Core Insights - The agricultural sector, particularly the pig farming industry, is experiencing a downturn with significant profit declines due to falling pig prices and macroeconomic capacity adjustments [2][6][7] - Leading companies with low costs and strong cash flow are recommended for investment, including Muyuan Foods, Wens Foodstuff, Dekang Agriculture, and Shennong Group [2][6] - The feed industry shows continued growth, with major players like Haida Group benefiting from increased sales and improved profit margins [3] - The pet food sector is witnessing high growth in proprietary brands, although overall profits are under pressure due to declining export revenues [4] Pig Farming Industry - In Q3 2025, the pig farming sector's revenue decreased by 6% year-on-year to approximately 121.6 billion yuan, with net profit dropping by 70% to around 5.9 billion yuan [2] - The average profit for self-breeding and self-raising pigs fell to 42 yuan per head, a decrease of about 13 yuan from Q2 2025 [2][7] - The industry is entering a phase of loss-driven capacity reduction, with supply pressures expected to persist into the first half of 2026 [6][7] Feed Industry - The feed sector's revenue grew by 13.4% year-on-year in the first three quarters of 2025, with a 14.2% increase in Q3 [3] - Major feed companies are seeing a rise in sales volume and market share, with Haida Group's feed exports increasing by approximately 24% [3] - The outlook for the feed industry remains positive, with expectations for continued growth in both domestic and international markets [3] Pet Food Industry - The pet food sector's revenue increased by 9.6% year-on-year in Q3 2025, but net profit fell by 6.1% [4] - Domestic sales for leading brands like Guibao Pet and Zhongchong Co. are growing at around 40% [4] - Export revenues for pet snacks have declined, particularly in the U.S. market, where exports fell by 42% [4]

Core Viewpoint - The report from Minsheng Securities highlights the cyclical recovery in the livestock industry, emphasizing the valuation shift for leading companies in the sector [1] Livestock Industry - The domestic livestock cycle is expected to reverse, with both domestic and international beef and raw milk markets likely to experience upward momentum [1] - Official capacity regulation in the pig industry is anticipated to accelerate cash flow improvements for leading enterprises, potentially transforming them into dividend stocks as industry capacity contracts [1] - In the poultry sector, limited supply fluctuations are expected, with market conditions likely to improve alongside demand recovery, allowing leading companies to achieve higher cash flow and dividend returns [1] Feed Industry - The deepening industrialization of livestock and poultry farming, along with clear industry segmentation, positions leading feed companies to further enhance their competitive advantages through technology and service [1] Pet Industry - The pet industry is identified as a scarce growth sector, expected to benefit from demographic changes [1] Investment Recommendations - Recommended livestock companies include: - For livestock: Youran Dairy, Modern Dairy, and China Shengmu [1] - For pigs: Huazhong Holdings, Dekang Agriculture, Muyuan Foods, Wens Foodstuff, Tiankang Biological, and Shennong Group [1] - For poultry: Lihua Stock, Yisheng Shares, and Shennong Development [1] - For feed: Haida Group [1] - For pets: Guibao Pet [1]

Core Insights - The report emphasizes the cyclical nature of the pig farming industry, indicating that the downward cycle is nearing its end, with a potential upward turning point expected in 2026 [3][19] - The pet economy remains a key growth area, highlighting investment opportunities in niche sectors [4] Group 1: Industry Overview - The agricultural sector, particularly the pig farming segment, is experiencing a downturn, with 2025 expected to see continued losses, leading to a price bottom in the first half of 2026 [5][19] - The chicken farming sector is also under pressure, with expectations of supply-side stabilization and demand recovery in 2026 [20] - The cattle farming sector is projected to face a supply contraction starting in 2026, which may last until 2027 [21] Group 2: Investment Opportunities - The pet food industry is anticipated to maintain its growth trajectory, with leading companies increasing their market share despite challenges in export performance [5][4] - The blueberry market in Yunnan is expected to see profit realization from 2024 to 2025, with growth potential continuing into 2026-2027 [5] - The artificial cultivation of Cordyceps is gaining traction as natural production declines, with early movers in this space likely to see performance improvements [5] Group 3: Key Companies to Watch - The report identifies several key companies for investment consideration, including Muyuan Foods, Wens Foodstuff Group, DeKang Agriculture, TianKang Biological, and others in the pet food sector [5]

Group 1 - As of November 5, 48 stocks reached their 52-week highs, with the top three being Eder Investment Holdings (06182) at 40.63%, LFG Investment Holdings (03938) at 11.70%, and Tianrui Automotive Interior (06162) at 11.11% [1] - Eder Investment Holdings closed at 0.900 and reached a high of 1.350, reflecting a significant increase [1] - LFG Investment Holdings and Tianrui Automotive Interior also showed notable increases in their stock prices, indicating positive market sentiment towards these companies [1] Group 2 - The report also highlights stocks that reached their 52-week lows, with XL South Strategy - U (4.034) showing the largest decline at -23.33% [2] - Other notable declines include Minglue Technology - W (197.900) at -21.01% and Zhihua Holdings (0.039) at -19.15%, indicating potential challenges faced by these companies [2] - The data suggests a mixed market environment, with some companies performing well while others struggle to maintain their stock prices [2] Group 3 - The report includes various stocks with minor declines, such as Capital World Financial (0.570) at -3.45% and Hu Shang Ayi (84.550) at -3.37%, reflecting a slight downward trend in certain sectors [3] - The overall performance of these stocks indicates a cautious market sentiment, with investors closely monitoring fluctuations [3] - The presence of both high-performing and underperforming stocks suggests a diverse investment landscape, requiring careful analysis for potential opportunities [3]

Group 1 - The latest data from the Hong Kong Stock Exchange indicates that on November 3, shareholders of Tianrui Automotive Interior (06162) transferred shares from HSBC Hong Kong to Beta International Securities, with a transfer market value of HKD 80.0158 million, accounting for 8.08% [1] - Tianrui Automotive Interior is the largest manufacturer of heavy truck interior components in the Northwest region, primarily providing customized design and development solutions for automotive interior and exterior components [1] - The company operates approximately 30,684 square meters of production facilities, including over 30 injection molding production lines and more than 10 compression molding production lines, offering a wide range of products such as floor mats, dashboards, headliners, overhead boxes, and door trims [1] Group 2 - As of the mid-year report in 2025, Tianrui Automotive Interior reported total operating revenue of CNY 138 million and a net profit of -CNY 5.986 million [1]

Group 1 - The core point of the article highlights the transfer of shares of Tianrui Automotive Interior (06162) from HSBC to Beta International Securities, with a market value of HKD 80.0158 million, representing 8.08% of the total shares [1] - Tianrui Automotive Interior is the largest manufacturer of heavy truck interior components in the Northwest region, specializing in customized automotive interior and exterior component design and development solutions [1] - The company operates approximately 30,684 square meters of production facilities, including over 30 injection molding production lines and more than 10 compression molding production lines, offering a wide range of products such as floor mats, dashboards, headliners, overhead boxes, and door trims [1] Group 2 - As of the mid-year report in 2025, Tianrui Automotive Interior reported total operating revenue of HKD 138 million and a net profit of -HKD 5.986 million [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國天瑞汽車內飾件有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06162 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,000,000,000 | | 0 | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 2,000,000,000 | | 0 | | 2,000,000,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年11 ...

Group 1 - The company Tianrui Automotive Interior (06162) announced the appointment of Mr. Zou Weidong as an executive director effective from October 24, 2025 [1] - Mr. Ye Peisen has resigned as the company secretary and will no longer serve as an authorized representative [1] - Mr. Tan Hanhui has been appointed as the company secretary and authorized representative [1]

Group 1 - The company Tianrui Automotive Interiors (06162) announced the appointment of Mr. Zou Weidong as an executive director effective from October 24, 2025 [1] - Mr. Ye Peisen has resigned as the company secretary and will no longer serve as an authorized representative [1] - Mr. Tan Hanhui has been appointed as the company secretary and authorized representative [1]

Core Viewpoint - Tianrui Automotive Interior (06162.HK) announced key management changes effective from October 24, 2025, including the appointment of Zou Weidong as Executive Director, the resignation of Ye Peisen as Company Secretary and Authorized Representative, and the appointment of Tan Hanhui as Company Secretary and Authorized Representative [1] Group 1 - Zou Weidong has been appointed as Executive Director [1] - Ye Peisen has resigned from the position of Company Secretary and will no longer serve as Authorized Representative [1] - Tan Hanhui has been appointed as Company Secretary and Authorized Representative [1]