Core Insights - The report maintains a positive investment rating for the agricultural sector, particularly highlighting the resilience and growth potential in the pet food market and the cyclical recovery in the pig farming industry [1] Group 1: Pet Industry Performance - The pet food sales during the 2025 Double Eleven shopping festival reached 9.4 billion yuan, showcasing significant growth in the pet sector [11][12] - Major brands like Mai Fudi and Frigat led sales on platforms such as JD and Tmall, indicating strong competitive advantages [11][12] - The trend towards high-end and refined pet products is evident, with new processing techniques gaining market share [11][12][16] Group 2: Pig Farming Market Dynamics - As of November 14, 2025, the average price of pigs was 11.66 yuan/kg, reflecting a week-on-week decrease of 0.22 yuan/kg and a year-on-year decline of 4.79% [4][15] - The supply side is expected to contract due to overproduction in October and a reduction in breeding stock, while demand may increase due to seasonal consumption patterns [4][15] - The report suggests that the pig farming sector may enter a favorable investment phase as losses accelerate and market conditions stabilize [5][26] Group 3: Market Performance Overview - From November 10 to November 14, the agricultural index outperformed the broader market by 2.87 percentage points, with a 2.70% increase in the agricultural index compared to a 0.18% decline in the Shanghai Composite Index [28][29] - Key stocks such as Yuegui Co. and ST Jiawo saw significant gains, indicating strong performance within the agricultural sector [28][33] Group 4: Feed Industry Insights - The domestic feed market is benefiting from the recovery in livestock numbers and strong overseas demand, with a projected increase in feed production [26] - The report highlights the growth in feed production from 162 million tons in 2010 to 315 million tons in 2024, with a compound annual growth rate (CAGR) of 4.86% [26]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5]. Core Insights - The report highlights a significant increase in pig production in October, leading to ongoing supply pressure and price declines in the market [2][8]. - The report emphasizes the potential for long-term performance improvement in the pig farming sector due to recent policies and market dynamics driving capacity reduction [3][48]. Summary by Sections Supply and Demand Dynamics - In October, the total pig output from 14 listed companies reached 17.2 million heads, a month-on-month increase of 23.20% and a year-on-year increase of 25.85% [11]. - The average weight of pigs at slaughter increased to 126.27 kg, reflecting a slight month-on-month rise [15][17]. Investment Recommendations - The report recommends focusing on the pig farming sector, with specific stocks such as Muyuan Foods (牧原股份), Wens Foodstuffs (温氏股份), and others identified as potential investments [3][48]. - It also suggests opportunities in the feed and animal health sectors, driven by rising demand as pig inventories recover [3][48]. Market Trends - The report notes a downward trend in pig prices, with the average price dropping significantly due to increased supply and reduced consumer demand post-holiday season [13][17]. - The report indicates that the current price of pigs is around 11.73 yuan/kg, reflecting a week-on-week decline of 1.51% [17]. Agricultural Products - The report discusses the broader agricultural landscape, noting that grain prices are on an upward trend, which presents investment opportunities in the planting and seed sectors [3][48]. - It highlights the ongoing replenishment cycle in the rubber market, with prices currently at 15,215 yuan/ton, down 1.47% week-on-week [45].

股票回购增持再贷款政策工具推出以来，市场带动效应明显。日前，中国人民银行发布的2025年第三季 度货币政策执行报告显示，截至9月末，上市公司披露拟申请股票回购增持贷款金额上限超3300亿元， 金融机构签订贷款合同金额约3300亿元，已发放超1200亿元。 在业内人士看来，随着政策体系持续完善，股票回购增持再贷款政策工具已逐步构建起"政策激励—企 业响应—市场稳定"的传导路径，成为稳市机制建设的重要一环。它不仅直接带来数千亿元的潜在增量 资金，对稳定股价预期形成有效支撑，同时也有效发挥了逆周期调节功能，增强了A股在面对内外部冲 击时的韧性。 从首批上市公司"吃螃蟹"，到其他上市公司陆续跟进，股票回购增持贷款进展有序。Wind数据显示， 截至发稿，已有763家上市公司披露相关专项贷款公告，涉及金额超1500亿元。此外，中国诚通、中国 国新两家国有资本运营公司此前宣布拟使用1800亿元股票回购增持贷款资金，加大对所投上市公司的增 持力度。 "股票回购增持再贷款的常态化运行为市场构建了内在稳定器。"中国上市公司协会学术顾问委员会委员 程凤朝接受上海证券报记者采访时表示：一方面，该项工具帮助企业在市场低迷阶段缓解流动性 ...

（上接1版） 一位银行投顾人士告诉上海证券报记者，回购增持再贷款近一年来通过政策优化与规模扩张，已初步显 现出"稳市场、提信心、促活力"的多重效应，正逐步从"阶段性工具"向"常态化机制"演进。 从实践来看，参与企业结构多元、行业覆盖面广。化工、农业、科技、能源、医药、有色金属、消费品 等关键领域均有代表企业参与，既包括基础制造业龙头，也涵盖战略性新兴产业领军者，显示出政策对 不同类型、不同发展阶段企业的广泛支持。 展望未来，市场观察人士指出，随着审批流程进一步简化、质押率动态调整机制逐步优化，预计将有更 多上市公司启动"回购+增持"组合操作，进一步强化该工具的市场稳定器功能。在服务新质生产力培育 与经济高质量发展的宏观目标下，这一工具有望持续发挥桥梁与杠杆作用，为资本市场稳健运行注入更 多确定性。 同时，大额融资项目不断涌现。Wind数据显示，目前已有三峡能源、牧原股份、海尔智家、京东方A等 10余家企业获批专项再贷款额度均超过10亿元。例如，牧原股份从中信银行获得25亿元三年期股份回购 贷款，有力支撑其30亿元至40亿元的回购计划。 此外，从资金用途结构看，超七成公司倾向于将资金用于股份回购，涉及金额上限合 ...

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 ...