Core Viewpoint - The pig farming industry is undergoing a deep adjustment in a relaxed supply environment, with overall pig prices declining throughout 2025, despite a slight year-end recovery, remaining at relatively low levels. The competition is shifting from scale expansion to efficiency and collaboration within the industry chain [2][5][26]. Supply Capacity Analysis - The pig farming industry is expected to face supply pressure in the first half of 2026, with a projected output of 719.73 million pigs in 2025, a 2.4% increase, and a pork production of 59.38 million tons, a 4.1% increase [2][4]. - The breeding efficiency is improving, with the average number of weaned piglets per sow increasing from 18.32 in 2021 to 24.03 in 2024, indicating a reduction in production costs [4][6]. - The industry is experiencing increased concentration, with over 70% of pig farming being scaled, and the top 20 companies accounting for over 30% of output [4][5]. Demand Matching Capability Analysis - Overall pork consumption is expected to show weak recovery in 2026, influenced by population and income levels, with a projected per capita pork consumption of 26.6 kg per year, a 5.4% decrease from the previous year [8][9]. - The demand for pork is being affected by the availability of alternative meats, which may divert consumption away from pork [8][9]. - The overall pig price trend in 2025 was downward, with slight year-end recovery, but still at low levels, influenced by seasonal demand and supply pressures [9][11]. Industry Chain Position Analysis - The pig farming industry is positioned as a conversion link in the value chain, connecting upstream feed and breeding industries with downstream slaughtering and processing sectors [12]. - The bargaining power of upstream suppliers is weak, while the downstream bargaining power varies, with leading companies establishing long-term supply agreements to enhance pricing power [12][13]. - The competitive landscape is shifting towards efficiency and collaboration, with leading companies focusing on integrated operations across the supply chain [14][16]. Innovation Capability Analysis - The industry is guided by policies aimed at stabilizing production and improving quality, with a focus on enhancing breeding efficiency and reducing costs through technological advancements [17][19]. - Leading companies are leveraging technology to restructure cost advantages, while smaller firms are encouraged to innovate in niche markets [20][21]. - The regulatory environment is evolving towards more systematic management, emphasizing compliance and quality control across the supply chain [19]. Credit Rating Situation Analysis - In 2025, the agricultural sector issued 75 bonds totaling 51.134 billion yuan, with major issuers being leading companies like Muyuan Foods and New Hope [21][22]. - The industry is experiencing a divergence in credit quality, with larger firms maintaining stable financing channels while smaller firms face tighter financing conditions [25][27]. - The overall credit risk in the pig farming industry is manageable, with stronger companies expected to solidify their credit standing amid ongoing market pressures [27].

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The agricultural sector is expected to experience a cyclical recovery, particularly in the beef and dairy markets, driven by domestic and international demand [3] - The pig farming sector is anticipated to stabilize due to capacity control measures, benefiting leading companies with improved cash flow and cost advantages [3] - Poultry supply is expected to remain stable, with potential for increased cash flow returns for leading enterprises as demand recovers [3] - The feed industry is likely to see enhanced competitive advantages for leading companies due to deeper industrialization and specialization [3] - The pet industry is identified as a growth sector benefiting from demographic trends [3] Summary by Sections Livestock - Beef prices are expected to continue rising, with the average price for fattened bulls at 25.20 CNY/kg, stable week-on-week and up 8.15% year-on-year [2] - Dairy cow depopulation is likely to accelerate, with raw milk prices expected to reach a turning point in 2026 [2] - The pig price on February 6, 2026, was 12.05 CNY/kg, down 1.31% week-on-week and down 20.67% year-on-year [13] Poultry - Chicken supply has slightly increased, with a focus on seasonal consumption recovery [13] - Egg prices in major production areas were 3.44 CNY/jin, up 6.83% week-on-week and up 19.44% year-on-year [13] Feed - Soybean meal prices are at historical lows, with potential catalysts from weather or trade factors [2] - Corn prices are expected to maintain a stable upward trend, with a current price of 2331 CNY/ton, down 0.09% week-on-week but up 8.52% year-on-year [2] Key Companies and Investment Recommendations - Recommended livestock companies include YouRan MuYe and Modern MuYe [3] - Recommended pig farming companies include HuaTong Co., DeKang Agriculture, and MuYuan Co. [3] - Recommended poultry companies include LiHua Co. and YiSheng Co. [3] - Recommended feed company is HaiDa Group [3] - Recommended pet company is GuaiBao Pet [3]

Investment Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [4] Core Views - The central government emphasizes comprehensive regulation of pig production capacity in the recently released No. 1 Central Document, indicating a shift in industry policy towards protecting farmers' rights and stimulating enterprise innovation [6][16] - The pig farming sector is experiencing a gradual recovery despite a 0.1% decline in the SW pig farming sector, with current market pressures expected to ease as production capacity is regulated [6][16] - The poultry sector faces ongoing challenges with high production capacity and weak consumption, but leading companies are likely to gain market share [18] - The feed sector is recommended to focus on Hai Da Group, which aims to increase its dividend payout ratio and expand its market presence [10][20] - The pet industry is expected to see significant growth, with a projected market size exceeding 400 billion yuan by 2028, driven by changing consumer perceptions [51] Summary by Sections 1. Pig Farming - The pig price continues to decline, with a current price of 11.84 yuan/kg, and the industry is facing dual pressures of supply and demand [6][16] - The central government's policy shift aims to regulate the breeding stock and enhance market adaptability [6][16] - Companies with cost advantages and innovative models are expected to outperform [17] 2. Poultry - The poultry sector is experiencing price fluctuations, with broiler prices at 3.6 yuan/kg, down 5.2% week-on-week [18] - The impact of avian influenza in France may reduce the supply of imported breeding chickens, potentially increasing prices [18] - Integrated companies and those with contract farming models are likely to expand their market share [18] 3. Feed - Hai Da Group is recommended due to its clear long-term growth path and plans to increase dividend payouts [10][20] - The company aims for a global sales target of 100 million tons by 2050, with significant overseas market expansion [20] 4. Pet Industry - The pet industry is projected to grow rapidly, with expectations of reaching a market size of over 400 billion yuan by 2028 [51] - Companies with strong domestic and international sales are recommended for long-term investment opportunities [21] 5. Agricultural Products - Domestic soybean meal prices have decreased by 1.5%, while corn prices have shown slight fluctuations [22] - The market is expected to remain oversupplied in the near term, with a focus on weather and import impacts [22]

年薪最高给到50万元/年 近期，牧原股份对外公布了一批招聘计划，为越南专项招聘。 从岗位要求看，该招聘面向土木工程、工程管理、城乡规划、建筑学、工程造价、供应链管理等相关专 业，要求一定的工作经验，有海外工作经验者优先。语言能力方面，需掌握越南语、英语，能够熟练沟 通者优先。 近期，牧原股份对外披露越南专项招聘计划，以30万元/年至50万元/年的综合薪资，招募海外工程项目 经理、海外造价管理、海外规划设计等岗位人才，所有岗位均外派至越南西宁省，要求具备越南语、英 语沟通能力，岗位聚焦猪舍建筑相关领域。值得注意的是，此前牧原股份已启动越南籍国际管培生招 聘，最高年薪可达100万元。 种种人才布局背后，是牧原股份加速"出海"的明确意图。公开资料显示，公司于2024年与BAF越南农业 股份公司达成战略合作，去年越南当地媒体报道，双方将共建西宁省高科技楼房养猪项目，这也与此次 招聘岗位地点一致。 此前，牧原股份完成港股上市，计划将约60%的募集资金用于海外业务拓展，重点布局越南等东南亚市 场。 此次越南专项招聘的所有岗位，工作地点均为越南西宁省。 2月9日上午，牧原股份有关人士表示，公司在越南的项目为合作项目，目前尚 ...

Core Insights - Muyuan Foods is accelerating its international expansion with a recruitment plan targeting Vietnam, offering comprehensive salaries ranging from 300,000 to 500,000 CNY per year for various positions related to pig farming infrastructure [1][2][3] - The company has established a strategic partnership with BAF Vietnam Agricultural Joint Stock Company to develop high-tech pig farming projects in Vietnam, aligning with its recruitment efforts [1][6] Recruitment Plan - Positions include overseas project managers, cost managers, and planning designers, all requiring proficiency in Vietnamese and English, with a focus on pig house construction [2][3] - The recruitment emphasizes the need for candidates with relevant work experience, particularly those with overseas experience [2] - The overseas planning designer role involves site assessment and feasibility analysis for pig farming projects, while project managers will oversee the entire construction process [2][3] International Management Trainee Program - Muyuan Foods has also launched an international management trainee program specifically for Vietnamese graduates, offering salaries up to 1 million CNY per year [3] - The program includes two phases: training in China and long-term development in Vietnam, focusing on implementing Muyuan's farming techniques and operational standards [3] Project Development in Vietnam - The recruitment is part of a broader strategy to establish multiple pig farming projects in Vietnam, including a smart pig farming complex in Xining Province [7][8] - The projects aim to modernize Vietnam's pig farming industry, addressing challenges such as disease control and production efficiency through advanced technologies [8] Funding and Strategic Goals - Following its recent listing on the Hong Kong Stock Exchange, Muyuan Foods plans to allocate approximately 60% of the raised funds for overseas business expansion, particularly in Southeast Asia [9] - The remaining funds will support core technology research and operational needs, indicating a strong commitment to international growth [9]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The industry is in a game - playing period, and it is still a long - way to go for capacity reduction even with the government's call. The futures market is affected by the post - Spring Festival demand slump and pre - Spring Festival spot price weakness. The LH2603 contract has fallen below the breeding cost, with limited downside, and the LH2605 contract is expected to oscillate at the bottom [6]. - In the first half of 2026, it will be difficult for the breeding end to achieve profitability, and the breeding end will be cautious about holding back pigs for fattening and secondary fattening [6]. 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, due to pre - Spring Festival stocking, slaughterhouse orders increased, but the market was generally loose as the breeding end actively sold pigs to avoid post - Spring Festival supply pressure. As of February 5, the average spot price in Zhengzhou, Henan was 12.88 yuan/kg, down 0.3 yuan/kg from the previous week. The futures price had a large discount, and the market was pessimistic about post - Spring Festival pig prices [9]. - In January, as the spot price was weak, the market's enthusiasm for replenishing piglets and sows cooled. As of February 4, the average price of 15kg piglets in Henan was 29.8 yuan/kg, up 2 yuan/kg from the previous week. As of January 29, the price of binary sows (50kg) was stable at 1559 yuan/head [13]. - In January 2026, Wen's sold 2963600 pigs, with a significant month - on - month decrease of 35.05% and a slight year - on - year increase of 2.20%. Muyuan sold 7009000 commercial pigs, with a revenue of 10.566 billion yuan, an average price of 12.57 yuan/kg, and a profit of 731 million yuan. In 2025, the profitability among the top 30 pig enterprises varied greatly [19]. - In 2025, the national industrial feed production reached 342 million tons, a year - on - year increase of 8.6%. Pig feed contributed over 80% of the growth [20]. 3.2 Supply - side Analysis - By the end of 2025, the national inventory of reproductive sows was 39.61 million, a decrease of 160000 or 2.9%. Since September 2025, the inventory of reproductive sows has shown a downward trend, but the market's expectation for capacity reduction weakened in January 2026 due to the rebound of the spot price [22]. - In December 2025, the production index remained high. The farrowing rate of fattening pigs decreased slightly month - on - month. The production performance of sows and pigs was at a relatively high level [24]. - According to Steel Union data, the number of piglets born in December 2025 was 5.71 million, a month - on - month decrease of 1.32%. The market supply of commercial pigs will remain high in the first quarter of 2026 and is expected to ease after the second quarter [26]. - The post - Spring Festival slaughter pressure may decrease. It is expected that the slaughter volume of 10 listed enterprises in January may slightly increase, and the slaughter weight will decline. In January, the sample large - scale enterprises slightly exceeded the slaughter plan, and the planned slaughter volume in February decreased by 15.3% month - on - month [29]. - As of February 5, the national average price difference between standard and fat pigs was - 1.21 yuan/kg, an increase of 0.3 yuan/kg from the previous week. Since February, the price difference has widened significantly [33]. - As of January 30, 2026, the self - breeding and self - raising profit was 124 yuan/head, and the profit from purchasing piglets for breeding was 25 yuan/head. The average breeding cost in the industry is around 12.5 - 13 yuan/kg. As of January 28, the pig - grain ratio was 5.76:1, below the national third - level reserve warning line [36]. 3.3 Demand - side and Inventory Analysis - This week, the slaughterhouse's operating rate was 38.49%, an increase of 1.63 percentage points from the previous week and 27.65 percentage points year - on - year. It is expected that the operating rate will increase before the Little New Year and then the slaughterhouses will gradually shut down [41]. - As of February 2, the average slaughter weight of live pigs decreased month - on - month. Since January, the breeding end has actively sold large - weight pigs and commercial pigs before the Spring Festival [44]. - As of February 6, the frozen meat storage rate of key domestic slaughterhouses was 17%, a decrease of 0.11 percentage points from the previous week. The frozen meat inventory has shown a slight downward trend [47]. 3.4 Spread and Basis Analysis - The LH2603 contract has a large discount after the Spring Festival. As it has fallen below the breeding cost and the bearish expectations have been mostly fulfilled, the downward space is limited. The price of the LH2605 contract is higher than that of the LH2603 contract, and the spread is close to the average level of previous years. If the post - festival opening price exceeds expectations, a long spread strategy can be considered [51].

Investment Rating - The report maintains an "Overweight" rating for the agricultural, forestry, animal husbandry, and fishery sector, indicating a positive outlook for the industry compared to the overall market performance [1][4]. Core Insights - The total net profit for the tracked companies in the agricultural, forestry, animal husbandry, and fishery sector is projected to be CNY 30.949 billion for 2025, reflecting a year-on-year decrease of 20%. The top three sub-sectors by profit growth are animal health (+76%), planting industry (+54%), and pet food (+3%) [3][4]. - The report highlights significant performance disparities among different sectors, with the animal husbandry sector facing challenges due to oversupply and declining prices, particularly in pig farming, where the average price of pigs dropped by 29.9% year-on-year [3][5]. - The pet food sector shows resilience in domestic markets despite a slowdown in overseas growth, with a projected online sales growth of 10.2% in 2025 [3][4]. Summary by Relevant Sections Animal Husbandry - The pig farming sector is expected to see a net profit of CNY 20.908 billion in 2025, down 26% year-on-year, with significant losses reported in Q4 [5][8]. - The chicken farming sector remains profitable, with white chicken prices stable and yellow chicken prices showing a 9.5% increase year-on-year [3][4]. Pet Food - Domestic pet food sales are projected to grow, with major companies like Guobao Pet and Zhongchong Co. expected to report net profits of CNY 0.678 billion and CNY 0.433 billion, respectively [3][4]. Planting Industry - The report notes a recovery in edible mushroom prices, with a projected net profit increase of 154% for Zhongxing Junye in 2025 [3][4]. - Blueberry prices have slightly decreased, but companies are expected to maintain profitability through volume sales [3][4]. Animal Health - The animal health sector is projected to see a net profit increase of 76%, driven by new product launches and increased demand for veterinary vaccines [3][4]. Seed Industry - The seed industry is facing challenges with low grain prices, leading to a mixed performance among companies, with Dabeinong expected to report a significant loss [3][4].

Investment Rating - The report maintains a positive investment rating for the pig farming sector, recommending continued investment in this area due to low historical valuations and potential recovery in prices [4][9]. Core Insights - The price of live pigs has dropped to 11.87 yuan per kilogram, indicating a potential restart of destocking in the pig farming industry [3][4]. - The report highlights that the average weight of pigs at slaughter is 127.4 kg, which is significantly higher than the same period in 2024 and 2025, suggesting an oversupply situation [4]. - The report anticipates a new wave of price declines for pigs after the Spring Festival, with the industry likely to face increased losses and further capacity reduction [4]. - The report notes that the average utilization rate of breeding facilities is currently high, which may contribute to the ongoing challenges in the industry [4]. Summary by Sections Pig Farming - The average price of live pigs is reported at 11.87 yuan/kg, with a week-on-week decrease of 2.8% [4]. - The average weight of pigs at slaughter is 127.4 kg, which is 4 kg heavier than the same period in previous years [4]. - The report indicates that the breeding sector has experienced three weeks of profitability but has recently returned to losses, with an average loss of 38 yuan per head [4]. - The report lists the monthly slaughter volumes of major listed pig companies, with a total of 13.08 million pigs slaughtered in January 2026, reflecting an 8.5% year-on-year increase [4]. Poultry Farming - The report states that the inventory of white feather broiler chickens remains high, while yellow feather chicken farming has been profitable for over five months [5][7]. - The average price of yellow feather broilers is reported at 14.95 yuan/kg, with a slight week-on-week decrease [7]. Cattle Industry - The report notes that the total cattle inventory in China has decreased by 8.6% as of the end of 2025, with expectations for continued declines in 2026 [9]. - The report suggests that declining cattle inventory is a precursor to rising beef prices, with predictions for accelerated price increases in the first half of 2026 [9]. Pet Food Market - The pet market in China is projected to grow by 4.1% in 2025, reaching a total market size of 312.6 billion yuan [8]. - The report highlights that the pet food market share has increased to 53.7%, with significant growth in core brands [8].

New Consumption Overview - New products launched include low glycemic index apple crisps, apple milk tea, and various tea and juice products, indicating a trend towards healthier beverage options [1][4][5] - The introduction of limited edition gift boxes for the upcoming Year of the Horse reflects a focus on seasonal marketing strategies [1][4] - Companies are emphasizing natural ingredients and health benefits in their product offerings, such as high protein soy milk and organic goji berry juice [5][7][10] Weekly New Products - The launch of low glycemic index apple crisps by Shen Tan Wu Wu highlights a growing consumer interest in health-conscious snacks [2] - Heytea's new apple milk tea combines fresh milk, Fuji apple juice, and jasmine tea, showcasing a blend of flavors and health benefits [4] - Seven Fresh's 12-degree soy milk emphasizes low sugar and high protein content, appealing to health-focused consumers [5] Industry Events - Unified Group has relaunched its classic carrot-flavored carbonated drink, indicating a revival of nostalgic products [12] - Mu Yuan Food Co. is set to list on the Hong Kong Stock Exchange, with an initial share price of HKD 39.00, reflecting investor interest in the food sector [13] - The opening of multiple new stores by Baby World in January demonstrates expansion in the maternal and infant market [15] Investment Trends - Meituan announced a USD 717 million acquisition of Dingdong Maicai's China business, indicating consolidation in the grocery delivery sector [20] - The American oatmeal brand Oats Overnight received a USD 45 million investment, highlighting growth in the breakfast food segment [21] - The smart sports hardware brand "Ying Han Si Dong Li" completed over RMB 100 million in financing, reflecting investor confidence in health and fitness technology [21] Food Industry Developments - The launch of a major brand refresh for the beverage brand "Mai Dong" indicates a strategic shift towards modernizing product offerings [29] - Capri-Sun has introduced new mango and passion fruit flavors, aiming to expand its product line and drive sales growth [30] - The introduction of new products by companies like Coca-Cola and Hershey's reflects ongoing innovation in the snack and beverage sectors [32][34]

Core Viewpoint - The Hong Kong IPO market continues to thrive in 2026, with a significant increase in new listings and a growing trend of "A+H" dual listings, indicating strong investor interest and market dynamics [1][4][5]. Group 1: IPO Market Performance - As of February 13, 2026, the Hong Kong market has seen 24 new IPOs, a 166.67% increase compared to the same period last year, which had only 9 IPOs [4]. - The upcoming week will see 6 new stocks listed, including companies like 澜起科技 (Lianqi Technology) and 沃尔核材 (Wolfe Materials), further expanding the IPO landscape [1][3]. - The total number of new stocks listed in 2026 has reached 18, with 7 of them being "A+H" stocks, indicating a growing presence of companies listed in both A-share and H-share markets [1][5]. Group 2: Fundraising Performance - 澜起科技 has disclosed a fundraising amount of approximately 70.43 billion HKD, while two other companies, 牧原股份 (Muyuan Foods) and 东鹏饮料 (Dongpeng Beverage), have each raised over 100 billion HKD [3][7]. - 东鹏饮料 raised 101.41 billion HKD, marking it as the first "billion-dollar IPO" in 2026, while 牧原股份 raised about 106.84 billion HKD, making it the second [8][9]. Group 3: A+H Listings - The trend of "A+H" listings is prominent, with 3 out of the 6 upcoming IPOs being A-share listed companies, which will increase the total number of "A+H" stocks in Hong Kong to 10 [5]. - The electronic industry leads the "A+H" listings with 5 companies, showcasing the sector's strength and appeal in the IPO market [5]. Group 4: Market Dynamics and Future Outlook - The current IPO market dynamics are supported by multiple factors, including policy benefits, corporate demand, and market liquidity, which are expected to sustain the IPO boom throughout the year [4][6]. - The attractiveness of the Hong Kong market for high-quality mainland companies is increasing, as evidenced by the growing number of A-share companies planning to list in Hong Kong [6].