Investment Rating - The report maintains a positive outlook on leading agricultural companies, suggesting investment opportunities in the sector [5]. Core Insights - The agricultural sector has shown resilience, with the industry index outperforming the broader market by 0.4 percentage points during the week of December 8-12, 2025 [13]. - The report highlights significant growth in the pet food segment, with online sales increasing by 27.9% year-on-year during October and November 2025, driven by new consumer brands [34][36]. - The livestock industry is facing challenges, with a 5.5% decrease in the number of pigs marketed in November compared to the previous month, raising concerns about animal disease outbreaks [30]. Summary by Sections Industry Dynamics - The agricultural sector index increased by 0.3%, outperforming the market [13]. - Key stocks such as Zhengbang Technology, Biological Shares, and Luoniushan saw significant gains of 19%, 17%, and 14% respectively [18]. Livestock Industry - In November, the number of pigs marketed decreased by 5.5% month-on-month, with a year-on-year increase of 16.7% [30]. - Prices for live pigs increased by 2.1% week-on-week, while the average weight of marketed pigs decreased by 0.2% [30]. - The utilization rate of fattening barns in 17 provinces dropped by 6.5 percentage points [30]. Poultry Industry - Prices for chicken chicks and broilers increased by 1.4% and 0.8% respectively, amid ongoing global avian influenza outbreaks [37][38]. - The price of chicken products rose by 0.6%, driven by supply constraints and increased export orders [37]. Pet Food Industry - Online sales of pet food reached 8.45 billion yuan, with significant growth from brands like Maifudi and Fresh Lang, which saw increases of 36% and 112.6% respectively [34]. - Chewy reported a 30.9% increase in EBITDA, with active customer numbers growing by 4.9% [35]. Feed Industry - Feed raw material prices showed mixed trends, with soybean meal prices increasing by 1.5% while corn prices slightly decreased [41]. - The price of South American white shrimp increased by 4.3% week-on-week [41]. Animal Health - The veterinary drug price index decreased by 0.2%, with a year-on-year increase of 2.4% [43]. - Merck's imported pet antibiotics were launched on JD Health, marking a significant development in the pet healthcare sector [43].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The pork price is expected to rise due to limited supply before the New Year, with the average price of live pigs at 11.43 yuan/kg as of December 12, 2025, showing a week-on-week increase of 0.22 yuan/kg but a year-on-year decrease of 4.33% [12][13] - The beef market is showing signs of a bullish cycle, with the wholesale price of beef at 66.24 yuan/kg, up 10.22% year-on-year, and calf prices at 32.23 yuan/kg, up 33.68% year-on-year [24] - The pig farming sector is facing accelerated losses, leading to a potential increase in the pace of pig culling, while the pet sector is benefiting from domestic brand growth due to consumption upgrades and tariff barriers [27][31] Summary by Sections Weekly Observation - The cold wave is boosting pork consumption as the pickled meat season approaches, with limited supply expected before the New Year [12] - The average weight of pigs slaughtered is 129.63 kg, with a decrease in the proportion of smallholder sales [12][13] Weekly Market Performance (Dec 8-12) - The agricultural sector outperformed the market by 0.26 percentage points, with the Shanghai Composite Index down 0.34% and the agricultural index down 0.08% [32] - Leading stocks included *ST Zhengbang (+19.40%), Biological Shares (+17.16%), and Luoniushan (+13.73%) [32][39] Price Tracking (Dec 8-12) - The average price of live pigs was 11.48 yuan/kg, up 2.50% week-on-week, while the price of piglets was 19.04 yuan/kg, down 1.14% [41] - The average price of beef was 66.13 yuan/kg, showing a slight decrease [48] Key News (Dec 8-12) - China's soybean imports for the first 11 months of 2025 reached 104 million tons, an increase of 6.9% year-on-year, with a price drop of 10.7% [40]

Group 1: Weather Impact on Agriculture - The recent cold wave and heavy snowfall in Hebei have significantly affected agricultural production, particularly in facilities agriculture [5][8] - Agricultural experts are advising farmers on snow removal techniques to protect crops, ensuring safety during the cold weather [5][7] - In Shandong, multiple departments are collaborating to safeguard agricultural production against the adverse effects of the cold wave [5][7] Group 2: Livestock Management - The cold weather poses risks to livestock, prompting local authorities to implement measures to ensure the safety of poultry and livestock during winter [6][8] - Technical staff are providing specific guidance to farmers on maintaining optimal conditions for egg-laying hens amidst the temperature drop [10][8] - In Inner Mongolia, preparations for the cold wave included securing feed and reinforcing animal shelters to protect livestock [12][13] Group 3: Heating and Energy Supply - Heating companies in Hebei have coordinated with power plants to ensure sufficient heating supply for residents during the cold snap [3] - In cities like Cangzhou, inspections of heating pipelines are being conducted to prevent disruptions caused by external factors [3]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights the ongoing capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3][9] - The report identifies several investment opportunities across different segments of the agriculture industry, including pig farming, feed, planting, and pet food sectors [3][43] Summary by Sections Pig Farming Sector - The pig farming industry is experiencing accelerated capacity reduction, with current pig prices and expectations both weak, leading to a significant decline in profitability [9] - In November, 14 listed pig companies collectively slaughtered 16.82 million pigs, a decrease of 2.21% month-on-month but an increase of 22.48% year-on-year [13] - The average selling price of pigs showed a slight recovery, with prices ranging from 11.1 to 12.53 yuan/kg, although still down approximately 30% year-on-year [15] Feed Sector - The report notes that raw material prices for feed are stabilizing at the bottom, with corn prices slightly down and soybean meal prices up [28] - As of December 12, corn prices averaged 2,356.67 yuan/ton, down 0.08%, while soybean meal prices rose by 1.54% to 3,159.43 yuan/ton [28] Planting Sector - The report indicates a confirmed upward trend in grain prices, suggesting favorable fundamentals for planting and seed industries, with significant investment opportunities [3][43] Pet Food Sector - The pet food industry is in a growth phase, with increasing domestic brand recognition and continuous growth among leading companies [3][43]

双企登榜广东50 强！封开杏花鸡 现代产业体系建 设成果凸显_南 方+_南方plus 12月12日，大湾 区农交会现场传 来重磅喜讯， 2025年广东农业 企业品牌价值50 强榜单正式揭 晓，肇庆封开县 两家畜禽企业强 势上榜！广东粤 宏康农业科技有 限公司位列第46 名，封开县广远 家禽育种有限公 司位居第50名， 双双跻身省级品 牌强阵。 作为广东省农业 领域极具权威性 的品牌评价，广 东农业企业品牌 价值50强榜单聚 焦企业品牌影响 力、产业贡献度 与市场竞争力， 其结果是对企业 综合实力的高度 认可。此次封开 两家企业同时上 榜，且均深耕畜 禽产业，既是对 企业自身发展的 肯定，更印证了 在封开杏花鸡这 企业，自2021年 成立以来发展迅 猛，如今已形成 家禽养殖、食用 农产品初加工、 批发零售于一体 的全链条布局。 一国家地理标志 区域公用品牌的 引领下，当地畜 禽产业集群化发 展、经营主体不 断壮大的良好态 势。 近年来，封开县 始终以品牌建设 为抓手，加大对 特色农业产业的 扶持力度，推动 政策、资金、技 术等要素向产业 集聚，逐步构建 起标准化、规模 化、品牌化的现 代农业发展体 系，为企业成 ...

证券日报网讯 12月12日晚间，皇氏集团发布公告称，公司于2025年12月12日召开第七届董事会第十一 次会议，审议通过了《关于新增公司为村集体股份经济合作社提供担保额度的议案》。根据生产经营的 融资需求，公司拟新增为防城港市、上思县等广西地区内的村集体股份经济合作社购买奶牛及饲料向银 行申请的贷款提供连带责任保证，本次新增担保事项预计总额合计不超过人民币3，000万元，担保范围 为借款本金、利息、罚息、复利、违约金、赔偿金及银行实现债权的费用等，担保期限为主合同项下的 借款期限届满之次日起三年，担保协议暂未签署。 （文章来源：证券日报） ...

证券日报网讯 12月12日晚间，立华股份发布公告称，公司于2025年12月12日召开第四届董事会第九次 会议，会议审议通过了《关于为合作养殖农户提供担保的议案》，同意公司为合作养殖农户向银行等金 融机构融资提供合计不超过人民币36，000万元的担保额度。 （文章来源：证券日报） ...

Core Viewpoint - Jiangsu Lihua Food Group Co., Ltd. plans to conduct commodity futures and options hedging business in 2026 to mitigate risks from fluctuations in feed raw material and pig prices, with a maximum margin and premium usage of 300 million yuan and a contract value limit of 3 billion yuan per trading day [1][2]. Group 1: Hedging Business Details - The hedging business focuses on commodities directly related to production, aiming to mitigate risks from price fluctuations of corn, soybean meal, and live pigs, thereby locking in breeding costs and profits [2]. - The maximum margin and premium for the hedging business will not exceed 300 million yuan, and the maximum contract value per trading day is set at 3 billion yuan [2]. - The trading period for this hedging business is from January 1, 2026, to December 31, 2026 [2]. Group 2: Business Background and Risk Mitigation Logic - As a leading enterprise in the domestic yellow feather broiler breeding industry, Lihua also engages in pig farming, where feed raw materials like corn and soybean meal constitute a significant portion of production costs [2]. - The company employs a "centralized procurement + regional assistance" model, making it vulnerable to price fluctuations that directly impact cost control [2]. - Since 2025, domestic pig prices have experienced increased cyclical volatility, and feed raw material prices have shown fluctuations influenced by international grain prices and domestic supply and demand [2]. Group 3: Risk Control and Compliance - The company has established a multi-dimensional risk control mechanism to address potential risks associated with the hedging business, identifying four core risk points: basis risk, funding risk, technical risk, and policy risk [4]. - Control measures include matching position sizes with operational scales, strict adherence to the futures management system, and requiring approval for operational directives from the general manager [4]. - Financial handling will comply with accounting standards to ensure accurate disclosure of hedging tools and related gains and losses [4]. Group 4: Market Impact and Investor Attention - The hedging business represents approximately 5.2% of the company's most recent audited net assets, calculated based on a net asset value of 5.77 billion yuan as of the end of 2024 [5]. - Analysts note that using derivative tools to hedge price risks has become an industry consensus for breeding enterprises, and this move by Lihua is expected to stabilize long-term profitability, especially during downturns in the pig cycle [5]. - The company will regularly disclose the progress of the hedging business as required, despite the established risk control system, acknowledging that market volatility may lead to actual results falling short of expectations [5].

（文章来源：证券日报） 证券日报网讯 12月12日，仙坛股份在互动平台回答投资者提问时表示，公司主营业务为饲料生产、父 母代肉种鸡养殖、雏鸡孵化、商品代肉鸡养殖与屠宰、鸡肉产品加工、销售。公司主要产品是商品代肉 鸡及鸡肉产品，其中鸡肉产品主要以分割冻鸡肉产品、冰鲜鸡肉产品和调理品的形式销售。 ...

Group 1 - The core transaction on December 12 involved a block trade of 350,000 shares of Wens Foodstuff Group, with a transaction value of 4.669 million yuan, at a price of 13.34 yuan per share, representing a discount of 21.02% compared to the closing price of the day [2][3] - In the last three months, Wens Foodstuff Group has recorded a total of 10 block trades, with a cumulative transaction value of 59.8862 million yuan [2] - The closing price of Wens Foodstuff Group on the day of the report was 16.89 yuan, reflecting an increase of 1.26%, with a turnover rate of 0.52% and a total trading volume of 522 million yuan [2] Group 2 - The latest margin financing balance for Wens Foodstuff Group is 935 million yuan, which has increased by 43.6036 million yuan over the past five days, marking a growth of 4.89% [3] - One institutional rating has been issued in the past five days, with Dongfang Securities setting the highest target price for the company at 22.68 yuan as of December 11 [3] - Wens Foodstuff Group was established on July 26, 1993, with a registered capital of 6.653927141 billion yuan [3]