农林牧渔行业资金流入榜 沪指12月24日上涨0.53%，申万所属行业中，今日上涨的有26个，涨幅居前的行业为国防军工、电子， 涨幅分别为2.88%、2.12%。跌幅居前的行业为农林牧渔、煤炭，跌幅分别为0.85%、0.70%。农林牧渔 行业位居今日跌幅榜首位。 资金面上看，两市主力资金全天净流入103.70亿元，今日有17个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨2.12%，全天净流入资金86.77亿元，其次是电力设备行业，日涨幅 为1.03%，净流入资金为37.58亿元。 主力资金净流出的行业有14个，有色金属行业主力资金净流出规模居首，全天净流出资金16.35亿元， 其次是基础化工行业，净流出资金为12.12亿元，净流出资金较多的还有医药生物、食品饮料、银行等 行业。 农林牧渔行业今日下跌0.85%，全天主力资金净流出4.65亿元，该行业所属的个股共105只，今日上涨的 有49只，涨停的有1只；下跌的有47只。以资金流向数据进行统计，该行业资金净流入的个股有38只， 其中，净流入资金超千万元的有10只，净流入资金居首的是平潭发展，今日净流入资金1.89亿元，紧随 其后的是好当家 ...

猪肉概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002714 | 牧原股份 | -2.47 | 1.11 | -20439.57 | | 000735 | 罗牛山 | -3.06 | 16.52 | -9506.18 | | 002157 | 正邦科技 | -2.00 | 2.69 | -8891.43 | | 002311 | 海大集团 | -2.63 | 0.59 | -3846.61 | | 300498 | 温氏股份 | -1.01 | 0.56 | -3315.30 | | 000860 | 顺鑫农业 | 0.07 | 1.06 | -1485.98 | | 603477 | 巨星农牧 | -0.18 | 1.10 | -1271.76 | | 603363 | 傲农生物 | -0.43 | 2.41 | -1228.25 | | 002458 | 益生股份 | -2.08 | 1.18 | -1212.58 | | 000876 | 新希望 | -0.33 | 0. ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000048 | 京基督衣 | 14.20 | 4.49% | 18.81万 | 2.63亿 | | 300313 | *ST天山 | 8.35 | 1.46% | 2.60万 | 2157.61万 | | 001201 | 东瑞股份 | 14.49 | 0.28% | 2.08万 | 3005.44万 | | 603717 | 天域生物 | 7.69 | 0.26% | 6.43万 ﻛ | 4918.25万 | | 002321 | 华英农业 | 2.40 | 0.00% | 26.81万 | 6432.89万 | | 600975 | 新五丰 | 5.84 | 0.00% | 9.52万 | 5545.14万 | | 002982 | 湘佳股份 | 13.92 | -0.07% | 1.82万 | 2522.72万 | | 603477 | 巨星农牧 | 16.94 | -0.18% | 5.63万 | 9495.49万 | | 000876 ...

Core Viewpoint - The A-share market has seen a significant wave of stock buybacks in 2025, with nearly 1,500 companies participating, reflecting a robust response to economic recovery and external fluctuations [2][3]. Group 1: Market Overview - As of December 23, the Shanghai Composite Index closed at 3,919.98 points, with a year-to-date increase of 16.95%, peaking above 4,000 points [1]. - The overall market has shown a "shock bottoming and gradual recovery" trend, supported by favorable policies and improved corporate earnings [3]. - The three major indices have all risen this year, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 16.95%, 28.37%, and 49.66%, respectively [3]. Group 2: Buyback Activity - Nearly 1,500 companies have initiated stock buybacks this year, with a total repurchase amount exceeding 1,400 billion yuan and over 13 billion shares repurchased [2][3]. - The buyback trend spans various sectors, including consumer, manufacturing, technology, and finance, indicating a comprehensive market support structure [2]. - Companies are increasingly using buybacks to enhance shareholder value and stabilize market expectations [2][3]. Group 3: Leading Companies in Buybacks - The top ten companies by buyback amount include Midea Group (11.55 billion yuan), Kweichow Moutai (5.99 billion yuan), and CATL (4.39 billion yuan) [1][6]. - Notably, Midea Group is the only company with a buyback amount exceeding 10 billion yuan this year [6]. - Companies like JD Display and XCMG Machinery have also made significant contributions to both buyback quantity and amount, showcasing their commitment to shareholder interests [6][7]. Group 4: Industry Participation - The manufacturing, consumer, and information technology sectors have the highest participation rates in buybacks, with leading firms like BOE Technology Group and XCMG Machinery actively repurchasing shares [4][5]. - These companies, backed by stable operating performance and ample cash flow, play a crucial role in stabilizing their stock prices and driving industry valuation recovery [4]. Group 5: Regulatory Support - The ongoing buyback trend is supported by regulatory policies, including the establishment of stock buyback and repurchase loans, which provide low-cost funding for companies [7]. - As of December 23, over 780 companies have disclosed receiving buyback loan support, with total loan amounts reaching over 100 billion yuan [7]. - The combination of these policies encourages companies to shift from passive stabilization to proactive value management [7][8].

今日（12.23），A股震荡走弱，大消费继续回调，消费ETF（159928）跌0.74%，盘中成交额超6.5亿元！资金面上，消费ETF（159928）盘中已获净申购超 4.7亿份，近20日已累计"吸金"超6亿元！截至12月22日，消费ETF（159928）最新规模超213亿元，同类持续领先！ 【欧盟乳品反补贴落地，深加工国产替代提速】 国盛证券指出，乳制品反补贴初裁落地，加征20%以上反补贴保证金。保证金金额以计税价格*临时反补贴税保证金比率确定。此前欧盟进口相关品类关税 税率多在8-15%之间，当前额外征收的反补贴保证金比例为21.9-42.7%区间，普遍接近30%。 变相提升进口价格，国产替代有望提速。根据高层调查，2020-24M3欧盟相关产品进口数量占中国相关乳制品总进口量的23.6-34.6%。根据中国奶业贸易月 报，2025年1-10月欧盟在中国进口奶酪中占比14.5%、稀奶油中占比29.4%。当前对欧盟征收反补贴税保证金，有望推动乳制品深加工业务向国内转移，当前 国内乳制品企业均在着力布局深加工业务，且目前国内奶价已低于海外，有望加速国产替代。 消息面上，高层发布初裁公告，裁定欧盟相关乳制品产品 ...

智通财经APP获悉，西部证券发布研报称，上市猪企25年11月出栏量为1825.81万头，同比+26.67%，环 比-2.96%。1~11月上市猪企累计出栏量增速稳定在20%左右，显示24年新增产能转化为出栏量后，产量 释放较为平衡。建议把握生猪养殖板块布局机会，关注出栏增长确定性强、经营稳健的猪企。推荐牧原 股份(002714.SZ)、温氏股份(300498.SZ)、唐人神(002567.SZ)、华统股份(002840.SZ)、巨星农牧 (603477.SH)。 西部证券主要观点如下： 上市猪企25年11月出栏量为1825.81万头，同比+26.67%，环比-2.96% 头部企业中，牧原股份/温氏股份/新希望生猪出栏660.20/435.35/156.75万头，同比分别+11.80%/ +49.71%/+24.44%，环比-6.70%/+11.83%/-6.98%。25年11月上市猪企出栏量同比上升、环比下降，原因 是(1)受产能提升及消费旺季等因素影响，11月上市猪企出栏量同比大幅上升，(2)上市猪企控制出栏进 度，出栏量环比小幅下降。上市猪企25年1~11月累计出栏量为1.76亿头，同比+21.42%。1 ...

消息面上，消费股年末补涨。据券商中国12月22日报道，在科技股集体到达短期高位后，此前缺席的消 费板块也迎来补涨行情。在一系列旨在扩大内需、提振消费的政策举措陆续出台后，过去的一周里，消 费、零售股迎来了久违的反弹，如百大集团（600865）单周涨幅高达51.59%，欢乐家（300997）涨超 40%，还有庄园牧场（002910）、上海九百（600838）等涨逾30%。其中，百大集团股价创10年来新 高；利群股份（601366）4日3涨停，上海九百连续2日涨停，中央商场（600280）、永辉超市 （601933）、茂业商业（600828）等最近几个交易日里也多次涨停。 12月22日，市场高开高走。中证食品饮料指数截至收盘微跌0.03%，成分股中，京粮控股（000505）、 红棉股份（000523）涨停。 相关ETF中，食品饮料ETF天弘（159736）走势震荡，截至收盘，成交额近2500万元。 此外，中证农业指数截至收盘涨0.69%。成分股中，罗牛山（000735）、海南橡胶（601118）涨停。 相关ETF中，农业ETF天弘（512620）截至收盘成交额超3200万元。资金流向上看，数据显示，截至12 月1 ...

证券日报网讯12月22日，牧原股份（002714）在互动平台回答投资者提问时表示，公司向金融机构申请 授信额度是为满足经营发展需求所做的准备，授信额度不等于实际融资金额，公司会根据实际经营需 要，审慎确定具体融资金额。在当前的市场行情下，公司会采取更为审慎的经营策略，优先保证现金流 的充裕与安全。同时，公司仍会持续推进降负债工作。 ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - The swine industry is entering an accelerated phase of capacity reduction, with a focus on positioning at the bottom of the market. Regulatory measures are being reinforced to stabilize pig prices, which are expected to face downward pressure in the short term due to increased market supply [3][15] - The poultry sector shows signs of fundamental improvement, with a focus on the white feather chicken breeding segment and potential price recovery in the future [4][28] - The animal health sector is closely monitoring the clinical trial progress of African swine fever vaccines, which could enhance market conditions for leading companies in the sector [5][38] - The pet industry continues to experience rapid growth, with domestic brands gaining strength and improving profitability [8][60] Summary by Sections Swine Industry - The average price of live pigs is reported at 11.53 CNY/kg, with a slight weekly increase. The number of breeding sows has decreased by 1.1% month-on-month [14][15] - Key investment recommendations include leading companies such as Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture and Shennong Group [3][15] Poultry Industry - The white feather chicken breeding segment has seen a total of 107.21 thousand sets updated from January to October 2025, with a balanced import and self-breeding ratio [4][28] - Recommended companies in this sector include San Nong Development and Lihua Shares [4][28] Animal Health - The animal health industry has faced losses for over three months, with expectations of continued low pig prices. The clinical trials for the African swine fever vaccine are a critical step towards commercialization [5][38] - Companies to watch include BioStock, Kexin Biological, and Ruipu Biological [5][38] Planting Industry - Grain prices are fluctuating, with corn prices at 2244 CNY/ton and wheat prices at 2515 CNY/ton. The pig-to-grain ratio is reported at 5.03 [44][48] - Investment suggestions focus on companies with strong positions in genetically modified seeds, such as Suqian Agricultural Development and Longping High-Tech [6][48] Feed Industry - Feed prices are experiencing fluctuations, with pig feed priced at 3.33 CNY/kg and chicken feed at 3.45 CNY/kg. The industry is expected to see increased concentration [49][50] - Recommended companies include Haida Group and He Feng Shares [49][50] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a year-on-year growth of 7.5%. The number of pet dogs and cats is also on the rise [59][60] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares [59][60]

2026 年度中国期货市场投资报告 天气扰动豆系，去化主导生猪 饲料养殖 内容提要： 葛妍 分析师 从业资格证：F3052060 投资咨询证：Z0017892 TEL：0516-83831165 E-MAIL： geyan@neweraqh.com.cn 英国萨塞克斯大学管理与金 融专业理学硕士，FRM 持证 人，中级经济师。主要从事 饲料养殖期货研究。 近期报告回顾 供给宽松延续 关注贸易流扰 动（季报）202509 供应端施压饲料养殖 关注事 件驱动（半年报）202507 贸易格局重构豆市格局 供强 需弱生猪难言乐观（年报） 202412 投资有风险理财请匹配 ◆ 国际大豆供需格局总体宽松，关注南美天气扰动。2026 年全球大豆供应 预计维持宽松格局。美国大豆丰产格局稳固，但价格上行仍受全球供应宽 松抑制；巴西大豆产量仍处创纪录水平，出口节奏保持强劲；阿根廷播种 进度加快，虽新作面积略有下调，但整体供应充足；中美经贸关系进入 "交易式管理"新阶段，大豆采购协议执行情况将成为影响美豆出口与价 格结构的关键。拉尼娜仍可能对南美单产构成扰动，需持续关注天气演变 对全球供应预期的调整。 ◆ 国内大豆进口维持高位， ...