Core Insights - The article emphasizes the integration of classroom learning with rural practice to cultivate a love for agriculture and develop skills for agricultural prosperity, as highlighted by President Xi Jinping's message to students at China Agricultural University [2] - The "Rural Comprehensive Revitalization Plan (2024-2027)" aims to promote agricultural education and production practice through initiatives like "Science and Technology Small Courtyards" [2] Group 1: Hunan Changsha County Xifu Village - The Xifu Science and Technology Small Courtyard has become a model for modern livestock industry development, attracting young talent and transforming the local economy [4] - The courtyard was established in 2018, utilizing pilot funds to build research facilities and has since hosted over 100 graduate students annually from Hunan Agricultural University [4][5] - The initiative has led to significant research outcomes, including a study on the growth patterns of meat chickens, which was successfully implemented by a local enterprise [4] Group 2: Guizhou Qixingguan District Longfeng Village - The establishment of the Qixingguan Pear Technology Small Courtyard has provided training to over 8,000 farmers, enhancing their skills and increasing the efficiency of pear cultivation [8] - The courtyard has developed a high-yield management system for pear farming, resulting in a 34.9% increase in yield and a 46.2% increase in vitamin C content, generating an annual output value exceeding 7 million yuan [8] - Local farmers, like Li Xingfa, have transformed into certified "technology farmers," helping others in the community with agricultural practices [7][8] Group 3: Xinjiang Bole City Grassland Ecological Restoration - The Bole Grassland Ecological Restoration Technology Small Courtyard focuses on selecting and cultivating native grass species to combat desertification and improve grassland quality [9][10] - The initiative has successfully increased vegetation coverage from 5%-15% to 60% and raised grass yield from 40 kg/mu to approximately 70 kg/mu [11] - Over 20,000 mu of land has been successfully planted, involving nearly 1,000 local herders in the planting and management processes, leading to increased income [11]

Group 1: Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Group 2: Core Views - The cyclical bottom of soybean has emerged, and the subsequent decline space is limited. It is estimated that soybeans will continue to show a relatively strong and volatile trend [1]. - Corn is expected to have a wide - range volatile trend before the Spring Festival. If there is a large decline and adjustment, it can still be considered to buy on dips [1]. - The inventory of laying hens in the first half of 2026 will decrease month - by - month, with significant declines in March and April, and a narrowing decline in May. It is not recommended to be overly bearish [2]. - The de - capacity of pigs is still ongoing. It is estimated that the spot supply around the Spring Festival is still large, and it is difficult for the near - month and spot prices to show a continuous rise. The far - month needs to focus on the de - capacity in the past two months and the number of sows [3]. Group 3: Summary by Related Content Soybean - In the Northeast production area, the spot market of low - protein soybeans is stable, with little remaining grain inventory at the grass - roots level and sluggish transactions. The supply of high - protein soybeans is tight, showing the characteristic of high - quality and high - price. The price of 39% protein content commercial soybeans in some areas is around 2.2 yuan per catty. Multiple domestic soybean two - way bidding transactions by Sinograin have all been completed, indicating certain market demand support [1]. Corn - In the production area, after entering the twelfth lunar month, farmers' attitude of holding prices has loosened slightly, and the phenomenon of threshing and selling grain by grass - roots farmers has increased, with a slight improvement in the supply of grass - roots corn. In terms of demand, there is a rigid demand for stockpiling before the Spring Festival in the feed and deep - processing industries, and the purchasing enthusiasm of some factories has increased. However, due to the relatively high price of dry grain, the inventory days of mainstream feed and deep - processing corn have increased to more than 30 days, and the factory's raw material inventory is relatively safe, with a cautious attitude in the market [1]. Egg - Calculated from the chick replenishment data, the inventory of laying hens in the first half of 2026 will show a monthly decreasing trend, with significant declines in March and April due to the combined effects of less previous replenishment and accelerated elimination of old chickens. In May, the inventory will continue to decline, but the decline will narrow, and the industry will gradually enter the supply - demand adjustment transition period. The market is in a state of hesitation, with a slight decline after a recent upward rush, and there is no obvious driving force. Since the current inventory margin has improved slightly compared with the second half of last year, it is not recommended to be overly bearish [2]. Pig - At the end of 2025, the inventory of breeding sows was 39.61 million, a decrease of 1.16 million or 2.9%, and it was 101.6% of the normal reserve. In October 2025, the sow inventory was 39.9 million. In 2025, the national pig slaughter was 719.73 million, an increase of 17.16 million or 2.4% compared with the previous year. At the end of 2025, the national pig inventory was 429.67 million, an increase of 2.24 million or 0.5% compared with the end of the previous year. The pig de - capacity is still ongoing, and it is estimated that the spot supply around the Spring Festival is still large, and the near - month and spot prices are difficult to show a continuous rise [2][3].

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report 2. Core Views of the Report - The soybean market is expected to continue a moderately strong and volatile trend, with low - protein soybean prices in the Northeast stabilizing and high - protein soybeans in short supply. The 100% bid - ask success rate of CGSGB's soybean transactions shows market demand support [1] - Corn is expected to have wide - range fluctuations before the Spring Festival. If there is a significant decline, it can be considered for buying at low prices. In the Northeast, farmers' selling has increased, while feed and deep - processing plants have increased their inventory [1] - In the first half of 2026, the inventory of laying hens is expected to decline monthly, with the largest decline in March and April. Due to a marginal increase in inventory compared to the second half of last year, excessive short - selling is not recommended [2] - The de - capacity of the pig industry is still ongoing. The supply of live pigs around the Spring Festival is expected to be large, and the near - term and spot prices are unlikely to rise continuously. The far - term market depends on capacity reduction in the past two months and the number of sows [3] 3. Key Points by Commodity Soybean - Low - protein soybean prices in the Northeast are stable, with tight supply and limited trading. High - protein soybeans are in short supply, with 39% protein content soybeans priced around 2.2 yuan per catty. CGSGB's soybean bid - ask success rate was 100% for 24,099 tons, indicating market demand support, and a moderately strong and volatile trend is expected [1] Corn - In the Northeast, farmers' selling has increased after the twelfth lunar month. Feed and deep - processing plants have a rigid demand for pre - holiday stocking, and some have increased their purchasing enthusiasm. However, due to the high price of dry corn, the inventory days of mainstream plants have increased to over 30 days. A wide - range pre - holiday fluctuation is expected, and buying at low prices can be considered if there is a significant decline [1] Egg - Based on chick replenishment data, the inventory of laying hens will decline monthly in the first half of 2026, with the largest decline in March and April due to low replenishment and accelerated old - hen culling. The decline will narrow in May as the industry enters a supply - demand adjustment period. Excessive short - selling is not recommended due to a marginal increase in inventory [2] Pig - At the end of 2025, the inventory of breeding sows was 39.61 million, a decrease of 1.16 million or 2.9%, and 101.6% of the normal level. In 2025, the national pig slaughter was 719.73 million, an increase of 17.16 million or 2.4%. The year - end inventory was 429.67 million, an increase of 2.24 million or 0.5%. The de - capacity is ongoing, and the near - term and spot prices are unlikely to rise continuously around the Spring Festival. The far - term market depends on recent capacity reduction and sow numbers [2][3]

每经AI快讯，1月28日，午后养殖板块局部异动，晓鸣股份涨超10%，大北农、罗牛山、益生股份、湘 佳股份等冲高。 （文章来源：每日经济新闻） ...

1月27日晚间，京基智农（000048.SZ）发布的股份回购进展公告受到市场关注。公告显示，公司已累计 回购股份543.80万股，占总股本的1.03%，成交金额共计0.94亿元。其中，最高成交价为19.50元/股。 科技布局打开估值空间，双轮驱动战略清晰 真正的看点在于京基智农在科技赛道的突破。公司锚定具身智能万亿蓝海，拟控股国家级专精特新"小 巨人"汇博机器人，后者2026-2028年承诺年收入增速不低于30%，年内将发布2款人形机器人。 据悉，"十五五"规划将机器人产业作为培育新质生产力的关键领域，并置于重要位置。国家层面正大力 推动其创新发展与融合应用，为公司此次布局提供了明确的政策支持和发展机遇。 根据此前规划，公司拟在6个月内使用1亿至2亿元自有资金回购股份，用于股权激励或员工持股计划。 实际上，早在1月7日，京基智农就已启动首次回购，以999万元购入65.48万股。 此次快速有效的股份回购，不仅反映出管理层对公司内在价值的坚定信心，更以真金白银的实际行动， 向资本市场传递了积极的估值信号。 值得关注的是，公司已获1亿元专项贷款支持，这一融资将进一步强化公司实施回购的财务能力与执行 决心。 财务实力 ...

1. Report Industry Investment Rating - No specific investment rating for the industry is provided in the report. 2. Core Viewpoints of the Report - The domestic soybean spot market price is stable with a slight upward trend, and it is expected to continue the oscillatory trend [1]. - The domestic corn spot market atmosphere is strong, with prices rising in the north and falling slightly in the south. It is recommended to view it as wide - range oscillation before the Spring Festival, and consider buying on dips if there is a significant decline [1]. - The egg - laying hen inventory in the first half of 2026 will decline monthly, with significant drops in March and April and a narrowing decline in May. It is not recommended to be overly bearish [2]. - The pig de - capacity process is ongoing. The spot supply is expected to be large around the Spring Festival, and it is difficult for near - month and spot prices to rise continuously. Far - month prices depend on capacity reduction in the past two months and the number of sows [3]. 3. Summary by Related Catalogs Soybean - The domestic soybean spot market price is stable with a slight upward trend. Northeast产区 prices are stable, farmers' asking prices are unchanged, and most traders buy casually and consume inventory. Multi - platform soybean auctions attract attention and have good transactions. There is pre - Spring Festival replenishment demand, but it is difficult for traders to raise prices [1]. Corn - The domestic corn spot market atmosphere is strong, especially in the Northeast. The average purchase price of deep - processing enterprises in the Northeast increased by 0.7% week - on - week, in North China by 0.6% week - on - week, in northern ports by 0.66% week - on - week, and decreased by 0.4% in southern ports week - on - week. The strong pattern weakens from north to south and from production areas to sales areas. Deep - processing enterprises still have pre - holiday replenishment demand, and the increase in grassroots supply does not form pressure. There are concerns about the upside space due to the price inversion between production and sales areas and continuous reserve auctions. It is recommended to view it as wide - range oscillation before the Spring Festival and consider buying on dips if there is a significant decline [1]. Egg - Based on chick - replenishment data, the inventory of egg - laying hens in the first half of 2026 will decline monthly. The inventory decline is most significant in March and April due to low previous chick - replenishment and accelerated culling of old hens. In May, the decline narrows, and the industry enters a supply - demand adjustment transition period. The market is fluctuating, and there is no obvious driving factor. Since the inventory margin has improved slightly compared to the second half of last year, it is not recommended to be overly bearish [2]. Pig - At the end of 2025, the inventory of breeding sows was 39.61 million, a decrease of 1.16 million or 2.9%, and it was 101.6% of the normal reserve. In October 2025, the sow inventory was 39.9 million. In 2025, the national pig slaughter was 719.73 million, an increase of 17.16 million or 2.4%. At the end of 2025, the national pig inventory was 429.67 million, an increase of 2.24 million or 0.5%. The pig de - capacity process is ongoing. The spot supply is expected to be large around the Spring Festival. The demand has increased, but it is difficult for near - month and spot prices to rise continuously. Far - month prices depend on capacity reduction in the past two months and the number of sows [2][3].

Group 1: Market Overview - The stock market experienced adjustments, with the Shanghai Composite Index down 0.09% at 4132.61 points and the Shenzhen Component Index down 0.85% at 14316.64 points, amid geopolitical tensions leading to increased risk-averse trading [1] - The total trading volume across both markets remained high, exceeding 3.28 billion [1] Group 2: Livestock Industry - The Livestock ETF (159865) rose over 2%, with the national average price of live pigs increasing to approximately 13.02 yuan/kg as of January 25 [1] - The livestock sector has undergone significant capacity reduction after a deep adjustment in 2025, with current valuations still at relatively low historical levels [1] - The industry is transitioning from losses to slight profits, indicating a high safety margin and cost-effectiveness for investment [1] - The delayed effects of capacity reduction are expected to manifest gradually in 2026, with the industry's prosperity likely to spiral upward [1] - The sector is currently in a "bottoming" phase, suggesting that investors should consider the allocation value of the Livestock ETF (159865) and adopt a phased investment strategy [1] Group 3: Coal Industry - The coal sector performed well, with the Coal ETF (515220) rising approximately 2% due to strong cold air sweeping the nation and record-high winter electricity loads [2] - The investment logic in the coal sector is shifting from purely "cyclical speculation" to a dual drive of "dividends + growth" [2] - Supply constraints due to reduced capital expenditure under the "dual carbon" policy are expected to maintain a tight balance in supply and demand for the long term [2] - The coal industry's valuation remains at a relatively low historical level, with the China Securities Coal Index's dividend yield exceeding 6% over the past 12 months, making it attractive in the current low-interest market [2] - The Coal ETF (515220) is considered worthy of attention for investors seeking stable returns and defensive positions [2] Group 4: Precious Metals - COMEX gold prices surpassed 5000, with the Gold Fund ETF (518800) increasing by 2.61% and the Gold Stock ETF (517400) rising by 8.4% [3] - Continued purchases of gold by global central banks and the selling of U.S. Treasury bonds have heightened market risk aversion, increasing demand for precious metals [3] - Short-term outlook suggests that ongoing geopolitical conflicts will keep trading in the precious metals sector active, supporting gold prices [3] - The recent strength in gold prices may lead to short-term volatility risks after reaching new highs [3] - The long-term outlook remains supported by factors such as the Federal Reserve's interest rate cut cycle, increasing global uncertainties, and the trend of de-dollarization [3] - Investors are encouraged to continue monitoring investment opportunities in the Gold Fund ETF (518800) and Gold Stock ETF (517400) [3]

【冠通期货研究报告】 养殖产业链日报：近月宽松明显 发布日期：2026 年 1 月 26 日 大豆：国内大豆现货市场价格走势稳中偏强，其中东北产区现货价格平稳运 行，基层农户要价持稳，多数贸易主体随缘收购、消耗库存维持老客户，多平台 大豆拍卖不间断进行吸引贸易主体关注，整体成交良好，市场春节前有补库需求， 但都多方询价、寻求低价豆源，贸易主体提价出货困难。预估大豆延续震荡走势。 玉米：玉米市场看涨情绪持续升温，期现价格同步上涨，市场价格处于高位 运行。年关临近，传统售粮窗口逐步收窄，基层挺价惜售情绪出现松动，中储粮 持续投放拍卖粮源，下游节前备货有序推进，部分企业呈现补涨行情。不过，随 着政策性粮源投放规则调整，成交数量显著提升，叠加下游企业逐步达到安全库 存水平，继续提价意愿减弱，短期上涨行情有望趋缓。建议节前宽幅震荡看待， 不过如存在较大回落调整，仍可考虑逢低买入。 鸡蛋：最近鸡蛋价格飙升，标志着蛋鸡养殖行业逐步走出低谷，迎来盈利修 复的关键转折点。这一变化不仅缓解了养殖户的资金压力，更重塑了市场信心。 不过价格反弹再次使得近期涨价老鸡淘汰又在犹豫，新增降和延淘增似乎在平衡 着供应，涨价后库存又开始出现。 ...

Group 1 - A-shares continue to rise with increased trading volume, breaking previous highs, driven by heightened risk appetite during the spring rally [1] - Huatai Securities suggests that while strong momentum may allow for further spring market space, the trading structure is concentrated, indicating a potential shift towards rotation as some hot sectors may need to digest pressure [1] - The upcoming earnings forecast window suggests focusing on high-cost performance sectors, particularly those benefiting from external demand chain improvements and lower crowding themes, such as gaming, duty-free, batteries, engineering machinery, and agricultural chemicals [1] Group 2 - Non-ferrous metals are becoming a key focus for institutional investment, with seven non-ferrous metal-themed funds reported in the past week and significant net subscriptions exceeding 51 billion yuan for non-gold ETFs over the past year [3] - The pig farming industry is expected to see a slight recovery in sow production capacity in 2024, leading to a downward trend in pig prices in 2025, although there may still be slight profits throughout the year [3] - The industry is undergoing structural changes due to "anti-involution," with both passive and active capacity reductions expected to drive a gradual recovery in pig prices by the second half of 2026 [3] Group 3 - The industry is expected to remain in a trend of reduced demand and structural adjustment through 2026, with limited improvements in supply, demand, and profitability [5] - Focus on two main lines: differentiated production control and the potential recovery of undervalued cash flow assets, as well as the acceleration of domestic substitution in high-end steel materials benefiting leading special steel companies [5] - Southbound capital saw a record net inflow of 140.48 billion Hong Kong dollars, continuing to increase positions in the Hong Kong stock market, contributing to a strong performance in the Hang Seng Index and technology index [5] Group 4 - The short-term market trend is strong with significant new capital entering, although the market's profit-making effect remains weak [7] - The Shanghai Composite Index shows a one-sided upward trend, contrasting with regulatory "cooling" strategies, indicating potential downward pressure on the index [10] - The A-share earnings cycle may have reached a turning point, with a gradual improvement in earnings expected, making the recovery elasticity of earnings a key focus for 2026 [10]

Group 1 - The overall market trend for 2026 is expected to be optimistic, driven by a combination of fundamental, liquidity, sentiment, and policy factors [1][2] - China's GDP has surpassed 140 trillion, indicating a strong economic achievement that supports market performance [1] - Despite a recent cooling in market sentiment, the overall bullish sentiment remains high, and the market is currently undergoing a necessary adjustment phase [2] Group 2 - Historical analysis shows that previous bull markets have been characterized by short bursts of activity followed by long periods of adjustment, which negatively impacted investor experiences [3] - The current market environment is being guided towards healthier long-term development through measures such as increased margin requirements and regulatory support [4] - The AI sector remains a key focus for 2026, with strong growth expected in upstream computing power and semiconductor equipment due to expansion and rising demand [5][6] Group 3 - The innovative drug sector is projected to continue its growth trajectory in 2026, focusing on new drug platforms and expanding applications for existing treatments [6]