Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The livestock sector is expected to experience a cyclical rebound, with both beef and raw milk prices anticipated to rise [3] - The pig farming industry is undergoing capacity adjustments, which may support long-term price stability [3] - Poultry supply is expected to increase slightly, with a focus on seasonal demand recovery [3] - The feed industry is benefiting from deeper industrialization and clearer division of labor, enhancing competitive advantages for leading companies [3] - The pet industry is identified as a growth sector, benefiting from demographic trends [3] Summary by Sections Pig Farming - The price of live pigs as of February 28 is 10.79 CNY/kg, down 7.78% week-on-week [1] - The price of 7kg piglets is approximately 356.19 CNY/head, down 0.27% week-on-week [1] - Official capacity control is expected to improve cash flow for leading companies [3] Poultry - The price of chicken seedlings is 2.72 CNY/bird, up 10.57% week-on-week [1] - The price of broiler chickens is 7.14 CNY/kg, down 2.46% week-on-week [1] - Supply of yellow chickens remains at a low level, with potential benefits from improved domestic demand [1] Beef - The price of fattened bulls is 25.20 CNY/kg, unchanged week-on-week, with a year-on-year increase of 6.78% [2] - The average market price for beef is 61.88 CNY/kg, also unchanged week-on-week, with a year-on-year increase of 20.44% [2] Raw Milk - The average price of raw milk is 3.04 CNY/kg, stable week-on-week, but down 2.25% year-on-year [2] - The ongoing reduction in dairy cow numbers is expected to continue [3] Feed - Soybean meal prices are at 3163 CNY/ton, up 1.45% week-on-week [2] - Domestic soybean prices are stable at 4072 CNY/ton [2] Corn - The price of corn is 2364 CNY/ton, up 1.33% week-on-week, with a year-on-year increase of 7.55% [2] Investment Recommendations - Recommended stocks include: - Livestock: YouRan Agriculture, Modern Farming [3] - Pork: HuaTong Co., DeKang Agriculture, MuYuan Co., Wen's Food [3] - Poultry: LiHua Co., YiSheng Co., ShengNong Development [3] - Feed: HaiDa Group [3] - Pet: GuaiBao Pet [3]

Group 1 - The government work report emphasizes the importance of stabilizing domestic demand and prioritizing consumption enhancement initiatives [6][12][13] - The GDP growth target for 2026 is set at 4.5%-5%, aligning with the long-term goal of doubling per capita GDP by 2035 [6][20] - Fiscal policy remains proactive, with a deficit rate planned at around 4% and a total deficit scale of 5.89 trillion yuan, an increase of 230 billion yuan from the previous year [7][20][21] Group 2 - The report highlights the introduction of new industries such as "smart economy," focusing on large-scale computing clusters and satellite internet [2][6] - The government plans to issue special bonds totaling 3 trillion yuan to support the capital replenishment of state-owned commercial banks [6][20] - The report indicates a commitment to stabilizing the real estate market and preventing debt default risks through various measures [9][22] Group 3 - The report outlines a dual approach to investment, emphasizing both consumption and infrastructure projects, with significant funding allocated for new infrastructure and equipment updates [12][13][20] - The focus on "new quality productivity" aims to integrate high-end manufacturing with emerging industries such as electric vehicles and robotics, with a planned investment of 200 billion yuan over the next five years [5][14] - The report anticipates a continued emphasis on structural monetary policy tools to support economic stability and growth, with expectations of 1-2 interest rate cuts throughout the year [8][21] Group 4 - The report indicates a strong focus on technological innovation and support for key sectors, including semiconductor and biotechnology, to drive economic transformation [14][16] - The investment strategy suggests a structural bull market, with opportunities in technology growth, domestic consumption recovery, and high-end manufacturing upgrades [15][16] - The report emphasizes the importance of policy coherence and collaboration between macroeconomic policies and reforms to enhance overall policy effectiveness [12][21]

Market Overview - A-shares rose again on March 6, with over 4,200 stocks in the green; Hong Kong stocks surged, with the Hang Seng Index up nearly 2% and the Hang Seng Tech Index up nearly 4% [1] - The Shanghai Composite Index closed up 0.38% at 4,124.19 points, the Shenzhen Component Index rose 0.59%, the ChiNext Index increased by 0.38%, and the Sci-Tech Innovation Board Index gained 0.87% [1] - Total trading volume in the Shanghai and Shenzhen markets was approximately 2.22 trillion yuan, a decrease of over 190 billion yuan from the previous day [1] Electric Equipment Sector - The electric equipment sector showed strong performance, with Zhongyi Technology rising nearly 15%, Nanfang Technology and Ankao Zhidian up over 10%, and Shun Sodium Co. achieving a three-day winning streak [3] - China West Electric continued to set historical highs with an increase of over 6% [3] Pharmaceutical Sector - The pharmaceutical sector saw significant gains, particularly in innovative drugs and weight-loss drug concepts, with Yahu Pharmaceutical hitting a 20% limit up and Rongchang Bio rising nearly 14% [7] - Other notable performers included Shanghai Yizhong and Bai'ao Saitou, both up over 9%, and Junshi Biosciences, which rose nearly 5% [7] Agricultural Sector - The agricultural sector collectively rose, with Yasheng Group and Dunhuang Seed Industry hitting the limit up, while COFCO Technology and Xiangjia Co. increased by over 7% [11] - Muyuan Foods and other stocks in the sector rose over 5% [11] Policy Insights - The 2026 government work report emphasizes the cultivation of emerging industries, including biomedicine, and encourages state-owned enterprises to lead in application scenarios [9] - The report highlights the importance of the biopharmaceutical industry, indicating strong policy support and confidence in the sector's growth potential [9] - The report also outlines plans for enhancing grain production capacity and agricultural technology, suggesting a focus on agricultural innovation and seed technology [13]

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-023 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 关于调整"牧原转债"转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 调整前转股价格：43.80元/股 调整后转股价格：43.74元/股 转股价格调整起始日期：2026年3月10日 一、关于可转换公司债券转股价格调整的相关规定 牧原食品股份有限公司（以下简称"公司"）公开发行可转换公司债券事项经 中国证券监督管理委员会证监许可[2021]442号文核准，公开发行了 9,550万张可 转换公司债券。经深圳证券交易所同意，公司可转换公司债券于 2021年9月10日 起在深交所挂牌交易，债券简称"牧原转债"，债券代码"127045"。 根据《牧原食品股份有限公司公开发行可转换公司债券募集说明书》（以 下简称"《募集说明书》"）相关条款以及中国证监会关于可转换公司债券发行 的有关规定，牧原转债在本次可转债发行之后，若公司发生派送股票股利 ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-021 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | | 月份 | | 商品猪销量 | | 商品猪销售收入 | | 商品猪价格 | | --- | --- | --- | --- | --- | --- | --- | | | | （万头） | | （亿元） | | （元/公斤） | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2026 年 1 | 月 | 700.9 | 700.9 | 105.66 | 105.66 | 12.57 | | 年 2026 2 | 月 | 460.3 | 1,161.2 | 64.05 | 169.71 | 11.59 | 牧原食品股份有限公司 注：因四舍五入，以上数据可能存在尾差。 2026 年 2 月份销售简报 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上 述数据仅作为阶段性数据供投资者参考。 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 二、风 ...

经香港联合交易所有限公司（以下简称"香港联交所"）批准，牧原食品股 份有限公司（以下简称"公司"）发行的 273,951,400 股 H 股股票（行使超额配股 权之前）已于 2026 年 2 月 6 日在香港联交所主板挂牌并上市交易（以下简称"本 次发行上市"），具体详见公司披露的相关公告。 | 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-022 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 关于部分行使超额配股权、稳定价格行动及稳定价格期间结 束的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、部分行使超额配股权的情况 根据本次发行方案，公司同意由整体协调人（为其自身及代表国际承销商） 于 2026 年 3 月 5 日部分行使超额配股权，涉及合计 36,271,700 股 H 股股份（以 下简称"超额配股权股份"），占全球发售项下初步可供认购的发售股份总数（于 任何超额配股权获行使前）的比例约 13.2%。 超额配股权股份将按发售价每股 39 ...

Core Insights - The report highlights the importance of expanding domestic demand as a strategic focus for China's economic growth, emphasizing the need to boost consumption and develop a strong domestic market [3] - It also underscores the significance of technological innovation, particularly in achieving self-sufficiency in core technologies during the 14th Five-Year Plan period [3][4] - The report projects that China's middle-income group may exceed 800 million people in the next decade, positioning China as an attractive investment destination for foreign investors [3] Economic Outlook - The government aims for an economic growth target of 4.5%-5% for 2026, with a focus on job creation and maintaining a stable urban unemployment rate of around 5.5% [3] - The expected consumer price increase is around 2%, with a target for grain production set at approximately 1.4 trillion jin [3] - The fiscal deficit is projected to be around 4% of GDP, with a deficit scale of 5.89 trillion yuan, an increase of 230 billion yuan from the previous year [3] Industry Insights - The coal industry is experiencing fluctuations, with coking coal prices showing a decrease while futures prices have risen due to geopolitical tensions [8][9] - As of March 2, 2026, the comprehensive coking coal price index in China was reported at 1457.56 yuan/ton, reflecting a month-on-month decrease of 1.52% [8] - Coking coal inventories at major ports have decreased, indicating a tightening supply situation, with total inventories down by 5.15% month-on-month [9] Company Updates - Muxi Co. is expected to report a net loss of between 90.76 million yuan and 181.51 million yuan for Q1 2026, although this represents a reduction in losses compared to the previous year [7] - Shanghai Electric has received approvals for two offshore wind power projects, indicating ongoing investment in renewable energy [7] - Debang Co. has applied for voluntary delisting from the Shanghai Stock Exchange, reflecting strategic shifts within the company [7]

Summary of Conference Call on Swine Industry and Market Outlook Industry Overview - The conference call focuses on the swine industry, particularly the outlook for pig prices in 2026 and the dynamics of supply and demand in the market [1][3][31]. Key Points and Arguments Price Outlook for 2026 - The average price for pigs in 2026 is expected to be between 11-12 RMB/kg, with a likelihood of single-digit prices occurring [1][14]. - Current pig prices are around 10.4 RMB/kg, indicating the industry has entered a deep loss zone [3][24]. Supply Dynamics - Supply growth is expected to significantly outpace the growth of breeding sows, with examples like Muyuan showing a 30% increase in output compared to a 10% increase in breeding sows [1][6]. - The reduction in the impact of African swine fever (ASF) is expected to increase operational rates, leading to unexpected supply expansion [4][5]. Market Sentiment and Misconceptions - There is a prevailing market optimism regarding the second half of 2026 being better than the first half, which is deemed unfounded due to inconsistent execution of breeding sow reductions across the industry [7][8]. - The assumption that a reduction in breeding sows will lead to a decrease in supply is challenged, as companies like Muyuan are expected to maintain output levels despite reductions [8][12]. Competitive Landscape - The competitive landscape is shifting as the barriers created by ASF are weakening, leading to a more cost-driven competition among industry players [17][18]. - The current cycle is expected to last around three years, with a more thorough elimination of inefficient producers, including both large groups and smallholders [16][20]. Financial Constraints - Many companies still have high debt levels despite a year and a half of profitability, indicating ongoing financial pressure within the industry [20]. - The current price levels are below the cost lines for major players like Muyuan, leading to significant losses and a push for capacity reduction [24][25]. Investment Strategy - The current market is viewed as a left-side allocation window due to low public fund holdings and valuations at the bottom [2][26]. - Recommendations include focusing on large-cap stocks (e.g., Muyuan, Wens, Dekang) for certainty and small-cap stocks (e.g., Tiankang, Juxing, Shennong, Lihua) for potential upside [2][29]. Key Turning Points - The critical turning point for capacity reduction is anticipated around May to June 2026, driven by the expected decline in piglet prices [21][22]. - Historical patterns suggest that piglet prices typically rise in December and January, peaking in mid-year before declining, which could influence supply dynamics [22]. Additional Important Insights - The current supply and demand dynamics are largely set, with minimal expected changes unless significant disease outbreaks occur [14]. - The industry is expected to experience a more severe capacity reduction cycle compared to previous years, driven by internal cost and financial constraints rather than external shocks [15][31]. - The overall sentiment is that 2026 will see significant losses and a thorough capacity reduction, making it a critical year for investment decisions [31].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 牧原食品股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02714 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 273,951,400 | RMB | | 1 | RMB | | 273,951,400 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 273,951,400 | RMB | | 1 | RMB | | 273,951,4 ...

Core Insights - The report highlights a significant increase in the net profit of Baiwei Storage, expected to reach between 1.5 billion to 1.8 billion yuan for January-February 2026, marking a year-on-year increase of 921.77% to 1086.13% [4] - The coal industry is experiencing rising prices, with domestic thermal coal prices increasing and international prices for Australian thermal coal also on the rise [5][7] - The report notes a decrease in daily coal consumption by the six major power generation groups, indicating a potential shift in demand dynamics within the coal sector [6][7] Company-Specific Summaries - Baiwei Storage is projected to achieve a net profit of 1.5 billion to 1.8 billion yuan for the first two months of 2026, a substantial increase compared to the previous year [4] - Pingtan Development plans to apply for bankruptcy liquidation of its controlling subsidiary, indicating potential financial distress [4] - China Petroleum confirms that there are no undisclosed significant matters affecting its stock price, suggesting stability in its operations [4] - Haimer Technology, involved in high-end oil and gas equipment and digital technology services, is affected by geopolitical tensions impacting international oil prices, which may lead to volatility in its business environment [4] - Zhongrun Optics is focusing on the growing interest in "drones" and "optical communication" sectors, although its current revenue from these areas is less than 3% of total revenue [4] Industry-Specific Summaries - The coal industry is witnessing an increase in domestic thermal coal prices, with the Qinhuangdao thermal coal price reaching 747.00 yuan per ton, a rise of 8.10% month-on-month [5] - The monthly production of state-owned key coal mines in Shaanxi and Inner Mongolia has increased, while Shanxi's production has decreased month-on-month [6] - The report indicates that coal inventories at major ports have risen, while the daily coal consumption of the six major power generation groups has decreased, suggesting a potential oversupply situation [6][7]