格隆汇1月23日丨粤海饲料(001313.SZ)在投资者互动平台表示，公司目前暂未通过跨境电商开展饲料产 品的销售宣传，在食品及预制菜领域，相关产品主要聚焦国内主流电商平台运营与推广。同时，公司已 在越南布局海外生产基地，以本土化运营模式辐射东南亚市场。未来，公司将结合行业发展趋势和市场 需求，不断优化国际化业务布局，探索更高效的业务拓展方式。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The public fund allocation in the agriculture, forestry, animal husbandry, and fishery sector has decreased by 0.15 percentage points, currently at a low allocation level of approximately 1.01%, which is 0.38 percentage points below the standard allocation ratio of 1.39% [15][21] - The report highlights a continued decline in holdings across various sub-sectors, with the feed sector experiencing the most significant drop of 0.14 percentage points [21] - Major public fund holdings are concentrated in leading companies within the livestock breeding industry and related agricultural sectors, with notable stocks including Muyuan Foods (0.28%), Wens Foodstuffs (0.07%), and others [22][24] Summary by Sections 1. Sector Allocation - The public fund allocation in the agriculture, forestry, animal husbandry, and fishery sector is approximately 1.01%, down 0.15 percentage points from the previous quarter, indicating a low allocation level compared to the standard ratio of 1.39% [15] 2. Sub-sector Holdings - The holdings in the feed and breeding sectors have both decreased, with the feed sector at 0.47% (down 0.14 percentage points) and the breeding sector at 0.43% (down 0.01 percentage points) [21] 3. Major Holdings - The report indicates that public fund holdings are primarily in leading companies in the livestock breeding chain and related agricultural sectors, with significant holdings in Muyuan Foods, Wens Foodstuffs, and others [22] 4. Investment Recommendations - In the pig farming sector, the report suggests that companies with cost advantages will have a significant competitive edge, recommending major players like Wens Foodstuffs and Muyuan Foods, while also highlighting potential in smaller firms like Tian Kang Biological and Shennong Group [37] - For the poultry sector, the report notes potential supply declines due to avian influenza, recommending attention to companies like San Nong Development and Yisheng Biological [37] - In the feed sector, the report remains optimistic about leading companies expanding their market share domestically and internationally, emphasizing the importance of cost efficiency [37] - The report also suggests monitoring developments in biotechnology and industry consolidation in the planting sector, recommending companies like Suqian Agricultural Development and Beidahuang [37] - In the pet industry, the report highlights the trend towards market consolidation and recommends companies like Guibao Pet and Zhongchong Co. [37]

格隆汇1月22日丨粤海饲料(001313.SZ)公布，近日，宜兴天石已完成本次股权转让相关工商变更登记手 续，并取得了宜兴市数据局核发的《营业执照》。本次工商变更完成后，公司持有宜兴天石60%的股 权，宜兴天石成为公司的控股子公司，纳入公司合并报表范围。 ...

证券之星消息，1月22日饲料板块较上一交易日下跌0.63%，中宠股份领跌。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。饲料板块个股涨跌见下表： 从资金流向上来看，当日饲料板块主力资金净流出9265.5万元，游资资金净流出3346.32万元，散户资金 净流入1.26亿元。饲料板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002385 | 大北农 | 2152.06万 | 7.96% | -2127.51万 | -7.87% | -24.55万 | -0.09% | | 002548 | 金新农 | 1098.24万 | 4.82% | -541.27万 | -2.38% | -556.97万 | -2.44% | | 603151 邦基科技 | | 511.79万 | 9.31% | -450.99万 | -8.20% | -60.80万 ...

Core Viewpoint - The Ivorian government has implemented a 9% Value Added Tax (VAT) on specific products as part of its 2026 fiscal law tax reforms, aiming to balance tax collection, industry competitiveness, and input price control [1] Group 1: Tax Implementation - The VAT applies to products including jute and sisal fiber trading, livestock and poultry feed, feed production inputs and their packaging, as well as fertilizer production inputs and their packaging [1] - The initial VAT rate was set at 18%, which has been reduced to 9% to mitigate the impact on the relevant industries [1] Group 2: Government Challenges - The government faces challenges in balancing tax collection, industry competitiveness, and the control of input prices amidst the new tax implementation [1] - Previous measures announced by the government aimed at supporting livestock and optimizing feed production may be affected by the increased production and procurement costs resulting from the VAT [1]

Core Insights - Taiwan's MFIG has purchased 65,000 tons of feed corn through international bidding, with the estimated origin being the United States [1] - The CNF price of this corn is 190.97 cents higher than the July corn futures price on the Chicago Board of Trade (CBOT) [1]

Group 1: Power Investment and Construction Industry - The core viewpoint is that power investment is entering an accelerated cycle during the "14th Five-Year Plan" period, with the State Grid's fixed asset investment expected to reach a historical high of 4 trillion yuan, a 40% increase compared to the previous plan [2][5][6] - The investment plan will focus on strengthening the power grid platform, accelerating the construction of ultra-high voltage direct current transmission channels, enhancing distribution network construction, and solidifying digital infrastructure [5][6] - The State Grid's investment in 2023 was 538.1 billion yuan, projected to increase to 609.2 billion yuan in 2024, and exceed 650 billion yuan in 2025, indicating a compound annual growth rate (CAGR) of over 5% during the "14th Five-Year Plan" [2][5][6] Group 2: Recommendations for Key Companies - It is recommended to focus on leading state-owned enterprises with capabilities in power engineering contracting and deep involvement in grid and renewable energy construction, such as China Power Construction and China Energy Engineering [2][6] - These companies have a strong foundation in ultra-high voltage transmission projects, energy base construction, and renewable energy stations, making them core players in the State Grid's investment system [6] - The expected high intensity of grid investment combined with the continuous expansion of renewable energy installations will directly boost the order scale and project volume for these companies [6] Group 3: Agriculture and Livestock Industry - The pig farming sector has seen a 4.9% decline, primarily due to market sentiment and concerns over capacity reduction, with the number of pigs slaughtered in 2025 reaching 71.973 million, a 2.4% increase year-on-year [10][11] - The price of pigs has recently risen to 13.25 yuan/kg, indicating a recovery in market sentiment, while the price of piglets has also increased, suggesting a weakening of capacity reduction expectations [10][11] - The industry is undergoing a policy shift towards protecting farmers' rights and stimulating enterprise innovation, with a focus on high-quality development and cost-leading enterprises expected to enjoy excess profits [11]

Market Overview - The feed sector experienced a decline of 0.69% on January 21, with Aonong Biological leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Jin Xin Nong (002548) closed at 6.56, up 2.34% with a trading volume of 399,800 shares and a transaction value of 261 million [1] - Petty Holdings (300673) closed at 19.46, up 1.62% with a trading volume of 82,200 shares and a transaction value of 159 million [1] - Aonong Biological (603363) closed at 4.27, down 1.84% with a trading volume of 430,600 shares and a transaction value of 184 million [2] - Other notable declines include Tian Kang Biological (002100) down 1.26% and Hai Da Group (002311) down 1.17% [2] Capital Flow Analysis - The feed sector saw a net outflow of 95.94 million from institutional investors, while retail investors had a net inflow of 63.31 million [2] - The capital flow for individual stocks shows Jin Xin Nong with a net inflow of 21.61 million from institutional investors, while Aonong Biological had a net outflow of 1.32 million [3] - Petty Holdings experienced a net outflow of 1.99 million from institutional investors but a net inflow of 6.27 million from retail investors [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Viewpoints - Short-term recovery in pig prices is expected, while the breeding capacity remains high [3] - The industry is undergoing a significant policy transformation, focusing on protecting farmers' rights and encouraging innovation [6][17] - The high-quality development of the industry is essential, with cost-leading and farmer-inclusive companies likely to enjoy excess profits and valuation premiums [6][17] Summary by Sections 1. Swine Industry - The swine breeding sector saw a decline of 4.9%, primarily due to market sentiment and concerns over capacity reduction [5][16] - In 2025, the national pig output reached 71.973 million heads, an increase of 2.4% year-on-year, while the breeding sow inventory decreased by 2.9% [5][16] - As of January 18, 2026, pig prices rose to 13.25 CNY/kg, indicating a recovery in the industry [5][16] 2. Poultry Industry - The poultry sector is experiencing a contradiction of "high capacity, weak consumption," with the price of broiler chickens at 3.65 CNY/kg, down 3.18% week-on-week [7][18] - The impact of avian influenza in France may lead to reduced imports of breeding chickens, potentially increasing prices for parent stock [7][18] - The industry is expected to see a continued advantage for leading companies due to integrated operations and contract farming [7][18] 3. Feed Industry - The prices of various aquatic products have shown recovery, with significant year-on-year increases for certain species [19][20] - Hai Da Group is recommended for its clear long-term growth path and plans to increase its dividend payout ratio [20] 4. Pet Industry - The competitive landscape in the pet food sector is becoming more concentrated, with leading brands outperforming mid-tier brands [10][21] - Despite concerns over Q4 2025 performance, the growth outlook for the pet industry remains strong, with domestic sales expected to continue growing [10][21] - Recommended companies include Zhongchong Co., which is positioned for growth in both domestic and international markets [11][21] 5. Agricultural Products - Domestic soybean meal prices fell by 2.1%, while corn prices increased by 0.8% due to declining inventories [26] - The egg market is showing strength, with prices rising by 1.4% [26] - The agricultural sector is viewed as having significant investment value due to its historical low valuations and the need to protect farmers' incomes [26]

Group 1 - The feed sector experienced a decline of 0.59% on January 20, with Tianma Technology leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Notable gainers in the feed sector included Aonong Biological, which rose by 3.08% to a closing price of 4.35, and Kesi Thought, which increased by 1.66% to 7.94 [1] Group 2 - Tianma Technology saw a significant decline of 3.57%, closing at 15.66, with a trading volume of 162,400 shares and a transaction value of 258 million [2] - Other notable decliners included Jin Xin Nong, down 2.14% to 6.41, and Peidi Co., down 1.59% to 19.15 [2] - The feed sector experienced a net outflow of 35.44 million from main funds, while retail investors saw a net inflow of 20.64 million [2] Group 3 - Aonong Biological had a net inflow of 27.32 million from main funds, representing 7.51% of its trading volume, while it faced a net outflow of 14.44 million from retail investors [3] - The net inflow for Guai Bao Pet was 9.77 million from main funds, with a net outflow of 1.67 million from retail investors [3] - The overall trend showed that while main funds were withdrawing, retail investors were actively buying into certain stocks within the feed sector [3]