羊城年夜饭，满 桌广货鲜 | 新春 走基层_南方+_ 南方plus ·开栏语· 广货行天下，寻 味故乡情。当丰 盈充实的蓝色粮 仓，化作烟火升 腾的团圆家宴， 每一尾游向餐桌 的广东鱼虾，都 携着年味的温 度、乡情的脉 动。 即日起，南方农 村报、农财宝典 ·水产有种推 出"新春走基层· 广货行天下 寻 味故乡情"系列 报道，记者走进 家乡的渔港码 头、水产市场、 餐桌家宴，寻找 广货的踪迹，感 受年味的流动， 触摸产业的韧 劲。让这一程程 2月15日，离新 春除夕只剩一天 了，家住广州市 海珠区基立下道 的陈锦泉早早出 门，置办年夜饭 的食材。他此行 目的地，正是去 年9月刚迁至荔 湾区东沙街道的 黄沙水产市场。 而住在几公里外 江南西的李婉 莹，则显得非常 淡定。"前几天 已经在手机上下 单了，有些从饶 平、珠海寄过来 的海鲜正在路 上，其余的等除 夕当天再让外卖 送来好了。" 有的去市场，有 的等上门，两户 广州人家，同一 鲜活的奔赴，成 为新春最动人的 注脚。 "年夜饭的海鲜 大餐，我得趁早 去买咯！要不然 明天就人太多 了。" 个除夕。产自广 东的"广货"正扮 演着越来越重要 的角色，它们跨 越山海 ...

Investment Rating - The industry investment rating is "Increase" [2][18] Core Insights - The penetration rate of cooking robots is increasing, driving the scale expansion of restaurant brands. The cooking robot market is expected to grow significantly, with a projected market size of 3.17 billion in 2024 and 11.7 billion by 2030 [7][12] - Labor costs in the restaurant industry are rising, with the proportion of labor costs reaching 28.6% in 2025, potentially exceeding 35% due to minimum wage increases and social security regulations. The shortage of chefs is projected to reach 3 million by 2025, making cooking robots essential for improving operational efficiency [8][12] - Major companies are investing in cooking robots to enhance operational efficiency, with deployment expected to exceed 150,000 restaurant locations by 2027. Cooking robots can reduce meal preparation time from 5-10 minutes to an average of 2-3 minutes, improving efficiency by over 40% and reducing labor costs by 40-60% [15][16] Summary by Sections Industry Overview - The industry comprises 128 listed companies with a total market value of 4,540.967 billion [4] Market Trends - The cooking robot market is rapidly expanding, with applications primarily in community canteens, group meals, and fast food scenarios. By 2028, the penetration rate in group meals and fast food is expected to reach around 50% [12][15] Company Developments - Companies like Guoquan, JD, and Zhengda are actively investing in the cooking robot sector, with significant deployments already in place. For instance, Guoquan plans to invest in cooking robot companies and has launched new projects [16]

Core Viewpoint - China Galaxy Securities emphasizes the dual strategy opportunities in the pig farming industry, highlighting the potential for price rebounds in 2026 despite a year-on-year decline in pig prices due to production capacity adjustments and industry losses [1] Group 1: CPI and Pork Prices - In December, China's CPI increased by 0.8% year-on-year, with food prices rising by 1.1%, while pork prices fell by 14.6% year-on-year [1] - The month-on-month CPI rose by 0.2%, with food prices increasing by 0.3%, but pork prices decreased by 1.7% [1] Group 2: Fruit and Vegetable Prices - Seasonal increases in fresh fruit prices are the main driver of the current food CPI, while vegetable price growth has slowed [2] - January vegetable prices averaged 5.59 yuan/kg, up 6.37% year-on-year, with expectations for continued price increases in Q1 due to the later timing of the Spring Festival and weather impacts [2] - January fruit prices averaged approximately 7.88 yuan/kg, up 8.87% year-on-year, marking the highest level for the same period since 2020 [2] Group 3: Feed Raw Material Prices - In January, the average price of corn was 2364.6 yuan/ton, up 0.69% month-on-month and 10.55% year-on-year, with expectations for a stable price range in 2026 [3] - The average price of soybean meal was 3198.97 yuan/ton, up 1.94% month-on-month and 3.82% year-on-year, with a forecast of slight upward movement in 2026 [3] - Overall, the prices of feed raw materials are expected to remain stable, indicating no significant increase in breeding cost pressures [3] Group 4: Pig Farming Outlook - Following a price increase in late December 2025, pork prices are expected to face downward pressure after the Spring Festival due to seasonal consumption patterns [4] - The annual average price of pigs is projected to decline year-on-year, although there may be temporary rebounds influenced by seasonal disease impacts [4]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][53]. Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, declining by 2.88% from January 30, 2026, to February 12, 2026, which is approximately 2.16 percentage points lower than the index [7][14]. - Among the sub-sectors, only the fishery sector recorded positive returns, increasing by 0.27%, while feed, breeding, planting, agricultural product processing, and animal health sectors all experienced negative returns, with declines of 1.36%, 2.02%, 4.45%, 4.8%, and 7.3% respectively [15][19]. - The overall price-to-book (PB) ratio for the industry is approximately 2.61 times, reflecting a slight decline in valuation, and is at about 58.7% of the historical average since 2006, indicating a relatively low historical valuation level [22][24]. Industry Important Data - **Pig Farming**: - The average price of the national external three-line pigs fell from 12.52 CNY/kg to 11.57 CNY/kg during the reporting period [25]. - The cost of corn and soybean meal slightly decreased, with corn priced at 2372.16 CNY/ton and soybean meal at 3164 CNY/ton as of February 12, 2026 [27]. - Profitability for self-bred pigs was reported at -98.32 CNY/head, while for purchased piglets, it was 53.1 CNY/head, both showing a decline compared to the previous week [31]. - **Poultry Farming**: - The average price of broiler chicks increased to 2.4 CNY/chick, while the price for layer chicks remained stable at 3.2 CNY/chick as of February 13, 2026 [33]. - The average price for white feather broilers decreased to 7.48 CNY/kg, with profitability reported at -0.2 CNY/chick, indicating a decline from the previous week [36]. Industry News - The report highlights that the breeding capacity of sows is expected to continue decreasing in 2025, leading to a gradual reduction in pig supply and a potential increase in pig prices in 2026, which may improve breeding profitability [53]. - The report emphasizes the importance of monitoring the capacity reduction and the expected profitability improvement, particularly for leading companies in pig farming and poultry sectors [53]. Company Highlights - Key companies to watch include: - Muyuan Foods (牧原股份, 002714): A leading pig farming company with cost and scale advantages. - Wens Foodstuff Group (温氏股份, 300498): A major player in both pig and poultry farming with strong cost control. - Haida Group (海大集团, 002311): A leading feed company expected to maintain steady market share growth. - Shengnong Development (圣农发展, 002299): A leader in the white feather broiler industry with a strong supply chain. - Reap Bio (瑞普生物, 300119): A leader in the animal health sector with a growing product matrix for pet health [54].

Group 1 - The core viewpoint of the articles highlights a positive trend in the consumer sector, particularly in the food and beverage industry, driven by seasonal consumption patterns related to the upcoming Spring Festival [1][2] - The main consumption index has shown a slight recovery in January 2026, with significant increases in sub-sectors such as prepared foods, snacks, and alcoholic beverages, indicating a strong influence of holiday consumption on market dynamics [1] - The white wine sector is expected to perform better than market expectations during the Spring Festival, with increasing sales momentum as the holiday approaches, supported by resilient consumer spending [1] Group 2 - The consumption ETF managed by Harvest (512600) tracks the major consumer index, which includes leading A-share companies across various sectors, with white wine being the largest segment, accounting for over 38% of the index [2] - Investors can also access the consumption recovery trend through the consumption ETF linked fund (009180), providing an additional avenue for investment in the sector [3]

Core Insights - The report indicates a cautiously optimistic outlook for February, with the index expected to remain stable and oscillate around the high and low points of January, suggesting a controlled approach to position management during the holiday season [3][8] - The mid-cap blue-chip style is expected to continue, with a focus on adjusting positions rather than passive defense, particularly in the livestock and chemical sectors [3][8] Market Strategy - The index is showing a slightly strong oscillation, with market sentiment indicating a lower risk appetite compared to the previous week, leading to rapid sector rotations [3][8] - Recommendations include controlling positions to avoid uncertainties during the holiday while being prepared for potential liquidity recovery post-holiday [3][8] Industry Strategy - In the agriculture sector, pig inventory is at a low point, with price bottoms being tested ahead of the holiday, indicating a potential recovery in market sentiment regarding pig prices [5][8] - The report highlights that the average weight of pigs post-slaughter has dropped to approximately 88.3 kg, suggesting limited downside for pig prices, with expectations for a price turning point in Q2 2026 [5][8] Thematic Strategy - The military industry is highlighted for its potential due to the resonance of domestic and international demand, with significant growth opportunities anticipated in unmanned and deep-sea technologies, as well as in military trade markets [6][8] - The report emphasizes the importance of the "14th Five-Year Plan" for the military sector, which is expected to clarify new equipment construction plans and enhance investment opportunities [6][8]

Core Insights - The report indicates a cautiously optimistic outlook for February, with the index expected to stabilize and oscillate around the highs and lows of January, suggesting a controlled approach to position management during the holiday season [3][8] - The mid-cap blue-chip style is expected to continue, with a focus on adjusting positions rather than passive defense, particularly in the agricultural and chemical sectors [3][8] Industry Strategy - In the agricultural sector, the report highlights that pig inventory is at a low point, with price bottoms being tested ahead of the holiday season. The market's pessimistic expectations regarding pig prices are seen as overestimated, with a potential recovery in prices anticipated as inventory levels stabilize [5][8] - The report notes that the average weight of pigs post-slaughter has dropped to approximately 88.3 kg, indicating limited downward price movement potential. The report predicts a price turning point in Q2 2026, with the average price for the year expected to exceed market expectations [5][8] - The report emphasizes the military industry, highlighting the resonance of domestic and international demand, with significant investment opportunities anticipated as the "14th Five-Year Plan" unfolds, particularly in unmanned and deep-sea technologies [6][8] Related Investment Opportunities - Recommended stocks in the agricultural sector include Muyuan Foods (002714), Wens Foodstuff Group (300498), and Haida Group (002311), with a buy rating suggested [5][8] - In the military sector, recommended stocks include Huaxin Technology (688281) and Guobo Electronics (688375), with a buy rating suggested [6][8]

Market Overview - The CSI 300 index decreased by 1.33% during the week of February 2-8, while the agriculture, forestry, animal husbandry, and fishery sector fell by 1.92%, ranking 23rd among sectors [5] - The top-performing sub-industries included food and feed additives, broiler farming, pig farming, aquaculture, and grain and oil processing [5] Pig Farming Industry - Pig prices continued to decline, with self-breeding pig farming profits showing losses. As of February 6, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 11.65, 11.96, and 12.38 yuan/kg, reflecting week-on-week decreases of 4.12%, 1.64%, and 1.98% respectively [13] - The average pork price was 18.34 yuan/kg, down 1.45% from the previous week. The average wholesale price for piglets remained stable at 16.50 yuan/kg [13] - As of February 6, self-breeding farming profits were -38.09 yuan/head, a decrease of 63.19 yuan/head from the previous week, while profits from purchasing piglets were 91.42 yuan/head, down 32.71 yuan/head [13] Feed Industry - The competition in the feed industry has shifted from product competition to value chain competition, leading to accelerated industry consolidation. Market share is increasingly concentrated among leading companies with advantages in R&D, scale, and integrated services [2] - Haida Group is expected to benefit from this trend due to its efficient internal management, effective business incentives, and strong service advantages in the supply chain [2] Broiler Farming Industry - The price of white feather broilers decreased, with a weekly price of 7.53 yuan/kg, down 2.71%. The profit from broiler farming was -0.26 yuan/bird, a significant drop of 166.67% from the previous week [29] - The price of eggs was 8.2 yuan/kg, down 6.82% from the previous week [29] Aquaculture Industry - In the marine product sector, prices for sea cucumbers and shrimp remained stable at 120 yuan/kg and 320 yuan/kg respectively. In freshwater products, prices for various fish showed slight increases [45] - The international spot price for fish meal was 2239.77 USD/ton, unchanged from the previous week [45] Grain and Oil Processing - Grain prices showed mixed trends. As of February 6, corn was priced at 2368.43 yuan/ton (-0.33%), soybeans at 4072.11 yuan/ton (unchanged), and wheat at 2531.11 yuan/ton (+0.05%) [55] - The price of soybean meal was 3159.14 yuan/ton, down 1.19%, while the prices for both soybean oil and rapeseed oil decreased by 1.72% and 1.95% respectively [55]

证券研究报告 晨会 hyzqdatemark 2026 年 02 月 10 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年02月10日 华源晨会精粹 20260210 汽车 矿山无人驾驶专题 1:矿山无人驾驶商业模式&市场规模——汽车行业周报：为 什么看好无人矿卡赛道：1）自动驾驶大规模商业化落地进展最快的下游之一且市场 天花板较高；2）技术较为成熟，经济性突出；3）政策鼓励危险场景无人化；4）出 海逻辑清晰；5）格局初定且有较高行业壁垒；以上因素共同决定了行业龙头厂商或 具备长期成长性&投资价值。矿山无人驾驶致力于解决诸多行业痛点问题："矿区通 常地处偏远+作业环境恶劣+健康风险大+劳动强度大"引致招工难、用工贵；"装备 自动化程度低+生产系统碎片化"引致生产效率低。而这其中运输环节用工占比接近 全矿劳动员工的 50%，属于核心降本增效环节。产品模式下无人矿卡赛道市场规模： 产品模式下，下游一次性买断无人矿卡全生命周期服务（车+智驾套件/单独套件）； 该模式对于无人矿卡服务提供商的优点是"轻资产+回款快"；我们测算这种商业模 式下，中长期的国内市场规模区间预计超 200 亿元。 风险提示：1 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The agricultural sector is expected to experience a cyclical recovery, particularly in the beef and dairy markets, driven by domestic and international demand [3] - The pig farming sector 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 for increased cash flow returns for leading enterprises as demand recovers [3] - The feed industry is likely to see enhanced competitive advantages for leading companies due to deeper industrialization and specialization [3] - The pet industry is identified as a growth sector benefiting from demographic trends [3] Summary by Sections Livestock - Beef prices are expected to continue rising, with the average price for fattened bulls at 25.20 CNY/kg, stable week-on-week and up 8.15% year-on-year [2] - Dairy cow depopulation is likely to accelerate, with raw milk prices expected to reach a turning point in 2026 [2] - The pig price on February 6, 2026, was 12.05 CNY/kg, down 1.31% week-on-week and down 20.67% year-on-year [13] Poultry - Chicken supply has slightly increased, with a focus on seasonal consumption recovery [13] - Egg prices in major production areas were 3.44 CNY/jin, up 6.83% week-on-week and up 19.44% year-on-year [13] Feed - Soybean meal prices are at historical lows, with potential catalysts from weather or trade factors [2] - Corn prices are expected to maintain a stable upward trend, with a current price of 2331 CNY/ton, down 0.09% week-on-week but up 8.52% year-on-year [2] Key Companies and Investment Recommendations - Recommended livestock companies include YouRan MuYe and Modern MuYe [3] - Recommended pig farming companies include HuaTong Co., DeKang Agriculture, and MuYuan Co. [3] - Recommended poultry companies include LiHua Co. and YiSheng Co. [3] - Recommended feed company is HaiDa Group [3] - Recommended pet company is GuaiBao Pet [3]