格隆汇1月12日｜牧原股份在投资者互动平台表示，公司建设超健康种猪选育平台，让猪的生长潜能充 分发挥，培育出更适合中国养殖条件和市场需求的优质种猪，为消费者提供安全、健康、美味的猪肉产 品。项目当前尚未建设完成，实际投资金额将视最终建设情况而定，公司将根据自身经营情况合理规划 建设进度。 ...

截至9月30日，牧原股份股东户数18.56万，较上期减少11.19%；人均流通股20534股，较上期增加 12.60%。2025年1月-9月，牧原股份实现营业收入1117.90亿元，同比增长15.52%；归母净利润147.79亿 元，同比增长41.01%。 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 1月9日，牧原股份跌0.80%，成交额17.25亿元。两融数据显示，当日牧原股份获融资买入额2.10亿元， 融资 ...

Core Viewpoint - The joint issuance of the notification by the People's Bank of China, the Ministry of Agriculture and Rural Affairs, and the Financial Regulatory Bureau aims to promote the financing model of livestock collateral, enhancing the financial institutions' ability to utilize rural assets and support rural revitalization [1][2]. Group 1: Policy and Regulatory Framework - The notification establishes clear regulations for property rights registration, value assessment, mortgage registration models, and collateral disposal mechanisms [2]. - It encourages the use of digital technologies such as electronic ear tags and biometric identification to support the collateralization of livestock [2]. Group 2: Financial Innovations and Products - Financial institutions are developing innovative products like "Smart Animal Husbandry Loans" to address the challenges of collateralizing live assets, incorporating technology for effective post-loan management [3]. - The integration of "agricultural insurance + financing" models is encouraged to enhance risk-sharing and improve financing services for agricultural producers [3]. Group 3: Market Trends and Data - In the first three quarters of 2025, the national production of pork, beef, mutton, and poultry reached 73.12 million tons, an increase of 2.68 million tons or 3.8% year-on-year, indicating a positive trend in the livestock industry [1]. - The promotion of livestock collateral financing is seen as a pathway to broaden the range of rural collateral, addressing the valuation and monitoring challenges associated with live assets [1][2]. Group 4: Collaborative Efforts and Ecosystem Development - The development of livestock collateral financing requires collaboration between policy incentives and business innovations, with a focus on supply chain finance and dynamic risk control [4]. - Financial institutions are encouraged to build a scientific value assessment system and a comprehensive risk monitoring mechanism to transform livestock assets into viable financing options [4].

Core Viewpoint - Yisheng Co., Ltd. (002458) has successfully completed the pilot phase of its egg-laying chicken research and expects to obtain new breed certification in the first half of this year, with plans to increase the stock of egg-laying chickens based on market demand [1] Company Summary - The production performance of the company's egg-laying chickens is reported to be very excellent, indicating strong demand for both parent stock and commercial egg-laying chicks domestically [1] - There is potential for the company to export its egg-laying chickens overseas, highlighting growth opportunities in international markets [1]

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - Low prices and holiday effects have stimulated better consumption. Meanwhile, the large spread between fat and standard pigs has led to hoarding and withholding sentiment. After the Winter Solstice, the spot price has risen significantly, driving a rational rebound in the futures market. In the short - term, the downward driving force of the spot is insufficient, which may continue to support the near - month contracts of the futures market to oscillate strongly. In the medium - term, the supply base is large and will be concentrated around the Spring Festival. The structural contradiction of the tight supply of large pigs will gradually be resolved over time. Pay attention to the upward pressure on the near - term contracts and wait for a rebound to sell short. For the far - end contracts, the direction of capacity reduction is certain, but the rhythm is unclear. Generally, wait for a decline to buy [11]. - The recommended trading strategies are to wait to short the 03 and 05 contracts on rallies with a profit - to - loss ratio of 2:1 in 2 - 3 months, and mainly conduct reverse arbitrage [13]. 3. Summaries According to Different Sections 3.1. Weekly Assessment and Strategy Recommendation - **Spot Market**: Last week, the pig price first declined and then rose. The supply of large pigs was tight, and the upstream had a strong sentiment of withholding sales. However, the demand decreased after New Year's Day, resulting in a narrower increase in the pig price. The average trading weight increased year - on - year and month - on - month, and the spread between fat and standard pigs decreased from a high level but was still large year - on - year. Specifically, the average price in Henan dropped by 0.12 yuan to 13.08 yuan/kg, in Sichuan it remained flat at 12.9 yuan/kg, and in Guangdong it dropped by 0.44 yuan to 12.72 yuan/kg. Next week, the supply will increase slightly, which has a negative impact on the market. But the resistance of the breeding side may limit the price decline. The demand support is insufficient due to the decrease in slaughter volume and the slowdown of secondary fattening. It is expected that the pig price will mainly show a slight decline [11]. - **Supply Side**: Since last year, the reduction of sows has been limited. Although the capacity reduction has accelerated since October, the theoretical supply in the first half of this year is still large due to the time - lag effect, and the fundamentals will improve in the second half. In December last year, the pig price was not weak, which slowed down the sow reduction. The theoretical出栏量 will remain high in the first half of the year, peaking in March. After April, although it will decline seasonally, the decline is small and the year - on - year figure is still high. Currently, the supply of large pigs is tight, and the spread between fat and standard pigs is high, leading to hoarding and withholding sentiment. The slaughter volume is not low, but the average trading weight has increased counter - seasonally, indicating a backlog of live inventory [11]. - **Demand Side**: Currently, the increase in slaughter volume is limited, and the support for the market is insufficient. The high price of large pigs has slowed down the pace of secondary fattening, and the support from secondary fattening demand is also insufficient [11]. 3.2. Futures and Spot Market - **Spot Trend**: The pig price first declined and then rose last week. The supply of large pigs was tight, and the upstream had a strong sentiment of withholding sales. After New Year's Day, the demand decreased, resulting in a narrower increase in the pig price. The average trading weight increased year - on - year and month - on - month, and the spread between fat and standard pigs decreased from a high level but was still large year - on - year. Next week, the supply will increase slightly, which has a negative impact on the market. But the resistance of the breeding side may limit the price decline. The demand support is insufficient due to the decrease in slaughter volume and the slowdown of secondary fattening. It is expected that the pig price will mainly show a slight decline [22]. - **Basis and Spread Trend**: The spot price rebounded, the basis of the futures market turned positive, and the inter - month spread turned to positive arbitrage [25]. 3.3. Supply Side - **Fertile Sows and Changes**: Since last year, the reduction of sows has been limited. Although the capacity reduction has accelerated since October, the theoretical supply in the first half of this year is still large due to the time - lag effect, and the fundamentals will improve in the second half. In December last year, the pig price was not weak, which slowed down the sow reduction, with the sow inventory increasing by 0.54% month - on - month according to Yongyi data [34]. - **Theoretical出栏量**: The theoretical出栏量 will remain high in the first half of the year, peaking in March. After April, although it will decline seasonally, the decline is small and the year - on - year figure is still high [42]. - **Trading and Average Weight after Slaughter**: Currently, the supply of large pigs is tight, and the spread between fat and standard pigs is high, leading to hoarding and withholding sentiment. The slaughter volume is not low, but the average trading weight has increased counter - seasonally, indicating a backlog of live inventory [49]. 3.4. Demand Side - **Slaughter Volume**: Currently, the increase in slaughter volume is limited, and the support for the market is insufficient. The high price of large pigs has slowed down the pace of secondary fattening, and the support from secondary fattening demand is also insufficient [58]. 3.5. Cost and Profit - The cost is continuously declining due to factors such as feed cost and efficiency improvement. The pig price is the weakest in the same period in many years. Despite the low cost, there has been an overall loss this year [69]. 3.6. Inventory Side - The frozen pork inventory is in a state of slow recovery and active inventory accumulation [74].

Core Viewpoint - The company Dabeinong (002385.SZ) reported its pig sales for December 2025, showing a significant increase in sales volume compared to previous months and the same month last year, despite a decline in sales revenue year-on-year [1] Group 1: December Sales Performance - In December 2025, the company sold 465,800 pigs, generating sales revenue of 605 million yuan [1] - The sales volume increased by 12.21% month-on-month and by 18.71% year-on-year [1] - The sales revenue saw a month-on-month increase of 18.16% but a year-on-year decrease of 15.62% [1] - The average selling price was 11.33 yuan per kilogram [1] Group 2: Annual Sales Performance - For the entire year of 2025, the company sold a total of 4,501,800 pigs, representing a year-on-year growth of 25.23% [1] - The cumulative sales revenue for the year reached 6.594 billion yuan, reflecting a year-on-year increase of 5.15% [1]

Group 1 - The average price of live pigs in China has shown an upward trend, with the standard weight pig average price at 6.29 yuan per jin, an increase of 0.01 yuan compared to the previous day [1] - There are 7 regions experiencing price increases, 3 regions with price decreases, and 18 regions maintaining stable prices [1] - The lowest price for live pigs is in Xinjiang at 5.5 yuan per jin, while the highest price is in Hainan at 7.0 yuan per jin [1] Group 2 - Pig prices are stabilizing with fluctuations, particularly in the Northeast region where high prices remain stable, while some low-price areas are seeing increases [2] - In Henan, the price for pig sales is approximately 0.1 yuan higher, indicating a stronger market, while Guangdong's major markets are stable but actual transaction volumes are low [2] - The current pig prices are in a supply-demand negotiation phase, with expectations of continued fluctuations in the short term [3]

位于山东省宁阳县的山东圣力牧业有限公司牧场里，3800余头奶牛在宽敞的牛棚里踱步。"每天为市场 供应70余吨生鲜牛奶的同时，粪污等养殖废弃物如何处理是我们着力解决的问题。"该牧场负责人王超 介绍，为最大限度减少异味，牧场安装了自动化清粪设备，定时收集并送往干湿分离区进行处理。随 后，这些物料被送入一个个巨大的分子膜发酵床。在冬季，经过12天至15天密闭发酵，有效杀灭虫卵和 有害微生物，最终产出柔软干净的牛床垫料。 同时，液体粪污流入场区内的两个大型厌氧发酵罐，发酵过程中产生的沼气转化为电能，带动牧场144 台大型风扇；产生的沼液则进入氧化塘集中储存，适时进行沼液还田。 （来源：经济日报） 转自：经济日报 "牧场一个月能处理约1600立方米固体牛粪，仅在牛床垫料购买上每年就能节省接近60万元；每年沼气 的产量可达70万立方米，发电量达50多万千瓦时。"王超说，公司流转了2800多亩土地种植小麦、玉米 等作物，经过处理后的沼液，成为农田里的天然有机肥。 通过"垫料回填+沼气发电+沼液还田"组合模式，圣力牧业不仅满足养殖场自身需求，还能为周边农户 提供有机肥料，形成"养牛—粪污—能源—肥料—种植"的生态闭环。 ...

在补贴方案实施进度方面，总额达5.5亿美元的首批政府扶持资金大部分已通过银行转账或汇款方式完 成发放，惠及约110万名养殖户。整体来看，全国牲畜普查的完成标志着摩洛哥在农业数字化管理和畜 牧业支持体系建设方面迈出重要一步。 摩洛哥《Médias24》杂志1月7日报道，摩洛哥全国牲畜识别和普查工作已于2025年12月31日完成。此次 行动对全国范围内牛、羊等主要牲畜进行统一普查和标识。经统计，摩牲畜总量约3230万头，一套覆盖 全国的牲畜数据库同步建立，为后续政策制定和精准扶持奠定了基础，相关数据库信息将作为向养殖户 发放补贴的重要依据。 ...

Core Insights - The total livestock population in Mongolia is projected to reach 58.1 million by the end of 2025, reflecting a year-on-year increase of 445,100 heads, or 0.7% growth [1] Livestock Breakdown - Camels: 501,300 heads, an increase of 2,700 heads, representing a growth of 4.3% [1] - Horses: 5.1 million heads, an increase of 444,100 heads, showing a growth of 9.5% [1] - Cattle: 5.4 million heads, an increase of 365,100 heads, indicating a growth of 7.2% [1] - Sheep: 23.9 million heads, a decrease of 632,600 heads, reflecting a decline of 2.6% [1] - Goats: 2.32 million heads, an increase of 247,800 heads, showing a growth of 1.1% [1] Regional Analysis - Regions such as South Gobi, Sukhbaatar, Khentii, and Ulaanbaatar have seen livestock population increases ranging from 10,700 to 325,000 heads [1] - Conversely, areas including Selenge, Uvs, Khovd, and others have experienced declines in livestock numbers, ranging from 6,300 to 354,500 heads [1]