马年新春启新程，资本赛道传佳音。2026年2月25日（农历正月初九），广东粤海饲料集团股份有限公 司（股票代码：001313.SZ）同步召开"2026年新春开工动员大会暨开年工作会议"、启动"2026粤海阳光 行"春风行动，国内外及越南等海外子公司联动响应，以"开局即决战、起步即冲刺"的姿态，向资本市 场释放强劲增长信号。 对机构资本而言，粤海的吸引力在于清晰的增长路径与扎实支撑——开年50%同比增长、120-130万吨 销量目标、多板块协同爆发，契合"高增长、高确定性"标的诉求；对散户投资者而言，节前锁定超120 万吨饲料意向订单、预收款超5亿元、虾苗订购量突破20亿尾，让增长预期落地，董事长承诺的"年底更 丰厚回报"，彰显企业与股东共享发展成果的初心。 粤海的增长的是行业趋势与企业实力的共振。当前中国经济向好，旅游消费恢复带动水产养殖业升温， 水产品价格上涨提升养殖户积极性，行业环境利好。粤海提前布局、精准发力，将行业机遇转化为增长 动能，进一步提升资本吸引力。 2026年，粤海饲料正从修复性增长向系统性爆发跃迁。亮眼的开年数据、清晰的年度目标、扎实的技术 布局与高效的执行力，使其成为资本市场潜力标的。随 ...

m 2026 年 2 月 27 日 | 沈嘉婕 | | | --- | --- | | H70455@capital.com.tw | | | 目标价(元) | 20.5RMB | 公司基本资讯 | 产业别 | 电气设备 | | --- | --- | | A 股价(2026/2/26) | 18.16 | | 上证指数(2026/2/26) | 4146.63 | | 股价 12 个月高/低 | 27.75/14.89 | | 总发行股数(百万) | 4501.99 | | A 股数(百万) | 4501.99 | | A 市值(亿元) | 817.56 | | 主要股东 | 通威集团有限 | | | 公司(45.24%) | | 每股净值(元) | 9.27 | | 股价/账面净值 | 1.96 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -1.8 -21.0 -15.2 | 近期评等 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 通威股份 (600438.SH) Trading Buy 区间操作 公司筹划收购 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The global market is currently in an observational phase with no clear consensus-driven trends. The short - term market is unlikely to have a unilateral trend, and the Fed's interest - rate cut narrative may be the next potential catalyst [2]. - The RMB exchange rate has shown strength. Short - term strategies for export and import enterprises are proposed, such as export enterprises locking in forward exchange settlement and import enterprises adopting a rolling purchase strategy [3][4]. - The stock index is expected to be bullish, while the bond market should focus on the Two Sessions' news [5][6]. - The container shipping market for the European route is expected to be weak in the short term, with a shift in trading logic [7][10]. - In the new energy market, the speculative sentiment of lithium carbonate is strong, and industrial silicon and polysilicon are in a situation of weak supply and demand [12][15]. - In the non - ferrous metal market, copper prices are expected to fluctuate at a high level, aluminum and its related products are expected to fluctuate and consolidate, zinc is expected to fluctuate strongly, nickel - stainless steel is expected to fluctuate at a high level, tin is expected to fluctuate at a high level, and lead is expected to fluctuate and adjust [18][22][23][25][27][28]. - In the oil and fat feed market, oilseeds have strong expectations but weak reality, and oils are expected to improve [29][31]. - In the energy and oil and gas market, high - sulfur fuel oil is under pressure, low - sulfur fuel oil is strong, and asphalt prices may decline [34][35]. - In the precious metal market, platinum - palladium is expected to be in a long - term bull market, and gold - silver is strategically bullish in the short term [38][40][41][43]. - In the chemical market, pulp and offset paper are expected to fluctuate at a low level, pure benzene - styrene should pay attention to geopolitical trends, LPG is affected by geopolitics, PX - PTA is expected to be easy to rise and difficult to fall, MEG - bottle chips are expected to fluctuate widely, methanol can consider a positive spread strategy, plastics PP are expected to fluctuate and decline, and rubber is expected to fluctuate in a range [45][47][50][52][56][59][61][64]. - In the black market, rebar and hot - rolled coils are expected to be weak, iron ore may recover seasonally, coking coal and coke need to focus on the resumption rhythm, and ferrosilicon and ferromanganese should wait for the hedging opportunity [79][80][81][84]. - In the agricultural and soft commodity market, the price of live pigs may continue to decline, cotton is recommended to go long on dips, sugar's rebound space is limited, eggs may fluctuate at a low level in the short term and rise in the medium term, apples are supported by delivery contradictions, dates are expected to fluctuate at a low level, and logs can be observed [85][88][91][92][100][102][103]. 3. Summary by Relevant Catalogs Financial Futures - **Macro**: The indirect negotiation between Iran and the US ended with "significant progress". The US initial jobless claims were 212,000, the Bank of Korea maintained the benchmark interest rate at 2.5%, and the Bank of Japan may consider raising interest rates [1]. - **RMB Exchange Rate**: The on - shore and off - shore RMB against the US dollar both broke through the 6.84 mark. Short - term strategies for export and import enterprises are provided [3][4]. - **Stock Index**: The stock index is expected to be bullish, with attention on the sustainability of trading volume [5]. - **Treasury Bond**: The bond market is bearish, and attention should be paid to the news of the Two Sessions [5][6]. - **Container Shipping for European Route**: The market is weak, with a shift in trading logic from expecting price increases to facing price cuts in the off - season [7][10]. Commodities New Energy - **Lithium Carbonate**: The speculative sentiment is strong, and upstream enterprises are recommended to hedge by shorting at high prices [12][14]. - **Industrial Silicon & Polysilicon**: They are in a situation of weak supply and demand. Short - term prices may break through the support level, and medium - term strategies are to go long at low prices [15][16]. Non - ferrous Metals - **Copper**: Prices are expected to fluctuate at a high level, and different trading strategies are proposed [18][21]. - **Aluminum Industry Chain**: Aluminum, alumina, and cast aluminum alloy are expected to fluctuate and consolidate. Different trading strategies are recommended according to different products [22][23]. - **Zinc**: It is expected to fluctuate strongly, and attention should be paid to the negative feedback of tariff news [23][24]. - **Nickel - Stainless Steel**: They are expected to fluctuate at a high level, and attention should be paid to US tariff and Indonesian supply - side factors [25][26]. - **Tin**: It is expected to fluctuate at a high level, and attention should be paid to the approval progress in Indonesia and the actual resumption progress in Myanmar [27]. - **Lead**: It is expected to fluctuate and adjust, and interval operations are recommended [28]. Oil and Fat Feed - **Oilseeds**: They have strong expectations but weak reality. After the market returns to fundamentals, shorting and reverse - spread opportunities can be considered [29][30]. - **Oils**: They are expected to improve, and long - position opportunities at low prices can be considered for palm oil [31][32]. Energy and Oil and Gas - **Fuel Oil**: High - sulfur fuel oil is under pressure, and low - sulfur fuel oil is strong. The market shows a differentiated pattern [34]. - **Asphalt**: Prices may decline, especially when the demand after the Spring Festival is lower than expected [35]. Precious Metals - **Platinum - Palladium**: They are expected to be in a long - term bull market, but attention should be paid to various risk factors [38][40]. - **Gold - Silver**: They are strategically bullish in the short term, and long - position strategies on dips are recommended [41][43]. Chemicals - **Pulp - Offset Paper**: They are expected to fluctuate at a low level, and interval trading strategies are recommended [45][46]. - **Pure Benzene - Styrene**: Attention should be paid to geopolitical trends, and long - position strategies on dips are recommended for styrene [47][49]. - **LPG**: It is mainly affected by geopolitics, and the short - term pricing is dominated by the Iran - US situation [50][51]. - **PX - PTA**: They are expected to be easy to rise and difficult to fall, and long - position strategies on dips and short - spread strategies for processing fees are recommended [52][55]. - **MEG - Bottle Chips**: They are expected to fluctuate widely, and short - selling is not recommended in the short term [56][58]. - **Methanol**: A positive spread strategy for the 5 - 9 contract can be considered, and attention should be paid to geopolitical factors [59][60]. - **Plastic PP**: They are expected to fluctuate and decline, and attention should be paid to the demand after the resumption of work by downstream enterprises and the inventory removal speed [61][63]. - **Rubber**: It is expected to fluctuate in a range, and different trading strategies are recommended for different types of rubber [64][71]. - **Urea**: It is recommended to buy at a low price, and the market price is expected to rise steadily [72]. - **Glass and Soda Ash**: Soda ash is expected to fluctuate with limited price movement, and glass prices are restricted by supply recovery and high inventory in the middle - stream [74][75]. - **Propylene**: It is affected by cost and supply - demand factors, and the market is still supported fundamentally [76][77]. Black Metals - **Rebar & Hot - Rolled Coil**: They are expected to be weak, and although the market may hype up expectations near the Two Sessions, the fundamentals are still weak [79]. - **Iron Ore**: It may recover seasonally, and low - buying opportunities or positive - spread strategies can be considered at low valuations [79][80]. - **Coking Coal & Coke**: They need to focus on the resumption rhythm of mines and steel mills after the Spring Festival, and the price may face short - term supply - demand mismatch or downward pressure [81][83]. - **Ferrosilicon & Ferromanganese**: They are affected by manganese ore news, and hedging opportunities after the emotional release can be waited for [84]. Agricultural and Soft Commodities - **Live Pigs**: The price is expected to continue to decline, and a sell - call option strategy is proposed [85][87]. - **Cotton**: It is recommended to go long on dips, and attention should be paid to the peak - season demand and US trade policy [88][90]. - **Sugar**: The rebound space is limited, although there is some upward driving force [91]. - **Eggs**: They may fluctuate at a low level in the short term and rise in the medium term [92][93]. - **Apples**: The short - term demand is weak after the Spring Festival, but the delivery contradiction provides support [100][101]. - **Dates**: They are expected to fluctuate at a low level, and attention should be paid to the post - festival replenishment demand [102]. - **Logs**: The futures price is expected to fluctuate weakly, and an observation strategy is recommended [103].

证券日报网讯2月26日，傲农生物（603363）在互动平台回答投资者提问时表示，公司主营业务包括饲 料、生猪养殖、屠宰食品等产业，并未涉及茶叶产业相关领域。 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 有投资者在互动平台向傲农生物提问："咨询公司增值税征收方式变动情况：是否由 3% 简易征收改为 13% 一般征收？该调整预计增加的税收成本、对利润的影响金额分别是多少，是否构成重大影响？" 针对上述提问，傲农生物回应称："您好，我司主营业务包括饲料、生猪养殖、屠宰食品，均不涉及您 提及的增值税政策调整。感谢您的关注。" ...

格隆汇2月26日丨傲农生物(603363.SH)在互动平台表示，公司主营业务包括饲料、生猪养殖、屠宰食品 等产业，并未涉及茶叶产业相关领域。 ...

格隆汇2月26日丨傲农生物(603363.SH)在互动平台表示，公司主营业务包括饲料、生猪养殖、屠宰食品 等产业，并未涉及茶叶产业相关领域。 ...

Investment Rating - The food and beverage industry is rated as stable for 2025 and 2026 [1] Core Insights - The food and beverage industry in China includes various sub-industries such as agriculture, food processing, and beverage manufacturing, closely linked to economic development, population structure, and consumer preferences. Despite ongoing economic pressures and weak consumer demand, the industry continues to grow, although revenue growth rates are declining and profitability is weakening [1][6] - The agricultural sector shows a steady increase in grain planting area and production, with major crops like rice, wheat, and corn maintaining a balance between supply and demand. However, some crop prices are under pressure due to supply-demand dynamics and international trade conditions [24][25] - The food manufacturing sector is experiencing stable growth, with overall profitability remaining flat. The industry is characterized by increasing fixed asset investments and a slight increase in total assets [52][53] Summary by Sections 1. Industry Performance - The food and beverage industry has a total asset value of 8.42 trillion yuan at the end of 2024, with a year-on-year growth of 3.59%. The industry’s revenue for 2024 is 9.07 trillion yuan, showing a slight decline of 0.20% year-on-year [7][11] - By the end of September 2025, the industry’s total assets increased to 8.61 trillion yuan, with a revenue of 6.71 trillion yuan, reflecting a year-on-year growth of 1.75% [7][11] 2. Agricultural Sector - The agricultural sector's total output value reached 162,787.5 billion yuan in 2024, with a year-on-year growth of 2.7%. The grain planting area for 2024 and 2025 is projected to be 11,931.9 million hectares and 11,940.9 million hectares, respectively [24][25] - Grain production is expected to increase, with total grain output for 2024 and 2025 estimated at 70.65 million tons and 71.49 million tons, respectively [27] 3. Feed Industry - The feed industry is experiencing growth in production, influenced by the recovery of the livestock sector. The total industrial feed production for 2024 is 31,503.1 million tons, showing a year-on-year decline of 2.1% [45] - The feed prices are expected to remain low due to fluctuations in raw material prices and weak downstream demand [49] 4. Food Manufacturing - The food manufacturing sector continues to grow, with total assets reaching 2.41 trillion yuan by September 2025, reflecting a 4% increase year-on-year. The revenue for the first three quarters of 2025 is 1.63 trillion yuan, with a slight decrease in profit margins [52][53] 5. Livestock Industry - The livestock sector is under pressure, with pork prices gradually declining. The production of beef is increasing, while sheep meat production is decreasing due to weak demand [56][58] - The overall production of meat is expected to grow, with pork production for 2024 and 2025 estimated at 5,706.03 million tons and 5,938 million tons, respectively [58]

Group 1: Key Events - The company, Zhengbang Technology, has a restructuring plan where the investor, Shuangbao Group, committed to integrating its pig farming and feed business assets into the listed company within 24 months after the restructuring is completed, expected by mid-December 2025 [1] - The company's stock price experienced a decline after failing to disclose any information related to the fulfillment of this commitment, despite an initial surge [1] Group 2: Financial Performance Goals - Shuangbao Group has set a target for the listed company to achieve profitability in the second year (2025) of the restructuring plan [2] - However, the company's net profit attributable to shareholders showed a significant decline in the first three quarters of 2025, and ongoing pressure on pig sales prices in the fourth quarter poses challenges to meeting the annual profitability goal [2] Group 3: Company Fundamentals - Although the company has completed its restructuring, its revenue has only recovered to about 30% of historical highs, and profitability remains hindered by rising operating costs and asset impairment losses [3]

以下文章来源于21财闻汇 ，作者谢之迎 21财闻汇 . 21世纪经济报道官方旗下矩阵成员，做有趣有料的财经新闻。 记者丨谢之迎 编辑丨谭璐 泰国富豪家族，参投全球最大养猪企业。 2月上旬，牧原股份成功登陆港交所，募资超100亿港元。在一众明星基石投资者中， 正大集 团一家认购2亿美元，约合14亿人民币，金额位居首位。 这笔投资，也在情理之中。 在中国，正大集团的布局，遍布饲料、养殖、食品加工等各个领域。养猪的牧原，就在其产 业链上。 正大由泰国华人谢氏家族掌舵，产业遍及全球。 在2025胡润全球富豪榜上，谢氏家族的身家 超2200亿元，位列全球第50。 谢镕仁 图源：正大集团 据报道，侯孝海入职后，主要将负责正大集团中国区消费品的市场与营销整合工作，包括鸡 蛋、猪肉、鸡肉、食品、饲料等业务的营销整合。 从业务来看，谢氏家族"从农场到餐桌"的产业链相当完备，覆盖种植、饲料、养殖、屠宰、 深加工、物流配送、商业零售和餐饮。 以正大食品为例，旗下包括鸡蛋、猪肉、水产、蔬果等生鲜食品，以及速冻面点、休闲小食 等方便食品。甚至延伸到葡萄酒、茶叶、咖啡、矿泉水等饮品。 | No. 50 | ~ 5 | ¥ 2200 亿 ...