股票研究 /[Table_Date] 2026.03.15 上周深宠展在深圳开幕，规模较大，内设春笋采购节对接 10000 家 品牌。华北区域的京宠展在 3 月下旬也将举办，我们持续看好宠物 行业蓬勃发展势头，国内自主品牌收入增速和毛利率水平是判断宠 物公司投资价值的关键。 养殖：猪价探底，去化加速。种植：国际区域冲突局势，农产品上涨趋势加强。宠 物: 国内大型展会召开，看好国内市场增长。 投资要点： [种植：国际区域冲突局势，农产品上涨趋势加强。 Table_Summary] 中东区域冲突引发全球农产品供需波动。霍尔木兹海峡是全球化肥 供应重要的运输海峡，伊朗氮肥等部分产能停产也影响供应，或推 高农产品种植成本。原油价格上涨将增加生物柴油需求，冲突发生 后全球植物油价格被带动一同上涨。上周玉米等粮食价格继续上涨， 3 月 13 日玉米现货价格达 2447 元/吨，周度上涨 1.2%；小麦现货价 格 2578 元/吨，周度上涨 1.4%；豆粕现货价格 3439 元/吨，周度上 涨 8%，我们继续看好 2026 年粮价景气对于种植公司、优质种子公 司、农产品加工优势公司的利好。继续推荐核心玉米种子品种迭代 领先 ...

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].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The pig price continues to decline, with expectations for a cyclical reversal. The SW pig farming sector rose by 3.4%, while the pig price remains weak at 10.67 CNY/kg. The futures contract for pigs fell below 10,000 CNY, indicating a need for further reduction in output. The current industry profitability has weakened, but the expectation for capacity reduction may strengthen, leading to a gradual warming of cyclical reversal expectations [5][15] - The industry policy is undergoing a profound transformation, emphasizing the protection of farmers' rights and the activation of enterprise innovation. The focus will be on solution-oriented enterprises, with a shift towards considering technological content and innovative models in future growth stocks. The 2026 policy on capacity regulation may lead to a rebound in pig prices, alongside a decrease in costs for listed companies, potentially enhancing profitability [5][15][16] Summary by Sections 1.1 Pig Farming - The SW pig farming sector shows a 3.4% increase, but pig prices are still declining. The average weight of pigs for sale is 128 kg, and the industry is facing dual pressure on supply and demand post-Spring Festival. The current profitability in the industry has weakened, but expectations for capacity reduction are strengthening, indicating a potential cyclical reversal [5][15] - The central government's policy emphasizes comprehensive capacity regulation, aiming to manage the breeding stock effectively and align market supply and demand. Future growth stocks will focus on technological innovation and farmer benefits [5][15][16] 1.2 Poultry - The poultry sector is experiencing a recovery, with the price of broilers at 3.4 CNY/kg, down 6.0% week-on-week but up 6.2% year-on-year. The price of chicks remains stable at 3.0 CNY each. The impact of avian influenza in France may reduce imports of breeding chickens, potentially leading to higher prices for parent stock [7][17] - The industry faces a contradiction of high production capacity and weak consumption, which may force breeding farms to reduce output. Integrated enterprises and contract farming may gain market share, with leading companies expected to maintain their advantages in 2026 [7][17] 1.3 Feed - The aquatic product market is slowly declining post-Spring Festival, with various fish prices showing mixed results. The recommendation for Hai Da Group is based on its plans to increase dividend rates and its long-term growth strategy, aiming for a global sales target of 100 million tons by 2050 [8][9][19] 1.4 Pet Products - The pet product sector is currently underperforming due to seasonal factors and external pressures. However, there is potential for recovery in the second quarter of 2026 as export pressures decrease. The domestic market is expected to grow rapidly, with recommendations for companies like Zhongchong and Peidi [10][20] 1.5 Agricultural Products - Domestic soybean meal prices have risen by 1.2%, while corn prices have increased by 1.6%. The egg market is also seeing a rise, but supply remains high. Rubber prices have strengthened by 4.7%, supported by macroeconomic factors, although demand remains weak [11][21] Market and Price Situation - The agricultural sector index rose by 4.01%, with the planting industry performing the best at +6.68% [22]

Investment Rating - The industry investment rating is "Leading the Market - A" [6] Core Viewpoints - The report indicates that the pork price is expected to fluctuate weakly in the short term due to weak post-holiday consumption and sufficient supply [21][22] - The poultry market is experiencing fluctuations, with an increase in slaughter capacity post-holiday, while the white feather broiler market is in a downward trend [36] - The aquaculture sector shows stable prices for various fish species, but a decline in shrimp prices [43] Summary by Sections 1. Weekly Market Review - The agricultural sector increased by 4.01% during the latest trading week, outperforming the Shanghai and Shenzhen indices [14] - The fishery sector saw a slight decline, while other sub-sectors such as planting, feed, and livestock showed increases [17] 2. Industry Data Tracking 2.1. Swine Farming - The average price of live pigs is 10.93 CNY/kg, down 7.06% week-on-week and 5.73% over two weeks [20] - The average daily slaughter volume is 137,600 pigs, a decrease of 45.81% week-on-week [21] 2.2. Poultry Farming - The average price of white feather broilers is 7.47 CNY/kg, down 0.13% week-on-week [36] - The price of broiler chicks is 2.87 CNY/chick, up 2.40% week-on-week [36] 2.3. Planting Sector - The average price of corn is 2381.80 CNY/ton, up 0.46% week-on-week [39] - The average price of domestic wheat is 2532.59 CNY/ton, up 0.07% week-on-week [39] 2.4. Aquaculture Sector - The average price of carp is 20.00 CNY/kg, stable week-on-week, with a year-on-year increase of 11.11% [43] - The average price of shrimp is 300.00 CNY/kg, down 6.25% week-on-week [43]

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]