登录新浪财经APP 搜索【信披】查看更多考评等级 因本次拟发行的股份为H股，本次发行股份的认购对象仅限于符合相应条件的境外投资者及依据中国相 关法律法规有权进行境外证券投资管理的境内证券经营机构和合格境内机构投资者及其他符合监管规定 的投资者。因此，本公告仅为境内投资者及时了解公司本次发行上市的相关信息而作出，并不构成亦不 得被视为是对任何境内个人或实体收购、购买或认购公司任何证券的要约或要约邀请。 公司已确定本次H股发行的最终价格为每股39港元（不包括1%经纪佣金、0.0027%香港证券及期货事务 监察委员会交易征费、0.00565%香港联交所交易费及0.00015%香港会计及财务汇报局交易征费）。公 司本次发行的H股预计于2026年2月6日在香港联交所主板挂牌并开始上市交易。 特此公告。 牧原食品股份有限公司董事会 牧原食品股份有限公司 关于境外上市股份（H股）公开发行价格的公告 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。 牧原食品股份有限公司（以下简称"公司"）正在进行申请境外上市外资股（H股）发行并在香港联合交 易所有限公司（以下简称"香港联交所" ...

北京商报讯（记者 郭秀娟 王悦彤） 2月4日，牧原股份发布公告称，确定H股发售价为每股39港元。公 司预计2026年2月5日公布国际发售认购情况、香港公开发售申请及分配结果。假设全球发售在2026年2 月6日上午八时正或之前成为无条件，H股将于当日上午九时正在联交所主板买卖，买卖单位为每手100 股。 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Insights - The 2026 Central Document emphasizes agricultural modernization, focusing on stabilizing grain production, promoting healthy development in animal husbandry, and enhancing agricultural technology innovation [3][4][5] - The grain production target has been raised to approximately 1.4 trillion jin, with initiatives to improve grain quality and variety [5][6] - The document acknowledges the success of previous measures in the livestock sector and introduces new strategies to boost dairy product consumption [8][9] - Agricultural technology innovation is highlighted, with a focus on the implementation of breeding actions and the integration of AI in agriculture [15][21] Summary by Sections Grain Sector - The document sets a grain production target of stabilizing at around 1.4 trillion jin and emphasizes quality improvement and variety enhancement [5][7] - It includes measures to protect farmers' interests, such as determining minimum purchase prices for rice and wheat [5][7] - The document also stresses the importance of developing a futures market for agricultural products [5][7] Livestock Sector - The document reinforces the need for comprehensive regulation of pig production capacity and acknowledges the success of previous measures in stabilizing the beef and dairy industries [8][9][11] - It promotes measures to enhance dairy product consumption and supports the development of forage crops [9][11] Agricultural Technology - The document continues to emphasize the implementation of breeding actions and the promotion of breakthrough varieties [15][16][17] - It encourages the development of high-end intelligent agricultural machinery and the integration of AI, drones, and IoT into agricultural practices [21][25] Investment Recommendations - The report recommends several companies across different segments, including: - Livestock: YouRan Agriculture, Modern Agriculture [27] - Swine: HuaTong Co., DeKang Agriculture, MuYuan Co., Wen's Co., TianKang Bio, and ShenNong Group [27] - Pet Industry: GuaiBao Pet [27] - Feed: HaiDa Group [27] - Poultry: LiHua Co., YiSheng Co., and ShengNong Development [27] - Animal Health: HuiSheng Bio [27] - Planting Chain: Hainan Rubber, QuanYin High-Tech, Guotou Fengle, and LongPing High-Tech [27]

本报讯(记者肖艳青)2月4日晚间，牧原食品股份有限公司(以下简称"牧原股份（002714）")公告称，公 司正在进行申请境外上市外资股(H股)发行并在香港联合交易所有限公司(以下简称"香港联交所")主板挂 牌上市的相关工作，已确定本次H股发行的最终价格为每股39港元。 牧原股份本次发行的H股预计于2026年2月6日在香港联交所主板挂牌并开始上市交易。 根据此前公告，牧原股份此次拟全球发售约2.74亿股H股，在超额配售权悉数行使的情况下，最大发行 股数为3.15亿股。 ...

Core Insights - The report emphasizes a favorable outlook for the livestock sector, particularly dairy farming, anticipating a significant cyclical reversal in the industry [1][12] - The recommended stocks include leading companies in various segments such as dairy, pork, poultry, and pet food, indicating a diversified investment strategy [1][3] Livestock Sector - The livestock sector is expected to experience a cyclical reversal, with both beef and milk prices projected to rise, benefiting companies like Yuran Agriculture and Modern Farming [14][17] - The domestic beef market is anticipated to improve due to reduced production capacity and favorable pricing dynamics, with beef prices currently at 61.88 yuan/kg, reflecting a month-on-month increase of 1.59% [29] - The report highlights the potential for significant earnings recovery for dairy farming companies as milk prices are expected to rebound, driven by improved market conditions [14][17] Pork Sector - The pork sector is witnessing a stabilization in prices, with January 2026 pork prices at 12.16 yuan/kg, down 4% month-on-month, while piglet prices have surged by 57.86% [20][21] - Leading companies in the pork industry, such as Muyuan Foods and Huazhong Holdings, are expected to benefit from improved cash flows and dividend returns as the market stabilizes [15][19] - The report notes that the industry is undergoing a rationalization process, with a focus on reducing production capacity and enhancing profitability for leading firms [20][21] Poultry Sector - The poultry sector is experiencing a slight increase in supply, with broiler prices showing a month-on-month increase of 2.94% to 7.70 yuan/kg, indicating a potential recovery in demand [22][23] - The report suggests that the white-feathered chicken industry is poised for price recovery as domestic demand stabilizes, supported by seasonal consumption trends [22][24] - The overall outlook for poultry remains positive, with expectations of improved profitability driven by demand recovery and supply adjustments [22][24] Pet Food Sector - The pet food market is identified as a high-growth area, with domestic brands gaining market share and expected to benefit from rising consumer sentiment [16][18] - The report highlights the strong performance of leading pet food companies, which are focusing on product upgrades and direct sales strategies to capture market opportunities [16][18] - The pet food export volume has increased by 12.99% month-on-month, indicating robust demand in international markets [16][18] Feed Sector - The feed industry is expected to benefit from the deepening industrialization of livestock farming, with leading companies leveraging technological and service advantages to enhance competitive positioning [1][3] - The report notes that feed prices are at historical lows, providing a supportive cost structure for livestock producers [20][21] Agricultural Products - The report tracks agricultural product prices, indicating that soybean meal prices are at historical lows, while corn prices have shown a slight increase to 2333 yuan/ton [2][21] - The overall agricultural market is characterized by a focus on supply-demand dynamics, with expectations of tightening supply for key commodities like soybeans and corn [20][21]

Core Insights - The report emphasizes a favorable outlook for the livestock sector, particularly dairy farming, anticipating a significant cyclical reversal benefiting Hong Kong-listed dairy farming companies [1][12] - The investment strategy highlights a recommended monthly portfolio including leading companies in various segments such as dairy, pig farming, and pet food [1][3] Livestock Sector - The livestock sector is expected to experience a cyclical reversal, with both beef and milk prices projected to rise, driven by a reduction in domestic beef production and a historical low in milk prices [14][29] - Key recommendations include Yuran Dairy and Modern Farming, which are positioned to benefit from the anticipated price recovery in raw milk and beef [14][17] Pig Farming Sector - The pig farming sector is witnessing a stabilization in prices, with a notable increase in piglet prices, indicating a potential recovery in profitability for leading companies [20][21] - Recommended companies in this sector include Muyuan Foods, Wens Foodstuffs, and Huazhong Holdings, which are expected to benefit from improved cash flow and dividend returns [3][15] Poultry Sector - The poultry sector is seeing a slight increase in supply, with expectations of demand recovery supporting price stability, particularly for broiler chickens [22][24] - Leading companies such as Lihua Agricultural and Shengnong Development are highlighted for their competitive advantages in cost management and market positioning [18][19] Pet Food Sector - The pet food market is identified as a high-growth area, benefiting from rising consumer sentiment and the emergence of domestic brands [16][18] - Companies like Guibao Pet Food are recommended for their strong growth potential in this segment [3][16] Feed Sector - The feed industry is expected to deepen its industrialization, with leading companies leveraging technological and service advantages to enhance competitive positioning [1][3] - The report notes that feed prices are at historical lows, providing a supportive cost structure for producers [20][21] Agricultural Products - The report tracks agricultural product prices, noting fluctuations in pork, chicken, and feed prices, with implications for overall market dynamics [2][21] - The analysis indicates that soybean meal prices are at historical lows, while corn prices are stabilizing, suggesting a tightening supply-demand balance in the medium term [20][21]

格隆汇2月4日丨牧原股份(002714.SZ)公布，公司已确定本次H股发行的最终价格为每股39港元（不包括 1%经纪佣金、0.0027%香港证券及期货事务监察委员会交易征费、0.00565%香港联交所交易费及 0.00015%香港会计及财务汇报局交易征费）。公司本次发行的H股预计于2026年2月6日在香港联交所主 板挂牌并开始上市交易。 ...

牧原股份（002714）(002714.SZ)公告，公司已确定本次H股发行的最终价格为每股39港元。公司本次发 行的H股预计于2026年2月6日在中国香港联交所主板挂牌并开始上市交易。 ...

智通财经APP讯，牧原股份(002714.SZ)公告，公司已确定本次H股发行的最终价格为每股39港元。公司 本次发行的H股预计于2026年2月6日在中国香港联交所主板挂牌并开始上市交易。 ...

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。 牧原食品股份有限公司（以下简称"公司"）正在进行申请境外上市外资股（H 股）发行并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上 市（以下简称"本次发行上市"）的相关工作。 | 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-011 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 关于境外上市股份（H股）公开发行价格的公告 因本次拟发行的股份为 H 股，本次发行股份的认购对象仅限于符合相应条 件的境外投资者及依据中国相关法律法规有权进行境外证券投资管理的境内证 券经营机构和合格境内机构投资者及其他符合监管规定的投资者。因此，本公告 仅为境内投资者及时了解公司本次发行上市的相关信息而作出，并不构成亦不得 被视为是对任何境内个人或实体收购、购买或认购公司任何证券的要约或要约邀 请。 公司已确定本次 H 股发行的最终价格为每股 39 港元（不包括 1%经纪佣金、 0.0027%香港证券及期货事务监察委员会 ...