本报讯 记者罗昆娅报道 日前，寻甸县功山镇白羽鸡标准化养殖基地正式落成，这一项目不仅是推动乡 村产业升级的关键一步，更是上海市倾情帮扶、政企协同创新的生动实践，为功山镇振兴发展注入澎湃 的"上海动力"与市场活力。 根据共建协议，昆明立华牧业有限公司累计投资2000余万元，全面负责养殖场区的道路、供电、供水、 环保污水处理系统及现代化管理用房等配套设施的建设和升级。项目建设全过程秉持"专业引领、科学 运营"的原则。从上海引入养殖管理标准、疫病防控体系及规模化生产模式，显著提升项目专业性与可 持续性，使功山镇的产业起步即与先进标准接轨，最大限度保障帮扶资金的使用效益，避免走发展弯 路。 该项目建成后，预计将成为功山镇乃至周边区域乡村振兴的"强劲引擎"和沪滇产业协作的"示范窗口"。 一方面，该项目将带动本土肉鸡养殖技术全面迭代，提升产业核心竞争力和品牌价值，并借助上海的市 场网络与消费平台，拓展更广阔的销售渠道；另一方面，该项目可直接带动超400户农户融入现代养殖 产业链，稳定提供长期就业岗位20余个。初步测算，参与养殖的农户年均出栏肉鸡约200只，可实现户 均年增收5200元，整体带动农户增收208万元；就业岗位 ...

Group 1 - The article discusses tax incentives for enterprises engaged in agriculture, forestry, animal husbandry, and fishery projects, emphasizing that companies involved in restricted or prohibited projects cannot enjoy these tax benefits [2] - Enterprises involved in the cultivation and planting of trees and bamboo can enjoy tax exemptions on income derived from breeding, nurturing, and managing these plants, as well as from re-cultivating trees acquired through auction or purchase after a growth period [2] - Companies that purchase agricultural products for replanting or breeding in their own or rented spaces can qualify for tax incentives if the biological form changes without significantly increasing the product's value through processing [2] Group 2 - The "company + farmer" operational model allows companies to engage in livestock and poultry farming by contracting farmers to raise animals, with the company providing necessary resources while retaining ownership, thus qualifying for tax incentives [2] - Enterprises directly involved in initial processing of agricultural products that meet the criteria for tax incentives can benefit from reduced corporate income tax rates as outlined in relevant regulations [2]

Core Viewpoint - The article highlights the successful launch of a direct freight train service from Kazakhstan to Zigong, China, aimed at enhancing international logistics and trade efficiency, particularly for the local feed industry [1] Group 1: International Logistics Development - The first freight train from Kazakhstan carrying 1,643 tons of feed wheat flour has established a direct link to Zigong, significantly reducing logistics time to 11 days compared to traditional sea transport [1] - The new logistics channel is expected to lower transportation costs and improve the competitiveness of local feed enterprises, with prices for feed wheat flour decreasing by approximately 50 yuan per ton [1] Group 2: Regional Economic Impact - The establishment of this freight route is part of a broader strategy to enhance Zigong's role as a regional logistics hub, facilitating better integration into global supply chains [1] - Local companies are planning to invest in feed processing facilities in Zigong and expand imports of wheat and barley from Central Asia, as well as other products from Southeast Asia [1] Group 3: Future Prospects and Challenges - The company aims to normalize the operation of the "Zigong-Central Asia" freight service and explore export opportunities for local products, including chemicals and agricultural goods, to Central Asia and Europe [1] - Challenges remain in stabilizing bidirectional cargo flows and developing competitive export sources, necessitating improvements in logistics infrastructure and coordination with railway ports [1]

Core Viewpoint - Juxing Agriculture and Animal Husbandry experienced a decline in stock price and trading volume, with significant changes in financing and stockholder dynamics, indicating potential investment opportunities and risks in the company’s financial health and market position [1][2][3]. Financing and Trading Activity - On January 7, Juxing Agriculture and Animal Husbandry's stock fell by 1.31%, with a trading volume of 124 million yuan. The financing buy-in amounted to 12.05 million yuan, while financing repayment was 11.21 million yuan, resulting in a net financing buy of 837,200 yuan. The total financing and securities balance reached 194 million yuan [1]. - The current financing balance is 193 million yuan, representing 2.18% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, 4,800 shares were repaid, and 700 shares were sold on January 7, with a selling amount of 12,100 yuan. The remaining securities lending volume is 90,500 shares, with a balance of 1.5684 million yuan, which is above the 90th percentile level over the past year, indicating a high level of short selling [1]. Financial Performance - As of September 30, the number of shareholders for Juxing Agriculture and Animal Husbandry reached 44,700, an increase of 23.11% from the previous period. The average circulating shares per person decreased by 18.77% to 11,407 shares [2]. - For the period from January to September 2025, the company achieved a revenue of 5.639 billion yuan, representing a year-on-year growth of 42.57%. However, the net profit attributable to shareholders decreased by 58.69% to 107 million yuan [2]. Dividend and Institutional Holdings - Since its A-share listing, Juxing Agriculture and Animal Husbandry has distributed a total of 222 million yuan in dividends, with 102 million yuan distributed over the past three years [3]. - As of September 30, 2025, among the top ten circulating shareholders, the Guotai Zhongzheng Livestock Breeding ETF ranked as the sixth largest shareholder with 5.6501 million shares, an increase of 2.0204 million shares from the previous period. Other notable changes include a decrease in holdings by the Yinhua Domestic Demand Selected Mixed Fund and the entry of a new shareholder, Yinhua Agricultural Industry Stock Fund [3].

金融面面观 本报讯 （广西云-广西日报记者冼妍杏 通讯员何潇）新年伊始，来宾正大现代农业有限公 司旗下猪场的存栏种猪通过创新的金融交易，被赋予了新的"使命"——从"生物资产"转变为"资金活 水"。 2025年12月30日，来宾正大现代农业有限公司种猪"售后回租"项目成功落地。项目由交通银行子 公司交银金融租赁有限责任公司与交通银行广西区分行共同开展，是交通银行系统首单生物性资产融资 租赁项目，旨在破解新型农业经营主体"融资难"问题。 一直以来，生物性资产具有生命性、流动性和 价值波动性等特点，在传统信贷模式下很难被认定为合格有效的抵押物，致使农业经营主体面临融资窘 境。生物性资产的价值评估难、风险监控难，常常让金融机构望而却步。为给"活资产"精准定价，交银 金租的团队多次到来宾正大现代农业有限公司实地调研，围绕种猪的品种、生产性能、养殖成本、交易 价值等方面，建立科学的动态评估模型以评估猪只价值，为其充当租赁物奠定基础。 生物性资产融资 的核心挑战在于风险的识别、评估与管理。交银金租通过对猪只身份标识、养殖场所、防疫体系和保险 覆盖等全流程监控，建立租赁物意外死亡替换机制，实现对租赁物的严格管理；设计"租赁物 ...

Core Viewpoint - The recent update of the geographical indication (GI) special mark usage directory in Zhanjiang, Guangdong, highlights the city's ongoing efforts in brand building and intellectual property utilization, indicating a growing scale and competitiveness of the GI industry in the region [1] Group 1: Industry Growth - Zhanjiang has added 21 new enterprises approved to use the geographical indication special mark, bringing the total to 151 enterprises [1] - The newly added enterprises cover key geographical indications such as Zhanjiang chicken, Zhanjiang oyster, Zhanjiang shrimp, Zhanjiang sandworm, and Suixi red fragrant rice, showcasing a diversified and clustered development of the GI industry [1] Group 2: Future Initiatives - The Zhanjiang Market Supervision Administration (Intellectual Property Bureau) will guide the Zhanjiang Agricultural, Forestry, Animal Husbandry, and Fishery GI Products Association to enhance management and services related to the use of the GI special mark [1] - There is an encouragement for more eligible enterprises to apply for the use of geographical indications, aiming to transform Zhanjiang's resource advantages into brand and development advantages [1] - The implementation of the GI utilization promotion project will continue, promoting the integration of geographical indications with characteristic industry development, cultural heritage, and rural revitalization [1]

总量研究 制造业景气度持稳，油价延续下降趋势 ——金融工程行业景气月报 20260106 2026 年 1 月 6 日 要点 行业景气度信号追踪 煤炭：25 年 12 月，煤价略低于上年同期，我们预测 26 年 1 月行业利润同比微 降，维持煤炭行业中性观点。 畜牧养殖：25 年 11 月底能繁母猪存栏尚未公布，若和 10 月保持一致，据此我 们预测肉价至 26Q2 仍有修复动能，维持中性观点，等待产能继续去化。 普钢：我们预测 25 年 12 月普钢行业利润同比负增长。PMI 滚动均值环比持平， 维持普钢行业中性观点。 结构材料与建筑工程：我们测算 25 年 12 月浮法玻璃毛利同比延续负增长，维 持玻璃行业中性观点；我们预测水泥行业 25 年 12 月利润同比延续负增长，继 续等待房屋新开工面积出现积极信号，维持水泥行业中性观点；12 月制造业 PMI 滚动均值环比持稳，预计基建托底预期难以发酵，将建筑装饰行业调至中性观点。 燃料型炼化与油服：我们预测燃料型炼化行业 25 年 12 月利润同比大体持平。 油价延续下降趋势，维持炼化、油服行业中性观点。 风险分析：报告结果均基于模型及历史数据，模型存在失效的 ...

国泰中证畜牧养殖ETF（159865）成立日期2021年3月1日，最新规模60.97亿。今年以来收益0.4%，同 类排名5066/5488；近一年收益16.75%，同类排名3430/4193；成立以来亏损36.56%。 国泰中证畜牧养殖ETF（159865）基金经理为梁杏。 截至发稿，梁杏累计任职时间9年215天，现任基金资产总规模306.17亿元，任职期间最佳基金回报 1112.34%， 任职期间最差基金回报-57.82%。 1月6日，金新农涨5.2%，截至发稿，报6.27元/股，成交1.27亿元，换手率2.58%，总市值51.93亿元。 资料显示，深圳市金新农科技股份有限公司位于广东省深圳市光明区光明街道光电北路18号金新农大 厦，成立日期1999年11月6日，上市日期2011年2月18日，公司主营业务涉及猪用饲料产品研发、生产和 销售,信息技术服务。主营业务收入构成为：猪用配合料49.43%，生猪32.10%，其他饲料9.29%，猪用浓 缩料5.43%，猪用预混料2.82%，其他0.58%，饲料原材料0.35%。 从金新农十大流通股东角度 数据显示，国泰基金旗下1只基金位居金新农十大流通股东。国泰中证畜 ...

Investment Rating - The report recommends focusing on the cyclical turning points in the pig and beef farming sectors, highlighting companies like Muyuan Foods and WH Group as potential investments. The pet industry shows clear growth potential, with companies that integrate production, sales, and research expected to succeed, such as Zhongchong Co., Guibao Pet, and Petty Co. The planting sector also has significant growth potential, with recommendations for companies like Morning Light Bio and Noposion [11]. Core Insights - The pig farming sector is expected to face continued low prices in the first half of 2026, driven by both policy and cyclical factors, with a focus on cost improvement and growth potential in pig farming enterprises [2][15]. - The poultry sector is experiencing a recovery phase, with white chicken prices remaining low and yellow chicken demand potentially increasing due to promotional activities [3][37]. - The beef farming sector is characterized by a long production cycle, with supply-side contractions likely to drive prices upward, particularly from 2025 onwards [4][46]. - The feed and animal health sectors are expected to see growth in sales, with a focus on the competitive landscape and the impact of low profits on animal health demand [5][63]. - The planting sector is projected to see stable grain prices, driven by domestic control and innovation, with a focus on specialty crops and plant extracts [6][69]. Summary by Sections Pig Farming - Prices are expected to remain low in the first half of 2026, with a gradual increase in supply due to rising breeding sow inventories [15]. - Capacity policies and cyclical adjustments are leading to a continued reduction in production capacity, with a focus on cost reduction and debt management among pig farming companies [23][27]. - Companies like Muyuan Foods are highlighted for their cost improvements, with expectations of further reductions in production costs [29]. Poultry Farming - The white chicken industry is in a deep price slump, with recovery expected to take time, while yellow chicken prices may see slight recovery due to promotional efforts [32][37]. - Leading companies are improving their operational efficiencies to cope with low prices, which may enhance their performance when prices recover [33]. Beef Farming - The long production cycle and fragmented market structure of beef farming in China are significant factors, with supply reductions expected to lead to price increases starting in 2025 [41][46]. - The beef supply is projected to decrease in the latter half of 2025, with expectations of continued price increases through 2027 [47]. Feed and Animal Health - The feed sector is expected to see a recovery in sales, with high inventory levels in the livestock sector supporting growth [52]. - The animal health sector may face pressure due to low profits in the livestock sector, but there are opportunities for breakthroughs in key products [63][65]. Planting - Grain prices are expected to stabilize and rise, with a focus on domestic production and innovation in seed varieties [69][75]. - The planting sector is seeing a shift towards high-quality, innovative seed varieties, with companies like Kangnong Seed showing strong growth potential [87].

从业资格号：F0273729 交易咨询号：Z0002942 邮箱：wangja@wkqh.cn 五矿期货农产品早报 五矿期货农产品团队 农产品早报 2026-01-05 从业资格号：F03116327 交易咨询号：Z0019233 邮 王俊 组长、生鲜品研究员 元旦节前郑州白糖期货价格窄幅震荡，郑糖 5 月合约收盘价报 5251 元/吨，较前一交易日下跌元/吨，或 0.13%。现货方面，广西制糖集团新糖报价 5300-5400 元/吨，报价较上个交易日下跌 10 元/吨；云南制 糖集团新糖报价 5170-5240 元/吨，报价较上个交易日下跌 0-10 元/吨；加工糖厂主流报价区间 5780-5810 元/吨，报价较上个交易日下跌 0-10 元/吨。广西现货-郑糖主力合约基差 49 元/吨。 杨泽元 软商品、油脂油料研究员 据印度全国合作糖厂联合会有限公司(NFCSF)发布的数据显示，截至 2025 年 12 月 31 日，印度糖厂已压 榨甘蔗 1.33 亿吨，同比增加 0.23 亿吨。本榨季截至目前共有 499 家糖厂开榨。截至 2025 年 12 月 31 日 食糖产量达 1183 万吨，同比增加 227 ...