1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report presents the price trends of major pig products and feeds in the national and selected provincial markets in January 2026, including price changes compared to the previous month and the same period last year, as well as historical data comparisons over the past few years and price fluctuations in the past 13 months [12][18][26]. 3. Summary by Directory 3.1 Main Pig Products Market Prices 3.1.1 Piglets - In January 2026, the national average price was 24.99 yuan/kg, up 6.84% month - on - month and down 26.44% year - on - year. The 2022 - 2026 January average was 28.90 yuan/kg, with a peak in January 2023 (34.86 yuan/kg) and a trough in January 2024 (23.22 yuan/kg) [12]. - From January 2025 to January 2026, the price fluctuated from 33.97 yuan/kg to 24.99 yuan/kg, with the peak in April 2025 (39.16 yuan/kg) and the trough in December 2025 (23.39 yuan/kg) [13]. - In the 7 provincial markets, the price ranged from 22.96 to 28.16 yuan/kg, with Guizhou having a relatively low price and Guangdong a relatively high one [16]. 3.1.2 Live Pigs - In January 2026, the national average price was 13.07 yuan/kg, up 7.40% month - on - month and down 21.31% year - on - year. The 2022 - 2026 January average was 15.42 yuan/kg, with a peak in January 2025 (16.61 yuan/kg) and a trough in January 2026 (13.07 yuan/kg) [18]. - From January 2025 to January 2026, the price fluctuated from 16.61 yuan/kg to 13.07 yuan/kg, with the peak in January 2025 (16.61 yuan/kg) and the trough in December 2025 (12.17 yuan/kg) [21]. - In the 7 provincial markets, the price ranged from 12.25 to 14.03 yuan/kg, with Guangxi having a relatively low price and Guizhou a relatively high one [22]. 3.1.3 Pork - In January 2026, the national average price was 23.28 yuan/kg, up 3.05% month - on - month and down 16.53% year - on - year. The 2022 - 2026 January average was 26.61 yuan/kg, with a peak in January 2023 (29.8 yuan/kg) and a trough in January 2026 (23.28 yuan/kg) [26]. - From January 2025 to January 2026, the price fluctuated from 27.89 yuan/kg to 23.28 yuan/kg, with the peak in January 2025 (27.89 yuan/kg) and the trough in December 2025 (22.59 yuan/kg) [28]. - In the 7 provincial markets, the price ranged from 22.5 to 25.76 yuan/kg, with Guangxi having a relatively low price and Yunnan a relatively high one [32]. 3.2 Main Pig Feed Market Prices 3.2.1 Fattening Pig Compound Feed - In January 2026, the national average price was 3.36 yuan/kg, basically flat month - on - month and up 0.60% year - on - year. The 2022 - 2026 January average was 3.63 yuan/kg, with a peak in January 2023 (4.05 yuan/kg) and a trough in January 2025 (3.34 yuan/kg) [34]. - From January 2025 to January 2026, the price fluctuated from 3.34 yuan/kg to 3.36 yuan/kg, with peaks in March and May 2025 (3.42 yuan/kg) and a trough in January 2025 (3.34 yuan/kg) [37]. - In the 7 provincial markets, the price ranged from 3.38 to 3.94 yuan/kg, with Guangdong having a relatively low price and Yunnan a relatively high one [39]. 3.2.2 Corn - In January 2026, the national average price was 2.44 yuan/kg, up 0.41% month - on - month and up 7.02% year - on - year. The 2022 - 2026 January average was 2.67 yuan/kg, with a peak in January 2023 (3.04 yuan/kg) and a trough in January 2025 (2.28 yuan/kg) [42]. - From January 2025 to January 2026, the price fluctuated from 2.28 yuan/kg to 2.44 yuan/kg, with peaks in July and August 2025 (2.5 yuan/kg) and a trough in January 2025 (2.28 yuan/kg) [43]. - In the 7 provincial markets, the price ranged from 2.51 to 2.61 yuan/kg, with Guangdong having a relatively low price and Hunan a relatively high one [46]. 3.2.3 Soybean Meal - In January 2026, the national average price was 3.33 yuan/kg, up 0.91% month - on - month and up 1.83% year - on - year. The 2022 - 2026 January average was 3.91 yuan/kg, with a peak in January 2023 (4.99 yuan/kg) and a trough in January 2025 (3.27 yuan/kg) [48]. - From January 2025 to January 2026, the price fluctuated from 3.27 yuan/kg to 3.33 yuan/kg, with a peak in March 2025 (3.7 yuan/kg) and troughs in January and October 2025 (3.27 yuan/kg) [51]. - In the 7 provincial markets, the price ranged from 3.18 to 3.48 yuan/kg, with Guangdong and Chongqing having prices below the national average, and the other 5 provinces having prices above it [53]. 3.2.4 Wheat Bran - In January 2026, the national average price was 2.05 yuan/kg, up 0.99% month - on - month and up 4.06% year - on - year. The 2022 - 2026 January average was 2.24 yuan/kg, with a peak in January 2023 (2.67 yuan/kg) and a trough in January 2025 (1.97 yuan/kg) [56]. - From January 2025 to January 2026, the price fluctuated from 1.97 yuan/kg to 2.05 yuan/kg, with peaks in July and August 2025 (2.06 yuan/kg) and a trough in January 2025 (1.97 yuan/kg) [57]. - In the 7 provincial markets, the price ranged from 2.02 to 2.36 yuan/kg, with Guangdong having a relatively low price and Yunnan a relatively high one [61].

Investment Ratings - The report maintains an investment rating of "Buy-A" for Haida Group (002311.SZ) and "Buy-B" for Shengnong Development (002299.SZ) and Wen's Shares (300498.SZ) [2] Core Insights - The pig prices are expected to face downward pressure after the peak season, with self-breeding pig farming profits currently in the negative [4] - The feed industry is undergoing accelerated consolidation, with market share shifting towards leading companies with R&D advantages and scale [4] - The report highlights opportunities for Haida Group due to its efficient internal management and strong service advantages in the industry chain [4] - The report suggests that the pig farming industry may experience a significant capacity reduction in 2026, which could improve the fundamentals and valuations of the sector [5] - The pet food sector is expected to continue growing, with a shift in competition from marketing to R&D and supply chain management [6] Summary by Sections 1. Industry Performance - The agricultural sector saw a decline of 1.92% in the week of February 2-8, 2026, with the food and feed additives, meat chicken farming, and pig farming sectors performing relatively well [3][13] 2. Pig Farming - As of February 6, 2026, the average prices for external three-way cross pigs in Sichuan, Guangdong, and Henan were 11.65, 11.96, and 12.38 CNY/kg, respectively, showing a week-on-week decline of 4.12%, 1.64%, and 1.98% [4][22] - The average pork price was 18.34 CNY/kg, down 1.45% from the previous week [4][22] - Self-breeding pig farming profits were reported at -38.09 CNY/head, a decrease of 63.19 CNY/head from the previous week [4][22] 3. Poultry Farming - The price of white feather chickens was reported at 7.53 CNY/kg, down 2.71% week-on-week, with a loss of 0.26 CNY per chicken [37] 4. Feed Processing - The average price of feed for fattening pigs remained stable at 3.37 CNY/kg as of January 29, 2026 [41] 5. Aquaculture - As of February 6, 2026, the price of sea cucumbers was 120 CNY/kg, and the price of shrimp was 320 CNY/kg, both remaining stable [47] 6. Crop and Oilseed Processing - As of February 6, 2026, corn was priced at 2368.43 CNY/ton, with a slight decrease of 0.33% week-on-week, while soybean prices remained stable at 4072.11 CNY/ton [56][57]

Group 1 - The Ministry of Agriculture and Rural Affairs reported an increase in prices for various livestock products, including live pigs, eggs, and chicken, while the price of broiler chicks decreased [1] - The average price of piglets reached 25.96 yuan/kg, up 4.5% week-on-week but down 25.2% year-on-year; the average price of live pigs was 13.39 yuan/kg, up 2.5% week-on-week and down 18.8% year-on-year; the average pork price was 23.57 yuan/kg, up 1.6% week-on-week and down 15.3% year-on-year [1] - The average price of eggs was 9.03 yuan/kg, up 2.7% week-on-week but down 17.9% year-on-year; the average chicken price was 22.47 yuan/kg, up 0.4% week-on-week and down 5.1% year-on-year [1] Group 2 - The average price of corn remained stable at 2.44 yuan/kg, with a year-on-year increase of 7.5%; in the Northeast, the price was 2.28 yuan/kg, and in Guangdong, it was 2.51 yuan/kg, both unchanged from the previous week [2] - The average price of soybean meal was 3.33 yuan/kg, stable week-on-week and up 0.9% year-on-year; the average price of fattening pig feed was 3.37 yuan/kg, up 0.3% week-on-week and up 0.9% year-on-year [2] - The average prices for meat chicken feed and egg chicken feed were 3.51 yuan/kg and 3.23 yuan/kg respectively, both stable week-on-week, with year-on-year increases of 1.4% and 1.9% [2]

Group 1 - The core viewpoint of the articles indicates that the feed raw material prices are expected to rise significantly in 2025, with corn, soybean meal, and rapeseed meal increasing by over 10%, 9%, and 8% respectively, while the market dynamics show differentiation in trends [1][2] - In 2025, the total production of pig feed is projected to recover, with a year-on-year increase of 9.0% in April, driven by a rebound in breeding demand, while the market is characterized by regional differentiation and concentration among leading producers [3] - Major feed companies are expected to maintain robust profitability in 2025, with Hai Da Group reporting a net profit of 2.639 billion yuan in the first half of the year, a year-on-year increase of 24.16%, and New Hope Liuhe achieving a net profit of 755 million yuan, a significant increase of 162% [4] Group 2 - For 2026, the supply side anticipates corn production to exceed 300 million tons, with soybean imports remaining above 100 million tons, while the demand side expects stable total feed production around 330 million tons, indicating a slowdown in growth due to a reduction in breeding capacity [5] - At the beginning of 2026, major companies are expected to implement price increases of 50-100 yuan per ton for various feed products, driven by rising raw material costs and the need to ensure product quality [6] - The price dynamics in early 2026 show a two-round price increase driven by rising raw material costs, with the first round occurring in December 2025 and the second round at the beginning of 2026, influenced by seasonal stocking demands [7]

Core Viewpoint - The pork market is experiencing a peak in supply due to high pig slaughter rates, while demand is also increasing as the holiday season approaches, leading to a stable yet slightly rising trend in pork prices. Group 1: Pig Prices and Supply - Pig prices have slightly decreased, with a stable slaughter rhythm and alleviated overcapacity pressure. In October, the slaughter volume reached 38.34 million heads, a month-on-month increase of 7.0% and a year-on-year increase of 26.2% [1] - The average market price for pork in November was 23.05 yuan per kilogram, down 1.5% month-on-month and down 19.7% year-on-year. The average market price for live pigs was 12.55 yuan per kilogram, down 0.2% month-on-month and down 27.6% year-on-year [1] Group 2: Pig Grain Ratio - The pig-to-grain price ratio has increased slightly to 5.44:1 in November, up by 0.07 points from the previous month, although it remains below 5.5:1. The price of feed corn was 2.43 yuan per kilogram, down 1.2% month-on-month but up 3.3% year-on-year [2] - Farmers are facing losses, with self-breeding farmers losing an average of 80 yuan per pig and those purchasing piglets for fattening losing about 270 yuan per pig [2] Group 3: Import and Export Trends - In October, China's imports of fresh and frozen pork were 71,100 tons, down 11.1% month-on-month and down 21.1% year-on-year, with an import value of 144 million USD, down 11.7% month-on-month and down 25.0% year-on-year [3] - Cumulative imports from January to October were 859,600 tons, a year-on-year decrease of 3.3%, while exports increased significantly by 51.6% to 33,200 tons [3] Group 4: European Market Trends - European pork prices have been declining for four consecutive months due to increased production, export obstacles, and seasonal consumption declines, with wholesale prices at 1,700.45 euros per ton, down 4.7% month-on-month and down 11.8% year-on-year [4] Group 5: Future Price Expectations - As the supply of pigs reaches its annual peak and with effective measures in place to control production, pork prices are expected to remain stable with slight increases leading up to the Spring Festival, supported by rising consumer demand during the holiday season [5]

Core Viewpoint - The agricultural market is experiencing mixed price trends for various livestock and feed products, with some prices rising while others are declining, indicating fluctuations in supply and demand dynamics across different regions [1][2][3][4][5][6]. Livestock Product Prices - The average price of piglets nationwide is 23.43 yuan/kg, down 1.2% week-on-week and down 29.7% year-on-year [2] - The average price of live pigs is 12.13 yuan/kg, down 0.7% week-on-week and down 27.1% year-on-year [2] - The average price of pork is 22.59 yuan/kg, down 0.7% week-on-week and down 19.3% year-on-year [2] - The average price of eggs is 8.60 yuan/kg, down 0.1% week-on-week and down 22.7% year-on-year [3] - The average price of chicken is 22.25 yuan/kg, down 0.2% week-on-week and down 5.2% year-on-year [3] - The average price of beef is 71.33 yuan/kg, unchanged week-on-week and up 7.3% year-on-year [4] - The average price of lamb is 71.59 yuan/kg, up 0.1% week-on-week and up 2.4% year-on-year [4] Feed Prices - The average price of corn is 2.43 yuan/kg, unchanged week-on-week and up 4.7% year-on-year [6] - The average price of soybean meal is 3.29 yuan/kg, down 0.3% week-on-week and up 0.3% year-on-year [6] - The average price of fattening pig feed is 3.36 yuan/kg, unchanged week-on-week and down 0.3% year-on-year [6] - The average price of broiler feed is 3.50 yuan/kg, up 0.3% week-on-week and unchanged year-on-year [6] - The average price of layer feed is 3.22 yuan/kg, unchanged week-on-week and up 0.9% year-on-year [6]

Price Trends in Livestock and Feed Products - In the fourth week of November, meat sheep prices increased, while prices for live pigs, broiler chicks, beef cattle, fresh milk, and fattening pig feed decreased [2] - The average price of piglets was 23.88 yuan/kg, down 1.1% week-on-week and down 29.8% year-on-year [2] - The average price of live pigs was 12.33 yuan/kg, down 1.4% week-on-week and down 27.9% year-on-year [2] - The average price of pork was 22.86 yuan/kg, down 0.7% week-on-week and down 19.3% year-on-year [2] - The average price of eggs was 8.59 yuan/kg, down 0.2% week-on-week and down 22.0% year-on-year [2] - The average price of chicken remained stable at 22.33 yuan/kg, down 5.1% year-on-year [2] - The average price of broiler chicks was 3.49 yuan each, down 0.3% week-on-week and down 12.5% year-on-year [2] - The average price of meat chicks was 3.41 yuan each, stable week-on-week and down 9.1% year-on-year [2] Feed Prices Overview - The average price of corn was 2.43 yuan/kg, stable week-on-week and up 3.8% year-on-year [3] - In the main production area of Northeast China, corn prices were 2.23 yuan/kg, stable week-on-week [3] - In the main sales area of Guangdong, corn prices were 2.46 yuan/kg, down 0.8% week-on-week [3] - The average price of soybean meal was 3.29 yuan/kg, stable week-on-week and down 1.2% year-on-year [3] - The average price of fattening pig feed was 3.35 yuan/kg, down 0.3% week-on-week and down 0.9% year-on-year [3] - The average price of broiler feed was 3.49 yuan/kg, stable week-on-week and down 0.6% year-on-year [3] - The average price of layer feed was 3.21 yuan/kg, stable week-on-week [3]

Core Insights - The report indicates a mixed trend in livestock and poultry prices, with meat sheep prices increasing while other categories such as live pigs, poultry, and feed prices are generally declining or stable [1][2]. Livestock Prices - The average price of piglets nationwide is 23.88 yuan/kg, down 1.1% week-on-week and down 29.8% year-on-year [1] - The average price of live pigs is 12.33 yuan/kg, down 1.4% week-on-week and down 27.9% year-on-year [1] - The average price of pork is 22.86 yuan/kg, down 0.7% week-on-week and down 19.3% year-on-year [1] Poultry Prices - The average price of eggs is 8.59 yuan/kg, down 0.2% week-on-week and down 22.0% year-on-year [1] - The average price of chicken is 22.33 yuan/kg, stable week-on-week and down 5.1% year-on-year [1] - The average price of broiler chicks is 3.41 yuan each, stable week-on-week and down 9.1% year-on-year [1] Feed Prices - The average price of corn is 2.43 yuan/kg, stable week-on-week and up 3.8% year-on-year [2] - The average price of soybean meal is 3.29 yuan/kg, stable week-on-week and down 1.2% year-on-year [2] - The average price of fattening pig feed is 3.35 yuan/kg, down 0.3% week-on-week and down 0.9% year-on-year [2]

Core Insights - The agricultural market shows mixed trends in livestock and poultry prices, with some products experiencing price increases while others decline [1][2][3][4][5][6] Livestock Prices - The average price of piglets nationwide is 24.14 yuan/kg, down 1.0% week-on-week and 29.2% year-on-year [2] - The average price of live pigs is 12.50 yuan/kg, down 1.1% week-on-week and 26.6% year-on-year [2] - The average price of pork is 23.02 yuan/kg, down 0.5% week-on-week and 19.1% year-on-year [2] - In contrast, the average price of beef is stable at 71.37 yuan/kg, with a year-on-year increase of 6.7% [4] - The average price of lamb is 71.32 yuan/kg, up 0.3% week-on-week and 2.0% year-on-year [4] Poultry Prices - The average price of eggs is 8.61 yuan/kg, down 0.6% week-on-week and 22.4% year-on-year [3] - The average price of chicken is 22.34 yuan/kg, down 0.1% week-on-week and 5.2% year-on-year [3] - The average price of broiler chicks is 3.50 yuan each, down 0.8% week-on-week and 11.8% year-on-year [3] Feed Prices - The average price of corn is 2.43 yuan/kg, stable week-on-week and up 3.4% year-on-year [6] - The average price of soybean meal is 3.29 yuan/kg, stable week-on-week and down 1.8% year-on-year [6] - The average price of feed for fattening pigs is 3.36 yuan/kg, stable week-on-week and down 0.9% year-on-year [6]

Core Insights - The agricultural market is experiencing mixed price trends for various livestock and feed products, with beef and mutton prices increasing while pork and egg prices are declining [1][2][3][4]. Livestock Prices - The average price of piglets is 24.59 yuan/kg, down 0.8% week-on-week and 29.6% year-on-year [2] - The national average price of live pigs is 12.71 yuan/kg, down 0.4% week-on-week and 28.6% year-on-year [2] - The average price of pork is 23.17 yuan/kg, down 0.3% week-on-week and 20.6% year-on-year [2] - The average price of beef is 71.46 yuan/kg, up 0.2% week-on-week and 6.5% year-on-year [4] - The average price of mutton is 70.98 yuan/kg, up 0.3% week-on-week and 1.6% year-on-year [4] Poultry Prices - The average price of eggs is 8.67 yuan/kg, down 0.7% week-on-week and 23.4% year-on-year [3] - The average price of chicken is 22.33 yuan/kg, unchanged week-on-week and down 5.4% year-on-year [3] - The average price of broiler chicks is 3.55 yuan each, down 0.6% week-on-week and 10.1% year-on-year [3] Dairy and Feed Prices - The average price of fresh milk is 3.02 yuan/kg, down 0.3% week-on-week and 3.2% year-on-year [5] - The average price of corn is 2.44 yuan/kg, down 0.4% week-on-week but up 3.0% year-on-year [6] - The average price of soybean meal is 3.28 yuan/kg, up 0.6% week-on-week but down 1.8% year-on-year [6]