1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the pig market, short - term price fluctuations intensify due to supply - demand games, while long - term prices are expected to gradually rise but with limited upside potential. For the egg industry, short - term prices may increase seasonally during the Spring Festival, but long - term supply pressure remains. In the corn market, short - term selling pressure needs to be digested, and long - term prices are supported at the bottom but with limited upward movement [5][61][100]. 3. Summary by Directory 3.1 Pig 3.1.1 Market Review - In December, pig prices first stabilized and then rose. Spot prices increased due to factors like the release of second - fattening and epidemic pigs, and terminal consumption growth. Futures prices also rebounded, with the 03 contract's premium increasing and the basis strengthening. After the New Year's Day stocking ended, slaughter volume declined, and spot prices stagnated and fell [7][10]. 3.1.2 Supply - The inventory of breeding sows is gradually being reduced but remains above the normal level. Pig production performance has improved, and the supply of pigs in the first quarter of 2026 is expected to be high. Pig inventory is slowly increasing, and the proportion of standard and large pigs is rising. The monthly average slaughter weight is at a high level in the same period [11][16][24]. 3.1.3 Demand - In December, the slaughter rate and volume of slaughterhouses increased. After the New Year's Day stocking ended, slaughter volume may decline, but it may increase again in January due to Spring Festival stocking. The frozen product inventory is at a high level, and its support for consumption has weakened, and it may suppress supply before and after the Spring Festival [34][38][41]. 3.1.4 Cost and Profit - Pig prices rebounded in December, and breeding losses narrowed. Feed and piglet prices fluctuated slightly, and the long - term fattening cost remained low [44]. 3.1.5 Policy - The government aims to guide the orderly exit of production capacity and stabilize prices. It requires the top 25 large enterprises to reduce 1 million breeding sows by the end of January, lower the weight, and prohibit second - fattening. The state mainly conducts reserve rotation [50]. 3.1.6 Driving Summary - Short - term: Price fluctuations intensify due to supply - demand games. Long - term: The price in the first half of the year is not optimistic, and the price in the second half of the year is expected to be strong, but the increase is limited [53][54]. 3.1.7 Valuation - Near - term contracts are undervalued, and far - term contracts are neutrally valued [55]. 3.1.8 Strategy - For near - term contracts, adopt a short - selling strategy when prices rebound. For far - term contracts, be cautious about a bullish outlook, and the industry can hedge at a profit [5]. 3.2 Egg 3.2.1 Market Review - In December, egg prices continued to fluctuate at a low level, and the futures price mainly declined, with a slight rebound at the end of the month. The current main contract has a slight premium over the spot, and the basis is at a low level in the same period [67]. 3.2.2 Supply - The number of newly opened - laying hens in January is average. The inventory of laying hens is slowly declining, but the overall supply pressure is still large. In the long - term, the number of newly opened - laying hens from February to May 2026 is expected to decrease, but the supply pressure relief needs time [61][63]. 3.2.3 Demand - In January, as the Spring Festival approaches, demand is expected to improve. The high cost - performance of eggs also drives substitution demand [63]. 3.2.4 Driving Summary - Short - term: Egg prices are expected to rise during the Spring Festival, but the increase is limited due to sufficient supply. Long - term: Supply pressure is expected to gradually ease, but it takes time, and attention should be paid to culling and external factors [91][92]. 3.2.5 Valuation - The current basis is low, and the overall valuation is high [94]. 3.2.6 Strategy - Do not short the market in the short - term. Wait for the spot price to rise less than expected and then hedge the 02 and 03 contracts after the Spring Festival [63]. 3.3 Corn 3.3.1 Market Review - In December, corn prices rose and fell alternately. The spot price had strong support at the bottom, and the futures price first fell and then rose. The current main contract has a discount to the spot, and the basis is at a high level in the same period [100][101][104]. 3.3.2 Supply - The national grain sales progress is 45%, and the supply in the producing areas has slowed down. The import of corn in November increased, and the inventory in the north and south ports changed. The 2025/2026 corn supply is expected to be in balance with demand, with limited upward price space [100][105][107]. 3.3.3 Demand - The high inventory of pigs and poultry supports the rigid demand for feed. However, if the corn price continues to rise, the demand for wheat as a substitute may increase. The deep - processing demand is limited due to low profits and high product inventory [100][115][126]. 3.3.4 Driving Summary - Short - term: There is still selling pressure to be released. Long - term: The cost has strong support, but the supply - demand pattern is relatively loose, limiting the upward space [100]. 3.3.5 Valuation - The futures price is at a relatively low level, and the basis is at a high level in the same period, with a neutral - low valuation [135]. 3.3.6 Strategy - Be cautious about chasing high in the short - term, and grain - holding entities can hedge when prices rebound. In the long - term, the demand will gradually be released, but the increase is limited [100].

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][42] Core Views - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 1.55% from December 12 to December 25, 2025, lagging behind the index by approximately 0.43 percentage points [11][14] - All sub-sectors recorded positive returns during the same period, with notable increases in agricultural product processing (3.04%), animal health (2.95%), planting (2.28%), fishery (1.56%), breeding (0.81%), and feed (0.29%) [14][15] - The overall price-to-book (PB) ratio for the industry is approximately 2.79 times, indicating a slight recovery in valuation, which remains at a historical low level, around the 62.7 percentile since 2006 [18][24] Industry Important Data - **Pig Farming**: The average price of external three-way cross pigs increased from 11.45 CNY/kg to 11.59 CNY/kg during the reporting period. The cost of corn and soybean meal has slightly decreased, with corn priced at 2338.04 CNY/ton and soybean meal at 3102 CNY/ton as of December 25, 2025 [22][24] - **Profitability**: As of December 26, 2025, the profit for self-bred pigs was -130.11 CNY/head, and for purchased piglets, it was -162.8 CNY/head, showing a reduction in losses compared to the previous two weeks [27] - **Poultry Farming**: The average price of broiler chicks was 3.59 CNY/chick, showing a slight increase, while the average price for white feather broilers was 7.82 CNY/kg, with profitability improving to 0.89 CNY/chick [29][33] Industry Insights - The report emphasizes the potential for a rebound in pig prices as the seasonal consumption peak approaches, with a focus on the high inventory of breeding sows and the opportunities for leading pig farming companies [42][43] - In poultry farming, the report highlights the recovery in white feather broiler prices and the improvement in profitability, suggesting a positive outlook for leading poultry companies [42][43] - The report also notes growth potential in the domestic pet market and the expected increase in export volumes, recommending attention to promising domestic leaders in this sector [42][43]

牛羊产品价格 全国牛肉平均价格71.30元／公斤，与前一周持平，同比上涨7.6%。河北、内蒙古等10个主产省份牛肉 价格65.12元／公斤，与前一周持平。主产省份活牛价格26.52元／公斤，与前一周持平，同比上涨 15.6%。全国羊肉平均价格71.68元／公斤，比前一周上涨0.1%，同比上涨2.5%。河北、内蒙古等10个主 产省份羊肉价格69.39元／公斤，比前一周上涨0.2%。主产省份活羊价格30.10元／公斤，与前一周持 平，同比上涨3.6%。 新华财经北京12月23日电据农业农村部对全国500个县集贸市场和采集点的监测，12月第3周（采集日为 12月18日）生猪、鸡蛋、商品代肉雏鸡、羊肉、生鲜乳、豆粕价格环比上涨，仔猪、猪肉、商品代蛋雏 鸡价格环比下跌，鸡肉、肉牛、活羊、玉米、配合饲料价格环比持平。 生猪产品价格 全国仔猪平均价格23.28元／公斤，比前一周下跌0.6%，同比下跌29.3%。宁夏、甘肃、天津、江苏、广 东等8个省份仔猪价格上涨，上海、吉林、江西、重庆、福建等19个省份仔猪价格下跌，内蒙古、山东 价格持平。华南地区价格较高，为27.83元／公斤；华北地区价格较低，为21.78元／公斤。全国 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the pig price is supported by both supply and demand factors as the year-end approaches, with expectations for an upward trend in prices before the Spring Festival [3][4] - The report highlights that the pig farming sector is experiencing losses, which may accelerate the reduction of stock, while the pet sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [5][29] Summary by Sections Weekly Observation - As of December 21, 2025, the national average price of live pigs is 11.41 yuan/kg, with a week-on-week decrease of 0.15 yuan/kg and a year-on-year decrease of 3.71 yuan/kg [3][13] - The average weight of pigs sold is 130.18 kg per head, with a week-on-week increase of 0.55 kg [3][13] - The supply of pork may be tight leading up to the Spring Festival, with expectations for prices to rise [3][13] Weekly Insights - The pig farming sector is facing increasing losses, and the reduction of stock may accelerate due to various factors including policy and disease [5][24] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector [5][24] Market Performance (December 15-19) - The agricultural index increased by 0.87%, outperforming the market by 0.84 percentage points [6][30] - Leading stocks include Zhongxing Junye (+18.42%), Xibu Muye (+14.64%), and Xiwang Food (+13.84%) [6][30] Price Tracking (December 15-19) - The average price of live pigs is 11.58 yuan/kg, with a week-on-week increase of 0.10 yuan/kg [7][37] - The average price of piglets is 19.02 yuan/kg, with a slight decrease of 0.02 yuan/kg [7][37] - The average price of white feathered chickens is 7.35 yuan/kg, with a week-on-week increase of 0.27 yuan/kg [7][37] Key News (December 15-19) - The Ministry of Commerce announced anti-dumping duties on imported pork and related products from the EU starting December 17, 2025 [35]

Group 1: Industry Outlook - The "new paradigm of the pig industry" and the "golden age of the pet economy" are expected to continue, with leading companies in the pig and pet industries experiencing growth and value enhancement [2] - The pig industry is characterized by a new paradigm where leading companies are expected to maintain stable profits while reducing costs and increasing value [5][8] - The supply-demand dynamics for agricultural products are expected to improve marginally, with grain prices anticipated to rise from their lows [20][27] Group 2: Pig Industry Insights - The new paradigm in the pig industry is marked by a reduction in price volatility, with the average pig price expected to decline moderately in 2026 [6][8] - The supply of pigs is projected to increase slightly in 2026, with the average breeding sow inventory showing a minor year-on-year increase [9][11] - Leading pig companies are adopting a growth paradigm focused on cost reduction, value enhancement, and international expansion [13] Group 3: Poultry Industry Insights - The chicken supply remains ample, with leading companies expected to leverage advantages in breeding, channels, and branding to enhance operational premiums [15][16] - The poultry industry is undergoing structural changes, with a focus on improving channel efficiency and brand recognition to drive profitability [18] Group 4: Pet Industry Insights - The pet food market is experiencing significant growth, with online sales increasing by 21.5% year-on-year, indicating a strong market concentration among leading brands [30][31] - The competition in the pet food industry is intensifying, with brand differentiation becoming more pronounced as companies focus on high-end product innovation [33][43] - The pet food industry is expected to maintain a growth rate of around 10% over the next 3-5 years, driven by increased penetration of professional pet food [43] Group 5: Feed Industry Insights - The domestic feed market is expected to strengthen, with leading companies poised to increase their market share as they expand internationally [20][23] - The global feed market is characterized by low concentration, providing opportunities for leading companies to establish a competitive advantage through comprehensive product offerings and global expansion [23] Group 6: Agricultural Products Insights - Grain prices are expected to recover from their lows, with corn prices projected to rise moderately due to improved supply-demand dynamics [26][27] - The overall agricultural landscape is shifting towards a "great navigation era," with advancements in agricultural technology and AI integration [2][20]

新华财经北京12月17日电据农业农村部对全国500个县集贸市场和采集点的监测，12月第2周（采集日为 12月11日）鸡蛋、肉羊、肉鸡配合饲料价格环比上涨，生猪产品、鸡肉、活牛、豆粕价格环比下跌，商 品代雏鸡、牛肉、生鲜乳、玉米、育肥猪配合饲料、蛋鸡配合饲料价格环比持平。 生猪产品价格 全国仔猪平均价格23.43元／公斤，比前一周下跌1.2%，同比下跌29.7%。海南、甘肃、内蒙古仔猪价格 上涨，宁夏、福建、天津、江苏、辽宁等25个省份仔猪价格下跌，上海价格持平。华南地区价格较高， 为28.03元／公斤；华北地区价格较低，为21.85元／公斤。全国生猪平均价格12.13元／公斤，比前一周 下跌0.7%，同比下跌27.1%。湖南、重庆、湖北、广东4个省份生猪价格上涨，宁夏、福建、辽宁、陕 西、上海等26个省份生猪价格下跌。华南地区价格较高，为13.02元／公斤；东北地区价格较低，为 11.62元／公斤。全国猪肉平均价格22.59元／公斤，比前一周下跌0.7%，同比下跌19.3%。重庆、青 海、新疆、湖南、海南5个省份猪肉价格上涨，宁夏、福建、河南、江苏、上海等25个省份猪肉价格下 跌。华南地区价格较高，为26.3 ...

Price Trends in Livestock and Feed Products - In the fourth week of November, meat sheep prices increased, while prices for live pigs, broiler chicks, beef cattle, fresh milk, and fattening pig feed decreased [2] - The average price of piglets was 23.88 yuan/kg, down 1.1% week-on-week and down 29.8% year-on-year [2] - The average price of live pigs was 12.33 yuan/kg, down 1.4% week-on-week and down 27.9% year-on-year [2] - The average price of pork was 22.86 yuan/kg, down 0.7% week-on-week and down 19.3% year-on-year [2] - The average price of eggs was 8.59 yuan/kg, down 0.2% week-on-week and down 22.0% year-on-year [2] - The average price of chicken remained stable at 22.33 yuan/kg, down 5.1% year-on-year [2] - The average price of broiler chicks was 3.49 yuan each, down 0.3% week-on-week and down 12.5% year-on-year [2] - The average price of meat chicks was 3.41 yuan each, stable week-on-week and down 9.1% year-on-year [2] Feed Prices Overview - The average price of corn was 2.43 yuan/kg, stable week-on-week and up 3.8% year-on-year [3] - In the main production area of Northeast China, corn prices were 2.23 yuan/kg, stable week-on-week [3] - In the main sales area of Guangdong, corn prices were 2.46 yuan/kg, down 0.8% week-on-week [3] - The average price of soybean meal was 3.29 yuan/kg, stable week-on-week and down 1.2% year-on-year [3] - The average price of fattening pig feed was 3.35 yuan/kg, down 0.3% week-on-week and down 0.9% year-on-year [3] - The average price of broiler feed was 3.49 yuan/kg, stable week-on-week and down 0.6% year-on-year [3] - The average price of layer feed was 3.21 yuan/kg, stable week-on-week [3]

转自：新华财经 新华财经北京12月2日电 据农业农村部网站消息，据对全国500个县集贸市场和采集点的监测，11月第4 周（采集日为11月27日）肉羊价格环比上涨，生猪产品、商品代蛋雏鸡、肉牛、生鲜乳、育肥猪配合饲 料价格环比下跌，鸡蛋、鸡肉、商品代肉雏鸡、玉米、豆粕、肉鸡配合饲料、蛋鸡配合饲料价格环比持 平。 生猪产品价格方面，当周全国仔猪平均价格23.88元／公斤，比前一周下跌1.1%，同比下跌29.8%。全国 生猪平均价格12.33元／公斤，比前一周下跌1.4%，同比下跌27.9%。全国猪肉平均价格22.86元／公 斤，比前一周下跌0.7%，同比下跌19.3%。 家禽产品价格方面，当周全国鸡蛋平均价格8.59元／公斤，比前一周下跌0.2%，同比下跌22.0%。全国 鸡肉平均价格22.33元／公斤，与前一周持平，同比下跌5.1%。商品代蛋雏鸡平均价格3.49元／只，比 前一周下跌0.3%，同比下跌12.5%。商品代肉雏鸡平均价格3.41元／只，与前一周持平，同比下跌 9.1%。 另外，饲料价格方面，当周全国玉米平均价格2.43元／公斤，与前一周持平，同比上涨3.8%。主产区东 北三省玉米价格2.23元／公斤 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [1][4]. Core Views - The beef price is expected to continue rising, indicating a potential reversal in the beef cycle in 2025 [2][3]. - The pig industry is undergoing a "de-involution," which is likely to support long-term pig prices [1][3]. - The poultry sector is anticipated to benefit from seasonal demand recovery, with limited supply fluctuations [3][4]. Summary by Sections 1. Weekly Overview and Data Summary - The report highlights a steady increase in beef prices, with the average market price at 66.54 yuan/kg as of November 28, 2025, reflecting a week-on-week increase of 0.24% and a year-on-year increase of 8.83% [2][3]. - The average price of live pigs was reported at 11.19 yuan/kg, showing a week-on-week decrease of 4% [1][3]. 2. Fundamental Tracking 2.1 Swine - The report notes that the pig price is supported by industry adjustments, with a current price of 11.19 yuan/kg [1][3]. - The average wholesale price of pork is 17.83 yuan/kg, down 0.45% week-on-week and down 24.13% year-on-year [1][3]. 2.2 Poultry - The price of broiler chickens is 7.19 yuan/kg, up 0.56% week-on-week, while chick prices are slightly down at 3.47 yuan/each [1][3]. - The report indicates that the supply of yellow chickens remains stable, with prices showing slight increases [1][3]. 2.3 Beef - The beef market is experiencing a new round of price increases, with expectations for a bullish cycle in 2025 [2][3]. - The average price of raw milk is 3.03 yuan/kg, with a year-on-year decrease of 3% [2][3]. 2.4 Feed - The report emphasizes that the feed industry is benefiting from deeper industrialization and clearer division of labor, with leading companies expected to gain competitive advantages [3][4]. 2.5 Other Commodities - Soybean meal prices are stable, with a current price of 3100 yuan/ton, reflecting a week-on-week increase of 0.98% [2][3]. - Corn prices are also on a mild upward trend, currently at 2254 yuan/ton, up 1.21% week-on-week [2][3]. 3. Company Profit Forecasts and Investment Ratings - Key companies such as YouRan Agriculture and Modern Agriculture are rated as "Outperform" with respective prices of 4.36 yuan and 1.34 yuan [4]. - Mu Yuan Co. is highlighted with a projected EPS of 3.57 yuan for 2025, maintaining an "Outperform" rating [4].

Investment Rating - The report indicates a low overall allocation in the agriculture, forestry, animal husbandry, and fishery sector, with a heavy stock allocation ratio of 0.78% as of Q3 2025, which is below the standard allocation ratio and historical average [2][11][19] Core Viewpoints - The report highlights a significant reduction in heavy stock allocations in the feed and breeding sectors, with breeding at 0.31% and feed at 0.40% for Q3 2025, both showing a decline compared to previous quarters [12][19] - Major companies such as Haida Group and Muyuan Foods have reduced their allocations, indicating a trend of decreased investment in leading stocks within the sector [3][14] - The report suggests that the breeding sector is entering a phase of high-quality development, recommending investments in low-cost leading companies and growth-oriented stocks [4][19] Summary by Sections Heavy Stock Allocation Analysis - As of the end of Q3 2025, the heavy stock allocation in the agriculture, forestry, animal husbandry, and fishery sector is 0.78%, down 0.58 percentage points from the previous quarter and 0.56 percentage points year-on-year [11][12] - The heavy stock allocation in the breeding industry is 0.31%, a decrease of 0.1 percentage points, while the feed industry allocation is 0.40%, down 0.45 percentage points [12][14] Company-Specific Allocation Changes - Among the top 15 heavy stocks, most companies have reduced their allocations, with Haida Group and Muyuan Foods decreasing by 0.34 percentage points and 0.04 percentage points, respectively [3][14] - The top five stocks with increased heavy stock allocation include Tiankang Biological (+2.42%) and Hainan Rubber (+1.41%), while the top five with decreased allocations include Zhongchong Pet (-3.21%) and Juxing Agriculture (-3.14%) [15][18] Investment Recommendations - The report recommends focusing on leading stocks in the breeding sector such as Muyuan Foods and Wens Foodstuffs, as well as seasonal rebounds in chicken prices [4][19] - For breeding support (feed and animal health), it suggests monitoring leading companies like Haida Group and BANGJI Technology for potential restructuring opportunities [4][19] - The planting sector shows stable profitability, with recommendations to pay attention to companies like Suqian Agricultural Development and Beidahuang [4][19]