Investment Ratings - The report maintains an investment rating of "Buy-A" for Haida Group (002311.SZ) and "Buy-B" for Shengnong Development (002299.SZ) and Wen's Shares (300498.SZ) [2] Core Insights - The pig prices are expected to face downward pressure after the peak season, with self-breeding pig farming profits currently in the negative [4] - The feed industry is undergoing accelerated consolidation, with market share shifting towards leading companies with R&D advantages and scale [4] - The report highlights opportunities for Haida Group due to its efficient internal management and strong service advantages in the industry chain [4] - The report suggests that the pig farming industry may experience a significant capacity reduction in 2026, which could improve the fundamentals and valuations of the sector [5] - The pet food sector is expected to continue growing, with a shift in competition from marketing to R&D and supply chain management [6] Summary by Sections 1. Industry Performance - The agricultural sector saw a decline of 1.92% in the week of February 2-8, 2026, with the food and feed additives, meat chicken farming, and pig farming sectors performing relatively well [3][13] 2. Pig Farming - As of February 6, 2026, the average prices for external three-way cross pigs in Sichuan, Guangdong, and Henan were 11.65, 11.96, and 12.38 CNY/kg, respectively, showing a week-on-week decline of 4.12%, 1.64%, and 1.98% [4][22] - The average pork price was 18.34 CNY/kg, down 1.45% from the previous week [4][22] - Self-breeding pig farming profits were reported at -38.09 CNY/head, a decrease of 63.19 CNY/head from the previous week [4][22] 3. Poultry Farming - The price of white feather chickens was reported at 7.53 CNY/kg, down 2.71% week-on-week, with a loss of 0.26 CNY per chicken [37] 4. Feed Processing - The average price of feed for fattening pigs remained stable at 3.37 CNY/kg as of January 29, 2026 [41] 5. Aquaculture - As of February 6, 2026, the price of sea cucumbers was 120 CNY/kg, and the price of shrimp was 320 CNY/kg, both remaining stable [47] 6. Crop and Oilseed Processing - As of February 6, 2026, corn was priced at 2368.43 CNY/ton, with a slight decrease of 0.33% week-on-week, while soybean prices remained stable at 4072.11 CNY/ton [56][57]

Group 1 - The core viewpoint of the article highlights the performance of the Agricultural and Animal Husbandry ETF managed by Jianxin Fund, which opened at 0.932 yuan with a slight increase of 0.43% [1] - The ETF's major holdings include companies such as Cangge Mining, which rose by 0.37%, and others like Salt Lake Co. and Muyuan Foods, which saw declines of 0.12% and 0.41% respectively [1] - Since its establishment on July 21, 2022, the ETF has reported a return of -7.10%, while its performance over the past month has improved by 2.50% [1] Group 2 - The ETF's performance benchmark is the CSI Agricultural and Animal Husbandry Theme Index, indicating its focus on this specific sector [1] - The fund manager is Jianxin Fund Management Co., Ltd., with the fund manager being Gong Jiajia [1]

Investment Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [4] Core Views - The central government emphasizes comprehensive regulation of pig production capacity in the recently released No. 1 Central Document, indicating a shift in industry policy towards protecting farmers' rights and stimulating enterprise innovation [6][16] - The pig farming sector is experiencing a gradual recovery despite a 0.1% decline in the SW pig farming sector, with current market pressures expected to ease as production capacity is regulated [6][16] - The poultry sector faces ongoing challenges with high production capacity and weak consumption, but leading companies are likely to gain market share [18] - The feed sector is recommended to focus on Hai Da Group, which aims to increase its dividend payout ratio and expand its market presence [10][20] - The pet industry is expected to see significant growth, with a projected market size exceeding 400 billion yuan by 2028, driven by changing consumer perceptions [51] Summary by Sections 1. Pig Farming - The pig price continues to decline, with a current price of 11.84 yuan/kg, and the industry is facing dual pressures of supply and demand [6][16] - The central government's policy shift aims to regulate the breeding stock and enhance market adaptability [6][16] - Companies with cost advantages and innovative models are expected to outperform [17] 2. Poultry - The poultry sector is experiencing price fluctuations, with broiler prices at 3.6 yuan/kg, down 5.2% week-on-week [18] - The impact of avian influenza in France may reduce the supply of imported breeding chickens, potentially increasing prices [18] - Integrated companies and those with contract farming models are likely to expand their market share [18] 3. Feed - Hai Da Group is recommended due to its clear long-term growth path and plans to increase dividend payouts [10][20] - The company aims for a global sales target of 100 million tons by 2050, with significant overseas market expansion [20] 4. Pet Industry - The pet industry is projected to grow rapidly, with expectations of reaching a market size of over 400 billion yuan by 2028 [51] - Companies with strong domestic and international sales are recommended for long-term investment opportunities [21] 5. Agricultural Products - Domestic soybean meal prices have decreased by 1.5%, while corn prices have shown slight fluctuations [22] - The market is expected to remain oversupplied in the near term, with a focus on weather and import impacts [22]

Group 1: Service Consumption Policy - The Ministry of Commerce plans to establish a "1+N" policy system to foster new growth points in service consumption, focusing on over 10 specific areas including home services, automotive aftermarket, and inbound consumption [2] - A comprehensive action plan will be developed to enhance service quality and benefit the public, featuring over 60 specific measures aimed at improving service supply in cultural entertainment, tourism, and sports events [2] Group 2: Computing Power Infrastructure - The Ministry of Industry and Information Technology is initiating the construction of national computing power interconnection nodes to enhance overall computing power levels, targeting regions and industries with high demand [2] - The initiative includes the establishment of unified service platforms for regional nodes and market-oriented services for industry nodes, ensuring standardized interconnection and efficient application of computing resources [2] Group 3: Pre-prepared Food Standards - The National Health Commission released a draft standard for pre-prepared dishes, clarifying that these do not include staple foods, ready-to-eat foods, or dishes made in central kitchens [3] - The standard emphasizes minimizing the shelf life of pre-prepared dishes to a maximum of 12 months and prohibits the use of preservatives [3] Group 4: Artificial Intelligence Industry Growth - Guangdong Province anticipates that the core AI industry will reach a scale of 300 billion yuan by 2025, with integrated circuit production expected to increase by 152% compared to 2020 [4] - The province also projects a 39% year-on-year growth in civilian drone production, accounting for over 90% of the national output by 2025 [4] Group 5: Duty-Free Stores in Hainan - Hainan Province will open five duty-free stores for daily consumer goods in three cities, with operations starting on February 11 [5] Group 6: Strategic Partnerships in Autonomous Driving - Xiaoma Zhixing and Moer Thread have formed a strategic partnership to advance L4-level autonomous driving technology, focusing on training and validating models using Moer Thread's computing resources [6] - XPeng's upcoming SUV, the GX, will feature L4-level autonomous driving capabilities and is currently undergoing technical validation [7] Group 7: AI Investments by Major Companies - Amazon plans to invest $200 billion in AI infrastructure this year, raising concerns among investors about profit margins before returns materialize [12] - Nvidia is reportedly not launching any new gaming graphics cards this year due to prioritizing AI chip supply amid storage chip shortages [11] Group 8: New Product Launches - The upcoming iPhone 18 Pro Max is expected to feature a battery capacity exceeding 5000mAh, marking a significant increase from previous models [13] - The handheld gimbal camera "Pocket" by Ying Shi is set to launch in the first half of 2026, featuring a long-focus capability [10] Group 9: Corporate Developments - LG Energy has terminated its joint venture with Stellantis and will acquire the latter's 49% stake in NextStarEnergy [14] - Mu Yuan Co., Ltd. has been listed on the Hong Kong Stock Exchange, raising approximately 10.47 billion HKD [16]

A股这7大板块，勾勒出中 国经济全貌 出品 | 妙投APP 作者 | 妙投团队 编辑 | 丁萍 头图 | AI制图 幸福的人大致相同，不幸的人各有各的不幸。 银河证券研报显示，截至1月31日，2956家A股上市公司已披露2025年年报业绩预告，披露率为54%。其中 电机、地面兵装、个护用品、风电设备预喜率 （包括扭亏、续盈、略增、预增等情形） 超过70%，汽车行 业超过50%，受益于AI算力需求的电子和通信行业，预喜率分别达到45%和37%。这些大体上属于科技、高 端制造、新消费等领域。 而传统行业，大多较为一般。 煤炭、房地产、轻工制造、建筑装饰、食品饮料、社会服务、石油石化等行业预喜率较低，均低于25%； 焦炭、体育、林业、农业综合、厨卫电器、油气开采、白酒行业预喜率更是均为0%；传统行业中预喜率较 高的，主要是非银金融、有色金属、钢铁、公用事业等少数行业。 展望2026年，有些业绩不错的行业，有望继续保持成长。而有些2025年经营惨淡的行业，也有边际复苏的 机会，或者有复苏的预期。 这句话放到宏观经济各个层面中来看，也是如此。有的行业经历着良好的增长，有的行业在期待着复苏的 曙光。 2025年到现在，无 ...

Group 1 - US stock market indices collectively rose, with the Dow Jones reaching a new historical high, and the Nasdaq increasing by nearly 1% driven by strong performance from AI-related stocks like Nvidia and Oracle [1][18] - Jiangxi province is the only region to raise its GDP growth target from around 5% to 5%-5.5%, attributed to a 5.2% growth in 2025, marking a four-year high, and strong industrial value-added growth [1][19] - The gold market is experiencing a surge in consumption and investment, but also facing issues such as fraud and high-leverage speculation, prompting regulatory challenges [1][20] Group 2 - Hongming Co. has appointed a young chairman, Jin Xi, who lacks extensive business experience, amid concerns over the company's declining performance and potential delisting risks [1][21] - Eight departments in China have issued a plan for the high-quality development of the traditional Chinese medicine industry, aiming for coordinated development across the entire industry chain by 2030 [1][22][23] - The competition among China's top economic cities is intensifying, with Beijing surpassing 5 trillion yuan in GDP and cities like Chengdu leading in growth rates [1][24] Group 3 - Chinese pig farming giant Muyuan Foods is aggressively expanding into the Vietnamese market, offering high salaries for project talent focused on building pig farms [1][25][26] - Hong Kong's small and medium-sized banks are facing severe liquidity issues, with many trading days seeing zero transactions, highlighting a cycle of low trading volume and low attention [1][26] - The Chinese regulatory stance on RWA tokenization is strict domestically while allowing regulated activities abroad, aiming to prevent risks to the financial system [1][27] Group 4 - Anhui state-owned assets are poised to become the final winner in the restructuring of Suning Holdings, with a proposed acquisition of a significant stake to stabilize governance [1][28] - A report has revealed systemic insurance fraud in mental health hospitals in Hubei, with connections to local medical networks and multiple instances of regulatory violations [1][29] - Seventeen provinces in China have announced their GDP growth targets for the 14th Five-Year Plan, with most set around 5%, while some provinces are aiming higher [1][30][31] Group 5 - Jiangsu province leads the country with 23 counties achieving over 100 billion yuan in GDP, with Kunshan being the top performer for 22 consecutive years [1][31] - The price of Chilean cherries has dropped to a five-year low due to increased supply and market saturation, leading to a phenomenon referred to as "cherry freedom" [1][32] - Ark Invest's space ETF has made its first purchase of Tesla stock, sparking speculation about a potential merger between Tesla and SpaceX [1][32]

年薪最高给到50万元/年 近期，牧原股份对外公布了一批招聘计划，为越南专项招聘。 从岗位要求看，该招聘面向土木工程、工程管理、城乡规划、建筑学、工程造价、供应链管理等相关专 业，要求一定的工作经验，有海外工作经验者优先。语言能力方面，需掌握越南语、英语，能够熟练沟 通者优先。 近期，牧原股份对外披露越南专项招聘计划，以30万元/年至50万元/年的综合薪资，招募海外工程项目 经理、海外造价管理、海外规划设计等岗位人才，所有岗位均外派至越南西宁省，要求具备越南语、英 语沟通能力，岗位聚焦猪舍建筑相关领域。值得注意的是，此前牧原股份已启动越南籍国际管培生招 聘，最高年薪可达100万元。 种种人才布局背后，是牧原股份加速"出海"的明确意图。公开资料显示，公司于2024年与BAF越南农业 股份公司达成战略合作，去年越南当地媒体报道，双方将共建西宁省高科技楼房养猪项目，这也与此次 招聘岗位地点一致。 此前，牧原股份完成港股上市，计划将约60%的募集资金用于海外业务拓展，重点布局越南等东南亚市 场。 此次越南专项招聘的所有岗位，工作地点均为越南西宁省。 2月9日上午，牧原股份有关人士表示，公司在越南的项目为合作项目，目前尚 ...

记者|胥帅 编辑|程鹏魏官红杜恒峰校对|陈柯名 近期，牧原股份对外披露越南专项招聘计划，以30万元/年至50万元/年的综合薪资，招募海外工程项目经理、海外造价管理、海外规划设计等岗位人才， 所有岗位均外派至越南西宁省，要求具备越南语、英语沟通能力，岗位聚焦猪舍建筑相关领域。值得注意的是，此前牧原股份已启动越南籍国际管培生招 聘，最高年薪可达100万元。 种种人才布局背后，是牧原股份加速"出海"的明确意图。公开资料显示，公司于2024年与BAF越南农业股份公司达成战略合作，去年越南当地媒体报道， 双方将共建西宁省高科技楼房养猪项目，这也与此次招聘岗位地点一致。 从岗位要求看，该招聘面向土木工程、工程管理、城乡规划、建筑学、工程造价、供应链管理等相关专业，要求一定的工作经验，有海外工作经验者优 先。语言能力方面，需掌握越南语、英语，能够熟练沟通者优先。 此次招聘给出的综合年薪达30万元~50万元，主要岗位涉及海外工程项目经理、海外造价管理、海外规划设计等。其中，海外规划设计岗位需负责越南猪 场项目选址调研，综合评估地形地貌、水源电力、交通物流、防疫条件及当地土地、环保、畜牧准入政策，输出可行性分析报告，为项目决策 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [3] Core Insights - The consumer sector saw mixed performance, with retail experiencing a decline while food and beverage, beauty care, textiles, home appliances, and social services showed positive growth [5] - The implementation of the "zero tariff" policy in Hainan is expected to benefit leading duty-free companies, as it allows residents to purchase duty-free goods up to 10,000 yuan annually, enhancing stable consumption outside of tourism [5][17] - The "2026 'Happy New Year' Spring Festival Special Activity Plan" aims to stimulate consumption during the Spring Festival, with various promotional activities planned to enhance consumer engagement across multiple sectors [5][19] Market Weekly Review - The consumer sector's weekly performance from February 2 to February 6 showed the following changes: food and beverage (+4.31%), beauty care (+3.69%), textiles (+1.32%), home appliances (+1.28%), social services (+0.02%), and retail (-0.34%) [5] - Notable stock performances included Huangtai Liquor (+13.50%), Minbao Optoelectronics (+115.92%), and Hangzhou Jiebai (+33.75%) among the gainers, while ST Yedao (-15.69%) and Deep Kangjia B (-37.23%) were among the losers [5][15][16] Industry News and Key Company Announcements - The "zero tariff" policy for Hainan residents allows for unlimited purchases of specified duty-free goods, which is expected to stabilize and grow the duty-free market [17][18] - The Ministry of Commerce and other departments have launched a plan to enhance Spring Festival consumption, focusing on various sectors including retail, dining, and tourism [19] - Companies like Muyuan Foods reported a 2.73% increase in pig sales in January 2026, while Chongqing Beer showed a slight revenue increase of 0.53% year-on-year [20]

Investment Rating - The industry rating is "Outperform the Market" [4][71]. Core Insights - The report highlights that the supply of live pigs is increasing, leading to a rebound in prices followed by a decline. As of February 8, the price of live pigs was 11.84 CNY/kg, down 0.47 CNY/kg week-on-week. The profits for self-bred and purchased piglets were -38.09 CNY and 91.42 CNY per head, respectively, showing significant week-on-week declines [2][10][30]. - The beef market is experiencing price increases due to pre-Spring Festival stocking, with the price of fattened bulls at 25.74 CNY/kg and calves at 33.81 CNY/kg, reflecting a positive trend for beef prices in the long term [3][33]. - The poultry sector is facing downward pressure on prices due to increased output of broilers and a decrease in demand for poultry products, with the price of white feather broilers at 7.53 CNY/kg, down 0.21 CNY/kg week-on-week [3][40]. Summary by Sections Swine Industry - The price of live pigs has shown volatility, with a rebound followed by a decline due to increased supply and faster slaughtering rates. The average weight of pigs at slaughter has decreased to 127.40 kg, down 0.46 kg week-on-week [2][20][30]. - The industry is entering a seasonal consumption peak, with an increase in slaughtering volume and a decrease in frozen product inventory, which is currently at 17.91%, down 0.40 percentage points week-on-week [2][13][30]. Beef Industry - The beef market is seeing an upward trend in prices, driven by increased demand from slaughterhouses as they prepare for the Spring Festival. The long-term outlook for beef prices is positive due to tightening supply from reduced breeding stock [3][33][34]. Poultry Industry - The poultry sector is experiencing a decline in prices due to increased output and reduced demand for poultry products. The price of eggs has also decreased to 7.67 CNY/kg, down 0.78 CNY/kg week-on-week, with expectations for future price recovery driven by supply constraints [3][40][42]. Seed Industry - The 2026 Central Document No. 1 emphasizes the promotion of biological breeding industrialization, which is expected to enhance agricultural productivity and quality. This initiative is likely to benefit leading seed companies [3][55][56].