投资者关系活动记录表 证券代码：002458 证券简称：益生股份 山东益生种畜禽股份有限公司 投资者关系活动记录表 编号：2026-01 投资者关系 活动类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 天风证券：陈 潇、林毓鑫、孙 涛、邱 天 天风国际：Lihua Zhang 中信证券：魏 巍、梁 爽 世纪证券：周 维 第一创业：练 伟 五矿资本：王 坤 中庸资本：杨 崞 青骊投资：刘 淼 金科投资：荣富志 循远资产：田超平 鹤禧私募：潮礼君 益恒投资：钱 坤 创金合信：陈建军 中柏资产：戴 晔 米仓资产：管晶鑫 润晖资产：李 勇 亘曦私募：王海亮 颐和久富：米永峰 清和泉资本：柳超然 进门财经：李少芳 时间 2026 年 1 月 7 日 地点 山东益生种畜禽股份有限公司会议室 形式 电话会议 上市公司 接待人员姓名 总裁、董事会秘书兼财务总监：林杰 先生 交流内容及具体 问答记录 一、公司情况介绍： 益生股份成立于 1989 年，主要引进、繁育世界优质畜禽良种， 向社会推广种鸡、种猪及商品肉雏鸡，公司以高代次畜禽种源供应为 核心竞争力 ...

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views of the Reports Aluminum - The market surplus pressure of alumina remains severe, and its price is expected to fluctuate widely around the industry cash - cost line, with the main contract reference range of 2600 - 2950 yuan/ton. The key to a trend - like rebound lies in subsequent capacity control policies or large - scale substantial production cuts [1]. - The strong macro and policy expectations provide a solid bottom for aluminum prices, but the weakening supply - demand fundamentals and inventory accumulation pressure will significantly limit the upside space. Aluminum prices are expected to fluctuate widely at high levels in the short term, with the main contract of Shanghai Aluminum operating in the range of 23200 - 24400 yuan/ton [1]. Carbonate Lithium - The supply of carbonate lithium is expected to increase slightly, and downstream demand maintains a certain resilience. However, there is limited new driving force in essence. After the holiday, the news has significantly boosted the sentiment of the non - ferrous sector. The market is expected to fluctuate strongly, and attention should be paid to the breakthrough around 130,000 yuan [2]. Aluminum Alloy - The price of ADC12 is expected to continue to fluctuate in a high - level range in the short term, with the main contract reference range of 22400 - 23400 yuan/ton. Attention should be paid to raw material supply, import window changes, and the actual stocking rhythm of downstream enterprises before the Spring Festival [3]. Tin - The market sentiment has fluctuated greatly recently, causing tin prices to fluctuate sharply. It is advisable to operate with caution, and subsequent attention should be paid to the macro situation and the recovery of the supply side [5]. Industrial Silicon - In January, industrial silicon is expected to continue the pattern of weak supply and demand, and the futures price is under pressure. It is still expected that the price of industrial silicon will fluctuate at a low level, with the main price fluctuation range of 8000 - 9000 yuan/ton [7]. Polysilicon - The spot price of polysilicon has increased, and the futures price has risen and then fallen. In January, the demand is weak, and there is pressure for further production cuts to balance supply and demand. It is recommended to wait and see for the time being, and pay attention to the production cut situation and price adjustment acceptance [9]. Nickel - The recent expectation of Indonesia's increased control over nickel mines has boosted market sentiment, but the weak fundamentals still restrict the upside space of prices. The disk is expected to maintain a strong - side operation, with the main reference range of 130,000 - 138,000 yuan. Attention should be paid to the possibility of a callback after the impact of the news is digested [10]. Stainless Steel - The supply pressure of stainless steel has eased slightly, and the cost support of ore and ferronickel has been strengthened, but the demand in the off - season is still insufficient. The disk is expected to maintain a strong - side shock adjustment, with the main reference range of 12800 - 13500 yuan. Attention should be paid to the ore - end news and downstream stocking [11]. Zinc - Affected by the Venezuela event, zinc prices rose sharply. The supply of domestic zinc concentrates is tight, and the supply pressure of refined zinc has been relieved. The demand side is performing well. In the short term, the price will fluctuate strongly in a warm macro - environment, and attention should be paid to import profit and loss, TC inflection points, and refined zinc inventory changes [12]. Copper - The medium - and long - term fundamentals of copper are still good, but in the short term, the previous sharp rise in prices has suppressed real demand. Although the current price is over - valued to some extent, it may still maintain a strong trend in a high - risk - preference environment, with the main contract paying attention to the 95500 - 96000 support [13]. 3. Summaries According to Relevant Catalogs Aluminum Price and Spread - SMM A00 aluminum and Yangtze River A00 aluminum prices rose by 3.78% to 23310 yuan/ton; alumina prices in various regions remained unchanged [1]. - The import loss of electrolytic aluminum decreased by 47.7 yuan/ton to - 1931 yuan/ton [1]. - The monthly spreads of AL contracts showed different degrees of change [1]. Fundamental Data - In December, the production of alumina, domestic electrolytic aluminum, and overseas electrolytic aluminum increased, while the import volume of electrolytic aluminum decreased and the export volume increased [1]. - The operating rates of some aluminum - related industries changed slightly, with the operating rate of alumina rising by 0.68% to 80.39% [1]. - The social inventories of electrolytic aluminum and aluminum rods increased, while the LME inventory decreased slightly [1]. Carbonate Lithium Price and Spread - The average prices of battery - grade and industrial - grade carbonate lithium, battery - grade and industrial - grade lithium hydroxide, etc. all increased to varying degrees [2]. - The monthly spreads of contracts showed different degrees of change [2]. Fundamental Data - In December, the production of carbonate lithium increased, while the demand decreased. The import volume decreased and the export volume increased significantly [2]. - The production capacity of carbonate lithium increased in January, and the operating rate in December rose by 3.57% to 58% [2]. - The total inventory of carbonate lithium decreased in December [2]. Aluminum Alloy Price and Spread - The prices of SMM ADC12 in various regions rose, and the price differences between refined and scrap aluminum also increased [3]. - The monthly spreads of contracts changed [3]. Fundamental Data - In November, the production of recycled aluminum alloy ingots, primary aluminum alloy ingots, and scrap aluminum increased, while the import and export volumes of unforged aluminum alloy ingots changed slightly [3]. - The operating rates of recycled aluminum alloy enterprises increased, while the operating rate of primary aluminum alloy decreased slightly [3]. - The social inventory of recycled aluminum alloy ingots decreased slightly [3]. Tin Spot Price and Basis - The prices of SMM 1 tin and Yangtze River 1 tin rose by 1.58%, and the import loss decreased by 15.50% [5]. - The monthly spreads of contracts changed significantly [5]. Fundamental Data - In November, the import of tin ore increased significantly, and in December, the production of SMM refined tin decreased slightly [5]. - The export volume of refined tin in November increased significantly, while the export volume of Indonesian refined tin decreased to zero [5]. - The operating rates of SMM refined tin and SMM solder showed different degrees of change [5]. - The SHEF and social inventories of tin decreased [5]. Industrial Silicon Spot Price and Main Contract Basis - The prices of various types of industrial silicon remained unchanged, and the basis increased [7]. - The monthly spreads of contracts changed [7]. Fundamental Data - In December, the national production of industrial silicon decreased slightly, with production in Xinjiang increasing and production in Yunnan and Sichuan decreasing [7]. - The national operating rate decreased slightly, with the operating rate in Xinjiang increasing and the operating rates in Yunnan and Sichuan decreasing [7]. - The production of organic silicon DMC decreased, while the production of polysilicon increased slightly [7]. - The export volume of industrial silicon increased [7]. - The inventories of Xinjiang factories and social inventories increased slightly [7]. Polysilicon Spot Price and Basis - The average prices of N - type poly - feedstock and N - type granular silicon increased, and the basis of N - type material decreased [9]. - The prices of some silicon wafers, battery cells, and components changed slightly [9]. Futures Price and Monthly Spread - The main contract of futures rose by 1.25%, and the monthly spreads of contracts changed [9]. Fundamental Data - The weekly and monthly production of polysilicon showed different trends, and the import volume decreased while the export volume increased significantly [9]. - The production and demand of silicon wafers decreased, and the import and export volumes also decreased [9]. - The inventories of polysilicon and silicon wafers increased [9]. Nickel Price and Basis - The prices of various types of nickel increased, and the import loss of futures decreased significantly [10]. - The monthly spreads of contracts changed [10]. Supply, Demand, and Inventory - China's refined nickel production decreased, while the import volume increased [10]. - The SHFE and social inventories of nickel increased, while the LME inventory increased slightly [10]. Stainless Steel Price and Basis - The prices of 304/2B stainless steel in Wuxi and Foshan changed slightly, and the futures - spot price difference increased [11]. - The prices of raw materials such as nickel ore, ferrochrome, and high - nickel pig iron changed slightly [11]. - The monthly spreads of contracts changed [11]. Fundamental Data - The production of 300 - series stainless steel in China decreased slightly, while the production in Indonesia increased slightly [11]. - The import volume of stainless steel decreased, and the export volume increased [11]. - The social inventories of 300 - series stainless steel decreased slightly, and the SHFE warehouse inventory decreased slightly [11]. Zinc Price and Spread - The prices of SMM 0 zinc ingots in various regions rose, and the import loss decreased slightly [12]. - The monthly spreads of contracts changed [12]. Fundamental Data - In December, the production of refined zinc decreased, the import volume decreased slightly, and the export volume increased significantly [12]. - The operating rates of galvanizing, zinc die - casting alloy, and zinc oxide showed different degrees of change [12]. - The social inventory of zinc ingots in seven regions in China increased, while the LME inventory decreased slightly [12]. Copper Price and Basis - The prices of SMM 1 electrolytic copper, SMM wet - process copper, etc. rose, and the import loss increased [13]. - The monthly spreads of contracts changed [13]. Fundamental Data - In December, the production of electrolytic copper increased, and the import volume decreased slightly [13]. - The import copper concentrate index decreased slightly, and the inventory of copper concentrates in domestic mainstream ports decreased [13]. - The operating rates of electrolytic copper rod and recycled copper rod decreased [13]. - The domestic social inventory, SHFE inventory, and COMEX inventory of copper increased, while the LME inventory decreased [13].

记者丨 冉黎黎 编辑丨 陈洁 钢铁产业正在打响一场"控产能"之战。 近日，冶金工业规划研究院预测， 到2026年钢材需求量约为8亿吨，同比下降1.0%。 这一预 测降幅超出此前市场预期 ，如何促进行业供需平衡？在此之前，我国已针对钢铁产业进行了 多轮产能调整，但供需矛盾至今仍未彻底解决，问题出在哪里？ 据21世纪经济报道记者不完全统计， 已有10个省份在"十五五"规划建议中对钢铁产业的发展 进行了部署，其中，产业"升级"是一大高频词。 从钢铁第一大省河北来看，其在"十五五"规 划建议中提到，推动重点产业转型升级，加快实现钢铁从原料级向材料级转变，提高河北钢铁 在全球产业分工中的竞争力。 图/摄图网 需求下滑之后 根据冶金工业规划研究院数据，2025年我国钢材消费量预计为8.08亿吨，同比下降5.4%；到 2026年钢材需求量约为8亿吨，同比下降1.0%。 "此前包含冶金工业规划研究院在内的钢铁行业一些机构，均认为到2030年钢材消费量才下降 到8亿吨。从今年钢材消费预测结果看， 钢材消费量的下降幅度比之前预估的还要大。 "肖邦 国表示，"十五五"期间钢铁行业的减量化趋势会比预想的更明确。 从具体领域来看，根据 ...

中原期货：近期期货市场出现一定技术性反弹，主要受到短期资金情绪变化与宏观技术面支撑的共同影响。整体来看，氧化铝基本面维持过剩格 局，中期或延续偏弱运行。 12月26日，氧化铝期货逐渐有所企稳，主力合约一度拉至涨停，现报2787.0元/吨，涨幅5.37%。 截至本周四，全国冶金级氧化铝建成总产能11032万吨/年，运行总产能8808.5万吨/年，全国氧化铝周度开工率环比持平在79.85%，国内氧化铝厂 维持高位运行。 【消息面汇总】 截至本周四(12月25日)全国氧化铝库存量为477.3万吨，较上周增9.3万吨。 机构观点 国家发改委发表《大力推动传统产业优化提升》。文章指出，对氧化铝、铜冶炼等强资源约束型产业，关键在于强化管理、优化布局。完善重大 项目论证机制，推动地方论证前主动对接国家产业调控要求，防止盲目投资和无序建设。 瑞达期货（002961）：供给方面，由于氧化铝价已跌破理论成本线，利润侵蚀的影响下，国内产能及开工或有小幅回落，未来利润倒挂情况若持 续，大面积减产现象发生可能性增大。需求方面，电解铝厂在产产能基本持稳，已临近行业上限，对氧化铝需求亦保持稳定态势。整体来看，氧 化铝基本面或处于供给偏多、 ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - The swine industry is entering an accelerated phase of capacity reduction, with a focus on positioning at the bottom of the market. Regulatory measures are being reinforced to stabilize pig prices, which are expected to face downward pressure in the short term due to increased market supply [3][15] - The poultry sector shows signs of fundamental improvement, with a focus on the white feather chicken breeding segment and potential price recovery in the future [4][28] - The animal health sector is closely monitoring the clinical trial progress of African swine fever vaccines, which could enhance market conditions for leading companies in the sector [5][38] - The pet industry continues to experience rapid growth, with domestic brands gaining strength and improving profitability [8][60] Summary by Sections Swine Industry - The average price of live pigs is reported at 11.53 CNY/kg, with a slight weekly increase. The number of breeding sows has decreased by 1.1% month-on-month [14][15] - Key investment recommendations include leading companies such as Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture and Shennong Group [3][15] Poultry Industry - The white feather chicken breeding segment has seen a total of 107.21 thousand sets updated from January to October 2025, with a balanced import and self-breeding ratio [4][28] - Recommended companies in this sector include San Nong Development and Lihua Shares [4][28] Animal Health - The animal health industry has faced losses for over three months, with expectations of continued low pig prices. The clinical trials for the African swine fever vaccine are a critical step towards commercialization [5][38] - Companies to watch include BioStock, Kexin Biological, and Ruipu Biological [5][38] Planting Industry - Grain prices are fluctuating, with corn prices at 2244 CNY/ton and wheat prices at 2515 CNY/ton. The pig-to-grain ratio is reported at 5.03 [44][48] - Investment suggestions focus on companies with strong positions in genetically modified seeds, such as Suqian Agricultural Development and Longping High-Tech [6][48] Feed Industry - Feed prices are experiencing fluctuations, with pig feed priced at 3.33 CNY/kg and chicken feed at 3.45 CNY/kg. The industry is expected to see increased concentration [49][50] - Recommended companies include Haida Group and He Feng Shares [49][50] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a year-on-year growth of 7.5%. The number of pet dogs and cats is also on the rise [59][60] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares [59][60]

投资咨询业务资格：证监许可【2012】31 号 需求稳中偏弱，供给弹性增强 | | 投资观点： 看空 | | 玻璃（FG）&纯碱（SA） | | --- | --- | --- | --- | | | 报告日期 2025-12-22 | | 年度报告 | |  | 供给（中性）：2025 | 年，玻璃的供给总体持稳，但受生产利润不 | 国贸期货研究院：黄志鸿 | | | | 佳和部分地区的停减产政策影响，而出现阶段减量。纯碱由于产能 | 从业资格证号：F3051824 | | | 扩张后，产量延续高位。2026 | 年玻璃在利润承压和政策限制下，部 | 投资咨询证号：Z0015761 | 玻璃价格走势 资料来源：Wind、我的钢铁网、国贸期货研究院 数据来源：我的钢铁网 供给（中性）：2025 年，玻璃的供给总体持稳，但受生产利润不 佳和部分地区的停减产政策影响，而出现阶段减量。纯碱由于产能 扩张后，产量延续高位。2026 年玻璃在利润承压和政策限制下，部 分产线冷修退出，供给或稳中有降。纯碱仍处产能扩张周期，高供 给格局延续，但增量放缓且弹性较强。 需求（偏空）：2025 年需求偏弱仍是玻璃纯碱的最主要的 ...

智通财经获悉，玖龙纸业(02689)涨超4% ，截至发稿，涨3.15%，报8.51港元，成交额1048.84万港元。 消息面上，中金研究报告指出，12月龙头纸厂延续前两月密集提价的趋势、积极发布涨价函，但实际涨 价落地有所放缓；而近期龙头纸厂亦集中宣布12月及明年1-2月检修计划，估算减产超30万吨，或有效 调控供给，支撑春节前价格和库存水平。从企业吨利润角度看，该行看好4Q25吨利润改善，各企业差 异主要看产品结构。 中金表示，箱板瓦楞纸对消费敏感度最高，本轮供给扩张已进入收尾阶段。据统计，2023-2025年已投 产能合计超1500万吨，其中四家龙头占比约40%。未来原有龙头扩张相对克制，玖龙2024年起暂停扩 产，山鹰安徽新增产能短期难投产，理文暂无扩张计划，2026年仅太阳有70万吨产能计划年末释放。行 业扩张进入尾声，2026年有望迎来产能利用率、价格中枢同比修复的行情。 本文源自：智通财经网 ...

消息面上，中金研究报告指出，12月龙头纸厂延续前两月密集提价的趋势、积极发布涨价函，但实际涨 价落地有所放缓；而近期龙头纸厂亦集中宣布12月及明年1-2月检修计划，估算减产超30万吨，或有效 调控供给，支撑春节前价格和库存水平。从企业吨利润角度看，该行看好4Q25吨利润改善，各企业差 异主要看产品结构。 中金表示，箱板瓦楞纸对消费敏感度最高，本轮供给扩张已进入收尾阶段。据统计，2023-2025年已投 产能合计超1500万吨，其中四家龙头占比约40%。未来原有龙头扩张相对克制，玖龙2024年起暂停扩 产，山鹰安徽新增产能短期难投产，理文暂无扩张计划，2026年仅太阳有70万吨产能计划年末释放。行 业扩张进入尾声，2026年有望迎来产能利用率、价格中枢同比修复的行情。 玖龙纸业(02689)涨超4%，截至发稿，涨3.15%，报8.51港元，成交额1048.84万港元。 ...

与此同时，强化创新驱动；进一步完善标准体系，加快发布光伏组件质量安全、多晶硅能耗限额等强制 性国家标准的制修订和贯彻执行；敦促行业进一步加强自律；进一步推动深化国际合作等。 在当天召开的2025光伏行业年度大会上，杨旭东表示，2026年，工业和信息化部电子信息司将会同各有 关部门重点做好多项工作，包括健全价格监测机制，重点关注价格异常企业，加强产品质量监督和抽 查，对于存在质量不达标、功率虚标、侵犯知识产权等行为的企业，加强监测与跟踪处置。 工业和信息化部电子信息司司长杨旭东18日表示，2026年，光伏行业治理进入攻坚期，将进一步加强产 能调控，强化光伏制造项目管理，以市场化、法治化的手段推动落后产能有序退出，加快实现产能的动 态平衡。 ...

Report Summary 1. Hot News - On Thursday, the main palladium futures contract on the Guangzhou Futures Exchange hit the daily limit again, and the main platinum futures contract nearly hit the limit. Starting from the trading session on December 23, 2025, non - futures company members or clients are restricted to a maximum daily opening position of 500 lots for platinum and palladium futures contracts respectively. Also, from the trading session on December 22, the minimum opening order quantity for polysilicon futures contracts is adjusted from 1 lot to 5 lots [3] - China has re - implemented export license management for steel after 16 years, aiming to strengthen monitoring, statistical analysis, and quality tracking of steel product exports. Meanwhile, the Ministry of Commerce has approved some general export license applications for rare earths. China strongly opposes the EU's recent investigations under the Foreign Subsidies Regulation (FSR) and will take necessary measures [3] - A giant undersea gold mine, the only one in China and the largest in Asia, has been discovered in the northern waters of Sanshandao, Laizhou, Shandong. The city's total proven gold reserves exceed 3,900 tons, accounting for about 26% of the country's total, ranking first in both reserves and production nationwide [3] - At the "2025 Annual Conference of the Photovoltaic Industry", Yang Xudong, Director of the Department of Electronic Information of the Ministry of Industry and Information Technology, stated that the photovoltaic industry governance will enter a critical stage in 2026, with further capacity regulation to achieve dynamic balance. The China Photovoltaic Industry Association did not predict the next - year's new installed capacity [3] - The US core CPI in November 2025 rose 2.6% year - on - year, the slowest pace since early 2021 and lower than the market expectation of 3%. The overall CPI rose 2.7% year - on - year, lower than the expected 3.1%. However, the reliability of this inflation report is questioned due to the serious interference of the federal government shutdown in data collection [4] 2. Key Focus - The key commodities to focus on are urea, Shanghai copper, palladium, plastic, and asphalt [5] 3. Night - session Performance - The night - session price changes of different commodity futures sectors are as follows: non - metallic building materials 2.42%, precious metals 33.32%, oilseeds and oils 8.49%, soft commodities 3.33%, non - ferrous metals 23.90%, coal, coke, and steel ore 10.87%, energy 2.51%, chemicals 10.29%, grains 1.27%, and agricultural and sideline products 3.60% [5] 4. Major Asset Performance - **Equity**: The daily, monthly, and annual percentage changes for various stock indices are provided. For example, the Shanghai Composite Index had a daily increase of 0.16%, a monthly decrease of 0.31%, and an annual increase of 15.65%. Other indices like S&P 500, Hang Seng Index, etc., also have their respective performance data [7] - **Fixed - income**: The performance of 10 - year, 5 - year, and 2 - year treasury bond futures is presented, including daily, monthly, and annual percentage changes [7] - **Commodity**: The performance of CRB commodity index, WTI crude oil, London spot gold, LME copper, and Wind commodity index is shown, with daily, monthly, and annual percentage changes [7] - **Other**: The performance of the US dollar index and CBOE volatility index is given, including their daily, monthly, and annual percentage changes [7]