来源：中国猪业 2025年已圆满落幕，2026年已然开启新篇。这一年，畜牧行业在政策调控与技术革新中稳步前行，"稳 产能、降成本、强科技"成为贯穿全年的主线；而作为行业核心风向标之一的猪价，却走出了震荡下滑 的态势。今天，我们既要复盘2025年定义行业走向的十大热词，更要聚焦大家最关心的猪价走势—— 2026年猪价能否回暖？转折点何时出现？答案都在这里！ 2025复盘 猪价震荡下滑，供需博弈定格局 2025年的生猪市场，用"震荡下行"四个字便可概括。据卓创资讯监测，截至12月22日，全年全国瘦肉型 生猪均价仅13.80元/公斤，同比大幅降低17.66%。从年内走势看，呈现"降后横盘再震荡下滑"的特征：1 月4日创下全年最高价16.36元/公斤，此后逐步回落，10月13日跌至全年最低点10.72元/公斤，价格波动 让不少养殖户倍感压力。 猪价走低的核心逻辑，在于"供应放量、需求乏力"的供需失衡格局： 从供应端看，2025年是典型的产能释放年。按照生猪繁育周期推算，当年1-11月的出栏量由2024年3月 至2025年1月的能繁母猪存栏量决定。卓创资讯监测数据显示，此阶段196家样本企业能繁母猪平均存栏 852.6 ...

Core Viewpoint - The article highlights the technological advancements and innovative practices of Muyuan Foods Co., Ltd. in the pig farming industry, emphasizing its significant role in China's pork supply and its commitment to improving pig health and production efficiency through smart farming technologies [1][4][17]. Group 1: Company Overview - Muyuan Foods was founded in 1992 by Qin Yinglin and Qian Ying, starting with 22 pigs and growing to become the world's largest pig producer, with an annual output of over 7 million pigs [1]. - The company has invested over 20 billion yuan in research and development, employing over 1,200 algorithm engineers and more than 40,000 staff with higher education [5][6]. Group 2: Technological Innovations - The company utilizes advanced technologies such as AI-driven health monitoring systems, automated feeding, and air filtration systems to enhance pig health and reduce disease risks [4][10]. - Over 3.3 million smart devices are deployed across more than 1,000 farms, monitoring over 4,500 indicators daily and generating over 2 billion data entries for analysis [4][5]. Group 3: Breeding and Cost Reduction - Muyuan Foods has developed an independent breeding system, breaking away from traditional breeding methods and establishing a two-way crossbreeding model to enhance genetic quality [7][8]. - The company has successfully reduced feed costs by implementing a "no soybean" feeding strategy, decreasing soybean meal usage from 13% to 5% and achieving a cost reduction of over 300 yuan per pig since 2020 [11][12][13]. Group 4: Industry Impact and Expansion - The company has fostered a significant ecosystem around its operations, leading to the establishment of over 4,000 related enterprises in its region, contributing to local economic growth [14][15]. - Muyuan Foods is expanding into the biopharmaceutical sector, utilizing pig by-products for medical applications, thus transforming the pig farming industry into a source of valuable biological materials [16][17].

长江商报消息 ●长江商报记者 张璐 "养猪大王"牧原股份（002714.SZ）港股上市迎来新进展。 近日，牧原股份正式向香港联合交易所更新并递交H股上市申请，摩根士丹利、中信证券、高盛三大国 际顶级投行共同担任联席保荐人。 此次IPO，牧原股份拟发行不超过5.46亿股境外上市普通股（H股），占发行前总股本的8%（超额配售 权行使前）。募集资金将主要用于智能养殖与育种技术研发、海外养殖及屠宰基地建设等等。 长江商报记者注意到，强劲的经营基本面为其此次港股上市奠定坚实基础。2025年前三季度，公司实现 营收1118亿元，同比增长15.52%；归母净利润147.8亿元，同比增长41.01%。 此外，牧原股份通过技术赋能全产业链，不断提升生产效率与核心竞争力。2023年—2025年前三季度， 其研发费用累计超46.68亿元。 募集资金主要用于三大方向 根据牧原股份此前披露的H股发行方案，公司拟发行不超过5.46亿股境外上市普通股（H股），发行数 量不超过公司总股本的8%（超额配售权行使前），并设有最高15%的超额配售权。 回溯上市筹备历程，牧原股份于2025年初正式启动港股发行计划，5月27日首次向港交所递交上市申 ...

Core Insights - The article highlights the advanced welfare practices implemented in dairy farms, particularly focusing on the care and health management of dairy cows, which includes innovative medical technologies and personalized health monitoring systems [1][3][6]. Group 1: Welfare Practices - Dairy cows in the farms enjoy high welfare standards, including automated systems for scratching, cooling, and hoof care, allowing them to have a comfortable living environment [1]. - The introduction of non-invasive vaccination techniques and traditional Chinese medicine practices, such as acupuncture for digestive issues, showcases a commitment to animal welfare [6][7]. Group 2: Health Monitoring - Each dairy cow is equipped with an ear tag that records comprehensive health data, including vaccination history and health conditions, creating a lifelong health record [3]. - A dedicated team of 15 veterinary professionals conducts regular health checks, ensuring thorough monitoring of vital signs and overall health [3][4]. Group 3: Technological Innovations - Smart collars are used to monitor cows' activity levels and vital signs, providing real-time alerts if any health metrics deviate from the norm [3][4]. - The use of non-needle injection technology allows for painless vaccinations, improving the overall health management process and enhancing immune response by 15% compared to traditional methods [6][7]. Group 4: Overall Impact - The enhanced welfare and health management practices lead to better milk quality, with the nutritional content of milk exceeding EU standards, demonstrating the direct correlation between cow welfare and product quality [7].

Core Viewpoint - In 2025, Wens Foodstuff Group (300498.SZ) celebrates its 10th anniversary since its listing, demonstrating resilience and steady development through industry cycles, policy changes, and pandemic impacts, while evolving from traditional farming to a modern agricultural complex [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 75.788 billion yuan and a net profit attributable to shareholders of 5.256 billion yuan [1] - The debt ratio decreased to 49.41%, enhancing financial safety and risk resistance [1] - The company announced a profit distribution plan, proposing a cash dividend of 3 yuan per 10 shares, totaling approximately 1.994 billion yuan, which accounts for 38% of the net profit [1] Business Evolution - Wens Foodstuff has undergone three phases: foundation building (2015-2018), adjustment during the African swine fever crisis (2019-2021), and recovery and optimization (2022-2024) [2][3][4] - The company maintained a leading annual growth rate in pig and chicken output during its initial phase, achieving an average ROIC of around 25% [2] - During the adjustment phase, the company faced challenges but maintained industry-leading liquidity and operational continuity [3] Production and Cost Management - By Q3 2025, pig output increased significantly to 9.736 million heads, a year-on-year growth of 120.63% [4] - The comprehensive breeding cost for pigs decreased to 12.4 yuan per kilogram, solidifying the company's position in the industry [4] - The chicken output reached 948 million heads in the first nine months of 2025, with a year-on-year increase of 8.9% [5] Strategic Initiatives - The company has focused on cost management as a strategic core, establishing a comprehensive cost control system across the entire industry chain [6][10] - Wens Foodstuff has developed a domestic breeding chip to reduce reliance on imports, significantly lowering detection costs [6] - The company is transitioning to a more centralized cooperative model, enhancing efficiency and disease control in its farming operations [8] Market Position and Future Outlook - Wens Foodstuff is positioned as a leading player in the industry, with a dynamic market response and a focus on long-term value creation [11][13] - The company is transitioning from a traditional farming model to a modern agricultural and food group, emphasizing intelligent, green, and branded growth [14][15] - Future strategies include enhancing production efficiency, integrating supply chains, and improving brand value to navigate industry changes and consumer trends [16][17]

Core Viewpoint - The article highlights the advancements and achievements of Wuhan in the field of marine engineering and deep-sea exploration, showcasing its capabilities in building high-end marine equipment and contributing to China's deep-sea resource exploration efforts [1][2][10]. Group 1: New Equipment and Innovations - Wuhan Shipbuilding has constructed two new generation shallow-draft self-elevating offshore support platforms, capable of performing various tasks in complex sea conditions, marking a significant advancement in China's offshore engineering capabilities [1]. - The "Deep Sea One," a support vessel for the "Jiaolong" manned submersible, has achieved major breakthroughs in core technologies, enhancing China's ability to explore ocean resources and maintain maritime rights [4]. - The "Ocean Fishery No. 1," the world's first large semi-submersible intelligent fishery, represents a significant innovation in deep-sea aquaculture, integrating advanced breeding technology and environmental concepts [5][6]. Group 2: Expansion into Deep-Sea Energy - The new 1800-ton self-elevating wind power installation platform "Ganghangping 5" signifies China's transition from nearshore to deep-sea wind power construction, addressing the growing demand for advanced construction equipment in this sector [7]. - The platform can operate at depths exceeding 70 meters and has a maximum lifting capacity of 1800 tons, which is crucial for future offshore wind projects [7]. Group 3: Technological Advancements in Deep-Sea Operations - Wuhan Shipbuilding is involved in developing key equipment for deep-sea mining, including systems that have been validated in real sea conditions, contributing to the domestic production of high-end marine equipment [8]. - The "Qilin" unmanned submersible, capable of diving to 1000 meters, exemplifies the trend towards smaller, smarter equipment for precise underwater operations [9]. Group 4: Industrial Foundation and Cluster Advantages - Wuhan is the only inland city in China designated as a national new industrialization demonstration base for shipbuilding and marine engineering, with a complete industrial chain and over 100 related enterprises [10]. - The city is focusing on building green and intelligent shipbuilding clusters, leveraging local universities for technological innovation and industry transformation [10].

Group 1 - Daqing Ermu, a core dairy source base for Modern Dairy Group in Northeast China, commenced operations in March 2024, focusing on large-scale dairy cattle breeding and high-quality raw milk production [3] - The farm utilizes advanced technology, including fully automated milking equipment, to ensure stable raw milk supply while adhering to a management philosophy of "safe, high-quality, high-yield, and efficient" [5] - The farm employs a three-tier intelligent system to adapt to natural rhythms, ensuring a comfortable environment for dairy cows during the seasonal transition [7] Group 2 - The ecological cycle at Daqing Ermu is supported by the fertile black soil, which nourishes the dairy cows with high-quality forage, creating a sustainable cycle of "breeding - environmental protection - planting" [9] - An intelligent monitoring system captures seasonal changes, aligning with the health needs of the cows during the transition period, promoting their well-being [10] - Daqing Ermu contributes to the local economy by providing safe, nutritious, and green raw milk while creating job opportunities and fostering industrial synergy [10]

Core Insights - The pearl farming industry in China, as the world's largest freshwater pearl producer, is entering a critical phase of transformation and upgrading after decades of rapid development [1][10] - The import and export data of cultivated pearls in China shows a pattern of "import contraction and export expansion," with significant changes in both volume and value [12][14] Industry Overview - Cultivated pearls are formed through artificial intervention in bivalve mollusks, with a core made of implanted materials, primarily composed of calcite [2] - The cultivation cycle for freshwater pearls is typically 2-4 years, while seawater pearls take longer, around 3-5 years [2] Industry Development History - The industry has gone through four main stages: the embryonic stage before 1958, the scale development stage from 1958 to 1977, the industrial upgrading stage from 1978 to 2000, and the modernization and transformation stage from 2000 to present [4][5][6] Current Industry Status - In 2022, China's freshwater pearl production reached 697.39 tons, accounting for over 95% of global production, with major production areas in Zhejiang, Jiangsu, and Anhui [10] - The export volume of cultivated pearls increased by 49.85% year-on-year, while the import volume decreased by 34.64% [12][10] Key Enterprises - The competitive landscape of the pearl farming industry features leading enterprises like Nanzhu Palace, Ruan's Pearls, and Oushiman, which leverage full industry chain layouts and core technology patents [17] - Ruan's Pearls, located in Zhejiang, focuses on freshwater pearl procurement, processing, and sales, while Hainan Hairun Pearl integrates pearl research, farming, and sales [19][20] Industry Trends 1. **Technological Innovation**: The industry is shifting from traditional methods to technology-driven approaches, with smart farming systems becoming mainstream [24] 2. **Diverse Consumption Scenarios**: The market is witnessing a trend where younger consumers drive demand for personalized and high-end pearl products [26] 3. **Accelerated Globalization**: Chinese pearl enterprises are transitioning from product export to brand and standard output, with a focus on global resource control and market integration [27]

Core Viewpoint - The article highlights the evolution and innovative practices of Muyuan Foods, emphasizing its commitment to sustainable and technologically advanced pig farming, which aligns with its cultural values and social responsibilities [2][8]. Group 1: Company Overview - Muyuan Foods was founded by Qin Yinglin in 1992, starting with 22 piglets and has grown to become a leading player in the industry with an annual output of over 70 million pigs [2]. - In 2024, the company achieved a revenue of 137.947 billion yuan and a net profit of 17.881 billion yuan [2]. Group 2: Technological Innovation - The company has developed a smart pig farming system, including a six-story "pig apartment" that optimizes the living conditions for pigs at different growth stages [3]. - The use of IoT devices allows for precise monitoring of pigs' health and behavior, significantly improving inspection efficiency compared to traditional methods [3][4]. - As of May 2023, the total cost of pig farming has been reduced to 12.2 yuan per kilogram, positioning the company among the industry leaders [4]. Group 3: Sustainable Practices - Muyuan Foods has implemented a "pig-fertilizer-field" ecological chain, converting pig waste into organic fertilizer and liquid fertilizer, which is then used in surrounding farmland [5]. - The company has serviced 4.7208 million acres of farmland in 2024, helping farmers increase their income by 1,314.33 yuan per acre, totaling a reduction in investment and an increase in income of 1.353 billion yuan [5][6]. Group 4: International Expansion - Muyuan Foods has initiated its international strategy by signing a strategic cooperation agreement with BAF Vietnam Agricultural Joint Stock Company in 2024 [7]. - The company has submitted an application for an H-share listing on the Hong Kong Stock Exchange, aiming to raise funds for international supply chain development and smart farming research [7]. Group 5: Vision and Philosophy - The company's philosophy, as articulated by its chairman, emphasizes the importance of giving back to society and creating value, which is reflected in its operational practices [2][8]. - Muyuan Foods aims to leverage its technological advancements to contribute to the global livestock industry, positioning itself as a leader in innovation and sustainability [7][8].

Core Viewpoint - The article highlights the advancements in modern poultry farming through the implementation of smart farming technologies, leading to improved living conditions for chickens and enhanced egg production efficiency [1][4][6]. Group 1: Modern Farming Practices - The Shandong Mufeng Agricultural Technology Co., Ltd. has established a modern intelligent breeding workshop where 90,000 chickens are raised in a comfortable environment with temperature control and automated feeding systems [1][2]. - The chicken house features a smart environmental control system that monitors and adjusts temperature and humidity, ensuring optimal conditions for egg production [4][5]. - The average temperature inside the chicken house is maintained at 28.5°C, while the outdoor temperature is 33.9°C, demonstrating effective climate control [4]. Group 2: Automation and Efficiency - The use of automated systems has significantly reduced the labor required for operations; only 7 workers are needed for a scale that traditionally required 30-40 workers [5][6]. - The central egg collection system minimizes egg breakage and maintains freshness, while the automatic cleaning system ensures hygiene and reduces disease risk [5][6]. Group 3: Product Quality and Market Demand - The company emphasizes a "no antibiotic" feeding approach, using high-quality feed made from corn and soybean meal, which contributes to the safety and quality of the eggs produced [7][9]. - The Mufeng brand eggs are recognized for their rich nutritional value and quality, commanding a higher price in the market while still maintaining strong consumer demand [9]. - The farm currently has a daily egg production of over 80,000 eggs, achieving a production rate of over 90% [9]. Group 4: Economic Impact - The project is part of a key initiative for rural revitalization, with an expected annual production of 18,250 tons of quality eggs, generating an estimated annual revenue of 65 million yuan and a net profit of 10 million yuan [9]. - The project is anticipated to create 60 new jobs and enhance the local economy by supporting the food supply for surrounding areas [9].