饲料原料：玉米、豆粕价格变化不构成养殖成本显著压力 1月我国玉米现货均价2364.6元/吨，环比+0.69%，同比+10.55%。结合价格走势规律以及潜在供需关 系，该行认为26年玉米价格以区间震荡格局为主，均价或略高于25年同期。1月我国豆粕现货均价 3198.97元/吨，环比+1.94%，同比+3.82%。 智通财经APP获悉，中国银河证券发布研报称，持续重点强调生猪养殖行业的攻守兼备布局机会， 基 于能繁母猪作用值及养殖效率的考虑，26 年猪价同比下行，期间或有所反弹表现;综合考虑政策去产能 以及行业亏损去产能，重点关注成本边际变化显著、资金面良好的优质猪企，推荐牧原股份牧原股份 (002714.SZ)、温氏股份(300498.SZ)、神农集团(605296.SH)、天康生物(002100.SZ)。关注德康农牧 (02419)。此外可关注饲料龙头企业海大集团(002311.SZ)。 中国银河证券主要观点如下： 12月CPI环比向好，猪肉现拖累效应 12月我国CPI同比+0.8%(前值+0.7%)，其中食品项同比+1.1%(影响CPI同比上升约0.21pct)，食品中猪肉 同比-14.6%。从环比来看，1 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) (万元) | | | | 2026-02-13 | 300498 | 温氏股份 | 12.43 | 50.00 | 621.50 中国中金财富证券 | 中国中金财富证券 | | | | | | | 有限公司云浮新兴 | 有限公司云浮新兴 | | | | | | | 东堤北路证券营业 | 东堤北路证券营业 | | | | | | | 第0 | 태그 | | 2026-02-13 | 300498 | 温氏股份 | 12.43 | 20.00 | 248.60 中国中金财富证券 | 中国中金财富证券 | | | | | | | 有限公司云浮新兴 | 有限公司云浮新兴 | | | | | | | 东堤北路证券营业 | 东堤北路证券营业 | | | | | | | 新 | ਜ਼ਹ | | 2026-02-13 | 300498 | 温氏股份 | 12.43 | 220.00 | 2,7 ...

投顾发展 | 投顾晨报 指数震荡偏强，控仓过节不慌 朝闻道 20260213 市场策略 指数震荡偏强，控仓过节不慌 风格策略 中盘蓝筹周期强，往畜牧养殖调仓 行业策略 农业：生猪库存再临低位，节前测试价格底部 主题策略 军工：内外需共振，配置价值凸显 风险提示 畜禽价格不及预期；畜禽疫病大规模爆发；宏观经济波动导致投资不及预期、行业政策不及预期、军品订 单和收入确认不及预期；研发进度及产业化不及预期等。 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 报告发布日期 2026 年 02 月 13 日 江韶军 执业证书编号：S0860525090001 jiangshaojun@orientsec.com.cn 021-63326320 ⚫ 本周指数震荡偏强，临近长假，市场避险意愿明显弱于上周。板块轮动较快，影 视、AI、有色等方向轮番表现但持续性不佳。我们维持 2 月谨慎乐观判断，指数横 盘震荡，震荡区间主要围绕一月份上证指数的高低点展开，高点注意风险，低点不 必恐慌。当下指数运行至一月高点区间，建议控制仓位，调整结构 ...

Core Insights - The report indicates a cautiously optimistic outlook for February, with the index expected to stabilize and oscillate around the highs and lows of January, suggesting a controlled approach to position management during the holiday season [3][8] - The mid-cap blue-chip style is expected to continue, with a focus on adjusting positions rather than passive defense, particularly in the agricultural and chemical sectors [3][8] Industry Strategy - In the agricultural sector, the report highlights that pig inventory is at a low point, with price bottoms being tested ahead of the holiday season. The market's pessimistic expectations regarding pig prices are seen as overestimated, with a potential recovery in prices anticipated as inventory levels stabilize [5][8] - The report notes that the average weight of pigs post-slaughter has dropped to approximately 88.3 kg, indicating limited downward price movement potential. The report predicts a price turning point in Q2 2026, with the average price for the year expected to exceed market expectations [5][8] - The report emphasizes the military industry, highlighting the resonance of domestic and international demand, with significant investment opportunities anticipated as the "14th Five-Year Plan" unfolds, particularly in unmanned and deep-sea technologies [6][8] Related Investment Opportunities - Recommended stocks in the agricultural sector include Muyuan Foods (002714), Wens Foodstuff Group (300498), and Haida Group (002311), with a buy rating suggested [5][8] - In the military sector, recommended stocks include Huaxin Technology (688281) and Guobo Electronics (688375), with a buy rating suggested [6][8]

温氏股份公告，公司实际控制人温鹏程减持计划已完成，2026年2月9日大宗交易15.94元/股减持1850万 股，占0.2784%；2026年2月9日至2026年2月11日集中竞价15.77元/股减持250万股，占0.0376%；合计减 持2100万股，占0.3160%。减持后持股2.39亿股，占3.5957%，其中无限售条件股份4399.09万股。 ...

温氏食品集团股份有限公司 1 证券代码：300498 证券简称：温氏股份 公告编号：2026-16 债券代码：123107 债券简称：温氏转债 温氏食品集团股份有限公司 关于公司实际控制人股份减持实施完毕的 公 告 公司实际控制人温鹏程保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 温氏食品集团股份有限公司（以下简称"公司"）于 2026 年 1 月 16 日披露了《关于公司实际控制人转让股份至近亲属及股 份减持计划的预披露公告》（公告编号：2026-9），公司实际 控制人之一温鹏程因家庭内部规划需要及个人资金需求，计划 自预披露公告披露日起十五个交易日后三个月内（2026 年 2 月 9 日至 2026 年 5 月 8 日）以集中竞价或大宗交易的方式合计减 持公司股份不超过 2,100 万股。 公司近日收到温鹏程出具的《股份减持计划实施完毕的告 知函》，获悉本次减持计划已实施完毕，现将情况公告如下： 一、股东减持情况 | | 1、股东股份减持情况 | | | | | | | | | | --- | --- ...

2月12日，温氏股份大宗交易成交347.2万股，成交额4381.66万元，占当日总成交额的7.44%，成交价 12.62元，较市场收盘价15.54元折价18.79%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交会额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2026-02-12 | 300498 | 温氏股份 | 12.62 | 50.00 | 631.00 中国中金财富证券 | 中国中金财富址券 | | | | | | | 有限公司云浮新兴 | 有限公司云浮新兴 | | | | | | | 东堤北路证券营业 | 东堤北路证券营业 | | | | | | | | 黑 | | 2026-02-12 | 300498 | 温氏股份 | 12.62 | 27.20 | 343.26 中国中金财富证券 | 中国中金财富证券 | | | | | | | 有限公司云浮新兴 | 有限公司云浮新兴 | | | | | | | 东堤北路证券营业 | ...

Group 1 - The core point of the article highlights that Wens Foodstuff Group conducted a block trade on February 11, with a total of 328,000 shares traded, amounting to 4.1426 million yuan, which represents 0.86% of the total trading volume for that day [1][2] - The transaction price was set at 12.63 yuan per share, which reflects a discount of 19.91% compared to the market closing price of 15.77 yuan [1][2]

Investment Rating - The overall investment rating for the agriculture industry is "Positive" [6][10]. Core Insights - The report emphasizes the importance of agricultural investment opportunities following the release of the central government's No. 1 document, which highlights the need for comprehensive capacity regulation in the pig farming industry [5][19]. - The report identifies potential investment opportunities in the livestock and planting sectors, particularly focusing on companies with low valuations and strong growth potential [6][10]. Summary by Relevant Sections Livestock Industry - **Pig Farming**: The average price for pigs is 12.14 CNY/kg, a slight decrease of 0.16 CNY from the previous week. The average price for piglets is 29.24 CNY/kg, which increased by 0.62 CNY [5][19]. The industry is experiencing a gradual reduction in production capacity, with the number of breeding sows decreasing by 2.9% year-on-year [6][20]. - **Chicken Farming**: The average price for broiler chickens is 14 CNY/kg, reflecting a 0.3 CNY increase. However, the industry is facing challenges with profitability, as the average loss per chicken is 0.26 CNY [21][22]. The report suggests that chicken prices may remain volatile in the medium term due to high production levels [21][22]. - **Investment Recommendations**: Companies such as Zhongchong Co., Muyuan Foods, and Suqian Agricultural Development are rated as "Buy" due to their strong market positions and growth potential [3][10]. Planting Industry - **Seed Industry**: The No. 1 document promotes the industrialization of biotechnology in agriculture, which is expected to enhance the seed supply chain and improve the market environment for genetically modified crops [11][23]. The report gives a positive rating for the seed industry, highlighting the long-term investment value of leading companies [11][23]. - **Grain Prices**: Recent trends indicate that grain prices are likely to continue rising due to increased demand and reduced supply. The average price for corn is 2394 CNY/ton, and for wheat, it is 2531 CNY/ton, both showing slight increases [12][24]. The report suggests focusing on investment opportunities in the planting sector, particularly in companies like Suqian Agricultural Development [12][24].

Core Viewpoint - The pig farming industry is undergoing a deep adjustment in a relaxed supply environment, with overall pig prices declining throughout 2025, despite a slight year-end recovery, remaining at relatively low levels. The competition is shifting from scale expansion to efficiency and collaboration within the industry chain [2][5][26]. Supply Capacity Analysis - The pig farming industry is expected to face supply pressure in the first half of 2026, with a projected output of 719.73 million pigs in 2025, a 2.4% increase, and a pork production of 59.38 million tons, a 4.1% increase [2][4]. - The breeding efficiency is improving, with the average number of weaned piglets per sow increasing from 18.32 in 2021 to 24.03 in 2024, indicating a reduction in production costs [4][6]. - The industry is experiencing increased concentration, with over 70% of pig farming being scaled, and the top 20 companies accounting for over 30% of output [4][5]. Demand Matching Capability Analysis - Overall pork consumption is expected to show weak recovery in 2026, influenced by population and income levels, with a projected per capita pork consumption of 26.6 kg per year, a 5.4% decrease from the previous year [8][9]. - The demand for pork is being affected by the availability of alternative meats, which may divert consumption away from pork [8][9]. - The overall pig price trend in 2025 was downward, with slight year-end recovery, but still at low levels, influenced by seasonal demand and supply pressures [9][11]. Industry Chain Position Analysis - The pig farming industry is positioned as a conversion link in the value chain, connecting upstream feed and breeding industries with downstream slaughtering and processing sectors [12]. - The bargaining power of upstream suppliers is weak, while the downstream bargaining power varies, with leading companies establishing long-term supply agreements to enhance pricing power [12][13]. - The competitive landscape is shifting towards efficiency and collaboration, with leading companies focusing on integrated operations across the supply chain [14][16]. Innovation Capability Analysis - The industry is guided by policies aimed at stabilizing production and improving quality, with a focus on enhancing breeding efficiency and reducing costs through technological advancements [17][19]. - Leading companies are leveraging technology to restructure cost advantages, while smaller firms are encouraged to innovate in niche markets [20][21]. - The regulatory environment is evolving towards more systematic management, emphasizing compliance and quality control across the supply chain [19]. Credit Rating Situation Analysis - In 2025, the agricultural sector issued 75 bonds totaling 51.134 billion yuan, with major issuers being leading companies like Muyuan Foods and New Hope [21][22]. - The industry is experiencing a divergence in credit quality, with larger firms maintaining stable financing channels while smaller firms face tighter financing conditions [25][27]. - The overall credit risk in the pig farming industry is manageable, with stronger companies expected to solidify their credit standing amid ongoing market pressures [27].