人民财讯1月7日电，巨星农牧(603477)1月7日公告，2025年12月，公司生猪销售量66.64万头，同比增加 118.23%。2025年1至12月，巨星农牧累计销售生猪458.09万头，实现销售收入73.63亿元。 转自：证券时报 ...

Core Viewpoint - The live pig futures market in China has developed significantly over the past five years, becoming an essential tool for stabilizing operations in the pig farming industry and enhancing its resilience against cyclical fluctuations [3][9]. Market Capacity - The liquidity of live pig futures has steadily improved, with the total trading volume reaching 17.993 million contracts and an average daily trading volume of 74,000 contracts by 2025, compared to 25,000 contracts and 60,000 contracts in 2021 [3][9]. - The average open interest has increased to 213,000 contracts, with levels maintained above 300,000 contracts since November 2025 [3][9]. Industry Participation - Over 3,000 industry enterprises are involved in live pig futures trading, with 24 out of 32 major pig companies participating in trading or delivery [3][9]. - Notable companies such as Muyuan Foods, Shennong Group, and others have issued announcements related to hedging with live pig futures [3][9]. Delivery Layout - The delivery network for live pig futures has expanded to cover 22 provinces, with 58 delivery warehouses established, up from 14 at the time of launch [4][10]. - The Dalian Commodity Exchange has optimized contract specifications and introduced new delivery methods to enhance efficiency and service to industry participants [4][10]. Risk Management and Support for Rural Revitalization - The Dalian Commodity Exchange has supported 774 "insurance + futures" projects, covering over 15.4 million pigs and providing compensation of 748 million yuan to farmers [4][10]. - These initiatives have benefited approximately 28,700 farming households across major pig-producing provinces [4][10]. Price Discovery - Live pig futures serve as a reference for macroeconomic policy formulation and production planning for farming enterprises, reflecting policy impacts quickly in market prices [5][10]. - The futures market has become a critical tool for large-scale enterprises to manage price volatility and stabilize supply-demand dynamics in the industry [5][11]. Industry Insights - Companies like Sichuan Dekang Agricultural Group have actively engaged in hedging since the launch of live pig futures, using it as a standard operational method to secure profits [11][12]. - Shaanxi Shiyang Agricultural Technology Co., Ltd. emphasizes the importance of futures in improving cash flow and stabilizing operations amid industry cycles [12][13]. Market Evolution - The rapid development of live pig futures has led to increased transparency in market information, allowing enterprises and farmers to make informed decisions [13]. - The market's growth reflects a deepening integration between futures and the real economy, with expectations for a more resilient and efficient live pig futures market in the future [13].

巨星农牧公告，2025年12月生猪销售量为66.64万头，同比增长118.23%；2025年累计生猪销售量为 458.09万头。 ...

证券之星消息，1月6日养殖业板块较上一交易日上涨1.94%，正邦科技领涨。当日上证指数报收于 4083.67，上涨1.5%。深证成指报收于14022.55，上涨1.4%。养殖业板块个股涨跌见下表： 从资金流向上来看，当日养殖业板块主力资金净流出4127.8万元，游资资金净流出8114.99万元，散户资 金净流入1.22亿元。养殖业板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002157 | 正邦科技 | 4984.67万 | 7.07% | -2390.10万 | -3.39% | -2594.57万 | -3.68% | | 603477 | 巨星农牧 | 2648.68万 | 16.60% | -1470.23万 | -9.21% | -1178.45万 | -7.38% | | 300498 | 温氏股份 | 2502.01万 | 3.19% | -5619.65万 | -7.1 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 债券代码：113648 债券简称：巨星转债 （一）可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可[2022]663 号核准，公司于 2022 年 4 月 25 日向社会公开发行了面值总额 100,000.00 万元 的可转换公司债券，每张面值为人民币 100.00 元，发行数量 1,000 万张，发行 价格为人民币 100.00 元/张，期限 6 年，本次发行的票面利率：第一年 0.40%、 第二年 0.60%、第三年 1.00%、第四年 1.50%、第五年 2.25%、第六年 3.00%。 （二）可转债上市情况 经上海证券交易所自律监管决定书[2022]128号文同意，公司可转换公司债 券已于2022年5月17日起在上海证券交易所挂牌交易，债券简称"巨星转债"， 债券代码"113648"。 乐山巨星农牧股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 ...

Group 1 - The core focus of Huace Testing is on performance verification of aerospace materials and reliability testing of core components, primarily serving private aerospace enterprises [10][11] - The company plans to enhance its service capabilities in the aviation sector, expanding into lifecycle testing services for new aircraft types such as drones and flying cars [10][11] - Huace Testing is strategically positioning itself in emerging sectors like AI, humanoid robots, silver economy, and low-altitude economy, with a focus on electric vehicle testing and semiconductor chip testing [10][11] Group 2 - Huace Testing has successfully integrated its acquisitions, with a focus on maintaining business continuity through complementary advantages, ensuring smooth collaboration between domestic and international teams [11] - The company has completed the acquisition of Safety SA, Emicert, Openview, and MIDAC laboratory, which are now officially consolidated into its financial statements [10][11] Group 3 - The average stock price of companies under institutional research increased by nearly 1% in the past week, with notable gains from companies like Huazhi Electromechanical, which saw a weekly increase of over 36% [14][15] - Huazhi Electromechanical has established a business partnership with Blue Arrow Aerospace in the commercial aerospace sector, while also focusing on potential applications in the aerospace and satellite fields [14][15] - The company has developed a "N+1+3" structure in its robotics business, indicating a diversified approach to core components and application scenarios [14][15] Group 4 - Companies like Aima Technology, Juxing Agriculture, LiuGong, and Xiangyu Medical have also attracted significant institutional interest, with over 50 institutions conducting research on them [13] - LiuGong reported balanced revenue distribution across nine major overseas regions, with a strong outlook for growth in the global construction machinery market by 2026 [13] - Xiangyu Medical is exploring both invasive and non-invasive brain-machine interface technologies, aiming for a unified approach to treatment effectiveness [14][15]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The pig farming industry is at the left - side layout stage, with the start of capacity reduction. There is pressure on pig prices in H1 2026, but a rebound is expected in H2. Recommended companies include Lihua Co., Ltd., Muyuan Foods Co., Ltd., and Shuanghui Development Co., Ltd. [27] - In the planting industry, the prices of grains such as corn, wheat, and soybeans are showing signs of recovery, and the industry's prosperity is expected to improve. [29] Summary by Directory 01 Pig Farming: Left - side Layout, Awaiting Reversal - **Weak Season in Peak Season, Lowest Pig Price in Q4 2025 in the Past 10 Years, Capacity Adjustment as the Main Theme**: In 2025, the national pig price decreased quarter - by - quarter. Q4 pig price was the lowest in the past 10 years. Due to factors like post - Spring Festival low demand and sufficient supply, and an increase in the number of breeding sows from September to November 2024, which led to more pig slaughter in Q3 2025. In May 2025, relevant departments guided pig enterprises, and in the second half of the year, capacity reduction was significant, with the number of breeding sows falling below 40 million in October. [10] - **Overall Loss in Purchased Piglet Farming, Promoting Capacity Reduction of Retailers**: With the continuous decline of pig prices, self - breeding and self - raising turned from profit to loss in September, and the loss expanded. Purchased piglet farming was even worse, with an average loss of over 100 yuan per head in 2025. Retailers faced longer - term and deeper losses. [14] - **Policy Guidance, Passive Capacity Reduction, and Future High - quality Development**: Since 2025, relevant departments have held multiple meetings to guide the high - quality development of the pig industry. The central government's No. 1 document proposed to monitor and regulate pig production capacity. The Ministry of Agriculture and Rural Affairs put forward specific plans. In December, the Ministry of Commerce imposed anti - dumping duties on imported pork from the EU, which is expected to relieve domestic supply pressure. [16] - **Pressure on Pig Prices in H1 2026, Possible Rebound in H2**: In H1 2026, pig prices are under pressure because the number of new - born piglets 6 months ago is increasing, indicating sufficient supply. In H2 2026, pig prices are expected to rebound due to reduced supply corresponding to the decrease in the number of breeding sows in October 2025 and seasonal demand. [22] - **Focus on Cost Reduction and Efficiency Improvement, Significant Cost Differentiation**: Pig enterprises have been focusing on cost reduction and efficiency improvement in 2024 and 2025, with significant cost reduction and obvious cost differentiation. Muyuan Foods Co., Ltd. has the lowest cost, followed by other companies with different cost ranges. [25] - **Left - side Layout, Awaiting Reversal**: Since October 2025, the average national pig price has been below 12 yuan per kilogram, and it is expected that there will be no widespread profitability in the industry in H1 2026, with continued capacity reduction. In H2 2026, pig prices may rebound. Recommended companies include Lihua Co., Ltd., Muyuan Foods Co., Ltd., and Shuanghui Development Co., Ltd. [27] 02 Planting: Grain Prices Gradually Recover, Prosperity Expected to Improve - **Corn: High Yield and Falling Planting Costs, Lowest Price in the Past 5 Years**: In 2023, the consumption of corn was mainly for feed and industry, accounting for over 90%. In 2025, the corn price was the lowest in the past 5 years, but it rebounded during the year. The low price was due to high yield and falling planting costs. Future price improvement depends on the recovery of feed demand. [34] - **Wheat: Increased Purchases by the State Grain Reserves and Rising Corn Prices, Rising Wheat Price Center**: In 2023, the consumption of wheat was mainly for food and feed, accounting for over 80%. In 2025, the wheat price center increased. The reasons for the price increase include increased purchases by the state grain reserves, post - festival replenishment demand of flour mills, rising corn prices, and farmers' reluctance to sell. [38] - **Soybeans: Affected by Import Quotes and Shipping Freight, Slight Price Increase**: In 2023, the consumption of soybeans was mainly for crushing, accounting for 84.69%. In 2025, the soybean price increased seasonally. The price decline in Q1 was due to the arrival of low - priced imported soybeans and soybean auctions. The price increase in Q3 was due to rising Brazilian soybean quotes and shipping freight. [42]

乐山巨星农牧（603477）股份有限公司在12月份接受投资者调研时表示，该公司高度重视生猪产业高质 量发展并积极响应国家生猪产能调控政策号召，通过先进技术研发推广、数智化升级改造等多个维度， 致力于提高养殖效率和经营质量，推动实现高质量发展。11月份，该公司的商品肥猪完全成本约为6.2 元/斤，随着种场优势的释放和育肥效率的提升，后续有望降至6元/斤。 牧原食品股份有限公司近期在接受投资者调研时介绍，该公司10月份的生猪养殖完全成本在11.3元/公斤 左右。该公司致力于通过管理和技术创新持续降本增效，使得在可能会出现的低猪价期，也能凭借较低 的现金成本获得现金流的正流入，以应对外部市场环境带来的挑战。 对于2026年的猪价走势，分析人士普遍持谨慎乐观的态度。卓创资讯生猪行业分析师邹莹吉向《证券日 报》记者表示，2026年生猪供应或仍较充裕，生猪需求或难对猪价形成明显支撑，预计2026年猪价走势 或前低后高。其中，上半年运行趋势总体偏弱，月均价预计在11.4元/公斤至11.8元/公斤之间运行，供应 节奏导致价格止跌反弹的拐点大概率会出现在二季度末。此外，下半年的反弹预期或驱动从业者有二次 育肥等提前布局行为，进 ...

Group 1 - The core view of the report emphasizes a structural transformation in the capital market, focusing on rebuilding confidence and addressing external demand pessimism [3][4] - The investment logic suggests a shift from cyclical growth to cyclical value, with a resilient cycle expected in 2026, highlighting the value attributes of leading companies [9] - Key assumptions include a gradual decrease in the breeding sow inventory and proactive capacity control by pig companies, which may lead to reduced supply pressure and potential price recovery for pigs in 2026 [8] Group 2 - The report identifies specific companies to focus on, such as leading low-cost and high-certainty firms like Muyuan Foods and Wens Foodstuffs, as well as high-growth smaller pig companies [7] - The report outlines potential risks, including the possibility of breeding sow inventory not decreasing as expected, which could lead to an oversupply of pigs and downward pressure on prices [8] - The report also discusses the beef market, indicating that if the import impact continues, it could lead to downward pressure on beef prices, affecting the profitability of beef companies [16][24] Group 3 - In the poultry sector, the report highlights that the yellow chicken market may see price increases if breeding stocks continue to decline, while the white chicken market is expected to recover as macroeconomic activities improve [25][26] - The report emphasizes the importance of consumer demand in the poultry market, noting that weak demand could lead to price declines and pressure on company performance [27][32] - The report suggests that the animal health sector will benefit from the recovery of livestock profitability, with a focus on companies that have strong R&D capabilities and product pipelines [33][36] Group 4 - The grain sector is expected to see upward price trends due to adverse weather conditions affecting crop yields, with a focus on companies involved in seed production and transgenic varieties [40][41] - The report warns of potential risks in the seed industry, including weak demand for new varieties, which could lead to price declines and increased pressure on seed companies [44][45] - The report highlights the importance of monitoring government policies regarding the commercialization of new seed varieties, as delays could impact market expectations [46][48] Group 5 - The report provides a risk assessment for recommended stocks, such as Muyuan Foods and Wens Foodstuffs, indicating potential risks related to pig output and price declines [50][56] - The report emphasizes the need for continuous monitoring of key indicators, such as breeding sow inventory and market prices, to assess the performance of the companies in the livestock sector [56]

Group 1 - In the past five trading days, a total of 194 companies were investigated by institutions, with securities companies participating in 93.81% of the activities [1] - Among the companies, 35 received attention from more than 20 institutions, with Prit, Juxing Agriculture, and Guangting Information being the most researched [1] - Prit was the most popular, with 76 institutions participating in its investigation, followed by Juxing Agriculture and Guangting Information, each with 67 institutions [1] Group 2 - In terms of capital flow, 12 out of the 20 companies that attracted more than 20 institutions saw net inflows, with Guanglian Aviation receiving the highest net inflow of 236 million yuan [1] - Over the past five days, 24 of the investigated stocks increased in value, with Guanglian Aviation, Xinke Mobile-U, and Prit leading with gains of 53.44%, 23.75%, and 21.23% respectively [2] - Conversely, 11 stocks experienced declines, with Lingge Technology, Zhejiang Haideman, and Jiaocheng Ultrasound showing the largest drops of 5.17%, 4.93%, and 4.51% respectively [2] Group 3 - The most frequently investigated company was Taihe New Materials, which was researched four times, while Yanjing Beer and Aerospace Intelligent Manufacturing were investigated three and two times respectively [1] - The investigation data indicates a strong interest from institutions in specific sectors, particularly in basic chemicals, agriculture, and automotive industries [1][2]