德活鱼 从"塘头鲜"游向 全国餐桌_南方 +_南方plus 近日，顺德区优 质水产品品牌推 广暨产销对接大 会在杏坛镇成功 举行。本次大会 由佛山市顺德区 农业农村局主 办，活动以"品 质渔仓·链通四 海"为主题，汇 聚了来自全国各 地的行业协会代 表、水产企业负 责人、采购商和 餐饮企业等代 表，共同探讨顺 德水产产业升级 路径，搭建产销 协同桥梁，为产 业高质量发展凝 聚合力。 全产业链齐聚， 构建"塘头到餐 桌"协同平台 本次大会成功构 建了"养殖-加工- 流通-市场-餐 饮"一体化对接 平台。海大集 团、恒兴集团、 钱大妈、盒马鲜 生、东灶鱼头等 200余家省内外 客商参与，覆盖 从生产源头到终 端消费的各环节 核心主体。 顺德区副区长何 翔威在致辞中指 出，此次大会是 顺德水产迈向品 牌化、高质量发 展的关键举措。 未来，顺德将继 续秉持"好水养 好鱼，好鱼做好 菜"的理念，全 力推动现代渔业 提质增效。 中国水产流通与 加工协会会长崔 现场进行了三轮 重点合作项目签 约和"品质信任 对话"，成为大 会的核心环节， 涵盖养殖与流 通、养殖与加 工、加工与餐饮 等产业链关键节 ...

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

证券研究报告 2025.12.14 农业周报：宠食新消费品牌发力大促 王思洋 分析员 陈泰屹 分析员 龙友琪 分析员 SAC 执证编号：S0080523070004 SFC CE Ref：BTG198 siyang5.wang@cicc.com.cn SAC 执证编号：S0080524020011 taiyi.chen@cicc.com.cn SAC 执证编号：S0080524010004 youqi.long@cicc.com.cn 行业动态 行业近况 本周（12.8-12.12）农林牧渔涨幅+0.3%，跑赢大盘 0.4ppt。涨 幅前三个股为正邦/生物股份/罗牛山，分别+19%/+17%/+14%。 评论 畜禽产业链：11 月样本上市猪企出栏环比下降。1）生猪养殖： 商品猪/二元母猪/7kg仔猪价格周环比+2.1%/-0.5%/+1.2%；11 月样本上市猪企出栏量环比减少 5.5%；涌益 17 省育肥栏舍利用 率环比-6.5ppt；本周商品猪出栏均重周环比-0.2%，关注北方动 物疫病情况；德康"百村百万"家庭农场基地投运。2）禽养 殖：鸡苗/毛鸡/鸡产品价格周环比+1.4%/+0.8%/+0.6%；哈 ...

证券研究报告 | 2025年12月13日 2025年12月14日 农产品研究跟踪系列报告（186） 优于大市 粮价有望筑底企稳，看好肉奶周期共振反转 周度农产品跟踪：牛价有望持续上涨，反内卷支撑中长期生猪价格。 生猪：行业反内卷有望支撑猪价中长期表现。12 月 12 日生猪价格 11.34 元/ 公斤，周环比+2.07%；7kg 仔猪价格约 219.52 元/头，周环比+1.21%。 白鸡：供给小幅增加，关注旺季消费修复。12 月 12 日，鸡苗价格 3.38 元/ 羽，周环比+2.11%；毛鸡价格 7.24 元/公斤，周环比+2.26%。 黄鸡：供给维持底部，有望率先受益内需改善。12 月 11 日浙江快大三黄鸡/ 青 脚 麻 鸡 / 雪 山 草 鸡 斤 价 分 别 为 4.6/5.6/8.2 元 ， 周 环 比 分 别 +2.22%/+7.69%/+0.00%。 鸡蛋：在产父母代存栏维持增长，中期供给压力较大。12 月 12 日，鸡蛋主 产区价格 3.09 元/斤，周环比+3.00%，同比+0.98%。 肉牛：新一轮牛价上涨开启，看好 2025 年牛周期反转上行。12 月 12 日，国 内育肥公牛出栏价为 ...

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights the ongoing capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3][9] - The report identifies several investment opportunities across different segments of the agriculture industry, including pig farming, feed, planting, and pet food sectors [3][43] Summary by Sections Pig Farming Sector - The pig farming industry is experiencing accelerated capacity reduction, with current pig prices and expectations both weak, leading to a significant decline in profitability [9] - In November, 14 listed pig companies collectively slaughtered 16.82 million pigs, a decrease of 2.21% month-on-month but an increase of 22.48% year-on-year [13] - The average selling price of pigs showed a slight recovery, with prices ranging from 11.1 to 12.53 yuan/kg, although still down approximately 30% year-on-year [15] Feed Sector - The report notes that raw material prices for feed are stabilizing at the bottom, with corn prices slightly down and soybean meal prices up [28] - As of December 12, corn prices averaged 2,356.67 yuan/ton, down 0.08%, while soybean meal prices rose by 1.54% to 3,159.43 yuan/ton [28] Planting Sector - The report indicates a confirmed upward trend in grain prices, suggesting favorable fundamentals for planting and seed industries, with significant investment opportunities [3][43] Pet Food Sector - The pet food industry is in a growth phase, with increasing domestic brand recognition and continuous growth among leading companies [3][43]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector, particularly focusing on livestock and feed companies [7]. Core Insights - The USDA's December supply and demand report indicates a tightening supply-demand balance for corn, with prices expected to maintain a moderate upward trend [15][18]. - For soybeans, the report suggests a recovery in U.S. imports, which is likely to support price recovery [33][35]. - The beef market is projected to see a price increase in 2026, driven by reduced production and strong domestic demand [3][6]. - The dairy sector is expected to experience a price reversal due to a combination of reduced supply and increased demand for both meat and milk [4][6]. - The pork market is anticipated to face a decline in prices in the latter half of 2026, despite a positive outlook for the first half [6][7]. Summary by Sections Corn - The USDA report predicts a reduction in global corn production by 3.27 million tons, leading to a decrease in global ending stocks and a tightening supply-demand ratio [15][16]. - Domestic corn prices are currently at a historical low, with expectations for a gradual recovery supported by low trader inventories [18][19]. Soybeans - The global soybean ending stocks are expected to increase slightly, with a projected rise in U.S. imports and a positive outlook for domestic soybean meal prices [33][35]. - The report highlights the importance of monitoring U.S.-China trade relations and South American weather conditions for future price movements [38]. Wheat - The global wheat supply remains ample, with an increase in production forecasts from major exporting countries, leading to a slight rise in the global ending stocks ratio [2][45]. - Domestic wheat prices are expected to stabilize, influenced by the overall supply situation and potential government storage interventions [48][52]. Beef - The USDA forecasts a decrease in U.S. beef production, with prices expected to rise due to strong domestic demand and reduced imports [3][6]. - The report anticipates a turning point in the domestic beef cycle by 2025, with prices likely to trend upwards [3][6]. Dairy - The report indicates a potential reversal in the dairy market, driven by reduced cow inventories and a tightening supply-demand balance [4][6]. - Domestic raw milk prices are expected to rise as a result of these factors [4][6]. Pork - The U.S. pork market is projected to see a decline in prices in the latter half of 2026, despite a positive outlook for the first half of the year [6][7]. - Domestic breeding sow inventories are stabilizing, which may help support industry profitability [6][7]. Poultry - The U.S. poultry market is expected to recover, with increased production and consumption anticipated as avian influenza impacts diminish [6][7]. - Domestic chicken supply is projected to stabilize, with a focus on internal demand recovery [6][7].