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].

Investment Rating - The report assigns an "Accumulate" rating for the agricultural industry [9] Core Insights - In 2026, the pig and beef cattle farming sectors are expected to reach a cyclical turning point, with clear growth potential in the pet sector and significant opportunities in specialty planting [2][13] - Companies with complete production, sales, and research capabilities in the pet industry are likely to succeed amid competitive pressures [8] Summary by Sections Pig Farming - Price: The pig price is expected to remain low in the first half of 2026, leading to continued low profits in the industry [3] - Capacity: Policy and cyclical adjustments are driving capacity reduction, with a focus on cost improvement and growth potential in pig farming enterprises [3][27] - Debt Reduction: The average debt-to-asset ratio for listed pig farming companies has decreased to 56.27%, indicating improved financial health [27] Poultry Farming - White Chicken: The industry is experiencing deep price declines, with a return to supply-demand balance expected to take time [4][30] - Yellow Chicken: Prices may see slight recovery, supported by promotional activities for native chicken varieties [35] Beef Farming - Long Cycle: The beef farming cycle is lengthy, with a fragmented supply structure impacting pricing dynamics [39] - Price Outlook: A supply contraction is expected to support continued price increases for beef from 2025 onwards [46] Feed and Animal Health - Feed: The feed sector is anticipated to see growth in sales, with a positive outlook for 2026 as livestock numbers remain high [49] - Animal Health: Demand for animal health products may face pressure due to low profits in farming, but breakthroughs in key products are worth monitoring [58][59] Planting - Grain Prices: Grain prices are expected to trend upwards, driven by increased focus on food security and innovation in seed varieties [7][64] - Specialty Planting: Opportunities in specialty crops like blueberries and mushrooms are highlighted, with a focus on innovation and market demand [7][70] Pet Industry - Growth Potential: The pet market is thriving, with strong consumer willingness to spend, indicating clear growth prospects [8][13] - Competitive Landscape: Companies with integrated production, sales, and research capabilities are rare and likely to outperform in the competitive environment [8][13]

12月30日，天马科技盘中下跌2.01%，截至13:04，报16.59元/股，成交2.07亿元，换手率2.44%，总市值 83.89亿元。 资金流向方面，主力资金净流入271.10万元，特大单买入1211.63万元，占比5.87%，卖出2058.94万元， 占比9.97%；大单买入5644.46万元，占比27.33%，卖出4526.06万元，占比21.92%。 天马科技今年以来股价涨30.22%，近5个交易日涨3.75%，近20日涨5.60%，近60日涨3.62%。 今年以来天马科技已经2次登上龙虎榜，最近一次登上龙虎榜为12月11日，当日龙虎榜净买入-9076.88 万元；买入总计8257.45万元 ，占总成交额比9.91%；卖出总计1.73亿元 ，占总成交额比20.80%。 资料显示，福建天马科技集团股份有限公司位于福建省福清市上迳镇工业区，成立日期2005年12月13 日，上市日期2017年1月17日，公司主营业务涉及从事特种水产配合饲料研发、生产、销售。主营业务 收入构成为：畜禽饲料销售52.67%，特水饲料销售22.77%，养殖销售20.46%，食品销售13.68%，原料 销售5.27%，其他(补充 ...

智通财经APP获悉，招商证券发布研报称，展望2026年，农林牧渔板块投资机会或主要聚焦于周期与成 长两个维度：1)周期。生猪反内卷&行业亏损双管齐下，母猪产能重启去化，预计26H2猪价或逐步回 暖。祖代鸡引种同比下滑，看好种禽端景气。2)成长。国内龙头饲企强者恒强，有望将国内成熟的竞争 范式复制到海外市场，打开成长空间。生物育种产业化积极推进，具备核心品种优势的头部种企市占率 有望迎来加速提升。 招商证券主要观点如下： 禽养殖：白鸡种禽端景气可期，2026年黄鸡或有较好盈利 1)白羽鸡：受海外引种大幅下滑及种鸡性能下降影响，预计2026年优质父母代鸡苗供给偏紧，后续也将 影响商品代鸡苗的供给。看好种禽端景气。2)黄羽鸡：当前父母代种鸡存栏已降至历史偏低位水平，再 加之2025年行业亏损半年以上，供给收缩为后续鸡价上涨奠定基础。黄鸡养殖成本回落至低位，鸡价回 暖后有望大幅释放盈利弹性。 种业：玉米种业持续去库存，重视粮食安全 在全球极端气候频发、国际贸易摩擦不断、农产品供需存在区域及结构上不平衡背景下，国家粮食安全 战略上升到前所未有的高度，看好种植端及种业景气。1)水稻种业：2025年国内杂交水稻种子供应充 ...

农林牧渔行业 2026 年策略：产业转型升 级，静候周期拐点 2025 年 12 月 22 日 看好/维持 农林牧渔 行业报告 | | | 投资摘要： 展望 2026 年农业投资，我们建议关注以下三条投资主线： 主线一：生猪养殖--产能去化逐步深化，静待周期拐点。 我们认为生猪养殖行业的供需格局向好，短期生猪供过于求趋势持续，预计在 26 年上半年仍将给猪价带来压力，行业性亏 损持续。价格磨底与亏损是无形的手，政策引导产能调控是有形的手，二者有机结合，产能去化将逐步深化，26 年下半年供 应压力将逐步缓解，需求端相对平稳，预计行业供需格局持续向好。 非洲猪瘟后，生猪养殖结构出现变化，表现为规模化程度快速提升和短期养户增多，受此影响行业产能变动表现为难涨难跌 的窄幅波动，对应生猪供需矛盾减弱，在养殖正常出栏的情况下，猪价波动幅度收窄。我们认为，成本是猪企能否实现行业 超额收益和长期成长的核心要素，并且成本因素在周期下行期的重要性尤为突出。在未来几年，猪企表现将有明显分化，具 备成本优势的企业有望维持温和扩张，而落后产能将被进一步淘汰。 我们认为，板块估值低位具备安全性，26 年板块基本面持续向好静待拐点，头部企 ...

Investment Recommendations - The pig farming sector is currently facing losses for both fat and piglet sales, indicating conditions for capacity reduction. The industry is expected to accelerate capacity reduction, presenting a left-side layout opportunity for the pig farming sector. A price turning point is anticipated in mid-2026 [16][20][34] - Major pig farming companies recommended include Wens Foodstuffs Group and Muyuan Foods, with attention to Dekang Agriculture and New Hope. Companies with potential for operational turnaround include Zhengbang Technology, while smaller farming enterprises to watch include Tiankang Biological, Shennong Group, and Tangrenshen [16][34] Pig Industry Analysis - In 2025, the pig price fell below the cost line, leading to overall industry losses. By November, the average loss per self-breeding pig was 122 CNY per head, with an estimated annual profit of 30-80 CNY per head [20][23] - The industry is experiencing a significant reduction in breeding sow inventory, with a decrease to 39.9 million heads by October 2025, down 1.1% month-on-month and 2.1% year-on-year [28][36] Dairy Industry Analysis - The raw milk price continued to decline in 2025, leading to a reduction in dairy cow inventory. As the supply-demand balance improves, raw milk prices are expected to rise in 2026-2027 [16][18] - The beef supply is also entering a contraction phase, with expectations for beef prices to rise in 2026, enhancing the performance elasticity of livestock companies [16][18] Feed Industry Analysis - The feed sector is expected to see stable water aquaculture production in 2026, while demand for livestock feed is projected to decline due to reduced breeding capacity. Domestic feed leaders are positioned to benefit from overseas expansion opportunities [17][18] - The global feed industry is undergoing structural changes, providing opportunities for Chinese feed companies to expand internationally [17] Animal Health Industry Analysis - The animal health sector faces intensified competition, with traditional vaccine product margins declining. Companies are shifting towards multi-business models, including pet health products, to open new growth avenues [17][18] Pet Food Industry Analysis - The pet food market is showing signs of consolidation, with leading companies like Guai Bao Pet and Zhongchong Co. performing well. The long-term growth logic for the industry remains strong, supported by the rise of domestic brands [17][18] - Companies are also expanding their global production capabilities to mitigate trade friction impacts [17] Crop Industry Analysis - Corn prices are expected to rebound in 2025, with a potential strong performance in 2026. The seed industry is currently in a phase of inventory reduction, with opportunities arising from transgenic innovations and industry consolidation [18][19]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002157 证券简称：正邦科技 公告编号：2025一073 江西正邦科技股份有限公司 关于2026年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、日常关联交易基本情况 （一）日常关联交易概述 根据《深圳证券交易所股票上市规则》的相关规定，结合本公司实际情况，江西正邦科技股份有限公司 （以下简称"公司"）对2026年度与控股股东江西双胞胎农业有限公司（以下简称"双胞胎农业"）同一控 制下的关联方上海双胞胎供应链管理有限公司及其子公司、双胞胎(洋浦)供应链有限公司、江西派尼生 物药业有限公司、湖南中岸生物药业有限公司、江西弘涛贸易有限公司、衡南双胞胎畜牧有限公司、新 丰双胞胎弘安畜牧有限公司、阳春双胞胎畜牧有限公司、天津货邦邦多式联运有限公司、天津货邦邦物 流科技有限公司、货邦邦（天津）网络科技有限公司、江西双胞胎建筑工程有限公司、江西弘安畜牧有 限公司及其子公司、江西星弘饲料有限公司及其子公司（以下合称"双胞胎"）日常关联交易情况进行了 合理的估计。预计公司及子公司向双 ...

Group 1 - The company Tangrenshen (SZ 002567) announced that as of October 31, 2025, the total guarantee balance provided to consolidated entities is approximately 4.192 billion yuan, accounting for 71.19% of the audited net assets as of the end of 2024 [1] - The total guarantee balance provided to non-consolidated entities is approximately 983 million yuan, which represents 16.69% of the audited net assets as of the end of 2024 [1] - The overdue debt corresponding to the guarantee balance is approximately 308 million yuan [1] Group 2 - For the first half of 2025, the revenue composition of Tangrenshen is as follows: feed industry accounts for 60.25%, pig breeding industry accounts for 34.1%, meat industry accounts for 5.58%, and animal health industry accounts for 0.06% [1] - As of the report date, the market capitalization of Tangrenshen is 6.5 billion yuan [1]

Core Viewpoint - Recent disclosures from multiple listed companies regarding share buybacks and the top ten shareholders reveal significant shifts in institutional investment strategies, with notable divergence in traditional sectors and increased interest in technology, military, and pharmaceutical sectors [1][2]. Group 1: Institutional Investment Dynamics - There is a marked divergence among institutional investors regarding traditional sector stocks such as Hai Da Group and Xiangyuan Cultural Tourism, with some institutions reducing their holdings while others increase them [2]. - Hai Da Group's top ten shareholders include eight positions held by public funds and social security funds, collectively owning over 120 million shares, which is more than 7% of the total share capital [2]. - Notable actions include a reduction of 362,600 shares by Liu Yanchun's fund, while social security funds significantly increased their holdings in Hai Da Group during the same period [2]. Group 2: Performance of Specific Stocks - Hai Da Group reported a net profit of 4.177 billion yuan for the first three quarters, reflecting a year-on-year growth of 18.71%, while Xiangyuan Cultural Tourism achieved a net profit of 143 million yuan, up 33.47% year-on-year [3]. - Other stocks such as Hengmingda, Huaron, and Huida Technology have also seen institutional increases, particularly in sectors like consumer electronics, military, and pharmaceuticals [4][5]. - Hengmingda received an increase of 4.9717 million shares from the national social security fund, while Huida Technology saw an increase of over 5.5 million shares from the same fund [4]. Group 3: Reduction in High-Growth Stocks - Stocks that previously experienced significant price increases, such as Hot Scene Biology and Shanghai Mechanical, have faced reductions from various institutions, indicating a trend of profit-taking [6]. - Hot Scene Biology, which saw a price increase of over 300%, was reduced by multiple institutions, while Shanghai Mechanical, which increased by over 80%, also faced reductions [6]. - The trend of reducing holdings in high-growth stocks is further evidenced by the exit of social security funds from the top ten shareholders of certain companies [6]. Group 4: ETF Involvement - The presence of ETFs in institutional trading has become more prominent, with nearly 30% of A-share stocks having ETFs among their top ten shareholders as of the end of the third quarter [7]. - The changes in ETF holdings are often driven by factors such as changes in fund subscriptions and index component adjustments [7].

Core Viewpoint - Recent disclosures from multiple listed companies regarding share buybacks reveal significant shifts in institutional investor positions, indicating divergent strategies among institutions towards traditional industries and favoring certain sectors like technology, military, and pharmaceuticals [1][2]. Institutional Dynamics - Intense competition among institutions is evident, particularly with Hai Da Group, where 8 out of the top 10 shareholders are public funds and social security funds, collectively holding over 120 million shares, accounting for more than 7% of total equity [1][2]. - Notable fund manager Liu Yanchun's fund reduced its holdings in Hai Da Group by 362,600 shares, while foreign institution Merrill Lynch exited the top 10 shareholders list [1][2]. Contrasting Strategies - Social security funds, such as the National Social Security Fund's 106 and 109 portfolios, have increased their stakes in Hai Da Group, contrasting with the reductions by other institutions [2]. - Similar trends are observed with Xiangyuan Cultural Tourism, where certain funds increased their holdings while others, like Zhuque Fund, reduced theirs significantly [2]. Performance Metrics - Hai Da Group reported a net profit of 4.177 billion yuan for the first three quarters, a year-on-year increase of 18.71%, while Xiangyuan Cultural Tourism achieved a net profit of 143 million yuan, up 33.47% [2]. - Other companies like Hengmingda and Huaron Co. have also seen institutional increases in holdings, particularly in popular sectors such as consumer electronics and pharmaceuticals [3][4]. Sector Trends - Companies in high-growth sectors, such as Hengmingda and Huaron Co., have attracted significant institutional investment, with notable increases from social security funds [3][4]. - Conversely, stocks that have experienced substantial price increases, such as Hot Scene Biology and Shanghai Mechanical, have faced reductions in institutional holdings as investors seek to realize profits [5][6]. ETF Influence - The presence of ETFs in the top 10 shareholders of nearly 30% of A-shares indicates a growing trend where ETF movements are influencing individual stock holdings, often due to changes in fund subscriptions or index compositions [6].