证券代码：002714 债券代码：127045 证券简称：牧原股份 债券简称：牧原转债 公告编号：2025-119 2025 年第二次临时股东大会决议公告 牧原食品股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 牧原食品股份有限公司（以下简称"公司"或"本公司"）于 2025 年 12 月 10 日在《证券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网站上 刊登了《关于召开 2025 年第二次临时股东大会的通知》。 本次股东大会以现场表决与网络表决相结合的方式召开。本次股东大会无否 决议案的情况，无修改议案的情况。 一、会议召开和出席情况 1、会议召集人：公司董事会 2、会议主持人：曹治年 3、会议召开时间 （1）现场会议召开时间：2025 年 12 月 25 日下午 15:00 （2）网络投票时间为：通过深圳证券交易所交易系统进行网络投票的具体 时间为 2025 年 12 月 25 日交易日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的时间为 ...

Economic News - The People's Bank of China emphasizes the continuation of a moderately loose monetary policy to promote stable economic growth and reasonable price recovery [2] - The State Administration for Market Regulation issues a plan for the special governance of the quality and safety of industrial products sold online from 2025 to 2027 [2] - In November, China's total electricity consumption reached 835.6 billion kWh, a year-on-year increase of 6.2%, with high-tech and equipment manufacturing industries seeing a 6.7% increase [2] - The Ministry of Commerce announces increased policy support for foreign trade innovation and development [2] - The Chinese Foreign Ministry firmly opposes the U.S. plans to impose tariffs on China's semiconductor industry starting in 2027 [2] - Beijing's housing authorities relax home purchase conditions for non-local families and support housing needs for families with multiple children [2] Company News - Springlight Technology receives OEM/ODM orders for "W1" and "M1" robot products from Lexiang Technology, amounting to 43.2628 million yuan [3] - Wankai New Materials' subsidiary, Qing Magnesium Smart Plastic, signs a procurement contract with Lingxin Qiaoshou for lightweight components and assembly services, totaling 10 million yuan [3] - Nanshan Aluminum establishes a wholly-owned subsidiary in Hainan with an investment of 5 million yuan to expand high-end aluminum product development and trade [3] - Sunshine Nuohuo signs a technology development contract with Zhejiang Xinghao, with a total payment of 500 million yuan, including an 8% sales share [5] - Jiaheng Home Products' controlling shareholder is planning a change in control, leading to a temporary suspension of trading [5] Industry Research Agriculture and Animal Husbandry - The Ministry of Commerce announces anti-dumping duties on EU pork imports, effective from December 17, 2025, with rates ranging from 4.9% to 19.8% [6] - EU pork imports account for 51% of China's total pork imports, but only 2.03% of total consumption, indicating a limited impact on overall supply [7] - The anti-dumping duties are expected to increase the cost of EU pork imports, leading to a decrease in import volumes and a diversification of import sources [7] - Despite the anti-dumping measures, domestic supply and demand dynamics will continue to influence pork prices, with an oversupply expected to persist [8] - The report recommends focusing on leading companies in the pig farming industry, such as Muyuan Foods, as the market dynamics improve [8] Food and Beverage - The Chinese Ministry of Commerce initiates temporary anti-subsidy measures on EU dairy products, with preliminary subsidy rates between 28.6% and 42.7% [10][11] - The affected dairy products include cream and cheese, which have significantly impacted domestic producers' profitability [12] - The average price of fresh milk in China remains low at 3.03 yuan/kg, putting pressure on dairy companies [13] - The anti-subsidy measures are expected to create market opportunities for domestic dairy processing companies, benefiting firms like Lihai and Miao Ke Landuo [13]

（原标题：牧原股份大宗交易成交4936.11万元） 牧原股份12月25日大宗交易平台出现一笔成交，成交量111.50万股，成交金额4936.11万元，大宗交易成 交价为44.27元，相对今日收盘价折价7.67%。该笔交易的买方营业部为华泰证券股份有限公司常州和平 北路证券营业部，卖方营业部为国泰海通证券股份有限公司上海浦东新区锦康路证券营业部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为9527.08万元。 两融数据显示，该股最新融资余额为50.68亿元，近5日增加1.97亿元，增幅为4.04%。（数据宝） 12月25日牧原股份大宗交易一览 | 成交 | 成交金 | | 相对当 日 | | | | --- | --- | --- | --- | --- | --- | | 量 | | 成交价 | | | | | | 额 | 格 | 收盘折 | 买方营业部 | 卖方营业部 | | （万 | （万 | | | | | | 股） | 元） | （元） | 溢价 | | | | | | | （%） | | | | 111.50 | 4936.11 | 44.27 | -7.67 | 华泰证券股份有 ...

Report Overview - Research Variety: Live pigs [1] - Report Cycle: Daily [1] - Report Date: December 23, 2025 [1] 1. Futures Market 1.1 Contract Quotes - The lh2603 live pig futures contract showed a volatile trend, closing at 11,415 points, up 0.71% from the previous settlement price, with a trading volume of 56,400 lots and an open interest of 161,900 lots [2] 1.2 Variety Prices - All live pig futures contracts generally rose, with a total open interest of 344,624 lots, a decrease of 2,251 lots from the previous trading day [4] 1.3 Related Quotes - The trading volume of live pig options was 11,008 lots, the total open interest was 57,599 lots, an increase of 1,378 lots, and the total exercise volume on the day was 0 lots [6] 2. Spot Market 2.1 Basis Data - The live pig basis was 245 yuan/ton yesterday and 239 yuan/ton today, a decrease of 6 yuan/ton from the previous trading day, showing a slight convergence [7] 2.2 Registered Warehouse Receipts - The warehouse receipt report of the Dalian Commodity Exchange showed that there were 863 registered warehouse receipts today, an increase of 40 lots from the previous trading day [8] 3. Influencing Factors 3.1 Industry News - Shanghai will include the live pig income insurance in the municipal financial agricultural insurance premium subsidy regular insurance, with different subsidy ratios for farmers in涉农 areas and municipal - owned enterprises, and the financial department will subsidize the insurance premiums for pigs within 105% of the basic supply volume [10][11] 3.2 Technical Analysis - The lh2603 live pig futures contract closed with a positive daily line, with a brief intraday rise. The K - line was near the upper track of the BOLL line, and the BOLL line was in a closing state [12] 4. Market Outlook - After the Winter Solstice, the small peak of demand in the live pig market has passed, and the supply - side contradiction remains to be released. However, the southern curing has gradually started, and the enthusiasm for second - fattening has increased. The price of the LH2603 live pig futures contract will continue the low - level volatile trend, and is expected to remain in a wide - range low - level shock in the short term [14][15]

Summary of Key Points Core Viewpoint - On December 25, Muyuan Foods conducted a block trade involving 1.115 million shares at a transaction value of 49.36 million yuan, representing 4.11% of the total trading volume for that day, with a transaction price of 44.27 yuan, which is a discount of 7.67% compared to the market closing price of 47.95 yuan [1]. Group 1 - The block trade on December 25 involved 1.115 million shares of Muyuan Foods [2]. - The total transaction amount for the block trade was 49.36 million yuan [1]. - The transaction price of 44.27 yuan was 7.67% lower than the market closing price of 47.95 yuan [1].

农林牧渔行业：欧盟猪肉反倾销税 落地，国内供需格局向好 2025 年 12 月 25 日 看好/维持 农林牧渔 行业报告 事件：商务部宣布，自 2025 年 12 月 17 日起，中国对原产于欧盟的进口猪肉 及猪副产品征收反倾销税，实施期限 5 年，税率范围为 4.9%至 19.8%。 进口压力缓解，行业供需根本仍在国内。为期 5 年反倾销税的征收有利于缓解 低价进口猪肉及副产品对我国市场的压力，然而仍需清醒地认识到，我国猪价 变化的决定因素是国内供需格局。截至 2025 年 10 月，国内能繁母猪存栏量 3990 万头，仍高于 3900 万头的正常保有量，未来一段时间行业供过于求，价 格低迷的趋势仍将持续，在政策管控和行业亏损下，行业落后产能将进一步去 化。国内养殖行业将向提升养殖效率，降低养殖成本，绿色化智能化的方向升 级，持续修炼内功，提升竞争力。短期来看，生猪养殖行业供需格局向好，推 荐关注生猪养殖行业的左侧布局机会；中长期来看，行业高质量发展，市场集 中度有望进一步提升。重点推荐养殖头部企业牧原股份，其他受益标的有温氏 股份、德康农牧、天康生物、神农集团等。 风险提示：生猪产能去化不及预期，市场消费 ...

Group 1 - The core viewpoint of the articles highlights the significant rebound in the consumer sector, particularly driven by the rising prices of premium liquor such as Moutai, which has seen substantial price increases recently [3][5][6] - The Consumer ETF (159928) has experienced a net inflow of over 700 million yuan in the last three days, indicating strong investor interest and confidence in the consumer sector [1][3] - The valuation of the Consumer ETF is currently at a TTM P/E ratio of 19.21, which is at a low point historically, suggesting high valuation attractiveness compared to the past decade [3][6] Group 2 - Moutai's price increase is attributed to the company's "quantity control" policy, which aims to reduce non-standard product quotas and enhance distributor confidence [5][6] - The demand for liquor has increased as the market enters a peak consumption season, leading to higher sales volumes for distributors [6][7] - Major liquor companies are focusing on maintaining price stability and channel profitability amid ongoing industry adjustments, with strategies aimed at developing new consumer segments and adapting to market changes [7][10] Group 3 - The articles discuss the broader recovery trends in the consumer sector, emphasizing the importance of Return on Assets (ROA) as a leading indicator for operational recovery [9][10] - The current market environment shows a shift from expansion to competition based on existing market shares, with companies focusing on operational efficiency and consumer demand [6][9] - The investment strategy suggests focusing on sectors with stabilizing ROA and potential for valuation recovery, particularly in traditional industries like liquor and dairy [10][11]

生猪：极其悲观的预期，极好的入场点 20251224 摘要 当前生猪价格约为 11.5 元/公斤，受 10 个月前能繁母猪数量影响，出 栏量较高。预计到 2026 年 7 月，生猪出栏量将呈现先升后降再回升的 趋势，但市场对明年价格预期过于悲观。 市场低估了去库存的影响，数据显示每月生猪交易均重下降 1 公斤，导 致当月出栏量增加 3%。同时，新生仔猪数量自 2025 年 9-10 月开始加 速下降，预示 2026 年 3-4 月价格将迎来拐点，5 月或达 14 元/公斤。 行业自 2021 年以来处于下行周期尾声，上市公司报表显示生物资产和 固定资产均在减少。2025 年三季度，生产性生物资产和固定资产同比 均下滑 3%以上，长期产能冗余正在清理，有助于驱动可持续的价格上 行。 股票和期货市场估值反映了市场对猪价 12-13 元/公斤的一致预期。若 冬至或春节后实际价格高于预期，将证伪悲观预期并推动估值上行。推 荐优质上市主体作为投资标的。 历史数据显示，亏损通常在短期内迅速引发产能退出，单月产能退出幅 度约为 2%。当前调研显示，若亏损持续，预计 10 月和 11 月母猪区划 幅度将超过 5%，加速产能去 ...

Livestock Sector - The pig farming industry is entering a "new cost competition pattern," with overall micro-profitability expected in 2025, and leading companies becoming stronger [1] - The production capacity of breeding sows is at a reasonable high level, with policy guidance aimed at reduction, leading to weaker price fluctuations [1] - Key companies to focus on include Muyuan Foods (牧原股份), Wens Foodstuff Group (温氏股份), and Lihua Agricultural (立华股份) [1] Beef Cattle Industry - The beef cattle industry is experiencing a deep supply clearance, similar to the pig industry before 2019, with significant risks of overcapacity due to prolonged losses [2] - In November 2024, the loss per head reached over 1,600 yuan, marking eight consecutive months of losses exceeding 1,000 yuan, prompting accelerated culling of breeding cows [2] - The cow production cycle (PSY) is only 1, significantly lower than the breeding sow PSY of 30, indicating a substantial reduction in beef supply expected by 2026 [2] - Recommended stocks include Youran Dairy (优然牧业) and Fucheng Group (福成股份) [2] Edible Mushroom Industry - The industry is seeing a rational return of production capacity, with leading companies solidifying their market positions [3] - The artificial cultivation of Cordyceps is entering a performance release phase, opening a second growth curve [3] - Traditional products like enoki mushrooms are experiencing alleviated overcapacity, with stable CR5 [3]

Core Insights - The article discusses the evolution of brand management, highlighting the initial establishment of the brand manager role at Procter & Gamble (P&G) and its significance in systematic brand development [1][3][4] - It contrasts the original intent of brand management with the current trend where many companies are downsizing or eliminating brand departments, leading to a perception of brand roles as expendable [5][6][7] - The article emphasizes the need for a new approach to brand management that integrates comprehensive skills and responsibilities, as demonstrated by P&G's recent restructuring into a "Brand Growth Department" [15][16][21] Group 1: Historical Context of Brand Management - In 1931, Neil McElroy proposed the brand manager system at P&G to address inefficiencies in brand advertising and sales, leading to a structured approach to brand management [1][3] - The brand manager's role was defined as akin to a small CEO, responsible for all aspects of brand development and marketing [3][4] - P&G's systematic approach to brand management has been a key factor in its success, establishing it as a leader in the branding industry [3][4] Group 2: Current Trends and Challenges - Recent layoffs in various companies, including JD.com and Lenovo, have targeted brand and marketing departments, indicating a shift in how brands are perceived within organizations [5][6] - Many brand departments have become mere "decorative" entities, lacking real influence on business operations and often being the first to face cuts during financial downturns [6][7] - The article argues that the focus on short-term profitability has led to a neglect of the deeper, strategic aspects of brand management [9][10] Group 3: Future Directions in Brand Management - P&G's creation of the "Brand Growth Department" signifies a shift towards integrating brand management with business growth strategies, emphasizing the need for leaders who can navigate both marketing and operational challenges [15][16][21] - The new role requires skills in consumer insight, product innovation, and integrated marketing strategies, moving away from traditional siloed functions [18][20] - The article suggests that the future of brand management lies in developing leaders who can oversee the entire brand lifecycle and drive growth through a holistic understanding of the market [22][23]