1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - In 2026, the supply - side pressure of the pig market will gradually ease as the reduction effect of the breeding sow inventory becomes apparent, and the demand side is expected to improve slightly. The pig price is predicted to show a trend of "low at the beginning and high at the end", and the annual average price will significantly increase compared to 2025 [4][5]. - The pig market will enter an upward cycle in 2026, with the inflection point likely to appear in the second and third quarters, and the market will achieve a substantial re - balance of supply and demand [41]. 3. Summary by Relevant Catalogs Chapter 1: Review of the Pig Market Trend in 2025 - The pig market in 2025 featured "high - pressure supply, oscillating price decline, deep industry losses, and accelerated capacity reduction". The price showed a three - stage trend: a mild decline from January to June, an accelerated decline from July to September, and a bottom - seeking at a low level from October to December. The annual average price dropped by 25.74% compared to 2024 [11][13]. - There was significant regional differentiation in the pig market in 2025, with the southern sales areas showing weak demand and the northern production areas being relatively resistant to price drops. The core reasons included the economic downturn in the south, increased scale of northern production areas, and sporadic epidemics [15]. Chapter 2: Analysis of the Pig Supply - Demand Situation in 2025/26 Supply Side - In 2025, the pig supply remained high, with the annual output in the first three quarters reaching 530 million heads, a year - on - year increase of 1.85%. The inventory of breeding sows was above the reasonable level until October, when the capacity reduction accelerated. The main reasons for the high inventory of breeding sows were the high pig price in 2024, the scale - expansion inertia of leading enterprises, and the lack of motivation for small and medium - sized enterprises to reduce capacity [18][19]. - There was significant cost differentiation in the industry in 2025. Leading enterprises had a cost advantage, with some having a breeding cost as low as 11.3 yuan/kg in October, while small and medium - sized enterprises and scattered farmers faced large losses due to high costs [23]. - The industry's concentration increased in 2025, with leading enterprises expanding their output and small and medium - sized enterprises accelerating their exit. It is expected that the proportion of the top 20 enterprises' output will exceed 35% in 2026 [25][26]. Demand Side - The demand for pigs in 2025 was weak, with the traditional peak season having little effect. The main reasons were the decline in residents' consumption ability due to the economic downturn, the low price of substitutes, and the change in consumption habits. The national pork consumption was expected to decrease by 2% year - on - year [28][30]. Policy Side - In 2025, the "anti - involution" policy was implemented to guide rational production, stabilize the inventory of breeding sows at 39 million heads, and optimize the capacity structure. The policy was implemented in four stages, effectively guiding market expectations, accelerating capacity reduction, and promoting industry structure optimization [32][35]. Other Influencing Factors - In 2025, pig diseases were sporadically distributed, which had a certain impact on local supply and prices [38]. Pig Cycle Inflection Point - The pig market will enter an upward cycle in 2026, with the core logic being the gradual manifestation of supply - side contraction and the marginal improvement of demand. The inventory of breeding sows will stabilize in a reasonable range, promoting the transition from "capacity reduction" to "capacity stabilization" [41]. Chapter 3: Outlook for the Pig Market in 2026 - In the first quarter of 2026, the pig price will be in a low - level oscillation. The supply pressure will still exist, but there will be seasonal demand support. It is expected that the average ex - factory price of national outer three - yuan pigs will rise to 12 - 12.5 yuan/kg before the Spring Festival and fall back to 11.5 - 12 yuan/kg after the Spring Festival [44]. - In the second and third quarters of 2026, the inflection point will appear, and the price will rise. The supply will contract, the demand will improve, and the pig price is expected to break through the cost line in the second - quarter end and reach 14 - 15 yuan/kg in the third - quarter end [46]. - In the fourth quarter of 2026, the price will rise steadily and oscillate at a high level. The supply will continue to contract, and the demand will be strong during the peak season. It is expected that the pig price will reach 15 - 16 yuan/kg, and the self - breeding and self - raising profit per head will reach 200 - 300 yuan [47][48].

Core Viewpoint - The stock price of Jingji Zhino has experienced a decline of 11.99% since the beginning of the year, with a recent drop of 2.02% on January 7, 2025, indicating potential challenges in the company's performance and market perception [1]. Company Overview - Jingji Zhino, established on January 1, 1979, and listed on November 1, 1994, is located in Shenzhen, Guangdong Province. The company operates in modern agriculture and real estate, focusing on pig and poultry breeding, feed production, and real estate development and leasing [1]. - The revenue composition of Jingji Zhino includes: pig products (79.38%), feed products (11.67%), commercial housing (5.38%), land and property leasing (1.36%), poultry products (1.29%), hotel business (0.83%), and other segments (0.07%) [1]. Financial Performance - For the period from January to September 2025, Jingji Zhino reported an operating income of 3.67 billion yuan, a year-on-year decrease of 20.12%. The net profit attributable to shareholders was 298 million yuan, down 50.50% compared to the previous year [2]. - The company has distributed a total of 2.73 billion yuan in dividends since its A-share listing, with 1.10 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, Jingji Zhino had 16,500 shareholders, an increase of 2.44% from the previous period. The average number of circulating shares per shareholder was 31,879, a decrease of 2.38% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 10.32 million shares, an increase of 6.33 million shares from the previous period. Other notable shareholders include Southern CSI Real Estate ETF and Southern CSI 1000 ETF, with slight reductions in their holdings [3].

Core Viewpoint - The major shareholder and actual controller of Dabeinong (002385), Shao Genhuo, has completed a share reduction plan, selling a total of 49.45 million shares, which represents 1.15% of the company's total equity, for a total cash amount of 204 million yuan [2] Group 1: Share Reduction Details - Shao Genhuo reduced his holdings by 42.8037 million shares through centralized bidding from November 19 to 25, 2025, at an average price of 4.15 yuan per share, accounting for 1.00% of the total equity [2] - An additional 6.6415 million shares were sold via block trading on December 19, 2025, at an average price of 3.93 yuan per share, representing 0.15% of the total equity [2] - Following the reduction, Shao Genhuo's total shareholding decreased from 977 million shares to 928 million shares, with the ownership percentage dropping from 22.73% to 21.58% [2] Group 2: Company Overview - Dabeinong's primary business includes the production and sales of seeds, feed, pigs, and vaccine veterinary products [2] - The company's stock closed at 4.05 yuan per share on January 6 [2]

Sales Performance - In December 2025, the company sold 201,600 pigs (including 14,900 piglets) with a sales revenue of 299 million yuan; the average selling price of commercial pigs was 12.21 yuan/kg [1] - From January to December 2025, the company sold a total of 2,312,900 pigs (including 324,200 piglets) with a cumulative sales revenue of 3.763 billion yuan [1] Data Reliability - The sales data mentioned is unaudited and may differ from the figures disclosed in regular reports, serving only as a reference for investors [2] - Due to rounding, there may be discrepancies in the reported data [3]

深圳市京基智农时代股份有限公司（以下简称"公司"）下属公司从事生猪养殖业务，根据《深圳证券交 易所上市公司自律监管指引第3号——行业信息披露》的相关规定，现将公司每月生猪销售情况公告如 下： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000048 证券简称：京基智农公告编号：2026-001 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 （一）生猪养殖行业均面临生猪市场价格波动的风险。生猪市场价格的大幅波动，可能会对公司的经营 业绩产生重大影响。敬请广大投资者注意投资风险。 （二）动物疫病是畜牧行业发展中面临的主要风险，可能会对公司的经营业绩产生重大影响。敬请广大 投资者注意投资风险。 （三）上述数据仅代表公司生猪养殖业务销售情况，不包含公司其他业务板块的经营情况。 三、其他提示 一、2025年12月生猪销售情况 2025年12月，公司销售生猪20.16万头（其中仔猪1.49万头），销售收入2.99亿元；商品猪销售均价12.21 元/kg。 2025年1-12月，公司累计销售生猪231.29万头（其中仔猪32.42万头），累计销售收入37. ...

Core Viewpoint - The announcement provides key operational data for the pig farming business of Yunnan Shennong Agricultural Industry Group Co., Ltd. for December 2025, highlighting sales figures and pricing trends in the context of the company's overall performance in the livestock sector [1]. Group 1: December 2025 Operational Data - In December 2025, the company sold 314,100 pigs, including 287,300 market pigs and 14,100 piglets, generating sales revenue of 428 million yuan [1]. - The company sold 49,800 pigs to its internal slaughtering enterprises during the same month [1]. - The average selling price of market pigs in December was 11.08 yuan per kilogram, reflecting a decrease of 3.15% compared to November 2025 [1]. Group 2: Annual Sales Data - For the entire year of 2025, the company sold a total of 3,074,200 pigs, comprising 2,638,200 market pigs and 364,700 piglets, with total sales revenue amounting to 4.729 billion yuan [1]. - The company sold 481,100 pigs to its internal slaughtering enterprises throughout the year [1].

2025年1-12月，公司累计销售生猪231.29万头（其中仔猪32.42万头），累计销售收入37.63亿元。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上述数据仅作为阶段性数据供 投资者参考。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000048 证券简称：京基智农 公告编号：2026-001 深圳市京基智农时代股份有限公司 2025年12月生猪销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 深圳市京基智农时代股份有限公司（以下简称"公司"）下属公司从事生猪养殖业务，根据《深圳证券交 易所上市公司自律监管指引第3号一一行业信息披露》的相关规定，现将公司每月生猪销售情况公告如 下： 一、2025年12月生猪销售情况 2025年12月，公司销售生猪20.16万头（其中仔猪1.49万头），销售收入2.99亿元；商品猪销售均价12.21 元/kg。 ■ 注：因四舍五入，以上数据可能存在尾差。 二、风险提示 （一）生猪养殖行业均面临生猪市场价格波动的风险。生猪市场价格的大幅波动，可能会对公司的经营 业绩产生重大影 ...

证券代码：000876 证券简称：新希望 公告编号：2026-03 债券代码：127049 债券简称：希望转2 登录新浪财经APP 搜索【信披】查看更多考评等级 公司2025年12月销售生猪180.89万头，环比变动15.40%，同比变动13.66%。收入21.51亿元，环比变动 18.71%，同比变动-10.75%。商品猪销售均价11.28元/公斤，环比变动-2.25%，同比变动-27.27%。 ■ 二、特别提示 1、上述披露仅包含公司生猪养殖与销售情况，不包含其他业务。 2、上述数据均未经审计，与定期报告披露的数据之间可能存在差异。因此，上述数据仅作为阶段性数 据，供投资者参考。敬请广大投资者注意投资风险。 特此公告 新希望六和股份有限公司 2025年12月生猪销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 新希望六和股份有限公司（以下简称"公司"）下属子公司从事生猪养殖业务。按照《深圳证券交易所上 市公司自律监管指引第3号一一行业信息披露》规定，深交所鼓励从事畜禽、水产养殖业务的上市公司 每月通过临时公告形式披露相关业务销售情况，公司将参照 ...

者在中国首个国家级生猪大数据中心内参观。中新社记者 周毅 摄 图为参观 图为参观 者在中国首个国家级生猪大数据中心内参观。中新社记者 周毅 摄 者在中国首个国家级生猪大数据中心内参观。中新社记者 周毅 摄 图为参观 者通过"生猪数字监管平台"了解养殖场内每头生猪情况。中新社记者 周毅 摄 1月6日，在位于重庆市荣昌区的中国首个国家级生猪大数据中心内，养殖场里每头生猪吃多少食物、睡 觉几小时、健康状况等情况，都能通过"生猪数字监管平台"进行实时监测管理。据悉，该中心通过物联 网5G技术、智能化管控等数字化设备对生猪实行精准饲喂、智能环控，形成了生猪养殖"喝糊糊、饮温 水、睡温床、享空调、全可视、智能管"的荣昌生猪养殖示范中心。同时，开发出"生猪产品溯源系 统"，打造出生猪全链条、全过程溯源的猪肉品牌。透过屏幕，生猪养殖统计、生猪价格趋势、生猪产 品生产趋势、养殖户和屠宰场数量等信息一目了然，大数据中心提供的智慧"阳光码"能够充分识别来源 不明的猪肉，确保食品安全。图为参观者在中国首个国家级生猪大数据中心内参观。中新社记者 周毅 摄 图为参观 ...

单位：万头 | 主要产品 | 销售量 | | 销售量同比增减(%) | | | --- | --- | --- | --- | --- | | | 当月 | 累计 | 当月 | 累计 | | 生猪 | 31.41 | 307.42 | 48.51 | 35.34 | 2025 年 12 月份，公司销售生猪 31.41 万头（其中：商品猪销售 28.73 万头， 仔猪销售 1.41 万头），销售收入 4.28 亿元。其中向集团内部屠宰企业销售生猪 4.98 万头。 证券代码：605296 证券简称：神农集团 公告编号：2026-001 云南神农农业产业集团股份有限公司 2025 年 12 月养殖业务主要经营数据公告 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。 云南神农农业产业集团股份有限公司（以下简称"公司"）现将 2025 年 12 月养殖业务主要经营数据披露如下： 一、2025 年 12 月养殖业务主要经营数据 2025 年 12 月份，公司商品猪价格呈现下降趋势，商品猪销售均价 11.08 元 /公斤，比 2025 年 ...