有投资者在互动平台向牧原股份提问："董秘，您好！股价的连跌已经明确：现在在港股增发绝不是好 的融资策略。目前内地的贷款利率如此之低，为什么偏要通过高成本（稀释股权价值且提升治理成本和 分红）和难以控制节奏的融资方式呢？强烈建议，退出港股增发计划，安心做好本职工作，降低单位成 本、提高市场占有规模、拓展逆周期的产品，可以做的事情很多，莫在无价值的工作上死磕。谢谢。" 声明：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。 本文源自：市场资讯 作者：公告君 针对上述提问，牧原股份回应称："您好，本次港股发行最主要的目的是推进全球化战略，公司希望借 助香港全球金融中心地位，打造国际化资本运作平台，丰富融资渠道和工具，推进公司国际化战略布 局、提升企业形象及国际知名度，招揽更多国际人才，加速海外团队建设，加强与境外资本市场对接。 同时，公司也将借助本次在国际资本市场的亮相，传递公司在新发展阶段的投资价值，塑造良好的资本 市场形象，引入更多国际化、长期投资者，进一步优化股东结构，提升公司治理水平。感谢您的关 注！" ...

Group 1 - The company has completed large-scale capacity construction and has entered a stable development phase, with existing capacity sufficient to meet production and operational needs [1] - The company will continue to focus on production management, aiming to reduce breeding costs and enhance profitability [1]

（文章来源：证券日报） 证券日报网讯 1月26日，牧原股份在互动平台回答投资者提问时表示，目前公司生产经营一切正常，各 项业务稳健运营，并严格按照证监会、深交所的相关规定，真实、准确、完整、及时进行信息披露。公 司会聚焦主业，持续做好经营管理，提升生产效率与盈利能力，保证公司高质量稳定发展，更好地为股 东创造回报。同时，公司会加强与资本市场投资者的沟通，增强信息披露质量和透明度，根据发展阶段 及实际情况，综合运用多种方式稳定投资者信心，推动公司投资价值合理反映公司经营质量。 ...

（编辑 王雪儿） 证券日报网讯 1月26日，牧原股份在互动平台回答投资者提问时表示，二级市场股价受多种因素影响。 目前公司生产经营一切正常，各项业务稳健运营。公司会聚焦主业，持续做好经营管理，提升生产效率 与盈利能力，保证公司高质量稳定发展，更好地为股东创造回报。 ...

证券日报网讯1月26日，牧原股份（002714）在互动平台回答投资者提问时表示，当前公司现金流安全 稳定，将根据外部环境及生产经营情况做好现金流管理。在当前猪价下，公司经营活动产生的现金流为 净流入，公司2025年12月的生猪养殖完全成本在11.6元/kg左右，并且在成本结构中，折旧摊销等非现金 成本占比在10%左右。公司已完成大规模的产能建设，进入稳健发展时期，未来资本开支呈下降趋势， 自由现金流水平将稳步提升。 ...

Core Viewpoint - Muyuan Foods (002714.SZ), a pig farming company listed in Shenzhen, plans to begin accepting investor subscriptions for its Hong Kong listing, aiming to raise $1.5 billion (approximately HKD 11.7 billion) [1] Group 1: Company Overview - Muyuan Foods has adopted a vertically integrated business model covering the entire industry chain, including pig breeding, pig farming, feed production, slaughtering, and sales of pigs and meat products [1] - The company received approval for its listing from the Hong Kong Stock Exchange on January 16 [1] Group 2: Fund Utilization - The proceeds from the listing will be used to explore overseas opportunities to expand the business footprint [1] - Funds will also be allocated for research and development to drive technological innovation across the entire industry chain over the next three years [1] - Remaining funds will be used for working capital and general corporate purposes [1] Group 3: Underwriters - Morgan Stanley, CITIC Securities, and Goldman Sachs are serving as joint sponsors for the listing [1]

Market Overview - The stock market experienced adjustments, with the Shanghai Composite Index down 0.09% and the Shenzhen Component Index down 0.85%, amid geopolitical tensions and concerns over a potential U.S. government shutdown [1] - High trading volume was maintained, exceeding 3.28 billion yuan, indicating active market participation despite the downturn [1] Livestock Farming Sector - The livestock farming sector has gained renewed attention, with the Livestock ETF (159865) rising over 2% as the average price of live pigs increased to approximately 13.02 yuan/kg, with some regions exceeding 14 yuan/kg [3] - The improvement in supply-demand dynamics is a key driver, with the breeding sow inventory expected to decrease to about 39.61 million heads by the end of 2025, a 2.9% year-on-year decline, supporting future price increases [3] - The upcoming Spring Festival is expected to boost demand, providing strong support for pig prices, while the sector remains undervalued historically, offering a favorable risk-reward profile [3] Investment Opportunities in Livestock ETF - The Livestock ETF (159865) is highlighted as an efficient investment tool, tracking the Livestock Index and including leading companies in the pig farming sector as well as upstream and downstream players [4] - Despite potential short-term price fluctuations post-holiday, the long-term outlook remains positive due to the delayed effects of capacity reduction expected to manifest by 2026 [4] Coal Sector Performance - The coal sector has shown strong performance, with the Coal ETF (515220) rising approximately 2% due to high winter electricity demand and cold weather [5] - The investment logic for coal is shifting from purely cyclical to a dual driver of "dividend + growth," with supply constraints and a balanced supply-demand situation expected to persist [5] - The coal industry is currently undervalued, with a TTM P/E ratio of about 15.0 and a P/B ratio of 1.44, alongside a dividend yield exceeding 6%, making it attractive in a low-interest-rate environment [5] Future Outlook for Coal Sector - The valuation of leading coal companies may continue to be restructured, making the Coal ETF (515220) appealing for investors seeking stable returns [6] - Investors are advised to monitor macroeconomic recovery and seasonal price fluctuations in coal [6] Gold Market Dynamics - Gold prices have surged, with COMEX gold surpassing $5000/oz and gold ETFs (518800) and (517400) experiencing significant gains [7] - Central banks are increasing gold purchases, with Poland's central bank planning to buy 150 tons, reflecting a growing trend of de-dollarization and heightened demand for precious metals [7] - The short-term outlook remains supported by ongoing geopolitical tensions, while the long-term perspective is bolstered by expectations of a Federal Reserve rate cut and increasing global uncertainties [7] Dividend-Focused Investment Strategies - The Dividend State-Owned Enterprise ETF (510720) has risen by 1.04%, reflecting a favorable environment for dividend-focused investments amid market volatility [8] - Long-term policies are enhancing the demand for dividend assets, with a notable increase in insurance capital entering the market [8] - The new "National Nine Articles" policy is expected to strengthen the valuation logic for dividend-paying assets, making them attractive for investors [8]

Investment Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the pig farming sector is experiencing short-term supply pressure, with piglet prices continuing to rise. The industry is seeing a recovery in breeding sentiment as profits have turned positive, and the expectation of capacity reduction is weakening. The report anticipates that pig prices may stop declining and start to rise due to capacity control policies and decreasing costs for listed companies, leading to sustained profitability [4][16] - The poultry sector is facing a contradiction of "high capacity, weak consumption," with the potential for leading companies to increase their market share. The report emphasizes the importance of focusing on companies with improving return on equity (ROE) and sustainable performance [6][18] - The feed sector is recommended to focus on Hai Da Group, which aims to increase its dividend payout ratio and has a clear long-term growth path. The company is also expanding its overseas market presence, which is expected to lead to significant growth [8][20] - The pet food sector shows a trend of increasing concentration, with head brands gaining advantages. The report notes a decline in export growth rates, particularly to the U.S., but anticipates a recovery in domestic sales [10][21] - The agricultural products sector is seeing a price recovery from the bottom, with attention needed on weather and import impacts. The report suggests that the agricultural sector has significant investment value due to its historical low valuations and the need to protect farmers' incomes [11][23] Summary by Sections 1. Pig Farming - The SW pig farming sector has seen a 1.1% decline, primarily due to market sentiment and concerns over capacity reduction. The average weight of pigs at market is still high at 129 kg, with prices fluctuating around 13.03 yuan/kg. The number of breeding sows has decreased by 2.9% year-on-year, indicating a normal holding level [4][16] - The report emphasizes the shift in industry policy towards protecting farmers' rights and encouraging innovation, suggesting that future growth stocks will focus on technological content and innovative models [4][16] 2. Poultry - The poultry sector is experiencing price fluctuations, with broiler prices at 3.8 yuan/kg, reflecting a 4.11% increase week-on-week. The report notes that the poultry industry is facing a contradiction of high production capacity and weak consumption, which may lead to market share gains for integrated companies [6][18] 3. Feed - The report recommends Hai Da Group, which plans to increase its dividend payout ratio to over 50% and has set ambitious sales targets for 2050. The company is expected to benefit from improved management and increased production capacity [8][20] 4. Pet Food - The pet food sector is seeing a decline in export growth, particularly to the U.S., where exports fell by 29.7%. However, the report anticipates a recovery in domestic sales, suggesting that companies focusing on domestic brands will have a long-term advantage [10][21] 5. Agricultural Products - The agricultural products sector is witnessing a price recovery, with soybean meal prices rising by 0.6%. The report highlights the importance of monitoring weather conditions and import situations, as well as the overall investment value of the agricultural sector due to its low valuations [11][23]

今日（1.26），A股震荡走低，大消费窄幅震荡。规模领跑的消费ETF（159928）探底回升收平，全天成交额近8亿元，环比放量 102%，上演"金针探底"走势。资金面上，全天大举揽金2.6亿份，近10日大举净流入超16亿元！最新规模超228亿元，同类遥遥领先！ 白酒方面，1月23日，洋河股份预计2025年全年归母净利润为21.16亿元至25.24亿元，同比下滑62%-68%，创下公司上市以来最大年度 跌幅。更为关键的是，洋河股份删除了此前"现金分红不低于人民币70亿元"的承诺，引发了投资者广泛关注和不满。截至收盘，洋河 股份跌9.85%，逼近跌停，创下2017年以来新低。 政策方面，1月26日，有关部门举行新闻发布会，指出将优化实施消费品以旧换新，促进家电等大宗耐用商品消费。此外，消息人士 称，加快培育服务消费新增长点相关政策近日将推出。1月16日召开的重要会议提出，要加快培育服务消费新增长点，支持新业态新 模式新场景竞相涌现，增加优质服务供给，解决好信用、标准、安全管理等问题，促进服务消费提质惠民。 国际黄金突破5000美元，老铺黄金"逆势打折"股价飙升。1月26日，现货黄金价格突破每盎司5000美元，再刷 ...

Core Viewpoint - The agricultural, animal husbandry, and fishery sector is experiencing a strong upward trend, with the only agricultural ETF (159275) showing a price increase of 1.53%, recovering key moving averages [1][9][10] Group 1: Market Performance - The agricultural ETF (159275) opened with fluctuations but quickly surged, recovering the 5-day, 10-day, and 20-day moving averages [1][9] - Key stocks in the sector, such as Huisheng Biological and Lain Biological, reached their daily limit, while others like Haili Biological and Jinhai Biological saw significant gains [10][12] Group 2: Industry Insights - The pig farming sector faces supply pressures, and policy guidance may accelerate capacity reduction [12][13] - The poultry farming sector is influenced by frequent outbreaks of avian influenza, creating uncertainty in breeding stock imports, which could benefit the white feather chicken industry in the medium to long term [12][13] - The animal health industry continues to show potential for growth, with new products being launched to drive revenue [12][13] Group 3: Valuation and Investment Opportunities - The current valuation of the agricultural sector is relatively low, with the agricultural ETF's underlying index showing a price-to-book ratio of 2.5, placing it at the 23.53 percentile over the past five years, indicating a favorable long-term investment opportunity [3][12] - Investors are encouraged to consider the agricultural ETF (159275) for exposure to leading companies in the pig farming sector and other segments of the agricultural value chain [13][12]