1月5日，唐人神大宗交易成交78.8万股，成交额340.42万元，占当日总成交额的4.95%，成交价4.32元， 较市场收盘价4.41元折价2.04%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-01-05 | 002567 | 唐人神 | 4.32 | 78.80 | 340.42 | 中信建投证券股份 | 招商证券股份有限 | | | | | | | | 有限公司北京东城 | 公司长沙美蓉中路 | | | | | | | | 分公司 | 证券营业部 | ...

在线上的出 2026 年 01 月 05 日 相关研究 券研究报 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 朱珺逸 A0230521080004 zhujy@swsresearch.com 申万宏源研究微信服务号 元旦猪价反弹后回落,关注牛肉进口国别配额 及配额外关税落地 — 农林牧渔周观点（2025.12.29-2026.01.04） 本期投资提示: 0 本周申万农林牧渔指数上涨 0.1%，沪深 300 下跌 0.6%。个股涨幅前五名：华绿生物（6.5%） 牧原股份（5.5%） 神农集团（4.2%） 平潭发展（3.8%） 大湖股份（3.5%） 跌幅前五名：国 投中鲁 (-10.8%)、罗牛山 (-9.6%)、*ST 正邦 (-9.0%)、神农科技 (-7.7%)、国联水产 (- 7.0%)。 0 投资分析意见：行业亏损加剧，产能加速去化逐步开启，重点推荐左侧布局生猪养殖板块。 ...

行 业 及 产 业 农林牧渔 行 业 研 究 / 行 业 点 评 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 相关研究 证 券 研 究 报 告 联系人 朱珺逸 A0230521080004 zhujy@swsresearch.com 2026 年 01 月 05 日 元旦猪价反弹后回落，关注牛肉进口国别配额 及配额外关税落地 - ⚫ 本周申万农林牧渔指数上涨 0.1%，沪深 300 下跌 0.6%。个股涨幅前五名：华绿生物（6.5%）、 牧原股份（5.5%）、神农集团（4.2%）、平潭发展（3.8%）、大湖股份（3.5%），跌幅前五名：国 投中鲁（-10.8%）、罗牛山（-9.6%）、*ST 正邦（-9.0%）、神农科技（-7.7%）、国联水产（- 7.0%）。 ⚫ 投资分析意见：行业亏损加剧，产能加速去化逐步开启，重点推荐左侧布局生猪养殖板块。元旦前 猪价明显反弹，主因年末二育再次进场 ...

[Table_Page] 投资策略周报|农林牧渔 证券研究报告 元旦前猪价反弹明显，牛肉进口配额保障政策落地 [TAblE_TitlE] 农林牧渔行业 [TAblE_SummAry] 核心观点： [TAblE_G rADE] 行业评级 买入 前次评级 买入 报告日期 2026-01-04 [Table_PicQuote] 相对市场表现 [分析师： TAblE_Author 钱浩] SAC 执证号：S0260517080014 SFC CE No. BND274 021-38003634 shqianhao@gf.com.cn 分析师： 郑颖欣 SAC 执证号：S0260520070001 021-38003632 zhengyingxin@gf.com.cn 分析师： 高一岑 SAC 执证号：S0260525100002 021-38003780 gaoyicen@gf.com.cn 分析师： 李雅琦 SAC 执证号：S0260524080006 021-68827265 liyaqi@gf.com.cn -4% 4% 11% 19% 26% 34% 01/25 03/25 05/25 08/25 10/25 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market dynamics that promote capacity reduction, leading to a potential price turning point in Q2 2026, with long-term performance improvements anticipated for related stocks [3][43] - The structural growth trend in the post-cycle sector continues, with profits likely to gradually transmit downstream if the current round of pig capacity reduction proceeds smoothly, benefiting the animal health sector [3] - The planting chain shows a confirmed upward trend in grain prices, indicating favorable fundamentals for planting and seed industries, highlighting significant investment opportunities [3] - The pet food sector is experiencing growth and price increase logic, with continuous recognition of domestic brands and sustained growth of leading companies [3] Summary by Sections Pig Farming - The average price of live pigs as of December 31 was 12.76 yuan/kg, a week-on-week increase of 10.38%, while the average price of 15 kg piglets was 19.44 yuan/kg, up 2.21% week-on-week [12][51] - The supply side shows a widening price gap for fattened pigs, supporting price increases, while demand is boosted by consumption expectations during the New Year holiday [12][17] Poultry - The price of white feather broilers increased to 7.82 yuan/kg, up 6.39% week-on-week, and chick prices rose to 3.59 yuan/chick, up 1.7% week-on-week [17][51] - The supply of meat chickens has increased, leading to a more relaxed market supply, while demand has weakened due to some slaughterhouses reducing operations [17] Feed Sector - The prices of corn, wheat, and soybean meal have risen, with corn averaging 2351.57 yuan/ton, up 0.57% week-on-week, and soybean meal at 3172.29 yuan/ton, up 0.96% week-on-week [27][51] - Increased selling enthusiasm among farmers is noted, although the pace of supply remains slow [27] Major Agricultural Products - The domestic natural rubber futures price was 15605 yuan/ton as of December 31, down 0.29% week-on-week, with inventory levels increasing [38][51] - The current down cycle for sugar prices continues, with no significant recovery expected [39]

人民财讯1月2日电，温氏股份1月2日在互动平台表示，公司2025年年初制定2025年肉猪（含毛猪和鲜 品）销售目标约3300万—3500万头。截至2025年11月末，公司已累计销售肉猪3190万头（含毛猪和鲜 品，不含仔猪）。 转自：证券时报 ...

Core Viewpoint - Lihua Co., Ltd. is facing significant challenges due to continuous share reductions by its actual controller and declining profitability amid high debt levels and falling poultry prices [1][2][3] Share Reduction - The actual controller Cheng Lili and Tianming Agriculture plan to reduce their holdings by up to 1.7% within three months, potentially cashing out approximately 289 million yuan based on the closing price of 20.3 yuan [2] - Cheng Lili and Tianming Agriculture have been consistently reducing their stakes throughout 2023, having previously sold 2.91% of shares for about 431 million yuan from July to October [2][3] Financial Performance - In the first three quarters of 2023, Lihua's revenue increased by 6.38% to 13.493 billion yuan, but net profit plummeted by 75.27% to 287 million yuan, resulting in a net profit margin of only 2.03% [3][4] - The company’s main business involves the breeding and processing of yellow feathered chickens, with chicken revenue accounting for 82% and pig revenue for about 17% of total income [3] Cost and Pricing Issues - The average selling price of chickens has fluctuated, reaching a low of 9.77 yuan per kilogram in July and recovering to 12.18 yuan in November, while the cost of raising chickens was approximately 11.4 yuan [3][4] - The cost of raising pigs was about 12.6 yuan per kilogram, with prices falling below cost since October 2024, indicating a challenging market environment [3][4] Debt and Cash Flow - Lihua has significantly increased its fixed assets from 2.104 billion yuan in 2019 to 7.561 billion yuan in 2024, but its interest-bearing debt has also surged to 2.982 billion yuan, with short-term debt reaching 2.944 billion yuan [6][7] - The company’s cash flow from operating activities has been positive, but investment outflows have exceeded inflows, leading to insufficient cash to cover short-term debts [7] Profitability Challenges - The company has experienced substantial fluctuations in profitability, with a gross profit margin of only 9.94% in the first three quarters of 2023, while combined sales, management, and financial expenses accounted for 7.03% [8] - The ongoing downtrend in livestock prices, coupled with high operational costs, has severely impacted Lihua's profitability, necessitating a potential turnaround in poultry prices for recovery [8]

公司于2025年3月28日第八届董事会第三十五次会议及2025年4月25日公司2024年年度股东大会审议通过 了《关于公司2025年对外担保的议案》，同意在有效评估风险和保证资金（资产）安全的前提下，公司 及控股子公司拟为合并报表范围内公司提供担保、对子公司的客户、养殖场（户）、合作伙伴及其担保 方提供担保，担保总额度不超过152.6亿元。由公司股东大会、董事会另行做出决议的担保或者已经履 行完毕、期限届满的担保将不再占用上述授权额度。对外担保授权额度有效期自2024年年度股东大会审 议通过之日起至2025年年度股东大会召开之日止。具体内容请详见披露于巨潮资讯网 （http://www.cninfo.com.cn）的《关于2025年度对外担保的公告》（公告编号：2025-026）。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002124 证券简称：天邦食品 公告编号：2025-084 天邦食品股份有限公司 关于2025年度对外担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、担保情况概述 （一）担保审议情况 （二）对外担保进 ...

Core Viewpoint - The company has experienced a continuous decline in breeding costs throughout the year and plans to implement various measures to further reduce production costs in the future [1] Group 1 - The company stated that it will strengthen procurement management to lower production costs [1] - The company aims to optimize feed formulas as part of its cost-reduction strategy [1] - The company intends to improve production efficiency and breeding technology to achieve lower costs [1]

Core Viewpoint - The company, Huadong Co., has confirmed its strong financial position, indicating sufficient cash reserves and healthy operating cash flow, while maintaining stable profitability in its slaughtering segment [2] Financial Health - The company reports that its monetary funds are ample and its operating cash flow is robust, reflecting a solid financial status [2] - The cost of breeding has been continuously decreasing, contributing to improved profitability [2] Business Operations - All business segments of the company are operating normally, indicating stability across its various operations [2] - The slaughtering segment has shown long-term stable profitability, which is a positive sign for the company's overall performance [2] Market Considerations - The stock price in the secondary market is influenced by various factors, and the company advises investors to be cautious and aware of investment risks [2]