2026年初，国内白羽肉鸡产业的种源供应再起波澜。由于法国主要供种地区爆发高致病性禽流感，国内 祖代种鸡引种工作被迫中断。行业龙头山东益生种畜禽股份有限公司（以下简称"益生股份"）证实，其 原定2026年1月份下旬的两批引种计划受疫情影响已暂停。这一外部冲击，在考验国内产业应急韧性的 同时，也将其长期发展的核心命题——种源自主化，再次推至聚光灯下。 上市公司备足"弹药"应对 事件源于海外禽流感疫情的反复。自2025年第四季度起，法国阿摩尔滨海省等多个祖代种鸡主产区禽流 感病例不断增加。根据我国严格的引种检疫规定，来自疫区的活禽引种必须立即停止。这导致益生股份 等企业的引种通道被暂时关闭。 "本公司原定于1月下旬的两批引种计划，受疫情影响已暂停，何时能引种目前没有确切的时间。"益生 股份总裁林杰在近期投资者交流中表示。 山东卓创资讯股份有限公司（以下简称"卓创资讯"）肉禽行业分析师冯筱程对《证券日报》记者表示， 近年来海外禽流感疫情已多次导致国内白羽肉鸡行业的引种中断，2024年12月份，因美国和新西兰暴发 禽流感，两国的祖代种鸡引种暂停，直到2025年3月份，益生股份率先打通了法国引种新渠道，我国祖 代种鸡变 ...

益生股份近期在法国引种方面遇到了哪些问题？这些问题对公司的影响如何？ 摘要 高致病性禽流感导致益生股份 2026 年 1 月下旬祖代种鸡引种计划暂停， 但因 2025 年引种量大，预计不影响 2026 年父母代种鸡供应及价格。 父母代种鸡价格自 2025 年 9 月上涨，目前成交价约 50 元。 短期内，若法国禽流感持续，益生股份尚无其他国家或地区快速引种的 确定方案，需等待美国或欧洲其他国家开放引种的进一步通知，引种审 批时间已延长至两到三个月。 益生股份 2025 年四季度销售父母代 350 多万套，均价 33 元；商品代 鸡苗 1.62 亿只，均价 3.4 元；商品猪 3 万多头，均价 2,300 元。父母 代和商品代鸡苗价格均达全年最高水平，预计 2026 年 1 月父母代成交 价 50 元左右。 2025 年一季度引种量少影响父母代种鸡供应，致使 2025 年 9 月起价 格上涨。商品代苗价格受 2025 年 7 月低价影响，行业去产能，供给下 降，同时养殖屠宰环节扩产及肉价上涨支撑苗价，2025 年 12 月毛鸡价 格达全年高点 3.85 元/斤。 季节性疾病影响养殖效率，2026 年肿瘤、压抑等 ...

Group 1 - Sichuan Province has drafted ten measures to promote high-quality development in the livestock industry, focusing on supporting leading enterprises and enhancing their capabilities to drive the industry forward [1] - The measures include encouraging the construction of a trillion-yuan livestock industry, modern agricultural industrial parks, and livestock industry clusters, which aim to improve the development capacity of breeding farms [1] - The plan also emphasizes the transformation and upgrading of pig slaughtering, supporting mergers and acquisitions of slaughtering enterprises, with potential subsidies for those passing quality management inspections by the end of 2025 [1] Group 2 - According to Industrial Securities, the recovery of pig breeding capacity is expected to lead to a new upward cycle in pig prices, with a gradual increase in sow capacity and continued optimization of breeding costs [2] - The poultry industry may benefit from limited overseas breeding stock imports, with a projected increase in domestic breeding stock, particularly in the context of disease affecting U.S. imports [2] - CITIC Securities anticipates a steady increase in pig output by 2025, despite a potential decline in prices, while the poultry sector may face challenges with continued price drops and industry losses [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the poultry industry, specifically focusing on the breeding of white-feathered chickens and the impact of avian influenza on breeding stock updates and pricing trends [1][2]. Core Insights and Arguments 1. **Decline in Breeding Stock Updates** - In April 2025, the domestic breeding stock updates decreased by 29% year-on-year, with a total of 12.4 million sets updated. This decline is attributed to the suspension of imports from the U.S. and New Zealand due to outbreaks of highly pathogenic avian influenza [1][2]. - The total breeding stock updates from January to April 2025 were only 308,000 sets, representing a 44% year-on-year decline, with less than 28% of these coming from overseas sources, primarily France [1][2]. 2. **Impact of Avian Influenza on Imports** - The only source for the domestic breeding stock currently is France, which has not exported to China for nearly a decade due to previous avian influenza outbreaks. This situation, combined with global avian influenza concerns and U.S. tariff expectations, is expected to lead to a decrease in total breeding stock updates and changes in breed structure for the year [2]. 3. **Decrease in Parent Stock Inventory** - The inventory of parent stock chickens has also decreased, with a 20.1% quarter-on-quarter decline in Q1 2025 and a 9.8% year-on-year decline. By April 2025, the inventory continued to drop by 4.9% quarter-on-quarter and 25.5% year-on-year [2]. 4. **Price Increase for Parent Stock** - The average price of parent stock chicken chicks increased by approximately 10% in May compared to April, reflecting the tightening supply and increased demand [3]. 5. **Market Dynamics and Future Outlook** - The industry has been in a bottoming phase for three years, with an increasing willingness to reduce production capacity. The ongoing disruptions in overseas imports necessitate a focus on the quantity and structure of breeding stock updates, suggesting a potential market reversal [3]. - Companies like San Nong Development, Yisheng Livestock, and Minhe Holdings are highlighted as key players benefiting from these market dynamics, with expectations of improved profitability due to rising prices and increased domestic breeding efforts [3]. Additional Important Points - The call emphasizes the importance of domestic breeding and the potential for local breeds to gain market share as overseas imports remain constrained. This shift could lead to a more resilient poultry industry in the long term [3].