Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The industry is experiencing dual support for pig prices due to supply and demand factors, with expectations for continued pressure on large pig sales from individual farmers [4][13] - The overall trend indicates a reduction in breeding stock, with significant implications for the industry as losses in pig farming accelerate [26] Summary by Sections Weekly Observation - There is significant short-term pressure on large pig sales from individual farmers, while large farming groups face less pressure to meet annual sales targets [4][13] - As of December 5, 2025, the average price of pigs nationwide is 11.19 yuan/kg, showing a week-on-week decrease of 0.08 yuan/kg and a year-on-year decrease of 4.40 yuan/kg [4][13] Weekly Perspective - The pig farming sector is facing losses, leading to an accelerated reduction in breeding stock. The price of pigs continues to decline, creating deeper losses for farmers [26] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others [26] Market Performance (December 1-5) - The agricultural sector underperformed the market by 1.86 percentage points, with the Shanghai Composite Index rising by 0.37% while the agricultural index fell by 1.49% [28][32] - Notable stock performances include Haodangjia (+16.15%), Xiwang Food (+10.26%), and Biological Shares (+9.66%) [28][35] Price Tracking (December 1-5) - The average price of pigs on December 5 is 11.20 yuan/kg, with a slight increase from the previous week [38] - The average price of piglets is 19.26 yuan/kg, also showing a week-on-week increase [38] - Other agricultural products such as white feather chicken and beef have seen price increases, with corn futures rising by 2.50% [38][49] Major Meat Import Volumes - In October 2025, pork imports totaled 70,000 tons, a year-on-year decrease of 21.1%, while chicken imports were 7,100 tons, down 72.1% [55][57] Feed Production - In October 2025, the total industrial feed production in China was 29.07 million tons, reflecting a month-on-month decrease of 4.2% [57]

（来源：中国猪业） 来源：中国猪业 1.2 规模化企业产能调整进展 在政策压力和市场倒逼的双重作用下，头部养殖企业纷纷加快产能调整步伐。牧原股份的调整最为激 进，能繁母猪存栏从最高的362.1万头降至9月末的330.5万头，已提前完成32万头的调减目标，相当于减 少900万头肥猪供应。公司明确表示短期内不再新增母猪，显示出坚定的去产能决心。 目前，生猪行业仍处于周期性深度探底中，产能去化超预期但短期价格仍承压，2026年下半年有望迎来 趋势性反转。业内专家基于最新数据，预计2026年生猪均价14.9元/公斤，较2025年上涨5.1%。 核心观点：能繁母猪产能去化进程显著加速，10月末能繁母猪存栏降至3990万头，时隔17个月重回4000 万头以下，单月去化45万头，去化速度超0.8%。这一数据标志着行业供需拐点正在临近。 短期供应压 力依然巨大，12月全国生猪出栏量预计达7200-7300万头，同比增长2.5%-3.0%。规模企业为完成年度目 标集中出栏，叠加二次育肥猪源释放，供应端压力将持续至春节前。 消费端需求疲软，市场对猪肉消 费占比从2024年的58.3%降至2025年的54.2%，禽肉、牛羊肉替代效 ...

通过天眼查大数据分析，牧原食品股份有限公司共对外投资了156家企业，参与招投标项目153次，知识 产权方面有商标信息177条，专利信息1503条，此外企业还拥有行政许可303个。 牧原股份最新一期业绩显示，截至2025三季报，公司营业总收入1117.90亿元、同比增长15.52%，归属 净利润147.79亿元，同比增长41.01%，扣非净利润154.73亿元，同比增长37.90%，流动比率0.788、速动 比率0.313、资产负债率55.50%。 天眼查商业履历信息显示，牧原食品股份有限公司，成立于2000年，位于南阳市，是一家以从事畜牧业 为主的企业。企业注册资本546276.8135万人民币，实缴资本20000万人民币。公司法定代表人为曹治 年。 来源：市场资讯 据交易所数据显示，截至2025年12月5日收盘，牧原股份（002714）报收于48.83元，下跌0.27%，换手 率0.46%，成交量17.69万手，成交金额8.65亿元。 资金流向方面，今日主力资金净流入4442.91万元，占比成交额5.14%。其中，超大单净流出2947.37万 元、占成交额3.41%，大单净流入7390.28万元、占成交额8 ...

Group 1: Major Transactions - Bohai Chemical is planning to sell 100% equity of Tianjin Bohai Petrochemical and acquire control of Anhui Taida New Materials through a combination of share issuance and cash payment, leading to a significant asset restructuring [1] - Zhongneng Electric is set to acquire 65% equity and debt from three companies, which may constitute a major asset restructuring but will not involve share issuance or change in control [4] - Hai Tai Development has decided to terminate the acquisition of controlling interest in Zhixueyun Technology due to disagreements on key terms, ensuring no adverse impact on normal business operations [5] Group 2: Performance Updates - Wen's shares reported a sales revenue of 3.324 billion yuan from meat chickens in November, marking a year-on-year increase of 10.18% [6] - Shuguang shares saw a 71.07% year-on-year increase in vehicle sales, totaling 207 units in November [6] - Muyuan shares experienced a decline in sales revenue from commodity pigs, reporting 9.39 billion yuan, a decrease of 20.43% year-on-year [6] - Pengding Holdings reported a 5.58% year-on-year decrease in consolidated revenue for November [6] Group 3: Industry Developments - Xiangxi Dairy reported a 6.3% month-on-month increase in fresh milk production in November, although it saw a year-on-year decline of 6.47% [7] - Baisheng Intelligent plans to acquire 51% equity in Zhongke Shengu, which focuses on the research and application of core technologies for embodied intelligent robots [7]

牧原股份（002714）(002714.SZ)发布公告，2025年11月份，公司销售商品猪660.2万头，同比变动 11.80%(其中向全资子公司牧原肉食品有限公司及其子公司合计销售商品猪299.1万头);商品猪销售均价 11.56元/公斤，同比变动-28.73%;商品猪销售收入93.90亿元，同比变动-20.43%。 ...

【牧原股份申请境外上市外资股在港交所主板挂牌，上市聆讯已举行】12月5日，牧原股份公告称，公 司正开展申请境外上市外资股发行并在香港联交所主板挂牌上市的相关工作。 2025年12月4日，香港联 交所举行上市聆讯，审议公司本次发行并上市的申请。 公司本次发行并上市尚需获香港和香港联交所 等监管机构、交易所最终批准，存在不确定性。公司将依规及时披露进展，提醒投资者注意风险。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

本文源自：格隆汇 格隆汇12月5日丨牧原股份(002714.SZ)公布，公司正在进行申请境外上市外资股（H股）发行并在香港 联合交易所有限公司（简称"香港联交所"）主板挂牌上市的相关工作。香港联交所于2025年12月4日举 行上市聆讯，审议公司本次发行并上市的申请。公司本次发行并上市的联席保荐人已于2025年12月5日 收到香港联交所向其发出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信函不 构成正式的上市批准，香港联交所仍有对公司的上市申请提出进一步意见的权力。 ...

关于香港联交所审议公司发行 H 股的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 牧原食品股份有限公司（以下简称"公司"）正在进行申请境外上市外资股（H 股）发行并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上 市（以下简称"本次发行并上市"）的相关工作。香港联交所于 2025 年 12 月 4 日举行上市聆讯，审议公司本次发行并上市的申请。 | 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-108 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 特此公告。 牧原食品股份有限公司 董 事 会 2025 年 12 月 6 日 公司本次发行并上市的联席保荐人已于 2025 年 12 月 5 日收到香港联交所向 其发出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信 函不构成正式的上市批准，香港联交所仍有对公司的上市申请提出进一步意见的 权力。 公司本次发行并上市尚需取得香港证券及期货事务监察委员会和香港联交 所等相关监管机构 ...

Group 1 - Shareholder of Xidiwei plans to reduce holdings by up to 3% of total shares, amounting to 12.37 million shares [2] - Minsheng Bank successfully issued 6 billion yuan of 3-year floating rate financial bonds to optimize its liability structure [3] - Baisheng Intelligent intends to acquire 51% stake in Zhongke Shengu for 100 million yuan, with a preliminary valuation of up to 200 million yuan [4] Group 2 - Junshi Biosciences received acceptance for the new drug application of Rocaqi monoclonal antibody injection for treating moderate to severe plaque psoriasis [5] - Ganneng Co. announced the successful commissioning of its clean coal power project, achieving national performance standards [6] - Yuekang Pharmaceutical plans to issue H-shares and list on the Hong Kong Stock Exchange [7][8] Group 3 - Qingtang City received notice of expropriation for Huaneng Mall, which will be shut down pending approval processes [9] - Meilixin's controlling shareholder plans to increase holdings by 50 million to 100 million yuan, with a maximum price of 52 yuan per share [10] - Zhenghong Technology reported a 20.43% year-on-year decline in November pig sales revenue [11][12] Group 4 - GAC Group reported a 9.72% year-on-year decline in November automobile sales, totaling 179,700 units [16] - Oupokangshi received approval for clinical trials of a new eye drop for treating presbyopia [17] - Kang En Bei announced the resignation of its chairman and legal representative due to work adjustments [18] Group 5 - Jiangxi Changyun is set to receive 15.7 million yuan in compensation for the expropriation of part of its properties [28] - Tianrun Dairy reported a 2.99% month-on-month increase in November pig sales revenue [29] - New Point Software won a 54 million yuan contract for a digital smart community construction project [31]

Group 1 - The aquaculture sector experienced a decline of 1.0% on December 5, with Huaying Agriculture leading the drop [1] - The Shanghai Composite Index closed at 3902.81, up 0.7%, while the Shenzhen Component Index closed at 13147.68, up 1.08% [1] - Key stocks in the aquaculture sector showed varied performance, with Luoniushan rising by 5.40% to a closing price of 9.18 [1] Group 2 - Huaying Agriculture's stock price fell by 3.18% to 2.74, with a trading volume of 812,300 shares and a transaction value of 222 million yuan [2] - The overall net inflow of funds in the aquaculture sector was 25.5 million yuan, while retail investors saw a net outflow of 7.98 million yuan [2] - Major stocks like Muyuan Foods and Luoniushan had significant net inflows from institutional investors, with Muyuan Foods seeing a net inflow of 44.43 million yuan [3]