Core Insights - In December 2025, 16 major pig farming companies in China achieved a total sales volume of 17.72 million pigs, marking a year-on-year increase of 3.51% and a month-on-month increase of 7.15% [1][5][6] - The total revenue for these companies in December was 22.104 billion yuan, reflecting a year-on-year decline of 26.85% but a month-on-month increase of 4.87% [1][5][11] Sales Volume Analysis - The leading company, Muyuan Foods, sold 6.98 million pigs in December, while Wens Foodstuffs and New Hope reported sales of over 1.8 million pigs each [1][6] - Jin Xin Nong and Zhengbang Technology experienced significant sales growth, with increases exceeding 70% year-on-year, while four companies, including Muyuan Foods and Tangrenshen, saw declines of over 10% [1][6][10] Revenue Analysis - The revenue figures for December showed that Jin Xin Nong and Zhengbang Technology had revenue growth rates exceeding 20%, while four companies, including Zhenghong Technology and Tiankang Biological, reported revenue declines of over 30% [1][11] - Muyuan Foods generated 9.667 billion yuan in revenue for December, down 36.06% year-on-year, while Wens Foodstuffs and New Hope also reported declines of 11.38% and 10.75%, respectively [10][12] Price Trends - The average transaction price for pigs in the national market fluctuated around 15 yuan per kilogram in early 2025, dropping to a low of 11.05 yuan per kilogram in the latter half of the year [2]

Group 1 - The stock of Tangrenshen experienced a decline of 1.14%, closing at 4.32 yuan on January 21 [1] - A significant block trade occurred, with a total volume of 1 million shares and a transaction amount of 4.23 million yuan, reflecting a premium rate of -2.08% [1] - The buyer was CITIC Securities Co., Ltd. Beijing Dongcheng Branch, while the seller was China Merchants Securities Co., Ltd. Changsha Furong Middle Road Securities Branch [1] Group 2 - Over the past three months, Tangrenshen has recorded 15 block trades, with a total transaction amount of 63.82 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 2.04%, with a net outflow of main funds amounting to 93.03 million yuan [1]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-01-21 | 002567 | 唐人神 | 4.23 | 100.00 | 423.00 | 中信建投证券股份 | 招商证券股份有限 | | | | | | | | 有限公司北京东城 | 公司长沙芙蓉中路 | | | | | | | | 分公司 | 证券营业部 | 1月21日，唐人神大宗交易成交100万股，成交额423万元，占当日总成交额的2.18%，成交价4.23元，较市场收盘价4.32元折 价2.08%。 ...

证券之星消息，1月21日饲料板块较上一交易日下跌0.69%，傲农生物领跌。当日上证指数报收于 4116.94，上涨0.08%。深证成指报收于14255.12，上涨0.7%。饲料板块个股涨跌见下表： 从资金流向上来看，当日饲料板块主力资金净流出9594.33万元，游资资金净流入3263.52万元，散户资金 净流入6330.81万元。饲料板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002548 | 金新农 | 2161.14万 | 8.29% | -929.04万 | -3.56% | -1232.10万 | -4.72% | | 301498 | 乖宝宠物 | 1497.78万 | 4.65% | -159.65万 | -0.50% | -1338.13万 | -4.15% | | 002311 | 海大集团 | 651.69万 | 1.12% | -1286.03万 | -2.20% ...

Core Viewpoint - The report from GF Securities indicates a significant increase in the total output of market pigs by listed companies in 2025, with a year-on-year growth of 25% to 111.53 million heads, and a 30% increase to 90.39 million heads when excluding Muyuan Foods [1][3]. Group 1: Market Output - In December 2025, the total output of market pigs from listed companies reached 19.05 million heads, reflecting a month-on-month increase of 7.1% and a year-on-year increase of 11.3% [2]. - The output of market pigs from listed companies, excluding Muyuan Foods, was 12.07 million heads in December, with a month-on-month growth of 8.0% and a year-on-year growth of 35.7% [2][3]. - Major companies such as Muyuan Foods, Wens Foodstuff Group, New Hope Liuhe, and Dekang Agriculture showed varying month-on-month growth rates in December, with increases of 5.7%, 4.8%, 15.4%, and 4.1% respectively [3]. Group 2: Piglet Sales and Prices - The overall sales volume of piglets from listed companies saw a significant increase in 2025, with a notable rise in the proportion of piglet sales [2][4]. - The price of 7 kg piglets has rebounded to 307 RMB per head, attributed to the upcoming replenishment season and positive market sentiment regarding pig prices in the second half of 2026 [1][5]. - The average selling price of pigs in December was estimated at 11.53 RMB per kilogram, showing a month-on-month decline of 1.4% [4]. Group 3: Company Performance - In 2025, major companies reported the following cumulative outputs: Muyuan Foods at 77.98 million heads (+19%), Wens Foodstuff Group at 40.48 million heads (+34%), New Hope Liuhe at 17.55 million heads (+6%), and Dekang Agriculture at 10.83 million heads (+23%) [3]. - Smaller companies like Tangrenshen, Tiankang Biological, Shennong Group, and Juxing Agriculture also reported varying outputs, with Tangrenshen showing a year-on-year increase of 23% [3]. Group 4: Industry Outlook - The industry is currently facing cumulative losses, which may lead to continued reduction in pig production capacity [1][5]. - The breeding sow inventory decreased by 0.22% month-on-month in December, indicating potential challenges in production [5].

| 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | (万股/万份) | | | | | 2026-01-19 | 002567 | 唐人神 | 4.28 | 100.00 | 428.00 | 中信建投证券股份 | 招商证券股份有限 | | | | | | | | 有限公司北京东城 | 公司长沙美蓉中路 | | | | | | | | 分公司 | 证券营业部 | 1月19日，唐人神大宗交易成交100万股，成交额428万元，占当日总成交额的5.05%，成交价4.28元，较 市场收盘价4.37元折价2.06%。 | 权益类证券大宗交易(协议交易) | | --- | ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | | 2026-01-16 | 002567 | 唐人神 | 4.27 | 100.00 | 427.00 | 中信建投证券股份 | 招商证券股份有限 | | | | | | | | 有限公司北京东城 | 公司长沙芙蓉中路 | | | | | | | | 分公司 | 证券营业部 | 1月16日，唐人神大宗交易成交100万股，成交额427万元，占当日总成交额的4.03%，成交价4.27元，较市场收盘价4.36元折 价2.06%。 ...

Market Overview - The feed sector experienced a decline of 0.52% on January 16, with Aonong Biological leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Individual Stock Performance - The top gainers in the feed sector included: - Jinxinnong (002548) with a closing price of 6.40, up 4.07% on a trading volume of 612,000 shares and a turnover of 1.76 million [1] - Just Update (001313) with a closing price of 7.70, up 4.19% on a trading volume of 251,200 shares and a turnover of 191 million [1] - The top decliners included: - Aonong Biological (603363) with a closing price of 4.16, down 1.65% on a trading volume of 623,800 shares and a turnover of 261 million [2] - Tiankang Biological (002100) with a closing price of 7.07, down 1.26% on a trading volume of 247,400 shares and a turnover of 176 million [2] Capital Flow Analysis - The feed sector saw a net outflow of 71.01 million from institutional investors, while retail investors contributed a net inflow of 31.24 million [2] - The capital flow for individual stocks showed: - Jinxinnong (002548) had a net inflow of 21.44 million from institutional investors, but a net outflow of 26.24 million from retail investors [3] - Just Update (001313) had a net inflow of 20.81 million from institutional investors, with a net outflow of 25.93 million from retail investors [3]

2025年末，在唐人神集团（以下简称"唐人神"）四十周年庆典系列活动现场，陈列着诸多实物与模型， 清晰地勾勒出其四十年发展轨迹。 唐人神集团董事长陶一山在庆典致辞中回望过往、期许未来，引发行业对其长盛之道与转型之路的深度 关注。在业内看来，他提出的"玩学舍之道"，成为解读其穿越行业周期的核心密码。近日，《证券日 报》记者走访了这家专注于生猪全产业链经营的农牧龙头企业，探寻公司剑指百亿元食养新品类的战 略，解码其开启第三次创业的新征程。 "玩"转农牧 全产业链布局 "把事业当作游戏来玩，才能乐此不疲。"陶一山的这一理念，精准概括了唐人神四十年的行业坚守。为 何把农牧事业当成"玩"？核心在于唐人神的纵向一体化产业链特性，从饲料到成品肉的跨度极长，各环 节必须实现无缝协作，而"游戏化"的团队管理思路恰好适配这一需求。 唐人神集团总裁陶业认为，全产业链的协作就该像足球队一样具备"四大元素"：自愿组队、分工明确、 各司其职、奖惩公开透明，这也与游戏的核心逻辑不谋而合。更关键的是，年轻人本就爱玩，把各产业 链环节的工作对应成游戏里的不同角色，能让他们更快接受、主动投入，让各环节员工像球队成员一 样，自愿投身、各守其位、协 ...

Core Insights - The swine market is facing a downturn in 2025, prompting a reshaping of the industry landscape, with policies and market forces accelerating capacity reduction. It is widely predicted that pig prices may see a turning point by mid-2026, leading the industry into a new cycle of prosperity [1] Group 1: Industry Strategies - A full industry chain layout is fundamental for navigating cycles, where the "feed—breeding—meat" model smooths out fluctuations across segments, with stable cash flow from feed supporting breeding during downturns and meat products enhancing profitability [2] - Technological innovation and refined management are crucial for cost control, as leading companies leverage technology and management optimization to build cost advantages, ensuring resilience during industry downturns [2] - Differentiated competitive strategies are key to overcoming homogenization challenges, with leading firms creating dual product lines of "quality improvement for mass products + breakthroughs in high-end products" to meet diverse consumer demands [3] Group 2: Future Outlook - The practices of leading companies reveal that while industry cycles are inevitable, the control over development remains with the enterprises themselves. Future competition in the swine industry will focus on comprehensive capabilities in chain collaboration, cost control, and differentiated innovation rather than mere scale [4] - Companies must maintain strategic focus on core areas, leverage technological innovation for foundational growth, and expand through differentiated layouts to secure a dominant position in the reshaped industry landscape [4] - Smaller producers can adopt similar core strategies by collaborating and targeting niche markets to enhance their resilience against risks, promoting a consensus for "staying true to essence and innovating breakthroughs" across the industry [4]