Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The supply of fat pigs is tight, leading to an upward trend in pig prices before the New Year, supported by both supply and demand factors [4][14] - The export value of pet food has improved month-on-month, benefiting from increased export volumes, although the unit price remains under pressure [5][21] - The pig farming sector is experiencing accelerated losses, while the pet food sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [6][23][25] Summary by Sections Weekly Observation - The average price of live pigs in China as of December 28, 2025, is 12.21 CNY/kg, with a week-on-week increase of 0.78 CNY/kg and a year-on-year decrease of 3.49 CNY/kg [4][14] - The average weight of pigs sold is 129.70 kg, with a slight decrease from the previous week [14] Weekly Market Performance (Dec 22-26) - The agricultural index underperformed the market by 1.63 percentage points, with the Shanghai Composite Index rising by 1.88% and the agricultural index by 0.25% [26][30] Price Tracking (Dec 22-26) - The average price of live pigs is 11.63 CNY/kg, with a week-on-week increase of 0.05 CNY/kg [37] - The average price of broiler chickens is 7.82 CNY/kg, with a week-on-week increase of 6.39% [37] Key Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [6][23] - In the feed sector, recommended stocks include Haida Group and New Hope Liuhe [6][23] - For the pet food sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty [6][25]

Core Viewpoint - The company focuses on an integrated business model centered around livestock farming and slaughtering, with a strategic emphasis on pig farming and slaughtering [1] Group 1 - The company operates in the livestock farming and slaughtering industry, covering various segments including livestock farming, slaughtering, meat processing, and feed processing [1] - The company's main business activities include pig farming and slaughtering, which are considered its strategic priorities [1]

Core Viewpoint - The company, Huadong Co., Ltd. (002840), reported that all business segments are operating normally, with a continuous reduction in breeding costs and stable slaughter profits, alongside a significant decrease in the debt-to-asset ratio [1] Business Operations - The company indicated that its breeding costs have been decreasing throughout the year, contributing to stable profitability in the slaughter segment [1] - The company is focusing on its core business while enhancing operational efficiency and profitability [1] Financial Health - There has been a substantial reduction in the company's debt-to-asset ratio, indicating improved financial health [1] Market Sentiment - The company's stock price is influenced by various factors, including macroeconomic conditions and market sentiment, which introduces uncertainty [1] Investor Relations - The company emphasizes the importance of market value management and investor returns, implementing measures such as corporate governance, information disclosure, investor relations management, shareholder returns, and capital operations to enhance market value management [1]

Core Viewpoint - The company focuses on an integrated operational model centered around livestock and poultry farming and slaughtering, with a strategic emphasis on pig farming and slaughtering [1] Group 1: Business Operations - The company's main business includes livestock and poultry farming, slaughtering, meat processing, and feed processing [1] - The strategic focus remains on pig farming and slaughtering [1]

Group 1 - The company has received inquiries from investors regarding the risk of forced liquidation due to the stock price falling below the collateral safety line set by major shareholders [2] - The company stated that as of now, there is no risk of forced liquidation for the pledged shares held by the controlling shareholder and their concerted parties [2]

Group 1 - The poultry concept sector declined by 0.40%, ranking among the top declines in concept sectors, with major declines seen in companies like Roniu Mountain, Yisheng Shares, and Yike Foods [1] - Among the poultry concept stocks, only two companies saw price increases, with Jingji Zhino rising by 4.49% and Tangrenshen by 0.23% [1] - The top gainers in other concept sectors included Terahertz with a rise of 4.02% and Commercial Aerospace with 3.60% [1] Group 2 - The poultry concept sector experienced a net outflow of 209 million yuan, with 17 stocks seeing net outflows, and 8 stocks exceeding 10 million yuan in outflows [1] - Roniu Mountain had the highest net outflow of 95.06 million yuan, followed by Wens Shares and Tianma Technology with outflows of 33.15 million yuan and 12.76 million yuan, respectively [1] - The top net inflows were seen in Jingji Zhino, Tangrenshen, and Shuanghui Development, with net inflows of 9.19 million yuan, 3.65 million yuan, and 2.42 million yuan, respectively [2]

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 ...

证券日报网讯 12月22日晚间，华统股份发布公告称，公司于2025年12月22日召开了2025年第一次职工 代表大会，选举付开云先生为公司第五届董事会职工代表董事。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that Huadong Co., Ltd. (SZ 002840) held its 26th meeting of the fifth board of directors on December 22, 2025, to discuss the election of audit committee members and other related documents [1] - For the first half of 2025, Huadong Co., Ltd.'s revenue composition was as follows: slaughtering and meat processing industry accounted for 97.59%, other industries accounted for 1.56%, poultry farming accounted for 0.68%, and feed industry accounted for 0.17% [1] - As of the report date, Huadong Co., Ltd. had a market capitalization of 7.8 billion yuan [1] Group 2 - The article highlights a significant increase in sales for the new energy heavy truck sector, with November sales experiencing a year-on-year growth of 178% [1] - The demand for new energy heavy trucks is so high that customers are directly visiting factories to expedite orders, indicating a rare market situation [1]

证券代码：002840 证券简称：华统股份 公告编号：2025-138 浙江华统肉制品股份有限公司 关于选举第五届董事会职工代表董事的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《公司法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》等法律法规、规范性文件及《公 司章程》的有关规定，浙江华统肉制品股份有限公司（以下简称"公司"或"本 公司"）董事会设职工代表董事 1 名。公司于 2025 年 12 月 22 日召开了 2025 年 第一次职工代表大会，选举付开云先生为公司第五届董事会职工代表董事（简历 详见附件），任期自本次职工代表大会审议通过之日起至第五届董事会届满为止。 本次选举产生的职工代表董事将与公司 2023 年第五次临时股东大会选举产生的 非独立董事和独立董事共同组成公司第五届董事会。 附件：付开云先生简历 付开云先生：1984 年生，中国国籍，本科学历，中级经济师。历任浙 江义乌华统肉制品有限公司家禽事业部管理科科长、本公司总裁办副主任、 养殖事业部综合管理中心副总监等，现任 ...