（编辑 王雪儿） 证券日报网讯 益生股份10月24日在互动平台回答投资者提问时表示，公司自法国引种所涉及的省份未 监测到高致病性禽流感病毒，目前公司按计划正常引种，公司将种鸡引入国内后，要通过我国海关严格 的查验后，运至公司专用隔离检疫场区接受后续隔离检疫，确保种源引入安全。 ...

从资金流向上来看，当日养殖业板块主力资金净流出1.53亿元，游资资金净流入1.41亿元，散户资金净流 入1167.29万元。养殖业板块个股资金流向见下表： 证券之星消息，10月24日养殖业板块较上一交易日下跌0.08%，晓鸣股份领跌。当日上证指数报收于 3950.31，上涨0.71%。深证成指报收于13289.18，上涨2.02%。养殖业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) | | --- | --- | --- | --- | --- | --- | | 002458 | 益生股份 | 8.85 | 2.67% | 15.04万 | 1.34亿 | | 002299 | 圣农发展 | 16.28 | 1.12% | 13.68万 | 2.22亿 | | 300313 | *ST天山 | 8.43 | 0.60% | 4.28万 | 3656.71万 | | 000048 | 京基督农 | 17.03 | 0.53% | 47.94万 | 8.24亿 | | 002321 | 华英农业 | 2.80 | 0.36% | 39.82万 | 1.12 ...

行业报告 | 行业点评 农林牧渔 证券研究报告 2025 年 10 月 24 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 作者 吴立 分析师 SAC 执业证书编号：S1110517010002 wuli1@tfzq.com 陈潇 分析师 SAC 执业证书编号：S1110519070002 chenx@tfzq.com 林毓鑫 分析师 SAC 执业证书编号：S1110524080004 linyuxin@tfzq.com 行业走势图 -9% -5% -1% 3% 7% 11% 15% 19% 2024-10 2025-02 2025-06 农林牧渔 沪深300 资料来源：聚源数据 相关报告 1 《农林牧渔-行业研究周报:2025 年第 42 周周报：如何解读海大三季报及海外 业务拟拆分上市？》 2025-10-19 2 《农林牧渔-行业点评:散奶价格短期 反弹难改去化大势，奶价拐点仍可期》 2025-10-14 3 《农林牧渔-行业研究周报:2025 年第 41 周周报：养猪进入全面亏损，后市如 何解读？》 2025-10-1 ...

10月23日，益生股份涨1.17%，成交额6037.47万元。两融数据显示，当日益生股份获融资买入额368.24 万元，融资偿还1343.15万元，融资净买入-974.91万元。截至10月23日，益生股份融资融券余额合计 4.65亿元。 融资方面，益生股份当日融资买入368.24万元。当前融资余额4.64亿元，占流通市值的5.06%，融资余 额超过近一年70%分位水平，处于较高位。 融券方面，益生股份10月23日融券偿还500.00股，融券卖出1200.00股，按当日收盘价计算，卖出金额 1.03万元；融券余量16.04万股，融券余额138.26万元，低于近一年40%分位水平，处于较低位。 资料显示，山东益生种畜禽股份有限公司位于山东省烟台市福山区益生路1号，成立日期1997年4月22 日，上市日期2010年8月10日，公司主营业务涉及曾祖代肉种鸡的引进与饲养、祖代肉种鸡的引进与饲 养、父母代肉种鸡雏鸡的生产与销售、商品代肉鸡雏鸡的生产与销售、种猪和商品猪的饲养和销售、农 牧设备的生产与销售、饲料的生产、奶牛的饲养与牛奶销售、有机肥的生产与销售。主营业务收入构成 为：鸡收入76.18%，猪收入15.47%，畜 ...

Core Insights - The aquaculture sector experienced a slight increase of 0.28% on October 23, with Xiaoming Co. leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Aquaculture Sector Performance - Xiaoming Co. (300967) closed at 21.86, up 2.82% with a trading volume of 105,300 shares and a transaction value of 230 million [1] - Tianyu Biological (603717) closed at 9.17, up 2.12% with a trading volume of 152,700 shares and a transaction value of 140 million [1] - Other notable performers include Xiangjia Co. (002982) up 1.76%, Minhe Co. (002234) up 1.73%, and Xinwufeng (600975) up 1.57% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 25.81 million from institutional investors, while retail investors contributed a net inflow of 4.57 million [2] - Major stocks like Jingji Zhino (000048) experienced a significant net outflow of 29.90 million from speculative funds [3] - Muyu Co. (002714) had a net inflow of 43.02 million from institutional investors, but also saw a net outflow of 26.25 million from speculative funds [3]

证券研究报告 | 行业点评报告 2025 年 10 月 19 日 黄鸡高景气延续，白羽鸡 9 月转亏 禽养殖 2025 年 9 月跟踪报告 消费品/农林牧渔 9 月白羽鸡出苗量偏紧支撑苗价回升，但涨幅有限；而由于鸡苗成本上升但毛鸡 价格低迷，养殖端逐步亏损。黄羽鸡价高景气延续，头部企业量价齐升，养殖 端盈利大幅改善。 ❑ 风险提示：鸡价波动超预期；上市公司销量及成本表现不及预期；突发大规 模不可控疫病；饲料原料价格波动超预期；重大食品安全事件。 重点公司主要财务指标 | 公司简称 | 公司代码 | 市值 | 24EPS | 25EPS | 25PE | PB | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | 圣农发展 | 002299.SZ | 20.8 | 0.58 | 0.99 | 16.9 | 1.9 | 强烈推荐 | | 温氏股份 | 300498.SZ | 123.6 | 1.39 | 1.38 | 13.5 | 3.0 | 强烈推荐 | | 立华股份 | 300761.SZ | 18.6 | 1.82 | 1.07 | 20. ...

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The first pet Double Eleven sales report has been released, indicating potential catalysts for the sector [1][12] - The trend of domestic substitution and premiumization in the pet food market remains strong, with most top brands being domestic [2][13] - The current valuation of pig farming is relatively low, with opportunities in low-cost pig farming companies [3][15] - The poultry market shows mixed signals, with white feather chicken prices declining while yellow feather chicken prices are increasing [15][30] - The commercialization of genetically modified varieties is expected to enhance growth potential in the agricultural sector [15] Summary by Sections Pet Industry - The top ten brands in the pet food sector are predominantly domestic, with high-end brands like Xianlang and Fregate leading the sales [2][13] - The Double Eleven event is ongoing, with expectations for new product launches and sales data to be closely monitored [14] Pig Farming - The national price for lean pigs is 10.98 yuan/kg, down 3.6% from last week [3][16] - The average wholesale price of pork is 18.03 yuan/kg, down 2.4% [16][24] - Self-breeding pig farming shows a loss of 244.7 yuan per head, indicating a decrease in profitability [20][21] Poultry Farming - The price of white feather chickens is 6.87 yuan/kg, down 0.1%, while chicken product prices average 8.6 yuan/kg, down 0.6% [15][34] - The price of meat chicken chicks has increased by 2.2% to 3.29 yuan each [15][30] - Yellow feather chicken prices have shown a 1.9% increase, suggesting seasonal price elasticity opportunities [15][40] Agricultural Products - The approval of genetically modified varieties is set to enter commercial sales, with potential for growth in the sector [15] - The fluctuation in agricultural product prices is expected to continue, with leading feed companies likely to replace smaller competitors [15][49] Commodity Prices - Domestic corn prices have decreased by 2.0% to 2263.14 yuan/ton [50] - Soybean meal prices have dropped by 0.7% to 2993.43 yuan/ton [68] - The price of imported fish meal has decreased by 3.7% to 13067.39 yuan/ton [80]

Group 1 - The company, Yisheng Co., stated on October 15 that it does not have factories overseas, but its subsidiary produces agricultural and livestock equipment that has limited sales abroad [1] - The company operates its own farms where it raises Holstein cows, and the milk produced is primarily used for the production of pasteurized milk and fermented dairy products for retail [1]

Group 1 - The company does not have any overseas factories [2] - The company has limited sales of agricultural and animal husbandry equipment produced by its subsidiaries in overseas markets [2] - The company operates its own farms, raising Holstein cows, and primarily sells the milk for producing pasteurized milk and fermented dairy products [2]

Core Viewpoint - The report by Zhiyan Consulting highlights the growth potential of China's meat processing industry, projecting significant increases in production and market opportunities from 2025 to 2031 [1]. Industry Summary - According to the National Bureau of Statistics, China's fresh and chilled meat production is expected to reach 3.5 million tons in April 2025, representing a year-on-year growth of 11.5% [1]. - From January to April 2025, the cumulative production of fresh and chilled meat in China is projected to be 13.724 million tons, with a cumulative growth rate of 9.9% [1]. Company Summary - Listed companies in the meat processing sector include Shuanghui Development (000895), Roniu Mountain (000735), Huaying Agriculture (002321), New Hope (000876), Tangrenshen (002567), and Yisheng Shares (002458) [1].