Investment Rating - The report provides an "Increase" rating for the industry, indicating a positive outlook compared to the Shanghai and Shenzhen 300 Index [46]. Core Insights - The report highlights the strengthening of pig prices, with a current price of 12.69 CNY/Kg, reflecting a week-on-week increase of 0.20 CNY/Kg. Factors contributing to this trend include a decrease in sales plans for January and the anticipated impact of a nationwide cold wave starting January 19, which may further boost prices [5][10]. - In the planting sector, corn and soybean prices have shown stability, with corn prices at 2364 CNY/ton (up 0.5% week-on-week) and soybean prices at 4072 CNY/ton (up 0.6% week-on-week). The report expresses optimism for the recovery of planting sector profitability [3][10]. - The pet industry is experiencing increased attention due to major exhibitions, with significant events scheduled in March 2026, which are expected to catalyze new product launches from leading domestic brands [4]. Summary by Sections Livestock - The report notes that pig prices are on the rise, with a current price of 12.69 CNY/Kg, up 1.60% week-on-week and 10.06% month-on-month, although down 19.33% year-on-year. The report suggests that the cold wave and increased demand during the lunar month will be key factors influencing future price movements [5][10]. - Recommended stocks in the livestock sector include Muyuan Foods, Wens Foodstuffs, and others, with a focus on companies that are expected to benefit from the recovery in pig prices [5][40]. Planting - The report indicates that corn and soybean prices are stable, with corn at 2364 CNY/ton and soybeans at 4072 CNY/ton. The planting sector is expected to see a recovery in profitability, particularly benefiting seed companies that focus on high-quality products [3][10]. Pet Industry - Major pet exhibitions are set to take place in March 2026, which are expected to enhance market interest and lead to new product launches from top brands. The report emphasizes the potential for growth in the pet sector due to these events [4][10]. Key Company Coverage - The report includes earnings forecasts and valuations for key companies in the industry, with all covered companies receiving an "Increase" rating. Notable companies include Muyuan Foods, Wens Foodstuffs, and various firms in the pet and agricultural sectors [40].

Group 1 - The feed sector experienced a slight increase of 0.13% on January 15, with Lude Technology leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Key stocks in the feed sector showed varied performance, with Lude Technology closing at 17.62, up 1.91%, and Tangrenshen closing at 4.40, down 0.23% [1] Group 2 - The feed sector saw a net outflow of 116 million yuan from institutional investors, while retail investors contributed a net inflow of 116 million yuan [2] - The trading volume for Lude Technology was 27,000 hands, with a transaction amount of 46.9584 million yuan [1] - The stock performance of major companies included Hada Group with a closing price of 53.63, up 1.15%, and Petty Co. with a closing price of 18.75, down 2.09% [2][3] Group 3 - The net inflow from retail investors for TianKang Biological was 17.1 million yuan, while the net outflow from institutional investors was 18.4821 million yuan [3] - The net inflow for GuaiBao Pet was 6.3998 million yuan from institutional investors, while it faced a net outflow of 10.7891 million yuan from retail investors [3] - The overall sentiment in the feed sector indicates mixed investor behavior, with some stocks attracting retail interest while others faced institutional selling pressure [2][3]

Market Overview - The feed sector increased by 0.22% on January 14, with Petty Co. leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Key Performers in the Feed Sector - Petty Co. (300673) closed at 19.15, up 4.42%, with a trading volume of 147,100 shares and a transaction value of 278 million [1] - Jin Xin Nong (002548) closed at 6.40, up 1.75%, with a trading volume of 456,200 shares and a transaction value of 291 million [1] - Guai Bao Pet (301498) closed at 68.50, up 1.47%, with a trading volume of 56,600 shares and a transaction value of 390 million [1] Capital Flow Analysis - The feed sector experienced a net outflow of 89.6645 million from institutional investors, while retail investors saw a net inflow of 66.2951 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Guai Bao Pet (301498) had a net inflow of 19.8055 million from institutional investors, but a net outflow of 1.66916 million from retail investors [3] - Hai Da Group (002311) saw a net inflow of 12.0345 million from institutional investors, while retail investors had a net inflow of 470.27 thousand [3] - Petty Co. (300673) had a net inflow of 10.0145 million from institutional investors, but retail investors experienced a net outflow of 746.07 thousand [3]

证券日报网讯 1月13日，中宠股份在互动平台回答投资者提问时表示，截至2026年1月10日，公司股东 户数为33679户。 （文章来源：证券日报） ...

Investment Rating - The report maintains an investment rating of "Buy" for the agricultural sector, specifically highlighting companies such as Hai Da Group, Shengnong Development, and Wen's Shares [3]. Core Insights - The agricultural sector has shown a mixed performance, with the Shanghai and Shenzhen 300 Index increasing by 2.79% and the agricultural sector rising by 0.98% during the week of January 5 to January 11 [2][12]. - The report emphasizes the recovery in the pig farming industry, with a new round of capacity reduction expected. The average price of pigs has increased, and losses in pig farming have narrowed [2][22]. - The feed industry is experiencing a structural recovery, with most raw material prices at cyclical lows, and companies like Hai Da Group are expected to benefit from this trend [3]. Summary by Sections 1. Agricultural Sector Weekly Review - The agricultural sector ranked 28th among all sectors, with top-performing sub-industries including aquaculture, animal health, and poultry farming [2][12]. - Notable gainers in the agricultural sector include companies like Dahu Co. and Zhongshui Fisheries, with increases of 17.83% and 16.07% respectively [12]. 2. Industry Data 2.1 Pig Farming - As of January 9, the average price of pigs in Sichuan, Guangdong, and Henan was 13.10, 12.86, and 12.93 CNY/kg respectively, with an overall average pork price of 17.97 CNY/kg [22]. - Self-breeding pig farming reported a loss of 11.54 CNY per head, a reduction of approximately 23.05 CNY from the previous week [22]. 2.2 Poultry Farming - The weekly price for white feather broilers was 7.64 CNY/kg, a decrease of 1.04% from the previous week, while the profit from broiler farming was 0.45 CNY per bird, down 23.73% [37]. 2.3 Feed Processing - The average price of fattening pig feed was 3.36 CNY/kg, remaining stable, while chicken feed prices also held steady at 3.45 CNY/kg [43]. 2.4 Aquaculture - As of January 9, the price of sea cucumbers was 120.00 CNY/kg, reflecting a 33.33% increase, while shrimp prices remained stable at 320.00 CNY/kg [49]. 2.5 Planting and Grain Processing - As of January 9, corn prices were 2,351.86 CNY/ton, showing a slight decrease of 0.18%, while soybean prices remained stable at 4,048.42 CNY/ton [58].

Core Viewpoint - The stock price of Zhongchong Co., Ltd. has shown a slight increase of 0.81% year-to-date, but has experienced declines over the past 5, 20, and 60 trading days, indicating potential volatility in the market [2]. Group 1: Stock Performance - As of January 13, Zhongchong's stock price was 52.18 CNY per share, with a market capitalization of 15.882 billion CNY [1]. - The stock has decreased by 0.80% over the last 5 trading days, 4.99% over the last 20 days, and 6.02% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Zhongchong reported a revenue of 3.860 billion CNY, representing a year-on-year growth of 21.05%, and a net profit attributable to shareholders of 333 million CNY, up 18.21% year-on-year [2]. - The company has distributed a total of 322 million CNY in dividends since its A-share listing, with 264 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of December 31, the number of shareholders for Zhongchong was 32,900, an increase of 5.90% from the previous period, with an average of 9,258 circulating shares per person, a decrease of 5.57% [2]. - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 14.3228 million shares, which is a decrease of 7.0092 million shares from the previous period [3].

Core Insights - The pet industry in China is projected to exceed 500 billion yuan by 2025, marking a significant transformation from a purely economic sector to a social ecosystem [2] - The main consumer group is shifting from the "90s generation" to the "00s generation," which is growing at a rate 21 percentage points higher, while the "silver-haired" demographic will also play a crucial role in the next decade [2] - The emotional connection between pets and owners is becoming a driving force in the industry, moving from pets as mere property to being considered family members [2] - Government policies are increasingly integrating the pet economy into urban development plans, indicating a shift from spontaneous market growth to a more structured and policy-driven approach [2] Section 1: Sharp Insights into the Pet Industry - The illusion of a market ceiling at 811.4 billion yuan creates a false sense of prosperity, as the real challenge lies in transitioning from "new pet ownership" to "refined care" [6] - The "Z generation" is seen as the fastest-growing consumer group, but their actual purchasing power is limited, making them more of future influencers than current spenders [6] - The "silver-haired gold mine" is expected to be the most significant source of growth in the pet industry over the next 5-10 years, as this demographic has both the financial means and emotional needs for pet companionship [6] - The concept of "emotional tax" is emerging, where spending on pets is viewed as fulfilling emotional needs rather than mere expenses [7] - The shift from impulsive pet ownership to responsible consumption is driven by rising abandonment rates, leading to a more thoughtful approach to pet care [9] - The "it economy" is showing resilience during economic downturns, but non-essential pet products may face cuts first [9] - "Pet-friendly" policies are becoming essential for businesses, with a focus on creating harmonious environments for pets and their owners [9] - The trend of "personalization" in pet products is evolving, moving towards unique offerings based on individual pet characteristics [9] Section 2: Product Innovation and Supply Chain Dynamics - The competition in functional pet food is intensifying, with many players in the market, making it crucial to base claims on verifiable clinical data [11] - The "fresh meat" segment is entering a critical phase where supply chain efficiency will determine market success [11] - The rise of "baked food" is creating a competitive landscape focused on ingredient quality and scientific formulation [11] - Freeze-dried snacks are transitioning from luxury items to staple foods, reshaping consumer perceptions of pet food value [13] - The "clean label" movement is facing trust issues due to the lack of standardized definitions for terms like "natural" and "no additives" [12] - Pet snacks are becoming a significant part of the diet, with specific functional benefits [15] - The demand for smart pet products is growing, but they must address real pain points to move beyond novelty [16] - Design is becoming a critical factor in pet product success, with aesthetically pleasing items gaining popularity [17] Section 3: Market Trends and Consumer Behavior - The trend of celebrating pets' birthdays and purchasing themed products is becoming a new norm, with significant growth in related consumer behavior [21] - Multi-pet households are becoming the norm, driving demand for specialized products [42] - Pet health management is shifting towards proactive prevention, with a growing number of pet owners regularly providing supplements [43] - The "humanization" of pets is deepening, with owners increasingly investing in their pets' fashion and social presence [44] - Exotic pet ownership is rising among younger generations, reflecting a desire for unique social expressions [45] Section 4: Best Innovative Brands in the Pet Industry - The report will highlight 50 brands excelling in product breakthroughs, innovative business models, technological applications, design aesthetics, and social responsibility [23][24] - Each brand will be evaluated based on its core innovations, representative products, and industry impact [24]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [4]. Core Insights - The report highlights a rebound in pig prices, which are stabilizing and maintaining strength. The focus is also on the pet industry following the release of a white paper on the sector [1][3]. - The report suggests that the supply of pigs remains ample in the first half of 2026, with a prolonged bottoming period expected for the industry cycle. The logic for a rebound in 2026 remains intact, presenting potential investment opportunities [3][4]. Summary by Sections Pig Farming - As of January 11, the national average price for external three yuan pigs is 12.70 yuan/kg, reflecting a week-on-week increase of 2.1%. The supply of large pigs is tight, and the enthusiasm for secondary fattening has increased, leading to a temporary tightening of the market [3]. - The price of weaned piglets has also risen, reaching 251 yuan/head, nearing industry cost levels. The report notes that the production capacity reduction has slowed down, with a slight increase in the number of breeding sows [3][4]. Pet Industry - The 2026 China Pet Industry White Paper indicates that the urban pet consumption market reached 312.6 billion yuan in 2025, growing by 4.1% year-on-year. The dog market accounted for 160.6 billion yuan, while the cat market reached 152.0 billion yuan [3]. - The average annual spending per pet owner has shown a slight increase, with dog owners spending an average of 3,006 yuan and cat owners spending 2,085 yuan [3]. Chicken Farming - The average price for white feather broiler chicks has decreased to 3.15 yuan/chick, a week-on-week decline of 6.5%. Despite this, the supply of broilers remains tight, with the average price for broiler chickens at 3.79 yuan/kg [3]. - The report emphasizes that the theme of abundant supply in the white feather chicken market will continue into 2025-2026, and it suggests focusing on leading companies in the sector [3].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [4]. Core Insights - The report highlights a rebound in pig prices, which are stabilizing and maintaining strength. The focus is on the release of the pet industry white paper [1][4]. - The report suggests that the pig farming sector is experiencing a clear bottoming trend, with a focus on the progress of capacity reduction. The supply fundamentals for the first half of 2026 remain unchanged, indicating a prolonged bottoming period for the cycle [4]. - The pet industry is expected to see a valuation switch as it undergoes adjustments, with significant data from the 2026 China Pet Industry White Paper being released [4]. Summary by Sections Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index increased by 1.0%, while the CSI 300 rose by 2.8%. The top five gainers included Dahu Co. (17.8%), Zhongshui Fishery (16.1%), and Biological Co. (15.5%) [4][10]. - The report emphasizes the importance of monitoring the reduction of pig production capacity and suggests positioning in leading pig farming companies [4]. Pig Farming - As of January 11, the average selling price of external three yuan pigs was 12.70 yuan/kg, reflecting a week-on-week increase of 2.1%. The supply of large pigs is tight, and the price has rebounded to near the breakeven point for farming [4][3]. - The report indicates that the price of weaned piglets has also increased, reaching 251 yuan/head, close to the industry cost level [4][3]. Pet Industry - The 2025 urban pet (dog and cat) consumption market size reached 312.6 billion yuan, with a year-on-year growth of 4.1%. The dog market size was 160.6 billion yuan, growing by 3.2%, while the cat market size was 152.0 billion yuan, growing by 5.2% [4][3]. - The average annual spending per pet owner has shown a slight upward trend, with dog owners spending an average of 3,006 yuan and cat owners spending 2,085 yuan [4][3]. Poultry Farming - The price of white feather broiler chicks has decreased, with an average selling price of 3.15 yuan/chick, down 6.5% week-on-week. The supply of broilers remains tight, with the average selling price of white feather broilers at 3.79 yuan/kg [4][3]. - The report suggests that the theme of abundant supply in white feather broilers will continue into 2025-2026, with a focus on leading companies and long-term value [4].

Investment Rating - The report maintains a "Positive" investment rating for the agricultural industry [5] Core Insights - The report highlights a structural shortage in the pig market, with expectations for a price turning point in Q2 2026 due to ongoing capacity reduction and favorable policies [3][9] - The report emphasizes the potential for long-term performance improvement in the pig farming sector, driven by policy and market forces [3][9] Summary by Sections Investment Recommendations - The report recommends focusing on the pig farming sector, anticipating a price recovery in Q2 2026, with suggested stocks including Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - It also suggests looking at the animal health sector, which may benefit from profit transmission down the supply chain, with recommended stocks including Haida Group (002311, Buy) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the report notes a confirmed upward trend in grain prices, highlighting investment opportunities in large-scale planting, with suggested stocks including Suqian Agricultural Development (601952, Not Rated) and Beidahuang (600598, Not Rated) [3] - The pet food sector is also highlighted, with growth driven by increasing domestic brand recognition and overseas market expansion, recommending stocks such as Guibao Pet (301498, Not Rated) and Zhongchong Co. (002891, Not Rated) [3] Industry Fundamentals - The report indicates that December saw a continued increase in pig output, with 13 listed pig companies collectively reporting an output of 18.72 million heads, a month-on-month increase of 7.11% and a year-on-year increase of 6.8% [13] - The average selling price for pigs in December remained low, with a range from 10.66 yuan/kg to 12.54 yuan/kg, and an overall average around 11.5 yuan/kg [15] - The average weight of pigs sold in December was 124.85 kg, reflecting a decrease of 1.8 kg from the previous month, indicating a trend of accelerated inventory reduction [15][16] Market Trends - The report notes that the natural rubber market is experiencing price strength, with futures prices reaching 16,030 yuan/ton, a week-on-week increase of 2.72% [47] - The report also highlights a stable upward trend in grain prices, with corn and wheat prices showing slight declines while soybean meal prices have increased [37]