Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][46] Core Insights - The profitability of pig farming has shown signs of recovery, with self-breeding pig farming profits turning positive [30] - The industry has slightly underperformed compared to the CSI 300 index, with a decline of 0.72% from January 5 to January 15, 2026, lagging behind the index by approximately 3.34 percentage points [14] - The report highlights the potential for price recovery in pig farming due to seasonal demand, and emphasizes the importance of capacity reduction in the breeding sector [46][48] Industry Performance Overview - The SW agriculture, forestry, animal husbandry, and fishery industry index has a current PB ratio of approximately 2.63, indicating a slight decline in valuation and positioning at about 59.2% of the historical average since 2006 [21] - Among the sub-sectors, animal health, fishery, agricultural product processing, and planting recorded positive returns, with increases of 8.52%, 4.59%, 1.77%, and 0.45% respectively, while feed and breeding sectors saw declines of 0.99% and 2.34% [17][18] Key Industry Data - The average price of external three-breed pigs fluctuated from 12.86 CNY/kg to 12.48 CNY/kg and then rebounded to 12.76 CNY/kg between January 2 and January 15, 2026 [22] - As of January 15, 2026, the average price of corn was 2363.82 CNY/ton and soybean meal was 3184 CNY/ton, both showing a recent increase [27] - The profit for self-breeding pig farming reached 7.39 CNY/head, while the profit for purchased pig farming was 48.35 CNY/head, indicating a shift from loss to profit [30] Company Insights - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and Shengnong Development (002299), which are positioned well for potential growth in the sector [48][49] - The report notes that the domestic pet market has growth potential, with exports expected to maintain rapid growth, highlighting opportunities in leading domestic companies [48]

Core Viewpoint - The announcement indicates that the company's wholly-owned subsidiary, Luoyang Huizhong Biotechnology Co., Ltd., has received a new veterinary drug registration certificate for a trivalent inactivated vaccine targeting three chicken diseases, enhancing the company's product portfolio and competitiveness in the poultry vaccine market [1] Group 1 - The vaccine is designed to prevent three diseases: Newcastle disease, avian influenza (H9 subtype), and infectious bursal disease [1] - The registration certificate was issued by the Ministry of Agriculture and Rural Affairs on January 12, 2026, marking a significant regulatory milestone for the product [1] - The vaccine is classified as a Category III new veterinary drug, indicating its potential impact on animal health and the poultry industry [1] Group 2 - The product still requires approval for veterinary drug product registration before it can be marketed, indicating further steps in the regulatory process [1] - This development enriches the company's poultry vaccine offerings, which is expected to enhance its competitive edge in the market [1]

Core Viewpoint - The company has obtained a new veterinary drug registration certificate for a trivalent inactivated vaccine targeting Newcastle disease, avian influenza (H9 subtype), and avian adenovirus disease (I group 4) [1] Group 1: Regulatory Compliance - The vaccine registration is in accordance with the Veterinary Drug Management Regulations and the Measures for the Approval Number Management of Veterinary Drug Products [1] - The company is currently in the process of applying for the veterinary product approval number issued by the Ministry of Agriculture and Rural Affairs, which is required before the product can be marketed [1]

Core Viewpoint - The Ministry of Agriculture and Rural Affairs has approved the new veterinary drug registration for a four-in-one inactivated vaccine developed by Pulaike Bioengineering Co., Ltd. and its subsidiary Huizhong Bio, which targets multiple poultry diseases [1] Group 1: Product Development - The four-in-one inactivated vaccine addresses Newcastle disease, infectious bronchitis, avian influenza (H9 subtype), and avian adenovirus disease (Group I, Type 4) [1] - The total investment in the product development amounts to 7.3635 million yuan [1] - The vaccine provides immunity for at least six months with a single injection [1] Group 2: Market Position - Currently, there are no similar four-in-one inactivated vaccines for poultry available in the market [1] - The acquisition of the new veterinary drug registration certificate is expected to enhance the company's product competitiveness [1] - This development is anticipated to create a new growth point for the company's performance [1]