证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2026 年 03 月 03 日 投资评级： 看好（维持） 李冉 liran02@huayuanstock.com 板块表现： 猪价持续下行，周期反转可期 ——农林牧渔行业周报（20260223-20260227） 证券分析师 投资要点： 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 张东雪 SAC：S1350525060001 zhangdongxue@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 林若尧 SAC：S1350525070002 linruoyao@huayuanstock.com 周翔 SAC：S1350525070003 zhouxiang@huayuanstock.com 生猪：猪价持续走弱，中央一号文件强调产能综合调控 SW 生猪养殖板块涨 3.4%，猪价持续下行，产能去化预期转强。周末（2026/3 ...

2026 年 03 月 03 日 农林牧渔 节后消费疲软叠加供应充足，短期内猪 价或震荡偏弱 生猪养殖：节前消费供给双增，短期内猪价或窄幅震荡 价格端：本周生猪均价 10.93 元/kg，周环比-7.06%，两周环比- 5.73%；仔猪价格 463 元/头，周环比-1.70%，两周环比-0.85%。根 据 iFinD 数据，本周猪肉批发价格 17.72 元/kg，周环比-2.11%。 供给端：本周生猪日均屠宰量为 13.76 万头，周环比变动-45.81%。 周观点：节后消费疲软叠加供应充足，短期内猪价或震荡偏弱。涌益 咨询数据显示，春节假期过后，市场供应量级恢复，年后屠企宰量增 量缓慢，拖累本周行情呈快速回落表现。当前猪价跌破新低后，情绪 端的支撑以及二育进场的托市，市场短时下跌确有受阻。从整体需求 面来看，年后消费回升速度缓慢，家庭多维持消化"冰箱库存"为主， 且目前生猪出栏均重较去年同期偏高，从消费端的匹配能力来看，年 后大猪需求疲软，预示当下市场供应压力依旧较强，预计短期行情持 续性上行动力略显不足，或震荡偏弱。 家禽养殖：屠宰产能节后回复，白羽肉鸡市场震荡 周观点：据我的钢铁网显示,本周种蛋价格呈现 ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [8]. Core Insights - The report highlights the contrasting price trends in livestock, with pig prices declining post-Chinese New Year while chicken prices are expected to rise due to limited supply and potential demand increases [4]. - It expresses optimism regarding the planting sector, anticipating an improvement in planting sentiment driven by rising grain prices in 2025 [5]. - The pet industry is influenced by exchange rate fluctuations affecting short-term export performance, but domestic market growth is expected to continue [6]. Summary by Sections Livestock - Post-Chinese New Year, pig prices have decreased, with daily average prices hovering around the low of 9,920 yuan/ton for the futures contract, indicating a surplus in supply and weak demand [4]. - Yellow chicken prices have increased post-holiday, contrasting with the downward trend observed after the previous two Chinese New Years, suggesting proactive inventory management in the industry [4]. Planting - The report notes that low grain prices in 2025 have negatively impacted some companies' performance, but a recovery in grain prices is expected to boost the planting sector [5]. - Companies with high-density planting varieties are projected to perform well, as evidenced by 康农种业's revenue and net profit growth of 7% and 16% respectively in 2025 [5]. Pet Industry - The report indicates that while the pet company 路斯股份 saw an 11% increase in revenue, net profit declined by 21% due to the appreciation of the RMB affecting gross margins [6]. - The domestic pet market is growing rapidly, and companies with overseas production capacity and increasing orders are expected to perform well [6]. Animal Health - The animal health sector is facing intense competition, but companies that continue to innovate and differentiate their products are likely to perform well despite potential profit pressures in the first half of 2026 [7]. - 科前生物 reported a 1% increase in revenue and a 9% increase in net profit, maintaining a strong market position in the vaccine sector [7]. Investment Recommendations - Recommended stocks in the pig sector include 牧原股份 and 温氏股份, while 科前生物 and 海大集团 are suggested for the post-cycle investment [7]. - In the agricultural product chain, stocks like 晨光生物 and 诺普信 are highlighted, along with pet industry stocks such as 乖宝宠物 and 中宠股份 [7].

Core Viewpoint - The company expects an increase in the supply of parent broiler chicks in 2026 compared to 2025 due to a rise in the introduction of grandparent white feather broiler chickens and sufficient stock of grandparent breeding chickens [1] Group 1 - The company plans to introduce 266,000 sets of grandparent white feather broiler chickens in 2025, which represents a year-on-year increase in the introduction volume [1] - The stock of grandparent breeding chickens is adequate, supporting the anticipated increase in supply [1] - The company will continue to monitor the situation regarding foreign introductions in the future [1]

（文章来源：每日经济新闻） 每经AI快讯，益生股份（002458.SZ）2月27日在投资者互动平台表示，2025年公司引进祖代白羽肉种鸡 26.6万套，引种量同比增加，祖代种鸡存栏量充足，预计2026年公司父母代鸡苗的供应量较2025年增 加。后续公司将持续关注国外引种情况。 ...

Core Viewpoint - Yisheng Co., Ltd. announced the pricing for parent stock meat chicken chicks, with a price of 60 yuan per set for February 2026 and 63 yuan per set for March 2026 [2] Group 1 - The company provided specific pricing information for its parent stock meat chicken chicks, indicating a planned increase in price from February to March 2026 [2]

Core Viewpoint - The current pricing of parent stock broiler chicks by Yisheng Co. is lower than that of its competitor, with a price of 60 yuan per set for February 2026 and 63 yuan per set for March 2026 [2] Company Pricing - Yisheng Co. announced that the price for parent stock broiler chicks is set at 60 yuan per set for February 2026 [2] - The price for March 2026 is projected to increase to 63 yuan per set [2] Competitor Comparison - A competitor, Beijing Dafu, has set its parent stock pricing at 68 yuan per set, indicating a higher market price compared to Yisheng Co. [2]

Group 1 - The company held its third meeting of the seventh board of directors on February 23, 2026, with all seven directors present, including independent directors attending via communication [2][5] - The meeting approved a proposal regarding external guarantees and related transactions with a vote of 6 in favor, 0 against, and 0 abstentions [4][5] - The proposal requires submission to the shareholders' meeting for further approval [8] Group 2 - The company announced the second extraordinary shareholders' meeting to be held on March 12, 2026, with both on-site and online voting options available [16][18] - The meeting will address proposals that have already been approved by the board, requiring more than half of the voting rights present to pass [24][25] - Shareholders must register by March 10, 2026, to participate in the meeting [26][31] Group 3 - The company plans to provide a guarantee of up to 35.1686 million yuan for its subsidiary, which is seeking a credit line of 100 million yuan from a bank [43][44] - The board of directors approved this guarantee, with the chairman recusing himself from the vote due to a conflict of interest [44][52] - The total amount of guarantees provided by the company and its subsidiaries will be 300.0395 million yuan, with the actual balance of guarantees at 132.8325 million yuan, representing 2.97% of the company's audited net assets for 2024 [54][55]

Group 1 - The company held its third meeting of the seventh board of directors on February 23, 2026, with all seven directors present, including independent directors attending via communication [2][3] - The meeting approved a resolution regarding external guarantees and related transactions with a vote of 6 in favor, 0 against, and 0 abstentions [4][5] - The independent directors reviewed and approved the guarantee proposal in a separate meeting, and the proposal will be submitted to the shareholders' meeting for approval [7][8] Group 2 - The company plans to provide a guarantee of up to 35.17 million RMB for its subsidiary, Heilongjiang Beisanxia Breeding Co., Ltd., which is seeking a credit line of 100 million RMB from China Merchants Bank [16][17] - The guarantee is necessary for the subsidiary's operational financing and is considered to have controllable risks based on the company's assessment of the subsidiary's financial health and industry outlook [25] - The total amount of guarantees provided by the company and its subsidiaries will reach 300.04 million RMB, with the actual balance of guarantees being 132.83 million RMB, representing 2.97% of the company's audited net assets for 2024 [26] Group 3 - The company announced the second extraordinary shareholders' meeting for 2026, scheduled for March 12, 2026, with provisions for both on-site and online voting [28][29] - The meeting will discuss the proposals previously approved by the board, requiring more than half of the voting rights to pass, with related party shareholders required to abstain from voting [35] - Registration for the meeting will take place on March 10, 2026, and specific procedures for both individual and corporate shareholders have been outlined [36][41]

关于对外提供担保暨关联交易的公告 证券代码：002458 证券简称：益生股份 公告编号：2026-017 山东益生种畜禽股份有限公司 关于对外提供担保暨关联交易的公告 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。 一、担保情况概述 1.担保基本情况 因经营发展需要，山东益生种畜禽股份有限公司（以下简称"公 司"）的参股公司北大荒宝泉岭农牧发展有限公司（以下简称"宝泉 岭农牧"）之全资子公司黑龙江北三峡养殖有限公司（以下简称"北 三峡养殖"）向招商银行股份有限公司哈尔滨分行（以下简称"招商 银行哈尔滨分行"）申请人民币10,000.00万元的综合授信额度并获得 批复，期限三年。根据授信批复要求，该笔融资需由股东提供担保。 公司持有宝泉岭农牧25.55%股权，根据公司的出资比例并结合宝 泉岭农牧和北三峡养殖的实际情况，公司拟为北三峡养殖本次融资提 供不超过3,516.86万元的连带责任保证担保，该担保在上述额度范围 内循环滚动使用，任一期间内的实际担保余额合计不超过3,516.86万 元。具体担保有效期以担保协议约定为准。 2.董事会审议情况 公司于2026年2月 ...