Report Industry Investment Ratings - Pig: Cautiously bearish [3] - Egg: Neutral [7] Core Viewpoints - The current spot price of live pigs continues to decline weakly, with regional differentiation. There is still pressure on phased market supply, and short - term pig prices may further decline [2] - The current spot price of eggs is generally stable, with some areas showing a slight decline. Egg prices may fluctuate and adjust in the later stage [5][6] Summary by Directory Pig Market News and Key Data - Futures: The closing price of the live pig 2605 contract was 9,835 yuan/ton, a change of - 145.00 yuan/ton from the previous trading day, a decrease of 1.45% [1] - Spot: In Henan, the price of external ternary live pigs was 9.52 yuan/kg, a change of - 0.14 yuan/kg from the previous trading day; in Jiangsu, it was 9.81 yuan/kg, a change of - 0.16 yuan/kg; in Sichuan, it was 9.43 yuan/kg, a change of - 0.10 yuan/kg [1] - Agricultural product prices: On March 26, the "200 - index of agricultural product wholesale prices" was 120.86, down 0.25 points from the previous day; the "vegetable basket" product wholesale price index was 122.24, down 0.30 points. The average price of pork in the national agricultural product wholesale market was 15.65 yuan/kg, down 0.9% from the previous day; beef was 66.22 yuan/kg, down 1.0%; mutton was 64.77 yuan/kg, unchanged; eggs were 7.71 yuan/kg, up 0.1%; white - striped chickens were 17.41 yuan/kg, down 0.1% [1] Market Analysis - The spot price of live pigs shows a narrow - range weakening pattern, with northern production areas having a deeper decline and southern sales areas having a slight rebound in some areas. The enthusiasm of breeding entities for slaughter is high, but the downstream demand is insufficient, and there is still pressure on phased market supply [2] Strategy - Cautiously bearish [3] Egg Market News and Key Data - Futures: The closing price of the egg 2605 contract was 3,512 yuan/500 kg, a change of + 102.00 yuan from the previous trading day, an increase of 2.99% [3] - Spot: In Liaoning, the spot price of eggs was 3.11 yuan/jin, unchanged from the previous trading day; in Shandong, it was 3.25 yuan/jin, unchanged; in Hebei, it was 3.18 yuan/jin, a change of + 0.07 yuan [3] - Inventory: On March 26, 2026, the inventory in the production link was 0.81 days, unchanged from the previous day; the inventory in the circulation link was 1.11 days, unchanged [4] Market Analysis - The current spot price of eggs is generally stable, with some areas showing a slight decline. The inventory of laying hens is relatively high, and the supply is sufficient. After the pre - Tomb - Sweeping Festival stocking, the terminal market sales slow down, and there may be more rainy days later, which is not conducive to egg preservation, so egg prices may fluctuate [5][6] Strategy - Neutral [7]

Summary of Conference Call on Pig Farming Industry Industry Overview - The pig farming industry is currently experiencing a significant downturn, with full-cost losses reaching 260 RMB per head, indicating a deep loss phase [1][2] - The current pig price is approximately 10 RMB per kilogram, with some northern provinces falling below this threshold, marking a historical low [2] - The industry is in the early stages of capacity reduction, with estimates showing a decrease of about 1-4%, which is only 30% of the reduction seen in 2023 [1][2] Key Insights and Arguments - The anticipated price drop in March-April 2026 is expected to trigger a major wave of capacity reduction, making it a critical time for investment in the pig farming sector [1][2] - The asset-liability ratios of listed pig companies are increasing, exacerbated by a challenging secondary market financing environment, suggesting that the depth and breadth of this capacity reduction will exceed that of 2023 [1][4] - Weak consumer demand has led to passive holding of pigs, with the price difference between fat pigs and standard pigs narrowing to less than 60% of pre-festival levels, indicating high supply saturation and weak terminal demand [1][5] Future Outlook - The main theme for 2026 is expected to be capacity reduction, with a slight price increase anticipated by the end of the year, but a true recovery is not expected until 2027 [3][4] - The financial pressure on breeding companies remains significant, with many companies experiencing rising asset-liability ratios compared to the deep loss period of 2023 [4] Cost Dynamics - Feed costs have risen by 50-100 RMB per ton, increasing breeding costs by 0.1-0.3 RMB per kilogram, which accelerates the second fattening phase and industry-wide capacity clearance [1][7] - The feed industry has shown a smooth cost transmission ability, with the price adjustments reflecting initial expectations of rising corn and soybean meal prices [7] Investment Strategy - The investment strategy emphasizes high-profitability leading companies such as Muyuan, Wens, and Dekang, while also considering cost-leading small and medium-sized companies like Lihua and Shennong [1][8] - The core investment logic in the pig farming sector focuses on the initial phase of accelerated capacity reduction in March-April, with a recommendation to prioritize companies with high profitability and leading breeding efficiency [8] Additional Considerations - The current inflation expectations and geopolitical context are influencing the agricultural price transmission mechanism, with pig farming being a recommended sector due to its accelerated capacity reduction [6][7] - The potential for further price increases in feed due to geopolitical tensions or climate phenomena could strengthen the support for capacity reduction in 2026 [7]

Group 1 - The core viewpoint of the articles highlights the steady growth in domestic travel and consumption data during the Lunar New Year holiday, with a focus on the performance of AI and robotics sectors post-holiday [1] - The report suggests that A-shares may remain stable after the holiday, with particular attention on growth sectors such as AI and humanoid robotics, which are expected to be structural highlights [1] - The report recommends focusing on several areas, including the AI technology sector, which is anticipated to enter the industrial application phase by 2026, and opportunities in light modules and cloud computing infrastructure, particularly in domestic markets [1] Group 2 - The articles advise attention to supply-demand issues nearing improvement or policy support in sectors like chemicals, aquaculture, and new energy [2] - There is a long-term trend of institutional investment in high-dividend stocks, with a focus on companies with strong cash flow, low volatility, and dividend certainty [2] - Highlighted sectors for annual report performance include gold, TMT benefiting from AI growth, and non-bank financials [2]

Group 1 - The local government of Yushu Tibetan Autonomous Prefecture aims to develop a high-quality economy by focusing on intelligent, green, and integrated development by 2026 [1] - The action plan includes the implementation of ecological agriculture and ecological tourism as two major industries, with a goal to establish a standardized production system and upgrade breeding, planting, and livestock bases [1] - The plan also involves building a national-level yak industry park in Yushu City and enhancing the processing system to increase the added value of agricultural and livestock products [1] Group 2 - The "14th Five-Year" tourism development plan will be strategically compiled to reserve key projects and connect major tourism routes, enhancing market share and competitiveness in the Qingnan region [2] - The plan aims to improve tourism quality by integrating scenic routes and major transportation corridors, while constructing an "all-oxygen travel" service system and smart tourism services [2] - The development of distinctive brands and promotion of themed self-driving routes will be emphasized, leveraging events like the Yushu Horse Racing Festival and wildlife photography exhibition to drive the integration of agriculture, sports, culture, and commerce [2]

Group 1 - The company disclosed its sales performance for the breeding business in January 2026, specifically focusing on the sales of commodity pigs [1] - The sales data is based on internal statistics and is not audited, indicating potential discrepancies with periodic report disclosures [1] - The average selling price of commodity pigs for the month is highlighted as a key metric in the sales report [1] Group 2 - The announcement emphasizes that the disclosed information pertains solely to the breeding business and does not include other business segments or products [1] - Systemic risks such as significant fluctuations in pig market prices and animal diseases are acknowledged as external factors that could substantially impact the company's operational performance [1]

Core Viewpoint - The Guangdong Academy of Agricultural Sciences' Qingyuan Branch organized a training session focused on the green and high-quality development of the pig industry, aiming to enhance breeding technology and epidemic prevention capabilities in the region [2][3][4]. Group 1: Training Overview - The training session took place on January 30, 2026, and was hosted by Deputy Director Dong Chunlin of the Qingyuan Branch [4]. - Key figures such as Huang Junlong, Chief Veterinarian of the Qingyuan Agricultural and Rural Bureau, and Liao Yi, President of the Qingyuan Breeding Association, attended and delivered opening remarks [5]. - The training featured several industry experts, including researchers and a general manager, who shared insights and experiences [6]. Group 2: Training Content - Topics covered included breeding innovation, disease prevention techniques, feed cost reduction, and environmental pollution in pig farming [8][9][10][12]. - Specific presentations included a summary of breeding innovations by Ma Jiancheng, key disease prevention techniques by Song Changxu, and future trends in the quality pig industry by Fan Fuhai [9][11][12]. - The training combined expert lectures with interactive discussions, providing a comprehensive overview of critical techniques and modern management concepts in pig farming [15][16]. Group 3: Impact and Significance - The training aims to improve participants' farming efficiency and risk management capabilities, contributing to the green and intelligent transformation of the Qingyuan pig industry [16][17]. - It holds significant practical importance and long-term value for promoting high-quality development in the region's livestock sector [17].

Core Viewpoint - Muyuan Foods Co. is expanding its operations by partnering with Asian pig farmers and enhancing its global feed-grain supply network after raising HK$10.7 billion ($1.4 billion) in Hong Kong's largest listing of the year [1] Group 1: Company Expansion Plans - Muyuan aims to expand in Southeast Asia over the next three to five years to bolster regional biosecurity and diversify beyond the oversupplied domestic market [1] - The company plans to build procurement teams in major grain- and oilseed-exporting nations like Brazil to ensure a steady supply of feed ingredients [2] Group 2: Market Performance - Muyuan's shares rose as much as 5.1% in their Hong Kong trading debut, pricing the deal at HK$39 per share, the top end of its range, despite negative market sentiment [5] - The company's mainland-listed stock has fallen about 8% this year, lagging behind the benchmark CSI 300 Index [5] Group 3: Industry Context - China, the world's largest soybean importer, returned to the market in late October after avoiding US crop purchases for months, but US-China trade issues have had minimal impact on Muyuan's business [6] - Muyuan started as a backyard farm with just 22 piglets in the 1990s and sold around 78 million head of commercial pigs last year [7]

Core Viewpoint - The company reported a significant decrease in both the quantity and revenue from the sale of live livestock in January 2026, attributing this to a normal cyclical adjustment in response to prior concentrated sales to meet market demand [1] Sales Performance - In January 2026, the company sold 5 heads of live livestock, generating a revenue of 0.72 thousand yuan [1] - The sales quantity and revenue experienced a month-on-month decline of 99.74% and 99.97% respectively [1] - Year-on-year changes showed a decrease of 98.91% in quantity and 99.83% in revenue [1] Operational Strategy - The company is adjusting its livestock sales rhythm based on breeding plans and the growth cycle of cattle [1] - The reduction in sales for the month is considered a normal part of the cyclical adjustment process [1]

Core Viewpoint - *ST Tianshan has issued a risk warning announcement, projecting a negative net profit for the fiscal year 2025, with losses estimated between 16 million to 23 million yuan. If this situation occurs, the company's stock may face the risk of being delisted [1] Group 1 - The company anticipates a net loss for 2025 ranging from 16 million to 23 million yuan [1] - The potential negative profit could lead to the risk of stock delisting [1]

Group 1 - The core viewpoint of the articles emphasizes the successful integration of poverty alleviation and rural revitalization in Chifeng City, showcasing significant investments and projects that have improved the livelihoods of the local population [1][2][4] - Chifeng City has invested a total of 1.739 billion yuan in various funds since the 14th Five-Year Plan, establishing over 30 large-scale meat duck breeding areas and supporting 10,362 impoverished individuals to achieve economic independence [1][2] - The city has implemented 4,457 projects with a total investment of 13.215 billion yuan, focusing on developing key industries such as livestock and agriculture, which have led to stable growth in production and income for local farmers [2][4] Group 2 - Employment support initiatives have successfully created job opportunities for 35,531 impoverished individuals through various programs, including vocational training and partnerships with local industries [2][3] - A robust monitoring system has been established to ensure the sustainability of poverty alleviation efforts, with 47,818 individuals identified for assistance and a risk elimination rate of 60.2% [3] - Collaborative efforts with Beijing have resulted in an investment of 3.185 billion yuan, facilitating the implementation of 912 projects and enhancing local employment opportunities through the support of 82 enterprises [4]