Investment Rating - The overall industry rating is "Positive" for the agriculture sector, indicating expected returns above the CSI 300 index by more than 5% in the next six months [7][52]. Core Views - The pig price has rebounded during the peak season, with the national average price at 12.97 CNY/kg, an increase of 0.19 CNY from last week. The average price for 15 kg piglets is 28.03 CNY/kg, up by 2.89 CNY [6][18]. - The livestock industry is experiencing a slowdown in output growth, with a decrease in slaughter rates. The operating rate of large-scale slaughterhouses is 36.48%, down 2.1 percentage points from last week and 24.63 percentage points year-on-year [6][18]. - The industry is transitioning from losses to profitability, although the pace of capacity reduction is slowing. As of December 2025, the number of breeding sows is 39.61 million, a decrease of 2.9% year-on-year [7][19]. - The chicken industry is facing high capacity levels, with prices expected to fluctuate in the medium term. The average price for broiler chickens is 3.7 CNY/kg, down 0.07 CNY from last week [8][21]. - The yellow chicken market is experiencing low capacity levels, with prices expected to rise in the medium term due to tight supply and seasonal demand [22][21]. Summary by Sections Livestock Industry - The pig price has rebounded, but the increase is narrowing. The average price is 12.97 CNY/kg, with a slight increase in piglet prices [6][18]. - The operating rate of slaughterhouses has decreased, indicating a slowdown in the output growth of listed companies [6][18]. - The industry is moving towards profitability, but the capacity reduction is slowing down, with breeding sow numbers at 39.61 million [7][19]. Poultry Industry - The chicken industry is at a high capacity level, with prices expected to remain stable in the medium term. The average price for broiler chickens is 3.7 CNY/kg [8][21]. - The yellow chicken market is experiencing low capacity, with prices expected to rise due to seasonal demand [22][21]. Crop Industry - Grain prices are on the rise, with corn at 2376 CNY/ton and wheat at 2525 CNY/ton, indicating a positive outlook for the planting sector [11][24]. - The seed industry is benefiting from favorable policies and technological advancements, with long-term investment value highlighted [10][23]. Recommended Companies - The report recommends buying shares in Zhongchong Co., Muyuan Foods, and Suqian Agricultural Development, all rated as "Buy" [4].

Core Viewpoint - The aquaculture sector experienced a decline of 2.68% on January 27, with Xiaoming Co. leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Key stocks in the aquaculture sector showed significant declines, with Xiaoming Co. down 6.27% to a closing price of 19.59 [1] - Other notable declines included ST Tianshan down 5.40%, Fucheng Co. down 5.01%, and Huaying Agriculture down 3.66% [1] Group 2: Trading Volume and Capital Flow - The aquaculture sector saw a net outflow of 456 million yuan from main funds, while retail investors contributed a net inflow of 232 million yuan [1] - The trading volume for Xiaoming Co. was 125,200 shares, with a transaction value of 246 million yuan [1] - Lihua Co. had a net inflow of 14.20 million yuan from main funds, while retail investors had a net outflow of 30.52 million yuan [2]

财务方面，于2022年度、2023年度、2024年度、2024年以及2025年截至9月30日止九个月，牧原股份收 入分别约为1248.26亿元(人民币，下同)、1108.61亿元、1379.47亿元、967.75亿元、1117.90亿元；同 期，净利润分别约为149.33亿元、-41.68亿元、189.25亿元、112.46亿元、151.12亿元。 智通财经APP获悉，据媒体报道，生猪养殖企业牧原食品(002714.SZ)计划最早周四(1月29日)开始接受 上市申购，募资规模约15亿美元。据港交所披露，牧原食品已于1月16日通过港交所主板上市聆讯，摩 根士丹利、中信证券、高盛为其联席保荐人。 牧原食品表示，拟将上市集资所得款项用于挖掘海外机遇扩大商业版图、通过研发投入推动全产业链技 术创新、营运资金及一般企业用途。 招股书显示，牧原股份为生猪养殖行业的领导者，采取的垂直一体化商业模式已覆盖生猪育种、生猪养 殖、饲料生产、屠宰肉食的生猪全产业链条。根据弗若斯特沙利文统计，自2021年起，按生猪产能及出 栏量计量，公司是全球第一大生猪养殖企业，生猪出栏量连续四年全球第一。 ...

财务方面，于2022年度、2023年度、2024年度、2024年以及2025年截至9月30日止九个月，牧原股份收 入分别约为1248.26亿元(人民币，下同)、1108.61亿元、1379.47亿元、967.75亿元、1117.90亿元；同 期，净利润分别约为149.33亿元、-41.68亿元、189.25亿元、112.46亿元、151.12亿元。 牧原食品表示，拟将上市集资所得款项用于挖掘海外机遇扩大商业版图、通过研发投入推动全产业链技 术创新、营运资金及一般企业用途。 据媒体报道，生猪养殖企业牧原食品(002714.SZ)计划最早周四(1月29日)开始接受上市申购，募资规模 约15亿美元。据港交所披露，牧原食品已于1月16日通过港交所主板上市聆讯，摩根士丹利、中信证 券、高盛为其联席保荐人。 招股书显示，牧原股份为生猪养殖行业的领导者，采取的垂直一体化商业模式已覆盖生猪育种、生猪养 殖、饲料生产、屠宰肉食的生猪全产业链条。根据弗若斯特沙利文统计，自2021年起，按生猪产能及出 栏量计量，公司是全球第一大生猪养殖企业，生猪出栏量连续四年全球第一。 ...

财务方面，于2022年度、2023年度、2024年度、2024年以及2025年截至9月30日止九个月，牧原股份收 入分别约为1248.26亿元(人民币，下同)、1108.61亿元、1379.47亿元、967.75亿元、1117.90亿元；同 期，净利润分别约为149.33亿元、-41.68亿元、189.25亿元、112.46亿元、151.12亿元。 据媒体报道，生猪养殖企业牧原食品(002714.SZ)计划最早周四(1月29日)开始接受上市申购，募资规模 约15亿美元。据港交所披露，牧原食品已于1月16日通过港交所主板上市聆讯，摩根士丹利、中信证 券、高盛为其联席保荐人。 招股书显示，牧原股份（002714）为生猪养殖行业的领导者，采取的垂直一体化商业模式已覆盖生猪育 种、生猪养殖、饲料生产、屠宰肉食的生猪全产业链条。根据弗若斯特沙利文统计，自2021年起，按生 猪产能及出栏量计量，公司是全球第一大生猪养殖企业，生猪出栏量连续四年全球第一。 牧原食品表示，拟将上市集资所得款项用于挖掘海外机遇扩大商业版图、通过研发投入推动全产业链技 术创新、营运资金及一般企业用途。 ...

Group 1 - A total of 1123 A-share listed companies have released their 2025 performance forecasts, with 602 companies expecting profits and 521 companies anticipating losses [1][2] - Among the companies predicting profits, Zijin Mining leads with a forecasted net profit of 52 billion yuan, followed by Luoyang Molybdenum with 20.8 billion yuan [2][3] - The automotive sector, represented by SAIC Motor, is expected to see a significant profit increase of 438%-558%, the highest growth rate among the top ten profit forecast companies [2][3] Group 2 - The real estate sector dominates the list of companies forecasting significant losses, with China Fortune Land Development expected to lose between 16 billion and 24 billion yuan [3][4] - Other sectors facing losses include the photovoltaic industry, with Tongwei Co., TCL Zhonghuan, and Trina Solar among the top ten companies predicting losses [4][5] - JinkoSolar is projected to experience the largest decline in net profit, with a decrease of 6063.96%-7074.8% due to price fluctuations in the global photovoltaic industry [9][10] Group 3 - Companies like *ST Weir and Tonghua Dongbao are expected to see substantial profit growth, with *ST Weir forecasting a net profit increase of 8303.8%-9599.14% [6][8] - Approximately 260 companies are expected to have a net profit growth rate exceeding 100%, accounting for about one-fifth of the companies that have released forecasts [7][8] - The performance of companies in the photovoltaic sector is under pressure due to market conditions, impacting their profitability despite efforts to innovate and upgrade technology [9][10]

（天润乳业） 【天风农业】"牛市抱牛"，重视超级牛周期！1、牛板块：肉牛超级周期趋势明确，奶牛去化接近尾声，重视超级 牛周期！1）本周价格：犊牛&淘牛价格持续上涨，育肥牛价格稳定。 截至1月23日，育肥公牛出栏价格25.66元/kg，环比持平，同比+9.47%；犊牛价格33.09元/kg，环比+0.19%，同比 +37.08%；淘牛价格19.93元/kg，环比+0.26%，同比+22.80%（数据来源：钢联）。 （天润乳业） 【天风农业】"牛市抱牛"，重视超级牛周期！1、牛板块：肉牛超级周期趋势明确，奶牛去化接近尾声，重视超级 牛周期！1）本周价格：犊牛&淘牛价格持续上涨，育肥牛价格稳定。 截至1月23日，育肥公牛出栏价格25.66元/kg，环比持平，同比+9.47%；犊牛价格33.09元/kg，环比+0.19%，同比 +37.08%；淘牛价格19.93元/kg，环比+0.26%，同比+22.80%（数据来源：钢联）。 奶价仍处低位调整阶段，截至1月15日，生鲜乳价格3.03元/kg，环比+0.33%、同比-2.57%（数据来源：wind）。 2）肉牛方面，国内长亏损周期叠加深度亏损，驱动能繁母牛深度去化。 ...

Core Viewpoint - Muyuan Foods, listed on the Shenzhen Stock Exchange in 2014, has passed the Hong Kong Stock Exchange listing hearing and is set to achieve A+H listing, with a current A-share market value of 249.1 billion RMB and a projected P/E ratio of 13.7 times for 2025 [1] Group 1: Business Overview - Muyuan Foods operates primarily in two segments: pig breeding and sales, and meat processing [2] - The company has established a complete industry chain covering pig breeding, raising, feed production, and sales, making it the world's largest pig breeding enterprise since 2021, with a global market share increasing from 2.6% in 2021 to 5.6% in 2024 [2] Group 2: Competitive Landscape - In the broader global and Hong Kong meat industry, Muyuan's valuation prospects post-listing require careful assessment, especially compared to competitors like WH Group, which has a market cap of just over 100 billion HKD and a dynamic P/E ratio below 10 times [3][4] - WH Group's business model, which includes downstream processing and sales, provides more stable profit margins compared to Muyuan's upstream focus, which is heavily influenced by commodity price fluctuations [3][4] Group 3: Valuation Comparisons - In the Hong Kong market, comparable companies such as Decon Agricultural and COFCO Joycome have long been valued at single-digit P/E ratios, reflecting market caution towards highly cyclical and asset-heavy industries like pig farming [5][6] - Both Decon and COFCO Joycome's market performance indicates that the Hong Kong market generally assigns lower valuation premiums to cyclical farming enterprises compared to their A-share counterparts [6] Group 4: Challenges and Strategic Path - Muyuan's upcoming Hong Kong listing aims to broaden international financing channels and enhance brand influence, but it faces the challenge of valuation disparity in a more mature market [7] - To attract international investors and align its valuation with its global leadership position, Muyuan must demonstrate its global expansion capabilities and the replicability of its cost advantages in Southeast Asia [7][8] Group 5: Globalization Strategy - The listing is a crucial step in Muyuan's global strategy, transitioning from a domestic leader to a globally recognized protein producer, which could shift market valuation logic from focusing solely on pig cycles to assessing global growth potential [8][9] - The long-term performance of Muyuan in the Hong Kong market will be a test of its cost management and execution of its globalization strategy, with its stock price dependent on international investors' confidence in its narrative of becoming a world-class player [9]

Core Insights - The article highlights the recognition of 3 "Special Contribution Entrepreneurs" and 20 "2025 Entrepreneurs" who exemplify long-termism and innovation across various industries in China, including liquor, manufacturing, energy, agriculture, internet, AI, and new consumption [1][2]. Group 1: Special Contribution Entrepreneurs - Ji Keliang, former chairman of Kweichow Moutai Group, transformed traditional brewing techniques into scientific data over 60 years, emphasizing quality over speed, which laid the foundation for Moutai's billion-dollar brand value [4][10][12]. - Zhang Ruimin, founder of Haier Group, is known for his continuous self-disruption and innovation, leading Haier from a struggling factory to a global leader in home appliances with over 400 billion yuan in revenue [18][20][21]. - Jiang Baoquan, founder of Nanjing Gold Foil Holdings, turned a failing workshop into the world's largest gold foil producer, emphasizing resilience and innovative management theories [25][27][29]. Group 2: 2025 Entrepreneurs - Ma Huateng, chairman of Tencent, focuses on "technology for good," committing to social responsibility and innovation in digital technology to drive high-quality economic development [31][34][41]. - Wang Ning, founder of Pop Mart, capitalizes on emotional value and consumer psychology, creating a successful business model around collectible toys that resonate with young consumers [43][45][46]. - Wang Xingxing, founder of Yushutech, leads advancements in humanoid robotics, achieving significant market presence and profitability while promoting technological innovation [48][49][51]. - Fang Hongbo, chairman of Midea Group, has successfully transformed Midea into a global technology group through strategic restructuring and a focus on efficiency and innovation [54][56]. - Liu Yonghao, chairman of New Hope Group, maintains a long-term vision in agriculture, achieving growth even during economic downturns by embracing new technologies [67][69][70]. - Liu Qiangdong, founder of JD.com, integrates the concept of "common prosperity" into business practices, ensuring fair profit distribution among stakeholders while enhancing supply chain efficiency [73][75][78]. - Li Dongsheng, founder of TCL, exemplifies global leadership in semiconductor display and photovoltaic sectors, driving innovation and sustainable growth through strategic partnerships [110][111].

有投资者在互动平台向牧原股份提问："董秘，您好！股价的连跌已经明确：现在在港股增发绝不是好 的融资策略。目前内地的贷款利率如此之低，为什么偏要通过高成本（稀释股权价值且提升治理成本和 分红）和难以控制节奏的融资方式呢？强烈建议，退出港股增发计划，安心做好本职工作，降低单位成 本、提高市场占有规模、拓展逆周期的产品，可以做的事情很多，莫在无价值的工作上死磕。谢谢。" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：公告君 针对上述提问，牧原股份回应称："您好，本次港股发行最主要的目的是推进全球化战略，公司希望借 助香港全球金融中心地位，打造国际化资本运作平台，丰富融资渠道和工具，推进公司国际化战略布 局、提升企业形象及国际知名度，招揽更多国际人才，加速海外团队建设，加强与境外资本市场对接。 同时，公司也将借助本次在国际资本市场的亮相，传递公司在新发展阶段的投资价值，塑造良好的资本 市场形象，引入更多国际化、长期投资者，进一步优化股东结构，提升公司治理水平。感谢您的关 注！" ...