1月10日，省委书记刘宁到周口太康县，调研推动农业生产、主导特色产业培育等工作，强调要深入学 习贯彻习近平总书记在河南考察时重要讲话精神，全面贯彻中央经济工作会议和中央农村工作会议精 神，把省委经济工作会议和省委农村工作会议部署落实落细落到位，坚决抓好粮食生产，大力发展特色 农业，培育和发展新质生产力，实现兴业、强县、富民一体发展，为高质量发展提供坚实支撑。 刘宁听取太康县经济社会发展情况汇报，强调新年要有新气象新作为，科学谋划"十五五"时期发展，立 足资源禀赋和特色优势，走好差异化多元化发展之路，培育壮大具有鲜明特点的主导产业，努力把资源 优势转化为发展势能，不断提升县域经济发展活力和综合实力。年关将至，外出返乡人员日益增多，客 流、物流、车流剧增，要深入开展各类风险隐患排查整治，切实把矛盾纠纷化解在基层，坚决防范遏制 交通、燃气、消防、房屋等领域安全风险，确保人民群众平安过节、温暖过冬。 省领导陈星参加。（记者 刘婵 张笑闻） 责任编辑： 秦臻 太康作为农业大县、产粮大县，农业生产基础扎实，食用菌、辣椒、肉牛等乡村特色农业蓬勃发展。刘 宁来到老冢镇程楼村蘑菇种植基地，了解富民产业发展和联农带农情况。他强调 ...

为解决牧场草地流失、生态功能下降、草地利用率低等问题，近年来，云南省腾冲市开展人工种草、草种繁育、水土保持、生态修复监测管理平台建设等工 作，以东山草场丰富优质的牧草资源为基础，发展肉牛养殖，推动相关产业融合发展，助力乡村振兴。 ...

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].

"有啥好怕的？有那么多人在帮咱们建养羊场！"11月26日20时，群山深处的凉山州美姑县佐戈依达 乡布里莫村，被土漆一样的夜色填满。 村民阿于加加土坯房里的火塘边，面对记者的提问，这位67岁的彝族老妈妈挺直了腰板，话语铿 锵，双眼放光。 59岁的建档立卡贫困户阿于石正是其一。3万元是儿子阿于为石打工赚来的。这笔钱原计划修房 子，但由于纳入易地扶贫搬迁，全家4口人住进新家，总共花了不到1万元。"省下来的钱留在手里，还 不如投到养牛场有个奔头。"对这个决定，儿子也支持。 让记者不解的是，作为建档立卡贫困户，年收入不过3000多元的她，哪来的勇气和胆量去借3万元 钱，和村民凑份子养肉牛。 17户人家凑钱入股养肉牛 今年初，驻村帮扶工作队决定在当地发展肉牛产业。为激发贫困户的内生动力，村委会决定转变思 路，不再直接给钱，而是以奖代补，根据村民自我投资的额度，按照一定比例给予奖励。 根据前期测算，基础设施加上买小牛，一期资金需要近200万元。入股的话，非贫困户每户5万元， 建档立卡贫困户每户3万元。 得到消息的第二天，阿于加加就从女儿那里借来3万元，用编织袋拎到村委会，塞到第一书记的日 坡尔手里。 那之前，她从来没有见过 ...

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]

Group 1 - The core view of the report emphasizes a structural transformation in the capital market, focusing on rebuilding confidence and addressing external demand pessimism [3][4] - The investment logic suggests a shift from cyclical growth to cyclical value, with a resilient cycle expected in 2026, highlighting the value attributes of leading companies [9] - Key assumptions include a gradual decrease in the breeding sow inventory and proactive capacity control by pig companies, which may lead to reduced supply pressure and potential price recovery for pigs in 2026 [8] Group 2 - The report identifies specific companies to focus on, such as leading low-cost and high-certainty firms like Muyuan Foods and Wens Foodstuffs, as well as high-growth smaller pig companies [7] - The report outlines potential risks, including the possibility of breeding sow inventory not decreasing as expected, which could lead to an oversupply of pigs and downward pressure on prices [8] - The report also discusses the beef market, indicating that if the import impact continues, it could lead to downward pressure on beef prices, affecting the profitability of beef companies [16][24] Group 3 - In the poultry sector, the report highlights that the yellow chicken market may see price increases if breeding stocks continue to decline, while the white chicken market is expected to recover as macroeconomic activities improve [25][26] - The report emphasizes the importance of consumer demand in the poultry market, noting that weak demand could lead to price declines and pressure on company performance [27][32] - The report suggests that the animal health sector will benefit from the recovery of livestock profitability, with a focus on companies that have strong R&D capabilities and product pipelines [33][36] Group 4 - The grain sector is expected to see upward price trends due to adverse weather conditions affecting crop yields, with a focus on companies involved in seed production and transgenic varieties [40][41] - The report warns of potential risks in the seed industry, including weak demand for new varieties, which could lead to price declines and increased pressure on seed companies [44][45] - The report highlights the importance of monitoring government policies regarding the commercialization of new seed varieties, as delays could impact market expectations [46][48] Group 5 - The report provides a risk assessment for recommended stocks, such as Muyuan Foods and Wens Foodstuffs, indicating potential risks related to pig output and price declines [50][56] - The report emphasizes the need for continuous monitoring of key indicators, such as breeding sow inventory and market prices, to assess the performance of the companies in the livestock sector [56]

证券研究报告 | 2025年12月26日 2025年12月27日 2025年12月28日 白鸡：供给小幅增加，关注旺季消费修复。12 月 26 日，鸡苗价格 3.34 元/ 羽，周环比-0.89%；毛鸡价格 7.78 元/公斤，周环比+6.87%。 黄鸡：供给维持底部，有望率先受益内需改善。12 月 25 日浙江快大三黄鸡/ 青 脚 麻 鸡 / 雪 山 草 鸡 斤 价 分 别 为 5.0/5.8/7.5 元 ， 周 环 比 分 别 +0.00%/-1.69%/+0.00%。 鸡蛋：在产父母代存栏维持增长，中期供给压力较大。12 月 26 日，鸡蛋主 产区价格 2.92 元/斤，周环比-4.89%，同比-17.75%。 肉牛：新一轮牛价上涨开启，看好牛周期反转上行。12 月 26 日，国内育肥 公牛出栏价为 25.20 元/kg，环比+0.00%，同比+7.01%；牛肉市场价为 60.91 元/kg，环比-0.21%，同比+20.02%。 农产品研究跟踪系列报告（188） 优于大市 原奶价格维持低迷，奶牛存栏去化有望加速 周度农产品跟踪：牛价有望持续上涨，反内卷支撑中长期生猪价格。 生猪：行业反内卷有望支撑猪价 ...

Group 1 - The meeting emphasized the importance of "grasping industry, projects, and investment," significantly boosting market confidence [1] - Anshun Lihua Animal Husbandry Co., Ltd. plans to expand its breeding scale, aiming for a chicken output of 15 million birds and increasing its revenue from 400 million to 600 million yuan next year [1] - The meeting's arrangements for rural revitalization have sparked a practical enthusiasm at the grassroots level, focusing on integrating investment in both physical assets and human resources [1] Group 2 - The Ba Dou Circular Agriculture Cooperative is experiencing significant benefits from beef cattle farming and aims to strengthen its industry with the support of favorable policies [2] - Dapo Village plans to enhance its five-color rice planting and agricultural machinery services, aligning with the meeting's spirit to optimize varieties and extend the industrial chain [2] - The focus on "three products and one standard" will guide the village's efforts in brand building and agricultural integration, contributing to rural income growth [2]

冬日时节，六盘山下的宁夏固原市一派繁忙景象：西吉县将台堡镇火集村的村民大会上，蔬菜代办 正向村民分析消费市场新变化，共商明年冷凉蔬菜基地发展计划；雪川六盘山食品(宁夏)有限公司将当 地人日常烹饪的"小土豆"，通过现代工艺转化为畅销全球多个国家和地区的薯条产业…… 品质是品牌的生命。过去，固原市蔬菜种植多停留在"一家一户、自给自足"的传统模式。2017年开 始，当地推广使用拱棚辣椒、设施甜瓜、蒜苗复种西蓝花等标准22项，制定芹菜覆膜压沙穴播标准化栽 培技术规程和拱棚辣椒标准化生产技术规程，引进推广穴盘育苗、水肥一体化、病虫害防控大处方等健 康栽培实用技术19项，逐步构建起冷凉蔬菜全产业链标准体系。 目前，固原市万亩以上规模的蔬菜单品已突破10个，冷凉蔬菜种植面积稳定在50万亩，产量超200 万吨，产业链产值超过45亿元，80%的蔬菜销至华北、华中、华南等地区。 深加工卖好价 近年来，固原市立足资源禀赋，培育壮大冷凉蔬菜、肉牛、马铃薯等特色产业。搭乘"六盘山"品牌 的快车，当地农产品加速"出村进城"，从田间走向车间、从本地迈向全国，源源不断送上千家万户的餐 桌，稳步融入消费大市场高质量发展。这是固原市推进品牌战略 ...

目前，固原市万亩以上规模的蔬菜单品已突破10个，冷凉蔬菜种植面积稳定在50万亩，产量超200万 吨，产业链产值超过45亿元，80%的蔬菜销至华北、华中、华南等地区。 图为宁夏固原市原州区中河乡马铃薯种植基地。（资料图片） 冬日时节，六盘山下的宁夏固原市一派繁忙景象：西吉县将台堡镇火集村的村民大会上，蔬菜代办正向 村民分析消费市场新变化，共商明年冷凉蔬菜基地发展计划；雪川六盘山食品（宁夏）有限公司将当地 人日常烹饪的"小土豆"，通过现代工艺转化为畅销全球多个国家和地区的薯条产业…… 近年来，固原市立足资源禀赋，培育壮大冷凉蔬菜、肉牛、马铃薯等特色产业。搭乘"六盘山"品牌的快 车，当地农产品加速"出村进城"，从田间走向车间、从本地迈向全国，源源不断送上千家万户的餐桌， 稳步融入消费大市场高质量发展。这是固原市推进品牌战略的生动实践。通过着力擦亮品牌、强化产业 赋能，实现了提质增效，有效带动了农民增收，为推进乡村全面振兴注入动力。 擦亮特色品牌 固原市气候冷凉、土壤污染少，孕育出了优质的冷凉蔬菜等特色农产品。然而，长期以来，这些优质农 产品因缺乏品牌支撑，多作为低价原料流通。"过去守着好资源却卖不出好价钱，关键在于 ...