Group 1 - Morgan Stanley increased its stake in Muyuan Foods (02714) by 1,266,140 shares at a price of HKD 40.3031 per share, totaling approximately HKD 51.0294 million [1] - Following the increase, Morgan Stanley's total shareholding in Muyuan Foods is approximately 31,061,200 shares, representing a holding percentage of 11.33% [1]

在10日晚上的小年联欢会上，近两百位职工与家属围坐品美食、唠家常，拔河、接力赛等趣味游戏依次 上演。 中新网郑州2月11日电(王佳宁)"这是我第一次在养猪场里过春节。"10日是北方的农历小年，河南汝州 市牧原现代农业综合体有限公司内暖意融融，经过严格检疫消毒，王辰睿带着弟弟来到了身为养猪工程 师的父母身边，一家四口在此团圆。 生猪养殖关乎千家万户"肉盘子"。作为全国生猪生产和猪肉供应大户，牧原实业集团有限公司(以下简 称牧原)春节期间多措并举守护消费者餐桌安全，上万名养猪工程师放弃返乡，坚守一线，做好生猪稳 产保供及冬季疫病防控工作。 图为职工家属进场区后合影。沈世成 摄 为让养猪工程师们过个暖心年，牧原早早就开始筹备组织家属进场团聚活动，安排专车接送、为随行孩 子准备保暖衣物和新年礼物。 (新春走基层)养猪场里的"团圆年" "来到这儿就像回家了一样，衣食住行非常贴心。"职工家属唐欢欢带着一双儿女来到丈夫身边，两个孩 子在进入场区的摆渡车上轻声哼起了歌曲。 "孩子正在隔离中心洗澡消毒，3个月没见了，应该又长高了一些。"养猪工程师陈延浩说，这是他和孩 子在场区过的第二个春节。 据统计，春节期间牧原各场区将陆续接 ...

北京商报讯（记者 陶凤 王悦彤） 2月11日，牧原股份在投资者互动平台表示，公司2026年1月的生猪养 殖完全成本在11.8元/kg左右。 ...

证券日报网讯 2月11日，牧原股份在互动平台回答投资者提问时表示，二级市场股价受多种因素影响。 公司自上市以来一直重视投资者回报，将持续做好经营管理，提升盈利能力，更好地为股东创造回报。 未来如有相关计划，将严格按照法律法规的要求及时履行信息披露义务。 （编辑 姚尧） ...

证券日报网讯 2月11日，牧原股份在互动平台回答投资者提问时表示，公司固定资产折旧政策是根据资 产类别、预期使用寿命及会计准则要求等综合制定的。公司的固定资产折旧等相关信息已在定期报告中 披露，不同类别有不同的折旧年限。 （文章来源：证券日报） ...

证券日报网讯2月11日，牧原股份（002714）在互动平台回答投资者提问时表示，公司自上市以来一直 重视投资者回报，将持续做好经营管理，提升盈利能力，更好地为股东创造回报。未来如有相关计划， 将严格按照法律法规的要求及时履行信息披露义务。 ...

Group 1: Banking and Wealth Management - The scale of bank wealth management products has decreased by approximately 815 billion yuan, with 14 major wealth management companies managing a total of 24.59 trillion yuan as of the end of January 2026, marking a decline for the second consecutive month since reaching a peak in November 2025 [1][2] - Despite the decline, there is optimism in the industry as low fixed deposit rates and a large amount of fixed deposits maturing in 2026 may lead to a reallocation of household wealth towards wealth management products [1] - Sales of bank wealth management products surged before the Spring Festival, with some products breaking sales records, indicating a potential recovery in the market [1] Group 2: Private Equity and Investment - The number of domestic private equity firms managing over 10 billion yuan has reached a record high of 122, increasing by 10 from the end of December 2025 [1] - Eight new private equity firms entered the 10 billion yuan club in January 2026, showcasing a growing trend in the private equity sector [1] Group 3: Energy Market - The EIA's short-term energy outlook report predicts that Brent crude oil prices will average $58 per barrel in 2026, up from a previous estimate of $56 per barrel, while WTI crude oil prices are expected to average $53.42 per barrel, an increase from $52.21 per barrel [2] Group 4: Silver Market - The World Silver Association forecasts that the silver market will experience a supply deficit for the sixth consecutive year in 2026, with a projected shortfall of 67 million ounces [3] - Global silver demand is expected to remain stable, driven by robust retail investment, which may offset declines in other key demand areas such as jewelry and industrial use [3] Group 5: IPO Market - The Hong Kong IPO market has been active in 2026, with fundraising exceeding 79 billion HKD, representing a year-on-year increase of over 1220% [3][4] - As of February 10, 2026, 422 companies are queued for IPOs in Hong Kong, with over 100 having submitted applications since the beginning of the year [3] Group 6: Credit Card Industry - In 2025, 65 credit card centers were closed, surpassing the total number of closures from 2020 to 2024, indicating a significant contraction in the credit card industry [4] - The trend of closing credit card centers is spreading from state-owned and joint-stock banks to city commercial banks, reflecting a shift from expansion to competition in the credit card sector [4] Group 7: Corporate Actions - Ningde Times issued its first green technology innovation bond for 2026, raising 5 billion yuan with a coupon rate of 1.70% [6] - Huazhang Technology plans to acquire 100% of Huayi Microelectronics for 29.96 billion yuan, aiming to enhance its packaging and testing business in the semiconductor sector [10]

Investment Rating - The overall investment rating for the agriculture industry is "Positive" [6][10]. Core Insights - The report emphasizes the importance of agricultural investment opportunities following the release of the central government's No. 1 document, which highlights the need for comprehensive capacity regulation in the pig farming industry [5][19]. - The report identifies potential investment opportunities in the livestock and planting sectors, particularly focusing on companies with low valuations and strong growth potential [6][10]. Summary by Relevant Sections Livestock Industry - **Pig Farming**: The average price for pigs is 12.14 CNY/kg, a slight decrease of 0.16 CNY from the previous week. The average price for piglets is 29.24 CNY/kg, which increased by 0.62 CNY [5][19]. The industry is experiencing a gradual reduction in production capacity, with the number of breeding sows decreasing by 2.9% year-on-year [6][20]. - **Chicken Farming**: The average price for broiler chickens is 14 CNY/kg, reflecting a 0.3 CNY increase. However, the industry is facing challenges with profitability, as the average loss per chicken is 0.26 CNY [21][22]. The report suggests that chicken prices may remain volatile in the medium term due to high production levels [21][22]. - **Investment Recommendations**: Companies such as Zhongchong Co., Muyuan Foods, and Suqian Agricultural Development are rated as "Buy" due to their strong market positions and growth potential [3][10]. Planting Industry - **Seed Industry**: The No. 1 document promotes the industrialization of biotechnology in agriculture, which is expected to enhance the seed supply chain and improve the market environment for genetically modified crops [11][23]. The report gives a positive rating for the seed industry, highlighting the long-term investment value of leading companies [11][23]. - **Grain Prices**: Recent trends indicate that grain prices are likely to continue rising due to increased demand and reduced supply. The average price for corn is 2394 CNY/ton, and for wheat, it is 2531 CNY/ton, both showing slight increases [12][24]. The report suggests focusing on investment opportunities in the planting sector, particularly in companies like Suqian Agricultural Development [12][24].

Core Viewpoint - The pig farming industry is undergoing a deep adjustment in a relaxed supply environment, with overall pig prices declining throughout 2025, despite a slight year-end recovery, remaining at relatively low levels. The competition is shifting from scale expansion to efficiency and collaboration within the industry chain [2][5][26]. Supply Capacity Analysis - The pig farming industry is expected to face supply pressure in the first half of 2026, with a projected output of 719.73 million pigs in 2025, a 2.4% increase, and a pork production of 59.38 million tons, a 4.1% increase [2][4]. - The breeding efficiency is improving, with the average number of weaned piglets per sow increasing from 18.32 in 2021 to 24.03 in 2024, indicating a reduction in production costs [4][6]. - The industry is experiencing increased concentration, with over 70% of pig farming being scaled, and the top 20 companies accounting for over 30% of output [4][5]. Demand Matching Capability Analysis - Overall pork consumption is expected to show weak recovery in 2026, influenced by population and income levels, with a projected per capita pork consumption of 26.6 kg per year, a 5.4% decrease from the previous year [8][9]. - The demand for pork is being affected by the availability of alternative meats, which may divert consumption away from pork [8][9]. - The overall pig price trend in 2025 was downward, with slight year-end recovery, but still at low levels, influenced by seasonal demand and supply pressures [9][11]. Industry Chain Position Analysis - The pig farming industry is positioned as a conversion link in the value chain, connecting upstream feed and breeding industries with downstream slaughtering and processing sectors [12]. - The bargaining power of upstream suppliers is weak, while the downstream bargaining power varies, with leading companies establishing long-term supply agreements to enhance pricing power [12][13]. - The competitive landscape is shifting towards efficiency and collaboration, with leading companies focusing on integrated operations across the supply chain [14][16]. Innovation Capability Analysis - The industry is guided by policies aimed at stabilizing production and improving quality, with a focus on enhancing breeding efficiency and reducing costs through technological advancements [17][19]. - Leading companies are leveraging technology to restructure cost advantages, while smaller firms are encouraged to innovate in niche markets [20][21]. - The regulatory environment is evolving towards more systematic management, emphasizing compliance and quality control across the supply chain [19]. Credit Rating Situation Analysis - In 2025, the agricultural sector issued 75 bonds totaling 51.134 billion yuan, with major issuers being leading companies like Muyuan Foods and New Hope [21][22]. - The industry is experiencing a divergence in credit quality, with larger firms maintaining stable financing channels while smaller firms face tighter financing conditions [25][27]. - The overall credit risk in the pig farming industry is manageable, with stronger companies expected to solidify their credit standing amid ongoing market pressures [27].

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The agricultural sector is expected to experience a cyclical recovery, particularly in the beef and dairy markets, driven by domestic and international demand [3] - The pig farming sector is anticipated to stabilize due to capacity control measures, benefiting leading companies with improved cash flow and cost advantages [3] - Poultry supply is expected to remain stable, with potential for increased cash flow returns for leading enterprises as demand recovers [3] - The feed industry is likely to see enhanced competitive advantages for leading companies due to deeper industrialization and specialization [3] - The pet industry is identified as a growth sector benefiting from demographic trends [3] Summary by Sections Livestock - Beef prices are expected to continue rising, with the average price for fattened bulls at 25.20 CNY/kg, stable week-on-week and up 8.15% year-on-year [2] - Dairy cow depopulation is likely to accelerate, with raw milk prices expected to reach a turning point in 2026 [2] - The pig price on February 6, 2026, was 12.05 CNY/kg, down 1.31% week-on-week and down 20.67% year-on-year [13] Poultry - Chicken supply has slightly increased, with a focus on seasonal consumption recovery [13] - Egg prices in major production areas were 3.44 CNY/jin, up 6.83% week-on-week and up 19.44% year-on-year [13] Feed - Soybean meal prices are at historical lows, with potential catalysts from weather or trade factors [2] - Corn prices are expected to maintain a stable upward trend, with a current price of 2331 CNY/ton, down 0.09% week-on-week but up 8.52% year-on-year [2] Key Companies and Investment Recommendations - Recommended livestock companies include YouRan MuYe and Modern MuYe [3] - Recommended pig farming companies include HuaTong Co., DeKang Agriculture, and MuYuan Co. [3] - Recommended poultry companies include LiHua Co. and YiSheng Co. [3] - Recommended feed company is HaiDa Group [3] - Recommended pet company is GuaiBao Pet [3]