Investment Rating - The report maintains a "Recommended" investment rating for the industry [2]. Core Insights - The essence of investment lies in investing in "people," where a company's long-term value is deeply rooted in the cognition and action philosophy of its founders or core leaders [4]. - The report emphasizes two key dimensions for long-term value creation: the fundamental strategic positioning of the enterprise and the management system that ensures effective execution [5][6]. - The report highlights the importance of selecting companies in industries that are in early or mid-growth stages, which still have significant expansion potential, rather than those that have entered a mature phase with slowing growth [12]. - The report uses examples of two exemplary companies in the agricultural and animal husbandry industry: Muyuan Foods and Haida Group, to illustrate the characteristics of desirable enterprises [7]. Summary by Sections 1. Building Sustainable Competitive Advantages - The report stresses the need for companies to construct core competencies that align with the characteristics of their industry and to continuously strengthen these advantages to reach industry-leading levels [16]. - Muyuan Foods is highlighted for its leading cost control capabilities in the pig farming industry, maintaining a competitive edge through stringent cost management across various dimensions [17]. - Haida Group is noted for its comprehensive product and service capabilities in the feed industry, with a strong focus on specialized and high-quality offerings [22]. 2. Verifying a Credible Execution System - The report discusses the importance of a reliable execution capability in companies, focusing on three dimensions: people, money, and business [29]. - Muyuan Foods has implemented stock incentive plans to deeply bind employee interests with the company's long-term goals, achieving performance targets consistently [33]. - The report emphasizes the need for companies to maintain robust financing channels to seize industry opportunities and support ongoing investments [35]. 3. Dynamic Evolution of Industry Structure - The industry structure is described as being in a constant state of dynamic adjustment, where companies that have built core competencies can capitalize on market share opportunities as they arise [25].

Summary of Key Points from Conference Call Records Industry Overview Alcohol Industry - The liquor sector, particularly the baijiu segment, has shown strong performance leading up to the Spring Festival, with Moutai's sales exceeding expectations and institutional holdings at a historical low of 3.5% [1][3] - Moutai's price has increased from 1,550 RMB to 1,700 RMB, with expectations for further price increases before the festival, maintaining a price floor above 1,500 RMB for the year [3] - Recommended stocks include Moutai, Wuliangye, and Fenjiu, with Moutai being the top pick due to its attractive valuation and dividend yield above 4% [1][4] Agriculture Industry - Haida Group is projected to achieve a compound annual growth rate (CAGR) of 10%-15% in its domestic feed business over the next 5-10 years, with overseas market growth exceeding 40% [1][6] - The company plans to reduce capital expenditures to lower per-ton depreciation costs, thereby releasing profits [6] - In the pig farming sector, the focus is on the breeding sow inventory, which has decreased by 1.8% year-on-year, indicating a potential rebound in pig prices post-adjustment in production capacity [8][9] Pharmaceutical Industry - The pharmaceutical sector is experiencing a multi-point development trend, with promising prospects in innovative drugs and AI healthcare [11] - Retail pharmacy growth is expected to be between 10%-15%, supported by government policies encouraging high-quality development in the sector [12] - The market confidence is recovering, with opportunities in traditional Chinese medicine and retail pharmacy expected to increase due to improved inventory and consumption characteristics [12][13] Home Appliance Industry - The home appliance sector is benefiting from signals of financial easing in real estate, with major brands like Midea and Haier entering a price increase cycle [14] - Midea's dividend rate may increase to 75% by 2025, with a projected dynamic PE of 12-13 times for 2026 [14] - The LCD panel market is also seeing price increases, with TCL Technology expected to double its earnings in 2026 due to the expiration of depreciation on its panels [14] Textile and Apparel Industry - Li Ning Company is highlighted as a key investment target, with inventory levels returning to 4.5-5 months and positive cash flow from distributors [15][16] - The company has entered a technology upgrade cycle, with strong feedback on new running shoe lines and a partnership with the Chinese Olympic Committee to sponsor the national team's uniforms [16][17] E-commerce and Cloud Computing - Alibaba is viewed positively for its AI and cloud computing businesses, with expectations for rapid user growth in its Q&A app and potential price increases in its cloud services [18] - The target price for Alibaba is set at 194 HKD, with a valuation of at least 10 times PE for its e-commerce business and 10 times PS for its cloud business [18] Snack Industry - The bulk snack industry is in a high-growth phase, with a market size of approximately 60,000 stores and potential for 50% growth [20] - Recommended companies include Mingming Hen Mang and Wancheng Group, with expected revenue growth rates exceeding 20% and profit growth around 30% [20] Additional Insights - The overall market sentiment is shifting towards consumer sectors, with a focus on increasing consumption rates in China as a key economic goal [2] - The anticipated recovery in various sectors, including pharmaceuticals and home appliances, suggests a favorable environment for investment in these industries [11][14]

Investment Rating - Industry Rating: Recommended [3] Core Insights - The report highlights the implementation of a national seed market inspection for spring crops, focusing on key crops such as corn, soybeans, rice, cotton, potatoes, and vegetables. This initiative aims to ensure seed quality and combat counterfeit products, which is expected to enhance the planting industry chain [1][11]. - The report anticipates a continued acceleration in the commercialization of genetically modified (GM) seeds, which is crucial for improving self-sufficiency rates in key varieties. The upcoming central document is expected to catalyze the seed industry sector [1][11]. - In the pig farming sector, the average price of live pigs has decreased to 12.61 CNY/kg, reflecting a 2.91% week-on-week decline. This trend is attributed to seasonal consumption patterns and inventory adjustments post-holiday [2][12]. - The report suggests that the pig farming sector may see accelerated capacity reduction as it enters a traditional off-season for pork consumption, presenting potential investment opportunities [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated a seed market inspection to ensure the safety of seeds for spring production, focusing on major crops [1][11]. - The emphasis on GM technology is expected to revolutionize yield improvements and enhance self-sufficiency in key crops [1][11]. - Recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on companies with significant first-mover advantages in the seed industry such as Dabeinong and Longping High-Tech [1][11]. Pig Farming - The average price of live pigs is currently 12.61 CNY/kg, with a notable week-on-week decline of 2.91% due to seasonal factors and inventory management [2][12]. - The number of breeding sows has decreased to 39.61 million, reflecting a 2.9% year-on-year decline, indicating a trend towards capacity reduction [2][12]. - Recommended stocks in the pig farming sector include Lihua Agricultural, Muyuan Foods, and Shuanghui Development, among others [2][12]. Key Agricultural Product Data Tracking - Corn: The average price is 2377.26 CNY/ton, with a week-on-week increase of 0.32% [26]. - Wheat: The average price is 2529.67 CNY/ton, with a week-on-week increase of 0.18% [29]. - Soybeans: The average price is 4072.11 CNY/ton, remaining stable week-on-week [41]. - Cotton: The average price is 15750 CNY/ton, with a week-on-week increase of 0.56% [46]. Feed and Vitamin Prices - The average price of pig feed is 2.65 CNY/kg, stable week-on-week [53]. - Vitamin E averages 55.30 CNY/kg, reflecting a week-on-week increase of 1.47% [63].

Investment Rating - The report assigns an "Accumulate" rating for the industry [3] Core Insights - The price of piglets follows a clear historical pattern, with expectations for continued price increases followed by a decline around May/June. A significant capacity reduction cycle is anticipated in 2026, primarily occurring in the second half of the year, while stock prices are expected to start rising in the first half [5][6] - The report emphasizes that piglet prices are influenced by production patterns, with December and January being peak slaughter months, leading to increased demand for piglets. Conversely, supply remains relatively stable, which can lead to price increases when demand surges [7] - The report highlights that piglet prices do not correlate with pig price expectations and cannot be used to predict pig prices. The annual variations in piglet prices are consistent, while pig prices fluctuate yearly, indicating a lack of direct relationship [7] - The report recommends focusing on the pig farming sector, predicting a significant capacity reduction cycle in 2026. It suggests that the first half of 2026 will resemble the first half of 2023, with losses in fat pigs but profits in piglets, leading to a smoother capacity reduction after the anticipated price drop in May/June [7] - Key companies to watch include Muyuan Foods, Wens Foodstuff Group, Tiankang Biological, Juxing Agriculture, and Shennong Group, as their valuations are currently at the bottom, with potential for stock price increases as the industry faces losses and clearer capacity reduction trends [7][8] Summary by Sections Historical Price Trends - Piglet prices exhibit a clear historical trend, typically bottoming out in December/January and peaking in May/June. The fluctuations are tied to seasonal production patterns and demand cycles [5][7] Production and Supply Dynamics - The report discusses the relationship between supply and demand, noting that while supply is stable, demand spikes during certain months can lead to price increases. The cyclical nature of pig farming is highlighted, with adjustments made to align production with demand [7] Investment Opportunities - The report identifies a significant capacity reduction cycle in the pig farming industry for 2026, suggesting that investors should focus on companies with strong fundamentals and current low valuations, as they are likely to benefit from the anticipated market changes [7][8]

Group 1: Market Performance - The A-share liquor sector experienced a significant surge, with a rise of 9.68% on January 29, leading the market performance for the day [1][2] - The oil and gas extraction and service sector also saw a notable increase of 8.18%, with a total transaction volume of 32.31 billion [2] - The precious metals sector rose by 8.04%, with a transaction volume of 70.62 billion, indicating strong market interest [2] Group 2: Energy and Petrochemical Sector Dynamics - The energy and petrochemical sector's rise began in early January 2026, with domestic crude oil futures rebounding from 411 yuan/barrel to 475 yuan/barrel, a 15% increase [4] - The oil and gas extraction and service sector has accumulated a remarkable increase of 44.22% year-to-date, ranking second in market performance, only behind precious metals [7] - The petrochemical ETF (159731) has shown a cumulative increase of 14.71% since the beginning of the year, reflecting strong investor interest [9] Group 3: Geopolitical and Economic Influences - The recent surge in the petrochemical sector is driven by escalating geopolitical tensions, particularly between the U.S. and Iran, raising concerns over oil supply stability [11] - The market has priced in a risk premium of $3-8 per barrel due to fears of potential disruptions in oil supply from Iran, which produces approximately 3.3 million barrels per day [11] - The classic rotation pattern in commodity markets, where precious metals lead, followed by industrial metals and then energy, is being validated again [14][16] Group 4: Agricultural Sector Insights - The agricultural sector is expected to gain market attention as commodity prices rise, driven by increased costs in agricultural production due to higher energy prices [17][24] - The CPI and food prices have shown signs of recovery, with the CPI rising by 0.8% year-on-year, indicating a potential shift in consumer price dynamics [18] - The agricultural ETF (516810) tracks a comprehensive index covering the entire agricultural value chain, which may benefit from the rising commodity prices [26] Group 5: Industry Outlook - The petrochemical industry is at a turning point, with new policies aimed at preventing excessive competition and improving profitability [22] - The capital expenditure ratios in the refining and chemical sectors are showing a trend towards conservatism, indicating a strategic shift among companies [23] - The anticipated recovery in the petrochemical sector is supported by both geopolitical factors and the broader commodity market dynamics, suggesting a favorable outlook for industry leaders [24][25]

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。 证券代码：002311 证券简称：海大集团 公告编号：2026-003 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 1、股票质押登记证明； 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 | 2,600,000 | 0.29% | 0.16% | ...

从资金流向上来看，当日饲料板块主力资金净流出1.1亿元，游资资金净流入2450.87万元，散户资金净流 入8597.09万元。饲料板块个股资金流向见下表： 证券之星消息，1月29日饲料板块较上一交易日上涨2.24%，金新农领涨。当日上证指数报收于4157.98， 上涨0.16%。深证成指报收于14300.08，下跌0.3%。饲料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) | | | --- | --- | --- | --- | --- | --- | --- | | 002548 | 金新农 | 6.93 | 6.29% | 84.64万 | | 5.73亿 | | 002311 | 海大集团 | 51.90 | 3.37% | 14.14万 | | 7.27亿 | | 002385 | 大北农 | 4.42 | 2.79% | 374.89万 | | 16.55 Z | | 603363 | 傲农生物 | 4.15 | 2.22% | 56.80万 | | 2.35亿 | | 000702 | 正虹科技 | 6.97 | 1.75% | 8.07万 ...

（责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华泰证券研报指出，海大集团近期上调2025-2027年未来三年分红率由30%至50%，并向香港联交所 递交了海外业务分拆上市的申请文件。认为当前市场对海大集团国内业务的分红价值以及海外成长空间 仍有预期差，公司2025年国内饲料主业超额优势进一步放大，且单吨盈利壁垒稳固，此外，公司饲料出 海持续高增长，港股上市将加快公司海外产能布局、理顺海外管理与激励思路。重点推荐国内长期超额 优势向分红价值转化、海外盈利水平&成长性双高的稀缺资产海大集团，维持"买入"评级。 ...

Market Overview - The feed sector experienced a decline of 0.3% on January 28, with Baiyang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - Major gainers in the feed sector included: - Dabeinong (002385) with a closing price of 4.30, up 4.12% on a trading volume of 3.44 million shares and a transaction value of 146.9 million yuan [1] - Tianma Technology (603668) closed at 15.87, up 1.60% with a transaction value of 166 million yuan [1] - Tangrenshen (002567) closed at 4.45, up 1.14% with a transaction value of 19.5 million yuan [1] - Conversely, Baiyang Co., Ltd. (002696) led the decline with a closing price of 7.57, down 3.32% on a trading volume of 131,200 shares and a transaction value of 101 million yuan [2] - Other notable decliners included: - Aonong Biological (603363) down 2.64% [2] - Petty Holdings (300673) down 2.51% [2] Capital Flow Analysis - The feed sector saw a net inflow of 113 million yuan from institutional investors, while retail investors experienced a net outflow of 69.45 million yuan [2] - The capital flow for key stocks included: - Dabeinong had a net inflow of 16.416 million yuan from institutional investors, while retail investors saw a net outflow of 13.4 million yuan [3] - Tiankang Biological (002100) had a net inflow of 26.242 million yuan from institutional investors [3] - Baiyang Co., Ltd. experienced a net outflow of 30.7375 million yuan from retail investors [3]

上市企业：新希望（000876）,海大集团（002311）,通威股份（600438）,大北农（002385）,粤海饲料 （001313） 相关报告：智研咨询发布的《2026-2032年中国饲料行业市场调查研究及发展前景展望报告》 2020-2025年中国饲料产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年12月中国饲料产量为3009万吨，同比增长3.9%；2025年中国饲料累 计产量为33908.3万吨，累计增长6%。 ...