Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report analyzes the market trends of various agricultural products including soybean oil, rapeseed oil, palm oil, soybeans, soybean meal, rapeseed meal, corn, corn starch, soybeans, live pigs, and eggs, and provides corresponding operation suggestions based on supply - demand fundamentals, policy expectations, and price trends [3][4][5]. - For most products, it is recommended to consider the market situation before and after the Spring Festival, such as waiting for opportunities to go long after the festival for some products, and adopting a wait - and - see or short - term operation strategy before the festival [3][4][5]. Summary by Directory Part I: Sector Strategy Recommendations 1. Market Judgment | Sector | Variety | Market Logic | Support Level | Resistance Level | Market Outlook | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 05 | Pre - holiday stocking is ending, and the market is expected to improve after the holiday. Domestic soybean supply is sufficient. | 4300 - 4310 | 4550 - 4600 | Oscillate strongly | Lightly go long | | | Soybean No.2 05 | Pre - holiday stocking is over. The US soybean market is expected to improve, driving up the domestic soybean market. | 3400 - 3420 | 3550 - 3580 | Oscillate strongly | Wait and see | | Oils | Soybean oil 05 | The US biodiesel policy is expected to be favorable, and the prices of US soybeans and soybean oil are strong. China's soybean oil inventory is low. | 7950 - 8000 | 8560 - 8600 | Stabilize and oscillate | Go long when stabilizing | | | Rapeseed oil 05 | Limited contradictions before the holiday. | 8800 - 8810 | 9390 - 9400 | Oscillate | Wait and see | | | Palm oil 05 | MPOB report is positive, but February's high - frequency data is weak. Supply - demand is supported in Q1. | 8860 - 8880 | 9370 - 9400 | Oscillate | Look for buying opportunities after the holiday | | Protein | Soybean meal 05 | Supply is sufficient, pre - holiday stocking is basically over. The US soybean price is expected to rise, which may boost domestic soybean prices. | 2650 - 2680 | 2800 - 2830 | Oscillate strongly | Lightly go long in the short - term | | | Rapeseed meal 05 | Limited fundamental drivers, driven up by the protein sector. | 2190 - 2200 | 2340 - 2350 | Oscillate | Wait and see or operate within a range | | Energy and By - products | Corn 05 | Spring Festival supply - demand mismatch provides support. Short - term price may oscillate strongly. | 2240 - 2250 | 2350 - 2380 | Oscillate strongly | Go long on dips | | | Corn starch 03 | Follow the cost of corn and oscillate strongly. | 2450 - 2460 | 2620 - 2640 | Oscillate strongly | Wait and see | | Livestock | Live pigs 03 | Feed prices stop falling and rebound, and the expectation of capacity reduction is strengthened. | 11000 - 11300 | 12500 - 12800 | Find the bottom through oscillation | Lightly go long | | | Eggs 05 | Newly - opened production decreases + consumption peak season expectation. | 3300 - 3400 | 3650 - 3700 | Find the bottom through oscillation | Wait and see | [10] 2. Commodity Arbitrage - For most cross - period and cross - variety arbitrage, it is recommended to wait and see, except for the 3 - 5 spread of corn, where it is recommended to sell short at high prices [11][12]. 3. Basis and Spot - Futures Strategies - The report provides the spot prices, price changes, and basis changes of various varieties in different sectors, including oilseeds, oils, protein, energy and by - products, and livestock [13]. Part II: Key Data Tracking Table 1. Oils and Oilseeds - **Daily Data**: It provides the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, including CNF prices, import duty - paid prices, and the cost of soybean meal when the crushing margin is zero [15][16]. - **Weekly Data**: It shows the inventory changes and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, soybean oil, rapeseeds, rapeseed meal, rapeseed oil, palm oil, peanuts, and peanut oil, as well as their operating rates [17][18]. 2. Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, including CNF prices and import duty - paid costs [18]. - **Weekly Data**: It shows the consumption, inventory, operating rate, and sales progress data of corn and corn starch in deep - processing enterprises [19]. 3. Livestock - It provides the daily and weekly data of live pigs and eggs, including spot prices, price changes, and key market indicators such as production costs, profits, slaughter volume, and inventory [19][20][21][23]. Part III: Fundamental Tracking Charts - It includes a series of charts related to the livestock (live pigs and eggs), oils and oilseeds (palm oil, soybean oil, peanuts), and feed (corn, corn starch, rapeseed, soybean meal) sectors to track the market fundamentals [24][25][26][27][28][29][30][31][32][33][34][37][39][40][41][42][45][46][47][48][49][50][51][53][55][56][57][58][59][61][63][64][65][66][68][70][72][73][75][77][79][81][83][88][91][92][93][96][97] Part IV: Options Situation of Feed, Livestock, and Oils - It provides charts related to the options of feed, livestock, and oils, including the historical volatility of various products and the trading volume, open interest, and put - call ratio of corn options [89][92][93][94][96][97] Part V: Warehouse Receipt Situation of Feed, Livestock, and Oils - It provides charts showing the warehouse receipt quantities of various products such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs, as well as the open interest of the live pig and egg indices [98][99][101][103][105][106][107]

Core Viewpoint - The article discusses the marginal improvement in domestic prices as of January 2025, driven by input factors and anti-involution policies, while still remaining at low levels. It anticipates the potential for expanding domestic demand and monetary easing measures [1][9]. Group 1: CPI Analysis - In January, the CPI increased by 0.2% year-on-year, a decrease of 0.6 percentage points from the previous month, influenced by last year's high base and weak domestic demand [5][10]. - Food prices fell by 0.7% year-on-year, with pork prices down 13.7%, indicating a significant decline in demand [5][10]. - Core CPI rose by 0.8% year-on-year, but this was a decrease of 0.4 percentage points from the previous month, reflecting weak service price growth [12]. Group 2: PPI Analysis - The PPI decreased by 1.4% year-on-year in January, but the decline was less severe than in December, indicating a narrowing of the drop [6][21]. - Input factors have led to price increases in upstream industries, particularly in non-ferrous metals, while downstream sectors remain weak due to insufficient demand [21][24]. - The PPI is expected to recover more significantly, driven by anti-involution policies and geopolitical factors affecting commodity prices [8][21]. Group 3: Future Outlook - The article forecasts a moderate recovery in prices, supported by policies such as the "old-for-new" consumption incentive, adjustments in pig production capacity, and international gold price trends [8][9]. - The central bank's monetary policy is expected to remain accommodative, with potential for interest rate cuts and reserve requirement ratio reductions to stimulate demand [27][30]. - The overall economic environment is characterized by a strong supply but weak demand, necessitating continued efforts to stabilize market expectations and enhance domestic momentum [30][31]. Group 4: Pig Cycle Analysis - The pig price in January showed a year-on-year decline of 13.7%, but the rate of decline has narrowed, indicating a potential bottoming out of the cycle [16][17]. - The current pig cycle is still in a downward trend, with production capacity adjustments beginning but not yet sufficient to drive a significant price recovery [16][17]. - The industry is experiencing increased concentration, which may lead to reduced price volatility in future cycles compared to traditional patterns [18]. Group 5: Monetary Policy Insights - The central bank's Q4 report emphasizes the need for a flexible and effective monetary policy, with a focus on using tools like interest rate cuts to support economic recovery [27][30]. - There is a notable increase in household deposits moving towards wealth management products, indicating a shift in investment preferences that could impact bank liquidity [29][35]. - Loan interest rates continue to decline, with the weighted average rate at 3.15%, reflecting ongoing efforts to lower financing costs for the economy [29][36]. Group 6: Exchange Rate Dynamics - The RMB has strengthened, reaching a midpoint of 6.91 against the USD, creating a favorable environment for capital inflows and policy flexibility [38]. - The anticipated easing of US monetary policy may further enhance China's economic positioning and open up additional policy space [38].

截至9月30日，巨星农牧股东户数4.47万，较上期增加23.11%；人均流通股11407股，较上期减少 18.77%。2025年1月-9月，巨星农牧实现营业收入56.39亿元，同比增长42.57%；归母净利润1.07亿元， 同比减少58.69%。 分红方面，巨星农牧A股上市后累计派现2.22亿元。近三年，累计派现1.02亿元。 2月10日，巨星农牧跌0.84%，成交额9185.47万元。两融数据显示，当日巨星农牧获融资买入额1177.48 万元，融资偿还861.51万元，融资净买入315.97万元。截至2月10日，巨星农牧融资融券余额合计1.98亿 元。 融资方面，巨星农牧当日融资买入1177.48万元。当前融资余额1.96亿元，占流通市值的2.16%，融资余 额低于近一年30%分位水平，处于低位。 融券方面，巨星农牧2月10日融券偿还100.00股，融券卖出3400.00股，按当日收盘价计算，卖出金额 6.06万元；融券余量9.89万股，融券余额176.22万元，超过近一年90%分位水平，处于高位。 资料显示，乐山巨星农牧股份有限公司位于四川省成都市高新区名都路166号嘉煜金融科技中心1栋26 层，成立日期 ...

Group 1 - The core viewpoint of the article highlights that three Chinese A-share breeding companies reported positive year-on-year sales growth for January, with the highest increase exceeding 25% [1] Group 2 - Company Luoniushan reported sales of 59,100 pigs in January 2026, with a month-on-month increase of 0.93% and a year-on-year increase of 50.72%. The sales revenue was approximately 103 million yuan, reflecting a month-on-month growth of 3.55% and a year-on-year growth of 25.03% [1] - The increase in sales volume for Luoniushan was attributed to heightened customer demand ahead of the Spring Festival and an increase in the number of market pigs sold [1] Group 3 - Company Zhengbang Technology reported sales of 927,500 pigs in January 2026, including 530,500 piglets and 397,000 market pigs, marking a year-on-year increase of 62.33%. The sales revenue reached 816 million yuan, up 19.69% year-on-year [1] - The significant year-on-year increase in sales volume for Zhengbang Technology was primarily due to the gradual recovery of the company's business [1] Group 4 - Company Xiangjia announced sales of 4.0327 million live poultry in January, with sales revenue of approximately 9.03498 million yuan, representing year-on-year growth of 1.15% and 10.42%, respectively [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 天域生物科技股份有限公司（以下简称"公司"）现将 2026 年 1 月养殖业务 主要经营数据公告如下： 一、2026 年 1 月养殖行业主要经营数据 证券代码：603717 证券简称：天域生物 公告编号：2026-014 天域生物科技股份有限公司 2026 年 1 月养殖业务主要经营数据公告 1 月份 销售数量（万头） 销售收入（万元） 期末库存量 当月 累计 当月 累计 （万头） 2025 年 1 月 3.94 3.94 6,115.20 6,115.20 17.01 2025 年 2 月 3.12 7.06 4,270.88 10,386.08 15.14 2025 年 3 月 4.16 11.25 7,047.03 17,433.11 14.00 2025 年 4 月 3.51 14.76 5,932.95 23,366.06 13.32 2025 年 5 月 2.48 17.24 4,038.75 27,404.81 14.14 2025 年 6 月 3.18 20.42 ...

绿色循环是项目核心亮点之一。园区将配套先进环保处理设备，把鸡粪转化为优质有机肥，还计划养殖 黑水虻，用虫体蛋白作饲料，构建"鸡粪养虫、虫喂鸡鱼"的生态链。项目采用"企业+村集体+农户"模 式，预计可直接带动当地50人就业，通过土地流转为村集体增收。 与此同时，该乡望江村中农芯数智农业产业园的2000亩冬季蔬菜已基本栽种完毕，主要种植西芹、散花 菜，全部订单生产，销往北京、东北市场。依托衢州温和气候与设施农业优势，园区抢抓北方冬季蔬菜 供应缺口的时间差，大幅提升经济效益。针对近期低温，来自余杭区的技术团队指导农户覆膜保温，保 障蔬菜安全越冬。负责人张金耀正洽谈建设1000平方米保鲜冷库和分拣中心，破解仓储冷链难题，带动 农户形成规模效应。 （来源：衢州日报） 转自：衢州日报 本报讯 （报道组 郑晨 通讯员 方家盛 朱婧文） 近日，柯城区华墅乡园林村衢州富硒蛋鸡养殖产业园施 工现场一片繁忙，推土机轰鸣作业，水泥桩林立间，一座现代化蛋鸡养殖产业园已初具雏形。不远处的 连片蔬菜田里，农户们正娴熟地为西芹覆膜保温，田间地头处处涌动着奋进的热潮。 该蛋鸡养殖产业园占地101亩，总投资1.3亿元，规划建设11幢五列八层现代 ...

本文转自【羊城晚报】； 2月4日，大北农（002385）公告，公司实际控制人、董事长邵根伙先生于2026年2月3日因病离世，享年60岁。公司各位董事、高级管理人员及全体员工对 邵根伙先生的离世表示深切哀悼和缅怀。 邵根伙逝世后，公司现任董事人数由9人减少至8人，不会导致公司董事会成员低于法定最低人数。根据《公司章程》的规定，由公司副董事长张立忠代行 董事长职责，直至公司董事会选举新任董事长为止。 目前，大北农集团官网已变黑。 毕业后，他留在北京农学院当了一名教师。当年的他认为，只有做实业，才能给中国的农业发展带来改变。所以，他放弃了安逸的生活，开始了艰苦的创 业之路。1993年的冬天，邵根伙和朋友揣着2万元，在北京西郊租来的小屋内，创立了北京大北农饲料科技有限责任公司，产品开发的主攻方向定位在乳 猪料配方、乳猪料生产上。经过30多年的发展，大北农集团产业布局涵盖作物、饲料、养殖、动保等多个领域，拥有300多家生产基地和300多家分子公 司。 邵根伙曾荣获"中关村十大优秀企业家""改革开放三十年推动饲料工业发展十大经济人物"等多项荣誉。多次上榜胡润、福布斯全球富豪榜，2025年胡润百 富榜显示其财富为105亿元 ...

Core Viewpoint - The sudden passing of Shao Genhuo, the actual controller and chairman of Dabeinong, has raised concerns about the company's leadership and future direction [1][3]. Group 1: Company Leadership and Management - Shao Genhuo passed away on February 3 at the age of 60, prompting deep condolences from the board, senior management, and employees of Dabeinong [1][3]. - Following his death, the number of directors in Dabeinong decreased from 9 to 8, but it remains above the legal minimum [3]. - Zhang Lizhong, the vice chairman, will temporarily assume the chairman's responsibilities until a new chairman is elected [3]. Group 2: Company Background and Achievements - Shao Genhuo was the founder and chairman of Dabeinong, with a notable background in agricultural education and entrepreneurship [5]. - Dabeinong has developed a diversified industrial layout covering crops, feed, breeding, and animal health, with over 300 production bases and subsidiaries [5]. - The company was listed on the Shenzhen Stock Exchange in 2010, marking its entry into the capital market [5]. Group 3: Financial Performance and Challenges - Dabeinong projected a net loss of 450 million to 580 million yuan for the fiscal year 2025, a significant decline from a profit of 346 million yuan in the previous year [6]. - The anticipated loss is attributed to the sluggish pig market prices and underperformance of invested units, leading to asset impairment losses estimated to impact the company's profit by 600 million to 700 million yuan [6].

【导读】大北农实际控制人、董事长邵根伙因病逝世 中国基金报记者 忆山 2月4日，大北农发布公告称，公司实际控制人、董事长邵根伙于2026年2月3日因病逝世，享年60岁。 资料显示，邵根伙，1965年出生，中共党员，中国农业大学农学博士。曾任教于北京农学院。1994年10月创建北京大北农科技集团股份有限公司。生前任 北京大北农科技集团股份有限公司党委书记、董事长，北京大北农生物技术有限公司董事长，兼任浙江大学校董，中关村科技企业家协会会长、全国工商 联执行委员会委员、全联农业产业商会常务会长，北京市工商业联合会（北京市商会）副会长、中国饲料工业协会常务副会长、中国畜牧业协会副会长、 战略咨询委员会常务委员、中国农业技术推广协会副会长、中关村高新技术企业协会副会长、中国兽药协会副会长、北京中关村农业生物技术产业联盟理 事长、中国奶业协会副会长、龙商总会副会长、黑龙江省科技咨询委员会成员、全国农业企业发展联盟饲料产业联盟副主席、中国林牧渔业经济学会第五 届理事会理事、中国畜牧兽医学会副理事长、常务理事、中国农业国际合作促进会国际农业智库副主席、中国农村专业技术协会副理事长、中国植物营养 与肥料学会副理事长、吉林省人 ...

Investment Rating - The report rates the industry as "Outperforming the Market" [7] Core Insights - The 2026 Central Document emphasizes "strengthening the foundation" and "focusing on new quality" in agricultural modernization, highlighting the importance of capacity regulation, seed innovation, and agricultural structure optimization [1][2] - The shift in policy focus from "stable development" to "healthy development" in the livestock sector indicates a move towards sustainable profitability and supply-demand balance [3][4] - The report identifies 2026 as a pivotal year for the commercialization of biological breeding, with leading seed companies expected to experience significant performance releases [9][10] Livestock Industry - The policy now aims for "healthy development" in the pig industry, marking a transition from merely stabilizing production to fostering a sustainable profit ecosystem [2][3] - The introduction of "supply-demand balance" as a clear target reflects a deeper intervention strategy to mitigate the cyclical volatility historically faced by the industry [3] Seed Industry - The report indicates that 2026 will be a year of extensive promotion for biological breeding, with a focus on accelerating the selection and commercialization of breakthrough varieties [4][9] - The competitive landscape is shifting towards the quality and market presence of seed varieties, favoring companies with strong R&D capabilities and established market networks [9] Grain and Planting - The document reinforces the absolute bottom line for grain production at 1.4 trillion jin, providing a solid policy foundation for major grain producers [10][11] - Support for forage production is highlighted as a strategic move to enhance the efficiency of the entire food system, indicating structural opportunities for upstream planting and feed industries [10][11] Investment Recommendations - The report suggests that sectors such as livestock, planting, seeds, and feed are likely to benefit from the outlined policies, with specific companies like Guannong Co. identified as potential investment targets [11]