北京商报讯（记者 郭秀娟 王悦彤） 1月16日，港交所官网显示，牧原股份通过港交所上市聆讯。本次 港股上市，牧原股份拟发行不超过5.46亿股H股（超额配售权行使前），募集资金将重点用于智能养殖 与育种技术研发、海外养殖及屠宰基地建设等方向，且明确不会用于国内新增产能建设。 ...

Group 1 - Xibei's Vice President has resigned, and 102 stores will close nationwide, affecting approximately 4,000 employees, due to previous losses exceeding 500 million [2][7] - Central University of Finance and Economics' He Qiang warns of excessive speculation in the stock market, suggesting regulatory measures to prevent a "crazy bull" market [2][7] - Muyuan Foods expects a net profit of 15.1 to 16.1 billion yuan for 2025, with a significant reduction in production costs and plans for international expansion [2][7] Group 2 - Some brokerage firms face a shortage of margin trading quotas, leading to a potential slowdown in leveraged investments as the financing balance exceeds 2.6 trillion yuan [3][8] - Nvidia has lowered its copper demand forecast from 500,000 tons to 200 tons, causing a nearly 3% drop in copper prices, indicating a shift in market expectations [3][8] - A-shares show three signals indicating a cooling market, with a focus on maintaining a "slow bull" market through regulatory actions [3][8] Group 3 - Brain-computer interface company NaoHu Technology has begun construction of a "super factory," indicating a move towards large-scale production in the sector, with related stocks seeing increased investment [4][9] - The China Securities Regulatory Commission has outlined tasks for 2026, focusing on market stability, regulatory enforcement, and promoting company development [4][10] - CITIC Securities predicts an influx of 1.5 trillion yuan in new capital for A-shares in 2026, supporting a slow bull market [4][10] Group 4 - Multiple A-share companies have reported positive earnings forecasts for 2025, with SAIC Motor expected to see a profit increase of 438% to 558%, reflecting a recovery in industry conditions [5][10]

Group 1 - The core viewpoint of the article highlights the increasing demand for amino acids in various industries, particularly in animal feed, pharmaceuticals, and food sectors [1] - Huaheng Biological (688639.SH) confirmed that its L-valine and other amino acid products play a crucial role in promoting protein synthesis and maintaining normal metabolism and health in animals [1] - The company supplies its amino acid products to major clients, including Muyuan Foods and Haida Group [1]

Core Viewpoint - The A-share market is experiencing an increase in performance announcements as the deadline for annual report forecasts approaches, with over 280 companies having disclosed their 2025 annual report forecasts by January 16, representing nearly 5.2% of the total market [1]. Group 1: Performance Forecasts - Nearly half of the disclosed companies have positive performance forecasts for 2025, with around 140 companies (47.6%) expecting an increase, slight increase, turnaround, or continued profit [3]. - The breakdown of positive forecasts includes 26.9% expecting an increase, 14.7% a slight increase, 5.6% a turnaround, and 0.3% continued profit [3]. - Conversely, about half of the companies are expected to incur losses in 2025, with 19.6% continuing losses, 10.5% first-time losses, 8.7% reduced losses, 4.9% increased losses, and 4.5% reduced forecasts [3]. Group 2: Industry Distribution - The sectors with the highest number of companies expecting positive performance include basic chemicals, electronics, automotive, pharmaceutical biology, and machinery, accounting for nearly 56.6% of the positive forecast companies [3]. - In terms of loss forecasts, the sectors with the highest concentration of expected losses are electronics, electrical equipment, construction decoration, machinery, and pharmaceutical biology [4]. Group 3: Individual Company Performance - Among the disclosed forecasts, 11 companies are expected to have a net profit (lower limit) exceeding 5 billion yuan, with Zijin Mining leading at 51 billion yuan [8]. - Other notable companies with significant profit forecasts include Luoyang Molybdenum, Luxshare Precision, WuXi AppTec, Muyuan Foods, and Baofeng Energy, all exceeding 10 billion yuan [8]. - A total of 48 companies are expected to see their profit growth double, with Kewen Biological, Zhongtai Shares, SAIC Motor, and Bawei Storage among the top performers [8]. Group 4: Turnaround Companies - There are 16 companies expected to turn around from losses, with Kewen Biological leading with a projected profit growth of over 10 times [10]. - Other companies with significant turnaround forecasts include Zhongtai Shares, Huazheng New Materials, and Haowu Shares, all showing growth rates above 2 times [10]. - The sectors with the most turnaround companies include machinery, basic chemicals, agriculture, automotive, and others [10].

Core Viewpoint - The stock price of Muyuan Foods Co., Ltd. has experienced a decline of 6.43% since the beginning of the year, with significant drops in recent trading days, indicating potential challenges in the market [2]. Group 1: Stock Performance - As of January 16, the stock price of Muyuan Foods fell by 2.01% to 47.33 CNY per share, with a trading volume of 1.612 billion CNY and a turnover rate of 0.88%, resulting in a total market capitalization of 258.553 billion CNY [1]. - The stock has seen a decline of 4.88% over the last five trading days, 4.56% over the last 20 days, and 2.81% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Muyuan Foods reported a revenue of 111.79 billion CNY, representing a year-on-year growth of 15.52%, and a net profit attributable to shareholders of 14.779 billion CNY, which is a 41.01% increase year-on-year [2]. - The company has distributed a total of 26.576 billion CNY in dividends since its A-share listing, with 16.594 billion CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders in Muyuan Foods decreased by 11.19% to 185,600, while the average circulating shares per person increased by 12.60% to 20,534 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 183 million shares, an increase of 33.6999 million shares compared to the previous period [3].

Summary of Key Points from Conference Call Records Industry Overview: Soybean and Plant Oil Market Soybean Industry Insights - Global soybean yield has potential for growth, with Brazil's planting area reaching a historical high. The main drivers of demand are crushing needs from China, the US, and Brazil, while Argentina's demand is declining. China's imports are increasing, Brazil's exports are rising, and US exports are decreasing. The high yield and low-cost competitive landscape in South America will continue to suppress global soybean prices, which are expected to remain in a low range [1][2][23] - In Q1 2026, South America may experience La Niña effects, leading to a higher probability of reduced production in Argentina, but Brazil's increased production may provide a buffer. The US is transitioning between neutral and El Niño phases, with varying impacts on soybean yields [3] - The cost of US soybeans is higher than that of Brazil, with 2026 costs expected to fluctuate between 1,076 and 1,171 cents per bushel, while Brazil's median cost is around 842 cents per bushel, giving it a competitive advantage [4] Plant Oil Market Dynamics - The global vegetable oil market is experiencing a tight supply-demand balance, with total production increasing but demand growing faster, leading to stable or slightly reduced ending stocks year-on-year. The supply-demand structure for soybean oil is particularly tight, while sunflower oil is in a more strained position [5][6] - Malaysia's palm oil production is expected to improve due to favorable factors such as increased fertilizer imports and labor availability, with palm oil production in 2026 anticipated to exceed expectations [8] - Indonesia's palm oil planting area continues to expand, with government actions to increase state-owned plantation ratios and improve market pricing power. The introduction of pollination technology aims to address aging tree issues [11][13] Future Trends and Risks - The global biodiesel demand is expected to shift focus to the US in 2026, with significant growth anticipated, while Indonesia's growth rate is slowing. The US EPA's proposal to adjust renewable diesel fuel equivalency values may marginally increase biodiesel demand [16][17] - The soybean market is expected to remain under pressure due to high production and low costs in South America, with prices likely to fluctuate at lower levels. The potential for a rebound will depend on weather and macroeconomic factors [23][24] - The palm oil market outlook indicates cautious optimism, with Indonesia's government policies potentially stabilizing demand, but risks remain regarding supply chain disruptions and aging tree issues in Malaysia [25][26] China and Global Trade Implications - China's soybean imports are projected to increase significantly in the 2025/26 period, while India's total vegetable oil imports are expected to decline. The dynamics between China and India regarding vegetable oil trade will be crucial to monitor [15][28] - The relationship between China and Canada regarding canola trade is uncertain, with potential for increased imports if trade tensions ease. The ongoing geopolitical landscape will influence trade flows and pricing [40][41] Conclusion - The soybean and plant oil markets are characterized by a complex interplay of supply, demand, and geopolitical factors. The competitive landscape is shifting, with South America maintaining a strong position due to low costs and high yields. Future price movements will be influenced by weather conditions, trade policies, and domestic demand trends in key markets like China and India.

Core Viewpoint - The company, Muyuan Foods Co., Ltd., anticipates a net profit of 14.7 billion to 15.7 billion yuan for 2025, despite a decline in overall profitability due to fluctuations in the pig market [1] Group 1: Financial Performance - The expected net profit for 2025 is between 14.7 billion and 15.7 billion yuan, with a non-net profit forecast of 15.1 billion to 16.1 billion yuan [1] - The average selling price of commodity pigs has decreased year-on-year, impacting the company's overall profitability [1] - In 2024, the average cost of pig farming is projected to decrease to around 12 yuan per kilogram, down from 14 yuan per kilogram in 2024 [2] Group 2: Sales and Production - In the previous year, the company sold 77.981 million commodity pigs, generating sales revenue of 132.811 billion yuan [3] - The slaughter volume for the previous year exceeded 28 million heads, achieving a year-on-year growth of over 100% [4] - The company aims for significant growth in its slaughter meat business in 2025, with a successful quarterly profit expected in Q3 due to capacity release and operational optimization [3] Group 3: Strategic Initiatives - The company is actively pursuing international expansion, with significant developments in Southeast Asia through partnerships with companies in Vietnam and Thailand [5] - The company’s Hong Kong stock issuance project has received approval from the China Securities Regulatory Commission, which is expected to support its international business [5] - The company is recognized for its strong counter-cyclical profitability during the downturn in pig prices, leveraging cost advantages and scale to maintain stable earnings [5]

1月15日，牧原股份跌0.21%，成交额17.39亿元。两融数据显示，当日牧原股份获融资买入额1.87亿 元，融资偿还1.57亿元，融资净买入3070.54万元。截至1月15日，牧原股份融资融券余额合计53.19亿 元。 分红方面，牧原股份A股上市后累计派现265.76亿元。近三年，累计派现165.94亿元。 机构持仓方面，截止2025年9月30日，牧原股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.83亿股，相比上期增加3369.99万股。华泰柏瑞沪深300ETF（510300）位居第七大流通 股东，持股4655.42万股，相比上期减少210.32万股。汇添富中证主要消费ETF（159928）位居第九大流 通股东，持股3452.69万股，为新进股东。易方达沪深300ETF（510310）位居第十大流通股东，持股 3361.68万股，相比上期减少106.36万股。华夏沪深300ETF（510330）退出十大流通股东之列。 责任编辑：小浪快报 融资方面，牧原股份当日融资买入1.87亿元。当前融资余额52.99亿元，占流通市值的2.01%，融资余额 低于近一年50%分位水平，处于较低位。 融 ...

Core Viewpoint - The company, Muyuan Foods (牧原股份), forecasts a net profit of between 15.1 billion to 16.1 billion yuan for the year 2025, indicating a decline of 14.93% to 20.21% compared to the previous year's profit of 18.925 billion yuan [1][3][9]. Financial Performance - The projected net profit for 2025 is between 15.1 billion to 16.1 billion yuan, down from 18.925 billion yuan in the previous year [3][9]. - The average cost of pig farming is expected to decrease to approximately 12 yuan per kilogram in 2025, down from 14 yuan per kilogram in 2024, reflecting a reduction of 2 yuan per kilogram [3][10]. Business Development - The company's meat processing segment is anticipated to achieve significant growth, with an expected slaughter volume exceeding 28 million heads in 2025, representing a doubling year-on-year [3][10]. - Muyuan Foods has successfully achieved quarterly profitability in its meat processing segment by the third quarter of 2025 [3][10]. Shareholder Information - The controlling shareholder, Muyuan Industrial Group, has completed the release of all share pledges, with the Qin Yinglin family now holding 55.11% of the company's shares in a zero-pledge state. The number of shares released from pledge amounts to 47.5 million, accounting for 5.6% of the total shares held by Muyuan Industrial Group [3][5][10]. International Strategy - Muyuan Foods is actively advancing its internationalization strategy, with significant developments in overseas operations, particularly in Southeast Asia through partnerships with companies like BAF in Vietnam and Charoen Pokphand Group in Thailand [3][12]. - The company aims to replicate its domestic technological and cost advantages in high-growth potential overseas markets, while integrating global resources to enhance its competitiveness [6][13].

Group 1 - The central bank has implemented a series of measures to support high-quality economic development, including a 0.25 percentage point reduction in re-lending and rediscount rates, and an increase of 500 billion yuan in re-lending for agriculture and small enterprises [3] - The U.S. White House announced a 25% import tariff on certain semiconductor products starting January 15, affecting Nvidia's H200 chip and AMD's MI325X, while excluding semiconductors for data centers and public sectors [3] - TSMC's Q4 2025 earnings exceeded expectations with a 35% year-on-year increase in net profit to approximately $16 billion, and the company raised its 2026 capital expenditure guidance to $52-56 billion, nearly 40% higher than previous estimates [3] Group 2 - The Ministry of Commerce plans to combine policies to promote consumption and improve people's livelihoods in 2026, focusing on key areas and potential growth points [4] - The National Development and Reform Commission reported that the total social financing scale in 2025 reached 35.6 trillion yuan, with a net cash injection of 1.31 trillion yuan [5] - The financial regulatory authority emphasized the need to effectively manage risks in small financial institutions and support the real estate sector through coordinated financing mechanisms [5] Group 3 - The A-share market showed divergence with high-level stocks experiencing significant declines, while the semiconductor industry and precious metals sectors performed well [7] - The Hong Kong stock market faced fluctuations, with the Hang Seng Index down 0.28%, while real estate stocks showed resilience [7] - The first gold ETF in China surpassed 100 billion yuan in circulation, becoming the largest in Asia [8] Group 4 - Major banks in the U.S. conducted over $140 billion in dividends and stock buybacks in 2025, exceeding previous records [21] - Goldman Sachs reported a 3% decline in Q4 2025 revenue to $13.5 billion, primarily due to its credit card business, while Morgan Stanley's revenue rose 10.3% to $17.89 billion [20][21] - The Ministry of Finance and the State Taxation Administration announced tax exemptions for foreign institutions investing in government bonds and local government bonds, extending until December 31, 2027 [22]