Investment Rating - The report provides an "Increase" rating for the industry, indicating a positive outlook compared to the Shanghai and Shenzhen 300 Index [46]. Core Insights - The report highlights the strengthening of pig prices, with a current price of 12.69 CNY/Kg, reflecting a week-on-week increase of 0.20 CNY/Kg. Factors contributing to this trend include a decrease in sales plans for January and the anticipated impact of a nationwide cold wave starting January 19, which may further boost prices [5][10]. - In the planting sector, corn and soybean prices have shown stability, with corn prices at 2364 CNY/ton (up 0.5% week-on-week) and soybean prices at 4072 CNY/ton (up 0.6% week-on-week). The report expresses optimism for the recovery of planting sector profitability [3][10]. - The pet industry is experiencing increased attention due to major exhibitions, with significant events scheduled in March 2026, which are expected to catalyze new product launches from leading domestic brands [4]. Summary by Sections Livestock - The report notes that pig prices are on the rise, with a current price of 12.69 CNY/Kg, up 1.60% week-on-week and 10.06% month-on-month, although down 19.33% year-on-year. The report suggests that the cold wave and increased demand during the lunar month will be key factors influencing future price movements [5][10]. - Recommended stocks in the livestock sector include Muyuan Foods, Wens Foodstuffs, and others, with a focus on companies that are expected to benefit from the recovery in pig prices [5][40]. Planting - The report indicates that corn and soybean prices are stable, with corn at 2364 CNY/ton and soybeans at 4072 CNY/ton. The planting sector is expected to see a recovery in profitability, particularly benefiting seed companies that focus on high-quality products [3][10]. Pet Industry - Major pet exhibitions are set to take place in March 2026, which are expected to enhance market interest and lead to new product launches from top brands. The report emphasizes the potential for growth in the pet sector due to these events [4][10]. Key Company Coverage - The report includes earnings forecasts and valuations for key companies in the industry, with all covered companies receiving an "Increase" rating. Notable companies include Muyuan Foods, Wens Foodstuffs, and various firms in the pet and agricultural sectors [40].

Core Viewpoint - The company, Haida Group, ranks third in the Vietnamese feed market with a market share of 6.7% as of 2024, indicating a strong position and rapid market share acquisition through comprehensive service solutions, high-quality products, and efficient operations [1] Group 1 - The company has established a solid market position in Vietnam's feed market, leveraging its operational model to expand into surrounding countries [1] - The company aims to use its core market in Vietnam as a hub for further global expansion, allowing for the rapid replication of its proven operational model [1]

Group 1 - The core viewpoint of the article highlights the increasing demand for amino acids in various industries, particularly in animal feed, pharmaceuticals, and food sectors [1] - Huaheng Biological (688639.SH) confirmed that its L-valine and other amino acid products play a crucial role in promoting protein synthesis and maintaining normal metabolism and health in animals [1] - The company supplies its amino acid products to major clients, including Muyuan Foods and Haida Group [1]

Group 1 - The core viewpoint of the article indicates that the concentration in Vietnam's feed industry is expected to increase significantly, with the combined market share of the top five participants projected to rise from 47.0% in 2024 to 60.5% by 2029 [2] Group 2 - The article highlights that this increase in market concentration suggests a potential shift in competitive dynamics within the industry, which may impact pricing and market strategies among existing players [2] - The information was provided by Haida Group in response to investor inquiries on an interactive platform, indicating active engagement with stakeholders [2]

Group 1 - The core viewpoint of the article is that the company, Haida Group, is focused on providing an integrated product and service portfolio that includes feed, seedlings, and animal health products to meet the diverse needs of the agricultural industry [1] - The company is committed to offering production materials and technical services to agricultural producers and farmers [1]

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 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]

1月12日，海大国际控股有限公司（以下简称"海大国际"）在港交所递交招股书，联席保荐人为摩根大 通、中金公司和广发证券。 此次赴港上市，核心目标在于借助国际资本市场扩大全球影响力，强化新兴市场竞争优势。海大国际凭 借在技术、产品及服务方面的核心竞争优势，以饲料业务为基石，为畜牧行业全价值链提供全面的综合 解决方案。 上市前的股权架构显示，海大国际为海大集团全资持有，后者通过数家全资子公司合计持股100%。此 次分拆后，海大国际将拥有独立融资能力，为海外扩张提供资本支撑。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 金額 | 收入百分比 | 更題 | 收入百分比 | 金额 | 收入百分比 | 要讀 | 收入百分比 | | | | | | (人民幣千元,百分比除外) | | | | | | | | | | | (未經審核) | | | | | 收入 | 9,024, ...

证券日报网讯 1月15日，海大集团在互动平台回答投资者提问时表示，公司采用融合直销与向分销商销 售的销售策略，与当地分销商开展合作，同时直接面向客户销售，向水产养殖户及畜牧养殖户提供产品 及解决方案。 （文章来源：证券日报） ...

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]