Core Viewpoint - Muyuan Foods has completed its A+H share capital layout with its listing on the Hong Kong Stock Exchange, aiming to accelerate its international expansion despite a lukewarm market response and declining performance metrics [1][2][3]. Group 1: Company Performance and Market Response - Muyuan Foods' stock was priced at HKD 39 per share during its Hong Kong IPO, with a closing price of HKD 40.52, reflecting a modest increase of 3.9% on its first day [1]. - The total market capitalization of Muyuan Foods reached HKD 111.22 billion, which is relatively low compared to the overall market size of HKD 2300 billion [1]. - The company's performance has been declining, with a projected net profit for the previous year between CNY 151 billion and CNY 161 billion, representing a year-on-year decrease of 14.93% to 20.21% [3]. Group 2: Sales and Market Trends - In January, Muyuan Foods sold 7.009 million pigs, with an average selling price of CNY 12.57 per kilogram, down 16.92% year-on-year, leading to a total sales revenue of CNY 10.566 billion, a decline of 11.93% [4]. - The average price of pigs has dropped by CNY 1.22 per kilogram since mid-January, indicating ongoing market volatility [4]. Group 3: International Expansion Strategy - Muyuan Foods is focusing on international markets, particularly Southeast Asia, to mitigate domestic market challenges, with plans to establish operations in Vietnam [5][6]. - The company has partnered with BAF Agricultural Joint Stock Company in Vietnam, planning to invest approximately CNY 3.2 billion to build a high-tech pig farming facility [5]. - The company aims to leverage its technological advantages to penetrate markets in Vietnam, Thailand, and the Philippines, where pork consumption is expected to rise due to increasing income levels [5][6]. Group 4: Industry Context and Challenges - The Chinese pork industry is facing a stable demand environment, making it difficult for companies like Muyuan Foods to find growth opportunities domestically [2][6]. - The international expansion strategy comes with risks, including economic fluctuations, regulatory challenges, and political instability in target markets [7][8].

[Table_Page] 投资策略周报|农林牧渔 证券研究报告 [TAblE_TitlE] 农林牧渔行业 | [TAblE_G rADE] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-08 | 本周猪价小幅回落，优选成本领先的龙头猪企 [TAblE_SummAry] 核心观点： [分析师： TAblE_Author 钱浩] SAC 执证号：S0260517080014 SFC CE No. BND274 021-38003634 shqianhao@gf.com.cn 分析师： 郑颖欣 SAC 执证号：S0260520070001 021-38003632 zhengyingxin@gf.com.cn 分析师： 高一岑 SAC 执证号：S0260525100002 021-38003780 gaoyicen@gf.com.cn 分析师： 李雅琦 SAC 执证号：S0260524080006 021-68827265 liyaqi@gf.com.cn -10% -2% 6% 14% 22% 30% 02/25 04/25 07/25 09/2 ...

Core Viewpoint - The Hong Kong IPO market has seen a surge in activity since the beginning of 2026, with insurance capital accelerating its investments in this market, indicating a strategic shift towards global asset allocation and a preference for undervalued quality assets [1][2]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion, compared to HKD 2.620 billion for 12 IPOs in 2025 [1]. - Major cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with Ping An Life acquiring 6 million shares of Muyuan Foods, representing 2.2% of the base issuance, and Taikang Life acquiring 943,100 shares of Dongpeng Beverage, representing 2.31% of the H-share issuance [3][4]. Group 2: Market Dynamics and Preferences - The current low-interest-rate environment makes the Hong Kong market an attractive avenue for insurance capital seeking global asset diversification, especially given the lower valuations and higher dividend yields of H-shares compared to A-shares [2]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, aligning with national strategic priorities, and has shown a tendency to engage in competitive bidding for select IPO projects [3]. Group 3: Long-term Investment Logic - In 2025, Hong Kong's capital market regained its position as the global leader in IPO fundraising, with a total of USD 37.4 billion raised, marking a new high since 2021 and surpassing the total of the previous three years [5]. - The average first-day increase for new stocks was 23.8%, with a cumulative first-month increase of 30.7%, particularly strong in the biotech and healthcare sectors, making the IPO market appealing for insurance capital seeking stable returns [5]. - Tax advantages for insurance companies, such as exemptions on dividend income from H-shares held for over 12 months, enhance the attractiveness of investing in Hong Kong stocks compared to individual investors and mainland public funds [5].

Core Insights - The sales data from major pig farming companies in January 2026 indicates a slight recovery in pig prices after a prolonged period of decline, with prices generally rising to above 12 RMB/kg compared to December 2025 [1][2] - The stability and growth of large-scale farming operations are putting pressure on smallholders, highlighting the ongoing trend of industry consolidation and the need for smaller farmers to adapt to market changes [2][3] Group 1: Market Dynamics - Major pig farming companies reported significant sales figures, with Muyuan selling over 7 million pigs and Wens close to 3 million pigs in January 2026 [1] - The average selling prices for pigs in January were reported as follows: Muyuan at 12.57 RMB/kg, Wens at 12.75 RMB/kg, New Hope at 12.48 RMB/kg, and Dongrui at 13.33 RMB/kg, showing a month-on-month increase [1] - The rise in prices is attributed to multiple factors, including pre-Spring Festival stocking and adjustments in the sales rhythm of large farms [1] Group 2: Impact on Smallholders - The increasing market share of large-scale farms is exacerbating the disadvantages faced by smallholders in terms of information access, cost management, and risk resilience [2] - Each price fluctuation serves as a test for all market participants, emphasizing the need for smallholders to understand market dynamics and their positioning within the industry [2] Group 3: AI Integration in Agriculture - The January 2026 Central Document No. 1 emphasizes the integration of artificial intelligence (AI) with agricultural development, marking a shift from concept to practical application in the pig farming sector [2][3] - Wens has implemented AI in over 200 business scenarios, with more than 20 achieving large-scale application, focusing on areas such as disease prediction and feed nutrition adjustment [3] - The use of AI aims to enhance operational efficiency and decision-making in pig farming, transforming traditional practices into data-driven processes [3] Group 4: Technological Advancements - The essence of pig farming remains unchanged: to raise healthy pigs at reasonable costs for sustainable profits, despite advancements in technology and market fluctuations [3][4] - Smallholders are encouraged to adopt technology gradually, such as using management apps and remote consultation platforms, to improve data management and decision-making [4][5] - The industry's evolution is shaped by both large and small farms, with resilience and continuous learning being crucial for navigating uncertainties [5]

Core Viewpoint - Muyuan Foods has successfully listed on the Hong Kong Stock Exchange, becoming the first company in China's pig farming industry to achieve an "A+H" listing, with its stock closing at HKD 40.52 per share, a 3.9% increase on the first day of trading [2][3]. Fundraising and Strategic Goals - The company raised funds through a global offering of 274 million shares at an issue price of HKD 39 per share, attracting cornerstone investors such as Charoen Pokphand Group and UBS AM Singapore, with total subscriptions amounting to approximately HKD 5.342 billion [3][4]. - 60% of the raised funds will be allocated for overseas expansion, while 30% will focus on technological innovation, and 10% will be used for operational liquidity [4]. Overseas Expansion Plans - Approximately HKD 62.76 billion will be invested in expanding the company's overseas business, including strengthening its presence in Southeast Asia and enhancing the global supply chain [4]. - The company has already established a wholly-owned subsidiary in Vietnam and is collaborating with local enterprises on a project to raise 1.6 million pigs annually [4]. Financial Performance and Market Conditions - In January 2026, Muyuan Foods sold 7.01 million pigs, a year-on-year increase of 2.73%, but the average selling price dropped to RMB 12.57 per kilogram, a decline of 16.92% [8]. - The company's sales revenue for the same period was RMB 10.566 billion, down 11.93% year-on-year [8]. - The company anticipates a decline in net profit for the full year 2025, projecting a decrease of 12.20% to 17.79% compared to the previous year, with net profit expected to be between RMB 147 billion and RMB 157 billion [10]. Market Outlook - The pig farming industry is expected to undergo a market-driven capacity reduction, which may help stabilize prices in the long term [11]. - Analysts predict that seasonal demand leading up to the 2026 Spring Festival may result in a temporary rebound in pig prices, although overall supply remains abundant [11][12].

在港股市场，根据配发结果，牧原股份本次全球发售H股基础发行规模为2.74亿股，最终确定发行价为 每股39.0港元。若不考虑超额配股权行使，本次募集资金净额约为104.6亿港元；若超额配股权悉数行 使，募资净额将增至约120.38亿港元。 牧原股份相关负责人表示，本次募资中的约62.76亿港元将用于拓展海外商业版图，加强包括越南等东 南亚国家在内的海外市场开拓，完善全球供应链体系，推动海外收购、战略联盟等资本运作。这一布局 与公司现有海外动作形成呼应，此前牧原已在越南设立全资子公司，并与当地企业合作落地年出栏160 万头的高科技养殖项目。 图为上海市杨浦区一家超市内，消费者正在选购猪肉。（资料图，图片由CNSPHOTO提供） 牧原股份董事会秘书在近期与机构投资者交流时表示："港股上市将为公司开辟国际化的融资渠道，帮 助公司在行业下行周期中保持财务稳健。" 牧原股份公布的1月销售数据也更便于市场理解公司为何拓展融资渠道。销售数据显示，2026年1月，该 公司销售商品猪700.9万头，同比微增2.73%，但商品猪销售均价仅为12.57元/公斤，同比大幅下降 16.92%；商品猪销售收入为105.66亿元，同比下降1 ...

转自：证券日报网 本报记者 肖艳青 2月6日，A股养猪龙头企业牧原食品股份有限公司（以下简称"牧原股份"）正式在港交所上市，迈 入"A+H"双资本平台发展新阶段。 牧原股份董事长秦英林在上市仪式致辞中表示："港股上市，开启国际化进程。我们将借力国际平 台，坚持创新，做好主业，助力猪肉产业发展成为现代先进产业。" 根据牧原股份发展战略，公司此次募集资金将用于三大核心方向，即"挖掘海外机遇扩大商业版 图"、"通过研发投入推动全球产业链技术创新"和"营运资金及一般企业用途"。 港股上市 开启海外发展新征程 牧原股份本次全球发售H股基础发行规模为2.74亿股，配发结果显示，牧原股份香港公开发售获 5.88倍认购，国际发售获8.62倍认购；最终发售价39港元每股。 值得关注的是，牧原股份本次发行引入了阵容强大的基石投资者群体，合计认购份额占全球发售股 份的50%，为公司上市后的股权结构稳定、市场表现平稳提供了坚实支撑。 据悉，基石投资者涵盖国际产业龙头、全球顶级资产管理机构、知名保险公司等多元主体，包括正 大集团、丰益国际、富达基金等。其中，正大集团以2亿美元的认购金额位居首位，其在东南亚地区的 广泛产业布局与资源优势 ...

Group 1 - Qianwen's "Spring Festival 3 Billion Free Order" event faced server issues due to high demand, prompting the company to allocate more resources to ensure smooth operation [2] - The event allows users to order milk tea for free using AI, with a promotional period from February 6 to February 12, and offers additional incentives for inviting friends [2] - The second phase of the promotion will start on February 13, where users can receive cash red envelopes, with a maximum prize of 2888 yuan [2] Group 2 - Kuaishou was fined 119.1 million yuan for failing to manage security risks and for not promptly addressing illegal content on its platform, as per the Beijing Internet Information Office [2] - Kuaishou has committed to rectifying the issues identified during the investigation [3] Group 3 - Aier Eye Hospital's chairman was linked to a suspected insurance fraud case, causing a stock price drop of over 3% before the company clarified that the hospital is not part of its consolidated financial statements [3] - Aier Eye Hospital stated that the chairman does not directly manage the operations of the implicated hospital [3] Group 4 - Weibo has entered into a sponsorship agreement with the Chinese Olympic Committee, covering the period from 2026 to 2029, including upcoming international events [3] Group 5 - XWANDA reached a settlement with Geely's subsidiary regarding battery pack costs, with an expected impact on net profit of 500 million to 800 million yuan for 2025 [6] Group 6 - Novo Nordisk's sales of the diabetes drug semaglutide in China saw a 7% decline, amounting to approximately 5.4 billion Danish kroner (around 853 million USD) [7] Group 7 - Nvidia is reportedly not planning to release any new gaming graphics cards in 2026 due to ongoing storage chip shortages, prioritizing AI chip production instead [8] Group 8 - Amazon plans to invest 200 billion USD in AI infrastructure this year, significantly exceeding analyst expectations, which may pressure the company's profits in the short term [12] Group 9 - Apple is reportedly scaling back its virtual health coach project, "Mulberry," and plans to integrate some features into existing health applications [12] Group 10 - PallasAI announced the completion of a financing round worth several tens of millions of yuan, which will be used for technology upgrades and industry-specific solutions [19]

据了解，此次募资约60%将用于越南等东南亚海外业务拓展，30%投入育种、智能养殖等核心技术研 发。作为全球生猪养殖龙头，牧原股份2025年销售商品猪7798.1万头，生猪养殖完全成本最低下探至 11.3元/公斤，持续降本能力与稳健资产结构获国际资本高度认可。 牧原股份成功登陆港交所，不仅实现企业融资渠道、公司治理的国际化升级，更彰显了河南实体产业龙 头的跨周期竞争力，为我省农业产业化企业高质量发展和"走出去"拓展了新路径。（记者 李宗宽 李栀 子 徐兵） 本次牧原股份全球发售H股基础发行规模2.74亿股，香港公开发售与国际配售均获超额认购，正大集 团、富达基金等多家知名机构参与基石投资，合计认购53.42亿港元。上市首日，其港股收盘价40.52港 元/股，涨幅3.9%，若以收盘价计算，募集资金约111亿港元，总市值达2325亿港元。 "港股上市，开启国际化进程。"上市仪式上，牧原股份董事长秦英林表示，我们将借力国际平台，坚持 创新，做好主业，助力猪肉产业发展成为现代先进产业，让养猪更轻松，猪肉更美味，为人民美好生 活，贡献牧原力量。 "A+H"是指同时在境内A股市场和香港H股市场上市的股票。 牧原股份成功登陆 ...

（记者 胡玲） 每经AI快讯，牧原股份2月6日晚间发布公告称，经香港联交所批准，公司本次发行的约2.74亿股H股股 票于2026年2月6日在香港联交所主板挂牌并上市交易。公司H股股票中文简称为"牧原股份"，英文简称 为"MUYUAN"，股份代号为"2714"。 每经头条（nbdtoutiao）——目标是囤700吨黄金！连续两年增持黄金最多的央行宣布：再买150吨 ...