Investment Rating - Industry rating: Recommended [3] Core Views - The report emphasizes the importance of the EU's anti-dumping duties on imported pork, which are expected to alleviate domestic supply pressures and stabilize prices in the pork market. The anti-dumping tax rates range from 4.9% to 19.8% and will take effect from December 17, 2025 [2][12] - The report highlights the ongoing adjustments in the pig breeding capacity, with a noted decrease in the number of breeding sows, which is expected to support price recovery in the pork market [2][12] - The report suggests that the commercialization of genetically modified seeds will accelerate, enhancing self-sufficiency in key crop varieties and benefiting companies in the seed industry [11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated inspections to ensure the safety of seeds for the upcoming spring and summer planting seasons, focusing on key crops such as corn, rice, soybeans, cotton, and vegetables [11] - The report identifies companies like Beidahuang and Suqian Agricultural Development as beneficiaries in the planting sector, while companies with significant advantages in the seed industry include Dabeinong and Longping High-Tech [11] Pig Breeding - The average price of live pigs is reported at 11.64 CNY/kg, with a week-on-week increase of 1.45%. The total number of breeding sows is 39.9 million, reflecting a decrease of 1.1% month-on-month and 2.1% year-on-year [2][12] - The report recommends focusing on companies with significant cost improvements and high future output elasticity, including Li Hua Co., Muyuan Foods, and WH Group in the breeding sector, and Haida Group in the feed sector [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2351.76 CNY/ton, with a week-on-week decrease of 0.26% [25] - Wheat: The average price is 2517.30 CNY/ton, with a week-on-week increase of 0.04% [28] - Soybeans: The average price is 4014.74 CNY/ton, remaining stable week-on-week [40] - Cotton: The average price is 14950.00 CNY/ton, with a week-on-week increase of 0.67% [44] Feed and Vitamin Prices - The average price of pig feed is 2.62 CNY/kg, with no change week-on-week. The average price of chicken feed is 3.5 CNY/kg, reflecting a week-on-week increase of 0.29% [51][53]

Core Insights - The animal health sector experienced a slight increase of 0.42% on December 19, with Huisheng Biological leading the gains [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] Stock Performance - Huisheng Biological (300871) closed at 20.75, with a rise of 2.47% and a trading volume of 45,200 shares, amounting to a transaction value of 92.96 million yuan [1] - Other notable performers included: - Qudongli (920275) at 9.27, up 2.43% [1] - Shenlian Biological (688098) at 9.01, up 2.15% [1] - Xianfeng Holdings (002141) at 3.74, up 1.91% [1] - Ruipu Biological (300119) at 19.60, up 1.87% [1] Capital Flow - The animal health sector saw a net outflow of 129 million yuan from institutional investors, while retail investors contributed a net inflow of 157 million yuan [2][3] - The detailed capital flow for selected stocks showed: - Xianfeng Holdings (002141) had a net inflow of 6.89 million yuan from institutional investors [3] - Ruipu Biological (300119) experienced a net outflow of 15.98 million yuan from institutional investors but a net inflow of 11.27 million yuan from retail investors [3] - Qudongli (920275) had a net inflow of 2.22 million yuan from retail investors [3]

截至12月18日收盘，赛马概念下跌1.60%，位居概念板块跌幅榜前列，板块内，*ST正平跌停，新华 都、海南橡胶、中体产业等跌幅居前。 今日涨跌幅居前的概念板块 资金面上看，今日赛马概念板块获主力资金净流出2.26亿元，其中，6股获主力资金净流出，净流出资 金居首的是*ST正平，今日主力资金净流出1.04亿元，净流出资金居前的还有新华都、海南橡胶、中牧 股份等，主力资金分别净流出6988.68万元、2937.37万元、1398.79万元。（数据宝） 赛马概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 603843 | *ST正平 | -5.05 | 14.42 | -10449.69 | | 002264 | 新华都 | -2.42 | 10.11 | -6988.68 | | 601118 | 海南橡胶 | -2.21 | 1.16 | -2937.37 | | 600195 | 中牧股份 | 0.00 | 1.30 | -1398.79 | | 600158 | 中体产业 | ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002264 | 新华都 | -3.66 | 13.42 | -3234.56 | | 601118 | 海南橡胶 | -1.28 | 1.21 | -2071.07 | | 002678 | 珠江钢琴 | 0.43 | 0.55 | 87.06 | | 600158 | 中体产业 | 2.01 | 2.00 | 650.80 | | 600195 | 中牧股份 | 0.62 | 1.98 | 2149.32 | | 603843 | *ST正平 | -4.62 | 7.44 | 9539.87 | （文章来源：证券时报网） 资金面上看，今日赛马概念板块获主力资金净流入0.71亿元，其中，2股获主力资金净流出，净流出资 金居首的是新华都，今日主力资金净流出3234.56万元，今日主力资金净流入居前的概念股有*ST正平、 中牧股份、中体产业等，主力资金分别净流入9539.87万元、2149.32万元、650.80万元。（数据宝） 赛马概念资金流出榜 截 ...

本次股权转让交割手续完成后，公司仍持有中普生物48.99%的股权，中普生物将不再为公司控股子公 司，其财务数据不再纳入公司合并报表范围。 中牧实业股份有限公司关于放弃控股子公司 股权优先购买权的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、本次交易情况概述 中牧实业股份有限公司（以下简称"中牧股份"或"公司"）于2025年11月13日、2025年12月1日分别召开 公司第九届董事会2025年第十三次临时会议、2025年第三次临时股东会，审议通过《关于放弃控股子公 司股权优先购买权的议案》，同意公司放弃认购中信农业科技股份有限公司持有的中普生物制药有限公 司（以下简称"中普生物"）4.04%的股权，由普莱柯生物工程股份有限公司（以下简称"普莱柯"）或其 他第三方摘牌受让股权。具体内容详见公司于2025年11月15日披露的《中牧实业股份有限公司关于放弃 控股子公司股权优先购买权的公告》（公告编号：临2025-036）和2025年12月2日披露的《中牧实业股 份有限公司2025年第三次临时股东会决议公告》（公告编号： ...

中牧实业股份有限公司（以下简称"中牧股份"或"公司"）于 2025 年 11 月 13 日、2025 年 12 月 1 日分别召开公司第九届董事会 2025 年第十三次临时会 议、2025 年第三次临时股东会，审议通过《关于放弃控股子公司股权优先购买 权的议案》，同意公司放弃认购中信农业科技股份有限公司持有的中普生物制药 有限公司（以下简称"中普生物"）4.04%的股权，由普莱柯生物工程股份有限公 司（以下简称"普莱柯"）或其他第三方摘牌受让股权。具体内容详见公司于 2025 年 11 月 15 日披露的《中牧实业股份有限公司关于放弃控股子公司股权优先购买 权的公告》（公告编号：临 2025-036）和 2025 年 12 月 2 日披露的《中牧实业股 份有限公司 2025 年第三次临时股东会决议公告》（公告编号：临 2025-039）。 本次交易不构成关联交易，亦不构成重大资产重组。 股票代码：600195 股票简称：中牧股份 编号：临 2025-040 中牧实业股份有限公司关于放弃控股子公司 股权优先购买权的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其 ...

Core Insights - The food and beverage ETF Tianhong (159736) has seen significant trading activity, with a total transaction volume of 26.84 million yuan as of December 15, 2025, and a 0.87% increase in the tracked CSI Food and Beverage Index [1] - The agricultural ETF Tianhong (512620) recorded a turnover of 6.55% and a transaction volume of 21.58 million yuan, with the CSI Agricultural Theme Index rising by 0.67% [1] Group 1: Food and Beverage Sector - The food and beverage ETF Tianhong (159736) has experienced a net inflow of funds for four consecutive days, totaling 42.82 million yuan, with a peak single-day inflow of 19.36 million yuan [1][2] - Key stocks in the food and beverage ETF include leading brands in high-end and mid-range liquor, as well as beverages, dairy, and condiments, with top ten weighted stocks including Moutai, Wuliangye, and Yili [2] - The performance of constituent stocks such as Huanlejia (300997) and Yiyuan Health (605388) has been notable, with increases of 19.98% and 10.04% respectively [1] Group 2: Agricultural Sector - The agricultural ETF Tianhong (512620) has also seen a net inflow of 42.82 million yuan over the past five trading days, indicating strong investor interest [2] - The agricultural ETF tracks the CSI Agricultural Index, selecting 50 stocks with a focus on livestock (41.9%) and agricultural chemicals (17.7%), featuring leading companies like Muyuan and Haida [2] - The agricultural sector is diversifying its portfolio to mitigate cyclical risks, showcasing a strategic approach to investment [2] Group 3: Market Trends and Insights - A recent article emphasizes the importance of expanding domestic demand as a strategic move for economic stability and security, highlighting the need for sustained economic growth [4] - Research breakthroughs in barley seed dormancy mechanisms may provide new pathways for sustainable agricultural systems, addressing future food security challenges [5] - Analysts from China Galaxy Securities note a slight pullback in the food and beverage index due to seasonal sales fluctuations, but maintain a positive outlook for new consumption trends and potential recovery in traditional consumption [6]

Core Viewpoint - The horse racing concept sector has experienced a decline of 2.93%, ranking among the top declines in concept sectors, with notable stocks such as *ST Zhengping hitting the daily limit down, and Xinhua Du, Hainan Rubber, and Zhujiang Piano also showing significant declines [1] Group 1: Sector Performance - The horse racing concept sector saw a net outflow of 163 million yuan from main funds today, with six stocks experiencing net outflows [2] - The top stock with net outflow is Xinhua Du, which had a net outflow of 105 million yuan, followed by Hainan Rubber, Zhongti Industry, and Zhongmu Shares with net outflows of 30.51 million yuan, 17.94 million yuan, and 3.37 million yuan respectively [2] Group 2: Individual Stock Performance - Xinhua Du's stock price decreased by 4.85% with a turnover rate of 16.72% and a main fund outflow of 104.65 million yuan [2] - Hainan Rubber's stock price fell by 2.76% with a turnover rate of 1.85% and a main fund outflow of 30.51 million yuan [2] - Zhongti Industry's stock price decreased by 1.37% with a turnover rate of 2.39% and a main fund outflow of 17.94 million yuan [2] - Zhongmu Shares' stock price declined by 1.39% with a turnover rate of 2.37% and a main fund outflow of 3.37 million yuan [2] - Zhujiang Piano's stock price fell by 2.27% with a turnover rate of 1.04% and a main fund outflow of 3.32 million yuan [2] - *ST Zhengping's stock price decreased by 4.96% with a turnover rate of 0.13% and a main fund outflow of 3.00 million yuan [2]

Group 1 - The horse racing concept sector declined by 4.70%, ranking among the top declines in concept sectors as of the market close on December 11 [1] - Within the horse racing concept sector, stocks such as Xinhua Dou, *ST Zhengping, and others hit the daily limit down, while Zhujiang Piano, Hainan Rubber, and Zhongti Industry experienced significant declines [1] Group 2 - The horse racing concept sector saw a net outflow of 177 million yuan from main funds today, with six stocks experiencing net outflows [2] - Xinhua Dou had the highest net outflow of main funds at 126 million yuan, followed by Hainan Rubber, Zhujiang Piano, and Zhongti Industry with net outflows of 33.64 million yuan, 6.40 million yuan, and 6.10 million yuan respectively [2] Group 3 - The top stocks in the horse racing concept sector by net outflow include: - Xinhua Dou: -9.99% with a turnover rate of 20.11% and a main fund flow of -12,586.68 thousand yuan - Hainan Rubber: -4.14% with a turnover rate of 2.15% and a main fund flow of -3,363.52 thousand yuan - Zhujiang Piano: -4.72% with a turnover rate of 1.30% and a main fund flow of -640.18 thousand yuan - Zhongti Industry: -2.35% with a turnover rate of 2.45% and a main fund flow of -610.08 thousand yuan - Zhongmu Co.: -1.98% with a turnover rate of 1.58% and a main fund flow of -359.58 thousand yuan - *ST Zhengping: -5.02% with a turnover rate of 0.05% and a main fund flow of -155.85 thousand yuan [2]

Core Insights - The animal health sector experienced a rise of 1.81% on December 8, with BioShares leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Stock Performance - BioShares (600201) closed at 14.39, with a significant increase of 7.39% and a trading volume of 717,500 shares, amounting to a turnover of 1.014 billion yuan [1] - Other notable stocks included: - Zhongmu Co. (600195) at 8.09, up 1.25% [1] - Deyu Bio (920970) at 7.88, up 0.90% [1] - Yongshun Bio (920729) at 8.85, up 0.80% [1] - Ruipu Bio (300119) at 19.37, up 0.73% [1] Capital Flow Analysis - The animal health sector saw a net outflow of 27.984 million yuan from institutional investors, while retail investors contributed a net inflow of 4.809 million yuan [2] - The main capital flow for BioShares (600201) showed a net inflow of 26.5384 million yuan from institutional investors, despite a net outflow of 35.9123 million yuan from retail investors [3] - Other stocks like *ST Lvkang (002868) and Huisheng Bio (300871) also experienced varied capital flows, with institutional and retail investors showing different trends [3]