Investment Rating - The industry investment rating is "Positive" and is maintained [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market dynamics that promote capacity reduction, leading to a potential price turning point in Q2 2026, with long-term performance improvements anticipated for related stocks [3][43] - The structural growth trend in the post-cycle sector continues, with profits likely to gradually transmit downstream if the current round of pig capacity reduction proceeds smoothly, benefiting the animal health sector [3] - The planting chain shows a confirmed upward trend in grain prices, indicating favorable fundamentals for planting and seed industries, highlighting significant investment opportunities [3] - The pet food sector is experiencing growth and price increase logic, with continuous recognition of domestic brands and sustained growth of leading companies [3] Summary by Sections Pig Farming - The average price of live pigs as of December 31 was 12.76 yuan/kg, a week-on-week increase of 10.38%, while the average price of 15 kg piglets was 19.44 yuan/kg, up 2.21% week-on-week [12][51] - The supply side shows a widening price gap for fattened pigs, supporting price increases, while demand is boosted by consumption expectations during the New Year holiday [12][17] Poultry - The price of white feather broilers increased to 7.82 yuan/kg, up 6.39% week-on-week, and chick prices rose to 3.59 yuan/chick, up 1.7% week-on-week [17][51] - The supply of meat chickens has increased, leading to a more relaxed market supply, while demand has weakened due to some slaughterhouses reducing operations [17] Feed Sector - The prices of corn, wheat, and soybean meal have risen, with corn averaging 2351.57 yuan/ton, up 0.57% week-on-week, and soybean meal at 3172.29 yuan/ton, up 0.96% week-on-week [27][51] - Increased selling enthusiasm among farmers is noted, although the pace of supply remains slow [27] Major Agricultural Products - The domestic natural rubber futures price was 15605 yuan/ton as of December 31, down 0.29% week-on-week, with inventory levels increasing [38][51] - The current down cycle for sugar prices continues, with no significant recovery expected [39]

Investment Rating - The report assigns an "Accumulate" rating for the agricultural industry [9] Core Insights - In 2026, the pig and beef cattle farming sectors are expected to reach a cyclical turning point, with clear growth potential in the pet sector and significant opportunities in specialty planting [2][13] - Companies with complete production, sales, and research capabilities in the pet industry are likely to succeed amid competitive pressures [8] Summary by Sections Pig Farming - Price: The pig price is expected to remain low in the first half of 2026, leading to continued low profits in the industry [3] - Capacity: Policy and cyclical adjustments are driving capacity reduction, with a focus on cost improvement and growth potential in pig farming enterprises [3][27] - Debt Reduction: The average debt-to-asset ratio for listed pig farming companies has decreased to 56.27%, indicating improved financial health [27] Poultry Farming - White Chicken: The industry is experiencing deep price declines, with a return to supply-demand balance expected to take time [4][30] - Yellow Chicken: Prices may see slight recovery, supported by promotional activities for native chicken varieties [35] Beef Farming - Long Cycle: The beef farming cycle is lengthy, with a fragmented supply structure impacting pricing dynamics [39] - Price Outlook: A supply contraction is expected to support continued price increases for beef from 2025 onwards [46] Feed and Animal Health - Feed: The feed sector is anticipated to see growth in sales, with a positive outlook for 2026 as livestock numbers remain high [49] - Animal Health: Demand for animal health products may face pressure due to low profits in farming, but breakthroughs in key products are worth monitoring [58][59] Planting - Grain Prices: Grain prices are expected to trend upwards, driven by increased focus on food security and innovation in seed varieties [7][64] - Specialty Planting: Opportunities in specialty crops like blueberries and mushrooms are highlighted, with a focus on innovation and market demand [7][70] Pet Industry - Growth Potential: The pet market is thriving, with strong consumer willingness to spend, indicating clear growth prospects [8][13] - Competitive Landscape: Companies with integrated production, sales, and research capabilities are rare and likely to outperform in the competitive environment [8][13]

Core Insights - The core message emphasizes the importance of innovation and perseverance in the development of Muyuan Foods, which has grown from 22 pigs in 1992 to the world's largest pig farming enterprise [1][2] Group 1: Company Development - Muyuan Foods was founded in 1992 with an initial stock of 22 pigs and has faced numerous challenges over the years, ultimately achieving significant growth and becoming a leader in the industry [1] - The company successfully navigated the African swine fever crisis in 2018 by choosing to innovate rather than retreat, developing air filtration technology to protect pig farms [1] Group 2: Technological Innovation - The company plans to continue focusing on technological advancements, including the development of smart machinery to ease pig farming processes and creating models for disease prevention and food safety [2] - Muyuan Foods aims to enhance pork quality through breeding technology, ensuring consumers can access high-quality pork at reasonable prices [2] Group 3: Future Goals - The company’s future objectives include achieving the "three good" goals: good pigs, good people, and a good industry, reflecting a commitment to overall improvement in the sector [2] - The chairman believes that the more challenging the innovation, the more valuable it becomes, advocating for persistence and dedication in overcoming obstacles [2]

"选择是理性判断，而抉择往往是背道而行，在家人、朋友都不同意的艰难处境中，做出自己认定的正 确选择。"秦英林的创业初心，始于一段饱含辛酸与志气的青春记忆。1985年，因家贫借学费养猪却损 失惨重的经历，让他暗下决心：一定要学好养猪技术，让家人不再为生计发愁，让更多家庭的餐桌能端 上放心猪肉。为了这个初心，他放弃保送机会，毅然报考农业大学；拉着同班同学携手前行，一个学养 猪、一个学兽医，组建起"养猪防病"的黄金搭档；在校园里争分夺秒，用两年时间啃下四年课程，把所 有课余时间都献给了图书馆里的养猪技术资料；大学毕业时，婉拒北京的工作机会，义无反顾回到家 乡；1992年，更是借来兄弟盖房的钱，买回22头猪，开启了创业之路。这第一次"择业抉择"，不仅承载 着一个农村青年的逆袭梦想，更埋下了牧原"守护千家万户肉盘子"的民生种子，从此便再也没有停下前 行的脚步。 河南日报客户端记者 李栀子 通讯员 陈浩 2025年12月31日晚，"2025央视财经跨年之夜"的聚光灯下，牧原食品股份有限公司董事长秦英林的身影 格外动人。这位与猪相伴33载的企业家，带着牧原从22头猪的小专业户成长为全球最大养猪企业的奋斗 故事，以"创新越难 ...

【大河财立方消息】2025年12月31日晚，"2025央视财经跨年之夜"汇聚六大领域领军企业家，以"下一站，2026"为主题，展开了一场融合思想深度、行业洞 察与人文温度的年度对话。 牧原食品股份有限公司董事长秦英林作为现代农业的代表，以"创新越难，越有价值"为题，分享了33年养猪事业中的三次"抉择"，蕴藏着高中时期立志养好 猪的初心，也饱含着守护千家万户肉盘子的责任与担当。 校原食品股份有限公司董事长 秦英林 在企业发展过程中也遇到过许多难坎，秦英林分享了应对非洲猪瘟的关键抉择。2018年非洲猪瘟来袭，作为全球最难治的猪病，当时无药可治、无苗可防， 中国养猪业面临"灭顶之灾"。 在"不做等死"与"冲锋突围"的抉择中，牧原选择后者，决心研发空气过滤技术为猪舍"戴口罩"。面对单块过滤器750元、总投资超百亿的压力，团队联合专 家研发新材料，将成本降至230元，再通过精准通风将风量减少2/3，最终以不到1/9的成本攻克技术难关，不仅成功防住非瘟，更带动中国养猪业走出困 境，令全球同行惊叹。 如今，牧原已实现从简陋猪舍到楼房养猪、从手提肩扛到智能自动化的跨越式升级，在2018至2021年三年时间，规模提升三倍，跻身 ...

Group 1 - As of the report date, 1494 A-share companies have implemented share buybacks in 2025, with a total amount exceeding 1392.84 billion yuan [1] - Among these, 14 companies have repurchased more than 1 billion yuan, with Midea Group leading at 115.45 billion yuan [1] - Other notable companies include Kweichow Moutai with 59.99 billion yuan and CATL with 43.87 billion yuan in buybacks [1] Group 2 - The top companies by buyback amount include: - Midea Group: 15,707.08 thousand shares, 115.45 billion yuan [1] - Kweichow Moutai: 392.76 thousand shares, 59.99 billion yuan [1] - CATL: 1,606.23 thousand shares, 43.87 billion yuan [1] - XCMG Machinery: 35,771.18 thousand shares, 30.50 billion yuan [1] - Muyuan Foods: 5,749.49 thousand shares, 25.01 billion yuan [1]

证券时报·数据宝统计显示，牧原股份今日收盘价为50.58元，下跌0.61%，日换手率为0.70%，成交额为 13.42亿元，全天主力资金净流入4739.33万元，近5日该股累计上涨5.11%，近5日资金合计净流入3.99亿 元。 两融数据显示，该股最新融资余额为49.59亿元，近5日增加8923.30万元，增幅为1.83%。（数据宝） 12月31日牧原股份大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 盘折溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | | 25.80 | 1312.96 | 50.89 | 0.61 | 中信证券股份有限公司杭州 玉皇山南基金小镇证券营业 | 国泰海通证券股份有限公司 杭州新业路第一证券营业部 | | | | | | 部 | | （文章来源：证券时报网） 牧原股份12月31日大宗交易平台出现一笔成交，成交量25.80万股，成交金额1312.96万元，大宗交易成 交价为50.89元，相对今日 ...

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2.87亿元。该股近5个交易日累计 上涨5.11%，主力资金合计净流入2亿元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月31日，牧原股份收跌0.61%，收盘价为50.58元，发生1笔大宗交易，合计成交量25.8万股，成交金 额1312.96万元。 第1笔成交价格为50.89元，成交25.80万股，成交金额1,312.96万元，溢价率为0.61%，买方营业部为中 信证券股份有限公司杭州玉皇山南基金小镇证券营业部，卖方营业部为国泰海通证券股份有限公司杭州 新业路第一证券营业部。 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 买方营业部 (万元) | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-12-31 | 002714 | 牧原股份 | 50.89 | 25.80 | 1,312.96中信证券股份有限 | 国泰海通证券股份 | | | | | | | 公司杭州玉量山南 | 有限公司杭州新业 | | | | | | | 基金小镇证券昌亚 | 路第一证券营业部 | | | | | | | 新 | | 12月31日，牧原股份大宗交易成交25.8万股，成交额1312.96万元，占当日总成交额的0.97%，成交价 50.89元，较市场收盘价50.58元溢价0.61%。 ...

Core Viewpoint - The company has entered a phase of steady development, focusing on reducing overall debt levels while maintaining stable operations [2] Group 1: Financial Strategy - Capital expenditures are expected to gradually decrease as the company aims for a more sustainable growth model [2] - The company plans to issue bonds opportunistically based on market conditions, with interest rates on bonds issued this year showing a downward trend [2] - Efforts will be made to optimize the debt structure and lower financing costs, ensuring financial metrics remain at safer and healthier levels [2] Group 2: Operational Quality - The company is committed to enhancing overall operational quality as part of its financial strategy [2]