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 ...

牧原股份相关工作人员表示："公司已成功引入正大集团、丰益、中化香港、香港豫农国际、富达基 金、RBC、高毅、平安人寿保险、大家人寿、UBS AM等多家知名机构作为基石投资者，合计认购金额 约53.42亿港元。" 据了解，牧原股份已明确本次募资净额核心投向，围绕全球化战略推进与核心竞争力提升展开。60%募 集资金用于海外布局：约62.76亿港元将用于拓展海外商业版图，包括加强越南等东南亚国家在内的海 外市场开拓，完善全球供应链体系，推动海外收购、战略联盟等资本运作。这一布局与公司现有海外动 作形成呼应，此前牧原股份已在越南设立全资子公司，并与当地企业合作落地年出栏160万头的高科技 养殖项目，为海外市场拓展奠定基础。30%募集资金攻坚技术创新：约31.38亿港元将投入全产业链研 发创新工作，重点巩固公司在育种、智能养殖、营养管理及生物安全等核心领域的技术优势。10%募集 资金补充运营资金：约10.46亿港元将用作营运资金及一般企业用途，为日常经营运转、各项战略举措 落地提供充足的流动性支持。 早在2025年5月27日，牧原股份首次向香港联交所递交发行上市申请并刊发相关资料；同年11月27日， 公司收到中国证券监 ...

公告显示，牧原股份H股香港公开发售于1月29日开始，预计于2月3日结束，2月4日前（含当日）公布 发行价格；发行价格最高不超过每股39港元。本次全球发售由摩根士丹利、中信证券及高盛担任联席保 荐人，H股预计于2月6日在港交所挂牌并上市交易。 北京商报讯（记者 郭秀娟 王悦彤） 1月29日，牧原股份披露港股发行事宜。公司拟全球发售约2.74亿股 H股，其中，中国香港发售股份2739.52万股，国际发售股份约2.47亿股；在超额配售权悉数行使的情况 下，公司本次全球发售H股的最大发行股数为3.15亿股。 ...

Group 1: Market Performance - The A-share liquor sector experienced a significant surge, with a rise of 9.68% on January 29, leading the market performance for the day [1][2] - The oil and gas extraction and service sector also saw a notable increase of 8.18%, with a total transaction volume of 32.31 billion [2] - The precious metals sector rose by 8.04%, with a transaction volume of 70.62 billion, indicating strong market interest [2] Group 2: Energy and Petrochemical Sector Dynamics - The energy and petrochemical sector's rise began in early January 2026, with domestic crude oil futures rebounding from 411 yuan/barrel to 475 yuan/barrel, a 15% increase [4] - The oil and gas extraction and service sector has accumulated a remarkable increase of 44.22% year-to-date, ranking second in market performance, only behind precious metals [7] - The petrochemical ETF (159731) has shown a cumulative increase of 14.71% since the beginning of the year, reflecting strong investor interest [9] Group 3: Geopolitical and Economic Influences - The recent surge in the petrochemical sector is driven by escalating geopolitical tensions, particularly between the U.S. and Iran, raising concerns over oil supply stability [11] - The market has priced in a risk premium of $3-8 per barrel due to fears of potential disruptions in oil supply from Iran, which produces approximately 3.3 million barrels per day [11] - The classic rotation pattern in commodity markets, where precious metals lead, followed by industrial metals and then energy, is being validated again [14][16] Group 4: Agricultural Sector Insights - The agricultural sector is expected to gain market attention as commodity prices rise, driven by increased costs in agricultural production due to higher energy prices [17][24] - The CPI and food prices have shown signs of recovery, with the CPI rising by 0.8% year-on-year, indicating a potential shift in consumer price dynamics [18] - The agricultural ETF (516810) tracks a comprehensive index covering the entire agricultural value chain, which may benefit from the rising commodity prices [26] Group 5: Industry Outlook - The petrochemical industry is at a turning point, with new policies aimed at preventing excessive competition and improving profitability [22] - The capital expenditure ratios in the refining and chemical sectors are showing a trend towards conservatism, indicating a strategic shift among companies [23] - The anticipated recovery in the petrochemical sector is supported by both geopolitical factors and the broader commodity market dynamics, suggesting a favorable outlook for industry leaders [24][25]

投顾发展 | 投顾晨报 元月中阳收官在即，消费初显端倪 朝闻道 20260130 市场策略 元月中阳收官在即，2 月谨慎乐观 风格策略 周期轮动续力，消费初显端倪 行业策略 生猪：预期极度悲观，配置价值凸显 主题策略 食品饮料：赔率优化，胜率初显 风险提示 畜禽价格不及预期；畜禽疫病大规模爆发；原材料价格大幅波动；需求不及预期；食品安全、产业政策调 整等。 报告发布日期 2026 年 01 月 30 日 江韶军 执业证书编号：S0860525090001 jiangshaojun@orientsec.com.cn 021-63326320 于震荡中护慢牛，自中盘处取超额：朝闻 道 20260128 2026-01-27 震荡依旧，结构为王：朝闻道 20260126 2026-01-25 慢牛预期强化，把握中盘蓝筹：朝闻道 20260123 2026-01-21 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 临近月末再回首，1 月经历了先突破后盘整，中阳收官在即，依旧符合我们"横盘前 震荡，略有走强"的中期判断。 ...

Core Viewpoint - The aquaculture sector experienced a rise of 1.85% on January 29, with Fu Cheng Co., Ltd. leading the gains, while the overall market showed mixed results with the Shanghai Composite Index up by 0.16% and the Shenzhen Component Index down by 0.3% [1] Group 1: Market Performance - The aquaculture sector's performance was highlighted by Fu Cheng Co., Ltd. closing at 6.46, up by 5.38% with a trading volume of 347,300 shares and a transaction value of 223 million yuan [1] - Other notable performers included Mu Yuan Co., Ltd. at 46.33, up by 2.64%, and Wen's Foodstuffs Group at 15.55, up by 1.97% [1] - The overall trading volume for the aquaculture sector was significant, with Mu Yuan Co., Ltd. alone accounting for a transaction value of 2.824 billion yuan [1] Group 2: Capital Flow - The aquaculture sector saw a net inflow of 253 million yuan from main funds, while retail investors experienced a net outflow of 82.155 million yuan [2] - Main funds showed a positive net inflow in companies like Mu Yuan Co., Ltd. with 24.6 million yuan and Wen's Foodstuffs Group with 95.752 million yuan [3] - Conversely, retail investors showed significant outflows in companies such as Mu Yuan Co., Ltd. with 132 million yuan and Fu Cheng Co., Ltd. with 6.78 million yuan [3]

Company News - Tesla announced the gradual discontinuation of Model X and Model S, with plans to launch a new sports car in April and introduce a third-generation humanoid robot this quarter. The company plans to invest a record over $20 billion in capital expenditures this year for Cybercab, humanoid robots, and other areas [1][1][1] - SK Hynix is projected to achieve an operating profit of 47.21 trillion Korean won in the 2025 fiscal year, surpassing Samsung Electronics to become the new profit leader in the global memory chip industry. Employee year-end bonuses are expected to reach approximately 690,000 RMB, with a focus on deepening HBM4 business to capture market leadership [1][1][1] - Alibaba's Pingtouge officially announced the launch of its self-developed high-end AI chip "Zhenwu 810E," which has been deployed in multiple ten-thousand-card clusters on Alibaba Cloud, achieving a full-stack layout from large models, cloud services to chips [1][1][1] - Porsche China announced a reduction in the number of dealerships to 80 by 2026, down nearly 30% from 114 in 2025. This channel optimization has led to dissatisfaction among some car owners regarding maintenance packages due to store closures, resulting in a crisis of brand trust [1][1][1] - Muyuan Foods disclosed its Hong Kong stock issuance plans, with a maximum issuance price of 39 HKD per share. The public offering in Hong Kong started on January 29 and is expected to end on February 3, aiming to raise over 10 billion HKD for global expansion and technology research and development [1][1][1] - Mingyang Smart Energy released a performance forecast for 2025, expecting a year-on-year increase in net profit attributable to shareholders of 131.14% to 188.92% for the period from January to December 2025 [1][1][1] - Efort Intelligent Equipment decided to optimize the pricing of certain industrial robot products starting February 1, 2026, with price adjustments ranging from 5% to 12% [1][1][1]

2026年1月29日，牧原股份在香港联合交易所网站刊登并派发H股招股说明书，正式启动H股全球发售，冲刺港交所主板上市。 本次H股基础发行股数为2.74亿股，发售结构兼顾本土与国际市场：香港公开发售占比10%，对应2739.52万股；国际发售占比90%，对应2.47亿股。同时， 牧原股份授予国际包销商15%的超额配股权，可额外配发最多4109.27万股H股，若超额配股权悉数行使，本次全球发售H股最大发行股数将达3.15亿股。 按照最高发售价测算，若超额配股权未获行使，牧原股份预计可募集资金净额约104.6亿港元；若超额配股权悉数行使，募资净额将增至约120.38亿港元。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 香港公开发售于1月29日上午9时开启，认购期至2月3日中午12时结束，预计不晚于2月4日公布发行价格，本次H股最高发售价设定为每股39港元。本次全球 发售由摩根士丹利亚洲、中信证券（香港）及高盛（亚洲）担任联席保荐人，H股预计于2月6日在港交所挂牌上市。 ...

1月29日，牧原食品股份有限公司（下称"牧原股份"， HK:02714、SZ:002714）在港交所披露发售公告，于1月29日至2月3日招股，预计H股将于2026年2月6 日在港交所上市。 据贝多商业&贝多财经了解，牧原股份是一家A股上市公司，于2014年1月28日在深圳证券交易所主板挂牌。截至2026年1月28日，牧原股份的股价报收45.14 元/股，市值约为2466亿元。 此次在港交所上市，牧原股份拟全球发售2.74亿股，发售价将不超过每股发售股份39.00港元。假设超额配股权未获行使，牧原股份的募资总额约为106.8亿 港元，募资净额约为104.6亿港元。 中国冷鲜猪肉在猪肉总消费量中的占比相比较海外发达国家仍然较低，意味着巨大市场潜力。牧原股份在招股书表示，为把握行业机遇，该公司正在探索海 外市场，通过装备与技术出海，赋能生猪养殖行业，构建生猪养殖生态圈。 2024年，牧原股份与BAF越南农业有限公司达成战略合作，为其提供猪舍设计、生物安全管理、环保除臭、智慧养殖等服务，助其优化养殖效率、推进环保 养殖，成为该公司全球出海的第一步。 2022年、2023年、2024年度和2025年前九个月（前三季度） ...

午后白酒消费板块走强，有色金属延续强势，消息面上，受春节旺季需求向好等因素影响，部分茅台经 销商已到货的飞天茅台（53度、500ml）一月和二月配额已售罄。此外，伦敦金属交易所(LME)金属普 涨，多个品种价格创新高，三个月期铜涨7.05%，报14009.0美元/吨；三个月期铅涨1.56%，报2048.5美 元/吨；三个月期锡涨2.32%，报57250.0美元/吨；三个月期锌涨2.87%，报3460.5美元/吨；三个月期镍涨 3.05%，报18828.0美元/吨。 全指现金流ETF鹏华紧密跟踪中证全指自由现金流指数，中证全指自由现金流指数选取100只自由现金 流率较高的上市公司证券作为指数样本，以反映现金流创造能力较强的上市公司证券的整体表现。 中信证券指出，白酒行业即将迎来春节旺季营销活动，渠道在经销商大会后持续学习，吸收龙头企业渠 道、产品等多维度改革经验。行业或在新改革和新方向下重新聚焦市场培育和消费者教育，促进开瓶动 销并为经销商减负。综合考虑到动销已逐步平稳、2026年春节假期多一天、白酒春节消费场景等诸多因 素，判断2026年春节白酒实际动销有望维持平稳，无须过度悲观。再考虑到后续逐步复苏趋势明确 ...