Group 1 - The feed sector increased by 1.5% on December 29, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the feed sector showed varied performance, with Tianma Technology closing at 16.93, up 3.11%, and Haida Group at 54.99, up 1.44% [1] Group 2 - The feed sector saw a net inflow of 38.96 million yuan from main funds, while retail investors experienced a net outflow of 67.89 million yuan [2] - Main funds showed significant interest in Tianma Technology, with a net inflow of 55.62 million yuan, representing 12.48% of its trading volume [3] - Tianma Technology and Tiankang Biological were among the top stocks with notable net inflows from main funds, while retail investors withdrew funds from several stocks in the sector [3]

Core Insights - The collaboration between Dabeinong Group and Fangjia aims to enhance travel management through digital and intelligent upgrades, improving employee travel experience and workplace satisfaction while supporting corporate growth [1] Group 1: Company Overview - Dabeinong Group operates across the entire agricultural value chain, including seed industry, feed, breeding, animal health, food, and agricultural internet [1] - The company is experiencing increased employee travel demands due to its expanding business scale, leading to challenges in resource integration and cost management [1] Group 2: Travel Management Solutions - The partnership with Fangjia allows Dabeinong employees to access better-priced and more diverse travel products and services through an integrated travel management system [1] - The integration of Dabeinong's expense control and OA systems with Fangjia ensures efficient data flow and compliance, enhancing employee experience while facilitating digital transformation [1] Group 3: Incentive Mechanism - Under the "Work Be" incentive system, Dabeinong employees can earn rewards by saving travel costs for the company, which can be used for various daily expenses, including travel, shopping, and entertainment [3] - Nearly 20,000 employees at Dabeinong are currently utilizing "Work Be" for their daily consumption payments, fostering a win-win situation of cost reduction for the company and benefits for employees [3] Group 4: Future Developments - Fangjia plans to continue expanding its digital service advantages and enhance the usage scenarios of "Work Be," supporting more industries in upgrading their travel management [6] - The innovative models like "Work Be" are aimed at promoting sustainable growth for companies while enhancing employee happiness [6]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The pork industry continues to face losses, with a focus on pig farming opportunities. The average price of live pigs is 11.59 CNY/kg, down 0.46% week-on-week. The total breeding sow inventory is 39.9 million heads, down 1.1% month-on-month and 2.1% year-on-year. The industry is experiencing ongoing losses, with self-bred and purchased pig farming losses at 130.11 CNY/head and 162.80 CNY/head respectively. The recent anti-dumping ruling may alleviate domestic pork supply pressure, leading to accelerated capacity reduction [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated winter crop seed supervision checks to ensure seed safety for the upcoming spring and summer planting. The checks focus on key crops such as corn, rice, soybeans, cotton, and vegetables. The commercialization of genetically modified technology is expected to accelerate, enhancing self-sufficiency rates of key varieties. Recommended stocks include Beidahuang and Suqian Agricultural Development [1][11]. Pig Farming - The average price of live pigs is reported at 11.59 CNY/kg, with a slight decrease of 0.46% from the previous week. The average price for pig futures is 11,469 CNY/ton, reflecting a 1.07% increase. The average weight of pigs post-slaughter is 89.57 kg, with a month-on-month increase of 3.21% in slaughter volume [12][62][65]. Recommended Stocks - For pig farming, recommended stocks include: 1. Livestock sector: Lihua Stock, Muyuan Food, Shuanghui Development, Dekang Agriculture, Jingji Zhino, and Wens Foodstuff 2. Feed sector: Haida Group 3. Animal health sector: Jinhai Biological, Biological Shares, Placo, and Zhongmu Shares [2][12].

长江期货养殖产业周报 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 【产业服务总部 | 饲料养殖中心】 研 究 员：叶 天 执业编号:F03089203 投资咨询号:Z0020750 目 录 01 饲料养殖观点汇总 02 品种产业数据分析 01 生猪：供需阶段性错配，期价反弹承压 u 风险提示：生猪疫情、规模场散户出栏情况、需求表现、二次育肥和冻品节奏、政策 2025-12-29 u 期现端：截至12月26日，全国现货价格11.52元/公斤，较上周跌0.05元/公斤；河南猪价11.82元/公斤，较上周涨0.12元/公斤；生猪2503收至11645元/吨，较上周涨320元/吨；03合 约基差175元/吨，较上周跌200元/吨。周度生猪价格先跌后涨，窄幅震荡。周前期因为冬至备货结束后需求回落，养殖端出栏节奏加快，导致价格偏弱，后半段因肥标价差走扩， 二育介入和养殖端惜售带动价格反弹。期货主力03因估值偏低，在宏观情绪推升下偏强震荡，基差走弱。 u 供应端：9月官方能繁母猪存栏量小降，10月在政策调控和养殖利润亏损背景下，产能去化有所加速，但仍在正常保有量3900万之上，叠加生产性能提升，在疫 ...

Core Insights - The Charoen Pokphand Group, led by the Thai billionaire Chearavanont family, has been recognized as one of the 25 wealthiest families globally, with a wealth of 375.3 billion yuan [2] - The group has diversified its operations across multiple sectors, including agriculture, retail, telecommunications, finance, real estate, and pharmaceuticals, with a projected revenue exceeding 700 billion yuan in 2024 [2][10] - The family has a strong commitment to the Chinese market, with over 200 billion yuan in revenue expected from China in 2024, and has been a significant player in the Chinese market for over 40 years [11][18] Company History - The origins of the Charoen Pokphand Group trace back to 1919 when Chee Yik Choo started a small seed shop in Thailand, which evolved into a comprehensive agricultural enterprise [3][4] - The company officially became Charoen Pokphand Group in 1953 under the leadership of Chee Yik Choo's son, Chearavanont, marking a shift from trade to a diversified agricultural business [4][5] - The second generation, led by Chearavanont, modernized the company and expanded it into a multinational corporation, entering the Fortune Global 500 in 1987 [6][7] Business Operations - The group operates in over 100 countries and employs more than 460,000 people globally, with a focus on three core sectors: agriculture, retail, and telecommunications [9] - In the financial sector, the group has made significant investments, including acquiring a major stake in China Ping An and a 20% stake in CITIC Group [14][15] - The pharmaceutical division, China Biopharmaceutical, has become a leading player in the Chinese market, with a market share of 60% for its antiviral drug and a revenue of over 3 billion yuan for another product [15][18] Future Prospects - The fourth generation of the Chearavanont family is now at the helm, with a focus on capital operations and technology, as evidenced by the planned IPO of Charoen Seed in 2025 [17][19] - The company is facing challenges in its core agricultural and pharmaceutical sectors, with declining revenues and market adjustments expected in 2024 [20] - The new generation's approach to capital operations raises questions about the future commitment to the agricultural roots of the business, which has historically been a key focus for the family [22]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The supply of fat pigs is tight, leading to an upward trend in pig prices before the New Year, supported by both supply and demand factors [4][14] - The export value of pet food has improved month-on-month, benefiting from increased export volumes, although the unit price remains under pressure [5][21] - The pig farming sector is experiencing accelerated losses, while the pet food sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [6][23][25] Summary by Sections Weekly Observation - The average price of live pigs in China as of December 28, 2025, is 12.21 CNY/kg, with a week-on-week increase of 0.78 CNY/kg and a year-on-year decrease of 3.49 CNY/kg [4][14] - The average weight of pigs sold is 129.70 kg, with a slight decrease from the previous week [14] Weekly Market Performance (Dec 22-26) - The agricultural index underperformed the market by 1.63 percentage points, with the Shanghai Composite Index rising by 1.88% and the agricultural index by 0.25% [26][30] Price Tracking (Dec 22-26) - The average price of live pigs is 11.63 CNY/kg, with a week-on-week increase of 0.05 CNY/kg [37] - The average price of broiler chickens is 7.82 CNY/kg, with a week-on-week increase of 6.39% [37] Key Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [6][23] - In the feed sector, recommended stocks include Haida Group and New Hope Liuhe [6][23] - For the pet food sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty [6][25]

证券之星消息，12月26日饲料板块较上一交易日下跌0.45%，佩蒂股份领跌。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。饲料板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 603668 | 天马科技 | | 955.07万 | 3.74% | 507.73万 | 1.99% | -1462.80万 | -5.72% | | 002548 | 金新农 | | 838.99万 | 2.17% | -1922.67万 | -4.97% | 1083.69万 | 2.80% | | 002567 | 唐人神 | | 598.15万 | 8.14% | -387.01万 | -5.27% | -211.14万 | -2.87% | | 002100 | 天康生物 | | 253.75万 | 1.87% | 171.35万 | 1.26 ...

Group 1 - The company, Tangrenshen (002567.SZ), has indicated that it operates sales businesses for pig feed and aquatic feed in Hainan Province [1]

证券之星消息，12月25日饲料板块较上一交易日上涨2.34%，海大集团领涨。当日上证指数报收于 3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 002311 | 海大集团 | 54.65 | 4.13% | 11.79万 | | 6.36亿 | | 603668 | 天马科技 | 16.40 | 3.34% | 17.79万 | | 2.91亿 | | 001313 | 超过奥圈 | 7.73 | 3.07% | 16.17万 | | 1.24亿 | | 688156 | 路德科技 | 16.38 | 2.12% | 1.61万 | | 2599.01万 | | 300673 | 佩蒂股份 | 18.73 | 1.79% | 5.90万 | | 1.10亿 | | 301498 | 乖宝宠物 | 68.39 | 1.32% | 2.44万 | | 1.67亿 | | 0013 ...

Group 1 - The core viewpoint of the news is that Zhengbang Technology's stock has seen a significant increase, with a rise of 5.83% to 3.63 CNY per share, and a trading volume of 647 million CNY, reflecting a turnover rate of 2.58% and a total market capitalization of 33.578 billion CNY [1] - Zhengbang Technology, established on September 26, 1996, and listed on August 17, 2007, is primarily engaged in feed production and sales, pig breeding and sales, and veterinary drug production and sales. The revenue composition is as follows: pig farming 59.63%, complete feed 38.31%, veterinary drugs 0.92%, concentrated feed 0.62%, and others 0.51% [1] Group 2 - From the perspective of fund holdings, one fund under ICBC Credit Suisse has a significant position in Zhengbang Technology. The ICBC Agricultural Industry Stock Fund (001195) held 6 million shares in the third quarter, accounting for 4.08% of the fund's net value, making it the eighth largest holding. The estimated floating profit today is approximately 1.2 million CNY [2] - The ICBC Agricultural Industry Stock Fund (001195) was established on May 26, 2015, with a current scale of 439 million CNY. Year-to-date returns are 13.5%, ranking 3245 out of 4197 in its category; the one-year return is 13.63%, ranking 3156 out of 4170; and since inception, the return is 5.9% [2]