2月25日，禾丰股份涨0.14%，成交额2744.02万元。两融数据显示，当日禾丰股份获融资买入额192.38 万元，融资偿还254.82万元，融资净买入-62.44万元。截至2月25日，禾丰股份融资融券余额合计1.64亿 元。 融资方面，禾丰股份当日融资买入192.38万元。当前融资余额1.64亿元，占流通市值的2.47%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，禾丰股份2月25日融券偿还3800.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量2.05万股，融券余额14.99万元，低于近一年10%分位水平，处于低位。 资料显示，禾丰食品股份有限公司位于辽宁省沈阳市沈北新区辉山大街169号，成立日期2003年3月27 日，上市日期2014年8月8日，公司主营业务涉及饲料及饲料原料贸易业务、肉禽业务、生猪业务,同时 涉猎动物药品、养殖设备、宠物医疗等。主营业务收入构成为：禽产业38.68%，饲料产品35.89%，饲 料原料13.84%，猪产业9.47%，其他2.12%。 分红方面，禾丰股份A股上市后累计派现10.07亿元。近三年，累计派现1.58亿元。 机构持仓方 ...

开工动员大会上，该公司董事长郑石轩代表董事会向全体员工送上诚挚的节日祝福与亲切问候，并提出 明确的工作要求。他强调，全体粤海人需立足岗位担当职责，保持实干状态，以每日、每周、每月的扎 实行动推进工作，通过持续奋斗达成年度目标，共同完成年度业绩任务，彰显企业价值。同时，他号召 全体员工以集团愿景、使命和战略为指引，振奋精神、凝心聚力，扎实开好局、起好步，致力于为客户 和公司创造更高价值。 新一年，粤海饲料将以平稳开局为基础，聚焦既定目标、压实各环节责任，通过规范运营实现稳健发 展，全力保障市场供应稳定，持续提升服务能力与经营质量，以扎实业绩推动企业高质量发展，回馈员 工、客户、合作伙伴与投资者的信任与支持。 （编辑 郭之宸） 本报讯 （记者李雯珊 见习记者张美娜）2月25日，广东粤海饲料集团股份有限公司（以下简称"粤海饲 料"）以"迎战马年，开工大吉"为主题隆重举行2026年新春开工动员大会暨开年工作会议，集团国内及 越南等海外地区子公司新春开工动员大会同步进行。 集团各子公司开工仪式同步进行，全体员工悉数返岗到位，以崭新的精神面貌开启马年新征程，为新一 年生产经营与市场服务工作筑牢基础。 ...

（文章来源：证券日报） 证券日报网讯 2月24日，播恩集团在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 户数为9260户。 ...

Group 1: Key Events - The company, Zhengbang Technology, has a restructuring plan where the investor, Shuangbao Group, committed to integrating its pig farming and feed business assets into the listed company within 24 months after the restructuring is completed, expected by mid-December 2025 [1] - The company's stock price experienced a decline after failing to disclose any information related to the fulfillment of this commitment, despite an initial surge [1] Group 2: Financial Performance Goals - Shuangbao Group has set a target for the listed company to achieve profitability in the second year (2025) of the restructuring plan [2] - However, the company's net profit attributable to shareholders showed a significant decline in the first three quarters of 2025, and ongoing pressure on pig sales prices in the fourth quarter poses challenges to meeting the annual profitability goal [2] Group 3: Company Fundamentals - Although the company has completed its restructuring, its revenue has only recovered to about 30% of historical highs, and profitability remains hindered by rising operating costs and asset impairment losses [3]

以下文章来源于21财闻汇 ，作者谢之迎 21财闻汇 . 21世纪经济报道官方旗下矩阵成员，做有趣有料的财经新闻。 记者丨谢之迎 编辑丨谭璐 泰国富豪家族，参投全球最大养猪企业。 2月上旬，牧原股份成功登陆港交所，募资超100亿港元。在一众明星基石投资者中， 正大集 团一家认购2亿美元，约合14亿人民币，金额位居首位。 这笔投资，也在情理之中。 在中国，正大集团的布局，遍布饲料、养殖、食品加工等各个领域。养猪的牧原，就在其产 业链上。 正大由泰国华人谢氏家族掌舵，产业遍及全球。 在2025胡润全球富豪榜上，谢氏家族的身家 超2200亿元，位列全球第50。 谢镕仁 图源：正大集团 据报道，侯孝海入职后，主要将负责正大集团中国区消费品的市场与营销整合工作，包括鸡 蛋、猪肉、鸡肉、食品、饲料等业务的营销整合。 从业务来看，谢氏家族"从农场到餐桌"的产业链相当完备，覆盖种植、饲料、养殖、屠宰、 深加工、物流配送、商业零售和餐饮。 以正大食品为例，旗下包括鸡蛋、猪肉、水产、蔬果等生鲜食品，以及速冻面点、休闲小食 等方便食品。甚至延伸到葡萄酒、茶叶、咖啡、矿泉水等饮品。 | No. 50 | ~ 5 | ¥ 2200 亿 ...

Core Viewpoint - The development of Guangzhou's feed industry has been driven by regulatory guidance, policy empowerment, and industry collaboration, leading to a stable growth trajectory over the past 40 years [3][12][49]. Group 1: Historical Development - The Guangzhou feed industry began its modernization in 1983 with the establishment of the first modern feed factory, responding to national initiatives [7][17]. - Key early players included joint ventures and local enterprises that laid the foundation for talent and experience exchange in the industry [20][21]. - The introduction of national policies in the late 1990s helped to accelerate the industry's growth by providing tax relief and financial support [22][23]. Group 2: Regulatory and Policy Framework - The Guangzhou feed industry has benefited from effective macroeconomic regulation, with the local government conducting research to support policy implementation [26][27]. - The 2002 national regulations on feed and feed additives were influenced by local research, establishing standards for the entire industry [28][29]. - The local feed office and association have actively promoted internal management and brand development among enterprises [30][31]. Group 3: Innovation and Development Strategies - Continuous innovation is highlighted as a key competitive advantage for Guangzhou's feed industry, focusing on green development and the use of natural additives [34][35]. - The industry has adopted a strategy of enhancing animal immunity and product quality through advanced feed formulations [41][42]. - The future direction emphasizes value creation over mere scale expansion, with a focus on precision nutrition, smart manufacturing, and global market outreach [52][56].

年产10万吨玉米蛋白精加工项目进展：公司依托酶解技术平台投资建设的该项目已取得《饲料生产许可 证》，并完成消防、安全等验收手续，预计将巩固在饲料酶解蛋白领域的竞争优势，拓展客户至水产和 家禽领域。 行业政策与环境 政策环境关注：2026年2月3日发布的中央一号文件强调推进生物育种产业化，虽未直接涉及美农生物， 但可能对农业板块整体带来潜在影响。 业绩经营情况 经济观察网美农生物（301156）近期股东减持计划提前终止，年产10万吨玉米蛋白精加工项目已取得 《饲料生产许可证》，公司2025年第三季度业绩实现增长。 近期事件 股东减持计划提前终止：2026年2月9日，公司公告股东上海全裕智合管理咨询事务所(有限合伙)原计划 减持不超过1.0%股份，实际减持140.78万股(占公司总股本0.999967%)后提前终止减持计划。减持价格 区间为19.03元/股至21.32元/股，减持后该股东持股比例从6.38%降至5.38%。 股价与资金表现 资金流向波动：2026年2月10日，股价收于20.02元，较前一交易日下跌0.99%，主力资金净流出464.03 万元，换手率达5.11%。同期，2026年1月26日至27日另 ...

Core Viewpoint - China Galaxy Securities emphasizes the dual strategy opportunities in the pig farming industry, highlighting the potential for price rebounds in 2026 despite a year-on-year decline in pig prices due to production capacity adjustments and industry losses [1] Group 1: CPI and Pork Prices - In December, China's CPI increased by 0.8% year-on-year, with food prices rising by 1.1%, while pork prices fell by 14.6% year-on-year [1] - The month-on-month CPI rose by 0.2%, with food prices increasing by 0.3%, but pork prices decreased by 1.7% [1] Group 2: Fruit and Vegetable Prices - Seasonal increases in fresh fruit prices are the main driver of the current food CPI, while vegetable price growth has slowed [2] - January vegetable prices averaged 5.59 yuan/kg, up 6.37% year-on-year, with expectations for continued price increases in Q1 due to the later timing of the Spring Festival and weather impacts [2] - January fruit prices averaged approximately 7.88 yuan/kg, up 8.87% year-on-year, marking the highest level for the same period since 2020 [2] Group 3: Feed Raw Material Prices - In January, the average price of corn was 2364.6 yuan/ton, up 0.69% month-on-month and 10.55% year-on-year, with expectations for a stable price range in 2026 [3] - The average price of soybean meal was 3198.97 yuan/ton, up 1.94% month-on-month and 3.82% year-on-year, with a forecast of slight upward movement in 2026 [3] - Overall, the prices of feed raw materials are expected to remain stable, indicating no significant increase in breeding cost pressures [3] Group 4: Pig Farming Outlook - Following a price increase in late December 2025, pork prices are expected to face downward pressure after the Spring Festival due to seasonal consumption patterns [4] - The annual average price of pigs is projected to decline year-on-year, although there may be temporary rebounds influenced by seasonal disease impacts [4]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][53]. Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, declining by 2.88% from January 30, 2026, to February 12, 2026, which is approximately 2.16 percentage points lower than the index [7][14]. - Among the sub-sectors, only the fishery sector recorded positive returns, increasing by 0.27%, while feed, breeding, planting, agricultural product processing, and animal health sectors all experienced negative returns, with declines of 1.36%, 2.02%, 4.45%, 4.8%, and 7.3% respectively [15][19]. - The overall price-to-book (PB) ratio for the industry is approximately 2.61 times, reflecting a slight decline in valuation, and is at about 58.7% of the historical average since 2006, indicating a relatively low historical valuation level [22][24]. Industry Important Data - **Pig Farming**: - The average price of the national external three-line pigs fell from 12.52 CNY/kg to 11.57 CNY/kg during the reporting period [25]. - The cost of corn and soybean meal slightly decreased, with corn priced at 2372.16 CNY/ton and soybean meal at 3164 CNY/ton as of February 12, 2026 [27]. - Profitability for self-bred pigs was reported at -98.32 CNY/head, while for purchased piglets, it was 53.1 CNY/head, both showing a decline compared to the previous week [31]. - **Poultry Farming**: - The average price of broiler chicks increased to 2.4 CNY/chick, while the price for layer chicks remained stable at 3.2 CNY/chick as of February 13, 2026 [33]. - The average price for white feather broilers decreased to 7.48 CNY/kg, with profitability reported at -0.2 CNY/chick, indicating a decline from the previous week [36]. Industry News - The report highlights that the breeding capacity of sows is expected to continue decreasing in 2025, leading to a gradual reduction in pig supply and a potential increase in pig prices in 2026, which may improve breeding profitability [53]. - The report emphasizes the importance of monitoring the capacity reduction and the expected profitability improvement, particularly for leading companies in pig farming and poultry sectors [53]. Company Highlights - Key companies to watch include: - Muyuan Foods (牧原股份, 002714): A leading pig farming company with cost and scale advantages. - Wens Foodstuff Group (温氏股份, 300498): A major player in both pig and poultry farming with strong cost control. - Haida Group (海大集团, 002311): A leading feed company expected to maintain steady market share growth. - Shengnong Development (圣农发展, 002299): A leader in the white feather broiler industry with a strong supply chain. - Reap Bio (瑞普生物, 300119): A leader in the animal health sector with a growing product matrix for pet health [54].

Group 1: Swine Farming - In 2025, pig prices are expected to fluctuate downward, with an average price of 13.73 yuan/kg, a year-on-year decrease of 18.2%, leading to significant declines in the performance of listed companies in the swine sector [1] - Some companies are outperforming the industry with profits of 150-200 yuan per head, while one company has a projected total cost of approximately 11.4 yuan/kg by Q4 2025 [1] - The industry is expected to gradually reduce production capacity in H1 2026, with a potential recovery in pig prices anticipated in H2 2026 and 2027 [1] Group 2: Poultry Farming - The poultry industry has been experiencing low price fluctuations since 2025 due to high production capacity and weak consumer demand, with profits for the year expected to decline [2] - The sales of grandparent and parent stock chicks remain relatively high, which may suppress the price rebound in 2026 [2] - The impact of overseas avian influenza on breeding shortages and consumer recovery will be closely monitored [2] Group 3: Post-Cycle Farming - The feed and animal health industries are experiencing upward trends in 2025 due to recovery in livestock and aquaculture stocks, with many companies achieving high growth [3] - However, growth rates began to slow down from Q3 2025, prompting leading companies to seek breakthroughs through international expansion and new product development [3] - A further slowdown in domestic growth is anticipated in 2026, with recommendations for high-quality feed stocks and leading animal health companies [3] Group 4: Mushroom Industry - The mushroom sector has seen continuous price increases since Q3 2025 due to production capacity exiting the market, with strong performance expected to continue into Q1 2026 [4] - The industry is benefiting from the rising prices of edible mushrooms, particularly under the influence of seasonal demand during the Spring Festival [4] - Recommendations include leading companies that benefit from the rising cycle of enoki mushrooms and those with significant success in developing new product categories [4]