截至1月12日收盘，动物疫苗概念下跌0.04%，位居概念板块跌幅榜前列，板块内，亨通股份、生物股 份、康华生物等跌幅居前，股价上涨的有9只，涨幅居前的有东方生物、科前生物、海利生物等，分别 上涨2.23%、0.87%、0.77%。 今日涨跌幅居前的概念板块 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000735 | 罗牛山 | -1.05 | 8.05 | -8237.57 | | 600201 | 生物股份 | -1.21 | 5.01 | -4191.28 | | 600226 | 亨通股份 | -2.40 | 4.38 | -4176.54 | | 300841 | 康华生物 | -1.16 | 2.12 | -2474.29 | | 600267 | 海正药业 | -1.13 | 1.63 | -1488.71 | | 002100 | 天康生物 | -0.96 | 2.78 | -1422.73 | | 300119 | 瑞普生物 | -0.10 | 1.98 | -1356.09 ...

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 ...

Core Viewpoint - The animal health sector experienced a rise of 1.55% on January 9, with significant contributions from leading stocks like Biological Shares, which surged by 4.76% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4120.43, up by 0.92%, while the Shenzhen Component Index closed at 14120.15, up by 1.15% [1]. - The top-performing stock in the animal health sector was Biological Shares (600201), closing at 17.40 with a gain of 4.76% and a trading volume of 683,900 shares, amounting to a transaction value of 1.179 billion yuan [1]. Group 2: Stock Performance Summary - Other notable stocks included: - Shunlian Biological (688098) at 9.67, up by 1.90% with a trading volume of 64,900 shares [1]. - Zhongmu Shares (600195) at 8.10, up by 1.25% with a trading volume of 138,100 shares [1]. - Ruipu Biological (300119) at 19.90, up by 1.12% with a trading volume of 154,700 shares [1]. - Haili Biological (603718) at 6.48, up by 0.78% with a trading volume of 124,600 shares [1]. Group 3: Capital Flow Analysis - The animal health sector saw a net outflow of 27.3879 million yuan from institutional investors, while retail investors contributed a net inflow of 90.8993 million yuan [2]. - The capital flow for specific stocks showed: - Haili Biological had a net inflow of 10.2913 million yuan from institutional investors [3]. - Jinhe Biological experienced a net inflow of 2.8449 million yuan from institutional investors [3]. - *ST Green Kang (002868) had a net inflow of 1.8780 million yuan from institutional investors [3].

Group 1 - South Africa is experiencing the most severe foot-and-mouth disease outbreak in its history, with rapid virus transmission and strong infectivity, posing an unprecedented disaster for the livestock industry [1] - The outbreak began in April 2025 in KwaZulu-Natal province and has spread to other key agricultural areas, prompting the South African Department of Agriculture to procure vaccines for emergency vaccination of 930,000 animals [1] - The outbreak highlights the importance of global animal disease prevention and presents overseas market expansion opportunities for domestic animal health companies with technological advantages [1] Group 2 - The animal health industry has a tightly linked upstream and downstream, with upstream raw material drug companies providing essential support for vaccine production, while downstream demand from farming recovery and overseas epidemic prevention needs drive industry growth [2] - Companies like Reap Bio focus on veterinary biological products, including foot-and-mouth disease vaccines, covering multiple sectors such as pigs, poultry, and pets [3] - Bio Company is a leading domestic animal health enterprise with designated production qualifications for strong immunity foot-and-mouth disease vaccines, consistently ranking first in the industry for vaccine batch approvals [4]

| 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 | ...

Core Viewpoint - The animal health sector experienced a significant increase of 3.8% on January 5, with Haili Biological leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4023.42, up by 1.38% [1] - The Shenzhen Component Index closed at 13828.63, up by 2.24% [1] Group 2: Individual Stock Performance - Haili Biological (603718) closed at 6.58, with a rise of 7.87% and a trading volume of 461,200 shares, amounting to a transaction value of 302 million yuan [1] - Biological Shares (600201) closed at 16.06, increasing by 6.57% with a trading volume of 553,300 shares, totaling 88.5 million yuan [1] - ST Green Health (002868) closed at 35.40, up by 5.01% with a trading volume of 14,600 shares, amounting to 5.124 million yuan [1] - Shunlian Biological (688098) closed at 9.29, increasing by 4.62% with a trading volume of 65,000 shares, totaling 60.117 million yuan [1] - Ruipu Biological (300119) closed at 19.53, up by 4.05% with a trading volume of 78,500 shares, amounting to 151 million yuan [1] - KQ Biological (688526) closed at 15.68, increasing by 2.75% with a trading volume of 29,900 shares, totaling 46.631 million yuan [1] - Huisheng Biological (300871) closed at 21.25, up by 2.51% with a trading volume of 61,500 shares, amounting to 129 million yuan [1] - Qudongli (920275) closed at 8.91, increasing by 2.30% with a trading volume of 10,300 shares, totaling 911,930 yuan [1] - Placo (603566) closed at 12.71, up by 2.25% with a trading volume of 36,700 shares, amounting to 46.3405 million yuan [1] - Jinhai Biological (002688) closed at 6.03, increasing by 1.34% with a trading volume of 105,100 shares, totaling 63.2745 million yuan [1] Group 3: Capital Flow Analysis - The animal health sector saw a net inflow of 77.0149 million yuan from main funds, while retail funds experienced a net outflow of 33.0955 million yuan [1] - The main funds' net inflow for Haili Biological was -54.2922 million yuan, with a net outflow from retail funds of -35.0631 million yuan [2] - Ruipu Biological had a net inflow of 15.0755 million yuan from main funds, while retail funds saw a net inflow of 555.73 thousand yuan [2] - Biological Shares had a net inflow of 1.5843 million yuan from main funds, with a net outflow from retail funds of -1529.42 thousand yuan [2]

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]

Core Viewpoint - The animal health sector experienced a slight decline of 0.05% on December 31, with Xianfeng Holdings leading the drop. The Shanghai Composite Index rose by 0.09%, while the Shenzhen Component Index fell by 0.58 [1] Group 1: Market Performance - The closing price of Xianfeng Holdings was 3.73, down by 2.61%, with a trading volume of 182,700 shares and a transaction amount of 68.47 million [2] - The animal health sector's main stocks showed mixed performance, with *ST Lvkang rising by 2.46% to 33.71, while several others, including Xianfeng Holdings and Ruipu Bio, saw declines [1][2] - The total trading volume in the animal health sector was significant, with major stocks like Ruipu Bio and Xianfeng Holdings contributing to the overall market activity [2] Group 2: Capital Flow - The animal health sector saw a net outflow of 45.26 million from institutional investors, while retail investors contributed a net inflow of 39.94 million [2] - The capital flow data indicates that retail investors were more active in the market, with a notable net inflow compared to the outflow from institutional investors [2] - Specific stocks like Huisheng Bio and *ST Lvkang had varying levels of net inflow and outflow from different investor categories, reflecting diverse investor sentiment [3]

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]