Muyuan Foods (SZ:002714) Guoxin Securities·2026-02-23 07:33Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The agricultural sector is expected to experience a cyclical rebound, particularly in beef and raw milk, driven by domestic and international market dynamics [3] - The pig farming industry is anticipated to stabilize due to capacity control measures, benefiting leading companies with improved cash flow and cost advantages [3] - Poultry supply is expected to remain stable, with potential recovery in demand leading to better cash flow returns for leading enterprises [3] - The feed industry is set to deepen industrialization, with leading companies leveraging technological and service advantages [3] - The pet industry is identified as a growth sector benefiting from demographic trends [3] Summary by Sections Swine Industry - The pig price on February 14, 2026, was 11.61 yuan/kg, down 2.60% week-on-week [1] - The price of 7kg piglets was approximately 357.14 yuan/head, down 0.13% week-on-week [1] - The industry is expected to stabilize due to capacity control measures [3] Poultry Industry - The price of chicken seedlings on February 14, 2026, was 2.33 yuan/chick, up 18.27% week-on-week [1] - The price of broilers was 7.32 yuan/kg, up 0.27% week-on-week [1] - Supply is expected to remain stable, with potential demand recovery [3] Beef Industry - The price of fattened bulls on February 14, 2026, was 25.20 yuan/kg, unchanged week-on-week [2] - The beef market price was 61.88 yuan/kg, unchanged week-on-week [2] - A new round of price increases is anticipated, indicating a bullish cycle for beef [2][3] Dairy Industry - The average price of raw milk on February 5, 2026, was 3.04 yuan/kg, unchanged week-on-week [2] - The reduction in dairy cow inventory is expected to continue, with a potential price turning point in 2026 [2][3] Feed Industry - The domestic soybean spot price was 4072 yuan/ton, unchanged week-on-week [2] - The domestic soybean meal price was 3168 yuan/ton, up 1.59% week-on-week [2] - Valuations are at historical lows, with potential catalysts from weather or trade developments [2][3] Corn Industry - The domestic corn spot price was 2333 yuan/ton, up 0.09% week-on-week [2] - Strong bottom support is expected, with a tightening supply-demand balance [2][3] Rubber Industry - The price of natural rubber was 16150 yuan/ton, up 1.57% week-on-week [2] - Short-term benefits are anticipated from rising petrochemical prices, with a positive outlook for the mid-term [2][3]