"死磕降本是生猪养殖企业的当务之急。"这已成为2025年生猪养殖企业的生存共识。 新五丰是国内较早的生猪规模化养殖实践者，一直将生猪养殖作为公司重点发展的核心业务。近年 来，公司以生猪养殖为基础，通过机制创新，提质增效，降低成本，正在探索生猪养殖高质量发展之 路。 降低成本，提升生猪生产成本竞争力 面对猪价跌跌不休、产能去化远水难解近渴，猪企的当务之急还是死磕降本。 "今年3月开始，随着玉米价格的上涨，我们饲料用料由玉米切换到小麦，每吨饲料节约了50元左 右，通过饲料配方的切换，饲料成本优化空间达到了5%，上半年光饲料成本节约了2700万元。"新五丰 分管饲料板块的周庆华副总经理说。 目前，新五丰的饲料板块的技术团队，从营养技术提高、本地资源替代蛋白饲料、分阶段精细管理 营养等多方面降低饲料成本，不断提升公司行业竞争力。 衡南晟峰母猪场是新五峰的母猪标杆场，位于衡南县花桥镇，母猪设计规模1.2万头。衡南晟峰的 场长赵菊文说，控制成本是我们猪场的重要工作之一，精准控制喂料成本、强化内部考核遏制浪费行 为、培养饲养人员责任心等多方面都在降低成本。 "针对这个生长阶段仔猪的营养需求，要采用少食多餐的方式喂养，减少饲 ...

Investment Rating - Industry rating: Recommended [3] Core Views - The report emphasizes the importance of the EU's anti-dumping duties on imported pork, which are expected to alleviate domestic supply pressures and stabilize prices in the pork market. The anti-dumping tax rates range from 4.9% to 19.8% and will take effect from December 17, 2025 [2][12] - The report highlights the ongoing adjustments in the pig breeding capacity, with a noted decrease in the number of breeding sows, which is expected to support price recovery in the pork market [2][12] - The report suggests that the commercialization of genetically modified seeds will accelerate, enhancing self-sufficiency in key crop varieties and benefiting companies in the seed industry [11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated inspections to ensure the safety of seeds for the upcoming spring and summer planting seasons, focusing on key crops such as corn, rice, soybeans, cotton, and vegetables [11] - The report identifies companies like Beidahuang and Suqian Agricultural Development as beneficiaries in the planting sector, while companies with significant advantages in the seed industry include Dabeinong and Longping High-Tech [11] Pig Breeding - The average price of live pigs is reported at 11.64 CNY/kg, with a week-on-week increase of 1.45%. The total number of breeding sows is 39.9 million, reflecting a decrease of 1.1% month-on-month and 2.1% year-on-year [2][12] - The report recommends focusing on companies with significant cost improvements and high future output elasticity, including Li Hua Co., Muyuan Foods, and WH Group in the breeding sector, and Haida Group in the feed sector [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2351.76 CNY/ton, with a week-on-week decrease of 0.26% [25] - Wheat: The average price is 2517.30 CNY/ton, with a week-on-week increase of 0.04% [28] - Soybeans: The average price is 4014.74 CNY/ton, remaining stable week-on-week [40] - Cotton: The average price is 14950.00 CNY/ton, with a week-on-week increase of 0.67% [44] Feed and Vitamin Prices - The average price of pig feed is 2.62 CNY/kg, with no change week-on-week. The average price of chicken feed is 3.5 CNY/kg, reflecting a week-on-week increase of 0.29% [51][53]

Q&A 2026 年生猪养殖行业的前景如何？ 2026 年，生猪养殖行业将面临一系列挑战和机遇。首先，从供应端来看，目 前生猪供应量较大，出栏均重也在增加。这主要是由于去年四季度以来仔猪盈 利状况良好，母猪补栏和配种率积极。同时，非洲猪瘟的影响有所减弱，生产 效率提升显著。例如，有公司从 2021 年的每头母猪产子数 11 个提升到现在 的 13 个以上，PSY（每头母猪年提供断奶仔猪数）从去年的 28.3 提高到今年 的 29.3%。 然而，由于过剩供给问题严重，加之消费需求疲软，即便在腌腊 旺季期间，整体供需失衡依然存在。预计今年四季度生猪价格仍将低迷，在 12 元以下震荡，而全行业平均成本接近 13 元，这意味着目前全行业处于亏损状 态，每头生猪亏损约 300 元。 展望明年上半年，由于消费断档式下滑可能导致 更深层次的价格下跌，不排除部分时间点价格跌至 10 元甚至以下。这将进一 饲料原料价格（豆粕和玉米）虽受天气因素影响中枢或抬升，但全球产 量丰收限制涨幅，对行业成本影响有限，疫病控制和生产效率提升是关 键。 疫病程度介于 2023 年和 2024 年之间，主要集中在散户，集团厂防疫 情况需重点关注 ...

近期消费系列重要政策解读专题电话会议 20251221 摘要 扩大内需是应对挑战的关键，措施包括提高中等收入群体就业、社保和 收入，以及完善职业技能教育体系。供给端则注重质量与效率，创新消 费业态与模式，服务消费成为新增长点。 消费行业负贝塔效应减弱，CPI 数据转正，餐饮和社会零售数据改善。 政策预期商品消费向服务消费倾斜，市场期待业绩估值双重弹性，2026 年或是业绩兑现窗口期。 海南自贸港封关遵循一线放开、二线管住、岛内自由原则。免税商品种 类大幅增加，离岛免税新政包括即购即提、新增国产品类及扩展适用人 群，利好中免公司。 中免公司销售数据持续改善，12 月封关首日销售额同比增长超 90%， 得益于旅游宣传和消费券发放。尽管毛利率较低，但连续增长的数据对 业绩有积极作用，值得关注。 家电板块受益于刺激消费政策，包括延续国补和以旧换新，并可能扩大 规模。政策推动绿色智能家电转型，提升能效标准，优化产业环境，利 好美的集团、海尔智家等企业。 Q&A 康养经济与服务消费成为经济新增长点，企业通过 IP 打造附加值，跨行 业融合。泰迪威尼授权业务表现出色，今年实收已达 10 亿元，预计明 年继续保持增长。 生猪 ...

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [9]. Core Insights - The agricultural sector index has shown a slight increase of 0.79% week-on-week, but it has underperformed compared to the Shanghai Composite Index [13]. - The pig farming industry is currently facing a downward price trend, with an average pig price of 11.58 yuan/kg, indicating ongoing losses across the sector [22][23]. - Poultry farming is experiencing a stabilization at the bottom of the price cycle, with white feather chicken prices at 7.35 yuan/kg, reflecting a slight recovery in profits [29]. - The beef market is expected to see price increases as it enters the consumption peak season, with live cattle prices in Shandong at 26.68 yuan/kg [36]. - The planting industry is witnessing a tightening supply-demand situation, with corn prices rising to 2244.29 yuan/ton, indicating potential for price increases [41][42]. - Feed prices have stabilized, with pig feed at 3.33 yuan/kg, while aquatic product prices are showing upward trends [55]. Summary by Sections 1. Pig Farming - The average weight of pigs at market is 130.18 kg, with ongoing losses in the industry prompting a reduction in production capacity [23][22]. - The report anticipates further price declines in the short term, but a potential recovery in the medium to long term due to improved profit margins for leading companies [23][22]. 2. Poultry Farming - White feather chicken prices are under pressure, while yellow feather chicken prices are showing resilience due to improved demand and reduced supply [29]. - The overall profitability in poultry farming is expected to improve as consumer demand recovers [29]. 3. Livestock - The beef market is poised for price increases, supported by a seasonal demand surge and reduced supply from imports [36]. - Dairy prices are stabilizing, with average purchase prices for raw milk at 3.02 yuan/kg, indicating a potential for recovery in the dairy sector [39]. 4. Planting Industry - Corn prices are on the rise, with a current price of 2244.29 yuan/ton, reflecting a tightening supply situation [41]. - The report highlights the potential for improved conditions in the planting sector if there are significant reductions in crop yields due to adverse weather [42]. 5. Feed and Aquaculture - Feed prices have stabilized, with pig feed at 3.33 yuan/kg, while aquatic product prices are trending upwards, particularly for shrimp and fish [55][60].

创新是引领发展的第一动力。2025年中央经济工作会议部署了明年经济工作要抓好的"八个坚持"重点任务，其中之一就是坚持创新驱动，加紧培育壮大新动 能。学习贯彻中央经济工作会议精神，做好明年经济工作，要紧紧围绕发展新质生产力，推动科技创新和产业创新深度融合，扎实推动高质量发展。 研发人员总量世界第一，全球创新指数排名跻身前十，"三新"经济增加值占国内生产总值比重达18%……神州大地，新质生产力拔节生长，新技术赋能传统 产业，是"世界工厂"也是"创新实验室"，各行各业迸发出巨大的转型升级和创新创造动能。一系列政策举措将催生更大规模的市场与新经济增长点。 10:01 ■新质生产力培育壮大中涌动着创新活力 在创新引领和需求释放的双重作用下，以人形机器人为代表的具身智能产业规模，正在以超50%的增速跨越式发展。 今年12月初，一家具身智能机器人卖场"机器人大世界"在四川成都春熙路商圈开业。该卖场一期面积超800平方米，集"展示、销售、体验、服务"于一体， 集合了来自国内外的120多款机器人，打造机器人一站式采购平台。 ■努力把人才的"底气"转化为创新的"朝气" 抓科技创新，要着眼建设现代化产业体系，坚持教育、科技、人才一 ...

Company Overview - Tianyu Biological (SH 603717) announced on December 19 that its fifth board meeting was held to discuss the termination of fundraising investment projects and the use of remaining funds for permanent working capital [1] Financial Performance - For the year 2024, Tianyu Biological's revenue composition is as follows: pig farming accounts for 72.29%, landscape ecological engineering for 19.78%, red yeast product manufacturing for 3.89%, photovoltaic new energy for 3.17%, and other businesses for 0.87% [1] Market Position - As of the report, Tianyu Biological has a market capitalization of 2.3 billion yuan [1]

Group 1 - The core viewpoint of the report from CITIC Securities is that liquid cooling technology is becoming the mainstream energy-saving solution for data centers due to its higher cooling efficiency and lower PUE, with the global liquid cooling market expected to reach $21.8 billion by 2027 [1] - The current competitive landscape of the liquid cooling industry is dominated by Taiwanese manufacturers, but domestic manufacturers are anticipated to benefit significantly from the increasing demand for AI-driven liquid cooling solutions [1] - The report recommends domestic companies that possess mass production capabilities for core liquid cooling components and comprehensive solutions [1] Group 2 - CICC predicts that the new paradigm in the pig farming industry will continue to strengthen by 2026, with the price characteristics of pigs expected to show shorter cycles, reduced amplitude, and decreased volatility [2] - The report suggests that while pig prices may experience a mild decline in 2026, leading companies in the sector are likely to maintain profitability throughout the year [2] - The investment approach in the pig farming sector is shifting from a purely cyclical perspective to a combination of cyclical and value considerations, with low-cost, large-scale leading enterprises expected to outperform the industry [2] Group 3 - CICC forecasts that coal prices will exhibit a trend of being lower in the first half of 2026 and higher in the second half, with the annual average likely to remain similar to that of 2025 [3] - Demand is expected to be a major drag on coal prices, particularly in the first half of the year due to policy transmission delays and seasonal effects, leading to potential price pressure [3] - A marginal improvement in demand is anticipated in the second half of the year, which could drive coal prices upward [3]

Core Viewpoint - The outlook for the pig industry in 2026 suggests a strengthening of new paradigms, with expectations of a moderate decline in pig prices while leading companies are likely to maintain profitability throughout the year [1] Price New Paradigm - The characteristics of the new price paradigm for pig prices are expected to continue validating shorter cycle lengths, converging amplitudes, and reduced volatility [1] Growth New Paradigm - Leading companies in the pig industry are entering an opportunity period for the "growth new paradigm," where both growth and value attributes are expected to rise [1] Investment New Paradigm - Investment strategies in the sector are shifting from a purely cyclical approach to a combination of cyclical and value considerations, with a continuous reshaping of the valuation system for low-cost, large-scale leading enterprises [1] - Leading companies are anticipated to consistently outperform the industry [1]

Group 1: Aviation Industry - The international air transport market has shown significant growth, with Hainan Airlines reporting a 40.3% year-on-year increase in passenger numbers for the first 11 months, and China Southern Airlines reporting a 19.62% increase [1] - The recovery and growth of international routes indicate an increase in global trade and tourism activities, prompting airlines and airports to optimize route layouts and improve service quality to attract more passengers [1] - The combination of policy benefits and peak consumption seasons is expected to further enhance growth expectations for the aviation industry, with holiday travel driving strong demand for air transport [1] Group 2: Pig Farming Industry - The pig farming industry is facing challenges due to declining sales prices, with Jiangsu Lihua Food Group reporting a sales revenue of 261 million yuan from 172,500 pigs sold in November, reflecting a 27.09% year-on-year decrease in sales price [2] - Both self-breeding and purchased pig fattening models are experiencing losses, with self-breeding entering a comprehensive loss phase for over three months and purchased fattening showing an average loss of 240 yuan per head [2] - Despite the current challenges, there is still potential for pig farming enterprises to achieve some profit for the full year 2025 due to higher sales prices earlier in the year [2]