Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views - The futures and spot markets of the pig industry show a divergent trend. The main futures contract LH2605 closed slightly up 0.30% to 11,555 yuan/ton, and market sentiment rebounded slightly. However, the spot market remained weak, with the national average price falling to 11.44 yuan/kg. The core contradiction lies in the oversupply situation. [2] - The daily output of large-scale farms increased to 351,400 heads, while the sales of slaughtered pork were sluggish, and demand was weak. The self-breeding and self-raising model in the industry has fallen into losses. It is expected that there is no strong basis for a short-term rebound in pig prices, and the market tomorrow may show a narrow-range fluctuation and a generally stable trend. [4] Group 3: Summary Based on the Directory Futures Market - **Price and Change**: The previous day's closing prices of contracts in January, March, May, July, September, and November were 13,285, 10,845, 11,555, 12,260, 13,210, and 13,150 respectively, with price increases of 80, 100, 85, 100, 95, and 120, and increases of 0.61%, 0.93%, 0.74%, 0.82%, 0.72%, and 0.92% respectively. [2] - **Trading Volume and Open Interest**: The trading volumes were 406, 22,688, 52,452, 7,703, 5,579, and 2,487 respectively, and the open interests were 2,662, 46,259, 147,570, 50,197, 37,733, and 24,032 respectively. The changes in open interests were +174, -5,721, -1,979, +172, -275, and -15 respectively. [2] - **Price Spreads**: The current price spreads between January - March, March - May, May - July, July - September, September - November, and November - January were 2,440, -710, -705, -950, 60, and -135 respectively, compared with previous values of 2,460, -725, -690, -955, 85, and -175 respectively. [2] Spot Market - **Price and Change**: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 11.94, 10.8, 11.21, 11.47, 11.47, and 11.6 yuan/ton respectively, with price changes of 0.12, -21.6, -0.24, 0, 0, and -0.09 respectively. [2] Warehouse Receipts - The number of warehouse receipts was 727 on the previous day, with no change from two days ago. [2]

Core Viewpoint - The central government has issued its first document for the "14th Five-Year Plan" period, focusing on enhancing agricultural production capacity and quality efficiency as a primary task in the agricultural sector [1]. Group 1: Key Tasks in Agriculture - The document outlines four key tasks, with the foremost being the enhancement of agricultural comprehensive production capacity and quality efficiency [1]. - The goal is to stabilize grain production at approximately 1.4 trillion jin (around 700 million tons) through the integration of quality land, seeds, machinery, and methods [3]. - There is a shift from focusing solely on quantity to balancing both quantity and quality, optimizing planting structures and regional layouts to improve grain varieties and quality [4]. Group 2: Agricultural Production and Technology - A new round of actions is to be implemented to increase grain production capacity by 100 billion jin, solidifying the foundation of grain production [8]. - Emphasis is placed on utilizing arable land effectively, maintaining strict management of land use, and combating illegal land destruction [9]. - The document calls for the enhancement of agricultural technology innovation, focusing on core technologies and efficient application of scientific achievements, integrating modern technologies like artificial intelligence into agricultural development [11]. Group 3: Disaster Prevention and Trade Coordination - Strengthening the agricultural disaster prevention and mitigation system is highlighted, with improved monitoring and emergency response mechanisms to cope with extreme weather [14]. - The document advocates for the diversification of agricultural product imports and the cultivation of internationally competitive agricultural enterprises, while also supporting the export of advantageous specialty agricultural products [16].

非洲将成为重灾区。即便在低排放情景下，该大陆的可放牧草原也将减少16%；若化石燃料继续扩张、 升温失控，损失可能高达65%。原因在于，非洲多数地区已处于"安全气候空间"的高温边缘，稍有升温 便易越界。 然而，气候变化正迅速压缩这一生存边界。研究显示，全球多地的温度、降水和湿度正在偏离这一理想 区间，导致适宜放牧区域显著萎缩。尤其值得警惕的是，受影响最严重的往往是那些本就面临粮食短 缺、经济脆弱、政治动荡和性别不平等问题的国家。 草原畜牧业高度依赖自然环境，对水、热、湿等条件极为敏感。气候的持续变化不仅威胁草场生产力， 更从根本上动摇了延续数百年的传统牧业模式。 一项由德国波茨坦气候影响研究所开展的新研究警示：随着全球变暖加剧，以草原为基础的放牧系 统正面临前所未有的生存危机。研究预测，到2100年，目前适合放牧的36%至50%土地将因气候恶化而 不再适宜放牧，直接影响超过1亿牧民和多达16亿头牲畜。相关论文发表于最新一期《美国国家科学院 院刊》。 牛、绵羊和山羊等家畜依赖特定气候条件生存。研究首次定义了它们的"安全气候空间"：年均气温介 于-3℃至29℃之间，年降水量在50至2627毫米范围内，相对湿度保持在 ...

行业 生猪日报 日期 2026 年 02 月 12 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，11 日生猪主力 2605 合约小幅低开后震荡走高，尾盘收阳，最高 11590 元/吨，最低 11405 元/吨，收盘报 11555 元/吨，较昨日涨 0.30%， ...

Group 1 - The stock price of Zhengye Biology (ZYBT.OQ) experienced significant fluctuations over the past seven trading days, with a range of 20.24% and an amplitude of 55.95% [1] - The stock rebounded from a low of $0.75 on February 5 to a peak of $1.19 on February 10, marking a single-day increase of 25.00% on February 9, before falling back to $1.01 on February 11, with a daily decrease of 0.98% [1] - Trading volume and turnover increased compared to previous periods, although overall liquidity remained low [1] Group 2 - The company released regular updates on pig prices on February 11 and February 5, providing data on external and internal three-yuan pig prices and feed raw material prices, but did not disclose any significant business developments or events [2] - The information provided mainly serves as industry data updates and has limited direct impact on the stock price [2]

北京商报讯（记者 陶凤 王悦彤） 2月11日，牧原股份在投资者互动平台表示，公司2026年1月的生猪养 殖完全成本在11.8元/kg左右。 ...

Core Viewpoint - Shennong Group reported significant growth in the sales of commodity pigs for January 2026, indicating a strong performance in the livestock sector [1] Group 1: Sales Performance - The company sold 295,300 commodity pigs in January 2026, representing a year-on-year increase of 53.24% [1] - The sales revenue from commodity pigs reached 461 million yuan, reflecting a year-on-year growth of 28.06% [1] - The average selling price of commodity pigs was 12.03 yuan per kilogram, with a month-on-month increase of 8.57% [1]

德康农牧(02419)公布，2026年2月11日耗资约33.75万港元回购4800股股份。 ...

格隆汇2月11日丨德康农牧(02419.HK)公告，2月11日耗资33.8万港元回购4800股。 ...

智通财经APP讯，德康农牧(02419)公布，2026年2月11日耗资约33.75万港元回购4800股股份。 ...