Group 1: Market Overview - The Shanghai Composite Index fell by 1.12%, the Shenzhen Component Index decreased by 1.31%, and the ChiNext Index dropped by 0.12% as of January 30 [2] - The livestock farming sector, particularly related to genetically modified organisms, agriculture, and corn, showed positive performance with significant gains in related ETFs [2] Group 2: Pig Farming Industry Insights - Recent data indicates a 13.79% increase in pig prices over the last 60 days, reaching 13.12 yuan per kilogram on January 29, supported by rising meat demand ahead of the Spring Festival [2] - Despite a recent price increase, the overall supply-demand situation is weak, with expectations of price declines post-holiday due to supply pressures and reduced output [3] - The average weight of pigs sold this week was 128.89 kg, showing a slight recovery, but the overall supply is expected to decrease in January [3] - The industry is experiencing losses, with prices falling below the cost line, leading to a reduction in production capacity and a stabilization of market conditions at the bottom [3] Group 3: Poultry Industry Insights - The white feather chicken market is experiencing price support due to weak supply elasticity caused by overseas epidemics halting domestic breeding [4] - The average selling price of white feather meat chickens in December was 7.44 yuan per kilogram, with a slight increase from the previous month, while breeding losses were reported at 0.26 yuan per bird [4] - The total stock of white feather breeding chickens reached 2.3377 million sets by the end of December, reflecting an 11.3% increase, indicating a potential for future price stability [4]

Core Viewpoint - The livestock farming index in China shows a strong upward trend, with significant gains in key stocks, indicating a potential recovery in the industry driven by improved profitability and market conditions [1][2]. Group 1: Market Performance - As of January 30, 2026, the China Livestock Farming Index (930707) increased by 1.28%, with notable stock performances including Xiaoming Co. up 14.44%, Dabeinong up 5.66%, and Lihua Co. up 4.15% [1]. - The Livestock ETF (516760) rose by 0.58%, marking its third consecutive increase, with the latest price at 0.69 yuan [1]. Group 2: Price and Profitability Insights - On January 21, 2026, the price of pork was reported at 13.39 yuan/kg, reflecting a 7.9% increase compared to the end of 2025 [1]. - Profit margins for self-breeding and purchased pig farming were 43.35 yuan/head and 115.84 yuan/head, respectively, indicating a turnaround in the industry and a potential slowdown in capacity reduction [1]. - The breeding sow inventory at the end of 2025 was 39.61 million heads, down 2.9% year-on-year [1]. Group 3: Future Outlook - China Galaxy Securities predicts that the average annual pork price may show a year-on-year decline, but there could be a rebound during the year influenced by seasonal disease impacts [1]. - The report suggests focusing on leading companies in cost control, those with healthy financials, and reasonably valued firms in the pig farming sector [1]. Group 4: Index Composition - As of December 31, 2025, the top ten weighted stocks in the China Livestock Farming Index included Muyuan Foods, Haida Group, and Wens Foodstuffs, collectively accounting for 67.66% of the index [2].

Group 1 - The core viewpoint of the news is that the agricultural and livestock ETF (159275) is showing a stable performance with a price increase of 2.71%, and notable movements in its constituent stocks [1][5] - Key performing stocks include Shennong Seed Industry, Dunhuang Seed Industry, and Nongfa Seed Industry, with increases of 15.51%, 10%, and 9.96% respectively [1][5] - Conversely, Jin Xin Nong, Jin He Biological, and Andis Su showed weaker performance with declines of 1.44%, 1.04%, and 0.58% respectively [1][5] Group 2 - The Ministry of Agriculture and Rural Affairs is focusing on stabilizing beef production and accelerating support for the dairy industry, aiming for sustainable industry development [1][5] - According to the National Bureau of Statistics, pork production in China is projected to exceed 59 million tons by 2025, with nearly 720 million pigs being slaughtered, providing a solid foundation for market supply [1][5] - Pacific Securities notes that pig farming capacity is gradually decreasing but at a slower pace, with short-term price rebounds expected during peak seasons, while mid-term prices may remain low [6] - The poultry industry is experiencing high capacity for white chickens, leading to potential price fluctuations, while yellow chicken supply is tight, which may drive prices up [6] - The animal health industry is seeing high volatility in core antibiotic prices [6] Group 3 - Financial analysis from Caitong Securities indicates that pig prices are fluctuating with ongoing supply pressures, and policy guidance may accelerate capacity reduction [2][6] - The poultry sector is facing uncertainties due to frequent outbreaks of avian influenza abroad, which may benefit the white feather chicken industry chain prices in the medium to long term [2][6] - The pet sector continues to grow domestically, with increasing market share for domestic brands [2][6] - The seed industry should focus on the progress of biological breeding expansion [2][6] - The animal health sector has ongoing growth potential, with new products being launched to drive growth [2][6] Group 4 - The agricultural and livestock ETF (159275) and its linked funds (Link A: 013471, Link C: 013472) passively track the agricultural and livestock index, with the top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, and Haida Group [2][6]

日度报告——综合晨报 美国再次面临政府停摆危机，白酒股大涨带 动沪指走强 [T报ab告le_日R期an：k] 2026-01-30 宏观策略（股指期货） 白酒股大涨带动沪指走强 受地产消息面影响，传统蓝筹股大涨，带动沪指走高，近期市 场投机情绪对冲了国家队的抛压，但近期地缘动荡，后续行情 仍然有较大的不确定性。仍建议均衡配置。 宏观策略（外汇期货(美元指数)） 特朗普：在与国会一起努力避免政府停摆 综 合 特朗普表态努力避免政府停摆，市场风险偏好走弱，美元指数 走低。特朗普最新的表态努力避免政府停摆，美国政府停摆问 题暂时解决。 晨 黑色金属（焦煤/焦炭） 报 吕梁市场炼焦煤线上竞拍价格上涨 短期来看，供应高位同时下游补库结束，整体市场情绪回落， 短期震荡运行。 有色金属（铜） 嘉能可 2025 年铜产量下滑 11% 宏观因素多变，美股科技股下挫叠加美国政府停摆担忧，引发 市场风险偏好反复变化，预计铜价震荡将阶段加剧。 能源化工（液化石油气） 沙特阿美公司 2026 年 2 月 CP 出台 二月 cp 丙烷官方价格小幅高开 5 美金，没有太超市场预期，环 比 1 月官方价格涨 20 美金，跟随 FE 价格 I ...

Focus Events - President Trump announced he will reveal the nomination for the next Federal Reserve Chair next week, criticizing current Chair Powell for not lowering interest rates [1] Oil Market - WTI crude oil prices surged by 5% to $66.3 per barrel, while Brent crude rose by 4.25% to $70.23 per barrel [2][4] Company Updates - Guizhou Moutai's stock price increased by 8.61%, with investor Duan Yongping stating he did not purchase shares on that day but had exchanged some shares of China Shenhua for Moutai earlier [3] - Sichuan Gold expects a net profit of 420 million to 480 million yuan for 2025, representing a year-on-year increase of 69.23% to 93.40% due to higher sales volume and rising gold prices [16] - Hanwei Technology forecasts a net profit of 125 million to 175 million yuan for 2025, indicating a growth of 63.01% to 128.22% [17] - Transsion Holdings anticipates a revenue of approximately 65.568 billion yuan for 2025, a decrease of about 4.58%, with a net profit drop of 54.11% due to rising supply chain costs [17] - Jiangfeng Electronics plans to acquire control of Kaide Quartz for cash, leading to a temporary suspension of its stock [19] - Aote Xun expects a net loss of 63.6 million to 72.1 million yuan for 2025, with potential delisting risks due to negative financial indicators [20] - Mu Xi Co. plans to use up to 200 million yuan of raised funds to provide loans to its wholly-owned subsidiary for a new GPU project [21] Industry Dynamics - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on various sectors including transportation and online services [9] - The Ministry of Industry and Information Technology held a meeting to address the "anti-involution" issue in the photovoltaic industry, emphasizing the need for coordinated governance and market regulation [12] - China aims to expand its "space+" future industries, focusing on commercial space applications and infrastructure development [11] - New regulations were issued to support wind power projects, encouraging development in less ecologically sensitive areas [14]

Investment Rating - The report suggests a cautious subscription for Muyuan Foods (牧原股份) [1] Core Insights - Muyuan Foods is the world's largest pig farming enterprise, with a comprehensive business model covering breeding, farming, feed production, and slaughtering [2] - The company has maintained the highest pig output globally for four consecutive years, with a market share of 5.6% in 2024, surpassing the combined market share of its next three competitors [2] - The Chinese pig farming industry is undergoing consolidation, with the penetration rate of large-scale farming increasing from 43.3% in 2015 to an expected 70.1% in 2024 [3] Financial Performance - The company's revenue for 2023, 2024, and Q1-Q3 of 2025 is projected at 110.861 billion, 137.947 billion, and 111.790 billion CNY, respectively, with year-on-year changes of -11.06%, +24.65%, and +15.71% [4] - Net profit is expected to be -4.263 billion, 17.881 billion, and 14.779 billion CNY for the same periods, with year-on-year changes of -132.14%, +519.42%, and +41.01% [4] - The company's performance is significantly influenced by pig prices, which are currently under pressure due to a surplus in supply and weak demand [4] Market Context - The pig market in China experiences cyclical price fluctuations driven by supply-demand dynamics, policy interventions, and feed cost variations [3] - The report indicates that the current H-share offering price corresponds to a PE ratio of approximately 11.19 for 2024, slightly lower than the A-share valuation of 11.74 [4]

Core Insights - The report indicates a cautious optimism for February, with expectations of a slow bull market continuing, despite a high-level narrow fluctuation in indices [6][3] - The mid-cap blue-chip stocks have shown strong performance in January, particularly in the gold and non-ferrous metals sectors, with signs of stabilization and rebound in the consumer sector, especially in food and beverage [6][3] - The report highlights a significant pessimism regarding pig prices for 2026, driven by underestimations of inventory and capacity reduction, suggesting a potential price recovery due to structural supply shortages [6][3] Market Strategy - The report emphasizes the importance of mid-cap blue-chip stocks, particularly in the food and beverage sector, which are expected to continue their rebound [6][3] - It suggests that the market's risk appetite and evaluation are shifting, with mid-cap blue-chip stocks valued between 10 billion to 50 billion being relatively favored [6][3] - The report recommends focusing on stocks with improvement logic or those in significant performance downgrades, particularly in the restaurant supply chain, dairy farming, regional liquor, and mid-to-high-end liquor [6][3] Industry Analysis - The report notes that the pig farming industry is experiencing a structural supply shortage, which is expected to limit the downward price potential for pigs, with a price turning point anticipated in Q2 2026 [6][3] - It highlights that the average weight of pigs post-slaughter is at a historical low, indicating a potential for price recovery as inventory levels are replenished [6][3] - The report identifies specific companies such as Muyuan Foods and Wens Foodstuffs as favorable investment targets within the pig farming sector [6][3]

本报记者 毛艺融 "国家队基金"（如中央汇金、社保基金、地方产业母基金）通常率先布局战略性新兴产业，承担风险定 价与市场信心塑造等功能，例如去年11月份，A股公司赛力斯集团股份有限公司H股上市时，重庆产业 投资母基金现身其基石投资者名单。今年1月份，江西国控私募基金管理有限公司出现在了上海龙旗科 技股份有限公司的H股基石投资者名单里。 数据显示，截至1月29日，"A+H"股累计已达167家。瑞银集团中国区总裁及瑞银证券董事长胡知鸷向 《证券日报》记者表示，从2024年四季度开始，"A+H"模式迎来新一轮扩容潮。2025年更多A股公司成 功登陆港股，尤其是一些细分行业龙头、大市值的公司接连在港股上市。此外，还有很多A股公司启动 了"A+H"的计划与项目。 国际投资者加码 数据显示，自去年以来，瑞银环球资产管理（新加坡）有限公司、阿布达比投资局、未来资产证券有限 公司、施罗德集团等国际长线资金出现在港股IPO的基石投资名单中。 今年1月份以来，中东主权财富基金、欧洲家族办公室等国际长线资金频频现身，主动将资金锁定6至12 个月。例如，MiniMax（稀宇科技）引入了阿布扎比投资局、Eastspring（瀚亚投资） ...

智通财经APP获悉，2026年1月30日，港股上市公司投资日志如下： 业绩公布日 万顺集团控股 国恩科技 (招股中) 东鹏饮料 (定价日) PICO FAR EAST HPC HOLDINGS 恒隆地产 靛蓝星 美因基因 东方大学城控股 恒隆集团 绿科科技国际 范式智能 首钢资源 中创智领 纷美包装 中国交通建设 股东大会召开日 东江环保 中国大冶有色金属 米格国际控股 远洋服务 易生活控股 停复牌 （复牌） 中国船舶租赁 （除净日） 信越控股 （派息日） 长安民生物流 （派息日） 力量发展 （派息日） 分红派息 类别 公司 大族数控 (招股中) 牧原股份 (招股中) 卓正医疗 (招股中) 新股活动 ...

IPO 申购指南 牧原股份（2714.HK） 建议谨慎申购 2026-01-29 星期四 【招股详情】 | 保荐人 | | | 摩根士丹利、中信证券、高盛 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 上市日期 | 2026 年 | 月 | | 日(周五) | | | | 2 | 6 | | 招股价格 | 港元 39.00 | | | | | | | | | | 集资额 | 104.597 | | | | 亿港元（扣除包销费用和全球发售有关的估计费用） | | | | | | 每手股数 | 股 100 | | | | | | | | | | 入场费 | 3,939.34 | 港元 | | | | | | | | | 招股日期 | 年 2026 | 月 | | 日-2026 | 月 日 2 3 | 年 | | 1 | 29 | | 国元证券认购截止日期 | 2026 年 | 月 | 日 | | | | | 2 | 2 | | 招股总数 | 27395.14 | | | | 万股(可予调整及视乎超额配售权 ...