公司2025年11月种猪销售数量11,132头，销售收入3,193.93万元，同比变动分别为203.74%、276.76%， 环比变动分别为-30.89%、-0.58%。 格隆汇12月8日丨益生股份(002458.SZ)公布，2025年11月白羽肉鸡苗销售数量5,141.36万只，销售收入 21,529.24万元，同比变动分别为-10.27%、-28.43%，环比变动分别为-3.01%、8.14%。益生909小型白羽 肉鸡苗销售数量823.05万只，销售收入760.04万元，同比变动分别为15.29%、-26.90%,环比变动分别 为-7.25%、11.52%。 ...

益生股份公告，公司2025年11月白羽肉鸡苗销售数量5141.36万只，销售收入2.15亿元，同比变动分别 为-10.27%、-28.43%，环比变动分别为-3.01%、8.14%。益生909小型白羽肉鸡苗销售数量823.05万只， 销售收入760.04万元，同比变动分别为15.29%、-26.90%,环比变动分别为-7.25%、11.52%。公司2025年 11月种猪销售数量11132头，销售收入3193.93万元，同比变动分别为203.74%、276.76%，环比变动分别 为-30.89%、-0.58%。 ...

格隆汇12月8日丨益生股份(002458.SZ)在投资者互动平台表示，2025年中央一号文件《中共中央国务院 关于进一步深化农村改革扎实推进乡村全面振兴的意见》再次提出，要确保国家粮食安全；农业农村 部、国家卫生健康委、工业和信息化部关于印发《中国食物与营养发展纲要（2025—2030年）》的通 知，把"优化畜禽肉类产销结构，扩大禽肉消费"作为重点任务之一。农业农村部制定了《养殖业节粮行 动实施方案》，力争到2030年，标准化规模养殖方式的每公斤动物产品平均饲料消耗量比2023年减少 0.2公斤以上（降幅达7%以上），白羽肉鸡产业具有节粮节地节水、低碳环保、生产周期短、产出效益 快等优势，是国家大力发展的产业。根据中国畜牧业协会统计，今年1月-10月我国祖代白羽肉种鸡的更 新量同比下降15%，祖代种鸡的更新量将影响7个月以后父母代种鸡苗的供给，14个月以后商品代鸡苗 的供给，公司增加祖代肉种鸡的引种量，有利于保障未来我国白羽肉鸡苗的市场供应。受供给偏紧的影 响，自今年8月份以来，公司的父母代鸡苗价格呈逐月上涨趋势。 ...

证券研究报告 | 2025年12月07日 2025年12月08日 农林牧渔 2025 年 12 月投资策略 优于大市 牧业大周期反转预计在即，核心推荐港股奶牛养殖标的 月度重点推荐组合：优然牧业（牧业大周期受益龙头），现代牧业（国内牧 业龙头企业）、牧原股份（生猪养殖龙头）。 各细分板块推荐逻辑：1）肉牛及原奶：牧业大周期反转预计在即，看好国 内肉奶景气共振上行，牧业公司业绩有望迎来高弹性修复。2）生猪：头部 企业现金流快速好转，并有望转型为红利标的，在全行业产能收缩的背景下， 龙头的成本优势有望明显提高，强者恒强。3）宠物：宠物作为新消费优质 赛道，长期景气受益人口趋势，且国内自主品牌正快速崛起，头部宠食标的 中期业绩增长确定性仍较强。4）饲料：畜禽养殖工业化加深，产业分工明 确，饲料龙头凭借技术和服务优势，有望进一步拉大竞争优势。5）禽：供 给波动幅度有限，行情有望随需求复苏，龙头企业凭借单位超额收益优势有 望实现更高现金流分红回报。 农产品价格跟踪：1）生猪：11 月末生猪 11.25 元/公斤，月环比-10%，7kg 仔猪价格约 216 元/头，月环比+18%。2）禽：11 月末白鸡毛鸡价格 7.10 ...

Core Insights - The report anticipates a significant reversal in the livestock cycle, particularly recommending Hong Kong-listed dairy farming stocks [1][12] - The monthly recommended portfolio includes YouRan Agriculture, Modern Farming, and Muyuan Foods, which are expected to benefit from the livestock cycle recovery [1][3] - The report highlights the expected upward trend in domestic beef and milk prices, suggesting a strong recovery in the performance of livestock companies [1][14] Livestock Sector - The livestock sector is projected to experience a major turnaround, with a focus on dairy farming stocks such as YouRan Agriculture and Modern Farming [1][14] - The report indicates that the domestic beef and milk markets are likely to see a price rebound, driven by a reduction in production capacity and improved demand dynamics [1][14] - The anticipated "meat-milk resonance" is expected to enhance profitability for dairy farming companies, with significant earnings recovery potential [1][14] Swine Sector - The swine sector is expected to see a gradual recovery in prices, with leading companies like Huazhong and Muyuan Foods positioned to benefit from valuation corrections [1][14] - The report notes that the cash flow of leading swine companies is improving, which may lead to higher dividend payouts in the future [1][15] - The current market conditions suggest that the swine industry is stabilizing, with a focus on maintaining reasonable breeding levels [22] Poultry Sector - The poultry sector is experiencing a slight increase in supply, with expectations for demand recovery to support price stabilization [24] - The report highlights that the white-feathered chicken market is showing signs of recovery, with prices expected to improve as the consumption season approaches [24] - Leading poultry companies are anticipated to maintain strong profitability amid changing supply dynamics [24] Pet Industry - The pet industry is identified as a promising growth area, with domestic brands gaining traction and expected to benefit from rising consumer sentiment [1][16] - The report emphasizes the potential for local pet food brands to capture market share, particularly in the high-end segment [1][16] - The performance of leading pet food companies is projected to remain strong, driven by product upgrades and direct sales strategies [20] Feed Sector - The feed sector is expected to benefit from deeper industrialization in livestock farming, with leading companies leveraging technological and service advantages [1][14] - The report indicates that feed prices are at historical lows, providing a strong cost support for livestock producers [1][14] - The anticipated tightening of supply-demand balance in the feed market is expected to lead to gradual price recovery [1][14] Agricultural Products - The report tracks agricultural product prices, noting that the price of live pigs was 11.25 yuan/kg at the end of November, down 10% month-on-month, while the price of 7kg piglets increased by 18% [2][22] - The report also highlights that corn prices have increased by 4% month-on-month, indicating a potential bottoming out in the market [2][22] - The overall agricultural sector is showing resilience, with the SW Agricultural Index outperforming the broader market [2][22]

Core Viewpoint - The update on the supply of grandparent white feather broilers in China is pending from the China Animal Husbandry Association, with a significant decline in imports observed, which may impact future supply and pricing of commercial broiler chicks [1] Industry Summary - As of November, the import volume of grandparent white feather broilers in China is approximately 526,700 sets, representing a year-on-year decrease of over 20% [1] - The reduction in the import volume is expected to affect the supply of commercial broiler chicks 14 months later, indicating potential tightness in the supply of quality commercial broiler chicks by 2026 [1] - The anticipated tight supply of quality commercial broiler chicks is expected to provide strong support for chick prices [1]

来源：市场资讯 （来源：博亚和讯） 2025年11月份祖代更新量为19.7万套，环比下降3.9%，同比增长18.67%；1-11月份祖代更新量为133.12 万套，同比下降9.61%。 1、下半年祖代更新量持续增加 据博亚和讯了解，2025年祖代更新主要为国内自繁和国外进口；2025年上半年祖代更新量为50.11万 套，同比下降37.01%。下半年祖代更新量震荡增长，7-9月份更新量41.81万套，10月份祖代更新量为 20.5万套；11月份19.7万套，环比下降3.9%，同比增长18.67%，其中AA+占比23.86%、利丰占比 27.41%，科宝占比18.78%，SZ901占比12.18%，广明2号占比17.77%。 图：2021-2025年祖代鸡更新量 2025年1-11月份祖代更新量为133.12万套，同比下降9.61%。祖代更新量渠道：法国以及国内自繁。 2025年1-11月祖代更新品种为AA+、Ross、Cobb、利丰、SZ901、WOD188和广明2号。从品种更新量 看，Cobb为36.15万套、AA+为20.52万套、Ross为6.73万套、利丰为25.6万套、SZ901为22.7万套、 WO ...

Investment Rating - The industry investment rating is "Maintain Increase" [4] Core Views - The trend of pig reduction continues, suggesting a strategic opportunity for participation in the sector [15][16] - The price of lean meat pigs as of November 28, 2025, is 11.09 CNY/kg, down 9.1% from the previous month, indicating ongoing industry losses [15][18] - The average profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head from the previous month, while the profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [15][23] - The number of breeding sows has decreased to 39.9 million, and further production capacity reduction is expected due to policy and low prices [15][16] - The mushroom sector shows a sustained price rebound for enoki mushrooms, with strong performance expected from key companies [16] - The seed industry is seeing a clear trend of variety replacement, with transgenic varieties entering commercial sales, indicating potential growth for related companies [16] - In poultry farming, seasonal price elasticity opportunities are noted for yellow feathered chickens, while white feathered chickens are affected by avian influenza in Europe [17] Summary by Sections Pig Farming - The lean meat pig price is 11.09 CNY/kg, down 9.1% from last month [18] - The average wholesale price of pork is 17.83 CNY/kg, down 1.1% [18] - The profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head [23] - The profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [23] Mushroom Sector - Enoki mushroom prices remain strong, confirming a sustained price rebound [16] - The release period for Cordyceps sinensis as a key new product is approaching, with strong performance expected [16] Seed Industry - A clear trend of variety replacement in corn is noted, with transgenic varieties entering commercial sales [16] - Companies like Kangnong Seed Industry and Longping High-Tech are highlighted for potential growth [16] Poultry Farming - The price of meat chicken chicks is 3.47 CNY/chick, down 3.1% from last month [28] - The average price of white feathered chickens is 7.19 CNY/kg, up 1.4% [32] - The average price of chicken products is 8.95 CNY/kg, up 0.6% [32] Agricultural Products - Domestic corn prices increased to 2329.8 CNY/ton, up 4.0% [44] - Domestic wheat prices rose to 2507.28 CNY/ton, up 0.7% [46] - Domestic soybean prices increased to 4014.74 CNY/ton, up 0.4% [57]

Group 1 - The aquaculture sector increased by 1.46% on November 28, with Minhe Holdings leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] - Key stocks in the aquaculture sector showed various performance, with Minhe Holdings closing at 9.55, up 3.92%, and Muyuan Foods at 50.75, up 1.70% [1] Group 2 - The aquaculture sector saw a net inflow of 17.296 million yuan from institutional investors, while retail investors contributed a net inflow of 32.197 million yuan [2] - Major stocks like Muyuan Foods had a significant net inflow of 66.859 million yuan from institutional investors, despite a net outflow of 73.698 million yuan from retail investors [3] - Other stocks such as Zhengbang Technology and Minhe Holdings experienced mixed fund flows, with Zhengbang Technology seeing a net inflow of 26.499 million yuan from institutional investors [3]

Group 1 - The livestock sector is experiencing a positive trend, with the China Livestock Breeding Index (930707) rising, and key stocks such as Jinxinnong (002548) and Yisheng (002458) showing significant gains [1] - Major pig farming companies are expanding into Southeast Asia, indicating a trend of overseas expansion among leading enterprises like Muyuan, New Hope, and Haida [1] - The market is at a critical point of capacity reduction driven by both policy and market forces, with potential improvements in supply-demand relationships expected by mid-2026 if capacity reduction targets are met [2] Group 2 - The top ten weighted stocks in the China Livestock Breeding Index account for 65.58% of the index, with companies like Muyuan (002714) and Wens (300498) being the most significant contributors [3] - The overall capital expenditure of listed pig farming companies is stabilizing and slightly decreasing, as many firms are halting capacity expansion projects due to narrowing profits and cash flow pressures [2] - The livestock ETF closely tracks the China Livestock Breeding Index, which includes companies involved in feed, pharmaceuticals, and livestock farming, reflecting the overall performance of the sector [2]