年薪最高给到50万元/年 近期，牧原股份对外公布了一批招聘计划，为越南专项招聘。 从岗位要求看，该招聘面向土木工程、工程管理、城乡规划、建筑学、工程造价、供应链管理等相关专 业，要求一定的工作经验，有海外工作经验者优先。语言能力方面，需掌握越南语、英语，能够熟练沟 通者优先。 近期，牧原股份对外披露越南专项招聘计划，以30万元/年至50万元/年的综合薪资，招募海外工程项目 经理、海外造价管理、海外规划设计等岗位人才，所有岗位均外派至越南西宁省，要求具备越南语、英 语沟通能力，岗位聚焦猪舍建筑相关领域。值得注意的是，此前牧原股份已启动越南籍国际管培生招 聘，最高年薪可达100万元。 种种人才布局背后，是牧原股份加速"出海"的明确意图。公开资料显示，公司于2024年与BAF越南农业 股份公司达成战略合作，去年越南当地媒体报道，双方将共建西宁省高科技楼房养猪项目，这也与此次 招聘岗位地点一致。 此前，牧原股份完成港股上市，计划将约60%的募集资金用于海外业务拓展，重点布局越南等东南亚市 场。 此次越南专项招聘的所有岗位，工作地点均为越南西宁省。 2月9日上午，牧原股份有关人士表示，公司在越南的项目为合作项目，目前尚 ...

记者|胥帅 编辑|程鹏魏官红杜恒峰校对|陈柯名 近期，牧原股份对外披露越南专项招聘计划，以30万元/年至50万元/年的综合薪资，招募海外工程项目经理、海外造价管理、海外规划设计等岗位人才， 所有岗位均外派至越南西宁省，要求具备越南语、英语沟通能力，岗位聚焦猪舍建筑相关领域。值得注意的是，此前牧原股份已启动越南籍国际管培生招 聘，最高年薪可达100万元。 种种人才布局背后，是牧原股份加速"出海"的明确意图。公开资料显示，公司于2024年与BAF越南农业股份公司达成战略合作，去年越南当地媒体报道， 双方将共建西宁省高科技楼房养猪项目，这也与此次招聘岗位地点一致。 从岗位要求看，该招聘面向土木工程、工程管理、城乡规划、建筑学、工程造价、供应链管理等相关专业，要求一定的工作经验，有海外工作经验者优 先。语言能力方面，需掌握越南语、英语，能够熟练沟通者优先。 此次招聘给出的综合年薪达30万元~50万元，主要岗位涉及海外工程项目经理、海外造价管理、海外规划设计等。其中，海外规划设计岗位需负责越南猪 场项目选址调研，综合评估地形地貌、水源电力、交通物流、防疫条件及当地土地、环保、畜牧准入政策，输出可行性分析报告，为项目决策 ...

生生生 生生生生生生生生生生生生生 生生生生 2 0 2 6 . 0 2 . 0 6 作者：姜振飞 联系方式： jiangzhenfei@zjtfqh.com 审核：李文涛 我公司依法已获取期货交易咨询业务资格 交易咨询证号：Z0015640 观点小结 生猪 定性 解析 从业资格证号：F03143941 交易咨询证号：Z0022201 临近春节终端备货接近尾声，屠宰企业开工率接近年度高点，下周上半周北方小年过后，家庭备货也 将基本结束，屠宰企业将陆续停工，现货价格也将逐步停止报价，因春节后是需求淡季，市场对春节后现货 价格预期较为悲观，因此养殖端在春节前出栏较为积极，从规模化样本企业小幅超额完成1月出栏计划以及 牧原将出栏体重降至120公斤以下，加上标肥价差持续走扩，肥猪出现相对偏紧的情况来看，春节前养殖端 出栏是积极的，这也降低节后的出栏压力。 核心观点 底部区间震荡 从上市企业业绩公告来看，2025年半数上市企业都是亏损的，结合期货价格以及现在的养殖成本来看， 2026年上半年实现盈利将比较困难，因此在预期2026年较为悲观的情况下，上半年养殖端压栏以及二育将较 为谨慎，持续的亏损也将促使一些低效能的企业 ...

Investment Rating - The report maintains an "Overweight" rating for the agricultural, forestry, animal husbandry, and fishery sector, indicating a positive outlook for the industry compared to the overall market performance [1][4]. Core Insights - The total net profit for the tracked companies in the agricultural, forestry, animal husbandry, and fishery sector is projected to be CNY 30.949 billion for 2025, reflecting a year-on-year decrease of 20%. The top three sub-sectors by profit growth are animal health (+76%), planting industry (+54%), and pet food (+3%) [3][4]. - The report highlights significant performance disparities among different sectors, with the animal husbandry sector facing challenges due to oversupply and declining prices, particularly in pig farming, where the average price of pigs dropped by 29.9% year-on-year [3][5]. - The pet food sector shows resilience in domestic markets despite a slowdown in overseas growth, with a projected online sales growth of 10.2% in 2025 [3][4]. Summary by Relevant Sections Animal Husbandry - The pig farming sector is expected to see a net profit of CNY 20.908 billion in 2025, down 26% year-on-year, with significant losses reported in Q4 [5][8]. - The chicken farming sector remains profitable, with white chicken prices stable and yellow chicken prices showing a 9.5% increase year-on-year [3][4]. Pet Food - Domestic pet food sales are projected to grow, with major companies like Guobao Pet and Zhongchong Co. expected to report net profits of CNY 0.678 billion and CNY 0.433 billion, respectively [3][4]. Planting Industry - The report notes a recovery in edible mushroom prices, with a projected net profit increase of 154% for Zhongxing Junye in 2025 [3][4]. - Blueberry prices have slightly decreased, but companies are expected to maintain profitability through volume sales [3][4]. Animal Health - The animal health sector is projected to see a net profit increase of 76%, driven by new product launches and increased demand for veterinary vaccines [3][4]. Seed Industry - The seed industry is facing challenges with low grain prices, leading to a mixed performance among companies, with Dabeinong expected to report a significant loss [3][4].

Investment Rating - The report maintains a positive investment rating for the pig farming sector, recommending continued investment in this area due to low historical valuations and potential recovery in prices [4][9]. Core Insights - The price of live pigs has dropped to 11.87 yuan per kilogram, indicating a potential restart of destocking in the pig farming industry [3][4]. - The report highlights that the average weight of pigs at slaughter is 127.4 kg, which is significantly higher than the same period in 2024 and 2025, suggesting an oversupply situation [4]. - The report anticipates a new wave of price declines for pigs after the Spring Festival, with the industry likely to face increased losses and further capacity reduction [4]. - The report notes that the average utilization rate of breeding facilities is currently high, which may contribute to the ongoing challenges in the industry [4]. Summary by Sections Pig Farming - The average price of live pigs is reported at 11.87 yuan/kg, with a week-on-week decrease of 2.8% [4]. - The average weight of pigs at slaughter is 127.4 kg, which is 4 kg heavier than the same period in previous years [4]. - The report indicates that the breeding sector has experienced three weeks of profitability but has recently returned to losses, with an average loss of 38 yuan per head [4]. - The report lists the monthly slaughter volumes of major listed pig companies, with a total of 13.08 million pigs slaughtered in January 2026, reflecting an 8.5% year-on-year increase [4]. Poultry Farming - The report states that the inventory of white feather broiler chickens remains high, while yellow feather chicken farming has been profitable for over five months [5][7]. - The average price of yellow feather broilers is reported at 14.95 yuan/kg, with a slight week-on-week decrease [7]. Cattle Industry - The report notes that the total cattle inventory in China has decreased by 8.6% as of the end of 2025, with expectations for continued declines in 2026 [9]. - The report suggests that declining cattle inventory is a precursor to rising beef prices, with predictions for accelerated price increases in the first half of 2026 [9]. Pet Food Market - The pet market in China is projected to grow by 4.1% in 2025, reaching a total market size of 312.6 billion yuan [8]. - The report highlights that the pet food market share has increased to 53.7%, with significant growth in core brands [8].

这是新消费智库第 2 7 5 7 期文章 新消费导读 1. 神探伍伍 | 低升糖指数原切苹果脆 2. 喜茶上线苹果小奶茉牛乳茶 3. 星期零推出 2026 马年新春限定礼盒 4. 七鲜 |12 度浓醇豆浆 5. 立顿推出香菜奶茶 6. 佳沃焕鲜香气蓝莓 7. 山姆 | 北京同仁堂有机黑果枸杞原浆 8. 海河乳品上新云顶藏金咸茶乳 9. 果子熟了无糖茶新品 7-11 上市 10. 盒马上新爆汁果粒双柚汁 11. 茉莉奶白开启 新年红 12. 爱羽乐正式官宣胡杏儿为品牌首位代言人 13. 统一推出「神采焕发 五黑芝麻乳」新品 ...... 一周新品 1. 神探伍伍 | 低升糖指数原切苹果脆 图片来源：AI生成 完整原切，低 GI 认证，清甜酥脆自然果香，科学工艺，锁住营养，优质红富士去皮去核，原切厚圈，更完整！ （ 食业头条 ） 2. 喜茶上线苹果小奶茉牛乳茶 近日， 喜茶上线苹果小奶茉牛乳茶。据品牌介绍，新品采用鲜牛乳（添加量 ≥ 12% ），添加了红富士苹果汁（添加量≥ 30g/L ）和茉莉 花茶（添加量≥ 8g/L ），不添加植脂末和速溶茶粉。其中，茉莉花茶是将来自云南、四川的烘青绿茶与大朵横州茉莉花反复窨 ...

2026年开年以来，港股IPO市场延续火热态势，新股扩容稳步加快，"A+H"两地上市热潮也在同步升温。根据安排，2月9日—13日这周，港交所将迎来6只 新股集中上市，分别为先导智能、沃尔核材、澜起科技、海致科技集团、乐欣户外和爱芯元智，其中澜起科技、先导智能、沃尔核材3家系A股上市公司， 这意味着"A+H"股阵营也将扩容。经统计，开年至今，港股市场已上市18只新股，其中"A+H"股占据了7个席位，港股市场"含A量"持续提升。另外值得一提 的是，2026年开年港股新股募资表现亮眼，目前已有牧原股份、东鹏饮料两只超百亿港元募资新股上市。 | 序号 证券代码 | | 证券名称 | | 上市日期 | 易集 | | --- | --- | --- | --- | --- | --- | | | | | િ | | [单位 | | 1 | 9981.HK | | 沃尔核材 ピ | 2026-02-13 | | | 2 | 2706.HK | | 海致科技集团 ピ | 2026-02-13 | | | 3 | 0470.HK | | 先导智能 ~ | 2026-02-11 | | | イ | 2720.HK | | 乐欣户 ...

Core Viewpoint - Muyuan Foods has completed its A+H share capital layout with its listing on the Hong Kong Stock Exchange, aiming to accelerate its international expansion despite a lukewarm market response and declining performance metrics [1][2][3]. Group 1: Company Performance and Market Response - Muyuan Foods' stock was priced at HKD 39 per share during its Hong Kong IPO, with a closing price of HKD 40.52, reflecting a modest increase of 3.9% on its first day [1]. - The total market capitalization of Muyuan Foods reached HKD 111.22 billion, which is relatively low compared to the overall market size of HKD 2300 billion [1]. - The company's performance has been declining, with a projected net profit for the previous year between CNY 151 billion and CNY 161 billion, representing a year-on-year decrease of 14.93% to 20.21% [3]. Group 2: Sales and Market Trends - In January, Muyuan Foods sold 7.009 million pigs, with an average selling price of CNY 12.57 per kilogram, down 16.92% year-on-year, leading to a total sales revenue of CNY 10.566 billion, a decline of 11.93% [4]. - The average price of pigs has dropped by CNY 1.22 per kilogram since mid-January, indicating ongoing market volatility [4]. Group 3: International Expansion Strategy - Muyuan Foods is focusing on international markets, particularly Southeast Asia, to mitigate domestic market challenges, with plans to establish operations in Vietnam [5][6]. - The company has partnered with BAF Agricultural Joint Stock Company in Vietnam, planning to invest approximately CNY 3.2 billion to build a high-tech pig farming facility [5]. - The company aims to leverage its technological advantages to penetrate markets in Vietnam, Thailand, and the Philippines, where pork consumption is expected to rise due to increasing income levels [5][6]. Group 4: Industry Context and Challenges - The Chinese pork industry is facing a stable demand environment, making it difficult for companies like Muyuan Foods to find growth opportunities domestically [2][6]. - The international expansion strategy comes with risks, including economic fluctuations, regulatory challenges, and political instability in target markets [7][8].

[Table_Page] 投资策略周报|农林牧渔 证券研究报告 [TAblE_TitlE] 农林牧渔行业 | [TAblE_G rADE] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-08 | 本周猪价小幅回落，优选成本领先的龙头猪企 [TAblE_SummAry] 核心观点： [分析师： TAblE_Author 钱浩] SAC 执证号：S0260517080014 SFC CE No. BND274 021-38003634 shqianhao@gf.com.cn 分析师： 郑颖欣 SAC 执证号：S0260520070001 021-38003632 zhengyingxin@gf.com.cn 分析师： 高一岑 SAC 执证号：S0260525100002 021-38003780 gaoyicen@gf.com.cn 分析师： 李雅琦 SAC 执证号：S0260524080006 021-68827265 liyaqi@gf.com.cn -10% -2% 6% 14% 22% 30% 02/25 04/25 07/25 09/2 ...

Core Viewpoint - The Hong Kong IPO market has seen a surge in activity since the beginning of 2026, with insurance capital accelerating its investments in this market, indicating a strategic shift towards global asset allocation and a preference for undervalued quality assets [1][2]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion, compared to HKD 2.620 billion for 12 IPOs in 2025 [1]. - Major cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with Ping An Life acquiring 6 million shares of Muyuan Foods, representing 2.2% of the base issuance, and Taikang Life acquiring 943,100 shares of Dongpeng Beverage, representing 2.31% of the H-share issuance [3][4]. Group 2: Market Dynamics and Preferences - The current low-interest-rate environment makes the Hong Kong market an attractive avenue for insurance capital seeking global asset diversification, especially given the lower valuations and higher dividend yields of H-shares compared to A-shares [2]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, aligning with national strategic priorities, and has shown a tendency to engage in competitive bidding for select IPO projects [3]. Group 3: Long-term Investment Logic - In 2025, Hong Kong's capital market regained its position as the global leader in IPO fundraising, with a total of USD 37.4 billion raised, marking a new high since 2021 and surpassing the total of the previous three years [5]. - The average first-day increase for new stocks was 23.8%, with a cumulative first-month increase of 30.7%, particularly strong in the biotech and healthcare sectors, making the IPO market appealing for insurance capital seeking stable returns [5]. - Tax advantages for insurance companies, such as exemptions on dividend income from H-shares held for over 12 months, enhance the attractiveness of investing in Hong Kong stocks compared to individual investors and mainland public funds [5].