Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [5][6]. Core Insights - The report highlights a significant rebound in pig prices due to the re-entry of the second batch of fattening pigs and a rise in consumer sentiment as the year-end approaches. However, it notes that this price increase may not be sustainable in the coming quarters due to an oversupply situation [5][6]. - The report emphasizes the need to focus on the ongoing capacity reduction in the pig farming sector and suggests left-side investment opportunities in this area. It also mentions a potential valuation shift in the pet sector as it undergoes adjustments [5][6]. - The report provides specific recommendations for companies to watch, including Muyuan Foods, Wens Foodstuff, Dekang Agriculture, Tiankang Biological, Noposion, Guai Bao Pet, Zhongchong Pet, and Petty [5][6]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 0.3%, while the CSI 300 Index increased by 1.9%. The top five gainers included Shennong Technology (35.7%), Guotou Zhonglu (20.8%), and Jinliang Holdings (19.9%) [5][6]. Pig Farming - The average selling price of external three yuan pigs was 12.21 yuan/kg, with a week-on-week increase of 7.0%. The report indicates that the current price increase is driven by several factors, including the re-entry of fattening pigs and a decrease in available pig sources [5][6]. - The report forecasts that pig prices will continue to fluctuate at the bottom level, with a focus on the progress of capacity reduction in the industry [5][6]. Pet Sector - The report mentions the seventh Pet New National Goods Conference held in Wuhan, projecting the annual market size of China's pet industry to be between 154.5 billion and 160 billion yuan. It highlights the rapid growth in the pet market and the emergence of new customer segments [5][6]. - Ruipai Pet Hospital has submitted an application for listing on the Hong Kong Stock Exchange, indicating a positive outlook for the pet medical service sector [5][6]. Poultry Farming - The average selling price of white feather broiler chicks was 3.37 yuan/chick, with a week-on-week decrease of 0.6%. The report notes that the supply of white feather broilers remains abundant, which is expected to be a theme for 2025-2026 [5][6].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The supply of fat pigs is tight, leading to an upward trend in pig prices before the New Year, supported by both supply and demand factors [4][14] - The export value of pet food has improved month-on-month, benefiting from increased export volumes, although the unit price remains under pressure [5][21] - The pig farming sector is experiencing accelerated losses, while the pet food sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [6][23][25] Summary by Sections Weekly Observation - The average price of live pigs in China as of December 28, 2025, is 12.21 CNY/kg, with a week-on-week increase of 0.78 CNY/kg and a year-on-year decrease of 3.49 CNY/kg [4][14] - The average weight of pigs sold is 129.70 kg, with a slight decrease from the previous week [14] Weekly Market Performance (Dec 22-26) - The agricultural index underperformed the market by 1.63 percentage points, with the Shanghai Composite Index rising by 1.88% and the agricultural index by 0.25% [26][30] Price Tracking (Dec 22-26) - The average price of live pigs is 11.63 CNY/kg, with a week-on-week increase of 0.05 CNY/kg [37] - The average price of broiler chickens is 7.82 CNY/kg, with a week-on-week increase of 6.39% [37] Key Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [6][23] - In the feed sector, recommended stocks include Haida Group and New Hope Liuhe [6][23] - For the pet food sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty [6][25]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Views - The report highlights a structural shortage in the pig industry, with pessimistic expectations likely to be corrected [2] - The report emphasizes the acceleration of 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] Summary by Sections Investment Recommendations and Targets - The report recommends a positive outlook on the pig farming sector, suggesting that recent policies and market dynamics will drive capacity reduction, benefiting long-term performance. Key stocks include Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - For the post-cycle sector, the report notes a continuing structural growth trend, with potential profit transmission down the supply chain if the current capacity reduction in pig farming proceeds smoothly. Relevant stocks include Haida Group (002311, Buy) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the report indicates a confirmed upward trend in grain prices, with favorable fundamentals for planting and seed industries, highlighting significant investment opportunities. Related stocks include Suqian Agricultural Development (601952, Not Rated), Beidahuang (600598, Not Rated), Hainan Rubber (601118, Not Rated), and Longping High-Tech (000998, Not Rated) [3] - The pet sector is noted for being in a phase of growth and price increases, with continuous expansion in overseas markets and rising domestic brand recognition. Key stocks include Guibao Pet (301498, Not Rated), Zhongchong Co. (002891, Not Rated), and Petty Holdings (300673, Not Rated) [3] Industry Fundamentals - The report discusses the acceleration of capacity reduction in the pig industry, with the average price of live pigs as of December 26 at 11.63 CNY/kg, reflecting a week-on-week increase of 0.43% [13] - The report notes that the supply side is experiencing structural shortages, leading to price increases for medium and large pigs, with expectations of increased sales activity from smallholders as the New Year approaches [13] - The report also covers the white feather broiler chicken market, indicating a return to low volatility with prices rising to 7.82 CNY/kg, a week-on-week increase of 6.39% [19] - The report highlights the feed sector, noting that raw material prices are stabilizing at the bottom, with corn prices at 2338.63 CNY/ton, down 0.43% week-on-week, and soybean meal prices at 3174.86 CNY/ton, up 1.20% [29]

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The livestock prices have stabilized after a decline, and the export volume of pet food has shown year-on-year growth [1]. - The industry is currently trading at a price-to-earnings (P/E) ratio and price-to-book (P/B) ratio below historical averages, indicating potential for valuation recovery [7]. Summary by Sections Market Review - In November 2025, the agriculture, forestry, animal husbandry, and fishery index increased by 1.15%, outperforming the CSI 300 index, which fell by 2.46%, resulting in a relative outperformance of 3.61 percentage points [7][10]. - The sub-industry performance showed that the forestry processing sector had the highest gains, while the pet food sector experienced declines [10]. Livestock Industry Data Tracking - **Swine Farming**: In November 2025, the average price of external three-yuan pigs was 11.59 yuan/kg, a month-on-month increase of 0.61%, but a year-on-year decrease of 30.13% [19]. - **Broiler Chickens**: The average price of white feather broiler chickens was 3.48 yuan/jin, with a month-on-month increase of 2.65% and a year-on-year decrease of 7.69% [26]. Pet Food - In November 2025, China's pet food export volume reached 33,400 tons, a year-on-year increase of 11.23%, while the export value was 11.8 million USD, a year-on-year decrease of 3.59% [34]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods (牧原股份), Pulaike (普莱柯), and Guobao Pet (乖宝宠物), all rated as "Buy" [1].

证券之星消息，12月26日饲料板块较上一交易日下跌0.45%，佩蒂股份领跌。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。饲料板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 603668 | 天马科技 | | 955.07万 | 3.74% | 507.73万 | 1.99% | -1462.80万 | -5.72% | | 002548 | 金新农 | | 838.99万 | 2.17% | -1922.67万 | -4.97% | 1083.69万 | 2.80% | | 002567 | 唐人神 | | 598.15万 | 8.14% | -387.01万 | -5.27% | -211.14万 | -2.87% | | 002100 | 天康生物 | | 253.75万 | 1.87% | 171.35万 | 1.26 ...

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%。 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。 佩蒂股份今年以来股价涨5.53%，近5个交易日跌2.24%，近20日跌2.50%，近60日涨5.89%。 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%。 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：小红书概念、出海概念、小 盘、增持回购、宠物经济等。 12月26日，佩蒂股份盘中下跌2.03%，截至09:52，报18.35元/股，成交2776.81万元，换手率0.93%，总 市值45.66亿元。 资金流向方面，主力资金净流出450.74万元，特大单买入0.0 ...

证券之星消息，12月25日饲料板块较上一交易日上涨2.34%，海大集团领涨。当日上证指数报收于 3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 002311 | 海大集团 | 54.65 | 4.13% | 11.79万 | | 6.36亿 | | 603668 | 天马科技 | 16.40 | 3.34% | 17.79万 | | 2.91亿 | | 001313 | 超过奥圈 | 7.73 | 3.07% | 16.17万 | | 1.24亿 | | 688156 | 路德科技 | 16.38 | 2.12% | 1.61万 | | 2599.01万 | | 300673 | 佩蒂股份 | 18.73 | 1.79% | 5.90万 | | 1.10亿 | | 301498 | 乖宝宠物 | 68.39 | 1.32% | 2.44万 | | 1.67亿 | | 0013 ...

资金流向方面，主力资金净流入198.05万元，特大单买入168.70万元，占比4.43%，卖出0.00元，占比 0.00%；大单买入456.53万元，占比11.98%，卖出427.18万元，占比11.21%。 佩蒂股份今年以来股价涨7.94%，近5个交易日涨4.92%，近20日跌0.48%，近60日涨8.37%。 12月25日，佩蒂股份盘中上涨2.01%，截至10:36，报18.77元/股，成交3812.31万元，换手率1.27%，总 市值46.71亿元。 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：小红书概念、出海概念、宠 物经济、小盘、增持回购等。 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%。 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 ...

内容概要：近年来，宠物"拟人化""家庭成员化"的认知深入人心，养犬人群不再将狗粮视为简单的喂养 物资，而是更注重犬只的营养健康与生活品质，这使得狗粮从"可选消费"转向"刚性消费"，为我国狗粮 市场提供稳定的需求支撑，同时，单身经济、银发经济的兴起以及情感陪伴需求的激增，进一步扩大了 养犬人群规模，也让狗粮的消费频次和客单价稳步提升，据统计，2024年我国狗粮销量完成60.73万 吨，销售均价达3.58万元/吨，销售额达217.38亿元，其中，干狗粮占83.82%，湿狗粮占3.74%。 相关上市企业：乖宝宠物（301498）、中宠股份（002891）、佩蒂股份（300673）、路斯股份 （920419）、朝云集团（06601.HK）、源飞宠物（001222） 相关企业：皇誉宠物食品（上海）有限公司、上海依蕴宠物用品有限公司、雀巢（中国）有限公司、华 兴宠物食品有限公司、玛氏宠物食品（中国）有限公司、徐州苏宠宠物用品有限公司、上海比瑞吉宠物 用品股份有限公司、 上海凯锐斯生物科技有限公司、荣喜宠物食品有限公司、多格漫贸易（上海）有限公司 关键词：狗粮行业发展历程、狗粮发展背景、狗粮产业链图谱、狗粮销售规模、狗粮竞 ...

佩蒂股份 20151223 摘要 公司四季度订单量和业务量同比环比均改善，前三季度虽受美国关税影 响，但通过成本控制保持盈利能力与去年同期相当。自主品牌"爵宴" 双十一期间保持良好增速，风干粮翻倍增长，烘焙粮大规模铺货，新西 兰主粮有望明年一季度进入国内市场。 预计 2026 年美国市场恢复增长约 5%，公司将调整产品品类适应市场 需求。积极拓展欧洲、亚洲、南美及澳洲市场，重点关注欧洲、中东及 东南亚地区，特别是中东对清真认证猫零食的需求。 欧美客户在宠物食品需求上存在差异，美国客户偏好创新产品且购买量 大，欧洲消费者相对保守。美国以大型商超为主，欧洲以中小型线下商 店为主。公司倾向于服务美国大客户，但也需提高柔性化生产能力服务 中小客户。 国内工厂负责美国以外市场订单，东南亚工厂处理美国市场订单。越南 工厂基本满产，新增 2000 吨产能，柬埔寨工厂预计明年下半年投产， 新增 5,000 吨产能，东南亚总产能将超过 3 万吨，对应约 14 亿元产值。 新增 5,000 吨产能预计带来约 2 亿元收入。 Q&A 佩蒂股份在 2025 年第四季度的业务表现如何？特别是出口和自主品牌方面的 情况？ 进入 2025 ...