证券研究报告 晨会 hyzqdatemark 2026 年 02 月 10 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年02月10日 华源晨会精粹 20260210 汽车 矿山无人驾驶专题 1:矿山无人驾驶商业模式&市场规模——汽车行业周报：为 什么看好无人矿卡赛道：1）自动驾驶大规模商业化落地进展最快的下游之一且市场 天花板较高；2）技术较为成熟，经济性突出；3）政策鼓励危险场景无人化；4）出 海逻辑清晰；5）格局初定且有较高行业壁垒；以上因素共同决定了行业龙头厂商或 具备长期成长性&投资价值。矿山无人驾驶致力于解决诸多行业痛点问题："矿区通 常地处偏远+作业环境恶劣+健康风险大+劳动强度大"引致招工难、用工贵；"装备 自动化程度低+生产系统碎片化"引致生产效率低。而这其中运输环节用工占比接近 全矿劳动员工的 50%，属于核心降本增效环节。产品模式下无人矿卡赛道市场规模： 产品模式下，下游一次性买断无人矿卡全生命周期服务（车+智驾套件/单独套件）； 该模式对于无人矿卡服务提供商的优点是"轻资产+回款快"；我们测算这种商业模 式下，中长期的国内市场规模区间预计超 200 亿元。 风险提示：1 ...

Investment Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [4] Core Views - The central government emphasizes comprehensive regulation of pig production capacity in the recently released No. 1 Central Document, indicating a shift in industry policy towards protecting farmers' rights and stimulating enterprise innovation [6][16] - The pig farming sector is experiencing a gradual recovery despite a 0.1% decline in the SW pig farming sector, with current market pressures expected to ease as production capacity is regulated [6][16] - The poultry sector faces ongoing challenges with high production capacity and weak consumption, but leading companies are likely to gain market share [18] - The feed sector is recommended to focus on Hai Da Group, which aims to increase its dividend payout ratio and expand its market presence [10][20] - The pet industry is expected to see significant growth, with a projected market size exceeding 400 billion yuan by 2028, driven by changing consumer perceptions [51] Summary by Sections 1. Pig Farming - The pig price continues to decline, with a current price of 11.84 yuan/kg, and the industry is facing dual pressures of supply and demand [6][16] - The central government's policy shift aims to regulate the breeding stock and enhance market adaptability [6][16] - Companies with cost advantages and innovative models are expected to outperform [17] 2. Poultry - The poultry sector is experiencing price fluctuations, with broiler prices at 3.6 yuan/kg, down 5.2% week-on-week [18] - The impact of avian influenza in France may reduce the supply of imported breeding chickens, potentially increasing prices [18] - Integrated companies and those with contract farming models are likely to expand their market share [18] 3. Feed - Hai Da Group is recommended due to its clear long-term growth path and plans to increase dividend payouts [10][20] - The company aims for a global sales target of 100 million tons by 2050, with significant overseas market expansion [20] 4. Pet Industry - The pet industry is projected to grow rapidly, with expectations of reaching a market size of over 400 billion yuan by 2028 [51] - Companies with strong domestic and international sales are recommended for long-term investment opportunities [21] 5. Agricultural Products - Domestic soybean meal prices have decreased by 1.5%, while corn prices have shown slight fluctuations [22] - The market is expected to remain oversupplied in the near term, with a focus on weather and import impacts [22]

Group 1 - The Ministry of Agriculture and Rural Affairs emphasized the importance of ensuring the harvest of autumn grains and maintaining stable production of winter wheat and winter rapeseed [1] - The meeting highlighted the need to stabilize the supply of "vegetable basket" products and ensure the production of winter and spring vegetables, while also managing the comprehensive adjustment of pig production capacity [1] - There is a strong focus on agricultural product quality and safety supervision, particularly in key areas such as fishing vessels and agricultural machinery to prevent major safety accidents [1]