Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The report highlights a weak fluctuation in pig prices, with the average price in December 2025 at 11.58 yuan/kg, down 0.09% month-on-month and down 26.76% year-on-year. However, a supply gap for heavy pigs is expected to lead to a price rebound [9][19]. - The white feather chicken prices showed an upward trend in December, with an average price of 3.67 yuan/jin, up 5.16% month-on-month, supported by tight supply and demand [9][25]. - Pet food exports maintained a year-on-year growth, with December 2025 exports at 37,700 tons, up 15.49% year-on-year, although the export value in USD decreased by 1.68% [9][32]. Summary by Sections Market Review - In December 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 0.24%, ranking 22nd among 30 sectors, while the Shanghai and Shenzhen 300 index increased by 2.28%, indicating a 2.04 percentage point underperformance [9][12]. Livestock Industry Data Tracking - **Pig Farming**: The average price of pigs in December was 11.58 yuan/kg, with a month-on-month decrease of 0.09% and a year-on-year decrease of 26.76%. The supply-demand dynamics are expected to stabilize, with a potential increase in prices due to supply gaps [19][24]. - **White Feather Chicken**: The average price for white feather chicken in December was 3.67 yuan/jin, reflecting a month-on-month increase of 5.16% due to tight supply and demand support [25][29]. Pet Food - Pet food exports in December reached 37,700 tons, a year-on-year increase of 15.49%, while the total export value for the year was 1.412 billion USD, down 4.62% year-on-year [32][34]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulaike, and Guobao Pet, all rated as "Buy" based on their earnings forecasts and relative valuation [1][9].

证券之星消息，1月23日饲料板块较上一交易日下跌0.29%，中宠股份领跌。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603668 | 天马科技 | 16.13 | 2.94% | 13.92万 | 2.22 乙 | | 688156 | 路德科技 | 19.76 | 2.44% | 2.96万 | 5794.28万 | | 001366 | 播恩集团 | 14.33 | 1.13% | 2.78万 | 3976.63万 | | 301498 | 乖宝宠物 | 71.33 | 0.85% | 3.09万 | 2.20亿 | | 920419 | 路斯股份 | 16.98 | 0.71% | 1.06万 | 1802.24万 | | 603363 | 傲农生物 | 4.31 | 0.70% | 40.50万 | 1.73亿 | | 002100 | 天康生物 | 7.0 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The public fund allocation in the agriculture, forestry, animal husbandry, and fishery sector has decreased by 0.15 percentage points, currently at a low allocation level of approximately 1.01%, which is 0.38 percentage points below the standard allocation ratio of 1.39% [15][21] - The report highlights a continued decline in holdings across various sub-sectors, with the feed sector experiencing the most significant drop of 0.14 percentage points [21] - Major public fund holdings are concentrated in leading companies within the livestock breeding industry and related agricultural sectors, with notable stocks including Muyuan Foods (0.28%), Wens Foodstuffs (0.07%), and others [22][24] Summary by Sections 1. Sector Allocation - The public fund allocation in the agriculture, forestry, animal husbandry, and fishery sector is approximately 1.01%, down 0.15 percentage points from the previous quarter, indicating a low allocation level compared to the standard ratio of 1.39% [15] 2. Sub-sector Holdings - The holdings in the feed and breeding sectors have both decreased, with the feed sector at 0.47% (down 0.14 percentage points) and the breeding sector at 0.43% (down 0.01 percentage points) [21] 3. Major Holdings - The report indicates that public fund holdings are primarily in leading companies in the livestock breeding chain and related agricultural sectors, with significant holdings in Muyuan Foods, Wens Foodstuffs, and others [22] 4. Investment Recommendations - In the pig farming sector, the report suggests that companies with cost advantages will have a significant competitive edge, recommending major players like Wens Foodstuffs and Muyuan Foods, while also highlighting potential in smaller firms like Tian Kang Biological and Shennong Group [37] - For the poultry sector, the report notes potential supply declines due to avian influenza, recommending attention to companies like San Nong Development and Yisheng Biological [37] - In the feed sector, the report remains optimistic about leading companies expanding their market share domestically and internationally, emphasizing the importance of cost efficiency [37] - The report also suggests monitoring developments in biotechnology and industry consolidation in the planting sector, recommending companies like Suqian Agricultural Development and Beidahuang [37] - In the pet industry, the report highlights the trend towards market consolidation and recommends companies like Guibao Pet and Zhongchong Co. [37]

证券之星消息，1月22日饲料板块较上一交易日下跌0.63%，中宠股份领跌。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。饲料板块个股涨跌见下表： 从资金流向上来看，当日饲料板块主力资金净流出9265.5万元，游资资金净流出3346.32万元，散户资金 净流入1.26亿元。饲料板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002385 | 大北农 | 2152.06万 | 7.96% | -2127.51万 | -7.87% | -24.55万 | -0.09% | | 002548 | 金新农 | 1098.24万 | 4.82% | -541.27万 | -2.38% | -556.97万 | -2.44% | | 603151 邦基科技 | | 511.79万 | 9.31% | -450.99万 | -8.20% | -60.80万 ...

证券之星消息，1月21日饲料板块较上一交易日下跌0.69%，傲农生物领跌。当日上证指数报收于 4116.94，上涨0.08%。深证成指报收于14255.12，上涨0.7%。饲料板块个股涨跌见下表： 从资金流向上来看，当日饲料板块主力资金净流出9594.33万元，游资资金净流入3263.52万元，散户资金 净流入6330.81万元。饲料板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002548 | 金新农 | 2161.14万 | 8.29% | -929.04万 | -3.56% | -1232.10万 | -4.72% | | 301498 | 乖宝宠物 | 1497.78万 | 4.65% | -159.65万 | -0.50% | -1338.13万 | -4.15% | | 002311 | 海大集团 | 651.69万 | 1.12% | -1286.03万 | -2.20% ...

Investment Rating - The overall industry investment rating is "Positive" for the planting and livestock sectors, "Neutral" for forestry and aquaculture, and "II" for agricultural product processing [7][8]. Core Insights - The pig price is experiencing a seasonal rebound, with the average price at 12.78 CNY/kg, a slight increase of 0.15 CNY from the previous week. However, the mid-term outlook remains pessimistic due to ongoing market pressures [6][23]. - The livestock industry is undergoing a capacity reduction, with the number of breeding sows decreasing to 39.90 million heads, down 1.1% month-on-month. This trend is expected to continue due to low market prices, rising epidemic risks, and policy pressures [7][24]. - The chicken industry is facing high capacity levels, with prices expected to fluctuate in the mid-term. The average price for broiler chickens is currently at 3.77 CNY/kg, reflecting a slight decrease [8][25]. - The yellow chicken market is anticipated to see price increases due to low production levels, with the average price at 12.95 CNY/kg [10][27]. - The veterinary medicine sector is experiencing a price rebound for key antibiotics, with a year-on-year increase of over 20% expected [11][27]. - The seed industry is benefiting from favorable policies and the advancement of genetically modified crops, which is expected to enhance sales and pricing for quality seed companies [13][28]. - Grain prices are projected to rise in the mid-term due to reduced imports and supportive domestic policies, with corn prices currently at 2369 CNY/ton [14][29]. Summary by Sections Livestock Industry - The average price for live pigs is 12.78 CNY/kg, with a slight increase of 0.15 CNY from last week. The average price for piglets is 25.14 CNY/kg, up 0.66 CNY [6][23]. - The operating rate of large-scale slaughterhouses is 38.58%, down 1.19 percentage points from last week [6][23]. - The number of breeding sows has decreased to 39.90 million heads, down 1.1% month-on-month, indicating a trend of capacity reduction [7][24]. Chicken Industry - The average price for broiler chickens is 3.77 CNY/kg, with a slight decrease of 0.03 CNY from last week [8][25]. - The industry is at a historically high capacity level, with prices expected to remain volatile in the mid-term [9][26]. - The yellow chicken market is expected to tighten supply, with prices likely to rise due to low production levels [10][27]. Veterinary Medicine - Key antibiotic prices are rebounding, with a year-on-year increase of over 20% expected [11][27]. - The market for veterinary vaccines is also growing, with increased sales anticipated for domestically produced vaccines [12][27]. Seed and Grain Industry - The seed industry is benefiting from favorable policies and advancements in genetically modified crops, which are expected to drive sales and pricing [13][28]. - Grain prices are projected to rise due to reduced imports and supportive domestic policies, with corn prices currently at 2369 CNY/ton [14][29].

Investment Rating - The investment rating for the light industry manufacturing and textile apparel sectors is "Neutral" [5][52]. Core Insights - The report emphasizes the cultivation of service consumption, with sports events and IP+ consumption expected to benefit directly from new policies aimed at boosting service consumption [4][51]. - Recent government measures, including the "Several Measures to Promote the Quality Improvement and Efficiency Enhancement of the Service Industry" in Shanghai, aim to stimulate service consumption and enhance supply quality [12][51]. - The report highlights the expected performance of key companies, with Jia Mei Packaging forecasting a decline in net profit for 2025 by 43.02%-53.38%, while Wo Le Home is expected to see a growth of 40.78%-56.42% in the same period [41][42]. Industry News - The State Council is focusing on accelerating the cultivation of new growth points in service consumption, particularly in sectors like transportation, home services, performances, and sports events [4][12]. - The Shanghai government has introduced 28 measures targeting six key industries to enhance service quality and stimulate consumption [12][51]. Important Company Announcements - Jia Mei Packaging anticipates a significant decline in net profit for 2025, projecting a profit of 85.44 million to 104.42 million yuan, a decrease of 43.02%-53.38% year-on-year [41]. - Wo Le Home expects a net profit increase for 2025, estimating a profit of 171 million to 190 million yuan, representing a growth of 40.78%-56.42% year-on-year [41]. Market Review - From January 12 to January 16, the light industry manufacturing sector underperformed the CSI 300 index by 0.54 percentage points, while the textile apparel sector outperformed it by 0.02 percentage points [2][42]. - The light industry manufacturing index decreased by 1.11%, while the textile apparel index decreased by 0.55% during the same period [2][42]. Weekly Strategy - The report suggests continuous attention to sectors benefiting from the new service consumption policies, particularly in sports equipment, athletic apparel, and related fields [4][51].

Group 1 - The core point of the news is that Zhongchong Co., Ltd. executed a block trade on January 19, with a transaction volume of 39,000 shares and a transaction amount of 2.076 million yuan, at a price of 53.23 yuan, which is a premium of 1.12% over the closing price of the day [1] Group 2 - In the last three months, Zhongchong Co., Ltd. has had a total of four block trades, with a cumulative transaction amount of 86.5699 million yuan [2] - The closing price of Zhongchong Co., Ltd. on the day of the report was 52.64 yuan, reflecting an increase of 1.72%, with a daily turnover rate of 1.87% and a total transaction amount of 300 million yuan [2] - Over the past five days, the stock has seen a cumulative decline of 1.15%, with a total net outflow of funds amounting to 60.2571 million yuan [2] - The latest margin financing balance for Zhongchong Co., Ltd. is 222 million yuan, which has increased by 6.0945 million yuan over the past five days, representing a growth rate of 2.82% [2]

责任编辑：小浪快报 第1笔成交价格为53.23元，成交3.90万股，成交金额207.60万元，溢价率为1.12%，买方营业部为光大证 券股份有限公司宁波柳汀街证券营业部，卖方营业部为光大证券股份有限公司宁波柳汀街证券营业部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为8656.99万元。该股近5个交易日累 计下跌1.15%，主力资金合计净流出6783.9万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月19日，中宠股份收涨1.72%，收盘价为52.64元，发生1笔大宗交易，合计成交量3.9万股，成交金额 207.6万元。 ...

Group 1 - The core viewpoint of the news is that Zhongchong Co., Ltd. has shown a stable performance in terms of stock trading and financial metrics, with a slight increase in stock price and notable financing activities [1][2] - On January 16, Zhongchong's stock price increased by 0.49%, with a trading volume of 269 million yuan, and a net financing purchase of 5.33 million yuan [1] - As of January 16, the total balance of margin trading for Zhongchong is 224 million yuan, which is 1.41% of its circulating market value, indicating a low financing balance compared to the past year [1] Group 2 - As of January 10, the number of shareholders for Zhongchong increased to 33,700, while the average circulating shares per person decreased by 2.39% to 9,037 shares [2] - For the period from January to September 2025, Zhongchong achieved an operating income of 3.86 billion yuan, representing a year-on-year growth of 21.05%, and a net profit attributable to shareholders of 333 million yuan, up 18.21% [2] - Since its A-share listing, Zhongchong has distributed a total of 322 million yuan in dividends, with 264 million yuan distributed in the last three years [2]