Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [9][66]. Core Insights - The swine industry is entering an accelerated phase of capacity reduction, presenting opportunities at the bottom of the market. Regulatory measures are being reinforced to control pig prices, with expectations of a gradual adjustment rather than aggressive interventions. The focus is on low-cost performance and dividend increases for value reassessment, particularly for leading companies like Muyuan Foods and WH Group [1][14]. - The poultry sector is expected to see improvements in fundamentals, with historical highs in the number of breeding stock updates. The price dynamics are currently low, but there is potential for marginal changes in the cycle. Recommended companies include Shennong Development and Lihua Agricultural [2][28]. - The animal health sector is advancing with the clinical trials of the African swine fever subunit vaccine, which has received approval for clinical trials. The likelihood of domestic vaccine market entry is increasing, with recommended companies including BioFeng and Kexin Biological [3][6]. - The pet industry continues to grow rapidly, with significant improvements in profitability. Recommended companies in the pet food sector include GuaiBao Pet and ZhongChong Co., while in the pet medical sector, RuiPu Biological is highlighted [9][60]. Summary by Sections Swine Industry - The swine industry is experiencing a capacity reduction phase, with regulatory measures aimed at stabilizing prices. The average price of pigs in December 2025 was 11.59 CNY/kg, with a slight month-on-month decrease. The number of breeding sows has decreased by 1.1% month-on-month and 2.1% year-on-year [13][14]. - Recommended companies include Muyuan Foods and WH Group, with additional attention on Dekang Agriculture, Shennong Group, and Juxing Agriculture [1][14]. Poultry Industry - The poultry sector is seeing a potential improvement in fundamentals, with breeding stock updates reaching historical highs. The average price for broiler chickens was 3.9 CNY/jin, with a slight increase [26][28]. - Recommended companies are Shennong Development and Lihua Agricultural [2][28]. Animal Health - The animal health sector is focused on the progress of the African swine fever vaccine trials, with the first round of trials proceeding as planned. The second round is set to begin by the end of March 2026 [3][6]. - Companies to watch include BioFeng, Kexin Biological, and RuiPu Biological [6]. Pet Industry - The pet market is projected to reach a scale of 300.2 billion CNY in 2024, with a year-on-year growth of 7.5%. The average annual spending per pet dog is 2,961 CNY, while for cats, it is 2,020 CNY [59][60]. - Recommended companies include GuaiBao Pet, ZhongChong Co., and Peidi Co. in the pet food sector, and RuiPu Biological in the pet medical sector [9][60]. Feed Industry - The feed industry is experiencing price fluctuations, with the price of feed for fattening pigs at 3.34 CNY/kg, showing a month-on-month increase [47][48]. - Recommended companies include Haida Group and HeFeng Co. [48]. Planting Industry - Grain prices have increased year-on-year, with corn prices at 2,250 CNY/ton, showing a 10.5% increase compared to the previous year [41][46]. - Companies to focus on include SuKan Agricultural Development, LongPing High-Tech, and DengHai Seeds [7][46].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [4]. Core Insights - The report highlights a rebound in pig prices, which are stabilizing and maintaining strength. The focus is also on the pet industry following the release of a white paper on the sector [1][3]. - The report suggests that the supply of pigs remains ample in the first half of 2026, with a prolonged bottoming period expected for the industry cycle. The logic for a rebound in 2026 remains intact, presenting potential investment opportunities [3][4]. Summary by Sections Pig Farming - As of January 11, the national average price for external three yuan pigs is 12.70 yuan/kg, reflecting a week-on-week increase of 2.1%. The supply of large pigs is tight, and the enthusiasm for secondary fattening has increased, leading to a temporary tightening of the market [3]. - The price of weaned piglets has also risen, reaching 251 yuan/head, nearing industry cost levels. The report notes that the production capacity reduction has slowed down, with a slight increase in the number of breeding sows [3][4]. Pet Industry - The 2026 China Pet Industry White Paper indicates that the urban pet consumption market reached 312.6 billion yuan in 2025, growing by 4.1% year-on-year. The dog market accounted for 160.6 billion yuan, while the cat market reached 152.0 billion yuan [3]. - The average annual spending per pet owner has shown a slight increase, with dog owners spending an average of 3,006 yuan and cat owners spending 2,085 yuan [3]. Chicken Farming - The average price for white feather broiler chicks has decreased to 3.15 yuan/chick, a week-on-week decline of 6.5%. Despite this, the supply of broilers remains tight, with the average price for broiler chickens at 3.79 yuan/kg [3]. - The report emphasizes that the theme of abundant supply in the white feather chicken market will continue into 2025-2026, and it suggests focusing on leading companies in the sector [3].

河南日报客户端记者 李栀子 通讯员 陈浩 当猪肉遇上冰箱，当餐桌连上冷链，一场关于消费潜力的全新想象正在拉开帷幕。 1 月 10 日晚，中央广播电视总台 CCTV-2 财经频道《对话》栏目播出，在这场以 "消费增长新潜力" 为 主题的巅峰对话中，牧原食品股份有限公司董事长秦英林与多位行业领军者同台，不仅分享了对猪肉市 场的独到洞察，更描绘了一幅 "降本增质 + 跨界协同" 的未来生活画卷。 "现在大家的时间都是珍贵的，你把肉做好了，让人放心，来了都不用挑，拿着就走。" 节目现场，秦 英林的这番话道出了无数消费者的心声。 在谈到未来的服务生态时，秦英林展现了极具前瞻性的想象力。他认为，创新不能闭门造车，必须打破 边界。 "不要让消费者去吃个肉，还要动那么多脑，也不要去花时间，更不要去费力。" 秦英林畅想道，未来 的消费场景应该是无缝衔接的：也许某一天，家里的格力冰箱感知到库存不足，或者主人想给丈母娘家 送点礼，只需一声呼唤，搭载着牧原猪肉的东风车就能精准配送上门。 这不仅仅是一个玩笑，更是牧原正在构建的 "全套解决方案"。 展望未来，秦英林表示，牧原将继续盯着消费者的需求跑，用技术创新和跨界合作，把复杂的产业链 ...

新京报贝壳财经讯 1月12日，牧原股份发布公告称，公司发行中期票据事项已获批准并收到《接受注册 通知书》。2026年1月7日，公司进行2026年度第一期科技创新债券发行工作，发行规模5亿元，1月9日 募集资金全部到账。该债券简称"26牧原食品MTN001（科创债）"，期限2年，起息日为1月9日，兑付 日为2028年1月9日，发行利率2.23%，主承销商为中信银行，联席主承销商为招商银行和兴业银行。 ...

证券之星消息，1月12日养殖业板块较上一交易日上涨0.04%，福成股份领涨。当日上证指数报收于 4165.29，上涨1.09%。深证成指报收于14366.91，上涨1.75%。养殖业板块个股涨跌见下表： 从资金流向上来看，当日养殖业板块主力资金净流出2.33亿元，游资资金净流出1677.8万元，散户资金净 流入2.5亿元。养殖业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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600965 福成股份 | | -5099.47万 | 22.49% | -2642.87万 | -11.66% | -2456.60万 | -10.84% | | 300498 温氏股份 | | 3317.98万 | 4.38% | -3850.21万 | -5.08% | 532.22万 | 0.70% | | 002299 | 圣农发展 | 1479.95万 | 5.82% | -975.27万 | -3.84% ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 牧原食品股份有限公司 董 事 会 关于 2026 年度第一期科技创新债券发行结果的公告 2026 年 1 月 13 日 | 名称 | 牧原食品股份有限公司 | | | | 2026 | 简称 | 26 | 牧原食品 | | MTN001 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 年度第一期科技创新债券 | | | | | | | （科创债） | | | | 代码 | 102680083 | | | | | 期限 | 年 2 | | | | | 起息日 | 年 月 2026 | 1 | 9 | 日 | | 兑付日 | 2028 | 年 月 日 1 | 9 | | | 计划发行总额 | 亿元 | 5 | | | | 实际发行总额 | 5 | 亿元 | | | | 发行利率 | 2.23% | | | | ...

牧原股份公告称，公司发行中期票据事项已获批准并收到《接受注册通知书》。2026年1月7日，公司进 行2026年度第一期科技创新债券发行工作，发行规模5亿元，1月9日募集资金全部到账。该债券简称"26 牧原食品MTN001（科创债）"，期限2年，起息日为1月9日，兑付日为2028年1月9日，发行利率 2.23%，主承销商为中信银行，联席主承销商为招商银行和兴业银行。 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [4]. Core Insights - The report highlights a rebound in pig prices, which are stabilizing and maintaining strength. The focus is on the release of the pet industry white paper [1][4]. - The report suggests that the pig farming sector is experiencing a clear bottoming trend, with a focus on the progress of capacity reduction. The supply fundamentals for the first half of 2026 remain unchanged, indicating a prolonged bottoming period for the cycle [4]. - The pet industry is expected to see a valuation switch as it undergoes adjustments, with significant data from the 2026 China Pet Industry White Paper being released [4]. Summary by Sections Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index increased by 1.0%, while the CSI 300 rose by 2.8%. The top five gainers included Dahu Co. (17.8%), Zhongshui Fishery (16.1%), and Biological Co. (15.5%) [4][10]. - The report emphasizes the importance of monitoring the reduction of pig production capacity and suggests positioning in leading pig farming companies [4]. Pig Farming - As of January 11, the average selling price of external three yuan pigs was 12.70 yuan/kg, reflecting a week-on-week increase of 2.1%. The supply of large pigs is tight, and the price has rebounded to near the breakeven point for farming [4][3]. - The report indicates that the price of weaned piglets has also increased, reaching 251 yuan/head, close to the industry cost level [4][3]. Pet Industry - The 2025 urban pet (dog and cat) consumption market size reached 312.6 billion yuan, with a year-on-year growth of 4.1%. The dog market size was 160.6 billion yuan, growing by 3.2%, while the cat market size was 152.0 billion yuan, growing by 5.2% [4][3]. - The average annual spending per pet owner has shown a slight upward trend, with dog owners spending an average of 3,006 yuan and cat owners spending 2,085 yuan [4][3]. Poultry Farming - The price of white feather broiler chicks has decreased, with an average selling price of 3.15 yuan/chick, down 6.5% week-on-week. The supply of broilers remains tight, with the average selling price of white feather broilers at 3.79 yuan/kg [4][3]. - The report suggests that the theme of abundant supply in white feather broilers will continue into 2025-2026, with a focus on leading companies and long-term value [4].

Investment Rating - The industry rating is "Recommended" [4] Core Views - The sentiment in the pork market has significantly improved, with a notable reduction in losses for pig farming. The average price of live pigs is currently 12.55 CNY/kg, remaining stable week-on-week. The number of breeding sows has decreased by 1.1% month-on-month and 2.1% year-on-year, indicating a steady adjustment in pig production capacity [2][12] - The Ministry of Agriculture and Rural Affairs has initiated a nationwide inspection of winter crop seeds to ensure safety for the upcoming spring and summer planting seasons. This includes a focus on key crops such as corn, rice, soybeans, cotton, and vegetables. The commercialization of genetically modified seeds is expected to accelerate, enhancing self-sufficiency rates for critical varieties [1][11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture is conducting inspections to ensure seed quality and compliance, which is crucial for agricultural production safety. The emphasis on genetically modified technology is expected to revolutionize yield improvements, with companies like Beidahuang and Suqian Agricultural Development likely to benefit [1][11] Pig Farming - The average price of live pigs is 12.55 CNY/kg, with a slight increase in slaughter volume by 17.4% year-on-year. The market sentiment has improved significantly, with a reduction in losses for self-bred and purchased pig farming, indicating a potential for recovery in the sector. Recommended stocks include companies like Muyuan Foods and Wens Foodstuffs [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2353.51 CNY/ton, with a slight increase of 0.09% week-on-week. The international price is 5.21 USD/bushel, up 2.11% [26][27] - Wheat: The domestic average price is 2513.62 CNY/ton, down 0.09% week-on-week. The international price is 5.82 USD/bushel, down 0.13% [29][31] - Soybeans: The domestic average price is 4048.42 CNY/ton, up 0.63% week-on-week. The international price is 405.95 USD/ton, up 0.74% [39][43] - Cotton: The average price in Xinjiang is 15530.00 CNY/ton, up 0.84% week-on-week [45][49] Feed and Vitamin Prices - The average price of pig feed is 2.64 CNY/kg, with a week-on-week increase of 0.76%. The prices for chicken feed and egg-laying hen feed remain stable [52][54]

格隆汇1月12日｜牧原股份在投资者互动平台表示，公司建设超健康种猪选育平台，让猪的生长潜能充 分发挥，培育出更适合中国养殖条件和市场需求的优质种猪，为消费者提供安全、健康、美味的猪肉产 品。项目当前尚未建设完成，实际投资金额将视最终建设情况而定，公司将根据自身经营情况合理规划 建设进度。 ...