农业行业 行业研究|行业周报 12 月猪企出栏延续增量降重 ——东方证券农林牧渔行业周报（20260105-20260111） 核心观点 投资建议与投资标的 投资建议：（1）看好生猪养殖板块，近期政策与市场合力推动生猪养殖行业产能去化， 结合新生仔猪情况，预计 26Q2 猪价拐点显现，板块业绩长期提升可期，相关标的：牧原 股份(002714，买入)、温氏股份(300498，买入)、神农集团(605296，未评级)等。（2） 后周期板块，行业结构性成长趋势持续，若本轮生猪去产能顺畅，产业链利润有望逐步 向下游传导，驱动动保板块上行，相关标的：海大集团(002311，买入)、瑞普生物 (300119，未评级)等。（3）种植链，当前粮价上行趋势已确立，种植&种业基本面向 好，大种植投资机会凸显，相关标的：苏垦农发(601952，未评级)、北大荒(600598，未 评级)、海南橡胶(601118，未评级)、隆平高科(000998，未评级)等。（4）宠物板块，宠 食行业正处于增量、提价逻辑持续落地的阶段，海外市场增量不断，国产品牌认可度持 续提升，龙头企业成长持续兑现，相关标的：乖宝宠物(301498，未评级)、中宠股 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600201 | 生物股份 | 17.40 | 4.76% | 68.39万 | 11.79亿 | | | 688098 | 申联生物 | 9.67 | 1.90% | 6.49万 | 6219.61万 | | | 600195 | 中牧股份 | 8.10 | 1.25% | 13.81万 | | 1.11亿 | | 300119 | 瑞普生物 | 19.90 | 1.12% | 1 5.47万 | | 1.08亿 | | 603718 | 海利生物 | 6.48 | 0.78% | 12.46万 | 8036.77万 | | | 300871 | 回盛生物 | 22.63 | 0.76% | 8.39万 | | 1.89亿 | | 002688 | 金河生物 | 6.18 | 0.65% | 13.29万 | 8173.65万 | | | 920970 | 大禹生物 | 8.07 | 0.62% | 1.81万 | 1461.12 ...

据央视新闻报道，南非农业专家指出，该国正经历史上最严重口蹄疫疫情，病毒传播速度快、传染性 强，已构成"前所未有的畜牧业灾难"。疫情于2025年4月在夸祖卢-纳塔尔省暴发，迅速蔓延至自由邦省 等多个重要农业产区。为遏制疫情，南非农业部已采购大批疫苗为93万头动物紧急接种，并计划2026年 2月启动全国系统化接种，同时推进国内疫苗生产设施建设。 口蹄疫是偶蹄类动物间的高传染性病毒性传染病，会导致动物体温升高、黏膜及蹄部溃烂，对畜牧业打 击巨大。 动保行业上下游联动紧密，上游原料药企业为疫苗生产提供基础支撑，下游养殖需求复苏与海外防疫需 求增长，共同构成行业成长驱动力。 具体公司中，据上市公司公告、及券商研报表示， 瑞普生物：聚焦兽用生物制品领域，产品包括口蹄疫相关疫苗等，覆盖猪、禽、宠物等多个板块。 生物股份：国内动保龙头企业，拥有口蹄疫强免苗定点生产资质，口蹄疫疫苗批签发常年行业第一。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 此次南非口蹄疫疫情凸显了全球动物防疫的重要性，也为具备技术优势的国内动保企业提供了海外市场 拓展机遇。 华创证券表示，动保行业供给端企业出清加速， ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600201 | 生物股份 | 16.61 | 3.10% | 51.74万 | 8.53亿 | | 300871 | 回盛生物 | 22.46 | 2.23% | 8.60万 | 1.93亿 | | 920970 | 大禹生物 | 8.02 | 2.17% | 1.99万 | 1580.85万 | | 603566 | 普莱柯 | 12.85 | 1.90% | 5.22万 | 6664.59万 | | 688098 | 申联生物 | 9.49 | 1.71% | 6.29万 | 5990.11万 | | 002688 | 金河生物 | 6.14 | 1.15% | 13.74万 | 8417.82万 | | 300119 | 瑞普生物 | 19.68 | 0.87% | 4.16万 | 8181.56万 | | 920275 | 驱动力 | 8.97 | 0.79% | 1.83万 | 1618.02万 | | 603718 | 海利生物 | ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603718 | 海利生物 | 6.58 | 7.87% | 46.12万 | 3.02亿 | | 600201 | 生物股份 | 16.06 | 6.57% | 55.33万 | 8.85 Z | | 002868 | *ST绿康 | 35.40 | 5.01% | ● 1.46万 | 5124.08万 | | 688098 | 申联生物 | 9.29 | 4.62% | 6.50万 | 6011.70万 | | 300119 | 瑞普生物 | 19.53 | 4.05% | 7.85万 | 1.51亿 | | 688526 | 科前生物 | 15.68 | 2.75% | 2.99万 | 4663.10万 | | 300871 | 回盛生物 | 21.25 | 2.51% | 6.15万 | 1.29亿 | | 920275 | 驱动力 | 8.91 | 2.30% | 1.03万 | 911.93万 | | 603566 | 普莱柯 | 1 ...

Core Viewpoint - The article discusses the growth and development of Ruipai Pet, a national chain of pet medical institutions in China, founded by Li Shoujun, who transitioned from a state-owned enterprise to entrepreneurship. The company is preparing for a potential listing on the Hong Kong stock market, which could enhance its presence in the international capital market [2][3]. Group 1: Company Overview - Ruipai Pet was established in December 2012 with a registered capital of 100 million yuan, primarily owned by Zhongrui Huapu and individual shareholders [3]. - The company has undergone multiple financing rounds, raising a total of 2.147 billion yuan from investors including Mars China and Goldman Sachs [3][4]. - As of the first half of 2025, Ruipai Pet operates 548 pet hospitals, making it the second-largest pet medical service provider in China [19]. Group 2: Financial Performance - Ruipai Pet's revenue has shown consistent growth, with figures of 1.455 billion yuan in 2022, 1.585 billion yuan in 2023, and projected 1.758 billion yuan in 2024, alongside a revenue of 943.13 million yuan in the first half of 2025, reflecting an 8.52% year-on-year increase [19][20]. - The core business of diagnostic services has also seen growth, with revenues of 1.296 billion yuan in 2022 and projected 1.593 billion yuan in 2024 [19]. - The gross profit margin for Ruipai Pet has fluctuated, with a margin of 22.4% in 2022, 21.0% in 2023, and increasing to 24.8% in the first half of 2025 [27][28]. Group 3: Ownership and Control - Li Shoujun, the actual controller of Ruipai Pet, holds a 26.91% stake in the company through Zhongrui Huapu and Ruipu Biology [8]. - The company has seen various shareholders transfer their stakes, with significant transactions occurring in 2020 and 2022, indicating active management of equity [5][6]. Group 4: Operational Insights - Ruipai Pet's hospitals are primarily acquired, with 428 out of 548 hospitals being obtained through acquisitions [21]. - The company has a diverse range of services, including pet product sales and grooming services, although these contribute a smaller portion of total revenue compared to diagnostic services [19][23]. - The average revenue contribution per city center hospital is significantly higher than that of community hospitals, indicating a strategic focus on higher-margin facilities [21]. Group 5: Future Prospects - Ruipai Pet is preparing for a potential IPO, which could provide additional capital for expansion and enhance its market position [2][3]. - The company has maintained positive operating cash flow, with net inflows of 2.92 billion yuan in 2022 and 2.63 billion yuan in the first half of 2025 [29].

Investment Rating - The industry investment rating is "Positive" and is maintained [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market dynamics that promote capacity reduction, leading to a potential price turning point in Q2 2026, with long-term performance improvements anticipated for related stocks [3][43] - The structural growth trend in the post-cycle sector continues, with profits likely to gradually transmit downstream if the current round of pig capacity reduction proceeds smoothly, benefiting the animal health sector [3] - The planting chain shows a confirmed upward trend in grain prices, indicating favorable fundamentals for planting and seed industries, highlighting significant investment opportunities [3] - The pet food sector is experiencing growth and price increase logic, with continuous recognition of domestic brands and sustained growth of leading companies [3] Summary by Sections Pig Farming - The average price of live pigs as of December 31 was 12.76 yuan/kg, a week-on-week increase of 10.38%, while the average price of 15 kg piglets was 19.44 yuan/kg, up 2.21% week-on-week [12][51] - The supply side shows a widening price gap for fattened pigs, supporting price increases, while demand is boosted by consumption expectations during the New Year holiday [12][17] Poultry - The price of white feather broilers increased to 7.82 yuan/kg, up 6.39% week-on-week, and chick prices rose to 3.59 yuan/chick, up 1.7% week-on-week [17][51] - The supply of meat chickens has increased, leading to a more relaxed market supply, while demand has weakened due to some slaughterhouses reducing operations [17] Feed Sector - The prices of corn, wheat, and soybean meal have risen, with corn averaging 2351.57 yuan/ton, up 0.57% week-on-week, and soybean meal at 3172.29 yuan/ton, up 0.96% week-on-week [27][51] - Increased selling enthusiasm among farmers is noted, although the pace of supply remains slow [27] Major Agricultural Products - The domestic natural rubber futures price was 15605 yuan/ton as of December 31, down 0.29% week-on-week, with inventory levels increasing [38][51] - The current down cycle for sugar prices continues, with no significant recovery expected [39]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002141 | 赔丰控股 | 3.73 | -2.61% | 18.27万 | - 6847.05万 | | 300119 | 瑞普生物 | 18.77 | -2.19% | 5.43万 | 1.03亿 | | 688526 | 科前生物 | 15.26 | -0.65% | 1.80万 | 2751.28万 | | 603566 | 普莱柯 | 12.43 | -0.56% | 1 2.58万 | 3214.77万 | | 920970 | 大禹生物 | 7.69 | -0.39% | 1.46万 | 1123.72万 | | 603718 | 海利生物 | 6.10 | -0.16% | 6.35万 | 3877.59万 | | 600195 | 中牧股份 | 7.87 | -0.13% | 7.48万 | 5877.61万 | | 920275 | 驱动力 | 8.71 | -0.11% | 8083.76 | 705.65万 | | 92 ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][42] Core Views - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 1.55% from December 12 to December 25, 2025, lagging behind the index by approximately 0.43 percentage points [11][14] - All sub-sectors recorded positive returns during the same period, with notable increases in agricultural product processing (3.04%), animal health (2.95%), planting (2.28%), fishery (1.56%), breeding (0.81%), and feed (0.29%) [14][15] - The overall price-to-book (PB) ratio for the industry is approximately 2.79 times, indicating a slight recovery in valuation, which remains at a historical low level, around the 62.7 percentile since 2006 [18][24] Industry Important Data - **Pig Farming**: The average price of external three-way cross pigs increased from 11.45 CNY/kg to 11.59 CNY/kg during the reporting period. The cost of corn and soybean meal has slightly decreased, with corn priced at 2338.04 CNY/ton and soybean meal at 3102 CNY/ton as of December 25, 2025 [22][24] - **Profitability**: As of December 26, 2025, the profit for self-bred pigs was -130.11 CNY/head, and for purchased piglets, it was -162.8 CNY/head, showing a reduction in losses compared to the previous two weeks [27] - **Poultry Farming**: The average price of broiler chicks was 3.59 CNY/chick, showing a slight increase, while the average price for white feather broilers was 7.82 CNY/kg, with profitability improving to 0.89 CNY/chick [29][33] Industry Insights - The report emphasizes the potential for a rebound in pig prices as the seasonal consumption peak approaches, with a focus on the high inventory of breeding sows and the opportunities for leading pig farming companies [42][43] - In poultry farming, the report highlights the recovery in white feather broiler prices and the improvement in profitability, suggesting a positive outlook for leading poultry companies [42][43] - The report also notes growth potential in the domestic pet market and the expected increase in export volumes, recommending attention to promising domestic leaders in this sector [42][43]

证券代码：300119 证券简称：瑞普生物 公告编号：2025-100 瑞普生物股份有限公司 关于取得新兽药注册证书的公告 本公司及董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《兽药管理条例》和《兽药注册办法》的规定，瑞普生物股份有限公司 （以下简称"公司""瑞普生物"）及下属分子公司天津瑞普生物技术股份有限 公司空港经济区分公司、瑞普（保定）生物药业有限公司 2 款新兽药产品近日获 农业农村部批准，详情如下： 原体流行菌株，能够显著减少免疫猪群肺炎病变损伤；副猪嗜血杆菌抗原覆盖主 要流行血清型 4 型、5 型菌株，可有效降低或阻断相应菌株感染。该产品采用无 血清全悬浮细胞培养、细菌高密度发酵和高效的浓缩纯化等先进技术，实现制苗 抗原的精纯制备；开发相对效力标准和菌体蛋白浓度制苗标准，实现工艺稳定、 均一可控；搭配兼顾多种抗原组合安全性和免疫效果的水性佐剂，显著降低副反 应发生率。该疫苗免疫后 4 周可产生免疫力，免疫持续期可达 5 个月，实现"一 针三防"，大幅简化临床免疫程序，助力养殖场提升免疫效率、节省人力成本、 减少猪群临床免疫应激。 该产品的成功获批 ...