Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The report highlights the release of the 2026 Central Document No. 1, which focuses on agricultural modernization and rural revitalization, emphasizing six key areas including enhancing agricultural production capacity and quality, promoting stable income for farmers, and strengthening the leadership of the Party in agricultural work [4] - The report identifies several investment opportunities in the agricultural sector, particularly in areas such as biological breeding, agricultural technology, and livestock farming, suggesting that companies with strong R&D capabilities in these fields are likely to benefit [5] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -4.02% compared to the CSI 300 index, with an absolute return of 18.06% [3] Investment Highlights - **Planting Industry**: The document emphasizes the need to stabilize grain production at around 1.4 trillion jin and to enhance agricultural technology and breeding capabilities [5] - **Breeding Industry**: It stresses the importance of regulating pig production capacity to maintain price stability and mentions measures to promote dairy product consumption [5] - **Agricultural Technology**: The report advocates for the integration of artificial intelligence in agriculture, highlighting the need for advanced agricultural machinery and technology [5] - **Agricultural Trade**: It calls for the diversification of agricultural imports and the cultivation of competitive agricultural enterprises [5] - **Investment Recommendations**: The report suggests focusing on companies in biological breeding, agricultural technology, and livestock farming, such as Dabeinong, Longping High-Tech, and Muyuan Foods [5]

Core Viewpoint - Muyuan Foods is set to launch its global offering on January 29, with shares priced at HKD 39 each, aiming for a total issuance scale of approximately HKD 106.8 billion to HKD 122.9 billion, highlighting its leading position in the domestic pig farming market despite the cyclical nature of the industry [1][2]. Group 1: IPO Details - The offering price of Muyuan Foods is at a discount of approximately 23.9% compared to its A-share closing price of CNY 45.68 on February 3, which aligns with the valuation logic of leading enterprises [1][2]. - The IPO attracted 13 cornerstone investors, raising a total of USD 685 million, which accounts for 50% of the issuance scale, indicating strong investor confidence [4][5]. Group 2: Market Position and Valuation - Muyuan Foods is recognized as a unique leader in the pig farming industry, excelling in production capacity, breeding technology, cost control, and industry chain integration, making it an irreplaceable asset for investors looking to enter the domestic pig farming sector [1][2]. - The discount level of 23.9% is significantly lower than other A to H projects launched around the same time, such as Lianqi Technology, which had a discount of 47.7%, showcasing a competitive valuation for Muyuan Foods [2][3]. Group 3: Financial Performance - The company has demonstrated resilience in its financial performance despite industry fluctuations, with revenues recorded at CNY 124.8 billion, CNY 110.9 billion, CNY 137.9 billion, and CNY 111.8 billion from 2022 to the first three quarters of 2025 [6]. - The average selling price of commodity pigs dropped by 17.3% year-on-year to CNY 13.5 per kilogram in 2025, significantly impacting profitability, with projected net profits for the year expected to decline by 12.20% to 17.79% [6][7]. Group 4: Dividend Policy - The company has consistently optimized its dividend policy, with an average payout ratio of 28% since its listing, and an expected dividend yield of 2.6% for 2025, providing a stable return for investors [9][10].

Group 1 - Muyuan Foods launched its global offering on January 29, with a listing on the Hong Kong Stock Exchange scheduled for February 6, at an issue price of HKD 39 per share, raising approximately HKD 106.8 billion to HKD 122.9 billion [1][11] - The company holds a leading position in the domestic pig farming market, excelling in production capacity, breeding technology, cost control, and industry chain integration, making it a unique investment opportunity for those looking to enter the core assets of the domestic pig industry [1][11] - The IPO pricing reflects a discount of approximately 23.9% compared to the A-share closing price of RMB 45.68 on February 3, which aligns with the valuation logic of leading enterprises [1][12] Group 2 - Compared to other A to H projects launched in the same week, Muyuan's discount of 23.9% is significantly lower than those exceeding 45% for other companies, providing a more attractive entry point for investors [2][12] - The company does not rely on high discounts to attract capital, as its strong market position and operational fundamentals serve as its core appeal [2][12] - The company attracted 13 cornerstone investors, raising a total of USD 685 million, which accounts for 50% of the offering size, indicating strong confidence from various high-quality investors [3][14] Group 3 - Major cornerstone investors include Charoen Pokphand Foods from Thailand and Olam Group from Singapore, with investments of USD 200 million and USD 70 million respectively, showcasing industry capital linkage [4][14] - The company has shown resilience in its financial performance despite industry cyclicality, with revenues of RMB 124.8 billion, RMB 110.9 billion, RMB 137.9 billion, and RMB 111.8 billion from 2022 to the first three quarters of 2025 [6][16] - The average dividend payout ratio since the company's listing has been 28%, with an increase to 42% in 2024 and 48% in the first half of 2025, providing a stable return expectation for investors [8][19]

Investment Rating - The report rates the industry as "Outperforming the Market" [7] Core Insights - The 2026 Central Document emphasizes "strengthening the foundation" and "focusing on new quality" in agricultural modernization, highlighting the importance of capacity regulation, seed innovation, and agricultural structure optimization [1][2] - The shift in policy focus from "stable development" to "healthy development" in the livestock sector indicates a move towards sustainable profitability and supply-demand balance [3][4] - The report identifies 2026 as a pivotal year for the commercialization of biological breeding, with leading seed companies expected to experience significant performance releases [9][10] Livestock Industry - The policy now aims for "healthy development" in the pig industry, marking a transition from merely stabilizing production to fostering a sustainable profit ecosystem [2][3] - The introduction of "supply-demand balance" as a clear target reflects a deeper intervention strategy to mitigate the cyclical volatility historically faced by the industry [3] Seed Industry - The report indicates that 2026 will be a year of extensive promotion for biological breeding, with a focus on accelerating the selection and commercialization of breakthrough varieties [4][9] - The competitive landscape is shifting towards the quality and market presence of seed varieties, favoring companies with strong R&D capabilities and established market networks [9] Grain and Planting - The document reinforces the absolute bottom line for grain production at 1.4 trillion jin, providing a solid policy foundation for major grain producers [10][11] - Support for forage production is highlighted as a strategic move to enhance the efficiency of the entire food system, indicating structural opportunities for upstream planting and feed industries [10][11] Investment Recommendations - The report suggests that sectors such as livestock, planting, seeds, and feed are likely to benefit from the outlined policies, with specific companies like Guannong Co. identified as potential investment targets [11]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300967 | 膀鸣股份 | 22.23 | -4.92% | 16.72万 | 3.74Z | | 600965 | 福成股份 | 6.28 | -1.88% | 19.50万 | · 1.23亿 | | 002321 | 华英农业 | 2.43 | -0.41% | 63.00万 | 1.52亿 | | 300313 | *ST天山 | 8.30 | -0.36% | 1 2.78万 | 2312.15万 | | 000048 | 京基督农 | 18.02 | -0.17% | 10.93万 | 1.96亿 | | 000735 | 罗牛山 | 7.87 | -0.13% | 43.22万 | 3.39亿 | | 603477 | 巨星农牧 | 17.61 | 0.40% | 6.48万 | 1.14亿 | | 002458 | 益生股份 | 9.64 | 0.42% | 10.48万 | 1.01亿 | | 002746 | 仙坛股份 | ...

牧原股份（002714）(02714)发布公告，于2026年2月4日，发售价已厘定为每股H股39.00港元。假设全 球发售于2026年2月6日上午八时正或之前成为无条件，预期H股将于2026年2月6日上午九时正开始在联 交所主板买卖。H股将以每手100股H股为单位进行买卖。 ...

智通财经APP讯，牧原股份(02714)发布公告，于2026年2月4日，发售价已厘定为每股H股39.00港元。假 设全球发售于2026年2月6日上午八时正或之前成为无条件，预期H股将于2026年2月6日上午九时正开始 在联交所主板买卖。H股将以每手100股H股为单位进行买卖。 ...

假设全球发售于2026年2月6日(星期五)上午八时正(香港时间)或之前成为无条件，预期H股将于2026年2 月6日(星期五)上午九时正(香港时间)开始在联交所主板买卖。H股将以每手100股H股为单位进行买卖。 格隆汇2月4日丨牧原股份(02714.HK)发布公告，2026年2月4日，发售价已厘定为每股H股39.00港元。 ...

潛在投資者務請注意，不得於穩定價格期間（將自上市日期開始，預期於遞交香港公開發售申 請截止日期後第30日（即2026年3月5日（星期四））屆滿）後採取穩定價格行動以維持H股的價 格。該日後，不可再採取任何穩定價格行動，屆時對H股的需求可能下降，因而可能導致H股 的價格下跌。 發售股份的潛在投資者務請注意，整體協調人（為其本身及代表香港承銷商）有權於上市日期 （目前預計將為2026年2月6日（星期五））上午八時正（香港時間）之前任何時間，在發生招股章 程「承銷－承銷安排及開支－香港公開發售－終止理由」一節所載任何事件的情況下，即時終 止其於香港承銷協議項下的義務。 香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區）發佈、刊 發或派發。本公告並不構成或組成在美國境內或於任何其他司法權區購買或認購發售股份的任 何要約或招攬的一部分。 ...

交易文件显示，牧原股份将香港上市价格定在区间顶端，从而筹得107亿港元（14亿美元）资金。将约 2.74亿股股票的价格定在每股39港元。较该公司A股周二收盘价45.68元人民币折价24%。 来源：滚动播报 ...