Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights that the recovery in pig prices is driven by inventory replenishment, with prices expected to reach a turning point in Q2 2026 [2][12] - The report emphasizes the structural growth trends in the post-cycle sector, indicating that if the current round of pig production capacity reduction proceeds smoothly, profits in the industry chain are likely to gradually transmit downstream [3][35] Summary by Sections Pig Farming Sector - The report forecasts a significant recovery in pig prices, with the national average price reaching 13 CNY/kg by January 18, 2026, following a structural supply shortage [12] - The report notes that the market's pessimistic expectations regarding pig prices are likely to be corrected, as the supply side shows structural shortages and the average weight of pigs remains at historical lows [9][12] Poultry Sector - White feather broiler prices have shown a slight decline, with the average price at 7.59 CNY/kg as of January 16, 2026, reflecting limited increases in slaughter volumes and rising inventory levels among processing enterprises [16] - Yellow feather broiler prices are expected to remain strong, with price differentials among different types of chickens widening [21] Feed Sector - The report indicates that raw material prices for feed are stabilizing at the bottom, with corn prices rising to 2363.92 CNY/ton and wheat prices at 2515.89 CNY/ton as of January 16, 2026 [25][43] - The demand side shows strong pricing from traders, with some deep processing enterprises increasing purchase prices [25] Investment Recommendations - The report recommends focusing on the pig farming sector, with specific stocks such as Muyuan Foods (002714) and Wens Foodstuff Group (300498) being highlighted for potential investment [3][35] - It also suggests opportunities in the planting chain and pet food sectors, with companies like Suqian Agricultural Development (601952) and Pet Food Company (301498) being noted [3][35]

广东粤海饲料集团股份有限公司（以下简称"公司"）于2025年12月23日披露了《关于公司控股股东、实 际控制人及其一致行动人减持股份预披露公告》（公告编号：2025-114）。公司控股股东湛江市对虾饲 料有限公司（以下简称"对虾公司"）持有本公司股份264,612,000股（占本公司总股本37.80%），公司实 际控制人（董事长兼总经理）郑石轩先生持有本公司股份1,063,999股（占本公司总股本0.15%），一致 行动人湛江承泽投资中心（有限合伙）（以下简称"承泽投资"）持有本公司股份52,392,000股（占本公 司总股本7.48%），以上股东计划自本减持计划公告之日起15个交易日后的三个月内（2026年1月15日 至2026年4月14日）合计拟减持公司股份的总数不超过20,906,294股，即不超过剔除公司回购专用账户股 份后股本的3.00%，其中拟以大宗交易方式合计减持公司股份的总数不超过13,937,594股（即不超过剔 除公司回购专用账户股份后股本的2%）, 拟以集中竞价方式减持公司股份的总数不超过6,968,700股（即 不超过剔除公司回购专用账户股份后股本的1%）。 登录新浪财经APP 搜索【 ...

Core Viewpoint - New Hope has revised its A-share issuance plan for the second time, reducing the fundraising cap to 3.338 billion yuan, primarily to repay bank debts and invest in smart farming projects amid ongoing losses in its pig farming sector [2][4]. Group 1: Fundraising and Financial Pressure - The initial fundraising plan announced in December 2023 aimed for a maximum of 7.35 billion yuan, with significant allocations for smart farming projects and debt repayment [2]. - The first revision in August 2024 lowered the cap to 3.8 billion yuan, eliminating the acquisition of minority stakes and adjusting project funding [2]. - The latest revision further reduces the cap to 3.338 billion yuan, with 2.338 billion yuan for smart farming and 1 billion yuan for debt repayment, highlighting the company's financial strain [2][5]. Group 2: Industry Context and Policy Impact - The pig farming industry is facing challenges due to low prices and strict capacity controls, leading many companies to halt expansion projects [3][8]. - The Ministry of Agriculture has mandated a reduction in breeding sows and overall production, impacting major players including New Hope [3]. - New Hope's smart farming project aims to upgrade existing facilities without expanding capacity, but the total investment of 2.92 billion yuan poses a long payback period risk [4]. Group 3: Performance and Profitability - New Hope's pig farming sector has incurred losses for four consecutive years, with total losses amounting to 111.5 billion yuan in 2021 and 2.8 billion yuan in 2024 [8]. - The company’s feed business, which accounted for 66.66% of revenue in 2024, has become a crucial profit source, although its profit margins are significantly lower than those of the pig farming sector [6][7]. - Recent trends show a decline in pig prices, with the average price dropping below 12 yuan per kilogram, further pressuring profitability [8].

Group 1 - The core viewpoint of the article indicates that the concentration in Vietnam's feed industry is expected to increase significantly, with the combined market share of the top five participants projected to rise from 47.0% in 2024 to 60.5% by 2029 [2] Group 2 - The article highlights that this increase in market concentration suggests a potential shift in competitive dynamics within the industry, which may impact pricing and market strategies among existing players [2] - The information was provided by Haida Group in response to investor inquiries on an interactive platform, indicating active engagement with stakeholders [2]

Group 1 - The core viewpoint of the article is that the company, Haida Group, is focused on providing an integrated product and service portfolio that includes feed, seedlings, and animal health products to meet the diverse needs of the agricultural industry [1] - The company is committed to offering production materials and technical services to agricultural producers and farmers [1]

Market Overview - The feed sector experienced a decline of 0.52% on January 16, with Aonong Biological leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Individual Stock Performance - The top gainers in the feed sector included: - Jinxinnong (002548) with a closing price of 6.40, up 4.07% on a trading volume of 612,000 shares and a turnover of 1.76 million [1] - Just Update (001313) with a closing price of 7.70, up 4.19% on a trading volume of 251,200 shares and a turnover of 191 million [1] - The top decliners included: - Aonong Biological (603363) with a closing price of 4.16, down 1.65% on a trading volume of 623,800 shares and a turnover of 261 million [2] - Tiankang Biological (002100) with a closing price of 7.07, down 1.26% on a trading volume of 247,400 shares and a turnover of 176 million [2] Capital Flow Analysis - The feed sector saw a net outflow of 71.01 million from institutional investors, while retail investors contributed a net inflow of 31.24 million [2] - The capital flow for individual stocks showed: - Jinxinnong (002548) had a net inflow of 21.44 million from institutional investors, but a net outflow of 26.24 million from retail investors [3] - Just Update (001313) had a net inflow of 20.81 million from institutional investors, with a net outflow of 25.93 million from retail investors [3]

Group 1 - The core viewpoint of the news is that He Feng Co., Ltd. has shown significant trading activity, with a notable increase in financing and a decrease in short selling, indicating investor interest and market dynamics [1][2]. - On January 15, He Feng Co., Ltd. experienced a stock price increase of 1.24%, with a trading volume of 35.07 million yuan. The financing buy-in amount was 9.41 million yuan, while the net financing buy-in was 4.45 million yuan, indicating strong demand for the stock [1]. - As of January 15, the total financing and securities lending balance for He Feng Co., Ltd. was 173 million yuan, which represents 2.60% of its market capitalization, indicating a high level of financing activity compared to the past year [1]. Group 2 - As of September 30, the number of shareholders for He Feng Co., Ltd. increased to 22,500, a rise of 4.18%, while the average circulating shares per person decreased by 4.01% to 40,474 shares [2]. - For the period from January to September 2025, He Feng Co., Ltd. reported a revenue of 28.07 billion yuan, reflecting a year-on-year growth of 16.92%. However, the net profit attributable to shareholders decreased by 55.34% to 129 million yuan [2]. - Since its A-share listing, He Feng Co., Ltd. has distributed a total of 1.007 billion yuan in dividends, with 158 million yuan distributed over the past three years [3].

Core Viewpoint - The company has completed the registration of changes in business operations and has received a new business license from the Shenyang Market Supervision Administration, reflecting its updated corporate structure and capital adjustments [2]. Group 1: Corporate Changes - The company held meetings on October 28, 2025, and November 14, 2025, where it approved the cancellation of the supervisory board, reduction of registered capital, and amendments to the company’s articles of association [1]. - The new registered capital of the company is RMB 908.291034 million [2]. Group 2: Business License Details - The company is classified as a foreign-invested, publicly listed joint-stock company with a unified social credit code of 9121000074712989XU [2]. - The company’s registered address is located at 169 Huishan Avenue, Shenybei New District, Shenyang, Liaoning Province [2]. - The business scope includes processing, production, and sales of feed and feed additives, grain acquisition, livestock breeding, aquaculture, and various management and information services [2].

1月12日，海大国际控股有限公司（以下简称"海大国际"）在港交所递交招股书，联席保荐人为摩根大 通、中金公司和广发证券。 此次赴港上市，核心目标在于借助国际资本市场扩大全球影响力，强化新兴市场竞争优势。海大国际凭 借在技术、产品及服务方面的核心竞争优势，以饲料业务为基石，为畜牧行业全价值链提供全面的综合 解决方案。 上市前的股权架构显示，海大国际为海大集团全资持有，后者通过数家全资子公司合计持股100%。此 次分拆后，海大国际将拥有独立融资能力，为海外扩张提供资本支撑。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 金額 | 收入百分比 | 更題 | 收入百分比 | 金额 | 收入百分比 | 要讀 | 收入百分比 | | | | | | (人民幣千元,百分比除外) | | | | | | | | | | | (未經審核) | | | | | 收入 | 9,024, ...

证券日报网讯 1月15日，海大集团在互动平台回答投资者提问时表示，公司采用融合直销与向分销商销 售的销售策略，与当地分销商开展合作，同时直接面向客户销售，向水产养殖户及畜牧养殖户提供产品 及解决方案。 （文章来源：证券日报） ...