联农共富，初心 不改！温氏股份 获第三届"猗顿 猪业杰出贡献 奖"_南方+_南方 plus 敢做养猪先锋， 不忘联农带农！ 12月13日，第五 十二届养猪产业 大会（广州）顺 利闭幕。在当天 举办的颁奖典礼 认可，更是 对"带农致富"初 心的坚定守护。 从"公司+农 户"到"公司+家 庭农场"再到创 新的"政银企村 户"共建模式， 温氏股份始终践 行联农带农的初 心，构建起风险 共担、利益共享 的紧密共同体。 2015年-2025年 前三季度累计支 付农户养殖费用 超961亿元，即 便行情低迷期， 仍保障农户收益 稳定，让4.3万 农户实现家门口 创业致富。 上，温氏食品集 团股份有限公司 （简称：温氏股 份）荣获第三届 恒通杯"猗顿猪 业杰出贡献 奖" 。 温氏股份总裁 黎少松（中）代表企业上台，接受广东省农业农村厅总畜牧兽医师陈楚楷（右）、四川恒通内江猪保种繁育有限公司董事长郭 亮（左）颁发的"猗顿猪业杰出贡献奖"。 "猗顿猪业杰出 贡献奖"既是对 行业贡献的权威 以科技为翼，温 氏股份与华为等 科技企业深度合 作，研发出"牧 视通""AI诊 疗"等产品，将 AI从探索走向应 用，让农户养殖 更高效；以服 ...

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights the ongoing capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3][9] - The report identifies several investment opportunities across different segments of the agriculture industry, including pig farming, feed, planting, and pet food sectors [3][43] Summary by Sections Pig Farming Sector - The pig farming industry is experiencing accelerated capacity reduction, with current pig prices and expectations both weak, leading to a significant decline in profitability [9] - In November, 14 listed pig companies collectively slaughtered 16.82 million pigs, a decrease of 2.21% month-on-month but an increase of 22.48% year-on-year [13] - The average selling price of pigs showed a slight recovery, with prices ranging from 11.1 to 12.53 yuan/kg, although still down approximately 30% year-on-year [15] Feed Sector - The report notes that raw material prices for feed are stabilizing at the bottom, with corn prices slightly down and soybean meal prices up [28] - As of December 12, corn prices averaged 2,356.67 yuan/ton, down 0.08%, while soybean meal prices rose by 1.54% to 3,159.43 yuan/ton [28] Planting Sector - The report indicates a confirmed upward trend in grain prices, suggesting favorable fundamentals for planting and seed industries, with significant investment opportunities [3][43] Pet Food Sector - The pet food industry is in a growth phase, with increasing domestic brand recognition and continuous growth among leading companies [3][43]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector, particularly focusing on livestock and feed companies [7]. Core Insights - The USDA's December supply and demand report indicates a tightening supply-demand balance for corn, with prices expected to maintain a moderate upward trend [15][18]. - For soybeans, the report suggests a recovery in U.S. imports, which is likely to support price recovery [33][35]. - The beef market is projected to see a price increase in 2026, driven by reduced production and strong domestic demand [3][6]. - The dairy sector is expected to experience a price reversal due to a combination of reduced supply and increased demand for both meat and milk [4][6]. - The pork market is anticipated to face a decline in prices in the latter half of 2026, despite a positive outlook for the first half [6][7]. Summary by Sections Corn - The USDA report predicts a reduction in global corn production by 3.27 million tons, leading to a decrease in global ending stocks and a tightening supply-demand ratio [15][16]. - Domestic corn prices are currently at a historical low, with expectations for a gradual recovery supported by low trader inventories [18][19]. Soybeans - The global soybean ending stocks are expected to increase slightly, with a projected rise in U.S. imports and a positive outlook for domestic soybean meal prices [33][35]. - The report highlights the importance of monitoring U.S.-China trade relations and South American weather conditions for future price movements [38]. Wheat - The global wheat supply remains ample, with an increase in production forecasts from major exporting countries, leading to a slight rise in the global ending stocks ratio [2][45]. - Domestic wheat prices are expected to stabilize, influenced by the overall supply situation and potential government storage interventions [48][52]. Beef - The USDA forecasts a decrease in U.S. beef production, with prices expected to rise due to strong domestic demand and reduced imports [3][6]. - The report anticipates a turning point in the domestic beef cycle by 2025, with prices likely to trend upwards [3][6]. Dairy - The report indicates a potential reversal in the dairy market, driven by reduced cow inventories and a tightening supply-demand balance [4][6]. - Domestic raw milk prices are expected to rise as a result of these factors [4][6]. Pork - The U.S. pork market is projected to see a decline in prices in the latter half of 2026, despite a positive outlook for the first half of the year [6][7]. - Domestic breeding sow inventories are stabilizing, which may help support industry profitability [6][7]. Poultry - The U.S. poultry market is expected to recover, with increased production and consumption anticipated as avian influenza impacts diminish [6][7]. - Domestic chicken supply is projected to stabilize, with a focus on internal demand recovery [6][7].

本报记者 肖艳青 养殖场内，智能饲喂系统实现猪群的精准投喂，巡检机器人自主巡检，集控大屏闪烁着各项生产数据——曾经手持铲勺的 饲养员，如今正紧盯着屏幕，化身掌控全局的"数据监管员"。这不仅是生产场景的转换，更是我国养殖业在阵痛中开启深层变 革的直观呈现。 当前，养殖业正在经历洗牌，行业竞争逻辑也加速改变：从一味追求规模扩张，转向对质量效益与全球资源整合能力的比 拼。在此背景下，头部企业以智能化革新练内功、以全球化布局谋外拓，"内外兼修"加速锻造穿越周期、决胜未来的新引擎。 产能调控成共识 今年以来，我国生猪价格处于下跌趋势。中国养猪网数据显示，12月12日，生猪（外三元）价格为11.45元/千克，同比下 降27.85%，环比下降3.94%。生猪价格的持续下探，使得多家企业宣布中止或延期生猪养殖项目。 "这两年，我们公司接到的焊接猪栅栏的订单明显减少了。"某焊接设备制造企业负责人向《证券日报》记者表示，这类产 品主要用于新建规模化养猪场的配套建设，订单下滑反映出生猪养殖行业新增产能放缓的情况。 面对挑战，产能调控与行业自律成为推动行业走出困局的关键路径。 今年以来，农业农村部等有关部门多次召开生猪产能调控座谈会 ...

Group 1 - The core transaction on December 12 involved a block trade of 350,000 shares of Wens Foodstuff Group, with a transaction value of 4.669 million yuan, at a price of 13.34 yuan per share, representing a discount of 21.02% compared to the closing price of the day [2][3] - In the last three months, Wens Foodstuff Group has recorded a total of 10 block trades, with a cumulative transaction value of 59.8862 million yuan [2] - The closing price of Wens Foodstuff Group on the day of the report was 16.89 yuan, reflecting an increase of 1.26%, with a turnover rate of 0.52% and a total trading volume of 522 million yuan [2] Group 2 - The latest margin financing balance for Wens Foodstuff Group is 935 million yuan, which has increased by 43.6036 million yuan over the past five days, marking a growth of 4.89% [3] - One institutional rating has been issued in the past five days, with Dongfang Securities setting the highest target price for the company at 22.68 yuan as of December 11 [3] - Wens Foodstuff Group was established on July 26, 1993, with a registered capital of 6.653927141 billion yuan [3]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][51]. Core Insights - Recent recovery in pig prices is noted, with expectations for continued price increases as the seasonal consumption peak approaches. The inventory of breeding sows remains relatively high, indicating significant potential for capacity reduction [51]. - The report highlights investment opportunities in leading pig farming companies due to expected capacity reduction and improving profitability margins in chicken farming [51]. - The report emphasizes the importance of strong R&D capabilities in animal health companies and the long-term growth potential of domestic pet food leaders [51]. Industry Performance Overview - The SW agriculture, forestry, animal husbandry, and fishery industry underperformed the CSI 300 index, declining by 0.92% from November 28 to December 11, 2025, lagging behind the index by approximately 1.73 percentage points [12]. - Among the sub-sectors, only animal health and planting recorded positive returns, increasing by 1.96% and 1.18%, respectively, while other sectors such as agricultural product processing, feed, breeding, and fishery experienced declines of 1.01%, 1.5%, 3.03%, and 3.76% [15][18]. - Approximately 68% of stocks in the industry recorded negative returns during the same period, with over 60% of stocks showing losses [16][18]. Valuation Metrics - As of December 11, 2025, the overall price-to-book (PB) ratio for the SW agriculture, forestry, animal husbandry, and fishery industry is approximately 2.75 times, reflecting a recent decline in valuation. This level is around 61.8% of the historical median since 2006, indicating a relatively low historical valuation [19]. Key Industry Data - **Pig Farming**: The average price of external three yuan pigs rose from 11.28 CNY/kg to 11.45 CNY/kg during the reporting period. However, self-breeding pig farming continues to incur losses, with profits at -163.34 CNY per head, while purchased pig farming shows a loss of -240.69 CNY per head [23][28]. - **Poultry Farming**: The average price of broiler chicks increased slightly to 3.54 CNY per chick, while the average price of white feather broilers rose to 7.33 CNY/kg, with losses of -0.71 CNY per bird [30][33]. Company Highlights - The report suggests focusing on key companies such as Muyuan Foods (002714), Wens Foodstuff Group (300498), and Shengnong Development (002299) due to their market leadership and potential for recovery [51][52].

Group 1 - The core viewpoint of the report indicates that Wens Foodstuff Group achieved a record high in November 2025 with sales of 4.3535 million pigs, representing a year-on-year increase of 49.71% and a month-on-month increase of 11.83% [1] - The current chicken price remains strong, with expectations of continued support leading up to the Spring Festival, despite a slowdown in industry output growth in Q3 2025 [1] - The report highlights ongoing losses in the pork industry, with prices stabilizing at low levels, and anticipates a market-driven reduction in production capacity due to weak price expectations and policy influences [1] Group 2 - The report projects that the theoretical output of the industry will remain high in December, making it difficult for both fat and piglet prices to improve, thus reinforcing the trend of market-driven capacity reduction [1] - The combination of weak current and expected pork prices, along with policy-driven factors, is expected to accelerate the reduction of production capacity in the hog farming industry, supporting a long-term increase in pork prices [1] - Based on comparable company valuation methods, the report assigns a target price of 22.68 yuan for the company in 2026, maintaining a "buy" rating with a valuation of 14x [1]

Core Insights - The 2025 Guangdong Agricultural Enterprises Brand Value Top 50 list was officially released, showcasing a total brand value of 259.195 billion yuan, reflecting a steady growth from 257.224 billion yuan in 2024 [9][10]. Group 1: Top Performers - Leading companies include Foshan Haitian (57.192 billion yuan), Wen's Food (49.158 billion yuan), and Guangdong Haida (38.765 billion yuan), maintaining their positions in the top three for two consecutive years [11][12]. - Other notable companies in the top ten are Shenzhen Baiguoyuan (20.304 billion yuan), Guangzhou Qian Dama (18.335 billion yuan), and Guangdong Hengxing Group (9.415 billion yuan) [12][13]. Group 2: Emerging Brands - Young brands such as Guangdong Kuaishu Group, Rontong Agriculture, and Jun Chuang Group have rapidly increased their brand values, surpassing 100 million yuan, leveraging social media and digital technologies to connect with consumers [17][18][19]. Group 3: Evaluation and Impact - This is the second year of the Guangdong Agricultural Enterprises Brand Value Top 50 evaluation, which has gained significant attention and media coverage, becoming a key reference for observing the development of the agricultural sector in Guangdong [20][24]. - The evaluation committee, composed of branding experts and industry leaders, has positioned the list as an authoritative certification in the AI digital era [25]. Group 4: Key Trends - The list highlights three significant trends: 1. Technological innovation is crucial for reshaping agricultural brand value, with many companies enhancing product quality and production efficiency [30]. 2. Sustainable development principles are increasingly integrated into core business strategies, reflecting active exploration in this area [31]. 3. Brand narratives are evolving from functional descriptions to deeper emotional connections with consumers, enhancing brand affinity and influence [32]. Group 5: Event Significance - The release of the list coincided with the Greater Bay Area Agricultural Products Trade Fair, providing a platform for brand showcasing and industry collaboration, thus promoting high-quality development in Guangdong's agricultural sector [34][36].

Group 1 - The China Livestock Breeding Index (930707) increased by 0.44% as of December 12, 2025, with notable gains in constituent stocks such as Luo Niu Shan (000735) up 6.21%, and BioShares (600201) up 2.99% [1] - The Central Reserve Frozen Pork Rotation Storage Auction will take place on December 18, 2025, with 3,100 tons available for bidding, as announced by the China Storage Network [1] - Recent analysis indicates that traditional peak season for pork consumption is leading to a steady recovery in demand, driven by colder weather and increased demand for cured meats in southern regions, although supply remains high due to previous production capacity [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the China Livestock Breeding Index account for 65.6% of the index, including Muyuan Foods (002714) and Wens Foodstuff Group (300498) [2] - The index reflects the overall performance of listed companies involved in livestock feed, veterinary drugs, and livestock farming [1]

Core Insights - The article highlights the target price increases for several listed companies as recommended by brokerages, with notable gains in specific sectors [1] Group 1: Target Price Increases - The companies with the highest target price increases include Wen's Foodstuffs Group with a rise of 35.97%, Taihe New Materials with 30.43%, and Yuheng Pharmaceutical with 17.04% [1] - These companies belong to the aquaculture, chemical fiber, and pharmaceutical industries respectively [1] Group 2: Brokerage Recommendations - On December 11, a total of 20 listed companies received recommendations from brokerages, including Yuheng Pharmaceutical, Huayang Co., and Taihe New Materials, each receiving one recommendation [1]