Group 1 - The company, Yuehai Feed, announced that its controlling shareholder, Zhanjiang Shrimp Feed Co., Ltd., has pledged part of its shares, specifically 10.95 million shares [1] - As of the announcement date, the total number of shares pledged by Zhanjiang Shrimp Feed amounts to 89.61 million shares, which represents 33.86% of its total holdings [1]

南财智讯1月6日电，唐人神公告，公司股东大生行饲料有限公司于2025年12月10日至2026年1月5日通过 深圳证券交易所大宗交易方式累计减持公司股份278.8万股，占公司总股本的0.20%。本次权益变动后， 大生行持有公司股份比例由6.20%下降至6%。本次减持不会导致公司控制权发生变更，也不会对公司治 理结构及持续经营产生重大影响。 ...

证券之星消息，1月6日饲料板块较上一交易日上涨0.49%，金新农领涨。当日上证指数报收于4083.67， 上涨1.5%。深证成指报收于14022.55，上涨1.4%。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1585.63万元，游资资金净流出1634.42万元，散户资金 净流入3220.05万元。饲料板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002548 | 金新农 | 6.20 | 4.03% | 67.63万 | 4.18亿 | | 301498 | 乖宝宠物 | 67.09 | 1.65% | 3.40万 | 2.26亿 | | 300673 | 佩蒂股份 | 18.53 | 1.53% | 6.31万 | 1.17亿 | | 920419 | 路斯股份 | 16.30 | 1.24% | 7579.18 | 1232.36万 | | 603151 | 邦臺科技 | 18.94 | 1.12% | 2.30万 | 4342.43万 ...

从资金流向上来看，当日饲料板块主力资金净流出9041.03万元，游资资金净流入8887.17万元，散户资金 净流入153.86万元。饲料板块个股资金流向见下表： 证券之星消息，1月5日饲料板块较上一交易日下跌0.13%，金新农领跌。当日上证指数报收于4023.42， 上涨1.38%。深证成指报收于13828.63，上涨2.24%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603151 | 邦基科技 | 18.73 | 3.94% | 3.57万 | 6642.95万 | | 002696 | 自洋股份 | 7.27 | 2.83% | 20.65万 | 1.48亿 | | 688156 | 路德科技 | 16.35 | 2.12% | + 1.81万 | 2959.34万 | | 300673 | 佩蒂股份 | 18.25 | 1.78% | 4.67万 | 8417.04万 | | 301498 | 乖宝宠物 | 66.00 | 1.30% | 2.62万 | ...

Core Insights - The report highlights a significant rebound in pork prices before the New Year, with the average price of lean pigs reaching 12.39 CNY/kg, a 7.6% increase from the previous week, although it remains 19.7% lower year-on-year [5][13][23] - The implementation of a safeguard policy for beef import quotas is expected to alleviate domestic supply pressures, with a total import quota of 2.688 million tons for 2026, which is 93.5% of the total imports in 2024 [14] - The report recommends focusing on leading companies with cost advantages in the livestock sector, particularly Wens Foodstuff and Muyuan Foods, while also highlighting potential turnaround candidates like Zhengbang Technology [5][13] Livestock Farming - The report notes that the pork market is under pressure due to significant losses in the industry, but the reduction in production capacity is expected to accelerate, leading to a more stable price environment in the first half of 2026 [5][13] - For poultry, the average price of white feather chickens is reported at 3.78 CNY/lb, down 3.1% week-on-week, while yellow feather chicken prices have shown slight increases, benefiting companies like Lihua and Wens [5][13][32] Dairy Industry - The current price of fresh milk in major production areas is 3.03 CNY/kg, stable week-on-week but down 3.2% year-on-year, indicating a balance in supply and demand as inventory levels decrease [14] - The safeguard measures on beef imports are anticipated to support domestic beef prices, which are expected to rise, enhancing the performance of companies like Yurun and Modern Farming [14] Feed and Animal Health - The report indicates a rebound in aquaculture prices due to holiday demand, with significant increases in white shrimp prices leading up to the New Year [15] - The feed industry is facing intense competition, but leading companies are expected to gain market share due to their cost advantages, especially in international markets [15] Agricultural Sector Performance - The agricultural sector outperformed the market by 0.7 percentage points, with livestock farming and feed sectors showing the highest gains of 1.4% and 0.5%, respectively [21] - The report tracks various agricultural product prices, noting fluctuations in corn and soybean meal prices, with corn prices rising by 0.6% to 2352 CNY/ton [23][46]

Core Insights - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery sector, anticipating a rebound in the meat and dairy cycles, benefiting industries related to dairy and beef cattle [1][4] - The monthly recommended stock portfolio includes leading companies in various segments, such as YouRan Agriculture, Modern Farming, and Muyuan Foods, indicating a focus on industry leaders poised for recovery [1][3] Livestock Sector - The livestock sector is expected to experience a significant reversal, with a focus on beef and dairy cattle. The domestic beef production capacity is anticipated to decrease to levels seen during the 2019 pig cycle, with prices expected to rise until 2028 [14] - The report highlights that the domestic raw milk price has been in decline for nearly four years, leading to production capacity pressures. The "meat and milk ratio" has reached historical highs, which may accelerate the culling of dairy cows [14][36] - Recommended companies in the livestock sector include YouRan Agriculture and Modern Farming, which are expected to benefit from improving raw milk prices and the upward trend in beef prices [14][17] Swine Sector - The swine sector is characterized by a gradual recovery in prices, with the average price of live pigs at 12.67 yuan/kg, reflecting a 13% month-on-month increase [20] - The report emphasizes the importance of leading companies in the swine industry, such as Huazhong Holdings and Muyuan Foods, which are expected to see significant cash flow improvements and higher dividend returns due to their low-cost advantages [15][19] - The overall industry is projected to stabilize, with a focus on valuation recovery for leading firms as the market adjusts to supply and demand dynamics [20][21] Poultry Sector - The poultry sector is witnessing a slight increase in supply, with expectations for demand recovery. The price of broiler chickens has shown a month-on-month increase of 9% [22] - The report notes that the structure of parent stock is changing, which may impact actual supply growth. However, demand is expected to benefit from domestic stimulus policies and macroeconomic improvements [22][28] - Key companies in the poultry sector include Lihua Food and Shengnong Development, which are positioned to maintain good profitability amid these changes [18][22] Pet Industry - The pet industry is identified as a promising consumer segment, with domestic brands rapidly gaining market share. The emotional consumption trend is expected to drive long-term growth in this sector [16][18] - Recommended companies include Guibao Pet, which is focusing on product upgrades and direct sales transformation to capture market opportunities [16][18] Feed and Grain Sector - The feed sector is benefiting from deeper industrialization in livestock farming, with leading companies expected to widen their competitive advantages through technology and service [1][3] - The report indicates that corn prices are at a historical low, with strong support expected from cost structures, while soybean meal prices are also at low valuations, awaiting a cyclical rebound [18][21]

2025年4月4日，新希望公告，杨芳女士新任非独立董事。资料显示，杨芳，女，1971年出生，拥有财务 会计学学士学位和工商管理硕士学位，中国注册会计师和中国注册税务师非执业资格，澳洲会计师公会 会员,中国民主建国会成员，现任新希望集团有限公司领导小组成员、首席财务官。2000年-2013年任职 于毕马威华振会计师事务所，担任合伙人；2013-2016年任职于中国化工集团蓝星股份有限公司，担任 总会计师；2016年11月至2020年7月任新希望集团有限公司首席财务官，也曾担任新希望六和股份有限 公司监事、新希望乳业股份有限公司监事长等职务。 12月30日，新希望公告，因个人原因，周伯平先生不再担任非独立董事职务。 根据2024年报数据，剔除独立董事、监事会主席、监事后，新希望共有16位董事和高级管理人员。从年 龄看，新希望董事和高级管理人员平均年龄为51岁，年龄中位数为48岁，其中，非独立董事刘永好年龄 最高为74岁，非独立董事张明贵年龄最小为43岁。 数据显示，近一年，新希望发生董监高变更6人次，具体如下。 2025年4月4日，新希望公告，陶玉岭先生新任总裁及非独立董事。资料显示，陶玉岭，男，华中农业大 学淡 ...

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]

2020-2025年1-11月中国饲料产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：新希望（000876）,海大集团（002311）,通威股份（600438）,大北农（002385）,粤海饲料 （001313） 相关报告：智研咨询发布的《2026-2032年中国饲料行业市场调查研究及发展前景展望报告》 根据国家统计局数据显示：2025年11月中国饲料产量为2978万吨，同比增长3.4%；2025年1-11月中国饲 料累计产量为30896.2万吨，累计增长6%。 ...

Core Viewpoint - The domestic feed industry is entering a phase of stock competition, with ample capacity becoming the norm. In this context, leading companies are accelerating their overseas expansion, which not only shows a clear growth trajectory but also significantly contributes to their profits [3][4]. Group 1: Industry Overview - The domestic feed market is characterized by surplus capacity and insufficient operating rates, leading companies to focus on improving cost-effectiveness and service to capture market share [5]. - The overseas market is viewed as a "growth blue ocean" for leading companies, with significant results already being observed [5][9]. Group 2: Company Strategies and Performance - New Hope (000876.SZ) reported overseas sales of 4.72 million tons in the first three quarters, a year-on-year increase of 21%, with overseas sales contributing 60-70% of total profits despite only accounting for about 30% of total sales [5][9]. - Haida Group (002311.SZ) experienced a remarkable growth rate in its overseas business, with a 40% year-on-year increase in overseas feed sales in the first half of the year, continuing this growth into the third quarter [5][6]. Group 3: Future Plans and Projections - New Hope plans to increase its overseas feed production capacity by approximately 3.5 million tons over the next two to three years, aiming for a total overseas capacity of 10 million tons by 2028 to support a sales target of 9 million tons [6][9]. - Yuehai Feed (001313.SZ) is also expanding its overseas market, with a recent project in Vietnam generating over 80,000 tons in orders during its launch event [6][9]. - Haida Group is planning to spin off its subsidiary Haida Holdings for a public listing in Hong Kong, which is expected to help achieve its goal of 7.2 million tons in overseas feed sales by 2030 [7][9]. Group 4: Market Potential - The overseas market is seen as a blank slate for domestic feed companies, particularly in regions like Southeast Asia and Africa, where there is a strong demand for high-quality feed products to improve farming efficiency [9]. - The profit margins in overseas markets are expected to be higher than in domestic markets, with some companies reporting that overseas sales account for a significant portion of their profits [9].