1. 牧原股份全年业绩预期怎么样？ 截至2026年02月26日，根据朝阳永续季度业绩前瞻数据： 预测营业收入1250.86~1892.82亿元；预测净利润156.61~319.03亿元。 关注后续财报数据披露后能否超预期，朝阳永续A股季度业绩前瞻数据将为投资者提供业绩鉴定。 华鑫证券认为：牧原股份通过种源、饲料和管理三大基石构建了深厚的成本护城河，实现了种猪100%自供，饲料成本占比稳定在55%-60%，养殖完全成 本降至行业领先水平。公司通过员工持股和股权激励绑定利益，融资与战略高度匹配，聚焦生猪产能扩张。海外市场以越南为切口，屠宰业务产能利用率 大幅提升，成为平滑周期、贡献利润的增长点。预计2026-2027年净利润在125.68~234.88亿元和273~393亿元，收入分别为1344.18、1329.89、1617.67亿 元，EPS分别为2.84、3.43、5.98元。 分业务来说： 1)轮回二元育种体系：实现种猪100%自供，降低种源成本。 2)低蛋白日粮技术：豆粕用量降至行业平均水平的一半以下，饲料成本占比稳定在55%-60%。 3)智能化精细运营：打造高标准生物安全体系，推动养殖完全成本降至约 ...

格隆汇2月26日丨晓鸣股份(300967.SZ)公布，股东广州谢诺辰途股权投资管理有限公司——厦门辰途创 业投资合伙企业（有限合伙）（简称"厦门辰途"）及其一致行动人广州谢诺辰途股权投资管理有限公司 ——辰途第一产业股权投资基金（简称"辰途第一产业基金"），计划在本公告披露之日起3个交易日后 的3个月内以集中竞价和/或大宗交易方式合计减持本公司股份不超过402.7万股（占公司总股本比例为 2.15%，占剔除本公告披露日回购专用账户股份数量后公司总股本的2.17%）。 ...

中国氨基酸与饲料原料应用研讨会 据博亚和讯监测，2026年2月26日全国外三元生猪均价为10.81元/kg，较昨日上涨0.06元/kg；仔猪均价 为25.42元/kg，较昨日下跌0.01元/kg；白条肉均价15.10元/kg，较昨日下跌0.15元/kg；今日猪料比为 3.24:1，较昨日增加0.02。 今日猪价震荡调整，全国均价微涨0.06元/kg。近期猪价持续下行，刺激散户抄底二次育肥行为增加， 同时前期下跌导致自繁自养亏损加剧，外购养殖仅维持微利，部分规模场选择缩量挺价、散户扛价情绪 升温，共同推动猪价企稳。短期来看，在情绪与二育入场支撑下，猪价下跌空间有限，预计将保持低位 震荡，同时南北价差将逐步收窄。今日市场情绪看稳、看涨并存，预计明日猪价稳中偏强调整，关注近 期二育入场情况。 会议聚焦 来源：市场资讯 （来源：博亚和讯） | 神区 | 日前 | | 外三元生猪价格(元/kg) | | | 外三元.仔猪(元/kg.20kg体重) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2026年 | 2月25日 | 2月26日 | 趋势 | ...

2月25日，牧原食品股份有限公司（以下简称"公司"）召开第五届董事会第十三次会议，审议通过了 《关于变更公司名称的议案》。 为顺应公司国际化发展战略，更好地发挥集团化优势，强化公司管理需求，提升公司整体运营效率，该 公司拟将公司名称由"牧原食品股份有限公司"变更为"牧原食品集团股份有限公司"。此次变更不涉及公 司证券简称及证券代码变更。 来源：环球网 ...

农产品日报 | 2026-02-26 低价出现惜售，出栏逐步恢复 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2605合约11465元/吨，较前交易日变动+200.00元/吨，幅度+1.78%。现货方面，河南地 区外三元生猪价格11.00元/公斤，较前交易日变动-0.03元/公斤，现货基差 LH05-465，较前交易日变动-230；江苏 地区外三元生猪价格 11.08元/公斤，较前交易日变动-0.13元/公斤，现货基差LH05-385，较前交易日变动-330；四 川地区外三元生猪价格10.91元/公斤，较前交易日变动-0.19元/公斤，现货基差LH05-555，较前交易日变动-390。 据农业农村部监测，2月25日"农产品批发价格200指数"为127.77，比昨天下降0.74个点，"菜篮子"产品批发价格指 数为130.32，比昨天下降0.87个点。全国农产品批发市场猪肉平均价格为18.02元/公斤，比昨天下降0.7%；牛肉66.66 元/公斤，比昨天上升1.4%；羊肉65.93元/公斤，比昨天上升1.1%；鸡蛋7.78元/公斤，比昨天下降1.8%；白条鸡17.46 元/公斤，比昨天下降0.3%。 市 ...

唐人神（002567.SZ）2月26日在投资者互动平台表示，剔除外购仔猪影响后，公司第三季度的"公司+农 户"养殖完全成本为13.3元/公斤，其他详细经营数据请及时查阅公司相关公告。目前公司已成立了专项 成本下降小组，从饲料、兽药疫苗、人工薪酬等方面降低养殖成本，力争2026年头均成本下降100元/ 头，公司肥猪完全成本争取控制在12.6元/公斤左右。预计2026年公司外购仔猪占比将逐步减少，自有 仔猪占比逐步提升。公司2026年生猪出栏进度将基于市场行情以及公司生猪生产计划制定。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：当前有部分自媒体说公司生猪成本为13.3元，请问公司 2025年12月或26年1月生猪完全成本是多少？预计什么时候能达到12.6元？2026年新生仔猪自繁比例能 否达到完全自繁？目前有无2026年生猪出栏数量目标？ ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - The futures market is trading inventory accumulation in advance, but it is difficult to reduce inventory during the off - season [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price Data**: - Henan spot price is 10,930 yuan/ton, down 150 yuan/ton year - on - year; Sichuan spot price is 10,900 yuan/ton, down 400 yuan/ton year - on - year; Guangdong spot price is 11,310 yuan/ton, down 350 yuan/ton year - on - year [2]. - Futures prices:生猪2603 is 10,395 yuan/ton, up 40 yuan/ton;生猪2605 is 11,465 yuan/ton, up 200 yuan/ton;生猪2607 is 12,345 yuan/ton, up 260 yuan/ton [2]. - **Trading Volume and Open Interest**: - For生猪2603, trading volume is 11,725 hands, down 4,001 hands from the previous day, and open interest is 23,819 hands, down 4,193 hands from the previous day [2]. - For生猪2605, trading volume is 92,641 hands, up 14,108 hands, and open interest is 154,544 hands, up 2,011 hands [2]. - For生猪2607, trading volume is 15,839 hands, up 6,257 hands, and open interest is 52,812 hands, up 1,698 hands [2]. - **Spread Data**: - 生猪2603 basis is 535 yuan/ton, down 190 yuan/ton year - on - year;生猪2605 basis is - 535 yuan/ton, down 350 yuan/ton year - on - year;生猪2607 basis is - 1,415 yuan/ton, down 410 yuan/ton year - on - year [2]. - 生猪3 - 5 spread is - 1,070 yuan/ton, down 160 yuan/ton year - on - year;生猪5 - 7 spread is - 880 yuan/ton, down 60 yuan/ton year - on - year [2]. 3.2 Market Information - Guangxi Yangxiang registered 100 hands of 3 - month contract warehouse receipts; Dekang registered 525 hands; Fuyuan registered 22 hands; Muyuan registered 80 hands; COFCO registered 300 hands; Tangrenshen registered 10 hands; Yuexiu registered 99 hands; Tiannong registered 20 hands [3]. 3.3 Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view. The range of trend intensity is [-2, 2], where - 2 is the most bearish and 2 is the most bullish [4].

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The production side shows mixed trends, with some indicators like power plant daily consumption falling during the holiday, while the blast furnace operating rate rising against the trend; the demand side has a weak rebound in the property market and strong growth in the auto market, but prices of steel, cement, glass and other products are weak or fluctuating; inflation shows different trends in CPI and PPI, with post - holiday pig prices weakening and oil prices rising [4] Summary of Each Section According to the Directory 1. Economic Growth: Weak Rebound in the Property Market During the Holiday 1.1 Production: Rising Blast Furnace Operating Rate Against the Trend - **Power plant daily consumption decline during the holiday**: On February 24, the average daily consumption of 6 large power generation groups was 58.4 tons, a 0.7% decrease from February 17; on February 13, the daily consumption of power plants in eight southern provinces was 240.1 tons, a 22.9% decrease from February 9 [4][11] - **Rising blast furnace operating rate against the trend**: On February 13, the national blast furnace operating rate was 80.2%, a 0.6 - percentage - point increase from February 6; the capacity utilization rate was 86.4%, a 0.7 - percentage - point increase from February 6. The operating rate of blast furnaces in Tangshan steel mills was 96.8% on February 13, a 4.5 - percentage - point increase from February 6 [4][15] - **Tire operating rate dropping to the same - period low last year during the holiday**: On February 19, the operating rate of truck all - steel tires was 14.2%, a 28.2 - percentage - point decrease from February 12; the operating rate of car semi - steel tires was 14.2%, a 45.2 - percentage - point decrease from February 12. The operating rate of looms in Jiangsu and Zhejiang regions also had a seasonal decline [4][17] 1.2 Demand: Weak Rebound in the Property Market During the Holiday - **Weak rebound in the property market during the holiday**: From the first day to the seventh day of the Lunar New Year, the average daily sales area of commercial housing in 30 large and medium - sized cities was 75,000 square meters, a 15.9% increase from the same period last year, a 44.6% increase from the same period in 2024, and a 54.0% decrease from the same period in 2023. The rebound strength in first - tier cities was stronger than that in second - and third - tier cities [21] - **Stronger growth in auto market retail sales**: In February, retail sales increased by 54% year - on - year, and wholesale sales increased by 46% year - on - year [4][25] - **Weak and fluctuating steel prices**: On February 24, the prices of rebar, wire rod, hot - rolled coil and cold - rolled coil decreased by 0.3%, 0.3%, 0.9% and remained flat respectively compared with February 14. The inventory of steel products also increased rapidly [29] - **Continued weakness in cement prices**: On February 24, the national cement price index decreased by 0.2% compared with February 12. The prices in East China and the Yangtze River regions decreased by 0.3% and 0.4% respectively, slightly weaker than the national average [30] - **Narrow - range fluctuations in glass prices**: On February 24, the active futures contract price of glass was 1048 yuan/ton, a 0.8% decrease from February 13 [36] - **Unstoppable decline in container shipping freight rate index**: On February 13, the CCFI index decreased by 3.0% compared with February 6, and the SCFI index decreased by 1.2% during the same period [40] 2. Inflation: Weakening Pig Prices After the Holiday 2.1 CPI: Weakening Pig Prices After the Holiday - **Weakening pig prices after the holiday**: On February 24, the average wholesale price of pork was 18.3 yuan/kg, a 0.2% decrease from February 14 [45] - **Seasonal decline in the agricultural product price index**: On February 24, the agricultural product wholesale price index decreased by 0.8% compared with February 14. Different agricultural products showed different price trends [50] 2.2 PPI: Rising Oil Prices - **Rising oil prices**: On February 24, the spot prices of Brent and WTI crude oil were 71.4 and 65.6 US dollars/barrel respectively, a 1.8% and 5.3% increase from February 17 [53] - **Falling copper and aluminum prices**: On February 24, the prices of LME 3 - month copper and aluminum increased by 3.4% and 1.8% respectively compared with February 17. The domestic commodity index also had a decline in the month - on - month comparison [58] - **Most industrial product prices falling month - on - month**: Since February, most industrial product prices have fallen, with power coal prices rising month - on - month and other products falling, mainly rebar and cement [61]

评 论 及 策 略 生猪期货主力合约LH2605震荡收涨1.55%至11465元/吨，期现价差维持高位。然而，现货市场 承压下行，全国外三元生猪出栏均价跌至10.74元/公斤。春节后市场呈现供强需弱格局：养 殖端出栏积极性高涨，重点企业出栏量环比增近15%；而终端消费以消化节日库存为主，需求 支撑不足，屠宰量虽有回升但难以消化供给压力。此外，养殖端亏损加剧，自繁自养头均亏 损逾150元。综合来看，现货市场在供给释放与需求疲软的双重压力下短期偏弱运行，需关注 后续出栏节奏与消费恢复情况。 免 责 声 明 本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284号） 研究局限性和风险提示 报告中依据和结论存在范围局限性，对未来预测存在不及预期，以及宏观环境和产业链影响因素存在不确定性变化等风险。 分析师声明 作者具有期货交易咨询执业资格，保证报告所采用的数据均来自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地 反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者及利益相关方不曾因也将不会因本 报告中的具体推荐意见或观点而直接或间接获取任何形式的不 ...

分红方面，牧原股份A股上市后累计派现265.76亿元。近三年，累计派现165.94亿元。 2月25日，牧原股份涨0.52%，成交额12.71亿元。两融数据显示，当日牧原股份获融资买入额1.19亿 元，融资偿还1.39亿元，融资净买入-2074.56万元。截至2月25日，牧原股份融资融券余额合计55.57亿 元。 融资方面，牧原股份当日融资买入1.19亿元。当前融资余额55.35亿元，占流通市值的2.26%，融资余额 超过近一年60%分位水平，处于较高位。 融券方面，牧原股份2月25日融券偿还2900.00股，融券卖出8300.00股，按当日收盘价计算，卖出金额 37.18万元；融券余量50.98万股，融券余额2283.46万元，超过近一年80%分位水平，处于高位。 资料显示，牧原食品股份有限公司位于河南省南阳市卧龙区龙升工业园区,香港铜锣湾希慎道33号利园1 期19楼1920室，成立日期2000年7月13日，上市日期2014年1月28日，公司主营业务涉及牧原食品股份有 限公司是一家主要从事生猪的养殖销售和屠宰的中国公司。该公司主要通过两个分部开展业务。生猪业 务分部主要从事饲料生产、生猪育种、生猪养殖以及商品 ...