Core Viewpoint - The company Tangrenshen announced that its shareholder, Daxinghang Feed Co., Ltd., has reduced its stake in the company through block trading, decreasing its shareholding from 6% to 4.999999% [1] Shareholding Changes - Daxinghang Feed Co., Ltd. sold a total of 14,229,300 shares between January 6 and January 23, 2026, which represents 0.999887% of the total share capital [1] - Following this reduction, Daxinghang is no longer considered a shareholder with more than 5% ownership in the company [1] Impact on Company Structure - The change in shareholding does not trigger a mandatory tender offer and will not alter the company's controlling shareholder or actual controller [1] - The governance and operational aspects of the company remain unaffected by this change [1]

唐人神集团股份有限公司 简式权益变动报告书 上市公司名称：唐人神集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：唐人神 股票代码：002567 信息披露义务人：大生行饲料有限公司 住所：中国香港新界元朗大旗岭 747 号 通讯地址：中国香港新界元朗大旗岭 747 号 权益变动性质：股份减少 签署日期：2026 年 1 月 26 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办 法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》 及相关的法律、法规编写本权益变动报告书。 2 | | | | | | 第一节 释义 4 在本报告书中，除非另有说明，以下简称具有如下含义： 信息披露义务人、大生行 指 大生行饲料有限公司 本报告书 指 《唐人神集团股份有限公司简式权益变动 报告书》 唐人神、上市公司、公司 指 唐人神集团股份有限公司 中国证监会 指 中国证券监督管理委员会 元、万元 指 人民币元、人民币万元 本次权益变动 指 信息披露义务人因减持上市公司股份，导致 持股比例降至 5%以下的权益变动。 唐人神总股本 指 如无特别说明，指剔 ...

证券代码：002567 证券简称：唐人神 公告编号：2026-009 唐人神集团股份有限公司 公司股东大生行饲料有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 1、本次权益变动不触及要约收购。 2、本次权益变动后，大生行饲料有限公司持有公司股份 71,154,500 股，占公司总股本的 4.999999%，不再是公司持股 5%以上的股东（注：公司总股本以剔除最新披露的回购股数 9,961,100 股后的总股本 1,423,090,293 股计算，下同）。 3、本次权益变动不会导致公司控股股东、实际控制人发生变化。 唐人神集团股份有限公司（以下简称"公司"或"唐人神"）近日收到公司股东大生行饲 料有限公司（以下简称"大生行"）《告知函》及《简式权益变动报告书》，获悉大生行于 2026 年 1 月 6 日至 2026 年 1 月 23 日通过深圳证券交易所大宗交易方式累计减持公司股份 14,229,300 股，占公司总股本的0.999887%，大生行持有公司股份比例由6%下降至 4.99 ...

证券代码：002567 证券简称：唐人神 公告编号：2026-008 唐人神集团股份有限公司 关于子公司参与设立合伙企业的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、合伙企业设立及投资情况 1、唐人神集团股份有限公司（以下简称"公司"）于 2023 年 9 月 22 日召开 第九届董事会第十七次会议，审议通过了《关于子公司与专业投资机构共同投资 的议案》，公司全资子公司广东唐人神产业发展有限公司（以下简称"广东唐人神"） 以自有资金 10,000 万元与茂名市粤茂投资有限公司（以下简称"粤茂投资"）、广 东省粤茂农业发展基金合伙企业（有限合伙）（以下简称"粤茂基金"）共同投资 设立广东省粤茂壹号农业投资合伙企业（有限合伙）（以下简称"合伙企业"、"粤 茂壹号"），粤茂壹号由以上合伙人总认缴出资 20,001 万元。详细内容见公司于 2023 年 9 月 26 日刊登在巨潮资讯网的《关于子公司与专业投资机构共同投资的 公告》（公告编号：2023-105）。 2、粤茂壹号对公司全资子公司茂名湘大骆驼饲料有限公司（以下简称"茂名 湘大"）现金增资 ...

Group 1 - The feed sector increased by 1.12% on January 26, with Tangrenshen leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Tangrenshen's stock price rose by 5.13% to 4.51, with a trading volume of 1.0471 million shares and a transaction value of 461 million yuan [1] Group 2 - The feed sector saw a net inflow of 31.2553 million yuan from institutional investors, while retail investors experienced a net outflow of 52.6372 million yuan [2] - Major stocks in the feed sector showed varied net capital flows, with Dabeinong experiencing a net outflow of 41.6369 million yuan from institutional investors [3] - Tiankang Biological had a net inflow of 37.5631 million yuan from institutional investors, indicating strong interest [3]

Market Overview - As of January 26, the Shanghai Composite Index fell by 0.09%, closing at 4132.6052 points, while the Shenzhen Component Index decreased by 0.85%, closing at 14316.637 points [1] Top Gainers in Hunan Stocks - Hunan Gold opened at 25.270 and closed at 25.270, with a daily increase of 10.01%, reaching a high of 25.270 and a low of 25.270, with a trading volume of 79,635 lots [2] - Hunan Silver opened at 17.430 and closed at 18.080, with a daily increase of 9.98%, reaching a high of 18.080 and a low of 17.430, with a trading volume of 3,996,619 lots [2] - Tangrenshen opened at 4.300 and closed at 4.510, with a daily increase of 5.13%, reaching a high of 4.510 and a low of 4.250, with a trading volume of 1,047,088 lots [2] - *ST Gauss opened at 12.750 and closed at 12.730, with a daily increase of 4.86%, reaching a high of 12.750 and a low of 12.380, with a trading volume of 141,327 lots [2] - Hansen Pharmaceutical opened at 6.920 and closed at 7.050, with a daily increase of 2.17%, reaching a high of 7.170 and a low of 6.840, with a trading volume of 194,010 lots [2] Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, with a daily decrease of 11.76%, reaching a high of 0.170 and a low of 0.150, with a trading volume of 611,606 lots [3] - Mengjie Shares opened at 4.930 and closed at 4.580, with a daily decrease of 7.10%, reaching a high of 5.030 and a low of 4.530, with a trading volume of 504,009 lots [3] - Yuhuan CNC opened at 24.290 and closed at 22.770, with a daily decrease of 6.14%, reaching a high of 24.380 and a low of 22.600, with a trading volume of 84,859 lots [3] - Shanhe Intelligent opened at 12.750 and closed at 12.120, with a daily decrease of 4.57%, reaching a high of 12.750 and a low of 12.020, with a trading volume of 579,723 lots [3] - Changlan Technology opened at 22.850 and closed at 22.050, with a daily decrease of 4.46%, reaching a high of 22.900 and a low of 21.900, with a trading volume of 152,679 lots [3]

Core Viewpoint - The agricultural, animal husbandry, and fishery sector is experiencing a strong upward trend, with the only agricultural ETF (159275) showing a significant increase, recovering key moving averages [1][3]. Group 1: Market Performance - The agricultural ETF (159275) opened with fluctuations but quickly surged, closing with a gain of 1.53%, recovering the 5-day, 10-day, and 20-day moving averages [1]. - Key stocks in the sector, such as Huisheng Biological and Rhine Biological, reached their daily limit, while others like Haili Biological and Zhongmu Co. also showed significant gains [1][2]. Group 2: Industry Insights - The livestock farming sector faces supply pressures, and policy guidance may accelerate capacity reduction. 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 [1]. - The animal health industry continues to show potential for growth, with new products being launched to drive revenue. The seed industry should focus on the progress of biological breeding expansion, while the pet sector maintains a growth trend with increasing market share for domestic brands [1]. Group 3: Valuation and Investment Opportunities - The current valuation of the agricultural, animal husbandry, and fishery sector is relatively low, indicating a favorable time for investment. As of January 23, the agricultural ETF (159275) had a price-to-book ratio of 2.5, positioned at the 23.53 percentile over the past five years, highlighting its long-term investment value [3]. - Short-term forecasts suggest that pig prices may still decline, with industry capacity already reduced due to policy adjustments and supply pressures. The overall profitability of the pig farming sector remains strong, with opportunities for high-quality enterprises to capture excess profits [3].

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]

投资咨询业务资格：证监许可【2012】31号 【生猪周报（LH)】 近月需求旺季不旺，远月产能去化支撑 国贸期货 农产品研究中心 2026-01-26 谢威 从业资格证号：F03087820 投资咨询证号：Z0019508 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 02 PART TWO 生猪基本面数据 现货价格 0 400 800 1200 1600 2000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 2021 2022 2023 2024 2025 2026 01 PART ONE 主要观点及策略概述 0 6 12 18 24 30 36 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 2021 2022 2023 2024 2025 2026 生猪：近月需求旺季不旺，远月产能去化支撑 | 影响因素 | 驱动 | 主要逻辑 | | | --- | - ...

Investment Rating - The report maintains a positive investment rating for the pig farming sector, recommending continued investment in this area due to low valuations and expected profitability [4]. Core Insights - The report highlights a rebound in pig prices to 13 CNY/kg, with self-breeding and self-raising operations achieving profitability for two consecutive weeks [4]. - The white feather breeding stock update for 2025 is projected at 1.5742 million sets, with a year-on-year increase of 4.9% [5]. - The pet food market in urban China is expected to reach 312.6 billion CNY in 2025, growing by 4.1% year-on-year [6]. Summary by Sections Pig Farming - Pig prices have rebounded to 13 CNY/kg, with a week-on-week increase of 0.7%. The average weight of pigs at slaughter has risen to 128.89 kg, with a decrease in the proportion of heavier pigs [4]. - The profitability of self-breeding and self-raising operations has reached 43.35 CNY per head, marking a significant recovery since December 2025 [4]. - The report forecasts a new wave of price declines post-Spring Festival, indicating potential capacity reduction in the pig farming industry [4]. Poultry Farming - The white feather breeding stock update for 2025 is 1.5742 million sets, with 55% from self-breeding and 45% from imports. The price of yellow feather chicken has increased by 2.6% week-on-week [5]. - The average price of chicken products is reported at 9,250 CNY/ton, with a slight year-on-year decrease of 0.5% [5]. Pet Industry - The urban pet market is projected to grow to 312.6 billion CNY in 2025, with dog and cat markets at 160.6 billion CNY and 152.0 billion CNY, respectively [6]. - The number of pet dogs and cats in urban areas is expected to reach 126.32 million, with a year-on-year growth of 1.8% [8]. - Pet food remains the primary consumption category, accounting for 53.7% of the market share, with a projected market size of approximately 167.9 billion CNY in 2025 [8].