产业园区机器轰鸣，特色种植基地绿意盎然，乡村道路宽敞通畅……宁夏同心县，这座曾被联合国世界 粮食计划署划定为自然环境最不适宜人类生存的贫困小城，如今处处涌动着蓬勃生机。 自2013年中核集团开启定点帮扶以来，政企连心、银企同心、靶向发力，累计为该县投资39亿元，助力 这片土地实现从脱贫摘帽到乡村振兴的跨越式发展。近年来，持续助力该县聚焦宁夏回族自治区"六新 六特六优"现代产业布局，构建清洁能源产业链，形成了"产业引领+战略合作"的企地协同发展"同心模 式"。中核集团连续6年获评中央单位定点帮扶工作考核"好"的最高等次，中核（宁夏）同心防护科技有 限公司也被授予全国文明单位荣誉称号。 走进中核（宁夏）同心防护科技有限公司的生产车间，200多台缝纫机整齐排列，身着统一工装的女工 们正专注地缝制医用防护服。"感谢中核让我在家门口就业""有了收入可以让全家过上好日子""姐妹们 一起工作很开心"……员工风采展板上，写满了员工们对公司的感谢，这些朴实的文字记录着产业帮扶 带来的真实改变。 同心县不乏名优特色农产品，但没有好的销售方式和渠道，经济效益与社会预期不符，导致很多名优特 色农产品销售不畅。中核集团派驻同心县的历任 ...

消息面上，华源证券此前研报指出，优然牧业是全球最大的原奶供应商，业务完整地覆盖乳业上游育 种、草业、饲料、奶牛养殖全产业链，并且各业务均做到行业领先。该行认为，在经历漫长的奶价下行 后，随着供需两端协同改善，原奶价格26H1有望逐步企稳回升。该行预计在奶价上行趋势下，原料奶 销售业务收入有望大幅增厚。此外，肉牛价格上行趋势或将持续，公司利润端有望获益。 中信证券认为，2024年以来能繁母牛或去化超10%，国内牛只供应短缺是本轮牛价上涨的主要推动，上 一轮肉牛周期存栏下降11%最终推动育肥牛价格累计上涨超过60%，本轮周期活牛价格提升仍不到 20%，考虑到2026年国内肉牛供给存在下降压力，该行认为肉牛价格仍有上涨空间。11月25日商务部继 续延期进口牛肉进行保障措施立案调查，牛肉进口虽有不确定性但不影响国内周期反转逻辑。综合来 看，继续看好肉牛原奶周期共振，龙头牧业企业利润改善可期。 智通财经APP获悉，优然牧业(09858)涨超9%，截至发稿，涨9.04%，报3.98港元，成交额1.06亿港元。 ...

每经AI快讯，中信证券研报指出，双节后供需平稳，奶价进入磨底阶段，合同内外价格环比平稳，乳 制品需求持续承压，其中常温表现弱于低温，深加工及出海低基数下快速成长，未来前景广阔。Q3肉 牛价格整体高位波动，2024年以来存栏累计去化或超过10%，预计2026年肉牛供给端存在下降压力，参 考上轮肉牛周期去化及价格回升节奏，判断本轮周期活牛价格仍有上行空间。继续看好肉牛原奶周期共 振。 ...

智通财经APP获悉，中信证券发布研报称，活牛价格仍有提升空间、奶价仍处于历史较低水平，上游奶 牛存栏去化持续推进，肉牛能繁母牛去化影响有望逐步显现，出海、乳制品深加工或带来原奶消耗提 升，看好未来原奶、肉牛周期共振上行，推动上游养殖公司业绩改善。 该行表示，双节后供需平稳，奶价进入磨底阶段，合同内外价格环比平稳，乳制品需求持续承压，其中 常温表现弱于低温，深加工及出海低基数下快速成长，未来前景广阔。Q3肉牛价格整体高位波动， 2024年以来存栏累计去化或超过10%，预计2026年肉牛供给端存在下降压力，参考上轮肉牛周期去化及 价格回升节奏，该行判断本轮周期活牛价格仍有上行空间。继续看好肉牛原奶周期共振。 未来展望：国内液奶需求承压，关注深加工及出海弹性，继续看好肉奶共振下的利润改善。 1)原奶：国内液奶需求端疲软仍是压制此轮周期反转的重要因素，B端、出海需求高增但基数较低，头 部乳企入场有望推动行业国产替代加速，预计当前乳制品深加工产能全部投产将日消耗超过5000吨原 奶。该行认为供给端存栏去化放缓在预期之内，后续仍可期待青贮收购、淡季背景下的小幅加速去化。 2)肉牛：2024年以来能繁母牛或去化超10%，国 ...

（文章来源：第一财经） 中信证券研报指出，双节后供需平稳，奶价进入磨底阶段，合同内外价格环比平稳，乳制品需求持续承 压，其中常温表现弱于低温，深加工及出海低基数下快速成长，未来前景广阔。Q3肉牛价格整体高位 波动，2024年以来存栏累计去化或超过10%，预计2026年肉牛供给端存在下降压力，参考上轮肉牛周期 去化及价格回升节奏，判断本轮周期活牛价格仍有上行空间。继续看好肉牛原奶周期共振。 ...

(1)本周猪价先抑后扬，整体小幅走低。周初多家集团场维持增量出栏节奏，价格整体承压。进入周中 后期，随着气温持续下降，终端基础消费有所回暖，同时南方部分区域的腌腊、灌肠等需求活动零星开 启，对猪肉消费形成提振，推动周后期猪价窄幅偏强运行。11月21日猪价11.62元/公斤，周环比-0.04元/ 公斤。 (2)本周生猪出栏均重继续回升。气温下降促使猪只日增重提升，加之集团场维持增量出栏节奏，共同 带动集团场均重回升；由于散养户及二次育肥户出栏积极性提高，市场中大体重猪源增多，进而推动散 养户均重增长。截至11月20日当周生猪出栏均重128.81kg，周环比+0.33kg。 展望后市，近期养殖已陷入亏损状态，叠加产能调控政策推进，行业产能去化预期增强，有望推动长期 猪价中枢上移，低成本优质猪企将获得超额收益。根据农业农村部数据，10月末全国能繁母猪存栏量降 至4000万头以下，较9月调减超35万头，去产能效果逐步显现。建议关注天康生物(002100.SZ)、牧原股 份(002714.SZ)、温氏股份(300498.SZ)、德康农牧(02419)等。 牧业 智通财经APP获悉，华福证券发布研报称，近期养殖已陷入亏损 ...

行 业 定 期 报 告 生猪养殖：（1）10 月销售简报：猪企出栏增量、均价下跌。出栏方 面，10月17家猪企合计出栏生猪1732.42万头，环比+22.51%，同比+29.29%。 均价方面，10 月行业供给压力较大，猪价大幅下跌。上市猪企销售均价同 步下降，10 月 13 家猪企生猪销售均价为 11.66 元/公斤，环比-11.12%，同 比-33.94%。（2）上周行情：上周猪价震荡偏弱运行。周初降温消费好转， 叠加散户惜售情绪增强，推动价格反弹；周中养殖端出栏节奏开始加快， 导致猪价由涨转跌。11 月 14 日猪价 11.66 元/公斤，周环比-0.19 元/公斤。 上周出栏均重继续回升。集团场月初缩量后于周内恢复正常出栏节奏，叠 加气温下降促进猪只日增重提升，出栏均重回升；肥标价差相对高位情况 下，散养户及二育户出栏大体重猪为主。11 月 13 日当周生猪出栏均重 128.48kg，周环比+0.18kg。展望后市，近期养殖已陷入亏损状态，叠加产 能调控政策推进，行业产能去化预期增强，有望推动长期猪价中枢上移， 低成本 优质猪企将获 得超额收益。10 月涌益 /钢联/卓创能 繁环比 -0.77%/+0 ...

Core Viewpoints - The pig farming sector is experiencing a favorable configuration opportunity due to accelerated breeding stock reduction driven by market and policy resonance, with current prices at a relatively low level [18][43]. - The beef industry is in a cyclical uptrend, with demand increasing and supply constraints expected to continue until 2027, making it a favorable time to invest in beef-related companies [18][51]. - The poultry sector is seeing improved investment logic as it enters a demand peak season, despite challenges from disease outbreaks and production capacity reductions [19][4]. Pig Farming - The supply pressure in pig farming is gradually increasing, leading to continued downward pressure on prices, with the national average price at 11.87 yuan/kg as of November 11, 2025, down 4.85 yuan/kg year-on-year [20][23]. - Policy measures are focused on reducing breeding stock, particularly among large enterprises, while smaller farms are expected to reduce stock due to losses and disease impacts [29][41]. - The current market conditions suggest a significant opportunity for investment in the pig farming sector, with recommended companies including Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [18][43]. Beef Industry - The beef supply is tightening, with a decrease in stock levels and an expected cyclical uptrend in demand, particularly as domestic beef consumption continues to rise [46][51]. - The average beef price in September 2025 was 70.52 yuan/kg, reflecting a year-on-year increase of 5.36% [51]. - Recommended companies in the beef sector include Bright Dairy, Fucheng Co., and several Hong Kong-listed firms such as Modern Farming and China Shengmu [18][51]. Poultry Sector - The white chicken market is entering a peak demand season, with prices expected to rise due to reduced production capacity and increased demand [19][4]. - The supply of white feather chicken breeding stock is projected to decline, supporting a price increase for meat chickens in 2026 [19][4]. - Recommended companies in the poultry sector include Shennong Development and Hefeng Co. [19][4]. Seed Industry - The grain price cycle is at a low point, with expectations for upward trends supported by food security policies and the acceleration of genetically modified seed commercialization [19][5]. - Recommended companies in the seed industry include Dabeinong Technology, Longping High-Tech, and Denghai Seeds [19][5]. Pet Industry - The pet food export volume in China increased by 7.55% year-on-year from January to September 2025, indicating strong growth in the sector [19][7]. - Domestic pet consumption is expected to continue growing, driven by emotional value and increasing market share of domestic brands [19][7]. - Recommended companies in the pet sector include Guibao Pet, Zhongchong Co., and Petty Co. [19][7].

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [4]. Core Views - The report is optimistic about the reversal of the large cycle in animal husbandry by 2025, with domestic beef and raw milk markets expected to experience upward momentum [2]. - The pig farming sector is supported by anti-involution measures, which are likely to stabilize long-term prices [2]. - The pet consumption market is identified as a growing sector benefiting from demographic changes [2]. - The feed industry, particularly Haida Group, is expected to benefit from the recovery in aquaculture [2]. - The poultry sector is projected to see a long-term increase in consumption, with yellow chicken likely to benefit first from improved domestic demand [2]. Summary by Sections Livestock - Pig prices as of November 7 are 11.91 CNY/kg, down 5% week-on-week; 15kg piglet prices are approximately 314 CNY/head, up 4% week-on-week [1]. - Beef prices are on the rise, with the market price at 66.80 CNY/kg, up 0.85% week-on-week and 22% year-on-year [1][2]. Dairy - The average price of raw milk in major production areas is 3.03 CNY/kg, with a slight week-on-week decrease of 0.01 CNY/kg and a year-on-year decline of 3.2% [2]. Feed - Domestic soybean prices are at 4012 CNY/ton, up 0.37% week-on-week, while soybean meal prices are at 3072 CNY/ton, up 0.85% week-on-week [2]. Poultry - White chicken prices are 6.95 CNY/kg, down 2% week-on-week, while yellow chicken prices are expected to benefit from improved domestic demand [1][2]. Investment Recommendations - Recommended stocks include: - Livestock: Youran Agriculture, Modern Farming, and Guangming Meat [3]. - Pig farming: Dekang Agriculture, Muyuan Foods, and others [3]. - Pet industry: Guibao Pet and Reap Bio [3]. - Feed: Haida Group [3]. - Poultry: Lihua Co., Yisheng Co., and others [3].

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [70]. Core Views - The report highlights ongoing supply pressure in the pig farming sector, leading to a downward trend in pig prices. As of November 7, the average pig price was 11.85 CNY/kg, down 0.69 CNY/kg week-on-week. The average weight of pigs sold has increased to 128.30 kg, up 0.61 kg week-on-week, indicating a shift towards heavier pigs being sold [2][10][30]. - In the beef sector, short-term prices are slightly declining, but a tightening supply is expected to lead to an upward price cycle for beef in 2026-2027. The price of calves as of November 7 was 31.93 CNY/kg, down 0.53% week-on-week, but up 32.43% year-to-date [3][32]. - The poultry sector is experiencing stable yet declining prices for meat chickens, with the average price for white feathered meat chickens at 7.09 CNY/kg as of November 7. The egg price is slightly up at 6.22 CNY/kg, indicating potential recovery in the egg market as downstream production decreases [4][40][45]. - The agricultural sector is seeing a strong performance in soybean meal prices due to changes in import tariffs on U.S. soybeans, with the spot price at 3094 CNY/ton, up 36 CNY/ton week-on-week. This is expected to support a strong trend in soybean meal prices moving forward [4][53]. Summary by Sections Pig Farming - Supply pressure continues, leading to a decline in pig prices. The average pig price as of November 7 is 11.85 CNY/kg, down 0.69 CNY/kg week-on-week. The average weight of pigs sold has increased to 128.30 kg, up 0.61 kg week-on-week [2][10][30]. - The report notes that the market is transitioning to sporadic replenishment as the enthusiasm for secondary fattening has decreased significantly [10][30]. Beef Industry - Short-term prices for beef are slightly declining, with calf prices at 31.93 CNY/kg, down 0.53% week-on-week, but up 32.43% year-to-date. The market is expected to tighten in the medium to long term, leading to a potential price increase cycle in 2026-2027 [3][32]. Poultry Sector - The average price for white feathered meat chickens is stable at 7.09 CNY/kg, while egg prices are slightly up at 6.22 CNY/kg. The report suggests that the poultry sector may benefit from a recovery in consumption as production decreases [4][40][45]. Agricultural Products - The soybean meal market is expected to remain strong due to tariff changes on U.S. soybeans, with current prices at 3094 CNY/ton, up 36 CNY/ton week-on-week. This is anticipated to support a bullish trend in soybean meal prices [4][53].