Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The pig price is weakening, and supply pressure remains after the festival, with the current industry breeding profit turning positive and the sentiment for replenishment continuing to recover [2][12] - The industry policy is undergoing a profound transformation, focusing on protecting farmers' rights and activating enterprise innovation, which may lead to a better performance of growth stocks in the future [3][12] - The high-quality development of the industry is imperative, with cost-leading and farmer-linked enterprises likely to enjoy excess profits and valuation premiums [3][13] Summary by Sections 1. Swine Industry - The swine breeding sector has seen a slight increase of 0.2%, gradually digesting concerns about slow capacity reduction [2][12] - The average weight of pigs for slaughter has decreased from high levels, with prices adjusting weakly to 12.31 CNY/kg [2][12] - The price of 7 kg piglets has risen to 367 CNY, indicating a weak expectation for capacity reduction [2][12] - The policy shift towards protecting farmers' rights and promoting innovation is expected to positively influence pig prices and profitability in 2026 [3][12] 2. Poultry Industry - The poultry sector is experiencing a contradiction of "high capacity, weak consumption," with the price of broiler chickens at 3.7 CNY/kg, down 3.4% week-on-week [4][13] - The impact of avian influenza in France may lead to a reduction in imported breeding chickens, potentially increasing prices for parent stock [4][13] - Integrated enterprises and contract farming are expected to expand market share in 2026 [4][14] 3. Feed Industry - The prices of various aquatic products have rebounded, with significant year-on-year increases for some species [5][15] - Hai Da Group is recommended due to its clear long-term growth path and plans to increase its dividend payout ratio [6][15][16] - The company aims for a global sales target of 100 million tons by 2050, with ongoing overseas market expansion [6][16] 4. Pet Industry - The pet industry is facing pressure with concerns over Q4 2025 performance, but there are signs of recovery in domestic sales [7][17] - Companies like Zhongchong and Peidi are recommended for their strong domestic sales growth potential [7][17] 5. Agricultural Products - Domestic soybean meal prices have increased slightly, supported by weather disturbances and procurement demand [8][18] - Corn prices have shown fluctuations, with a slight decrease due to reduced channel stocking [8][18] - The price of eggs has decreased, indicating a potential peak in trade inventory [8][18]

Group 1 - The core viewpoint of the news is that Lihua Co., Ltd. experienced a decline in stock price and trading volume, with significant changes in financing and stockholder structure [1][2] Group 2 - On February 2, Lihua Co., Ltd. saw a stock price drop of 4.18%, with a trading volume of 203 million yuan [1] - The financing data on the same day indicated a financing purchase amount of 17.63 million yuan and a net financing purchase of 1.87 million yuan, with a total financing balance of 206 million yuan [1] - The current financing balance of Lihua Co., Ltd. is 204 million yuan, accounting for 1.27% of the circulating market value, which is below the 50th percentile level over the past year [1] - In terms of stock lending, Lihua Co., Ltd. had a stock lending repayment of 4,200 shares and a stock lending balance of 1.71 million yuan, which is above the 70th percentile level over the past year [1] Group 3 - As of September 30, the number of shareholders of Lihua Co., Ltd. was 16,000, a decrease of 23.50% from the previous period, while the average circulating shares per person increased by 30.72% to 39,351 shares [2] - For the period from January to September 2025, Lihua Co., Ltd. achieved an operating income of 13.49 billion yuan, a year-on-year increase of 6.38%, but the net profit attributable to shareholders decreased by 75.27% to 287 million yuan [2] - Since its A-share listing, Lihua Co., Ltd. has distributed a total of 2.06 billion yuan in dividends, with 1.11 billion yuan distributed in the last three years [2] - As of September 30, 2025, the top ten circulating shareholders included a new shareholder, Guotai Zhongzheng Livestock Breeding ETF, holding 7.46 million shares, while Yifangda Growth Enterprise Board ETF exited the top ten list [2]

股票简称：立华股份 股票代码：300761 信息披露义务人一：程立力 江苏立华食品集团股份有限公司 简式权益变动报告书 股票上市地点：深圳证券交易所 上市公司名称：江苏立华食品集团股份有限公司 住所：江苏省常州市武进区****** 通讯地址：江苏省常州市武进区牛塘镇漕溪路 66 号 信息披露义务人二（一致行动人）：常州市奔腾牧业技术服务中心（有限合伙） 住所、通讯地址：常州西太湖科技产业园兰香路 8 号 1 号楼 201 室 信息披露义务人三（一致行动人）：林州昊鸣技术服务中心（有限合伙）（曾用 名：常州市天鸣农业技术服务中心（有限合伙）） 住所、通讯地址：河南省安阳市林州市陵阳镇致远大道铂丰大厦 32 号楼 4-11 号 信息披露义务人四（一致行动人）：常州市聚益农业技术服务中心（有限合伙） 住所、通讯地址：常州西太湖科技产业园兰香路 8 号 1 号楼 201 室 信息披露义务人五（一致行动人）：常州市昊成牧业技术服务中心（有限合伙） 住所、通讯地址：常州西太湖科技产业园兰香路 8 号 1 号楼 201 室 信息披露义务人六（一致行动人）：深圳市沧石投资合伙企业（有限合伙） 住所、通讯地址：深圳市福田区福田 ...

证券代码：300761 证券简称：立华股份 公告编号：2026-005 江苏立华食品集团股份有限公司 关于实际控制人及其一致行动人合计持股比例触及 5%整数倍暨披露简式权益变动报告书的提示性公告 二、自公司上市以来权益变动情况 实际控制人程立力先生及其一致行动人保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 特别提示： 1、本次权益变动为江苏立华食品集团股份有限公司（以下简称公司）控股 股东、实际控制人程立力先生按照已披露的股份减持计划实施减持导致的变动， 不触及要约收购。 2、本次权益变动后，程立力先生及其一致行动人合计持有公司股份 502,357,609股，占公司总股本的60.00%，权益变动触及1%及5%的整数倍。 3、本次权益变动不会导致公司控股股东及实际控制人发生变化，不会对公 司治理结构及持续经营产生重大影响，也不存在损害上市公司及其他股东利益的 情形。 江苏立华食品集团股份有限公司（以下简称公司）于近日收到程立力先生及 其一致行动人出具的《简式权益变动报告书》，获 ...

证券之星消息，2月2日养殖业板块较上一交易日下跌2.27%，天邦食品领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。养殖业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) | | --- | --- | --- | --- | --- | --- | | 002124 | 天邦食品 | 2.56 | -6.91% | 108.78万 | 2.83亿 | | 002321 | 华英农业 | 2.33 | -6.80% | 76.40万 | 1.82亿 | | 000735 | 罗牛山 | 7.98 | -5.56% | 79.74万 | 6.45亿 | | 002157 | 正邦科技 | 3.13 | -5.15% | 238.43万 | 7.60亿 | | 300761 | 立华股份 | 19.27 | -4.18% | 10.37万 | 2.03亿 | | 000876 | 新希望 | 8.67 | -4.09% | 65.84万 | 5.73亿 | | 002982 | 湘佳股份 | 14.35 ...

Investment Rating - The overall industry investment rating is "Positive" for planting and livestock sectors, "Neutral" for forestry and fishery sectors, and "Positive" for agricultural product processing [6][21]. Core Insights - The agricultural index increased by 1.82% this week, outperforming the Shanghai Composite Index, which decreased by 0.44% [27]. - The planting sector led the gains, with a 9.44% increase, while all secondary industries saw an uptick [27]. - The report emphasizes the importance of the planting industry chain due to rising grain prices [20]. Livestock Industry - **Pork**: The price rebound in the pork market has ended, with the average price at 12.3 CNY/kg, down 0.67 CNY from last week. The average price for piglets increased to 28.62 CNY/kg, up 0.59 CNY [5][20]. - The operating rate of large-scale slaughterhouses rose to 39.69%, an increase of 3.21 percentage points from last week [5][20]. - The total number of breeding sows was 39.61 million, a decrease of 2.9% year-on-year, indicating a slowdown in capacity reduction [21]. - **Chicken**: The industry is experiencing high capacity levels, with chicken prices expected to fluctuate in the medium term. The average price for broiler chickens is 3.83 CNY/kg, up 0.17 CNY from last week [20][22]. - The average price for yellow chickens is 12.95 CNY/kg, with expectations of price increases due to low supply levels [23][24]. Planting Industry - **Seed Industry**: The report highlights the ongoing optimization of industry policies and the advancement of genetically modified organisms, which are expected to boost seed prices and sales [25]. - **Grain Prices**: Recent trends show an increase in grain prices, with corn averaging 2390 CNY/ton and wheat at 2529 CNY/ton, indicating a strong expectation for international grain price increases [26][12]. Recommended Companies - The report recommends buying shares in Zhongchong Co., Muyuan Foods, and Suqian Agricultural Development, all rated as "Buy" [3][51].

Investment Rating - Industry Rating: Recommended [3] Core Insights - The report highlights the implementation of a national seed market inspection for spring crops, focusing on key crops such as corn, soybeans, rice, cotton, potatoes, and vegetables. This initiative aims to ensure seed quality and combat counterfeit products, which is expected to enhance the planting industry chain [1][11]. - The report anticipates a continued acceleration in the commercialization of genetically modified (GM) seeds, which is crucial for improving self-sufficiency rates in key varieties. The upcoming central document is expected to catalyze the seed industry sector [1][11]. - In the pig farming sector, the average price of live pigs has decreased to 12.61 CNY/kg, reflecting a 2.91% week-on-week decline. This trend is attributed to seasonal consumption patterns and inventory adjustments post-holiday [2][12]. - The report suggests that the pig farming sector may see accelerated capacity reduction as it enters a traditional off-season for pork consumption, presenting potential investment opportunities [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated a seed market inspection to ensure the safety of seeds for spring production, focusing on major crops [1][11]. - The emphasis on GM technology is expected to revolutionize yield improvements and enhance self-sufficiency in key crops [1][11]. - Recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on companies with significant first-mover advantages in the seed industry such as Dabeinong and Longping High-Tech [1][11]. Pig Farming - The average price of live pigs is currently 12.61 CNY/kg, with a notable week-on-week decline of 2.91% due to seasonal factors and inventory management [2][12]. - The number of breeding sows has decreased to 39.61 million, reflecting a 2.9% year-on-year decline, indicating a trend towards capacity reduction [2][12]. - Recommended stocks in the pig farming sector include Lihua Agricultural, Muyuan Foods, and Shuanghui Development, among others [2][12]. Key Agricultural Product Data Tracking - Corn: The average price is 2377.26 CNY/ton, with a week-on-week increase of 0.32% [26]. - Wheat: The average price is 2529.67 CNY/ton, with a week-on-week increase of 0.18% [29]. - Soybeans: The average price is 4072.11 CNY/ton, remaining stable week-on-week [41]. - Cotton: The average price is 15750 CNY/ton, with a week-on-week increase of 0.56% [46]. Feed and Vitamin Prices - The average price of pig feed is 2.65 CNY/kg, stable week-on-week [53]. - Vitamin E averages 55.30 CNY/kg, reflecting a week-on-week increase of 1.47% [63].

Investment Rating - Industry rating: "Overweight" [2] Core Insights - The report highlights a significant drop in pig prices by 6% to 12.21 CNY/kg, while the price of white feather chicken products has increased to 9,400 CNY/ton [3][4] - The report indicates that the pig farming sector has been profitable for three consecutive weeks, with a profit of 25.1 CNY per head [3] - The report recommends continued investment in the pig farming sector, particularly in companies like Muyuan Foods, Tiankang Biological, Wens Foodstuff, and Lihua Agricultural [3] Summary by Sections Pig Farming - The average weight of pigs at slaughter has decreased to 127.86 kg, with the proportion of heavy pigs (over 150 kg) at 5.78% [3] - The price of two-yuan sows remains stable at 1,559 CNY/head, while the price of piglets has increased by 3.3% week-on-week [3] - The report anticipates a new wave of price declines post-Chinese New Year due to expected capacity reduction in the pig industry [3] Chicken Farming - The price of white feather chicken products has risen to 9,400 CNY/ton, reflecting a week-on-week increase of 1.6% [4] - Yellow feather chicken farming has been profitable for over five months, with an average price of 14.95 CNY/kg [4] - The report notes a historical high in the number of breeding stock for white feather chickens, with a total of 157.42 million sets updated in December 2025 [4] Cattle Industry - As of the end of 2025, the cattle stock in China has decreased by 8.6%, with expectations for prices to rise in the first half of 2026 [8] - The report suggests that the decline in cattle stock is a precursor to rising beef prices, with historical data supporting this trend [8] Pet Food Market - The pet market in China is projected to grow by 4.1% in 2025, reaching a total market size of 312.6 billion CNY [7] - The pet food market share has increased to 53.7%, with significant growth in core brands [7]

Core Insights - The agricultural sector underperformed the CSI 300 index by 1.8 percentage points in January 2026, with a decline of 0.2% for the sector compared to a 1.7% increase for the index [15][17]. - Low-cost pig farming enterprises are showing competitive advantages, with significant performance differentiation among companies as indicated by their annual earnings forecasts [4][29]. Market Review - In January 2026, the agricultural sector's performance lagged behind the CSI 300 index by 1.8 percentage points, with the sector down 0.2% while the index rose 1.7% [15][17]. - The planting, animal health, fishery, and agricultural processing sub-sectors saw increases of 13.7%, 13.0%, 10.0%, and 6.6% respectively, while feed and livestock farming sub-sectors decreased by 0.1% and 5.1% [15][18]. Livestock Farming - The average price of live pigs in January 2026 was 12.53 CNY/kg, reflecting an 11.8% month-on-month increase but a 21.2% year-on-year decrease [29][34]. - The average profit for self-bred pigs was approximately 5.9 CNY/head, a month-on-month increase of 154 CNY/head, but a year-on-year decrease of 159.8 CNY/head [29][32]. - The average profit for purchased piglets was 47.5 CNY/head, with a month-on-month increase of 260.6 CNY/head and a year-on-year increase of 92.2% [29][32]. Raw Material Prices - In January 2026, the average spot price of corn was approximately 2365 CNY/ton, reflecting a month-on-month increase of 0.7% and a year-on-year increase of 10.6% [48][49]. - The average spot price of wheat was about 2520 CNY/ton, with a month-on-month increase of 0.2% and a year-on-year increase of 5.2% [54]. Investment Recommendations - The report recommends focusing on leading companies with cost advantages, such as Wens Foodstuffs Group and Muyuan Foods, while also considering companies like Dekang Agriculture and New Hope for their potential turnaround [4][29]. - For smaller livestock companies, attention is drawn to Tiankang Biological, Shennong Group, and Tangrenshen [4][29].

1月30日，立华股份大宗交易成交88.17万股，成交额1423.95万元，占当日总成交额的3.52%，成交价 16.15元，较市场收盘价20.11元折价19.69%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2026-01-30 | 300761 | 立华股份 | 16.15 | 88.17 | 1,423.95中泰证券股份有限 | 中泰证券股份有限 | | | | | | | 公司厦门七星西路 | 公司常州惠国路证 | | | | | | | 证券营业部 | 券营业部 | ...