温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2026-17 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司 2025 年度业绩快报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示：本公告所载 2025 年度的财务数据仅为初步核 算数据，已经公司内部审计部门审计，未经会计师事务所审 计，与年度报告中披露的最终数据可能存在差异，请投资者注 意投资风险。 一、2025 年度主要财务数据和指标 1 | 归属于上市公司股 东的所有者权益 | 4,206,777.31 | 4,095,232.64 | 4,113,821.45 | 2.26 | | --- | --- | --- | --- | --- | | 股本 | 665,392.73 | 665,392.47 | 665,392.47 | 0.00 | | 归属于上市公司股 东的每股净资产 | 6.3300 | 6.1878 | 6.2159 | 1.84 | | （元） | ...

2026年2月24日，Wind数据显示，A股今日迎来马年开门红，截止收盘，沪指涨0.87%；深证成指涨1.36%；创业板指涨0.99%。沪深京三市成交额达到22184 亿，较上一交易日放量2193亿。 涨幅方面，油气板块集体爆发领涨，标普油气ETF单日涨近一成 | | | ETF涨幅 TOP10 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | | 涨幅(%) 基金管理人 | 投资类 | | 213350 | 标普油气ETF | 9.73 | 昌国産金 | QDll股票型 | | 159518 | 标普油气ETF嘉实 | 9.66 | 嘉实基金 | ODII股票型 | | 263150 | 油气ETF银华 | 9.53 | 銀未算金 | 被动指数型 | | 561760 | 油气ETF博时 | 8.42 | 博时基金 | 被动指数型 | | 159309 | 油气ETF汇添富 | 7.72 | 汇添富基金 | 被动指数型 | | 513310 | 中韩半导体ETF | 6.88 | 华泰柏瑞基金 | ODII股票型 | | 561570 | 油气ETF ...

智通财经APP获悉，华创证券发布研报称，2026年1月，包括牧原股份、温氏股份等在内的18家样本猪 企合计生猪出栏量1802.15万头，同比增长12.54%，环比25年12月减少11.15%；出栏均重方面，包括牧 原股份、温氏股份等在内的9家样本猪企商品猪平均体重为123.71公斤。行业层面，截至2月12日，根据 涌益咨询监测，自繁自养企业销售商品猪利润为-52.94元/头，自去年底以来再度转亏，销售仔猪头均利 润为75元/头，为连续第5周盈利。 华创证券主要观点如下： 出栏量：1月18家样本猪企合计出栏量同比增长12.54%，环比减少11.15% 1月包括牧原股份、温氏股份等在内的18家样本猪企合计生猪出栏量1802.15万头，同比增长12.54%，环 比25年12月减少11.15%。其中，出栏量前5名分别为牧原股份、温氏股份、新希望、德康农牧、正邦科 技，出栏量分别为700.90万头、338.42万头、139.82万头、104.24万头、92.75万头，出栏量同比增速前5 名分别为京基智农、东瑞股份、正邦科技、金新农、巨星农牧，增速分别为79.87%、78.31%、 62.32%、60.56%、59.40 ...

Group 1 - The core growth driver of the "pet economy" is the consumption of seasonal holiday products, with the search term "New Year pet gift box" on Tmall showing a year-on-year growth of over 20% [1][2] - Sales of pet clothing for the New Year increased by 330%, while sales of pet New Year dinners grew by 290% according to Tmall data [1][2] - The pet product category has formed a comprehensive matrix covering "food + clothing + decoration + services," extending from cats and dogs to exotic pets [2] Group 2 - There has been a 46% month-on-month increase in demand for pet boarding services as reported by 58 Daojia [2] - The pilot program for pet transportation on high-speed trains has expanded to cover 110 stations and 170 trains, while the "pet in cabin" service for airlines now includes 31 airports and 110 flight routes [2] - Major pet exhibitions in South China and North China are scheduled for March, with leading domestic brands expected to launch new products at these events [2] Group 3 - After the Spring Festival, it is anticipated that pig prices will enter a seasonal decline due to decreased demand and increased supply [3] - The price is expected to drop into a low phase, leading to potential losses in the breeding sector as slaughterhouses resume operations after the holiday [3] Group 4 - Recommended stocks in the pig breeding sector include Muyuan Foods (002714.SZ) and Wens Foodstuff Group (300498.SZ) [4] - Other recommended stocks in the agricultural product supply chain include Morning Light Bio (300138.SZ) and Noposion (002215.SZ) [4] - In the pet sector, recommended stocks include Guibao Pet (301498.SZ) and Zhongchong Co., Ltd. (002891.SZ) [4]

据生意社监测，鸡蛋02月23日最新价格7.00元/公斤，最近60天上涨12.00%。 据生意社监测，鸡蛋02月23日最新价格7.00元/公斤，最近60天上涨12.00%。 相关生产商有：晓鸣股份(300967)温氏股份(300498)天马科技(603668)等。 相关生产商有：晓鸣股份(300967)温氏股份(300498)天马科技(603668)等。 【周期股选股方法】周期股特指原材料生产型的上市公司，该公司的利润高低受原材料价格波动影响； 因此利用生意社原材料价格的涨跌数据，提前于季报与年报，发现周期股买入信号，是投资周期股的重 要方法。欢迎使用生意社股票通。 【周期股选股方法】周期股特指原材料生产型的上市公司，该公司的利润高低受原材料价格波动影响； 因此利用生意社原材料价格的涨跌数据，提前于季报与年报，发现周期股买入信号，是投资周期股的重 要方法。欢迎使用生意社股票通。 ...

内容概要：当前，中国正逐步减少在养殖中使用抗生素，养殖企业积极寻找安全高效的替代方案。饲料 酸化剂通过降低消化道pH值、抑制有害微生物、促进营养吸收，成为重要的替代选择。同时，饲料行 业整体向"提质增效"转型，对饲料配方的精细化、专业化要求提高。酸化剂能有效提升饲料蛋白转化效 率，降低饲料成本，符合饲料行业降本增效的核心诉求。此外，国家加强了对饲料投入品的监管，并鼓 励推广新型安全高效添加剂，为酸化剂等合规、安全的产品提供了良好的发展环境。在此背景下，饲料 酸化剂行业市场规模持续上涨。2025年中国饲料酸化剂行业市场规模达到46.12亿元，同比上涨 12.65%。 相关上市企业：美农生物（301156）、大北农（002385）、牧原股份（002714）、温氏股份 （300498）、新希望（000876）、天邦食品（002124）、唐人神（002567）、新五丰（600975）、中牧 股份（600195）等。 相关企业：潍坊加易加生物科技有限公司、生物源生物技术(深圳)股份有限公司、上海正正生物技术有 限公司、河南星汉生物科技有限公司、重庆民泰新农业科技发展集团有限公司、成都大帝汉克生物科技 有限公司、广州市佰 ...

Investment Rating - The report maintains an "Overweight" rating for the pet economy sector, highlighting its rapid growth during the Spring Festival [4][7]. Core Insights - The pet consumption during the Spring Festival has seen significant growth, with a 20%+ year-on-year increase in searches for "New Year pet gift boxes" on Tmall. The sales of pet clothing surged by 330%, and pet New Year's dinners increased by 290% [7]. - The report emphasizes the comprehensive nature of pet services, with a 46% month-on-month increase in pet boarding demand. The expansion of pet transport services on high-speed trains and airlines is also noted [7]. - Upcoming pet exhibitions in March are expected to further stimulate market interest, with major brands likely to launch new products [7]. Summary by Sections Important Industry Data Overview - The agricultural sector index stands at 2,858.1, with a year-on-year increase of 14.28%. The wholesale price index for agricultural products is at 129.6, reflecting a 4.95% year-on-year increase [10]. - The average price of live pigs is 12.3 yuan/kg, down 15.81% year-on-year, while the average price of piglets is 471.0 yuan/head, down 25.24% year-on-year [10]. Pig Farming Sector - The report anticipates a seasonal decline in pig prices post-Spring Festival, with expectations of low prices leading to potential losses in farming [5][12]. - Recommended stocks in the pig farming sector include Muyuan Foods and Wens Foodstuffs, with additional recommendations in the agricultural product supply chain [5]. Poultry Sector - The report discusses the white feather broiler market, noting a decrease in chick prices and stable prices for broiler meat [19][20]. - The average price of broiler chicks is reported at 2.4 yuan/chick, with a 4.35% increase month-on-month [10]. Feed Sector - The report indicates stable feed prices, with corn prices at 2,372.2 yuan/ton and soybean meal prices at 3,167.7 yuan/ton [10][30]. - The analysis highlights the fluctuations in import prices for soybeans and corn, impacting the feed sector [32]. Key Company Profit Forecasts and Valuations - The report provides earnings per share (EPS) forecasts for key companies, with Muyuan Foods projected at 2.54 yuan for 2025 and 4.81 yuan for 2026, maintaining an "Overweight" rating [36]. - Other companies such as Wens Foodstuffs and Petty Holdings also receive "Overweight" ratings, indicating strong growth potential [36].

Investment Rating - The industry investment rating is "Recommended" [3][45] Core Viewpoints - In January, the total slaughter volume of 18 sample pig companies increased by 12.54% year-on-year but decreased by 11.15% month-on-month, totaling 18.02 million heads [6][9] - The average selling price of commercial pigs for 15 sample pig companies in January was 12.58 yuan/kg, a year-on-year decrease of 19.30% but an increase of 8.83% month-on-month [13][14] - The average weight of slaughtered pigs in January was 121.41 kg, showing a year-on-year increase of 2.82% and a month-on-month increase of 1.42% [16][17] - The industry is experiencing a return to losses in breeding profits before the festival, with the average weight of pigs still at historically high levels [19][20] - The current valuation level of the pig farming sector is relatively low, with sufficient safety margins, and the cost advantages of leading companies like Muyuan are expected to expand [34][35] Summary by Sections Slaughter Volume - In January, the total slaughter volume of 18 sample pig companies was 18.02 million heads, with a year-on-year increase of 12.54% and a month-on-month decrease of 11.15% [6][9][11] Selling Price - The average selling price of commercial pigs in January was 12.58 yuan/kg, down 19.30% year-on-year but up 8.83% month-on-month [13][14][16] Average Weight - The average weight of slaughtered pigs was 121.41 kg in January, reflecting a year-on-year increase of 2.82% and a month-on-month increase of 1.42% [16][17][19] Industry Overview - The industry is facing a return to losses in breeding profits, with the average weight of pigs remaining high historically [19][20][34] Investment Recommendations - The report suggests a forward-looking layout at the bottom, emphasizing efficiency over growth and quality over scale, with a focus on companies like Muyuan, Wens, Dekang, and Shennong [33][34][35]

证券研究报告 | 2026年02月22日 2026年02月23日 农产品研究跟踪系列报告（195） 优于大市 奶牛存栏节后有望维持去化，石化链涨价或带动橡胶价格 原奶：奶牛去化有望延续，原奶价格 2026 年或迎拐点。2026 年 2 月 5 日， 国内主产区原奶均价为 3.04 元/kg，周度环比持平，同比-2.56%。 周度农产品跟踪：年内肉奶周期有望共振反转，反内卷支撑中长期生猪价格。 生猪：反内卷有望支撑猪价中长期表现。2026 年 2 月 14 日生猪价格 11.61 元/公斤，周环比-2.60%；7kg 仔猪价格约 357.14 元/头，周环比-0.13%。 白鸡：供给小幅增加，关注旺季消费修复。2026 年 2 月 14 日，鸡苗价格 2.33 元/羽，周环比+18.27%；毛鸡价格 7.32 元/公斤，周环比+0.27%。 黄鸡：供给维持底部，有望率先受益内需改善。2026 年 2 月 10 日浙江快大 三黄鸡/青脚麻鸡/雪山草鸡斤价分别为 4.7/4.4/5.6 元，周环比分别 +2.17%/-6.38%/+0.00%。 豆粕：估值处于历史低位，关注潜在天气或贸易端催化。2026 年 2 月 ...

Group 1: Market Trends Post-Spring Festival - The Shanghai Composite Index shows a significant upward trend after the Spring Festival, with probabilities of increases over 5, 10, 20, and 30 days being 75%, 70%, 80%, and 60% respectively, and median gains of 1.64%, 1.32%, 9.45%, and 3.88% [1] - Over the past decade, the coal, agriculture, forestry, animal husbandry, and defense industries have performed well in the month following the Spring Festival, with the computer industry leading in the last two years [1] Group 2: Industry Performance Data - Historical data shows varying performance across industries during the Spring Festival period, with coal, environmental protection, and agriculture showing notable gains in specific years, such as coal in 2016 with a maximum gain of 10.34% and agriculture in 2019 with a maximum gain of 19.78% [2] - The report indicates that the coal industry is expected to see a significant increase in production capacity in 2026, with an anticipated rise of 0.7 billion tons, while also highlighting a potential reduction in capacity by 1.5 billion tons due to policy changes [2] Group 3: Agricultural Sector Insights - The agricultural sector is projected to experience a gradual recovery in pig prices by 2026, driven by a reduction in breeding sow capacity, which is expected to improve profitability for leading pig farming companies [3] - The report emphasizes opportunities in the poultry sector, particularly for leading chicken farming companies, and highlights the growth potential in the pet market [3] Group 4: Defense Industry Outlook - The defense industry is poised for growth in 2026, driven by geopolitical factors and advancements in military technology, with a focus on precision-guided munitions, unmanned systems, and networked battlefield capabilities [4] - Key recommendations include investments in missile weaponry, new aviation equipment, unmanned systems, and commercial aerospace sectors, with specific companies highlighted for their strategic positions within these industries [5]