Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Insights - The 2026 Central Document emphasizes agricultural modernization, focusing on stabilizing grain production, promoting healthy development in animal husbandry, and enhancing agricultural technology innovation [3][4][5] - The grain production target has been raised to approximately 1.4 trillion jin, with initiatives to improve grain quality and variety [5][6] - The document acknowledges the success of previous measures in the livestock sector and introduces new strategies to boost dairy product consumption [8][9] - Agricultural technology innovation is highlighted, with a focus on the implementation of breeding actions and the integration of AI in agriculture [15][21] Summary by Sections Grain Sector - The document sets a grain production target of stabilizing at around 1.4 trillion jin and emphasizes quality improvement and variety enhancement [5][7] - It includes measures to protect farmers' interests, such as determining minimum purchase prices for rice and wheat [5][7] - The document also stresses the importance of developing a futures market for agricultural products [5][7] Livestock Sector - The document reinforces the need for comprehensive regulation of pig production capacity and acknowledges the success of previous measures in stabilizing the beef and dairy industries [8][9][11] - It promotes measures to enhance dairy product consumption and supports the development of forage crops [9][11] Agricultural Technology - The document continues to emphasize the implementation of breeding actions and the promotion of breakthrough varieties [15][16][17] - It encourages the development of high-end intelligent agricultural machinery and the integration of AI, drones, and IoT into agricultural practices [21][25] Investment Recommendations - The report recommends several companies across different segments, including: - Livestock: YouRan Agriculture, Modern Agriculture [27] - Swine: HuaTong Co., DeKang Agriculture, MuYuan Co., Wen's Co., TianKang Bio, and ShenNong Group [27] - Pet Industry: GuaiBao Pet [27] - Feed: HaiDa Group [27] - Poultry: LiHua Co., YiSheng Co., and ShengNong Development [27] - Animal Health: HuiSheng Bio [27] - Planting Chain: Hainan Rubber, QuanYin High-Tech, Guotou Fengle, and LongPing High-Tech [27]

Company Dynamics - The chairman of Beijing Dabeinong Technology Group Co., Ltd., Shao Genhuo, passed away on February 3, 2026, at the age of 60, prompting the company to express deep condolences by adjusting its website to a black-and-white interface and displaying his portrait [2] - Shao Genhuo, born in Jinhua, Zhejiang, entered Zhejiang Agricultural University in 1982 and later completed his doctoral studies at China Agricultural University, becoming one of the early agricultural PhDs in China [2] - In 1993, he founded Beijing Dabeinong Feed Technology Co., Ltd. with an initial capital of 20,000 yuan, which later evolved into Dabeinong Group, adhering to the philosophy of "serving the country and promoting agriculture" [2] - Dabeinong has expanded from the feed industry to multiple sectors, including seed industry, animal health, and vaccines, establishing itself as a leading enterprise in China's agricultural technology sector [2] - As of the end of 2024, Dabeinong has developed three core business segments: feed, seed, and pig farming, with feed production capacity exceeding 10 million tons and an annual pig output of 6.4 million heads [2] Management Philosophy and Social Responsibility - Shao Genhuo's management philosophy was forward-looking, exemplified by the employee stock ownership plan launched in 2014, where he distributed 6% of his shares (valued at over 1.3 billion yuan) to 3,000 employees, transitioning the company's governance from a family-based model to a platform-based one [3] - Dabeinong has demonstrated a strong sense of social responsibility, with special scholarships totaling over 45 million yuan benefiting more than 36,000 agricultural university students and faculty [3] - Shao Genhuo ranked high on the Harvard China Charity List, with personal donations totaling 150 million yuan in 2021, including a 10 million yuan donation to Xiamen University, reflecting his commitment to "serving the country and promoting agriculture" [3]

Core Insights - The report emphasizes a favorable outlook for the livestock sector, particularly dairy farming, anticipating a significant cyclical reversal in the industry [1][12] - The recommended stocks include leading companies in various segments such as dairy, pork, poultry, and pet food, indicating a diversified investment strategy [1][3] Livestock Sector - The livestock sector is expected to experience a cyclical reversal, with both beef and milk prices projected to rise, benefiting companies like Yuran Agriculture and Modern Farming [14][17] - The domestic beef market is anticipated to improve due to reduced production capacity and favorable pricing dynamics, with beef prices currently at 61.88 yuan/kg, reflecting a month-on-month increase of 1.59% [29] - The report highlights the potential for significant earnings recovery for dairy farming companies as milk prices are expected to rebound, driven by improved market conditions [14][17] Pork Sector - The pork sector is witnessing a stabilization in prices, with January 2026 pork prices at 12.16 yuan/kg, down 4% month-on-month, while piglet prices have surged by 57.86% [20][21] - Leading companies in the pork industry, such as Muyuan Foods and Huazhong Holdings, are expected to benefit from improved cash flows and dividend returns as the market stabilizes [15][19] - The report notes that the industry is undergoing a rationalization process, with a focus on reducing production capacity and enhancing profitability for leading firms [20][21] Poultry Sector - The poultry sector is experiencing a slight increase in supply, with broiler prices showing a month-on-month increase of 2.94% to 7.70 yuan/kg, indicating a potential recovery in demand [22][23] - The report suggests that the white-feathered chicken industry is poised for price recovery as domestic demand stabilizes, supported by seasonal consumption trends [22][24] - The overall outlook for poultry remains positive, with expectations of improved profitability driven by demand recovery and supply adjustments [22][24] Pet Food Sector - The pet food market is identified as a high-growth area, with domestic brands gaining market share and expected to benefit from rising consumer sentiment [16][18] - The report highlights the strong performance of leading pet food companies, which are focusing on product upgrades and direct sales strategies to capture market opportunities [16][18] - The pet food export volume has increased by 12.99% month-on-month, indicating robust demand in international markets [16][18] Feed Sector - The feed industry is expected to benefit from the deepening industrialization of livestock farming, with leading companies leveraging technological and service advantages to enhance competitive positioning [1][3] - The report notes that feed prices are at historical lows, providing a supportive cost structure for livestock producers [20][21] Agricultural Products - The report tracks agricultural product prices, indicating that soybean meal prices are at historical lows, while corn prices have shown a slight increase to 2333 yuan/ton [2][21] - The overall agricultural market is characterized by a focus on supply-demand dynamics, with expectations of tightening supply for key commodities like soybeans and corn [20][21]

Core Insights - The report emphasizes a favorable outlook for the livestock sector, particularly dairy farming, anticipating a significant cyclical reversal benefiting Hong Kong-listed dairy farming companies [1][12] - The investment strategy highlights a recommended monthly portfolio including leading companies in various segments such as dairy, pig farming, and pet food [1][3] Livestock Sector - The livestock sector is expected to experience a cyclical reversal, with both beef and milk prices projected to rise, driven by a reduction in domestic beef production and a historical low in milk prices [14][29] - Key recommendations include Yuran Dairy and Modern Farming, which are positioned to benefit from the anticipated price recovery in raw milk and beef [14][17] Pig Farming Sector - The pig farming sector is witnessing a stabilization in prices, with a notable increase in piglet prices, indicating a potential recovery in profitability for leading companies [20][21] - Recommended companies in this sector include Muyuan Foods, Wens Foodstuffs, and Huazhong Holdings, which are expected to benefit from improved cash flow and dividend returns [3][15] Poultry Sector - The poultry sector is seeing a slight increase in supply, with expectations of demand recovery supporting price stability, particularly for broiler chickens [22][24] - Leading companies such as Lihua Agricultural and Shengnong Development are highlighted for their competitive advantages in cost management and market positioning [18][19] Pet Food Sector - The pet food market is identified as a high-growth area, benefiting from rising consumer sentiment and the emergence of domestic brands [16][18] - Companies like Guibao Pet Food are recommended for their strong growth potential in this segment [3][16] Feed Sector - The feed industry is expected to deepen its industrialization, with leading companies leveraging technological and service advantages to enhance competitive positioning [1][3] - The report notes that feed prices are at historical lows, providing a supportive cost structure for producers [20][21] Agricultural Products - The report tracks agricultural product prices, noting fluctuations in pork, chicken, and feed prices, with implications for overall market dynamics [2][21] - The analysis indicates that soybean meal prices are at historical lows, while corn prices are stabilizing, suggesting a tightening supply-demand balance in the medium term [20][21]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：浙股 2月3日，大北农创始人、董事长邵根伙不幸在京病逝，享年60岁。 邵根伙博士1965年出生于浙江金华，1982年考入浙江农业大学畜牧专业，中国农业大学博士毕业，是中 国第一位猪营养学博士。 1991年，邵根伙在北京农学院任教，成为该校第一位博士教师。 1993年，邵根伙以2万元资金创办大北农。2010年，大北农在深交所上市，逐渐成长为覆盖种业、饲 料、动保等全产业链的农业高科技企业，最新市值177.59亿元，邵根伙持股21.58%。 邵根伙热心公益，近10年持续对外捐赠： 2022年7月18日：大北农集团向东北农业大学捐赠1亿元人民币。 2022年7月5日：大北农集团出资1亿元与四川农业大学共建现代产业学院。 2022年3月25日：邵根伙个人向中国农业科学院作物科学研究所"庄巧生小麦奖励基金"捐赠500万元。 2022年3月5日：大北农投入3亿元与南京农业大学共建高级别动物生物安全实验室，并捐赠专项资金支 持南京农大教育事业发展。 2022年2月22日：邵根伙个人向福建农林大学捐赠1.6亿元。 2022年1月12日：邵根伙个人 ...

Market Review - The agricultural index increased by 1.82% this week, outperforming the Shanghai Composite Index which fell by 0.44% and the Shenzhen Component Index which dropped by 1.61% [1] - All secondary industries within agriculture saw gains, with planting and feed industries leading at 9.44% and 1.76% respectively [1] - The top 10 gainers were primarily in the planting sector, while the top 10 losers were concentrated in the breeding sector [1] Core Insights Breeding Industry Chain - Pig Prices: The national average price for live pigs is 12.3 yuan/kg, down by 0.67 yuan from last week; the average price for piglets is 28.62 yuan/kg, up by 0.59 yuan [2] - Slaughtering Rates: The operating rate of large-scale slaughterhouses is 39.69%, up by 3.21 percentage points from last week and 12.3 percentage points year-on-year [2] - Production Capacity: By December 2025, 16 listed pig farming companies are expected to have a total output of 17.9 million pigs, a 2.9% increase quarter-on-quarter and a 1.35% increase year-on-year [2][3] Industry Recovery - The pig farming industry is experiencing a slowdown in capacity reduction, with the number of breeding sows at 39.61 million, down by 116,000 year-on-year [3] - Market pressures and potential policy changes are expected to impact the industry negatively in the near term [3] Individual Stock Valuation - Most listed breeding companies are currently valued at historical lows, indicating significant long-term investment potential [4] - The chicken industry is experiencing price fluctuations, with the average price for broiler chickens at 3.83 yuan/kg, up by 0.17 yuan from last week [4][5] Planting Industry Chain - Seed Industry: The strategic importance of the seed industry is recognized, with ongoing policy optimization and advancements in genetically modified organisms expected to boost seed prices [10] - Grain Prices: Recent demand and planting sentiment have led to price increases in various grains, with corn averaging 2390 yuan/ton and wheat at 2529 yuan/ton [12] Industry Data - The average price for live pigs is 12.3 yuan/kg, down by 0.67 yuan; the average price for broiler chickens is 3.83 yuan/kg, up by 0.17 yuan [13] - The average price for chicken feed remains stable at 3.45 yuan/kg, while the average price for corn is 2390 yuan/ton, reflecting a recent increase [13]

Core Insights - The agricultural sector underperformed the CSI 300 index by 1.8 percentage points in January 2026, with a decline of 0.2% for the sector compared to a 1.7% increase for the index [15][17]. - Low-cost pig farming enterprises are showing competitive advantages, with significant performance differentiation among companies as indicated by their annual earnings forecasts [4][29]. Market Review - In January 2026, the agricultural sector's performance lagged behind the CSI 300 index by 1.8 percentage points, with the sector down 0.2% while the index rose 1.7% [15][17]. - The planting, animal health, fishery, and agricultural processing sub-sectors saw increases of 13.7%, 13.0%, 10.0%, and 6.6% respectively, while feed and livestock farming sub-sectors decreased by 0.1% and 5.1% [15][18]. Livestock Farming - The average price of live pigs in January 2026 was 12.53 CNY/kg, reflecting an 11.8% month-on-month increase but a 21.2% year-on-year decrease [29][34]. - The average profit for self-bred pigs was approximately 5.9 CNY/head, a month-on-month increase of 154 CNY/head, but a year-on-year decrease of 159.8 CNY/head [29][32]. - The average profit for purchased piglets was 47.5 CNY/head, with a month-on-month increase of 260.6 CNY/head and a year-on-year increase of 92.2% [29][32]. Raw Material Prices - In January 2026, the average spot price of corn was approximately 2365 CNY/ton, reflecting a month-on-month increase of 0.7% and a year-on-year increase of 10.6% [48][49]. - The average spot price of wheat was about 2520 CNY/ton, with a month-on-month increase of 0.2% and a year-on-year increase of 5.2% [54]. Investment Recommendations - The report recommends focusing on leading companies with cost advantages, such as Wens Foodstuffs Group and Muyuan Foods, while also considering companies like Dekang Agriculture and New Hope for their potential turnaround [4][29]. - For smaller livestock companies, attention is drawn to Tiankang Biological, Shennong Group, and Tangrenshen [4][29].

农业板块迎来行情催化，农发种业开盘10分钟内封死涨停，相关种业个股同步异动，板块整体表现活 跃。此次行情发酵源于两方面因素，一是农产品涨价预期逐步升温，生猪、大豆等品种价格出现波动上 行迹象；二是年度相关政策进入预热阶段，市场对产业支持政策落地抱有期待。 养殖产业链：涵盖生猪、白鸡、黄鸡等细分领域，生猪产业当前处于产能缓慢去化阶段，能繁母猪存栏 仍略高于正常保有量，冬季非洲猪瘟疫情防控压力上升，行业盈利随猪价短期反弹有所修复；白鸡祖代 引种量维持高位，商品代供给宽松，养殖环节保持微利；黄鸡产能处于历史低位，供给偏紧叠加消费旺 季需求支撑，养殖盈利保持稳定，立华股份、温氏股份等企业凭借成本优势占据市场份额。 本文源自：市场资讯 种植产业链：种业领域政策持续优化，转基因技术产业化稳步推进，优质种子产品迭代升级带动行业结 构调整；粮价受国际市场美联储降息、库消比下降及国内最低收购价政策支撑呈现上涨趋势，玉米、小 麦收购价格震荡上行，种植企业收益随粮价波动调整，苏垦农发等种植主体凭借规模化种植优势，收益 稳定性较强，中长期配置价值凸显。 作者：观察君 动保产业链：兽用化药领域，泰妙菌素、泰万菌素等产品价格处于高位震荡 ...

Core Viewpoint - The report from Huachuang Securities indicates that while the industry is facing challenges due to increased competition, there is a stabilization and recovery in the prices of veterinary raw materials and vaccines, driven by innovation among successful companies [1] Vaccine Batch Release - In 2025, most vaccine varieties are expected to see year-on-year growth in batch releases, with new vaccines performing particularly well [1] - Specific growth rates for pig vaccines include: foot-and-mouth disease vaccine +6.4%, porcine circovirus vaccine +13.0%, pseudorabies vaccine +5.1%, swine fever vaccine +11.7%, and porcine enterovirus vaccine +21.3% [1] - For poultry vaccines, notable increases include avian influenza trivalent vaccine +22.8%, Newcastle disease vaccine +8.8%, and duck infectious serositis vaccine +17.3% [1] - The brucellosis vaccine for ruminants saw a significant increase of +61.6%, while the small ruminant plague vaccine decreased by -16.2% [1] - In the pet vaccine sector, domestic rabies vaccine and domestic cat trivalent vaccine increased by +22.1% and +32.3% respectively [1] Subspecies Analysis - In 2025, the economic product porcine circovirus vaccine and the mandatory immunization swine fever vaccine are expected to see faster growth due to increased farming profitability and pig output [2] - The rapid growth of the avian influenza trivalent vaccine and duck infectious serositis vaccine is attributed to heightened awareness of poultry diseases [2] - The brucellosis vaccine continues to maintain high growth rates due to the introduction of new products, while the small ruminant plague vaccine has seen a decline due to a high base from the previous year [2] Pet Vaccine Performance - The domestic cat trivalent vaccine, launched in early 2024, continues to show high growth in 2025 due to effective market promotion and consumer education [3] - Different types of vaccines for the same disease show varied performance, with the single foot-and-mouth disease vaccine decreasing by -0.7% and the multi-valent vaccine increasing by +8.9% [3] - The porcine foot-and-mouth disease OA bivalent vaccine saw a growth of +12.3%, while the porcine circovirus vaccine increased by +19.7% [3] Veterinary Raw Material Prices - In 2025, the Veterinary Product Index (VPI) is expected to rise by 7.2% year-on-year, with significant price increases in macrolide products [4] - Specific price increases include: tylosin +29.5%, tiamulin +11.4%, and tilmicosin +22.9% [4] - However, some products like florfenicol and amoxicillin have seen price declines of -5.9% and -21.0% respectively [4] - The market is anticipated to remain weak in the short term due to ongoing pressures in the farming sector and the traditional off-season for veterinary drugs [4]

Core Viewpoint - The agricultural, animal husbandry, and fishery sector is experiencing a strong upward trend, with the only agricultural ETF (159275) showing a significant increase, recovering key moving averages [1][3]. Group 1: Market Performance - The agricultural ETF (159275) opened with fluctuations but quickly surged, closing with a gain of 1.53%, recovering the 5-day, 10-day, and 20-day moving averages [1]. - Key stocks in the sector, such as Huisheng Biological and Rhine Biological, reached their daily limit, while others like Haili Biological and Zhongmu Co. also showed significant gains [1][2]. Group 2: Industry Insights - The livestock farming sector faces supply pressures, and policy guidance may accelerate capacity reduction. The poultry farming sector is influenced by frequent outbreaks of avian influenza, creating uncertainty in breeding stock imports, which could benefit the white feather chicken industry in the medium to long term [1]. - The animal health industry continues to show potential for growth, with new products being launched to drive revenue. The seed industry should focus on the progress of biological breeding expansion, while the pet sector maintains a growth trend with increasing market share for domestic brands [1]. Group 3: Valuation and Investment Opportunities - The current valuation of the agricultural, animal husbandry, and fishery sector is relatively low, indicating a favorable time for investment. As of January 23, the agricultural ETF (159275) had a price-to-book ratio of 2.5, positioned at the 23.53 percentile over the past five years, highlighting its long-term investment value [3]. - Short-term forecasts suggest that pig prices may still decline, with industry capacity already reduced due to policy adjustments and supply pressures. The overall profitability of the pig farming sector remains strong, with opportunities for high-quality enterprises to capture excess profits [3].