Investment Rating - The report maintains a positive investment rating for the pig farming sector, recommending continued investment in this area due to low valuations and expected profitability [4]. Core Insights - The report highlights a rebound in pig prices to 13 CNY/kg, with self-breeding and self-raising operations achieving profitability for two consecutive weeks [4]. - The white feather breeding stock update for 2025 is projected at 1.5742 million sets, with a year-on-year increase of 4.9% [5]. - The pet food market in urban China is expected to reach 312.6 billion CNY in 2025, growing by 4.1% year-on-year [6]. Summary by Sections Pig Farming - Pig prices have rebounded to 13 CNY/kg, with a week-on-week increase of 0.7%. The average weight of pigs at slaughter has risen to 128.89 kg, with a decrease in the proportion of heavier pigs [4]. - The profitability of self-breeding and self-raising operations has reached 43.35 CNY per head, marking a significant recovery since December 2025 [4]. - The report forecasts a new wave of price declines post-Spring Festival, indicating potential capacity reduction in the pig farming industry [4]. Poultry Farming - The white feather breeding stock update for 2025 is 1.5742 million sets, with 55% from self-breeding and 45% from imports. The price of yellow feather chicken has increased by 2.6% week-on-week [5]. - The average price of chicken products is reported at 9,250 CNY/ton, with a slight year-on-year decrease of 0.5% [5]. Pet Industry - The urban pet market is projected to grow to 312.6 billion CNY in 2025, with dog and cat markets at 160.6 billion CNY and 152.0 billion CNY, respectively [6]. - The number of pet dogs and cats in urban areas is expected to reach 126.32 million, with a year-on-year growth of 1.8% [8]. - Pet food remains the primary consumption category, accounting for 53.7% of the market share, with a projected market size of approximately 167.9 billion CNY in 2025 [8].

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002714 牧原股份 | | 4864.44万 | 2.40% | -1.03 Z | -5.09% | 5472.11万 | 2.70% | | 000048 京基智农 | | 3754.32万 | 5.32% | -2675.12万 | -3.79% | -1079.19万 | -1.53% | | 300498 温氏股份 | | 1469.67万 | 1.96% | -3572.38万 | -4.77% | 2102.71万 | 2.81% | | 600965 福成股份 | | 1392.45万 | 8.25% | -116.50万 | -0.69% | -1275.95万 | -7.56% | | 300761 立华股份 | | 1088.54万 | 6.42% | -420.66万 | -2.48% | -667.88万 | -3.94% | | 6052 ...

农产品日报 | 2026-01-23 需求预期增量，猪价进入调整 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11600元/吨，较前交易日变动+130.00元/吨，幅度+1.13%。现货方面，河南地 区外三元生猪价格13.06元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH03+1460，较前交易日变动-130；江 苏地区外三元生猪价格 13.27元/公斤，较前交易日变动-0.13元/公斤，现货基差LH03+1670，较前交易日变动-260； 四川地区外三元生猪价格12.77元/公斤，较前交易日变动-0.11元/公斤，现货基差LH03+1170，较前交易日变动-240。 据农业农村部监测，1月22日"农产品批发价格200指数"为130.10，比昨天下降0.03个点，"菜篮子"产品批发价格指 数为132.98，比昨天下降0.04个点。全国农产品批发市场猪肉平均价格为18.50元/公斤，与昨天持平；牛肉65.79元/ 公斤，比昨天下降0.2%；羊肉63.60元/公斤，比昨天上升0.6%；鸡蛋8.27元/公斤，比昨天上升0.9%；白条鸡17.27 元/公斤，比昨天下降0.3%。 市场 ...

（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：公司多久能够公布2025的年报？ 晓鸣股份（300967.SZ）1月22日在投资者互动平台表示，公司2025年年度报告及其摘要的预约披露日期 为2026年4月16日。 ...

证券之星消息，1月22日养殖业板块较上一交易日下跌0.42%，京基智农领跌。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。养殖业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603717 | 天域生物 | 7.82 | 2.76% | 8.14万 | 6271.16万 | | 600965 | 福成股份 | 6.26 | 1.95% | 17.27万 | 1.07亿 | | 002321 | 华英农业 | 2.43 | 1.67% | 40.25万 | 9700.06万 | | 002157 | 正邦科技 | 3.35 | 1.52% | 152.74万 | 5.09亿 | | 000735 | 罗牛山 | 7.92 | 1.41% | 34.06万 | 2.68亿 | | 301116 | 益客食品 | 11.48 | 1.15% | 5.72万 | 6534.05万 | | 002982 | 湘佳股份 | 14.22 ...

Core Insights - The black pig farming industry in Pingyuan County is experiencing significant growth, with products favored for their tender meat, rich flavor, and nutritional value [1] - Financial support from Pingyuan Rural Commercial Bank has been crucial for farmers like Kuan Changjun, enabling them to overcome funding challenges and expand their operations [1] Group 1: Industry Overview - Kuan Changjun started black pig farming in March 2020, and after over five years, the business has thrived, with plans to increase production significantly [1] - The black pigs are primarily sold in local agricultural markets, supermarkets, and restaurants, indicating a strong local demand [1] Group 2: Financial Support and Impact - Pingyuan Rural Commercial Bank identified the funding difficulties faced by farmers and provided a tailored "Entrepreneur Guarantee Loan" to support their needs [1] - A loan of 300,000 yuan was issued within two days, allowing Kuan to purchase piglets and high-quality feed, with expectations to increase output by over 50% compared to the previous year [1] - The bank's innovative financial services are aimed at supporting rural agriculture and enhancing local industry development, contributing to rural revitalization efforts [1]

Core Insights - The white feather chicken industry is undergoing significant changes, characterized by cycles of price volatility, capacity reduction, and market restructuring [2][15][26] - The price of white feather chickens has experienced dramatic fluctuations, with a notable rebound in late 2023 after a period of decline, leading to increased prices across the supply chain [2][20][25] - The industry is shifting focus from traditional pig farming to chicken production due to the shorter growth cycle and higher feed conversion efficiency of white feather chickens [3][6][28] Price Dynamics - In the first three quarters of 2023, the price of white feather chickens declined significantly, causing financial strain for many farmers [2][15] - By late November, prices began to rise sharply, reaching new highs in December, with some markets experiencing a "chicken rush" due to supply constraints [2][20] - As of January 9, 2024, the price of live chickens in major production areas remained stable at 3.75 yuan per jin in Shandong and 4 yuan per jin in Liaoning, indicating a high-level consolidation [2][20] Industry Transition - Companies like Yisheng and Wen's have shifted their investment strategies, moving funds from pig farming to chicken breeding projects, reflecting a broader trend in the industry [3][7] - The white feather chicken has become a core component of the poultry industry, increasingly relied upon for its cost-effectiveness and adaptability in the food supply chain [12][28] - The domestic breeding system for white feather chickens is improving, reducing reliance on foreign breeds and enhancing supply chain stability [13][28] Supply Chain Characteristics - The white feather chicken industry is marked by its high degree of industrialization, with rapid feedback loops between supply and demand affecting price stability [25][26] - The supply side has inherent cyclical characteristics, with delays in response to price changes, leading to periods of oversupply and subsequent shortages [24][25] - The demand for white feather chickens remains robust, particularly in fast-food and prepared meal sectors, making it a critical raw material in the food industry [12][25] Long-term Outlook - The ongoing trend of capital moving from pig to chicken production suggests a reevaluation of the white feather chicken's role in the market [14][28] - The industry's future stability may improve as domestic breeding capabilities increase and smaller producers exit the market, leading to a more concentrated and resilient supply chain [28][29] - While price volatility will persist, the industry's operational logic is becoming clearer, emphasizing the importance of strategic responses to market fluctuations rather than reliance on single-direction trends [26][30]

Core Viewpoint - The aquaculture sector experienced a decline of 0.88% on January 21, with Fucheng Co. leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1]. Group 1: Market Performance - The aquaculture sector's stocks showed mixed performance, with Jingji Zhino rising by 9.99% to a closing price of 18.50, while Fucheng Co. fell by 3.00% to 6.14 [1][2]. - The total trading volume for the aquaculture sector was significant, with Jingji Zhino recording a volume of 286,200 shares and a transaction value of 524 million yuan [1]. Group 2: Capital Flow - The aquaculture sector saw a net outflow of 242 million yuan from institutional investors, while retail investors contributed a net inflow of 214 million yuan [2]. - The capital flow data indicates that Jingji Zhino had a net inflow of 65.57 million yuan from institutional investors, while Fucheng Co. had a smaller net inflow of 1.85 million yuan [3].

证券研究报告 2026 年 01 月 21 日 湘财证券研究所 策略研究 策略月报 2 月热点或将延续 1 月的科技、有色等方向 ——2026 年 02 月 A 股策略 率窄幅震荡》 2025.11.25 证书编号：S0500519120001 Tel：(8621) 50295323 Email：qh3062@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 相关研究： 2026 年宏观短周期和中周期有望形成向上共振格局 1. 《20251125湘财证券-策略研 究-12月等待政策定调，市场大概 2. 《20251222湘财证券-策略研 究-1月市场大概率继续窄幅震荡》 2025.12.22 我们预判 2026 年宏观中周期和宏观短周期均处于底部反弹的阶段，有望形 成向上共振格局。具体原因有：一是海外方面，中美贸易冲突缓和，有助于 减轻经济下行压力。二是"十五五"规划即将落地，新质生产力依然是重要 发展方向，随着人工智能等科技领域的快速发展，将有效推动我国产业升级。 三是 2025 年 12 月中央经济工作会议定调 2026 年宏观政策为继续实施更加 积极的财政政策、适度 ...

Investment Rating - The overall industry investment rating is "Positive" for the planting and livestock sectors, "Neutral" for forestry and aquaculture, and "II" for agricultural product processing [7][8]. Core Insights - The pig price is experiencing a seasonal rebound, with the average price at 12.78 CNY/kg, a slight increase of 0.15 CNY from the previous week. However, the mid-term outlook remains pessimistic due to ongoing market pressures [6][23]. - The livestock industry is undergoing a capacity reduction, with the number of breeding sows decreasing to 39.90 million heads, down 1.1% month-on-month. This trend is expected to continue due to low market prices, rising epidemic risks, and policy pressures [7][24]. - The chicken industry is facing high capacity levels, with prices expected to fluctuate in the mid-term. The average price for broiler chickens is currently at 3.77 CNY/kg, reflecting a slight decrease [8][25]. - The yellow chicken market is anticipated to see price increases due to low production levels, with the average price at 12.95 CNY/kg [10][27]. - The veterinary medicine sector is experiencing a price rebound for key antibiotics, with a year-on-year increase of over 20% expected [11][27]. - The seed industry is benefiting from favorable policies and the advancement of genetically modified crops, which is expected to enhance sales and pricing for quality seed companies [13][28]. - Grain prices are projected to rise in the mid-term due to reduced imports and supportive domestic policies, with corn prices currently at 2369 CNY/ton [14][29]. Summary by Sections Livestock Industry - The average price for live pigs is 12.78 CNY/kg, with a slight increase of 0.15 CNY from last week. The average price for piglets is 25.14 CNY/kg, up 0.66 CNY [6][23]. - The operating rate of large-scale slaughterhouses is 38.58%, down 1.19 percentage points from last week [6][23]. - The number of breeding sows has decreased to 39.90 million heads, down 1.1% month-on-month, indicating a trend of capacity reduction [7][24]. Chicken Industry - The average price for broiler chickens is 3.77 CNY/kg, with a slight decrease of 0.03 CNY from last week [8][25]. - The industry is at a historically high capacity level, with prices expected to remain volatile in the mid-term [9][26]. - The yellow chicken market is expected to tighten supply, with prices likely to rise due to low production levels [10][27]. Veterinary Medicine - Key antibiotic prices are rebounding, with a year-on-year increase of over 20% expected [11][27]. - The market for veterinary vaccines is also growing, with increased sales anticipated for domestically produced vaccines [12][27]. Seed and Grain Industry - The seed industry is benefiting from favorable policies and advancements in genetically modified crops, which are expected to drive sales and pricing [13][28]. - Grain prices are projected to rise due to reduced imports and supportive domestic policies, with corn prices currently at 2369 CNY/ton [14][29].