[晨会纪要 Table_NewTitle] 20260122 重点推荐 [Table_Reportdate] 2026年01月22日 [证券分析师： Table_Authors] 吴康辉 S0630525060001 wkh@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 财经要闻 [table_summary] ➢ 1.关注检测行业收购整合，期待机器人研发进展——机械设备行业周报（20260112- 20260118） ➢ 2.立华股份（300761）：Q4黄鸡价格回升，盈利环比改善——公司简评报告 ➢ 1.特朗普：已就格陵兰岛问题形成了协议框架，有关关税不会生效 ➢ 2.住建部：发挥好房地产融资"白名单"制度作用，支持房企合理融资需求 ➢ 3.美国最高法院今日将审"库克案" | 1.1. 关注检测行业收购整合，期待机 ...

Summary of Agricultural Sector Investment Strategy 2025 Industry Overview - The agricultural sector is experiencing a transition from cyclical growth to cyclical value, with large listed companies improving cash flow and industry profitability becoming differentiated. Leading companies are currently valued at historical lows, with potential for mid-to-long-term profit improvement and increased shareholder returns [1][3][4]. Key Points on Livestock Sector - The livestock sector is undergoing a transformation, with large groups gaining market share and demonstrating significant cost advantages. The industry is entering a phase where leading companies are expected to see rising return on equity (ROE) and increased free cash flow [2][3]. - Recommendations include major players such as Muyuan Foods, Wens Foodstuff, Juxing Agriculture, Shennong Technology, and Dekang Holdings, which exhibit strong cost advantages and high profit realization rates [8]. Pet Food Sector Insights - The pet food sector is in a high-growth phase, with accelerating revenue growth and improved profitability. Leading brands are leveraging product formulation and channel investments to achieve rapid growth. Key recommendations include Guibao Pet and Zhongchong Co., Ltd. [5][9]. Feed Sector Recommendations - Haida Group is highlighted as a key investment in the feed sector, having achieved significant sales growth of 3 million tons in the first half of the year. Despite potential underperformance in earnings forecasts, the company's competitive position and long-term growth prospects remain strong [6][11]. Swine Farming Industry Dynamics - The swine farming industry has seen a rise in scale, with specialization becoming more pronounced. Large groups focus on breeding while smaller farms concentrate on fattening pigs. The industry has faced overcapacity due to rapid capital expansion post-African swine fever [7][12]. Market Trends and Future Outlook - The pet food industry has shown strong performance from January to May 2025, despite recent valuation discrepancies. The long-term outlook remains positive, with domestic brands increasingly focusing on high-end products and innovation driving growth [9][10]. - The feed industry is in a late-stage phase, with leading companies like Haida Group expected to enhance their competitive edge, particularly in overseas markets, with annual sales growth projected to exceed 30% [11]. Challenges and Opportunities in Animal Health - The animal health sector faces challenges due to a lack of standout products. However, innovation in vaccines and genetic engineering presents growth opportunities, with companies like KQ Bio being recommended for their strong R&D capabilities [13]. Overall Investment Strategy - The investment strategy for the agricultural sector emphasizes a selective approach, focusing on the swine farming and pet food sectors, as well as Haida Group. Investors are advised to pay close attention to these areas to capitalize on potential investment opportunities amid frequent policy changes [14].