Core Viewpoint - The feed sector experienced a rise of 2.24% on January 29, with Jin Xin Nong leading the gains, while the overall market showed mixed results with the Shanghai Composite Index up by 0.16% and the Shenzhen Component Index down by 0.3% [1] Group 1: Market Performance - The feed sector stocks showed varied performance, with Jin Xin Nong closing at 6.93, up by 6.29%, and Hai Da Group at 51.90, up by 3.37% [1] - The total trading volume for Jin Xin Nong was 846,400 shares, with a transaction value of 573 million [1] - The overall trading performance of the feed sector was highlighted by a net outflow of 110 million from main funds, while retail investors saw a net inflow of 85.97 million [2] Group 2: Individual Stock Analysis - Jin Xin Nong had a net inflow of 11.44 million from main funds, while it faced a net outflow of 16.72 million from retail investors [3] - Zhong Chong Co. experienced a net inflow of 18.33 million from main funds but had a net outflow of 9.42 million from retail investors [3] - Other notable stocks included Tang Ren Shen with a net inflow of 3.64 million from main funds and a slight net inflow from retail investors [3]

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%。 ...

证券之星消息，1月27日饲料板块较上一交易日下跌1.85%，佩蒂股份领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。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 | 6.49 | 2.69% | 84.57万 | | 5.38 Z | | 002696 | 自洋股份 | 7.83 | 0.38% | 11.90万 | | 9271.72万 | | 603668 | 天马科技 | 15.62 | 0.06% | 7.20万 | | 1.11亿 | | 688156 | 路德科技 | 19.36 | 0.00% | - 3.02万 | | 5787.63万 | | 002100 | 天康生物 | 7.15 | -0.42% | 41.13万 | | 2.93亿 | | 603151 | 邦基科技 | 19.09 | -0.83% | 2.67万 | | 5099.46万 | ...

Core Viewpoint - The stock of Dabeinong experienced a decline of 2.15% on January 27, with a trading price of 4.10 yuan per share and a total market capitalization of 17.63 billion yuan. The company has shown a year-to-date stock price increase of 2.50% and a net outflow of main funds amounting to 19.13 million yuan [1]. Group 1: Financial Performance - As of September 30, Dabeinong reported a revenue of 20.744 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 2.99%. The net profit attributable to shareholders was 257 million yuan, marking a significant increase of 92.56% [2]. - The company has distributed a total of 4.068 billion yuan in dividends since its A-share listing, with 792 million yuan distributed over the past three years [3]. Group 2: Shareholder and Market Activity - The number of shareholders for Dabeinong decreased by 5.84% to 227,400, while the average number of circulating shares per person increased by 6.20% to 15,500 shares [2]. - Among the top ten circulating shareholders, the Guotai Zhongzheng Livestock Breeding ETF holds 76.9872 million shares, an increase of 27.7636 million shares compared to the previous period. Other notable shareholders include Hong Kong Central Clearing Limited and Southern Zhongzheng 500 ETF, with respective increases and decreases in holdings [3].

Group 1 - The feed sector increased by 1.12% on January 26, with Tangrenshen leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Tangrenshen's stock price rose by 5.13% to 4.51, with a trading volume of 1.0471 million shares and a transaction value of 461 million yuan [1] Group 2 - The feed sector saw a net inflow of 31.2553 million yuan from institutional investors, while retail investors experienced a net outflow of 52.6372 million yuan [2] - Major stocks in the feed sector showed varied net capital flows, with Dabeinong experiencing a net outflow of 41.6369 million yuan from institutional investors [3] - Tiankang Biological had a net inflow of 37.5631 million yuan from institutional investors, indicating strong interest [3]

Group 1 - The animal vaccine concept sector rose by 4.89%, ranking fifth among concept sectors, with 18 stocks increasing in value, including Yongshun Biological, Dongfang Biological, and Haili Biological, which saw increases of 27.18%, 12.36%, and 7.18% respectively [1] - The animal vaccine sector attracted a net inflow of 229 million yuan from main funds, with 14 stocks receiving net inflows, and 5 stocks exceeding 30 million yuan in net inflow. The leading stock in net inflow was Biological Shares, with a net inflow of 100 million yuan [2] - The top three stocks by net inflow ratio were KQ Biological, Tiankang Biological, and Biological Shares, with net inflow ratios of 14.32%, 12.76%, and 9.87% respectively [3] Group 2 - The animal vaccine sector's inflow ranking included Biological Shares with a 4.50% increase and a turnover rate of 5.08%, followed by Dabeinong with a 2.70% increase and a turnover rate of 6.49% [4] - Other notable stocks included Jinhai Biological with a 5.95% increase and a turnover rate of 9.28%, and Tiankang Biological with a 1.99% increase and a turnover rate of 2.95% [5] - Stocks that experienced declines included Hengtong Holdings with a decrease of 2.59% and a turnover rate of 5.31%, and Luoniushan with a decrease of 1.86% and a turnover rate of 3.43% [5]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the strengthening of pork prices as the breeding stock decreases to 35.61 million heads by the end of December, indicating a bullish trend in the market [1][2] - The report emphasizes the importance of the seed industry revitalization action, which has made significant progress in enhancing seed security and promoting domestic seed usage [1][12] - The commercialization of genetically modified crops is expected to accelerate, contributing to higher self-sufficiency rates in key varieties [1][12] Summary by Sections Planting Industry - The Ministry of Agriculture and Rural Affairs has reported progress in the seed industry revitalization action, with a focus on policy support, funding, and institutional guarantees [1][12] - Key companies recommended for investment include Beidahuang and Suqian Agricultural Development, as well as leading seed companies like Dabeinong and Longping High-Tech [1][12] Pig Farming - The average price of live pigs is reported at 12.99 CNY/kg, with a week-on-week increase of 2.27% [2][13] - The breeding stock of sows is at 39.61 million heads, showing a year-on-year decrease of 2.9% [2][13] - Recommended companies in the pig farming sector include Lihua Co., Muyuan Foods, and Shuanghui Development [5][13] Feed and Veterinary - The average price of pig feed is 2.65 CNY/kg, reflecting a week-on-week increase of 0.38% [52] - Companies in the feed sector such as Haida Group and veterinary companies like Jinhai Biological and Zhongmu Co. are expected to benefit [5][13]

Core Insights - The report indicates a rebound in pig prices, with the average price for lean pigs at 13.09 CNY/kg as of January 23, reflecting a 4.8% week-on-week increase, although down 17.6% year-on-year. The industry is returning to profitability, with self-breeding operations reportedly earning about 40 CNY per head [2][10] - The report highlights a significant increase in the price of piglets, which rose to 353 CNY/head, a 7% increase week-on-week, suggesting a positive outlook among farmers for pig prices in the second half of the year [2][10] - The report recommends major breeding companies such as Wens Foodstuffs Group and Muyuan Foods, while also highlighting potential in smaller firms like Tiankang Biological and Shennong Group [2][10] Livestock Farming - The average price of white feather chickens is reported at 3.7 CNY/jin, down 1.3% week-on-week, with supply concerns due to avian influenza affecting imports from France [2][10] - The dairy sector shows a slight increase in fresh milk prices to 3.03 CNY/kg, up 0.3% week-on-week, while some regions report prices rebounding to 3.3-3.4 CNY/kg [2][11] - The report notes that the supply of beef is expected to tighten due to new import tariffs, which may lead to increased domestic beef prices and improved earnings for companies like Yurun Food and Modern Farming [2][11] Feed and Animal Health - The report indicates a continued upward trend in aquaculture prices, driven by supply-demand imbalances and seasonal factors, which may benefit feed demand in the short term [2][12] - The feed industry remains competitive, with leading companies expected to gain market share due to their comprehensive advantages [2][12] - The report suggests that leading animal health companies are expanding into pet healthcare, with growth potential in pet vaccines and pharmaceuticals [2][12] Agricultural Sector Performance - The agricultural sector outperformed the market by 1 percentage point, with the sector rising by 0.4% while the CSI 300 index fell by 0.6% [2][18] - Sub-sectors such as planting, agricultural processing, and fisheries showed notable gains, with increases of 4.1%, 4.0%, and 2.9% respectively [2][18] Agricultural Product Prices - The report tracks significant price movements in agricultural products, noting a 4.8% increase in pig prices and a 1.3% decrease in chicken prices [2][20] - The report also highlights the current prices of corn at 2375 CNY/ton, up 0.5% week-on-week, and soybean meal at 3194 CNY/ton, down 0.1% [2][44][53] - The report indicates that the price of wheat has also increased by 0.5% to 2527 CNY/ton [2][55]

Core Viewpoint - The collaboration between Dabeinong Group, Guotou Biotechnology Investment Co., Ltd., and Beijing University of Chemical Technology aims to integrate market advantages, capital strength, and research capabilities to advance the feed industry in China through innovative technology and industry models [1] Group 1: Collaboration Details - Dabeinong Group has signed a strategic cooperation agreement focused on "green chemical products and protein coupling co-production" with Guotou Biotechnology and Beijing University of Chemical Technology [1] - The partnership will focus on areas such as functional microbial protein, microbial fermentation feed, and feed amino acids [1] Group 2: Objectives and Goals - The collaboration aims to conduct technological research and development, result transformation, and industrial demonstration [1] - The goal is to build an innovative system that deeply integrates production, education, research, and application [1] - The initiative seeks to provide replicable and promotable technologies and industry models for China's feed industry [1]