Group 1 - The horse racing concept sector declined by 2.45%, ranking among the top declines in concept sectors as of the market close on November 19 [1] - Key companies within the horse racing concept that experienced significant declines include Xinhua Dou, Hainan Rubber, and Zhujiang Piano, with Xinhua Dou leading the decline [1] - The top-performing concept sectors included China Shipbuilding System, which rose by 4.60%, and Metal Lead, which increased by 2.03% [1] Group 2 - The horse racing concept sector saw a net outflow of 148 million yuan in principal funds today, with five stocks experiencing net outflows [1] - Xinhua Dou had the highest net outflow of 68.26 million yuan, followed by Hainan Rubber and Zhongti Industry [1] - The trading volume for Xinhua Dou was 9.03%, indicating a relatively high turnover rate despite the decline [1]

Core Viewpoint - The animal health sector experienced a slight decline of 0.31% on November 19, with Xianfeng Holdings leading the losses, while the Shanghai Composite Index rose by 0.18% to close at 3946.74 [1]. Group 1: Market Performance - The animal health sector's individual stock performance varied, with notable gainers including Qudongli (up 3.98% to 10.71) and ST Lvkang (up 3.80% to 46.40) [1]. - Conversely, several stocks faced declines, such as Jinhai Biological (down 0.96% to 6.19) and Shunlian Biological (down 1.08% to 10.12) [1][2]. Group 2: Trading Volume and Capital Flow - The total trading volume for the animal health sector was significant, with Qudongli achieving a volume of 34,000 hands and a transaction value of approximately 35.9 million yuan [1]. - The sector saw a net outflow of 49.13 million yuan from institutional investors, while retail investors contributed a net inflow of 548.09 million yuan [2]. Group 3: Individual Stock Capital Flow - Among individual stocks, Shengong Holdings experienced a net outflow of 31.56 million yuan from retail investors, while Biotech Holdings saw a net inflow of 555.72 million yuan from retail investors [3]. - The stock with the highest net inflow from retail investors was Biotech Holdings, with 555.72 million yuan, while the largest net outflow was from Yongshun Biological, totaling 408.61 million yuan [3].

Core Insights - The animal health sector experienced a decline of 0.24% on November 17, with Dayu Biological leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers included: - Qudongli (code: 920275) with a closing price of 10.68, up 5.12% [1] - *ST Lvkang (code: 002868) with a closing price of 42.57, up 5.01% [1] - Houfeng Holdings (code: 002141) with a closing price of 3.91, up 2.62% [1] - Major decliners included: - Dayu Biological (code: 920970) with a closing price of 8.70, down 3.87% [2] - Ruipu Biological (code: 300119) with a closing price of 20.61, down 2.92% [2] - Zhongmu Co., Ltd. (code: 600195) with a closing price of 7.94, down 1.98% [2] Capital Flow - The animal health sector saw a net outflow of 10.15 million yuan from institutional investors, while retail investors experienced a net outflow of 20.76 million yuan [2] - Conversely, speculative funds recorded a net inflow of 30.91 million yuan [2] Individual Stock Capital Flow - Notable capital flows included: - Biological Shares (code: 600201) with a net inflow of 12.08 million yuan from institutional investors [3] - Xianfeng Holdings (code: 002141) with a net inflow of 9.50 million yuan from institutional investors [3] - Ruipu Biological (code: 300119) with a net inflow of 1.05 million yuan from speculative funds [3] - Decliners in capital flow included: - *ST Lvkang (code: 002868) with a net outflow of 0.79 million yuan from institutional investors [3] - Hai Li Biological (code: 603718) with a net outflow of 2.82 million yuan from institutional investors [3]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the ongoing challenges in the pork market, with prices experiencing a downward trend, currently at 11.90 CNY/kg, a decrease of 1.18% week-on-week. The market is characterized by a supply-demand tug-of-war, with large-scale pig farms adopting strategies to control supply and increase prices [2][12] - The report emphasizes the importance of the seed industry revitalization action plan, aiming for high-quality development during the 14th Five-Year Plan period, focusing on technological self-reliance and independent control of seed sources [1][11] - The report suggests that the commercialization of genetically modified crops will accelerate, significantly impacting yield improvements and self-sufficiency rates for key varieties [1][11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs held a meeting to promote the revitalization of the seed industry, emphasizing the need for high-quality development and technological independence. Key actions include improving seed quality, protecting intellectual property, and enhancing biosecurity measures [1][11] - Recommended companies in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on leading seed companies like Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of live pigs is reported at 11.90 CNY/kg, with a notable decrease in losses for self-bred pigs to 114.81 CNY per head and 205.64 CNY for purchased piglets. The industry is still in a loss-making state but is seeing a reduction in losses compared to previous weeks [2][12] - The report anticipates a long-term upward adjustment in domestic pig prices, driven by policy guidance aimed at improving quality and efficiency in the industry [2][12] - Recommended stocks in the swine sector include companies like Muyuan Foods, Wens Foodstuff Group, and DeKang Agriculture [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2256.27 CNY/ton, up 0.92% week-on-week [25] - Wheat: The average price is 2485.11 CNY/ton, down 0.15% week-on-week [28] - Soybeans: The average price is 4011.58 CNY/ton, up 0.10% week-on-week [40] - Cotton: The average price is 14640.00 CNY/ton, up 0.10% week-on-week [45]

Core Viewpoint - The company, Zhongmu Industrial Co., Ltd., held its 13th temporary board meeting of the 9th session on November 13, 2025, where several key resolutions were passed, including the revision of the audit committee's rules and the decision to waive the right of first refusal for a subsidiary's equity [1][2][5]. Group 1: Board Meeting Resolutions - The board unanimously approved the revision of the "Rules of Procedure for the Audit Committee of Zhongmu Industrial Co., Ltd." with a vote of 7 in favor, 0 against, and 0 abstentions [2][3]. - The revised rules were disclosed on the Shanghai Stock Exchange website on the same day [4]. - The board also agreed to waive the right of first refusal for 4.04% equity in Zhongpu Biopharmaceutical Co., Ltd., valued at approximately 17.514 million yuan, to optimize business layout [5][10]. Group 2: Upcoming Shareholder Meeting - The company will hold its 2025 third temporary shareholder meeting on December 1, 2025, with a vote conducted both in-person and online [6][7]. - The meeting will take place at the company's headquarters in Beijing, starting at 1:30 PM [28][29]. - All resolutions discussed in the board meeting will be presented to the shareholders for approval [31].

（文章来源：证券日报） 证券日报网讯 11月14日晚间，中牧股份发布公告称，公司于2025年11月13日召开第九届董事会2025年 第十三次临时会议审议通过《关于放弃控股子公司股权优先购买权的议案》。公司与普莱柯生物工程股 份有限公司（简称"普莱柯"）、中信农业科技股份有限公司（简称"中信农业"）共同出资成立中普生物 制药有限公司（简称"中普生物"），截至目前中牧股份对其持股48.99%、普莱柯对其持股46.97%、中 信农业对其持股4.04%，中普生物为公司控股子公司。近日，中信农业将其持有中普生物4.04%的股权 以不低于人民币1，751.43万元的价格进行挂牌出让。为进一步优化、布局公司业务，同时根据自身发 展规划，公司拟放弃上述出让股权的优先购买权，由普莱柯或其他第三方摘牌受让股权。同时，公司收 到普莱柯的函件，普莱柯拟行使上述出让股权的认购权，如普莱柯认购成功，中普生物将不再为公司控 股子公司。 ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [48]. Core Viewpoints - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 4.87% from October 31, 2025, to November 13, 2025, exceeding the index by approximately 5.04 percentage points [11]. - All sub-sectors within the industry recorded positive returns during the same period, with notable increases in agricultural product processing (9.03%), fishery (8.12%), animal health (5.57%), planting (4.57%), breeding (2.94%), and feed (2.45%) [12]. - Over 90% of individual stocks in the industry achieved positive returns, indicating strong overall market performance [13]. - The industry valuation has rebounded, with the overall price-to-book (PB) ratio at approximately 2.94 times as of November 13, 2025, which is still relatively low compared to historical levels [17]. Industry Important Data - **Pig Farming**: The average price of external three yuan pigs decreased from 12.52 CNY/kg to 11.74 CNY/kg during the reporting period. The cost of corn and soybean meal showed fluctuations, with corn priced at 2260.39 CNY/ton and soybean meal at 3072 CNY/ton as of November 13, 2025 [21][23]. - **Profitability**: As of November 14, 2025, self-breeding pig farming reported a loss of 114.81 CNY per head, while purchasing piglets resulted in a loss of 205.64 CNY per head, indicating a decline in profitability [26]. - **Poultry Farming**: The average price of broiler chicks was 3.49 CNY per chick, slightly down from the previous week, while the average price of white feather broilers increased to 7.12 CNY/kg, with a loss of 0.95 CNY per bird [28][31]. Industry Important News - The Ministry of Agriculture and Rural Affairs emphasized accelerating the self-reliance and controllability of seed technology during a recent meeting, highlighting the importance of domestic seed sources and innovation in the seed industry [35]. Company Important News - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others, which are positioned to benefit from industry trends and potential recovery in profitability [48][49].

Group 1: China Construction - The total new contracts signed by China Construction from January to October reached 3.61 trillion yuan, representing a year-on-year increase of 1% [1] Group 2: Changyuan Power - Changyuan Power's subsidiary received approval for the 100MW wind power project in Songzi, Hubei [2] Group 3: China Metallurgical Group - China Metallurgical Group reported a total new contract amount of 845.07 billion yuan from January to October, a decrease of 11.8% year-on-year, while overseas contracts increased by 7.3% to 71.16 billion yuan [4] Group 4: Shapuaisi - Shapuaisi received approval for clinical trials of deoxycorticosterone ketone solution, intended for use during cataract surgery [5] Group 5: Jianfeng Group - Jianfeng Group's subsidiary received approval for clinical trials of a new drug for treating advanced non-squamous non-small cell lung cancer [7] Group 6: Chongqing Steel - Chongqing Steel announced the resignation of its president Meng Wenwang due to work adjustments [8] Group 7: Tianma Technology - Tianma Technology reported an output of approximately 1732.99 tons of eel in October, with a total output of about 15218.73 tons from January to October [10] Group 8: Qingyuan Co. - Qingyuan Co.'s controlling shareholder reduced holdings of convertible bonds by 685,400 units, accounting for 13.71% of the total issuance [11] Group 9: Spring Airlines - Spring Airlines reported a passenger turnover of 506,200.49 million kilometers in October, a year-on-year increase of 20.06% [12] Group 10: China Merchants Port - China Merchants Port reported a total container volume of 17.1714 million TEUs from January to October, a year-on-year increase of 5.1% [13] Group 11: Yangdian Technology - Yangdian Technology announced a change in control following a share transfer [15] Group 12: Wanfu Biology - Wanfu Biology decided to postpone the implementation of its Knowledge City production base project [16] Group 13: Iwu Biology - Iwu Biology terminated the research project for a specific drug, which will reduce its 2025 net profit by approximately 333.79 million yuan [17] Group 14: Hainan Rubber - Hainan Rubber received an insurance payout of 22.9241 million yuan due to revenue loss from rubber price fluctuations [19] Group 15: Xinjiang Tianye - Xinjiang Tianye plans to establish a joint venture with Tianchi Energy to develop coal chemical projects [20] Group 16: China Coal Energy - China Coal Energy's executive director and president Zhao Rongzhe resigned due to reaching retirement age [22] Group 17: Huading Co. - Huading Co. received approval for a stock issuance to specific investors from the Shanghai Stock Exchange [24] Group 18: Zhongmu Co. - Zhongmu Co. decided to waive its right of first refusal for a 4.04% stake in a subsidiary [25] Group 19: Tianlong Co. - Tianlong Co. reported that its subsidiary's stock issuance was approved by the Beijing Stock Exchange [26] Group 20: Hualan Co. - Hualan Co.'s subsidiary plans to invest 20 million yuan in a biotechnology company [27] Group 21: Haichen Pharmaceutical - Haichen Pharmaceutical received a drug registration certificate for a new injection [28] Group 22: Aier Eye Hospital - Aier Eye Hospital plans to invest 300 million yuan in wealth management products [29] Group 23: Xiamen Engineering Machinery - Xiamen Engineering Machinery announced a planned share reduction by a major shareholder [30] Group 24: Guotai Group - Guotai Group successfully acquired 100% of a mining technology company for 110.1 million yuan [31] Group 25: Wanfeng Aowei - Wanfeng Aowei reached a settlement regarding an arbitration matter with a subsidiary [32] Group 26: Taihe Technology - Taihe Technology is undergoing technical upgrades for its ethylene carbonate project [33] Group 27: Renhe Pharmaceutical - Renhe Pharmaceutical's controlling shareholder plans to reduce holdings by 0.21% [34] Group 28: Changshu Bank - Changshu Bank's second-largest shareholder increased its stake to 3.98% [35] Group 29: Overseas Chinese Town A - Overseas Chinese Town A reported a 57% decrease in contract sales in October [36] Group 30: Canadian Solar - Canadian Solar's controlling shareholder expects total revenue of 1.3 to 1.5 billion USD in Q4 2025 [38] Group 31: Zhonggong Education - Zhonggong Education's controlling shareholder's shares will be auctioned due to a loan dispute [40] Group 32: Aikexibo - Aikexibo's shareholders plan to reduce their holdings by up to 3% [42] Group 33: Wanhua Chemical - Wanhua Chemical's shareholder plans to reduce holdings by up to 0.5% [44] Group 34: Jujie Microfiber - Jujie Microfiber's controlling shareholder plans to reduce holdings by up to 2% [45] Group 35: Wangsu Technology - Wangsu Technology's shareholder plans to reduce holdings by up to 1% [46] Group 36: Tianli Lithium Energy - Tianli Lithium Energy received a patent for lithium-ion battery materials [47] Group 37: Heshun Electric - Heshun Electric won a 40 million yuan project for energy storage services [49] Group 38: Changchun High-tech - Changchun High-tech's subsidiary received FDA approval for a clinical trial of a new drug [51] Group 39: Dongrui Co. - Dongrui Co. received an additional export quota for live pigs to Hong Kong [52] Group 40: Zhongwei Co. - Zhongwei Co. set the H-share issuance price at 34 HKD per share [53] Group 41: Fospower Technology - Fospower Technology plans to invest in a lithium sulfide project with partners [54]

Core Viewpoint - The horse racing concept sector has seen a rise of 1.65%, ranking second among concept sectors, with five stocks increasing in value, notably *ST Zhengping hitting the daily limit up, and Hainan Rubber, Luoniushan, and Zhongmu Co. also showing significant gains [1][2]. Group 1: Sector Performance - The horse racing concept sector's increase of 1.65% places it among the top-performing sectors today [1][2]. - Other notable sectors include Hainan Free Trade Zone with a rise of 4.63% and Free Trade Port with an increase of 1.59% [2]. Group 2: Stock Performance - Within the horse racing concept sector, *ST Zhengping achieved a daily limit up, while Hainan Rubber rose by 2.79%, Luoniushan by 2.67%, and Zhongmu Co. by 0.87% [1][3]. - Hainan Rubber led in net inflow of main funds with 11.35 million yuan, while *ST Zhengping had a net inflow rate of 32.77% [3]. Group 3: Fund Flow Analysis - The horse racing concept sector experienced a net outflow of 2.9 million yuan today, with only two stocks seeing net inflows [2]. - The main fund inflow rates for *ST Zhengping and Hainan Rubber were 32.77% and 1.94%, respectively, indicating strong interest in these stocks [3].

Core Viewpoint - The animal health sector experienced a slight increase of 0.89% on November 14, with *ST Green Kang leading the gains, while the overall market indices, including the Shanghai Composite Index and Shenzhen Component Index, saw declines of 0.97% and 1.93% respectively [1] Group 1: Market Performance - The closing price of *ST Green Kang was 40.54, reflecting a rise of 5.00% with a trading volume of 204,000 shares and a transaction value of 8.27 million yuan [1] - Other notable performers included Ruipu Biology with a closing price of 21.23, up 1.87%, and Biological Shares at 11.93, up 1.62% [1] - The overall trading volume and transaction values for various companies in the animal health sector were significant, with Biological Shares recording a transaction value of 954 million yuan [1] Group 2: Capital Flow - The animal health sector saw a net outflow of 57.68 million yuan from institutional investors, while retail investors contributed a net inflow of 60.01 million yuan [2] - The capital flow data indicates that *ST Green Kang had a net inflow of 1.42 million yuan from institutional investors, despite a net outflow from retail investors [3] - Other companies like Biological Shares and Ruipu Biology experienced significant net outflows from institutional investors, indicating a shift in investment sentiment [3]