[Table_Reportdate] 2026年03月03日 [table_invest] 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 证券分析师 吴康辉 S0630525060001 wkh@longone.com.cn -15% -10% -5% 0% 5% 10% 15% 20% 25% 2025-02 2025-04 2025-06 2025-08 2025-10 2025-12 2026-02 [相关研究 table_product] 1.预制菜国标推出，行业规范化里程 碑——行业简评报告 2.旺季预期积极，关注春节备货行情 ——食品饮料行业周报（2026/1/26- 2026/2/1） 3.奶价持续磨底，餐饮边际改善—— 食 品 饮 料 行 业 周 报 （ 2026/1/19- 2026/1/25） [Table_NewTitle 餐饮消费回暖 ] ，需求韧性凸显 食 品 饮 料 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 周 报 食品饮料(申万) ...

证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2026 年 03 月 03 日 投资评级： 看好（维持） 李冉 liran02@huayuanstock.com 板块表现： 猪价持续下行，周期反转可期 ——农林牧渔行业周报（20260223-20260227） 证券分析师 投资要点： 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 张东雪 SAC：S1350525060001 zhangdongxue@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 林若尧 SAC：S1350525070002 linruoyao@huayuanstock.com 周翔 SAC：S1350525070003 zhouxiang@huayuanstock.com 生猪：猪价持续走弱，中央一号文件强调产能综合调控 SW 生猪养殖板块涨 3.4%，猪价持续下行，产能去化预期转强。周末（2026/3 ...

编号：2026-001 | 投资者关系活动 | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 按机构名称首字母排序： | | 人员姓名 | 长江证券 顾熀乾、刘文一 | | | 华福证券 谢丽媛、贺虹萍 | | | 中泰证券 严瑾 | | | 中信证券 彭家乐 | | 时间 | 2026 年 3 月 2 日 | | 地点 | 乖宝宠物办公楼 5 楼会议室 | | 上市公司接待人 | 董事长：秦华； | | 员姓名 | 董事、总裁：杜士芳； | | | 董事会秘书：王鹏；证券事务代表：袁伟中、陈雪姣 | | | 1、公司所处行业线上竞争激烈，公司是否会根据行业的线上投放 | | | 策略而改变自身的营销策略？公司未来有什么样的自有品牌发展 | | | 展望？ | | | 答：公司不会过于关注行业内其他品牌的产品策略，公司将始终遵 | | | 循自身发展战略，坚持持续提升品牌价值与产品实力，着眼于长远， | | | 坚持以 ...

Group 1: Market Overview - The equity market indices showed an overall increase, with the largest gain seen in the CSI 500, which rose by 4.32% during the week from February 24 to February 27, 2026 [2] - Among the 31 Shenwan first-level industries, 25 experienced gains, with the top five performing sectors being steel, non-ferrous metals, chemicals, environmental protection, and coal [2] - The public fund market saw a strong performance, particularly in quantitative funds, which averaged a rise of 2.22%, with a positive return ratio of 92.26% [2] Group 2: Fund Performance - The average return for equity market funds was notable, with solid performance across various fund types, including a 0.30% increase for fixed income + funds and a 0.93% increase for pension target FOFs [2] - The average return for pure bond funds was minimal at 0.01%, while QDII funds saw a slight decline of 0.11% [2] Group 3: ETF Market Dynamics - The ETF market experienced a net outflow of 228.28 billion yuan, with stock-type ETFs accounting for a significant portion of this outflow at 362.86 billion yuan [3] - The average daily trading volume in the ETF market reached 4,768.04 billion yuan, with a turnover rate of 7.40% [3] Group 4: Industry Insights - The light industry manufacturing sector outperformed the CSI 300 index by 2.67 percentage points, while the textile and apparel sector lagged behind by 0.13 percentage points during the period from February 2 to February 27, 2026 [9] - The domestic consumption market showed steady growth during the Spring Festival, with a total of 5.96 billion domestic trips made, generating a total expenditure of 8,034.83 billion yuan, an increase of 1,264.81 billion yuan compared to the previous year [9][11] - Shanghai's new real estate policy aims to optimize housing demand, which is expected to positively impact the real estate market and related industries [10][11]

证券研究报告 | 行业月报 gszqdatemark 2026 03 02 年 月 日 农林牧渔 关注地缘政治对农业整体板块的影响，生猪亏损加深逻辑增强 大宗农产品：市场对农产品关注度持续提升，从基本面上看，原油价格长 期中枢抬升会带动生产成本上涨同时拉动需求扩张，我们认为影响程度排 序为植物油类（棕榈油、菜籽油、豆油）、橡胶为先，其次为白糖、玉米， 粮食类小麦、稻谷为后。当前主要大宗农产品均处于低位，资金抄底意愿 较强，基本面反应在后但有望跟随，关注植物油类、橡胶、白糖、玉米等 相关对应标的。 生猪养殖：节后全国瘦肉型肉猪出栏价跌至 11 元/kg 下方，亏损程度加 深。我们预计未来较长时间成本偏高的参与者面临减量压力，母猪产能数 据变化仍将继续催化，建议投资者关注亏损阶段的配置机会。当前估值仍 位于相对低位，关注低成本的猪企的配置机会，关注德康农牧、温氏股份、 牧原股份、立华股份、天康生物、正邦科技等。 菌菇：本月金针菇价格保持景气，主要标的业绩预告发布高增，确认价格 反弹持续，冬虫夏草作为重点新产品放量期临近，年度配置价值高，建议 关注板块重点标的众兴菌业、雪榕生物、华绿生物等。 养殖配套：农产品上下游 ...

行 行业月报 业 春节假期消费较火热，上海市优化地产政策 研 ——轻工制造&纺织服饰行业 3 月投资策略展望 | 究 | 分析师： | 袁艺博 | | SAC | NO： | S1150521120002 | 2026 | 年 03 | 月 02 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 轻工制造 | | 投资要点： | | | | | | | | 纺织服饰 行业要闻 （1）消费旺、出游火、年味足，亮眼数据彰显新年"开门红"。 证券分析师 （2）上海出台《关于进一步优化调整本市房地产政策的通知》。 袁艺博 yuanyb@bhzq.com 行业发展情况 022-23839135 （1）2025 年，社会消费品零售总额家具类为 2,091.90 亿元，同比增长 14.62%。 研子究行助业理评级 家居用品 中性 （2）2025 年，社会消费品零售总额服装、鞋帽、针纺织品类为 15,214.60 亿元，同比增长 3.18%。 重要公司公告 券 纺织制造 中性 （1）太阳纸业：公司 2025 年归母净利润 ...

农业行业 行业研究|行业周报 地缘冲突升级，大宗农产品涨价预期强化 ——东方证券农林牧渔行业周报（20260223-20260301） 核心观点 投资建议与投资标的 投资建议：（1）看好生猪养殖板块，淡季底部价格确认后，悲观预期有望逐步扭转。我 们看好 26 年猪价表现，成本优势领先的企业有望持续实现业绩提升，相关标的：牧原股 份(002714，买入)、温氏股份(300498，买入)、神农集团(605296，未评级)等。（2）后 周期板块，行业结构性成长趋势持续，猪价回暖后养殖产业链利润有望逐步向下游传 导，驱动动保板块上行，相关标的：海大集团(002311，买入)、瑞普生物(300119，未评 级)等。（3）种植链，地缘因素扰动背景下，大宗商品涨价已传导至农业。从品种基本 面来看，当前粮价上行趋势已确立，种植&种业基本面向好，大种植投资机会凸显，相关 标的：苏垦农发(601952，未评级)、北大荒(600598，未评级)、海南橡胶(601118，买 入)、隆平高科(000998，买入)、中粮糖业(600737，买入)等。（4）宠物板块，宠食行 业正处于增量、提价逻辑持续落地的阶段，海外市场增量不断，国产品牌 ...

猪鸡价格冰火两重天，玉米景气继续提升 [Table_Industry] 农业 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 王艳君(分析师) | 021-38674633 | wangyanjun2@gtht.com | S0880520100002 | | 林逸丹(分析师) | 021-38038436 | linyidan@gtht.com | S0880524090001 | | 巩健(分析师) | 021-23185702 | gongjian@gtht.com | S0880525040051 | 本报告导读： 养殖：猪鸡价格年后冰火两重天。种植：看好种植景气度提升。宠物: 汇率因素影响 短期出口表现，看好国内市场增长。 投资要点： [关注原油价格波动对油脂的影响。 Table_Summary] 投资建议：生猪推荐标的：牧原股份、温氏股份；后周期推荐标的：科前生 物、海大集团。农产品产业链推荐标的：晨光生物、诺普信、国投丰乐，相 关标的：康农种业、苏垦农发、北大荒。宠物推荐标的：乖宝宠物、中宠股 份、瑞普生物、佩 ...

李若熙 17611619787，lirx@avicsec.com 行情回顾 （2.07-2.21） 申万农林牧渔行业（-2.10%），申万行业排名（28/31）； 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：中航证券研究） 如您需要报告全文，可联系研究所销售团队： 陈艺丹 18611188969，chenyd@avicsec.com 李裕淇 18674857775，liyuq@avicsec.com 李友琳 18665808487，liyoul@avicsec.com 交易上，关注产能去化趋势中的板块机会。一是生猪周期轮转不止，配合"反内卷"政策引导，产能有望合理调减，猪价预期和生猪板块走势有望演绎。二 是生猪行业优势企业价值属性增强。长期稳态下生猪养殖产业整体将保持一定的利润水平，而行业具备养殖管理和成本优势的企业望保持较好盈利能力。 行业前期产能扩张的财务压力释放，产业优质企业的自由现金流大幅改善，支撑相关生猪企业估值。三是生猪行业优势企业红利属性增强。优质养殖企业 重视并不断提升股东回报，生猪板块优质标的的长期红利属性和配置价值有望愈加显著。四是生猪头部企业推进全球 ...

Group 1: Agriculture Industry Insights - The domestic pet consumption market is evolving from basic needs to emotional narratives, driving upgrades in pet food and medical services, indicating a new growth phase for the industry [6] - The USDA's February report predicts a stable beef price outlook for 2026, with increased global soybean ending stocks due to South American production [9][11] - The domestic pet medical market is expected to expand significantly, driven by pet aging and the need for better healthcare services, with a low current chain rate indicating room for consolidation [7][11] Group 2: Consumer Services Industry Strategy - The Spring Festival holiday data shows a 9.6% year-on-year increase in cross-regional personnel flow, indicating strong demand for travel and services [14] - Hotel industry performance improved significantly during the holiday, with a 30.7% increase in REVPAR, driven by strong demand and price stabilization among leading groups [14] - The domestic retail and catering sectors saw an 8.6% increase in average daily sales during the holiday, reflecting a recovery in consumer spending [14] Group 3: Automotive Industry Analysis - The report highlights Sensata Technologies as a leading global supplier in automotive exterior parts, benefiting from a diversified product range and a strong cash flow for R&D [16] - The company is positioned to capitalize on the growing electric vehicle market, with significant revenue expected from battery box sales in Europe [17] - Sensata is expanding into new sectors such as robotics and liquid cooling, indicating a strategic diversification of its product offerings [18] Group 4: Financial Engineering and Investment Value - The report emphasizes the potential of the non-ferrous metals sector, with macroeconomic conditions favoring price recovery and demand growth driven by emerging industries [19][20] - The Southern China Securities Non-Ferrous Metals ETF is highlighted as a key investment vehicle, with strong liquidity and a comprehensive product line from a leading fund manager [22] - The index's performance is expected to outperform the broader market, supported by strong earnings growth from major companies in the sector [21]