夏邑县太平镇太平庄村安河农场，村民在直播出售土鸡蛋。苗育才 摄 郑州新郑国际机场密织的"空中丝路"，架起了中原融入世界的一座座"空中桥梁"。 资料图片 徐聪 摄 国道209控制性工程——三门峡青龙涧河特大桥正加紧建设。孙猛 摄 2025年进入"倒计时"。站在"十四五"收官、"十五五"开局这一重要时间节点，2025年河南经济"答卷"备受关 注。 2025年的河南经济发展有何亮点？面临哪些机遇与挑战？下一步发展的新动能蕴含在何处？回望2025年，我 们走得颇为不易，但却步步生花，可以说，河南经济交出了一份"韧性答卷"。 一 虽然全年经济数据暂未公布，但回望来时路，河南经济发展的成绩，写在每一次产业的增速中，写在每一个 拼搏的足迹中。 郑州市经开区中铁工程装备集团有限公司盾构总装车间，一台台即将出口的大型盾构机正在组装。资料图片 记者 聂冬晗 摄 信阳港·淮滨中心港区，起重机在装运集装箱。 王长江 摄 开封清明上河园的精彩表演引人注目。 资料图片 王铮 袁航 摄 2月底3月初，短短一周时间，比亚迪董事长兼总裁王传福、富士康科技集团董事长兼总经理刘扬伟等相继赴 郑，与河南的合作不断加深。今年前2个月，河南汽车产量22 ...

（来源：中华工商时报） 转自：中华工商时报 "本次会议既是贯彻落实省委十一届十次全会'加快加强创新驱动，因地制宜发展新质生产力'要求的具 体行动，更是锚定《中共河南省委关于制定河南省国民经济和社会发展第十五个五年规划的建议》 中'突出科技创新引领作用，打造区域科技创新中心，建设科教强省，全面增强科技实力和创新体系整 体效能'目标的动员部署。"王载文表示，希望协同创新的各方主体齐头并进、携手同行，走好"企业出 题、政府助力、科研机构攻关、工商联搭台"的协同创新之路，推动民营企业有诉求能精准对接、科研 机构有成果能高效转化、政府部门有举措能直达病灶，让创新链条环环相扣、协同生态生生不息。 与会民营企业家和商会代表一致表示，将始终以"推进民营经济高质量发展"为根本，紧扣全省加快建 设"六个强省"、营造"六个环境"、突出抓好15项重点工作任务的战略部署，大力推动"名企进名校、名 校助民企"双向赋能，把"联动推进校企合作落到具体项目上"作为检验工作成效的关键标尺，持续强化 研发、人才、技术、资金等创新资源的深度协同，进一步夯实企业创新主体地位，在奋力谱写中原大地 推进中国式现代化新篇章中彰显民营企业担当、贡献民营企业力 ...

证券研究报告 | 2025年12月21日 农产品研究跟踪系列报告（187） 优于大市 牧业产能维持去化，看好肉奶周期共振反转 鸡蛋：在产父母代存栏维持增长，中期供给压力较大。12 月 19 日，鸡蛋主 产区价格 3.07 元/斤，周环比-0.65%，同比-5.98%。 周度农产品跟踪：牛价有望持续上涨，反内卷支撑中长期生猪价格。 生猪：行业反内卷有望支撑猪价中长期表现。12 月 19 日生猪价格 11.57 元/ 公斤，周环比+2.03%；7kg 仔猪价格约 218.57 元/头，周环比-0.43%。 白鸡：供给小幅增加，关注旺季消费修复。12 月 19 日，鸡苗价格 3.37 元/ 羽，周环比-0.30%；毛鸡价格 7.28 元/公斤，周环比+0.55%。 黄鸡：供给维持底部，有望率先受益内需改善。12 月 18 日浙江快大三黄鸡/ 青 脚 麻 鸡 / 雪 山 草 鸡 斤 价 分 别 为 5.0/5.9/7.5 元 ， 周 环 比 分 别 +8.70%/+5.36%/-8.54%。 肉牛：新一轮牛价上涨开启，看好牛周期反转上行。12 月 12 日，国内育肥 公牛出栏价为 25.40 元/kg，环比+0.79 ...

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [9]. Core Insights - The agricultural sector index has shown a slight increase of 0.79% week-on-week, but it has underperformed compared to the Shanghai Composite Index [13]. - The pig farming industry is currently facing a downward price trend, with an average pig price of 11.58 yuan/kg, indicating ongoing losses across the sector [22][23]. - Poultry farming is experiencing a stabilization at the bottom of the price cycle, with white feather chicken prices at 7.35 yuan/kg, reflecting a slight recovery in profits [29]. - The beef market is expected to see price increases as it enters the consumption peak season, with live cattle prices in Shandong at 26.68 yuan/kg [36]. - The planting industry is witnessing a tightening supply-demand situation, with corn prices rising to 2244.29 yuan/ton, indicating potential for price increases [41][42]. - Feed prices have stabilized, with pig feed at 3.33 yuan/kg, while aquatic product prices are showing upward trends [55]. Summary by Sections 1. Pig Farming - The average weight of pigs at market is 130.18 kg, with ongoing losses in the industry prompting a reduction in production capacity [23][22]. - The report anticipates further price declines in the short term, but a potential recovery in the medium to long term due to improved profit margins for leading companies [23][22]. 2. Poultry Farming - White feather chicken prices are under pressure, while yellow feather chicken prices are showing resilience due to improved demand and reduced supply [29]. - The overall profitability in poultry farming is expected to improve as consumer demand recovers [29]. 3. Livestock - The beef market is poised for price increases, supported by a seasonal demand surge and reduced supply from imports [36]. - Dairy prices are stabilizing, with average purchase prices for raw milk at 3.02 yuan/kg, indicating a potential for recovery in the dairy sector [39]. 4. Planting Industry - Corn prices are on the rise, with a current price of 2244.29 yuan/ton, reflecting a tightening supply situation [41]. - The report highlights the potential for improved conditions in the planting sector if there are significant reductions in crop yields due to adverse weather [42]. 5. Feed and Aquaculture - Feed prices have stabilized, with pig feed at 3.33 yuan/kg, while aquatic product prices are trending upwards, particularly for shrimp and fish [55][60].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the pig price is supported by both supply and demand factors as the year-end approaches, with expectations for an upward trend in prices before the Spring Festival [3][4] - The report highlights that the pig farming sector is experiencing losses, which may accelerate the reduction of stock, while the pet sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [5][29] Summary by Sections Weekly Observation - As of December 21, 2025, the national average price of live pigs is 11.41 yuan/kg, with a week-on-week decrease of 0.15 yuan/kg and a year-on-year decrease of 3.71 yuan/kg [3][13] - The average weight of pigs sold is 130.18 kg per head, with a week-on-week increase of 0.55 kg [3][13] - The supply of pork may be tight leading up to the Spring Festival, with expectations for prices to rise [3][13] Weekly Insights - The pig farming sector is facing increasing losses, and the reduction of stock may accelerate due to various factors including policy and disease [5][24] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector [5][24] Market Performance (December 15-19) - The agricultural index increased by 0.87%, outperforming the market by 0.84 percentage points [6][30] - Leading stocks include Zhongxing Junye (+18.42%), Xibu Muye (+14.64%), and Xiwang Food (+13.84%) [6][30] Price Tracking (December 15-19) - The average price of live pigs is 11.58 yuan/kg, with a week-on-week increase of 0.10 yuan/kg [7][37] - The average price of piglets is 19.02 yuan/kg, with a slight decrease of 0.02 yuan/kg [7][37] - The average price of white feathered chickens is 7.35 yuan/kg, with a week-on-week increase of 0.27 yuan/kg [7][37] Key News (December 15-19) - The Ministry of Commerce announced anti-dumping duties on imported pork and related products from the EU starting December 17, 2025 [35]

0:00 创新是引领发展的第一动力。2025年中央经济工作会议部署了明年经济工作要抓好的"八个坚持"重点任务，其中之一就是坚持创新驱动，加紧培 育壮大新动能。学习贯彻中央经济工作会议精神，做好明年经济工作，要紧紧围绕发展新质生产力，推动科技创新和产业创新深度融合，扎实推 动高质量发展。 新质生产力培育壮大中涌动着创新活力 研发人员总量世界第一，全球创新指数排名跻身前十，"三新"经济增加值占国内生产总值比重达18%……神州大地，新质生产力拔节生长，新技 术赋能传统产业，是"世界工厂"也是"创新实验室"，各行各业迸发出巨大的转型升级和创新创造动能。一系列政策举措将催生更大规模的市场与 新经济增长点。 在创新引领和需求释放的双重作用下，以人形机器人为代表的具身智能产业规模，正在以超50%的增速跨越式发展。 今年12月初，一家具身智能机器人卖场"机器人大世界"在四川成都春熙路商圈开业。该卖场一期面积超800平方米，集"展示、销售、体验、服 务"于一体，集合了来自国内外的120多款机器人，打造机器人一站式采购平台。 努力把人才的"底气"转化为创新的"朝气" 破解行业难题需要高端人才的支撑。市县两级工信部门在了解到企业的 ...

创新是引领发展的第一动力。2025年中央经济工作会议部署了明年经济工作要抓好的"八个坚持"重点任务，其中之一就是坚持创新驱动，加紧培育壮大新动 能。学习贯彻中央经济工作会议精神，做好明年经济工作，要紧紧围绕发展新质生产力，推动科技创新和产业创新深度融合，扎实推动高质量发展。 研发人员总量世界第一，全球创新指数排名跻身前十，"三新"经济增加值占国内生产总值比重达18%……神州大地，新质生产力拔节生长，新技术赋能传统 产业，是"世界工厂"也是"创新实验室"，各行各业迸发出巨大的转型升级和创新创造动能。一系列政策举措将催生更大规模的市场与新经济增长点。 10:01 ■新质生产力培育壮大中涌动着创新活力 在创新引领和需求释放的双重作用下，以人形机器人为代表的具身智能产业规模，正在以超50%的增速跨越式发展。 今年12月初，一家具身智能机器人卖场"机器人大世界"在四川成都春熙路商圈开业。该卖场一期面积超800平方米，集"展示、销售、体验、服务"于一体， 集合了来自国内外的120多款机器人，打造机器人一站式采购平台。 ■努力把人才的"底气"转化为创新的"朝气" 抓科技创新，要着眼建设现代化产业体系，坚持教育、科技、人才一 ...

Group 1 - Innovation is identified as the primary driving force for development, with a focus on fostering new momentum through technology and industry innovation to achieve high-quality growth [1] - The new quality productivity is experiencing significant growth, with China ranking first in the number of R&D personnel and among the top ten in the global innovation index, while the "three new" economy contributes 18% to the GDP [3] - The humanoid robot industry is rapidly expanding, with a growth rate exceeding 50%, driven by innovation and demand [3] Group 2 - The integration of education, technology, and talent is essential for transforming scientific achievements into tangible productivity [5] - A humanoid robot sales venue named "Robot World" has opened in Chengdu, covering over 800 square meters and featuring more than 120 robot models for a one-stop purchasing experience [6] - The production of ultra-thin copper foil, crucial for lithium batteries, is being addressed through collaboration between local industries and universities to tackle industry challenges [7][9] Group 3 - The focus on the real economy is emphasized, with efforts to deepen the integration of technological and industrial innovation as part of the "14th Five-Year Plan" [11] - The pork industry is highlighted, with Muyuan Foods accounting for about 10% of China's annual pig production, showcasing advanced "smart pig farming" techniques that have significantly reduced costs [13] - Technological advancements have enabled Muyuan Foods to lower the cost of raising pigs to below 11.6 yuan per kilogram, which is below the industry average [13][15]

Core Viewpoint - The winter solstice is approaching, but there is no indication of a price increase for pork, with a slight decline observed instead. This suggests that the expected rise in pork prices during the winter solstice may not materialize [2] Group 1: Supply Dynamics - There is an oversupply of pigs, particularly larger ones, which is affecting market prices. The price difference between standard and fat pigs has not widened but has actually narrowed [2] - Farmers lack confidence and are reluctant to hold onto pigs, leading to a significant number of medium and large pigs being sold [4] - The slaughter volume of pigs from January to October reached 32.289 million heads, a year-on-year increase of 19.6%, indicating continued growth in supply [9] Group 2: Consumption Trends - Overall pork consumption is on a downward trend, and while there may be an increase in stockpiling before the Spring Festival, this is unlikely to significantly impact prices due to the overwhelming supply [5] - The price of pork during the winter solstice has only increased by 5.3% and 1.3% for the years 2023 and 2024, respectively, reflecting weak consumer demand and tight budgets [6] - The timing of the Spring Festival, which falls later this year, may lead to increased stockpiling of pork, but the overall consumption pressure remains high due to the large supply [7]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry, indicating a favorable outlook for future performance [5]. Core Insights - The report highlights 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 this segment [3]. - The report identifies several investment opportunities across different segments, including pig farming, animal health, crop planting, and the pet food industry, suggesting specific stocks for potential investment [3]. Summary by Sections Investment Recommendations - The report recommends a positive outlook for the pig farming sector, with specific stocks such as Muyuan Foods (牧原股份, 002714) and Wens Foodstuff Group (温氏股份, 300498) being highlighted for investment [3]. - It notes a structural growth trend in the post-cycle sector, with potential profit transmission to downstream segments if the current capacity reduction in pig farming proceeds smoothly, recommending stocks like Haida Group (海大集团, 002311) [3]. - In the planting chain, the report indicates a confirmed upward trend in grain prices, presenting significant investment opportunities in large-scale planting, with stocks like Suqian Agricultural Development (苏垦农发, 601952) suggested [3]. - The pet food sector is noted for its growth potential, with increasing recognition of domestic brands and ongoing price increases, recommending stocks such as Guibao Pet (乖宝宠物, 301498) [3]. Industry Fundamentals - The report discusses the pig market, noting that as of December 19, the average price of live pigs was 11.58 yuan/kg, reflecting a week-on-week increase of 0.87% [12]. - It highlights the ongoing supply pressure in the pig market due to increased slaughtering activity and the impact of diseases on farmers' willingness to sell [12]. - The white feather broiler market is also discussed, with prices for broilers rising to 7.35 yuan/kg, while chick prices have slightly decreased [16]. - The report mentions the feed sector, indicating a slight decline in prices for corn, soybean meal, and wheat, with corn prices averaging 2348.63 yuan/ton [26]. Market Performance - The agriculture sector outperformed the broader market indices, with the agricultural index rising by 0.87% during the week of December 15-19, 2025 [43]. - Specific stocks within the agriculture sector showed significant price movements, with the top gainers including Wancheng Group (+8.49%) and Tiankang Biological (+6.63%) [45].