Core Viewpoint - The national average price of live pigs has shown a slight increase, indicating a stable upward trend in the market despite regional variations in supply and demand [1] Price Monitoring - As of January 5, 2026, the average price of live pigs in China is 12.42 yuan per kilogram, which is an increase of 0.01 yuan per kilogram from the previous day [1] - The price monitoring indicates that 31 provinces have experienced 15 price increases, 13 decreases, and 3 stable prices, reflecting a mixed market response [1] Supply and Demand Analysis - The supply side has seen an accelerated pace of pig sales post-holiday, leading to a generally relaxed supply situation in the market [1] - The demand side has weakened as the New Year stocking surge subsides, resulting in reduced order volumes and operating rates at slaughterhouses, particularly in southern markets [1] - The meat supply index in Chongqing has decreased by 37.10% compared to the previous day, indicating a drop in meat supply [1] Regional Price Differentiation - The price differentiation shows a trend of rising prices in the north and falling prices in the south, highlighting regional disparities in market dynamics [1] - The average price difference across 21 major regions is approximately 0.37 yuan per kilogram, remaining stable compared to the previous day but below the average transportation cost of 0.69 yuan per kilogram [1] Future Price Expectations - It is anticipated that pig prices may experience a slight increase tomorrow, influenced by the current market conditions [1]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the short - term, the near - month contracts are expected to be mainly in a weak and volatile state. In the long - term, the supply pressure of eggs will ease in the first half of 2026, and the spot price is expected to gradually strengthen after the Spring Festival, but the increase is limited due to the off - season demand. In the second half of the year, the supply is uncertain. If the first - half price is high, the supply pressure will increase; if the price is low, the supply will decrease significantly. The demand in the second half of the year is in the peak season, and the spot price is likely to rise, with the increase depending on the supply situation [8]. Summary by Relevant Catalogs 1. Futures and Spot Market Data - **Futures Market**: JD01 closed at 3101, up 31 from the previous day; JD05 closed at 3550, up 42; JD09 closed at 4009, down 47. The spreads between different contracts also changed. For example, the 01 - 05 spread was - 449, down 11, and the 05 - 09 spread was - 459, up 89. The ratios of egg to corn and egg to bean粕 also had corresponding changes [2]. - **Spot Market**: The average price in the main production areas was 3.03 yuan/jin, up 0.04 yuan/jin from the previous day, and the average price in the main sales areas was 3.18 yuan/jin, unchanged. The prices of most regions remained stable, with some having small fluctuations. The average price of culled chickens in the main production areas was 3.95 yuan/jin, up 0.02 yuan/jin [2][4]. - **Profit Calculation**: The profit per chicken was 1.23 yuan, up 1.45 yuan from the previous day. The average price of culled chickens was 3.95 yuan/jin, up 0.02 yuan/jin; the average price of chicken chicks was 3.21 yuan/feather, up 0.04 yuan/feather; the price of chicken vaccines remained unchanged at 3 yuan. The prices of feed such as corn, bean粕, and compound feed for laying hens remained unchanged [2]. 2. Fundamental Information - **Egg Price and Sales**: The mainstream egg prices in most regions remained stable, and the egg prices continued to fluctuate and consolidate, with general sales [4]. - **Laying Hen Inventory**: In November 2025, the national inventory of laying hens in production was 1.352 billion, a decrease of 80 million from the previous month and a year - on - year increase of 5.5%, lower than expected. The monthly output of chicken chicks in the sample enterprises monitored by Zhuochuang Information in November was about 39.55 million, with little change month - on - month and a year - on - year decrease of 13%. The estimated inventory of laying hens in production from December 2025 to March 2026 was 1.348 billion, 1.338 billion, 1.325 billion, and 1.315 billion respectively [5]. - **Culled Chicken**: In the week of December 18, 2025, the number of culled chickens in the main production areas was 19.67 million, with little change from the previous week. The average culling age was 486 days, unchanged from the previous week [5]. - **Egg Sales Volume**: As of the week of December 18, 2025, the egg sales volume in the representative sales areas was 7023 tons, with little change from the previous week and at a low level over the years [5]. - **Profit and Inventory**: As of the week of December 18, 2025, the weekly average profit per jin of eggs was - 0.17 yuan/jin, a slight increase from the previous week. The production - link inventory was 1 day, a slight decrease from the previous week, and the circulation - link inventory was 1.12 days, a slight increase from the previous week [6]. 3. Trading Logic - **Short - term**: The recent increase in the number of culled chickens has relieved the previous supply pressure, but the demand is average, so the near - month contracts are expected to be mainly in a weak and volatile state [8]. - **Long - term**: The supply pressure will ease in the first half of 2026, and the spot price is expected to gradually strengthen after the Spring Festival, but the increase is limited due to the off - season demand. The supply in the second half of the year is uncertain, and the price trend depends on the supply and demand situation [8]. 4. Trading Strategies - **Single - side**: It is expected that the near - month contracts will be mainly in a weak and volatile state in the short term. Consider building long positions in the far - month contracts at low prices [9]. - **Arbitrage**: It is recommended to wait and see [9]. - **Options**: It is recommended to wait and see [9].

益生股份公告称，2025年12月，白羽肉鸡苗销售数量6174.34万只，销售收入25964.37万元，同比增 39.55%、43.32%，环比增20.09%、20.60%；益生909小型白羽肉鸡苗销售数量641.43万只，销售收入 708.09万元，同比变动7.62%、-6.27%，环比降22.07%、6.84%；种猪销售数量3345头，销售收入774.20 万元，同比降42.85%、44.82%，环比降69.95%、75.76%。原因是停孵期安排使鸡苗销量增长，种猪受 季节性因素销售减少。同时提示产品价格波动或影响业绩。 ...

期货研究报告 2026年01月05日 生猪期货：反弹乏力、震荡整理 高剑飞 投资咨询从业资格号：Z0014742 gaojianfei@nzfco.com 报告导读： 1、市场回顾与展望：上周生猪期现货货呈 "先强后弱、北涨南跌" 格局，期货主力震荡偏强、现货 节前冲高后随腌腊需求退潮回落，养殖端挺价与出栏节奏调整主导短期波动，整体处于底部博弈阶段。 图 1： 主力合约基差 元/吨 供应端：集团企业12月出栏完成度101.77%，1月计划环比降2.96%，养殖端挺价情绪浓，出栏节奏放缓， 二次育肥增多，短期供应减少。需求端：节前腌腊需求释放支撑价格，元旦后需求转弱，屠宰企业采购积 极性下降，北方消费韧性强于南方。 支撑因素：养殖端缩量挺价，集团出栏计划下调，二次育肥入场，北方消费支撑，猪粮比回升至盈亏 平衡线附近。压制因素：南方腌腊需求退潮，大体重猪源消化困难，市场整体供应仍充足，元旦后终端消 费转弱。分歧点：短期挺价与中期供应压力的博弈，北方消费韧性与南方需求疲软的区域分化，期货近弱 远强反映的预期差异。 关注因素：1.能繁母猪存栏变化；2.消费复苏进度；3.政策调控动态等。 | 生猪 | 单位 | 最新一 ...

Core Viewpoint - Dekang Agriculture (02419) announced a share buyback plan, indicating confidence in its stock value and potential for future growth [1] Group 1: Share Buyback Details - The company will repurchase 5,400 shares at a total cost of HKD 372,400 [1] - The buyback price per share ranges from HKD 68.7 to HKD 69.2 [1]

德康农牧(02419)发布公告，于2026年1月5日，该公司斥资37.24万港元回购5400股股份，每股回购价格 为68.7-69.2港元。 ...

Core Viewpoint - The company reported a significant decline in both the volume and price of sold pigs, indicating challenges in the swine market due to price fluctuations [1] Sales Performance - In December 2025, the company sold 6.98 million pigs, representing a year-on-year decrease of 14.75% [1] - The average selling price of pigs was 11.41 yuan per kilogram, down 25.38% compared to the previous year [1] - Total sales revenue from pig sales amounted to 9.667 billion yuan, reflecting a year-on-year decline of 36.06% [1] Market Impact - The decline in sales revenue is primarily attributed to fluctuations in the pig market [1]

Group 1 - The pork concept sector declined by 0.28%, ranking among the top declines in concept sectors, with major declines seen in companies like Jingji Zhino, Luoniushan, and Tianyu Biological [1] - Among the 16 stocks that rose, Yisheng Shares, Longda Meishi, and Guangming Meat Industry had the highest increases of 2.51%, 0.97%, and 0.63% respectively [1] - The pork concept sector experienced a net outflow of 189 million yuan from main funds, with 19 stocks seeing net outflows, and 8 stocks with outflows exceeding 10 million yuan [2] Group 2 - The top net outflow was from Haida Group, with a net outflow of 63.29 million yuan, followed by Luoniushan, Zhengbang Technology, and Jingji Zhino with outflows of 60.56 million yuan, 33.99 million yuan, and 20.80 million yuan respectively [2] - The stocks with the highest net inflows included Wens Shares, Muyuan Foods, and Tiankang Biological, with net inflows of 29.18 million yuan, 14.76 million yuan, and 11.47 million yuan respectively [2] - The pork concept sector's outflow list included Haida Group, Luoniushan, Zhengbang Technology, and Jingji Zhino, all showing negative performance [3]

Core Viewpoint - Muyuan Foods (002714.SZ) reported a significant decline in sales of live pigs in December 2025, reflecting the volatility in the pig market [1] Sales Performance - The company sold 6.98 million live pigs in December 2025, representing a year-on-year decrease of 14.75% [1] - The average selling price of live pigs was 11.41 yuan per kilogram, down 25.38% year-on-year [1] - Total sales revenue from live pigs reached 9.667 billion yuan, marking a year-on-year decline of 36.06% [1] Market Impact - The decrease in sales revenue is primarily attributed to fluctuations in the live pig market [1]

Core Viewpoint - The company reported a significant decline in both the volume and price of pig sales, indicating challenges in the market due to fluctuations in the pig market conditions [1] Sales Performance - In December 2025, the company sold 6.98 million pigs, representing a year-on-year decrease of 14.75% [1] - The average selling price of pigs was 11.41 yuan per kilogram, down 25.38% compared to the previous year [1] - The total sales revenue from pig sales was 9.667 billion yuan, reflecting a year-on-year decline of 36.06% [1] Market Impact - The decline in sales revenue is primarily attributed to fluctuations in the pig market [1]