Group 1 - The company, Dekang Agriculture (02419.HK), announced a share buyback on January 16, spending HKD 8.695 million to repurchase 134,000 shares [1]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The price of live pigs rebounded, with the main contract 2603 rising 1.78% weekly [6][9] - In mid - January, the supply pressure is average, and attention should be paid to the slaughter rhythm of the breeding end. The peak of curing and enema activities has passed, but there is still some demand. The pre - Spring Festival stocking is about to start, so the overall decline in demand is limited, and there may be a small peak later. Before the Spring Festival, the slaughter rhythm affects the price. Currently, the slaughter volume has increased slightly, suppressing the price, but market sentiment is okay, and with the expected pre - Spring Festival stocking demand, the spot price runs steadily, supporting the near - month futures price to fluctuate slightly stronger [6] Summary by Relevant Catalogs 1. Week - to - Week Summary - **Market Review**: The price of live pigs rebounded, and the main contract 2603 rose 1.78% weekly [6][9] - **Market Outlook**: In mid - January, the supply pressure is average. The peak of curing and enema activities has passed, but there's still some demand. The pre - Spring Festival stocking is about to start. The overall decline in demand is limited, and there may be a small peak later. Before the Spring Festival, the slaughter rhythm affects the price. Currently, the slaughter volume has increased slightly, suppressing the price, but market sentiment is okay, and with the expected pre - Spring Festival stocking demand, the spot price runs steadily, supporting the near - month futures price to fluctuate slightly stronger [6] 2. Futures and Spot Markets Futures Market - **Price Movement**: Futures rebounded this week, and the main contract 2603 rose 1.78% weekly [7][9] - **Net Position and Warehouse Receipts**: As of January 16, the net short position of the top 20 holders of live pig futures decreased by 12 hands compared to last week, reaching 51,537 hands. The number of live pig futures warehouse receipts was 815, a decrease of 103 compared to the previous week [11][15] - **Contract Spreads**: The spread between lh2603 and lh2605 contracts was - 175, and the spread between lh2603 and lh2607 contracts was - 780 [20] Spot Market - **Base Difference**: This week, the base difference of the live pig January contract was 1,100 yuan/ton, and that of the March contract was 1,220 yuan/ton [25] - **Live Pig and Piglet Prices**: This week, the national average price of live pigs was 12.76 yuan/kg, an increase of 0.31 yuan/kg from last week. The average price of 15 - kg weaned piglets was 25.14 yuan/kg, an increase of 0.66 yuan/kg from last week [30] - **Pork and Sows Prices**: According to the Ministry of Agriculture and Rural Affairs, in the week of January 8, the national average pork price was 23 yuan/kg, an increase of 0.2 yuan/kg from the previous week. The average price of binary sows last week was 32.47 yuan/kg, an increase of 0.01 yuan/kg from the previous week [37] - **Pig - to - Grain Ratio**: As of the week of January 7, 2025, the pig - to - grain ratio was 5.51, an increase of 0.11 from the previous week, but still below 6:1 [42] 3. Industry Situation Upstream - **Sow Inventory**: In October 2025, the inventory of breeding sows was 39.9 million, a month - on - month decrease of 450,000 tons, a decrease of 1.12%, and a year - on - year decrease of 2.038%. According to Mysteel data, in December, the inventory of breeding sows in 123 large - scale farms decreased by 0.18% month - on - month and 0.47% year - on - year; in 85 small and medium - sized farms, it decreased by 1.19% month - on - month and 1.54% year - on - year [47] - **Live Pig Inventory**: At the end of the third quarter of 2025, the live pig inventory was 436.8 million, a month - on - month increase of 2.9% and a year - on - year increase of 2.3%. According to Mysteel data, in December, the live pig inventory of 123 large - scale farms was 36.9216 million, a month - on - month decrease of 0.23% and a year - on - year increase of 4.72%; in 85 small and medium - sized farms, it was 1.5558 million, a month - on - month decrease of 0.09% and a year - on - year increase of 8.17% [51] - **Slaughter Volume and Average Weight**: According to Mysteel data, in December, the slaughter volume of 123 large - scale farms was 11.7829 million, a month - on - month increase of 3.68% and a year - on - year increase of 6.64%; in 85 small and medium - sized farms, it was 0.548 million, a month - on - month increase of 6.39% and a year - on - year increase of 13.67%. This week, the average slaughter weight of live pigs was 123.5 kg, an increase of 0.18 kg from last week [55] Industry - wide - **Breeding Profits**: As of January 16, the breeding profit of purchased piglets was 48.35 yuan/head, an increase of 50.66 yuan/head; the breeding profit of self - breeding and self - raising was 7.39 yuan/head, an increase of 18.93 yuan/head. The egg - laying hen breeding profit was - 0.08 yuan/head, a week - on - week increase of 0.21 yuan/head, and the 817 meat - hybrid chicken breeding profit was 0.29 yuan/head, a week - on - week increase of 0.04 yuan/head [58] - **Pork Imports**: In November, China's pork imports were 60,000 tons, a year - on - year decrease of 33.33%. From January to November, the cumulative pork imports were 920,000 tons, a year - on - year decrease of 6.12% [65] - **Substitute Products**: As of the week of January 16, the price of white - striped chicken was 13.5 yuan/kg, the same as last week. As of the week of January 15, the average price difference between standard and fat pigs was - 0.64 yuan/kg, an increase of 0.03 yuan/kg from last week [69] - **Feed**: As of January 15, the spot price of soybean meal was 3,204.29 yuan/ton, a decrease of 20.57 yuan/ton from the previous week; the corn price was 2,363.82 yuan/ton, an increase of 11.96 yuan/ton from the previous week. As of January 16, the closing price of the Dalian Commodity Exchange's pig feed cost index was 906.44, and the price of finishing pig compound feed was 3.34 yuan/kg, the same as last week. In November 2025, the monthly feed output was 29.77 million tons, a month - on - month increase of 209,000 tons. In December 2025, the sales of piglet feed decreased by 0.39% month - on - month and increased by 69.09% year - on - year [74][77][83] - **CPI**: As of December 2025, China's CPI increased by 0.8% year - on - year [88] Downstream - **Slaughter Enterprises**: In the third week of 2026, the slaughter enterprise's operating rate was 35.91%, a decrease of 0.72 percentage points from last week and a year - on - year decrease of 1.14 percentage points, with the operating rate fluctuating between 35.33 - 36.10%. The fresh sales rate of key domestic slaughter enterprises was 87.61%, an increase of 0.07% from last week; the frozen product storage rate was 17.48%, a decrease of 0.14% from last week [91] - **Demand**: As of November 2025, the slaughter volume of designated pig slaughtering enterprises was 39.57 million, a month - on - month increase of 3.21% and a year - on - year increase of 24.04%. In November 2025, the national catering income was 605.7 billion yuan, a year - on - year increase of 3.2% [96] Live Pig Stocks - The document shows the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd. but does not provide specific analysis [100]

农产品日报 | 2026-01-16 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2603合约11950元/吨，较前交易日变动-60.00元/吨，幅度-0.50%。现货方面，河南地区 外三元生猪价格12.97元/公斤，较前交易日变动+0.01元/公斤，现货基差 LH03+1020，较前交易日变动+70；江苏 地区外三元生猪价格 13.17元/公斤，较前交易日变动-0.03元/公斤，现货基差LH03+1220，较前交易日变动+30；四 川地区外三元生猪价格12.77元/公斤，较前交易日变动-0.10元/公斤，现货基差LH03+820，较前交易日变动-40。 据农业农村部监测，1月15日"农产品批发价格200指数"为128.19，比昨天上升0.09个点，"菜篮子"产品批发价格指 数为130.74，比昨天上升0.15个点。全国农产品批发市场猪肉平均价格为18.00元/公斤，比昨天下降0.3%；牛肉65.70 元/公斤，比昨天上升0.3%；羊肉62.84元/公斤，比昨天上升0.1%；鸡蛋7.81元/公斤，比昨天上升0.8%；白条鸡17.58 元/公斤，比昨天下降1.1%。 市场分析 生猪现货价格窄幅震荡运行 ...

1月15日，牧原股份跌0.21%，成交额17.39亿元。两融数据显示，当日牧原股份获融资买入额1.87亿 元，融资偿还1.57亿元，融资净买入3070.54万元。截至1月15日，牧原股份融资融券余额合计53.19亿 元。 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。 机构持仓方面，截止2025年9月30日，牧原股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.83亿股，相比上期增加3369.99万股。华泰柏瑞沪深300ETF（510300）位居第七大流通 股东，持股4655.42万股，相比上期减少210.32万股。汇添富中证主要消费ETF（159928）位居第九大流 通股东，持股3452.69万股，为新进股东。易方达沪深300ETF（510310）位居第十大流通股东，持股 3361.68万股，相比上期减少106.36万股。华夏沪深300ETF（510330）退出十大流通股东之列。 责任编辑：小浪快报 融资方面，牧原股份当日融资买入1.87亿元。当前融资余额52.99亿元，占流通市值的2.01%，融资余额 低于近一年50%分位水平，处于较低位。 融 ...

消息面上，优然牧业发布公告，拟按每股3.92港元配售股份，较1月15日收市价4.3港元折让8.84%，所 得款项净额23.3亿港元，拟用于先进技术赋能及数位转型，以提升营运效能；偿还计息债务并优化资本 结构，为潜在收购或投资机会提供灵活性；及补充营运资金并用作一般公司用途。 公告称，公司将先旧后新配售2.9925亿股，卖方(博源，公司控股股东伊利的全资附属公司)另将认购 2.9925亿股新股份。紧随完成后，控股股东于公司持股由33.93%增加至36.07%。 优然牧业(09858)低开逾5%，截至发稿，涨5.12%，报4.08港元，成交额11.81亿港元。 ...

省农业农村厅相关负责人要求，各地要结合工作职能，加大主推技术推广应用力度，强化技术集成 与示范，引导带动广大农户和新型农业经营主体积极应用主推技术，不断提高农业主推技术到位率、覆 盖率。同时，要紧密结合本地主导产业发展需求，遴选发布适宜本地的农业主推技术，为粮油作物大面 积单产提升和多元化食物供给提供坚实的科技支撑。（记者：吴莎莎） 此次发布的主推技术，是省农业农村厅严格按照农业农村部相关要求，结合陕西农业生产实际遴选 而出，旨在加快农业科技成果推广应用，提升农业科技推广服务效能，发挥农业科技对粮食等重要农产 品稳产保供的支撑作用。 粮油生产类14项技术，包括关中灌区耕地周年小麦玉米单产"吨半田"集成技术、小麦—玉米周年水 肥精准调控单产提升技术等。特色产业类7项技术，包括果园微雾防霜冻及绿色植保集成技术、果园套 种羊肚菌栽培技术等。畜牧兽医类8项技术，包括良种奶牛高效繁育技术、奶绵羊基因组选择育种技术 等。耕地环保类10项技术，包括旱作农田拦提蓄补"四位一体"集雨补灌技术、黄淮小麦智能微灌水肥精 准调控与全程机械化单产提升技术等。 1月14日，记者从省农业农村厅获悉：该厅日前发布了陕西省2026年农业主推技 ...

Core Viewpoint - The company, Muyuan Foods (牧原股份), forecasts a net profit of between 15.1 billion to 16.1 billion yuan for the year 2025, indicating a decline of 14.93% to 20.21% compared to the previous year's profit of 18.925 billion yuan [1][3][9]. Financial Performance - The projected net profit for 2025 is between 15.1 billion to 16.1 billion yuan, down from 18.925 billion yuan in the previous year [3][9]. - The average cost of pig farming is expected to decrease to approximately 12 yuan per kilogram in 2025, down from 14 yuan per kilogram in 2024, reflecting a reduction of 2 yuan per kilogram [3][10]. Business Development - The company's meat processing segment is anticipated to achieve significant growth, with an expected slaughter volume exceeding 28 million heads in 2025, representing a doubling year-on-year [3][10]. - Muyuan Foods has successfully achieved quarterly profitability in its meat processing segment by the third quarter of 2025 [3][10]. Shareholder Information - The controlling shareholder, Muyuan Industrial Group, has completed the release of all share pledges, with the Qin Yinglin family now holding 55.11% of the company's shares in a zero-pledge state. The number of shares released from pledge amounts to 47.5 million, accounting for 5.6% of the total shares held by Muyuan Industrial Group [3][5][10]. International Strategy - Muyuan Foods is actively advancing its internationalization strategy, with significant developments in overseas operations, particularly in Southeast Asia through partnerships with companies like BAF in Vietnam and Charoen Pokphand Group in Thailand [3][12]. - The company aims to replicate its domestic technological and cost advantages in high-growth potential overseas markets, while integrating global resources to enhance its competitiveness [6][13].

新疆农垦科学院党委书记魏建军表示，将坚持以产业需求为导向，持续强化与企业的协同创新攻关，加 快重大科技成果高效转化应用。"军垦肉羊"新品种的成功转化，不仅体现了市场对自主创新育种成果的 高度认可，更为农业科技成果产业化提供了可复制的范本，将为乡村振兴提供坚实产业支撑。 此次成果转化合作方新疆北瀚供销集团有限公司负责人鲁志勇表示，将以此次合作为契机，推动"军垦 肉羊"新品种从种源培育到产品加工的全链条开发，打造具有市场竞争力的种业品牌。 本报石河子讯（全媒体记者 冯骏 禚艺） 1月13日，"军垦肉羊"新品种转让签约仪式在新疆农垦科学院 举行，该品种以1000万元的转化金额达成合作，创造了该院成果转化单笔金额最高纪录，标志着兵团自 主培育肉羊品种在产业化落地方面取得重大突破。 "军垦肉羊"是新疆农垦科学院历时24年攻关，与十师北屯市供销合作社联合社有限公司合作培育而成， 于2025年7月通过国家畜禽遗传资源委员会审定，成功填补了寒旱区高产优质肉羊品种的空白。该品种 在放牧与舍饲条件下均表现出优良特性，高度契合我国北方现代肉羊产业集约化、高效化、高质量发展 转型升级的核心需求，能够有效降低对国外肉羊品种的依赖，为我 ...

Group 1 - The core point of the article is that Juxing Agriculture and Animal Husbandry (603477) is planning to issue shares to specific investors to raise up to 227.07 million yuan for various projects and working capital [1][3] - On January 15, 2026, Juxing Agriculture and Animal Husbandry closed at 17.99 yuan, with a 0.9% increase, a turnover rate of 2.77%, a trading volume of 141,400 shares, and a transaction amount of 255 million yuan [1] - On the same day, the net inflow of main funds was 9.17 million yuan, accounting for 3.6% of the total transaction amount, while retail investors had a net outflow of 9.91 million yuan, representing 3.89% of the total transaction amount [1] Group 2 - The company plans to use the raised funds for the construction of a boar station, a breeding technology research base, digital intelligence construction, and to supplement working capital [1][3] - The issuance will involve related party transactions with the controlling shareholder, Juxing Group, but will not lead to a change in company control [1] - As of December 31, 2025, the company provided guarantees totaling 571.14 million yuan for several wholly-owned and controlled subsidiaries, which is 70.41% of the latest audited net assets [1]

Core Viewpoint - The announcement details the external guarantee situation of Yunnan Shennong Agricultural Industry Group Co., Ltd. as of December 2025, highlighting the total guarantee amounts provided for subsidiaries and the rationale behind these guarantees [1][12]. Guarantee Objects and Basic Situation - The company provided guarantees for two subsidiaries' financing with a new guarantee amount of 98.97 million yuan, totaling 293.12 million yuan as of December 31, 2025 [1]. - The company also provided guarantees for six subsidiaries' raw material procurement with a new guarantee amount of 40 million yuan, totaling 325.50 million yuan as of December 31, 2025 [1]. Cumulative Guarantee Situation - From December 1 to December 22, 2025, the company signed guarantee contracts with Fudian Bank for a total guarantee of 11.30 million yuan for its subsidiary [2]. - On December 2, 2025, the company signed a guarantee letter with Xiamen Guomao Group for a total of 20 million yuan for several subsidiaries [2]. - The company adjusted a previous guarantee agreement with Xiamen Jianfa Property Co., increasing the guarantee amount from 30 million yuan to 50 million yuan [2][9]. Guarantee Progress in December 2025 - No new guarantees were provided for customers or cooperative farmers in December, with a total guarantee balance of 307,200 yuan for one customer [10]. - The company provided a new guarantee of 40 million yuan for raw material procurement in December, with a total balance of 325.50 million yuan [10]. - No new guarantees were provided for product performance guarantees in December, with a total balance of 0 yuan [11]. Necessity and Reasonableness of Guarantees - The guarantees provided are necessary for the daily operations of subsidiaries and align with the company's overall interests and development strategy [12]. - The company has control over the guaranteed entities, which have good credit status and strong repayment capabilities, making the risks manageable [12]. Board of Directors' Opinion - The board believes that the guarantees are based on the actual needs of the subsidiaries, which have strong repayment capabilities, and are beneficial for improving the efficiency of fund usage [13]. - The guarantees help alleviate financial pressure on customers and cooperative farmers, thus facilitating business operations [13]. Cumulative External Guarantee Amount and Overdue Guarantees - As of December 31, 2025, the total external guarantee balance was 908.45 million yuan, accounting for 18.80% of the company's latest audited net assets [14]. - The overdue amount within the external guarantees was 307,200 yuan, which is manageable due to established counter-guarantee measures [14].