证券之星消息，1月6日养殖业板块较上一交易日上涨1.94%，正邦科技领涨。当日上证指数报收于 4083.67，上涨1.5%。深证成指报收于14022.55，上涨1.4%。养殖业板块个股涨跌见下表： 从资金流向上来看，当日养殖业板块主力资金净流出4127.8万元，游资资金净流出8114.99万元，散户资 金净流入1.22亿元。养殖业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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002157 | 正邦科技 | 4984.67万 | 7.07% | -2390.10万 | -3.39% | -2594.57万 | -3.68% | | 603477 | 巨星农牧 | 2648.68万 | 16.60% | -1470.23万 | -9.21% | -1178.45万 | -7.38% | | 300498 | 温氏股份 | 2502.01万 | 3.19% | -5619.65万 | -7.1 ...

温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2026-1 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司 2025 年第四季度可转换公司债券转股情况公告 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。 特别提示： 1、股票代码：300498，股票简称：温氏股份 2、债券代码：123107，债券简称：温氏转债 3、转股价格：16.29 元/股 4、转股时间：2021 年 10 月 8 日至 2027 年 3 月 28 日 根据《深圳证券交易所创业板股票上市规则》、《深圳证券 交易所上市公司自律监管指引第 15 号——可转换公司债券》的 有关规定，温氏食品集团股份有限公司（以下简称"公司"）现 将 2025 年第四季度可转换公司债券转股及公司股本变动情况公 告如下： 一、可转债发行上市概况 （一）可转债发行情况 温氏食品集团股份有限公司 经中国证券监督管理委员会《关于同意温氏食品集团股份有 限公司向不特定对象发行可转换公司债券注册的批复 ...

Core Insights - The fried chicken industry in China is experiencing significant growth, with the market size expected to reach 94 billion yuan in 2024, representing a year-on-year increase of 17.5% [1][10] - The rise in health consciousness among consumers is prompting brands to innovate cooking methods and optimize ingredient ratios, leading to the introduction of healthier products [1][10] Industry Overview - Fried chicken is defined as a food product made from chicken that is processed and deep-fried, characterized by a crispy exterior and tender interior [2] - It can be categorized based on bone presence, flavor profiles, and regional styles, including American, Korean, Japanese, and Chinese fried chicken [2][3] Development History - The evolution of the fried chicken industry in China has transitioned from being a niche product to a mainstream leisure food, with a focus on profitability and brand recognition since 2023 [4] - The industry is witnessing a shift towards health, digitalization, and supply chain collaboration, with leading brands enhancing upstream integration and central kitchen development [4][6] Policy Environment - The Chinese government has implemented various policies to support the development of the restaurant industry, including guidelines for food safety and quality control [6] - Regulations have been established to ensure the safety of chicken production, processing, and distribution, promoting a more standardized and high-quality industry [6] Industry Chain - The upstream of the fried chicken industry includes suppliers of chicken, flour, starch, and seasonings, while the midstream consists of production and brand operators [6][7] - The downstream encompasses various sales channels, including restaurants, retail, and e-commerce platforms, catering to consumer preferences for convenience [6] Consumer Insights - The majority of fried chicken consumers in China are female (52.1%), with over 70% aged between 18-35 years, indicating a strong preference for personalized and convenient dining experiences [8][9] - Afternoon tea is the most popular consumption scenario, followed by late-night snacks and meals, with a significant portion of consumers purchasing fried chicken weekly [8][9] Competitive Landscape - The fried chicken market is highly fragmented, with approximately 9.88 million related enterprises as of November 2025, indicating intense competition [10][11] - Notable brands include Zhengxin Chicken, Linyu Fried Chicken, and various others, with Zhengxin Chicken ranked as the top brand in a recent survey [10][11] Future Trends - The industry is expected to focus on value-driven operations rather than mere expansion, with leading brands optimizing store models and enhancing customer engagement [14] - There will be a shift towards deep innovation in Chinese flavors, with local tastes becoming a central theme in product development [14] - Health-conscious trends will drive brands to adopt new cooking technologies and healthier ingredients, moving away from high-fat perceptions [15] - Supply chain collaboration and digital transformation will become essential, with leading brands establishing strong ties with suppliers and enhancing logistics efficiency [16]

二、畜牧机械制造行业发展历程 内容概况：畜牧机械制造业是为满足农场、养殖场等各类畜牧业经营活动需求，通过提供专业机械设备 与技术支持的行业。我国畜牧机械制造业自起步以来，经历了从模仿国外产品到结合本土农业实情进行 自主研发制造的转型，并随着畜牧业日益集中化与规模化而步入高速发展阶段。2021年，受下游养殖行 业周期性波动影响，行业营收规模较2020年出现小幅下滑，降至271.87亿元，同比下降2.87%。自2022 年起，随着下游畜牧业景气度回暖，行业营收规模开始恢复增长，2024年达到305.8亿元，同比增长 4.15%。展望未来，在畜牧业持续向规模化、集约化、自动化与智能化方向加速推进的背景下，我国畜 牧机械制造行业将迎来广阔的发展空间，预计2025年行业营收规模将进一步提升至315.83亿元。 上市企业：华菱钢铁（000932）、宝钢股份（600019）、安阳钢铁（600569）、海南橡胶（601118）、 中策橡胶（603049）、金发科技（600143）、国恩股份（002768）、普利特（002324）、中联重科 （000157）、一拖股份（601038）等 相关企业：新疆新研牧神科技有限公司、北京 ...

Group 1 - The pork concept sector declined by 0.28%, ranking among the top declines in concept sectors, with major declines seen in companies like Jingji Zhino, Luoniushan, and Tianyu Biological [1] - Among the 16 stocks that rose, Yisheng Shares, Longda Meishi, and Guangming Meat Industry had the highest increases of 2.51%, 0.97%, and 0.63% respectively [1] - The pork concept sector experienced a net outflow of 189 million yuan from main funds, with 19 stocks seeing net outflows, and 8 stocks with outflows exceeding 10 million yuan [2] Group 2 - The top net outflow was from Haida Group, with a net outflow of 63.29 million yuan, followed by Luoniushan, Zhengbang Technology, and Jingji Zhino with outflows of 60.56 million yuan, 33.99 million yuan, and 20.80 million yuan respectively [2] - The stocks with the highest net inflows included Wens Shares, Muyuan Foods, and Tiankang Biological, with net inflows of 29.18 million yuan, 14.76 million yuan, and 11.47 million yuan respectively [2] - The pork concept sector's outflow list included Haida Group, Luoniushan, Zhengbang Technology, and Jingji Zhino, all showing negative performance [3]

Investment Rating - The report recommends focusing on the cyclical turning points in the pig and beef farming sectors, highlighting companies like Muyuan Foods and WH Group as potential investments. The pet industry shows clear growth potential, with companies that integrate production, sales, and research expected to succeed, such as Zhongchong Co., Guibao Pet, and Petty Co. The planting sector also has significant growth potential, with recommendations for companies like Morning Light Bio and Noposion [11]. Core Insights - The pig farming sector is expected to face continued low prices in the first half of 2026, driven by both policy and cyclical factors, with a focus on cost improvement and growth potential in pig farming enterprises [2][15]. - The poultry sector is experiencing a recovery phase, with white chicken prices remaining low and yellow chicken demand potentially increasing due to promotional activities [3][37]. - The beef farming sector is characterized by a long production cycle, with supply-side contractions likely to drive prices upward, particularly from 2025 onwards [4][46]. - The feed and animal health sectors are expected to see growth in sales, with a focus on the competitive landscape and the impact of low profits on animal health demand [5][63]. - The planting sector is projected to see stable grain prices, driven by domestic control and innovation, with a focus on specialty crops and plant extracts [6][69]. Summary by Sections Pig Farming - Prices are expected to remain low in the first half of 2026, with a gradual increase in supply due to rising breeding sow inventories [15]. - Capacity policies and cyclical adjustments are leading to a continued reduction in production capacity, with a focus on cost reduction and debt management among pig farming companies [23][27]. - Companies like Muyuan Foods are highlighted for their cost improvements, with expectations of further reductions in production costs [29]. Poultry Farming - The white chicken industry is in a deep price slump, with recovery expected to take time, while yellow chicken prices may see slight recovery due to promotional efforts [32][37]. - Leading companies are improving their operational efficiencies to cope with low prices, which may enhance their performance when prices recover [33]. Beef Farming - The long production cycle and fragmented market structure of beef farming in China are significant factors, with supply reductions expected to lead to price increases starting in 2025 [41][46]. - The beef supply is projected to decrease in the latter half of 2025, with expectations of continued price increases through 2027 [47]. Feed and Animal Health - The feed sector is expected to see a recovery in sales, with high inventory levels in the livestock sector supporting growth [52]. - The animal health sector may face pressure due to low profits in the livestock sector, but there are opportunities for breakthroughs in key products [63][65]. Planting - Grain prices are expected to stabilize and rise, with a focus on domestic production and innovation in seed varieties [69][75]. - The planting sector is seeing a shift towards high-quality, innovative seed varieties, with companies like Kangnong Seed showing strong growth potential [87].

Investment Rating - The report suggests a focus on the pig farming sector, indicating a left-side layout strategy due to increasing industry losses and accelerated capacity reduction [3][4]. Core Insights - The agricultural sector index rose by 0.1%, while the Shanghai and Shenzhen 300 index fell by 0.6%. Key stock performers included Hualu Biological (6.5%) and Muyuan Foods (5.5%), while Guotou Zhonglu saw a decline of 10.8% [3][4]. - The report highlights a significant rebound in pig prices before New Year's, driven by seasonal demand and reduced supply. However, it anticipates a price drop post-holiday due to increased supply and ongoing industry losses [3][4]. - The report emphasizes the importance of monitoring capacity reduction in the pig farming sector and suggests potential investment opportunities in companies like Muyuan Foods, Wens Foodstuffs, and Dekang Animal Husbandry [3][4]. Summary by Sections Agricultural Stock Market Performance - The agricultural sector index increased by 0.1%, contrasting with a 0.6% decline in the broader market. Notable gainers included Hualu Biological and Muyuan Foods, while Guotou Zhonglu and others faced significant losses [3][4]. Pig Farming Sector - The report notes a rebound in pig prices before New Year's, attributed to reduced supply and increased consumer demand. However, it warns that this price increase may not be sustainable, predicting a bottoming-out trend in the coming quarters [3][4]. - Current losses in the pig farming sector are significant, with small-scale operations facing losses of -10.29 CNY per head and larger operations experiencing losses of -28.31 CNY per head [3][4]. Beef and Poultry Markets - The report discusses new import quotas and tariffs on beef, which are expected to ease pressure on domestic supply. Current beef prices show slight declines, indicating a stable market environment [3][4]. - In the poultry sector, the average price for broiler chicks has decreased slightly, while the price for broiler chickens has reached a new high, suggesting a mixed outlook for the poultry market [3][4].

Core Insights - The report highlights a significant rebound in pork prices before the New Year, with the average price of lean pigs reaching 12.39 CNY/kg, a 7.6% increase from the previous week, although it remains 19.7% lower year-on-year [5][13][23] - The implementation of a safeguard policy for beef import quotas is expected to alleviate domestic supply pressures, with a total import quota of 2.688 million tons for 2026, which is 93.5% of the total imports in 2024 [14] - The report recommends focusing on leading companies with cost advantages in the livestock sector, particularly Wens Foodstuff and Muyuan Foods, while also highlighting potential turnaround candidates like Zhengbang Technology [5][13] Livestock Farming - The report notes that the pork market is under pressure due to significant losses in the industry, but the reduction in production capacity is expected to accelerate, leading to a more stable price environment in the first half of 2026 [5][13] - For poultry, the average price of white feather chickens is reported at 3.78 CNY/lb, down 3.1% week-on-week, while yellow feather chicken prices have shown slight increases, benefiting companies like Lihua and Wens [5][13][32] Dairy Industry - The current price of fresh milk in major production areas is 3.03 CNY/kg, stable week-on-week but down 3.2% year-on-year, indicating a balance in supply and demand as inventory levels decrease [14] - The safeguard measures on beef imports are anticipated to support domestic beef prices, which are expected to rise, enhancing the performance of companies like Yurun and Modern Farming [14] Feed and Animal Health - The report indicates a rebound in aquaculture prices due to holiday demand, with significant increases in white shrimp prices leading up to the New Year [15] - The feed industry is facing intense competition, but leading companies are expected to gain market share due to their cost advantages, especially in international markets [15] Agricultural Sector Performance - The agricultural sector outperformed the market by 0.7 percentage points, with livestock farming and feed sectors showing the highest gains of 1.4% and 0.5%, respectively [21] - The report tracks various agricultural product prices, noting fluctuations in corn and soybean meal prices, with corn prices rising by 0.6% to 2352 CNY/ton [23][46]

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]

Investment Rating - The report assigns an "Accumulate" rating for the agricultural industry [9] Core Insights - In 2026, the pig and beef cattle farming sectors are expected to reach a cyclical turning point, with clear growth potential in the pet sector and significant opportunities in specialty planting [2][13] - Companies with complete production, sales, and research capabilities in the pet industry are likely to succeed amid competitive pressures [8] Summary by Sections Pig Farming - Price: The pig price is expected to remain low in the first half of 2026, leading to continued low profits in the industry [3] - Capacity: Policy and cyclical adjustments are driving capacity reduction, with a focus on cost improvement and growth potential in pig farming enterprises [3][27] - Debt Reduction: The average debt-to-asset ratio for listed pig farming companies has decreased to 56.27%, indicating improved financial health [27] Poultry Farming - White Chicken: The industry is experiencing deep price declines, with a return to supply-demand balance expected to take time [4][30] - Yellow Chicken: Prices may see slight recovery, supported by promotional activities for native chicken varieties [35] Beef Farming - Long Cycle: The beef farming cycle is lengthy, with a fragmented supply structure impacting pricing dynamics [39] - Price Outlook: A supply contraction is expected to support continued price increases for beef from 2025 onwards [46] Feed and Animal Health - Feed: The feed sector is anticipated to see growth in sales, with a positive outlook for 2026 as livestock numbers remain high [49] - Animal Health: Demand for animal health products may face pressure due to low profits in farming, but breakthroughs in key products are worth monitoring [58][59] Planting - Grain Prices: Grain prices are expected to trend upwards, driven by increased focus on food security and innovation in seed varieties [7][64] - Specialty Planting: Opportunities in specialty crops like blueberries and mushrooms are highlighted, with a focus on innovation and market demand [7][70] Pet Industry - Growth Potential: The pet market is thriving, with strong consumer willingness to spend, indicating clear growth prospects [8][13] - Competitive Landscape: Companies with integrated production, sales, and research capabilities are rare and likely to outperform in the competitive environment [8][13]