Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [1][4]. Core Views - The beef price is expected to continue rising, indicating a potential reversal in the beef cycle in 2025 [2][3]. - The pig industry is undergoing a "de-involution," which is likely to support long-term pig prices [1][3]. - The poultry sector is anticipated to benefit from seasonal demand recovery, with limited supply fluctuations [3][4]. Summary by Sections 1. Weekly Overview and Data Summary - The report highlights a steady increase in beef prices, with the average market price at 66.54 yuan/kg as of November 28, 2025, reflecting a week-on-week increase of 0.24% and a year-on-year increase of 8.83% [2][3]. - The average price of live pigs was reported at 11.19 yuan/kg, showing a week-on-week decrease of 4% [1][3]. 2. Fundamental Tracking 2.1 Swine - The report notes that the pig price is supported by industry adjustments, with a current price of 11.19 yuan/kg [1][3]. - The average wholesale price of pork is 17.83 yuan/kg, down 0.45% week-on-week and down 24.13% year-on-year [1][3]. 2.2 Poultry - The price of broiler chickens is 7.19 yuan/kg, up 0.56% week-on-week, while chick prices are slightly down at 3.47 yuan/each [1][3]. - The report indicates that the supply of yellow chickens remains stable, with prices showing slight increases [1][3]. 2.3 Beef - The beef market is experiencing a new round of price increases, with expectations for a bullish cycle in 2025 [2][3]. - The average price of raw milk is 3.03 yuan/kg, with a year-on-year decrease of 3% [2][3]. 2.4 Feed - The report emphasizes that the feed industry is benefiting from deeper industrialization and clearer division of labor, with leading companies expected to gain competitive advantages [3][4]. 2.5 Other Commodities - Soybean meal prices are stable, with a current price of 3100 yuan/ton, reflecting a week-on-week increase of 0.98% [2][3]. - Corn prices are also on a mild upward trend, currently at 2254 yuan/ton, up 1.21% week-on-week [2][3]. 3. Company Profit Forecasts and Investment Ratings - Key companies such as YouRan Agriculture and Modern Agriculture are rated as "Outperform" with respective prices of 4.36 yuan and 1.34 yuan [4]. - Mu Yuan Co. is highlighted with a projected EPS of 3.57 yuan for 2025, maintaining an "Outperform" rating [4].

证券研究报告 | 行业周报 gszqdatemark 2025 11 30 年 月 日 农林牧渔 生猪去化趋势不改，择机参与板块配置 本月热点：2025/11/28 全国瘦肉型肉猪出栏价 11.09 元/kg，较上月下跌 9.1%。行业亏损持续，2025/11/28 自繁自养头均盈利-147.99 元/头，较 上月减少 58.66 元/头，外购仔猪头均盈利-248.82 元/头，较上月减少 69.1 元/头，且旺季出栏比重加大，亏损对各个养殖主体来说实际影响更大。10 月官方公布能繁母猪下降至 3990 万头，在政策驱动与低价的共同发力下， 后续产能还将持续下行。此外，冬季疫病以及欧洲非洲猪瘟进展也值得关 注，在低价影响下行业的突发因素或将增多。当前生猪股票关注度回到低 位，产业的变化却在持续酝酿中，我们仍建议择机参与生猪配置。 生猪养殖：2025/11/28 全国瘦肉型肉猪出栏价 11.09 元/kg，较上月下跌 9.1%。考虑旺季亏损，养殖参与者的损失较大，我们预计未来较长时间成 本偏高的参与者面临减量压力，母猪产能数据变化仍将继续催化。当前估 值仍位于相对低位，关注低成本的猪企的配置机会，关注牧原股份、 ...

2025年11月28日，中国人民银行召开打击虚拟货币交易炒作工作协调机制会议。会议要求，各单位要把 防控风险作为金融工作的永恒主题，继续坚持对虚拟货币的禁止性政策，持续打击虚拟货币相关非法金 融活动。各单位要深化协同配合，完善监管政策和法律依据，聚焦信息流、资金流等重点环节，加强信 息共享，进一步提升监测能力，严厉打击违法犯罪活动，保护人民群众财产安全，维护经济金融秩序稳 定。 《证券期货市场监督管理措施实施办法（征求意见稿）》公开征求意见 （原标题：打击炒币，央行召开重磅会议；A股多个重要指数调整｜周末要闻速递） 要闻速递 央行召开打击虚拟货币交易炒作工作协调机制会议 中国证监会就《证券期货市场监督管理措施实施办法（征求意见稿）》公开征求意见。《实施办法》明 确列出责令改正、监管谈话、出具警示函、责令定期报告等十四类比较常用的措施，并将"法律、行政 法规、中国证监会规章规定的其他监督管理措施"作为兜底规定。 国家航天局设立商业航天司 持续推动商业航天高质量发展 国家航天局已于近期设立商业航天司，相关业务正在逐步开展，标志着我国商业航天产业迎来专职监管 机构，未来将持续推动我国商业航天高质量发展，产业链有望全 ...

农林牧渔 2025 年 11 月 30 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 29% 2024-11 2025-03 2025-07 农林牧渔 沪深300 相关研究报告 《生猪能繁去化加速，我国暂停进口 日本水产利多国内水产板块—行业周 报》-2025.11.23 《需求渐入旺季肉鸡价格有支撑，蛋 价下行蛋鸡淘汰或加速—行业点评报 告》-2025.11.17 《双十一宠物龙头表现亮眼，生猪超 卖及寒潮降温对猪价形成支撑—行业 周报》-2025.11.16 10 年末猪价存在供需双重支撑，牛周期景气持续性或 超预期 ——行业周报 陈雪丽（分析师） 王高展（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 年末猪价存在供需双重支撑，猪价中枢或逐步上移。据涌益咨询，截至 2025 年 11 月 28 日，全国生猪均价 11.20 元/公斤，周环比-0.42 元/公斤，同比-5.27 元/ 公斤，涌益样本生猪屠宰量略高于 2023 年同期。截至 2025 年 11 月 27 日，涌 益样本生猪出栏均重 129.22 ...

Group 1 - The supply of live pigs remains relatively loose, and due to policy guidance from the National Development and Reform Commission, large pig enterprises are reducing the weight of their marketings, which increases short-term supply pressure and leads to a significant decline in pork prices during the month [1][2] - The industry is experiencing expanded losses, with the number of breeding sows in the country entering a de-stocking phase since July, and the de-stocking trend accelerating in October, which may further elevate the price center for pigs in 2026 [1][2] - The cash flow of "low-cost+" pig enterprises is expected to improve significantly, continuously enhancing their intrinsic value [1][2] Group 2 - In October 2025, the total number of live pigs marketed by 15 listed pig enterprises reached 17.52 million heads, representing a year-on-year increase of 30% and a month-on-month increase of 23%, primarily due to the release of capacity by leading pig enterprises [3] - The average marketing weight of pigs from nine listed enterprises decreased to 121 kg, showing a year-on-year decline of 1.9% and a month-on-month decline of 1.5% [3] - The number of piglets marketed in October 2025 was 1.44 million heads, a year-on-year increase of 144%, with the proportion of piglets in total marketings rising by 0.4 percentage points to 20% [3]

2025年11月28日，全国最大养猪企业牧原食品股份有限公司（以下简称"牧原股份"）继首次递表失效后，再次向港交所主板更新并递交上市申请，联席保 荐人为摩根士丹利、中信证券、高盛。 牧原股份早在2014年于A股深市主板上市（股票代码：002714.SZ）。截至2025年11月28日收盘，牧原股份A股股价收报50.75元/股，上涨1.7%。若此次港 股发行成功，牧原股份将实现"A+H"两地挂牌。 | | 50.75 +0.85 +1.70% | | | | | 牧原股份 立即 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 002714 父易 | | | SZSE CNY 15:00:00 闭市 查看L2全景 | | | | | 通融バロナ | | | 牧原转债135.500(+1.28%) CPR:18.17% | | Wind ESG评级 | A | | 详情 | | 委比 | -65.27% 委差 | -3755 | 交生 | 36.16% 120日 | | 28.28% | | 卖力 | 50.80 | 3596 | 5日 | 5. ...

Core Viewpoint - The company Muyuan Foods Co., Ltd. has re-submitted its application for an IPO on the Hong Kong Stock Exchange after its initial submission expired, aiming for dual listing in both A-shares and H-shares markets [1][3]. Group 1: Company Overview - Muyuan Foods is the largest pig farming enterprise in China, having been listed on the A-share market since 2014 [1]. - As of November 28, 2025, the A-share price was CNY 50.75, reflecting a 1.7% increase [1][2]. - The company has maintained its position as the world's largest pig producer since 2021, with a global market share of 5.6% as of 2024 [4][6]. Group 2: Financial Performance - Revenue figures for Muyuan Foods from 2022 to 2024 were CNY 1248.26 billion, CNY 1108.61 billion, and CNY 1379.47 billion, respectively [5]. - In the first half of 2025, the company reported revenue of CNY 764.63 billion and a net profit of CNY 107.9 billion, with a gross margin increase from 7.7% in the first half of 2024 to 19.0% in the first half of 2025 [5]. Group 3: Strategic Initiatives - The IPO funds are intended for expanding overseas markets, enhancing R&D across the entire industry chain, and focusing on breeding, smart farming, nutritional management, and biosecurity [6]. - The company aims to leverage growth opportunities in emerging markets where per capita meat consumption is still low, such as Vietnam, the Philippines, and Thailand [6]. Group 4: Shareholding and Leadership - The direct controlling shareholder is Muyuan Industrial Group Co., Ltd., holding 15.54% of shares, while the chairman and president, Qin Yinglin, holds 20.86 billion shares [5]. - Qin Yinglin and his wife are ranked as the richest individuals in Henan province with a wealth of CNY 187 billion [6]. Group 5: Debt and Financial Risks - The company has shown significant changes in its debt structure, with net current liabilities reaching CNY 155.89 billion, CNY 310.76 billion, CNY 241.58 billion, and CNY 166.37 billion from 2022 to mid-2025 [8]. - The company acknowledges potential liquidity risks due to its past net current liabilities and the impact of external factors on its biological assets [8].

记者丨 刘婧汐 编辑丨高梦阳 2025年11月28日，全国最大养猪企业牧原食品股份有限公司（以下简称"牧原股份"）继首次递表失效后，再次向港交所主板更新并递交上市申 请，联席保荐人为摩根士丹利、中信证券、高盛。 牧原股份早在2014年于A股深市主板上市（股票代码：002714.SZ）。截至2025年11月28日收盘，牧原股份A股股价收报50.75元/股，上涨 1.7%。若此次港股发行成功，牧原股份将实现"A+H"两地挂牌。 | | 50.75 +0.85 +1.70% | | | | | 牧原股份 立即 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 002714 父易 | | | SZSE CNY 15:00:00 闭市 查看L2全景 | | | | | 通融バロ + | | | 牧原转债135.500(+1.28%) CPR:18.17% | | Wind ESG评级 | A | | 详情 | | 委比 | -65.27% 委差 | -3755 | 交生 | 36.16% 120日 | | 28.28% | | 家九 | 50.80 ...

2025年11月28日，全国最大养猪企业牧原食品股份有限公司（以下简称"牧原股份"）继首次递表失效 后，再次向港交所主板更新并递交上市申请，联席保荐人为摩根士丹利、中信证券、高盛。 牧原股份早在2014年于A股深市主板上市（股票代码：002714.SZ）。截至2025年11月28日收盘，牧原 股份A股股价收报50.75元/股，上涨1.7%。若此次港股发行成功，牧原股份将实现"A+H"两地挂牌。 此前，公司已于5月27日首次向香港联交所递交了发行境外上市外资股（H股）并在主板挂牌上市的申 请。根据港股规则，招股书满6个月后于11月27日失效。在招股书失效后的第二天，即11月28日，公司 迅速向港交所更新递交了本次发行上市的申请。此外，在更新递表前一日（11月27日）发布公告称，公 司于近日收到中国证券监督管理委员会出具的《关于牧原食品股份有限公司境外发行上市备案通知 书》。 牧原股份此次赴港上市，是其国际化战略的关键一步。 图源：招股书 根据弗若斯特沙利文统计，自2021年起，牧原股份按生猪产能及出栏量稳居全球第一，生猪出栏量连续 四年居全球榜首，以2024年数据计，其全球市场份额达5.6%，超过行业第二至第四 ...

Group 1: Financial Performance - 三环集团2025年归母净利润预计为2782百万，增速为27%[1] - 沪电股份2025年归母净利润预计为4042百万，增速为56%[1] - 明阳电气2025年归母净利润预计为789百万，增速为19%[1] Group 2: Revenue Growth - 三环集团2025年营业收入预计为9207百万，增速为25%[1] - 沪电股份2025年营业收入预计为18654百万，增速为40%[1] - 明阳电气2025年营业收入预计为7886百万，增速为22%[1] Group 3: Market Opportunities - AI服务器推动MLCC行业量价齐升，预计整机用量较传统架构提高300%[1] - SOFC技术迭代升级，度电成本已与燃气轮机接近平价，带来放量机会[1] - 牧原股份生猪屠宰量同比增长140%，Q3屠宰肉食业务实现单季度盈利[1]