Group 1 - The company currently focuses on producing commercial pigs and is actively exploring opportunities for local specialty pig breeds, such as the "two-headed black pig" [1] - There is currently no capacity release from the company [1] - The company has signed contracts for multiple black pig-related projects, including the Yushan Black Pig industry chain and the Guixi high-end black pig project [2] Group 2 - Investors inquired about the progress of the signed black pig projects and whether there has been any capacity release that would contribute to the company's recent performance [2]

12月10日，华统股份大宗交易成交186.45万股，成交额1765.68万元，占当日总成交额的15.49%，成交 价9.47元，较市场收盘价9.47元持平。 | 权益类证券大宗交易(协议交易) | | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 买方营业部 (万元) | | 卖方营业部 | | | 2025-12-10 | 002840 | 华统股份 | 9.47 | 186.45 | 1,765.68+万宏源证券有限 | | 机构专用 | | | | | | | | | 公司上海黄浦区福 州路证券营业部 | | | ...

Group 1 - The company currently focuses on producing commercial pigs and is actively exploring opportunities related to local specialty pig breeds, such as the "Two-Headed Black" pig [1] - There is currently no capacity release from the company [1]

Group 1 - The core viewpoint of the article highlights the increasing demand for high-end pork from consumers and the strategic moves by leading companies to expand into the black pig breeding sector [1] - The company, Huadong Co., currently focuses on commodity pig production while actively monitoring opportunities for local specialty pig breeds like the "Two-Headed Black" [1] - There are currently no plans for capacity release in the black pig breeding sector, indicating a cautious approach to expansion [1] Group 2 - The company has implemented projects related to the Yushan black pig industry chain and high-end black pig production in Guixi [1] - There are inquiries about the company's strategies for deep processing of black pork products, brand development, and channel expansion, suggesting a potential interest in future growth areas [1] - The company has not provided specific details on its core breeding varieties, breeding models, or cost control strategies for black pig production [1]

Core Viewpoint - The company, Huatong Co., Ltd. (002840.SZ), is currently focused on producing commercial pigs and is actively exploring opportunities for local specialty pig breeds, such as the "Two-Headed Black" pig, but there is no capacity release at this time [1] Company Summary - The main production capacity of the company is currently dedicated to commercial pigs [1] - The company is paying attention to the layout opportunities for local specialty pig breeds [1] - There is currently no capacity release from the company [1]

Core Viewpoint - The company, Huadong Co., Ltd. (002840), has confirmed its strong financial position, indicating sufficient cash reserves and healthy operating cash flow, while maintaining stable profitability in its slaughtering segment [1] Financial Position - The company currently has ample monetary funds and good operating cash flow [1] - The bank credit lines available to the company are relatively generous, indicating no significant financial pressure [1] Business Operations - All business segments are operating normally, with a continuous reduction in breeding costs [1] - The profitability from slaughtering operations remains stable over the long term [1] Market Strategy - The company will closely monitor industry trends and its financial status to expand market financing channels [1]

格隆汇12月8日丨华统股份(002840.SZ)在互动平台表示，公司目前货币资金充足，经营性现金流良好。 各板块业务经营正常，养殖成本持续降低，屠宰盈利长期稳健。公司目前银行授信也比较宽裕，整体不 存在较大的资金压力。公司也将密切关注行业态势及资金状况，拓宽市场融资渠道。 ...

Core Viewpoints - The report anticipates a significant reversal in the livestock cycle, recommending Hong Kong-listed dairy farming stocks as core investments [1][12] - The monthly recommended portfolio includes YouRan Agriculture, Modern Farming, and Muyuan Foods, which are leaders in their respective sectors [1][3] Livestock Sector - The livestock sector is expected to benefit from a cyclical rebound, with a focus on both beef and milk production, as domestic prices are projected to rise significantly by 2027 [14][40] - The report highlights that the domestic milk price has been in decline for nearly four years, leading to pressure on production capacity, while the beef-to-milk price ratio has reached historical highs, prompting faster culling of dairy cows [14][40] Swine Sector - The swine sector is experiencing a gradual recovery, with leading companies expected to benefit from improved cash flows and dividend potential as industry capacity contracts [1][15] - The report emphasizes that the current valuation of leading swine companies is at historical lows, indicating potential for valuation recovery [15][22] Poultry Sector - The poultry sector is seeing an increase in supply, with expectations for demand recovery, particularly in the white-feathered chicken segment, which is entering a consumption peak [24][30] - The report notes that the price of broiler chickens has shown a slight recovery, with a projected increase in profitability for leading poultry companies [24][30] Pet Sector - The pet industry is identified as a promising new consumption sector, benefiting from the rise of domestic brands and emotional consumer trends [16][20] - The report recommends leading pet food companies, which are expected to continue their growth trajectory due to product upgrades and direct sales transformations [20][16] Feed Sector - The feed sector is highlighted for its deepening industrialization and clear division of labor, with leading companies expected to widen their competitive advantages through technology and service [1][3] Agricultural Products - The report tracks agricultural product prices, noting that the price of corn has increased by 4% month-on-month, while soybean meal prices are at historical lows, indicating a potential for future recovery [2][22] - The report also mentions that the egg market is under pressure from supply increases, while the demand for soybeans is tightening in the medium to long term [2][18]

Core Insights - The report anticipates a significant reversal in the livestock cycle, particularly recommending Hong Kong-listed dairy farming stocks [1][12] - The monthly recommended portfolio includes YouRan Agriculture, Modern Farming, and Muyuan Foods, which are expected to benefit from the livestock cycle recovery [1][3] - The report highlights the expected upward trend in domestic beef and milk prices, suggesting a strong recovery in the performance of livestock companies [1][14] Livestock Sector - The livestock sector is projected to experience a major turnaround, with a focus on dairy farming stocks such as YouRan Agriculture and Modern Farming [1][14] - The report indicates that the domestic beef and milk markets are likely to see a price rebound, driven by a reduction in production capacity and improved demand dynamics [1][14] - The anticipated "meat-milk resonance" is expected to enhance profitability for dairy farming companies, with significant earnings recovery potential [1][14] Swine Sector - The swine sector is expected to see a gradual recovery in prices, with leading companies like Huazhong and Muyuan Foods positioned to benefit from valuation corrections [1][14] - The report notes that the cash flow of leading swine companies is improving, which may lead to higher dividend payouts in the future [1][15] - The current market conditions suggest that the swine industry is stabilizing, with a focus on maintaining reasonable breeding levels [22] Poultry Sector - The poultry sector is experiencing a slight increase in supply, with expectations for demand recovery to support price stabilization [24] - The report highlights that the white-feathered chicken market is showing signs of recovery, with prices expected to improve as the consumption season approaches [24] - Leading poultry companies are anticipated to maintain strong profitability amid changing supply dynamics [24] Pet Industry - The pet industry is identified as a promising growth area, with domestic brands gaining traction and expected to benefit from rising consumer sentiment [1][16] - The report emphasizes the potential for local pet food brands to capture market share, particularly in the high-end segment [1][16] - The performance of leading pet food companies is projected to remain strong, driven by product upgrades and direct sales strategies [20] Feed Sector - The feed sector is expected to benefit from deeper industrialization in livestock farming, with leading companies leveraging technological and service advantages [1][14] - The report indicates that feed prices are at historical lows, providing a strong cost support for livestock producers [1][14] - The anticipated tightening of supply-demand balance in the feed market is expected to lead to gradual price recovery [1][14] Agricultural Products - The report tracks agricultural product prices, noting that the price of live pigs was 11.25 yuan/kg at the end of November, down 10% month-on-month, while the price of 7kg piglets increased by 18% [2][22] - The report also highlights that corn prices have increased by 4% month-on-month, indicating a potential bottoming out in the market [2][22] - The overall agricultural sector is showing resilience, with the SW Agricultural Index outperforming the broader market [2][22]

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]