Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [48]. Core Viewpoints - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 4.87% from October 31, 2025, to November 13, 2025, exceeding the index by approximately 5.04 percentage points [11]. - All sub-sectors within the industry recorded positive returns during the same period, with notable increases in agricultural product processing (9.03%), fishery (8.12%), animal health (5.57%), planting (4.57%), breeding (2.94%), and feed (2.45%) [12]. - Over 90% of individual stocks in the industry achieved positive returns, indicating strong overall market performance [13]. - The industry valuation has rebounded, with the overall price-to-book (PB) ratio at approximately 2.94 times as of November 13, 2025, which is still relatively low compared to historical levels [17]. Industry Important Data - **Pig Farming**: The average price of external three yuan pigs decreased from 12.52 CNY/kg to 11.74 CNY/kg during the reporting period. The cost of corn and soybean meal showed fluctuations, with corn priced at 2260.39 CNY/ton and soybean meal at 3072 CNY/ton as of November 13, 2025 [21][23]. - **Profitability**: As of November 14, 2025, self-breeding pig farming reported a loss of 114.81 CNY per head, while purchasing piglets resulted in a loss of 205.64 CNY per head, indicating a decline in profitability [26]. - **Poultry Farming**: The average price of broiler chicks was 3.49 CNY per chick, slightly down from the previous week, while the average price of white feather broilers increased to 7.12 CNY/kg, with a loss of 0.95 CNY per bird [28][31]. Industry Important News - The Ministry of Agriculture and Rural Affairs emphasized accelerating the self-reliance and controllability of seed technology during a recent meeting, highlighting the importance of domestic seed sources and innovation in the seed industry [35]. Company Important News - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others, which are positioned to benefit from industry trends and potential recovery in profitability [48][49].

牧原股份11月14日大宗交易平台出现一笔成交，成交量71.00万股，成交金额3540.77万元，大宗交易成 交价为49.87元。该笔交易的买卖双方均为机构专用席位。 进一步统计，近3个月内该股累计发生5笔大宗交易，合计成交金额为1.93亿元。 证券时报·数据宝统计显示，牧原股份今日收盘价为49.87元，下跌1.38%，日换手率为0.65%，成交额为 12.48亿元，全天主力资金净流出1.04亿元，近5日该股累计上涨0.32%，近5日资金合计净流出2.11亿 元。 两融数据显示，该股最新融资余额为50.68亿元，近5日增加3064.77万元，增幅为0.61%。（数据宝） 11月14日牧原股份大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业 | 卖方营业 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 部 | 部 | | 71.00 | 3540.77 | 49.87 | 0.00 | 机构专用 | 机构专用 | （文章来源：证券时报网） ...

| 权益类证券大宗交易 (协议交易) | | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | | | | | (元) | (万股/万份) | (万元) | | | | | 2025-11-14 | 002714 | 牧原股份 | 49.87 | 71.00 | 3,540.7 机构专用 | | 机构专用 | | 11月14日，牧原股份大宗交易成交71万股，成交额3540.77万元，占当日总成交额的2.76%，成交价 49.87元，较市场收盘价49.87元持平。 ...

格隆汇11月14日｜长江证券研报指出，牧原股份2025年前三季度实现归母净利润147.79亿元 （YoY+41%），其中单三季度实现归母净利润42.49亿元（YoY-56%）。成本优势下延续较好盈利，降 负债目标提前完成。生产成绩持续优化，成本显著下降，猪价下行期仍取得较好盈利。公司未来几年海 外资本开支的具体量级将根据海外业务的进展确定，但相比于国内的资本开支，预计将处于较低水平。 牧原股份已由高成长发展阶段步入高质量发展阶段，更加注重提升效率、深挖成本、降低负债，自由现 金流水平有望得到持续提高，同时海外市场带来更广阔的发展空间，预计2025、2026年公司实现归母净 利润155、176亿元，重点推荐。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company has transitioned from a high-growth phase to a high-quality development phase, focusing on efficiency improvement, cost reduction, and debt reduction. Free cash flow is expected to continue increasing, with overseas markets providing broader development opportunities. The projected net profit attributable to shareholders for 2025 and 2026 is estimated at 155 billion and 176 billion yuan, respectively, making it a key recommendation [2][11]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 111.79 billion yuan (YoY +16%) and a net profit attributable to shareholders of 14.779 billion yuan (YoY +41%). The net profit after deducting non-recurring gains and losses was 15.473 billion yuan (YoY +38%). In the third quarter alone, the company reported operating revenue of 35.327 billion yuan (YoY -11%) and a net profit of 4.249 billion yuan (YoY -56%) [4][11]. Operational Highlights - The company maintained a high growth in pig output, with approximately 69.16 million pigs sold in the first three quarters of 2025, a year-on-year increase of 38%. The number of market pigs sold was 57.32 million, up 27% YoY, while the number of piglets sold surged by 151% YoY [11]. - The company has successfully reduced production costs, with the average complete cost in September dropping to 11.6 yuan/kg. The average selling price for market pigs was approximately 13.6 yuan/kg, resulting in a profit of about 234 yuan per pig sold [11]. Debt Management - The company achieved its goal of reducing debt by 10 billion yuan ahead of schedule, with the debt-to-asset ratio decreasing to 55.5% as of the end of the third quarter. The total liabilities have decreased by approximately 9.8 billion yuan since the beginning of the year [11]. International Expansion - The company is making steady progress in its overseas business, having signed a cooperation agreement in September to establish a high-tech pig farming project in Vietnam. This initiative aims to replicate its technology and production system in international markets, potentially leading to significant profitability [11].

智通财经APP获悉，广发证券发布研报称，多家上市公司发布月度经营数据公告，2025 年10 月上市公 司整体生猪出栏环比增长;近期猪价震荡回落，再次跌破12 元/公斤，全行业持续亏损，考虑未来1-2 个 月仍为补栏淡季，预计仔猪价格将延续低迷态势，目前板块估值处于相对低位，优先选择有成本优势的 龙头企业。 广发证券主要观点如下： 上市公司出栏量跟踪 根据牧原股份、温氏股份、新希望等15 家上市公司发布月度经营数据公告，2025 年10 月上市公司整体 生猪出栏环比增长;25 年1-10 月整体生猪出栏量同比增长46.4%。出栏结构方面，补栏淡季仔猪需求低 迷态势延续，10 月上市公司整体仔猪销售占比保持相对低位;出栏体重方面，10 月份上市公司整体销售 均重环比上升0.8%。 10 月，唐人神、天康生物、神农集团、巨星农牧分别出栏商品猪61.9 万头、30.4 万头、33.5 万头、45.9 万头，环比分别+50.7%、+13.7%、+46.5%、+30.6%，同比分别+24.5%、+6.8%、+65.4%、+67.7%;25 年1-10 月，唐人神、天康生物、神农集团、巨星农牧商品猪累计出栏量分别438 万 ...

Core Viewpoint - The company, Muyuan Foods Co., Ltd., announced that its shareholder, Muyuan Industrial Group Co., Ltd., will lift the pledge on a portion of its shares, specifically 64,200,000 shares [2] Group 1 - Muyuan Foods received a notification from Muyuan Industrial Group regarding the lifting of share pledges [2] - The total number of shares being released from pledge is 64,200,000 [2]

Core Insights - The Shenzhen Leading Index (399653) closed at 3104.35 points, up 1.73%, with a trading volume of 105.65 billion yuan and a turnover rate of 0.96% [1] - Among the index constituents, 36 stocks rose while 12 fell, with Ruida Futures leading the gainers at an increase of 8.07%, and Binjiang Group leading the decliners with a drop of 3.33% [1] Index Constituents Summary - The top ten constituents of the Shenzhen Leading Index include: - Ningde Times (20.44% weight) at 415.60 yuan, up 7.56%, with a market cap of 1896.42 billion yuan [1] - Zhongji Xuchuang (8.35% weight) at 481.00 yuan, down 2.19%, with a market cap of 534.45 billion yuan [1] - Midea Group (7.67% weight) at 79.60 yuan, up 0.14%, with a market cap of 611.73 billion yuan [1] - Luxshare Precision (6.06% weight) at 57.38 yuan, down 0.68%, with a market cap of 417.85 billion yuan [1] - Sungrow Power (5.67% weight) at 190.51 yuan, up 1.53%, with a market cap of 394.97 billion yuan [1] - BYD (5.25% weight) at 99.83 yuan, up 2.11%, with a market cap of 910.17 billion yuan [1] - Wugong Liquor (4.41% weight) at 121.20 yuan, up 0.68%, with a market cap of 470.45 billion yuan [1] - Gree Electric (3.53% weight) at 41.00 yuan, down 0.36%, with a market cap of 229.66 billion yuan [1] - ZTE Corporation (2.83% weight) at 40.35 yuan, up 1.56%, with a market cap of 193.02 billion yuan [1] - Yuanlefang A (2.75% weight) at 4.04 yuan, unchanged, with a market cap of 151.15 billion yuan [1] Capital Flow Analysis - The net inflow of main funds into the Shenzhen Leading Index constituents totaled 3.862 billion yuan, while retail investors experienced a net outflow of 684 million yuan [1] - Notable capital flows include: - Ningde Times saw a net inflow of 2.655 billion yuan from main funds, while retail investors had a net outflow of 448 million yuan [2] - BYD had a net inflow of 607 million yuan from main funds, with retail investors experiencing a net outflow of 208 million yuan [2] - Zhongji Xuchuang had a net inflow of 409 million yuan from main funds, while retail investors had a negligible outflow [2]

格隆汇11月13日｜牧原股份公告称，近日收到股东牧原集团通知，其将持有的6420万股公司股份解除质 押，占其所持股份比例7.56%，占公司总股本比例1.18%，质权人为中信银行南阳分行，起始日为2023 年2月13日，解除日期为2025年11月12日。截至公告披露日，牧原集团及其一致行动人累计质押股份 1.73亿股，占其所持股份比例5.74%，占公司总股本比例3.16%。本次解除质押后，实际控制人及其一致 行动人剩余质押股份无实质性资金偿还风险，质押风险可控。 ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-103 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 一、股东部分股权解除质押的基本情况 股东名称 是否为控股股东 或第一大股东及 其一致行动人 本次解除质 押股份数量 占其所持 股份比例 占公司总股 本比例 起始日 解除日期 质权人 牧原集团 是 64,200,000 股 7.56% 1.18% 2023/2/13 2025/11/12 中信银行股份有 限公司南阳分行 注：1、因公司"牧原转债"处于转股期，总股本持续变化，本公告中的股份比例按照 2025 年 11 月 12 日公司总股本 5,462,771,033 股计算。 牧原食品股份有限公司 关于股东部分股权解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、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"）于近日收到公司股东牧原实业 集团有限公司（以下简称"牧原集团"）的通知，获悉牧原集团将所持有本公司 的部分股权办理了解除质押手续，具体事项如下： 二、股东股份累计被 ...