2026 年 03 月 24 日 农林牧渔 农产品涨价或持续，叠加政策引导生猪 产能有望去化 生猪养殖：政策严控叠加养殖亏损，关注能繁去化进度 价格端：本周生猪均价 10.06 元/kg，周环比-1.18%，两周环比- 2.40%；仔猪价格 379 元/头，周环比-10.19%，两周环比-8.02%。根 据 iFinD 数据，本周猪肉批发价格 15.94 元/kg，周环比-1.35%。 供给端：本周生猪日均屠宰量为 17.30 万头，周环比变动 23.74%。 周观点：政策严控叠加养殖亏损，关注能繁去化进度。涌益咨询数据 显示，本周猪价处于破线磨底状态，多省出栏均价跌破 10.0 元/kg， 供需状态并未出现转机。供应角度，规模猪场积极性相对偏高，有减 重去库动作，但下游匹配稍弱，实质性消耗速度仍慢；二次育肥等支 撑因素存在，但效果不强，未产生明显托举力度。需求角度，近期屠 企宰量稳步上移，刚需稳定叠加分割订单及少量入库，生猪消化水平 有所提升，但对应供应量仍显不足，预计短期猪价震荡偏弱。 3 月 3 日相关部门召集多家养殖企业召开专题会议，明确提出能繁母 猪存栏量或将进一步下调至 3650 万头，计划调降幅 ...

Investment Rating - The report suggests a neutral investment rating for the agricultural sector, indicating that the expected changes in the industry will be relatively stable compared to the broader market [70]. Core Insights - The agricultural sector index has underperformed compared to the Shanghai Composite Index, with a weekly decline of 4.50% [13]. - The report highlights ongoing pressures in the pig farming industry, with prices expected to continue declining due to supply-side pressures and a potential increase in slaughter volumes [3][21]. - In poultry farming, while white feather chicken prices remain under pressure, yellow feather chicken prices have shown resilience due to improved downstream demand [4][35]. - The beef market is anticipated to see price increases as it enters the consumption peak season, while dairy cow inventories are decreasing, indicating a potential recovery in milk prices [5][39][42]. - The planting sector is experiencing tight supply and demand dynamics, with corn prices showing slight upward movement amid external uncertainties [6][45][46]. - Feed prices have stabilized, and the aquaculture sector is showing signs of improvement in pricing [56]. Summary by Sections 1. Market Review - The agricultural index closed at 2928.56 points, down 4.50% week-on-week, underperforming the Shanghai Composite Index [13][14]. 2. Key Data Tracking 2.1 Pig Farming - The average price of live pigs is 9.90 yuan/kg, with a weekly decline of 1.79%. The average weight of pigs at slaughter is 128.62 kg, indicating a slight increase [21][22]. - The report anticipates further price declines in the short term due to supply pressures and ongoing losses in the sector [3][22]. 2.2 Poultry Farming - The average price for white feather chickens is 7.33 yuan/kg, showing a weekly increase of 1.66%. The profitability of parent stock and broiler chickens has improved slightly [34][35]. 2.3 Livestock - Live cattle prices in Shandong are 27.03 yuan/kg, with a year-on-year increase of 13.86%. The report expects beef prices to rise as the consumption season approaches [5][40][42]. 2.4 Planting Industry - Domestic corn prices are 2332.86 yuan/ton, with a slight increase of 0.18% week-on-week. The report notes potential improvements in the planting sector if there are significant reductions in grain production [6][45][46]. 2.5 Feed & Aquaculture - Feed prices for fattening pigs are 3.36 yuan/kg, showing a weekly increase of 0.30%. Aquaculture prices for various species have remained stable [56].

Investment Rating - The report assigns an "Accumulate" rating to the company [4] Core Insights - The company is a leading player in the white feather broiler industry, focusing on high-generation livestock and poultry breeding as its core competitive advantage [12][36] - The supply of breeding chickens is currently restricted due to outbreaks of avian influenza in France, leading to an upward trend in chick prices [3][21] - The company plans to expand its parent stock breeding capacity by investing in a new facility in Shanxi Province, which will enhance its supply capabilities for broiler chicks [8][37] Summary by Relevant Sections Company Overview - The company specializes in the introduction and breeding of grandparent stock chickens, production and sales of parent stock chicks, and the breeding and sales of commercial broiler chicks [2][12] - From 2010 to 2024, the company's total revenue increased from 459 million to 3.136 billion, with a CAGR of 15% [2][16] Market Conditions - The outbreak of avian influenza in major chicken breeding areas has led to a pause in the introduction of grandparent stock chickens, affecting supply dynamics [3][25] - The reduction in grandparent stock will impact parent stock supply in approximately 7 months, leading to tighter supply and rising prices for parent stock chicks [3][27] Financial Performance - The company expects a significant decline in net profit for 2025, projecting a range of 165 million to 190 million, a year-on-year decrease of 62.29% to 70.23% due to low prices for chicken and chicks [2][16] - Revenue forecasts for 2025-2027 are estimated at 26.50 billion, 35.32 billion, and 40.63 billion respectively, with net profits of 1.65 billion, 10.24 billion, and 12.16 billion [8][47] Business Expansion - The company is expanding its parent stock breeding operations and has plans to construct a new breeding facility to increase its production capacity [8][37] - The sales volume of breeding pigs is expected to grow significantly, with plans to sell 150,000 pigs in 2026, up from nearly 100,000 in 2025 [40][45]

证券研究报告|公司动态报告 [Table_Date] 2026 年 03 月 18 日 [Table_Title] 引种受限支撑鸡苗景气，关注公司预期差 [Table_Title2] 益生股份(002458) [Table_Summary] 事件概述 2025 年 11 月至 12 月法国种鸡主产区（曼恩-卢瓦尔省、阿摩 尔滨海省）暴发禽流感，当前我国祖代肉种鸡的引种处于暂停 状态。2025 年益生股份引进祖代白羽肉种鸡 26.6 万套，全国 祖代白羽肉种鸡引种量约 62 万套，公司引种占比 43%。2026 年 2 月和 3 月公司暂无引种计划。 分析判断: ► 公司以高代次畜禽种源供应为核心竞争力 公司主营业务包括祖代种鸡的引进与饲养、父母代种雏鸡的生产 与销售、商品肉雏鸡的生产与销售、种猪和商品猪的饲养和销 售、农牧设备的生产与销售、奶牛的饲养与乳品销售等。公司营 业总收入整体呈现台阶式上升，利润呈现强周期主导下的高弹性 波动。2010 年至 2024 年，公司营业总收入由 4.59 亿元增长至 31.36 亿元，14 年 CAGR+15%。2025 年公司预计实现归母净利 1.5 亿元至 1.9 亿元 ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture sector, indicating a positive outlook compared to the benchmark index [43]. Core Insights - The report highlights that the international regional conflicts are driving an upward trend in agricultural product prices, particularly affecting planting costs due to disruptions in fertilizer supply [3]. - In the livestock sector, pig prices are at a low point, with a current price around 10 CNY/kg, and the supply pressure is greater than the recovery in demand [4]. - The pet industry is expected to grow, supported by large domestic exhibitions and increasing revenue growth from local brands [2]. Summary by Sections Planting - The Middle East conflicts are causing global agricultural supply and demand fluctuations, with significant impacts on fertilizer supply and increased planting costs. Recent price increases include corn at 2,447 CNY/ton (up 1.2%), wheat at 2,578 CNY/ton (up 1.4%), and soybean meal at 3,439 CNY/ton (up 8%). The report remains optimistic about the agricultural price boom benefiting planting companies and recommends leading corn seed company Kangnong Seed [3]. Livestock - Pig prices continue to decline, currently around 10.2 CNY/kg, with increasing average weights at slaughter. The demand recovery is insufficient to counterbalance supply pressures, leading to continued price pressure. The report notes that while piglet sales are still profitable, prices are gradually decreasing, and the expectation of capacity reduction will persist [4]. Pet Industry - The report notes the successful launch of major pet exhibitions, such as the Shenzhen Pet Expo, which featured 10,000 brands. The growth of domestic pet brands is a key indicator of investment value in this sector [5]. Key Company Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff, and New Hope. For the agricultural product chain, recommended stocks include Morning Light Bio, Noposion, and Kangnong Seed. In the pet sector, recommended stocks include Guobao Pet and Petty Holdings [5][37].

股东会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2026-020 山东益生种畜禽股份有限公司 2026 年第二次临时股东会决议公告 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。 特别提示： 1.本次股东会未出现否决提案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况： （一）会议召开情况 1.会议召开时间： 现场会议时间：2026 年 3 月 12 日 14：30。 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为：2026 年 3 月 12 日 9:15—9:25、9:30-11:30，13:00-15:00； （2）通过深圳证券交易所互联网投票系统进行网络投票的时间为：2026 年 3 月 12 日 9:15-15:00 期间的任意时间。 2.现场会议召开地点：山东省烟台市福山区益生路 1 号，山东益生种畜禽股份有 限公司会议室。 3.会议召开方式：现场投票与网络投票相结合的方式。 4.会议召集人：董事会。 5.会议主持人：董事长曹积生先生。 1.出席的总体情况： 出席本次股东会 ...

北京金诚同达律师事务所 关于 山东益生种畜禽股份有限公司 2026 年第二次临时股东会的 法律意见书 北京金诚同达律师事务所 关于山东益生种畜禽股份有限公司 2026 年第二次临时股东会的 法律意见书 金证法意[2026]字 0312 第 0121 号 致：山东益生种畜禽股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受山东益生种畜禽股份有 限公司（以下简称"益生股份"或"公司"）的聘请，指派本所律师出席公司 2026 年第二次临时股东会（以下简称"本次股东会"）并对会议的相关事项出具法律 意见书。 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 层 电话：010-5706 8585 传真：010-6518 5057 金诚同达律师事务所 法律意见书 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"）《律师 事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》 等有关法律、法规和规范性文件的要求以及《山东益生种畜禽股份有限公司章程》 （以下简称"《公司章程》"）的规定，对本次股东会 ...

Market Strategy - Market risk appetite has rebounded significantly, with a notable rebound in the technology innovation sector [5][8] - The overall A-share market saw a rise, with the Wind All A Index increasing by 1.58% to 6832.57 points, while the Shanghai Composite Index rose by 0.65% to 4123.14 points [8][9] - The technology innovation sector, represented by the STAR 50 Index, increased by 2.16%, indicating strong performance in growth-oriented stocks [8][9] Economic Indicators - In January-February, China's exports increased by 21.8% year-on-year, with a trade surplus of 213.6 billion USD [17][18] - The People's Bank of China conducted a 395 billion CNY reverse repurchase operation with a fixed interest rate of 1.40% [19][20] Industry Dynamics - China's rare earth exports reached 10,468.3 tons in January-February, a year-on-year increase of 23.0% [30][31] - The import volume of copper ore and its concentrates totaled 4.934 million tons in January-February, reflecting a year-on-year growth of 4.9% [32][33] - The total sales of two-wheeled electric vehicles in 2025 reached 63.7 million units, representing a year-on-year increase of 29.47% [44] Company Tracking - New城控股 issued 355 million USD in offshore bonds with an interest rate of 11.8%, aimed at repaying maturing debts [52][53] - 天赐材料 reported a net profit of 1.362 billion CNY for 2025, a year-on-year increase of 181.43%, driven by strong sales of lithium battery materials [55] - 益生股份 saw a 1.15% year-on-year increase in the sales of white feather broiler chicks in February, while the sales of breeding pigs declined by 12.44% [57] - 大北农 reported a 39.38% year-on-year increase in pig sales in February, with sales revenue reaching 475 million CNY [59] - 巨星农牧's pig sales in February increased by 24.06% year-on-year, generating sales revenue of 425 million CNY [61]

销售情况简报 证券代码：002458 证券简称：益生股份 公告编号：2026-019 山东益生种畜禽股份有限公司 2026 年 2 月鸡苗和种猪销售情况简报 本公司及董事会全体成员保证信息披露内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 公司2026年2月种猪销售数量4，989头，销售收入1，010.62万元， 同比变动分别为-12.44%、-17.06%，环比变动分别为-43.00%、-43.46%。 上述财务数据均未经审计，可能与公司定期报告披露的数据存在 一定差异，仅作为阶段性财务数据供投资者参考。 二、原因说明 1.受父母代、商品代白羽肉鸡苗销售均价同比显著上涨带动， 2026 年 2 月公司白羽肉鸡苗销售收入同比大幅增长。 2.受停孵期影响，2026 年 1 月公司益生 909 小型白羽肉鸡苗销 售数量和销售收入基数较低，故 2026 年 2 月公司益生 909 小型白羽 肉鸡苗销售数量和销售收入环比均增长。 3.受春节假期影响，公司 2026 年 2 月的部分订单推迟到 3 月执 一、2026年2月销售情况 1.鸡苗销售情况 山东益生种畜禽股份有限公司（以下简称"公司"）2026 ...

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - The report highlights opportunities in the agricultural sector due to rising agricultural product prices, particularly in planting and pet sectors, while the pig farming sector is facing challenges due to low prices [2][3][5] Summary by Sections Planting Sector - The report is optimistic about the improvement in planting sector conditions, with corn prices reaching 2418 CNY/ton, a weekly increase of 1.5%, and wheat prices at 2542 CNY/ton, up 0.3% week-on-week. The report anticipates that the favorable grain price environment will benefit planting companies through 2026. It continues to recommend leading corn seed company Kangnong Seed Industry [3][4]. Breeding Sector - The pig farming sector is currently experiencing low prices, with the national average price at a historically low level. The report expects a continued weak demand post-holiday and an oversupply situation, leading to an accelerated reduction in breeding capacity in March. Data shows a limited decline in breeding sows, with a slight increase of 0.39% month-on-month in February [4][12]. Pet Sector - The report notes that exchange rate factors may impact short-term export performance, but domestic market growth remains promising. The pet market is expected to benefit from upcoming large pet exhibitions in cities like Beijing and Shenzhen. Key indicators for evaluating pet companies include revenue growth and gross margin levels [5][30]. Investment Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and Shennong Group. For the post-cycle sector, recommended stocks include Keqian Biology and Haida Group. In the agricultural product supply chain, recommended stocks are Morning Light Bio, Noposion, and Kangnong Seed Industry. In the pet sector, recommended stocks include Guibao Pet and Zhongchong Co. [5][30][31].