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 ...

佩蒂股份（300673.SZ）1月9日在投资者互动平台表示，新西兰主粮工厂目前有向客户交付订单，进入 到国内市场的准备工作正在积极有序推进中，品牌设计、产品配方、进口备案以及销售方案等重要节点 工作已基本完成，但目前尚无法公布具体的上市时间表。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：现在已经是2026年1月中旬了，为什么新西兰品牌还没 动静？ ...

证券之星消息，1月9日饲料板块较上一交易日上涨0.74%，百洋股份领涨。当日上证指数报收于 4120.43，上涨0.92%。深证成指报收于14120.15，上涨1.15%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002696 | 百洋股份 | 7.40 | 4.52% | 21.29万 | | 1.54亿 | | 603668 | 天马科技 | 17.05 | 2.40% | 20.63万 | | 3.48亿 | | 002385 | 大北农 | 4.08 | 0.99% | 98.34万 | | 4.00亿 | | 002311 | 海大集团 | 53.51 | 0.98% | 9.48万 | | 5.01亿 | | 002548 | 金新农 | 6.33 | 0.96% | 48.94万 | | 3.07亿 | | 603609 | 禾丰股份 | 7.27 | 0.83% | 4.10万 | | 2966.60万 | | 300673 | 佩 ...

Group 1 - The core viewpoint of the news is that Petty Co., Ltd. has shown a positive stock performance recently, with a 3.96% increase in stock price since the beginning of the year and a 2.36% increase over the last five trading days [2] - As of January 6, the stock price reached 18.64 CNY per share, with a market capitalization of 4.638 billion CNY and a trading volume of 14.2369 million CNY [1] - The company primarily engages in the research, production, and sales of pet food, with 98.05% of its revenue coming from this segment [2] Group 2 - In the first nine months of 2025, Petty Co., Ltd. reported a revenue of 1.089 billion CNY, representing a year-on-year decrease of 17.68%, and a net profit attributable to shareholders of 114 million CNY, down 26.62% year-on-year [2] - The company has a total of 17,800 shareholders as of October 10, with a slight decrease of 0.88% from the previous period [2] - Petty Co., Ltd. has distributed a total of 210 million CNY in dividends since its A-share listing, with 84.7318 million CNY distributed over the past three years [2]

公司本次发行可转换公司债券的募集资金总额为人民币720,000,000.00元，扣除保 荐及承销费用、中介费用、手续费、信息披露费等相关费用后，募集资金净额为人民币 711,859,782.01元。上述募集资金于2021年12月28日划入募集资金专户，中汇会计师事 务所（特殊普通合伙）对截至2021年12月28日止公司本次向不特定对象发行可转换公司 | 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：123133 | 债券简称：佩蒂转债 | | 佩蒂动物营养科技股份有限公司 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公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 特别提示： 一、可转换公司债券发行上市情况 经深圳证券交易所审核同意，中国证监会《关于同意佩蒂动物营养科技股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2021〕3596号）同意注 册，公司可向不特定对象发行面值不超过人民币72,000.00万元的可转换公司债券。 公司本次发行可转换公司 ...

本次回购方案的具体内容见公司分别于2025年11月25日、2025年11月26日在巨潮资 讯网（http://www.cninfo.com.cn/）披露的《关于以集中竞价方式回购公司股份方案的公 告》（公告编号：2025-058）和《回购股份报告书》（公告编号：2025-059）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9号—— 回购股份（2025年修订）》等相关规定，公司应在每个月的前三个交易日内披露截至上月 末的回购进展情况。 一、回购的进展及披露情况 2025年11月26日，公司通过回购专用证券账户以集中竞价交易方式首次实施了回购， 并于2025年11月27日在巨潮资讯网披露了《关于回购公司股份的进展公告（首次回购）》 （公告编号：2025-061）。 截至2025年12月29日收市，公司本次回购股份的数量占公司总股本的比例已达到 1%，于2025年12月31日在巨潮资讯网披露了《关于回购公司股份的进展公告（回购比 例达1%）》（公告编号：2025-064）。 | 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2026-002 | | --- | --- | ...

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].

1月5日，佩蒂股份盘中上涨2.01%，截至13:57，报18.29元/股，成交6211.42万元，换手率2.13%，总市 值45.51亿元。 佩蒂股份今年以来股价涨2.01%，近5个交易日跌2.35%，近20日涨3.27%，近60日涨1.61%。 分红方面，佩蒂股份A股上市后累计派现2.10亿元。近三年，累计派现8473.18万元。 资料显示，佩蒂动物营养科技股份有限公司位于浙江省温州市平阳县水头镇工业园区宠乐路2号，成立 日期2002年10月21日，上市日期2017年7月11日，公司主营业务涉及宠物食品的研发、生产和销售。主 营业务收入构成为：宠物食品98.05%，其他1.95%。 责任编辑：小浪快报 佩蒂股份所属申万行业为：农林牧渔-饲料-宠物食品。所属概念板块包括：宠物经济、小红书概念、小 盘、增持回购、出海概念等。 截至10月10日，佩蒂股份股东户数1.78万，较上期减少0.88%；人均流通股9119股，较上期增加0.88%。 2025年1月-9月，佩蒂股份实现营业收入10.89亿元，同比减少17.68%；归母净利润1.14亿元，同比减少 26.62%。 资金流向方面，主力资金净流入23.97万元，大 ...

Core Viewpoint - The pet economy, with a market size of 300 billion and a gross margin of up to 50%, appears lucrative but is proving challenging for large companies to profit from [6]. Group 1: Market Dynamics - The pet food sector is the most popular category, with domestic brands achieving gross margins of 40%-50%, and some products, like high-end cat food, reaching a gross margin of 44.7% [8]. - Despite the high gross margins, many companies in the pet industry, such as Zhongchong Co. and Petty Co., report low net profit margins, with Zhongchong's gross margin at 28.16% and net margin at only 9.33% for 2024 [9]. - The high gross margins in the pet economy are often offset by significant marketing and operational costs, leading to a situation where companies struggle to convert revenue into profit [11][12]. Group 2: Challenges Faced by Large Companies - Large companies entering the pet market, like Hema, have faced significant losses, with Hema's Pet Fresh store losing over 20,000 yuan per month and closing after just nine months [6][9]. - The reliance on KOLs (Key Opinion Leaders) for marketing has led to increased sales expenses, which can consume a large portion of revenue, making it difficult for companies to achieve profitability [12][16]. - The pet economy is characterized by a high degree of fragmentation, with many successful businesses being small, owner-operated shops rather than large chains [20][24]. Group 3: Emotional Value vs. Cost - The perceived high margins in the pet economy are often attributed to the emotional value pet owners place on their pets, but this emotional value comes with significant costs, particularly in marketing and service delivery [11][14]. - Services like pet grooming and veterinary care can be profitable, but they require skilled personnel, making it difficult for large companies to scale effectively [20][23]. Group 4: Comparison with Other Industries - The challenges faced by the pet economy are similar to those in other high-margin industries like beauty and medical aesthetics, where the profitability often lies with individual practitioners rather than large companies [18][19]. - The pet industry, like the beauty industry, is heavily reliant on personal relationships and trust, which complicates efforts to scale operations [22][24].

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]