Group 1 - The core transaction involved 1.6 million shares of Lihua Co., with a total transaction value of 25.92 million yuan, accounting for 11.66% of the total trading volume on that day [1][2] - The transaction price was 16.20 yuan per share, which represents a discount of 19.72% compared to the market closing price of 20.18 yuan [1][2]

Sales Performance Summary - In January 2026, the company sold 48.4628 million live chickens, generating sales revenue of 1.289 billion yuan, with an average selling price of 11.63 yuan per kilogram. The month-on-month changes were -3.69% in quantity, -7.00% in revenue, and -4.36% in average price. Year-on-year changes were 7.43% in quantity, 9.80% in revenue, and -1.27% in average price [1] - The company sold 193,200 live pigs in January 2026, with sales revenue of 304 million yuan and an average selling price of 13.12 yuan per kilogram. The month-on-month changes were -19.77% in quantity, -10.32% in revenue, and 12.04% in average price. Year-on-year changes were 19.19% in quantity, -3.18% in revenue, and -18.61% in average price [1]

Core Viewpoint - Lihua Co., Ltd. reported its sales figures for January 2026, showing a mixed performance in the poultry and pork segments, with notable changes in sales volume and revenue compared to previous periods [1] Poultry Sales - In January 2026, the company sold 48.4628 million live chickens, generating a revenue of 1.289 billion yuan, with an average selling price of 11.63 yuan per kilogram [1] - The month-on-month changes in sales volume, revenue, and average price were -3.69%, -7.00%, and -4.36% respectively [1] - Year-on-year changes showed an increase of 7.43% in sales volume, 9.80% in revenue, and a slight decrease of 1.27% in average price [1] Pork Sales - The company sold 193,200 live pigs in January 2026, resulting in a revenue of 304 million yuan, with an average selling price of 13.12 yuan per kilogram [1] - Month-on-month changes in sales volume, revenue, and average price were -19.77%, -10.32%, and 12.04% respectively [1] - Year-on-year changes indicated a 19.19% increase in sales volume, a decrease of 3.18% in revenue, and a significant drop of 18.61% in average price [1]

Sales Performance Summary - In January 2026, the company sold 48.4628 million live chickens, generating sales revenue of 1.289 billion yuan, with an average selling price of 11.63 yuan per kilogram. The month-on-month changes were -3.69% for sales volume, -7.00% for sales revenue, and -4.36% for average price. Year-on-year changes were 7.43% for sales volume, 9.80% for sales revenue, and -1.27% for average price [1] - The company sold 193,200 live pigs in January 2026, with sales revenue of 304 million yuan and an average selling price of 13.12 yuan per kilogram. The month-on-month changes were -19.77% for sales volume, -10.32% for sales revenue, and 12.04% for average price. Year-on-year changes were 19.19% for sales volume, -3.18% for sales revenue, and -18.61% for average price [1]

一、2026 年 1 月销售情况 江苏立华食品集团股份有限公司（以下简称公司）2026 年 1 月销售肉鸡（含 毛鸡、屠宰品及熟制品）4,846.28 万只，销售收入 12.89 亿元，毛鸡销售均价 11.63 元/公斤，环比变动分别为-3.69%、-7.00%、-4.36%，同比变动分别为 7.43%、9.80%、 -1.27%。 证券代码：300761 证券简称：立华股份 公告编号：2026-006 江苏立华食品集团股份有限公司 2026 年 1 月销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 三、特别提示 1、上述财务数据均未经审计，可能与公司定期报告披露的数据存在一定差异， 敬请广大投资者谨慎决策，注意投资风险。 公司 2026 年 1 月销售肉猪 19.32 万头，销售收入 3.04 亿元，肉猪销售均价 13.12 元/公斤，环比变动分别为-19.77%、-10.32%、12.04%，同比变动分别为 19.19%、 -3.18%、-18.61%。 二、销售情况汇总 | 月份 | | | 肉鸡销量（万只） | | 销售收入（亿元） | ...

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][4]. Core Views - The report anticipates a reversal in the livestock cycle, particularly benefiting Hong Kong dairy farming stocks [1]. - The monthly recommended stock portfolio includes leading companies in various segments: Yuran Agriculture, Modern Farming, Muyuan Foods, Dekang Agriculture, and Lihua Co., among others [1][3]. - The report highlights the expected upward trend in domestic beef and milk prices, driven by a recovery in the livestock cycle and improved cash flow for leading companies [1][14]. Summary by Sections Livestock Sector - The livestock sector is expected to experience a significant turnaround, with recommendations for Yuran Agriculture and Modern Farming as key beneficiaries [1][14]. - The report notes that domestic beef production capacity is decreasing, which may lead to price increases through 2028 [14]. - The improvement in raw milk prices is anticipated to benefit dairy farming companies, with a projected profit increase for Yuran Agriculture and Modern Farming [17]. Swine Sector - The swine sector is highlighted for its potential recovery, with leading companies like Huazhong, Dekang Agriculture, and Muyuan Foods recommended for investment [1][14]. - The report indicates that the industry is moving towards a more stable price center, supported by a reduction in production capacity and improved cash flow for leading firms [15][20]. Poultry Sector - The poultry sector is expected to see a recovery in demand, with recommendations for Lihua Co. and Shengnong Development [1][18]. - The report notes that the supply of white feather chickens is increasing, but demand is expected to improve, leading to potential price recovery [22][24]. Pet Sector - The pet food market is identified as a growing segment, with a focus on domestic brands like Guibao Pet [1][16]. - The report emphasizes the long-term growth potential of the pet sector, driven by rising consumer sentiment and market expansion [16]. Feed Sector - The feed sector is expected to benefit from deeper industrialization in livestock farming, with leading companies like Haida Group recommended [1][18]. - The report notes that feed prices are at historical lows, providing a strong support level for future price recovery [18].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Insights - The 2026 Central Document emphasizes agricultural modernization, focusing on stabilizing grain production, promoting healthy development in animal husbandry, and enhancing agricultural technology innovation [3][4][5] - The grain production target has been raised to approximately 1.4 trillion jin, with initiatives to improve grain quality and variety [5][6] - The document acknowledges the success of previous measures in the livestock sector and introduces new strategies to boost dairy product consumption [8][9] - Agricultural technology innovation is highlighted, with a focus on the implementation of breeding actions and the integration of AI in agriculture [15][21] Summary by Sections Grain Sector - The document sets a grain production target of stabilizing at around 1.4 trillion jin and emphasizes quality improvement and variety enhancement [5][7] - It includes measures to protect farmers' interests, such as determining minimum purchase prices for rice and wheat [5][7] - The document also stresses the importance of developing a futures market for agricultural products [5][7] Livestock Sector - The document reinforces the need for comprehensive regulation of pig production capacity and acknowledges the success of previous measures in stabilizing the beef and dairy industries [8][9][11] - It promotes measures to enhance dairy product consumption and supports the development of forage crops [9][11] Agricultural Technology - The document continues to emphasize the implementation of breeding actions and the promotion of breakthrough varieties [15][16][17] - It encourages the development of high-end intelligent agricultural machinery and the integration of AI, drones, and IoT into agricultural practices [21][25] Investment Recommendations - The report recommends several companies across different segments, including: - Livestock: YouRan Agriculture, Modern Agriculture [27] - Swine: HuaTong Co., DeKang Agriculture, MuYuan Co., Wen's Co., TianKang Bio, and ShenNong Group [27] - Pet Industry: GuaiBao Pet [27] - Feed: HaiDa Group [27] - Poultry: LiHua Co., YiSheng Co., and ShengNong Development [27] - Animal Health: HuiSheng Bio [27] - Planting Chain: Hainan Rubber, QuanYin High-Tech, Guotou Fengle, and LongPing High-Tech [27]

Core Insights - The report emphasizes a favorable outlook for the livestock sector, particularly dairy farming, anticipating a significant cyclical reversal in the industry [1][12] - The recommended stocks include leading companies in various segments such as dairy, pork, poultry, and pet food, indicating a diversified investment strategy [1][3] Livestock Sector - The livestock sector is expected to experience a cyclical reversal, with both beef and milk prices projected to rise, benefiting companies like Yuran Agriculture and Modern Farming [14][17] - The domestic beef market is anticipated to improve due to reduced production capacity and favorable pricing dynamics, with beef prices currently at 61.88 yuan/kg, reflecting a month-on-month increase of 1.59% [29] - The report highlights the potential for significant earnings recovery for dairy farming companies as milk prices are expected to rebound, driven by improved market conditions [14][17] Pork Sector - The pork sector is witnessing a stabilization in prices, with January 2026 pork prices at 12.16 yuan/kg, down 4% month-on-month, while piglet prices have surged by 57.86% [20][21] - Leading companies in the pork industry, such as Muyuan Foods and Huazhong Holdings, are expected to benefit from improved cash flows and dividend returns as the market stabilizes [15][19] - The report notes that the industry is undergoing a rationalization process, with a focus on reducing production capacity and enhancing profitability for leading firms [20][21] Poultry Sector - The poultry sector is experiencing a slight increase in supply, with broiler prices showing a month-on-month increase of 2.94% to 7.70 yuan/kg, indicating a potential recovery in demand [22][23] - The report suggests that the white-feathered chicken industry is poised for price recovery as domestic demand stabilizes, supported by seasonal consumption trends [22][24] - The overall outlook for poultry remains positive, with expectations of improved profitability driven by demand recovery and supply adjustments [22][24] Pet Food Sector - The pet food market is identified as a high-growth area, with domestic brands gaining market share and expected to benefit from rising consumer sentiment [16][18] - The report highlights the strong performance of leading pet food companies, which are focusing on product upgrades and direct sales strategies to capture market opportunities [16][18] - The pet food export volume has increased by 12.99% month-on-month, indicating robust demand in international markets [16][18] Feed Sector - The feed industry is expected to benefit from the deepening industrialization of livestock farming, with leading companies leveraging technological and service advantages to enhance competitive positioning [1][3] - The report notes that feed prices are at historical lows, providing a supportive cost structure for livestock producers [20][21] Agricultural Products - The report tracks agricultural product prices, indicating that soybean meal prices are at historical lows, while corn prices have shown a slight increase to 2333 yuan/ton [2][21] - The overall agricultural market is characterized by a focus on supply-demand dynamics, with expectations of tightening supply for key commodities like soybeans and corn [20][21]

Core Insights - The report emphasizes a favorable outlook for the livestock sector, particularly dairy farming, anticipating a significant cyclical reversal benefiting Hong Kong-listed dairy farming companies [1][12] - The investment strategy highlights a recommended monthly portfolio including leading companies in various segments such as dairy, pig farming, and pet food [1][3] Livestock Sector - The livestock sector is expected to experience a cyclical reversal, with both beef and milk prices projected to rise, driven by a reduction in domestic beef production and a historical low in milk prices [14][29] - Key recommendations include Yuran Dairy and Modern Farming, which are positioned to benefit from the anticipated price recovery in raw milk and beef [14][17] Pig Farming Sector - The pig farming sector is witnessing a stabilization in prices, with a notable increase in piglet prices, indicating a potential recovery in profitability for leading companies [20][21] - Recommended companies in this sector include Muyuan Foods, Wens Foodstuffs, and Huazhong Holdings, which are expected to benefit from improved cash flow and dividend returns [3][15] Poultry Sector - The poultry sector is seeing a slight increase in supply, with expectations of demand recovery supporting price stability, particularly for broiler chickens [22][24] - Leading companies such as Lihua Agricultural and Shengnong Development are highlighted for their competitive advantages in cost management and market positioning [18][19] Pet Food Sector - The pet food market is identified as a high-growth area, benefiting from rising consumer sentiment and the emergence of domestic brands [16][18] - Companies like Guibao Pet Food are recommended for their strong growth potential in this segment [3][16] Feed Sector - The feed industry is expected to deepen its industrialization, with leading companies leveraging technological and service advantages to enhance competitive positioning [1][3] - The report notes that feed prices are at historical lows, providing a supportive cost structure for producers [20][21] Agricultural Products - The report tracks agricultural product prices, noting fluctuations in pork, chicken, and feed prices, with implications for overall market dynamics [2][21] - The analysis indicates that soybean meal prices are at historical lows, while corn prices are stabilizing, suggesting a tightening supply-demand balance in the medium term [20][21]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes the acceleration of building an agricultural powerhouse as highlighted in the 2026 Central Document No. 1, which focuses on enhancing agricultural production capacity and quality, implementing precise assistance, and promoting stable income growth for farmers [7] - It stresses the need for comprehensive regulation of pig production capacity and the establishment of a diversified food supply system, indicating a shift from "doing well" to "strengthening" the regulation of pig production capacity compared to the 2025 document [7] - The report outlines the goal of stabilizing grain and oil production, with a target grain output of approximately 1.4 trillion jin, and emphasizes the importance of seed industry revitalization actions [7] - It highlights the integration of artificial intelligence with agricultural development, promoting the use of drones and other technologies to enhance agricultural productivity [7] - Investment suggestions include focusing on leading seed companies that benefit from breeding innovation and the biological breeding industry, such as Longping High-Tech, Denghai Seeds, and Kangnong Seeds [7] Summary by Sections Policy Insights - The 2026 Central Document No. 1 outlines three main areas: improving agricultural production capacity, implementing precise assistance, and promoting stable income growth for farmers [7] - It calls for a focus on stabilizing grain production and enhancing the diversity of oilseed supply, including increasing soybean production and expanding the cultivation of other oil crops [7] Technological Integration - The report discusses the potential of integrating AI with agriculture, including applications in autonomous farming machinery and AI pest identification, which are expected to drive improvements in agricultural efficiency [7] Investment Recommendations - The report recommends attention to companies with breeding research advantages, particularly in the context of the biological breeding industry, suggesting companies like Longping High-Tech, Denghai Seeds, and Kangnong Seeds as potential investment opportunities [7]