从资金流向上来看，当日种植业板块主力资金净流入1.58亿元，游资资金净流入1.09亿元，散户资金净流 出2.67亿元。种植业板块个股资金流向见下表： 证券之星消息，11月21日种植业板块较上一交易日下跌0.74%，宏辉果蔬领跌。当日上证指数报收于 3834.89，下跌2.45%。深证成指报收于12538.07，下跌3.41%。种植业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300087 | 茎银高科 | 11.81 | 16.24% | 192.58万 | | 23.07亿 | | 920087 | 秋乐种业 | 16.39 | 4.33% | 20.40万 | | 3.47亿 | | 300189 | 神农种业 | 5.93 | 3.67% | 379.51万 | | 23.29亿 | | 600313 | 农发种业 | 6.84 | 3.01% | 129.95万 | | 2666.8 | | 920403 | 康农种业 | 22.44 | 1.4 ...

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Core Viewpoint - China Beidahuang (00039.HK) announced a board meeting scheduled for November 26, 2025, to approve the interim results for the six months ending June 30, 2025, and to consider the distribution of an interim dividend, if any [1] Summary by Sections - **Board Meeting Announcement** - The company will hold a board meeting on November 26, 2025, to discuss and approve the interim results [1] - **Interim Results and Dividend Consideration** - The meeting will also consider the distribution of an interim dividend for the period ending June 30, 2025 [1] - **Trading Suspension** - The company's shares have been suspended from trading on the Hong Kong Stock Exchange since September 2, 2025, and will remain suspended until the interim results are published [1]

Group 1 - The Agricultural and Animal Husbandry ETF (159275) showed a stable performance with a 1.5% increase in price and a trading volume of 18.72 million yuan as of November 10 [1] - Key performing stocks included Luoniushan, Honghui Fruits and Vegetables, and Lihua Co., with increases of 5.54%, 5.1%, and 4.49% respectively [1] - The Ministry of Agriculture and Rural Affairs will implement six types of agricultural electronic certificates nationwide starting November 1, 2025, to further standardize industry management processes [1] Group 2 - The livestock sector achieved revenue of 366.406 billion yuan in the first three quarters of 2025, a year-on-year increase of 6.97%, with a net profit of 23.296 billion yuan, up 4.52% year-on-year [1] - The revenue and net profit growth rates have slowed compared to the second quarter, with gross and net profit margins at 12.87% and 6.54%, respectively, showing a year-on-year decrease of 0.16 percentage points and 0.20 percentage points [1] - The cost rate during this period was 6.07%, down 0.75 percentage points year-on-year [1] Group 3 - Tianfeng Securities indicated that the price of yellow feather chickens may have bottomed out, with expectations for better average prices in the second half of the year due to supply-side adjustments [2] - The white feather chicken supply is expected to tighten significantly in 2025 due to overseas avian influenza restrictions, leading to a substantial reduction in domestic breeding volume [2] - The dairy cow inventory has decreased by 8%, indicating a potential turning point in milk prices [2]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [9] Core Views - The swine sector continues to experience losses, with an increasing number of culled sows, indicating a need to focus on the expected recovery in this sector [2][13] - The dairy and beef sectors are undergoing significant capacity reduction, with a potential turning point for milk prices anticipated [3][15] - The pet sector is witnessing a trend towards premiumization and the rise of domestic brands, reshaping the competitive landscape [4][16] - The poultry sector is facing challenges with breeding stock shortages and improving consumer demand for yellow chickens [5][18] - The seed industry is poised for a turnaround, with an emphasis on biotechnology and the commercialization of genetically modified crops [7][23] - The feed sector shows signs of recovery, with leading companies like Haida Group achieving revenue and profit growth [24][26] Summary by Sections Swine Sector - The industry continues to face losses, with the average price of live pigs at 12.02 CNY/kg, down 4.07% from the previous week [13] - The average market value per head for leading companies is at historical low levels, with Muyuan at 3000-3500 CNY/head and Wens at 2000-3000 CNY/head [14] - Recommended stocks include leading breeders like Muyuan and Wens, with additional focus on flexible stocks such as Shennong Group and Dekang Agriculture [14] Beef Sector - The price of beef cattle is showing signs of stabilization, with the average price for fattened bulls at 25.62 CNY/kg [15] - The dairy cow population has decreased by 8%, indicating a significant capacity reduction [15] - Companies with mother cow resources or those adopting a "milk-meat linkage" model are expected to have stronger profitability [15] Pet Sector - The Double Eleven shopping festival highlighted the resilience and structural upgrades in the pet food market, with domestic brands gaining market share [4][16] - Key recommendations include pet food brands like Guibao Pet and Zhongchong Co., with a focus on companies with technological advantages and comprehensive product lines [17] Poultry Sector - The white chicken sector is under pressure due to breeding stock shortages, with a focus on the impact of avian influenza on imports [18][19] - Yellow chicken prices are expected to improve due to supply constraints and increasing consumer demand [20] - Recommended stocks include leading companies like Shennong Development and Yisheng Biological [19] Seed Sector - The seed industry is expected to benefit from increased focus on food security and the commercialization of genetically modified crops [7][23] - Key recommendations include leading seed companies like Longping High-Tech and Dabeinong [23] Feed Sector - Haida Group is highlighted as a key player in the feed sector, with significant market share growth and revenue increases [24][26] - The overall feed market is expected to recover as smaller companies exit the market, leading to improved conditions for remaining players [24]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The supply-side relaxation continues to suppress pig prices, with a significant acceleration in the reduction of breeding sows in October [2] - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][38] - The planting chain shows a positive outlook with an established upward trend in grain prices, highlighting significant investment opportunities in large-scale planting [3][38] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.91 yuan/kg, down 4.64% week-on-week [11] - The price of 15 kg piglets is 18.93 yuan/kg, up 4.41% week-on-week [11] - The industry is experiencing a comprehensive loss phase, with pig prices dropping below 12 yuan/kg and weaning pig prices around 200 yuan/head [8][11] Poultry - The white feather broiler price remains stable at 7.09 yuan/kg, while chick prices have decreased to 3.54 yuan/chick, down 1.12% week-on-week [16] - The supply of broilers is increasing, but purchasing enthusiasm remains low [16] Feed Sector - Corn and wheat prices have decreased, while soybean meal prices have increased slightly [24] - The average price of corn is 2238.53 yuan/ton, down 0.07% week-on-week [24] Bulk Agricultural Products - The domestic natural rubber price is 14995 yuan/ton, down 0.60% week-on-week, with a new round of inventory replenishment starting [34] - The overall supply remains ample, and the market is characterized by weak demand [34] Investment Recommendations - Positive outlook for the pig farming sector with recommended stocks including Muyuan Foods, Wens Foodstuff Group, and others [3][38] - The planting sector shows promising fundamentals with recommended stocks such as Suqian Agricultural Development and Beidahuang [3][38] - The pet food sector is experiencing growth, with recommended stocks including Guibao Pet and Zhongchong Co., Ltd [3][38]

Market Overview - The planting industry sector increased by 0.48% on November 7, with Honghui Fruits and Vegetables leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Honghui Fruits and Vegetables (603336) closed at 9.80, up 5.15% with a trading volume of 284,800 shares and a turnover of 277 million yuan [1] - Hainan Rubber (601118) closed at 6.01, up 2.74% with a trading volume of 816,000 shares and a turnover of 487 million yuan [1] - New Sai Co. (600540) closed at 5.04, up 1.00% with a trading volume of 108,500 shares and a turnover of 54.53 million yuan [1] - Other notable stocks include Nongfa Seed Industry (600313) and Denghai Seeds (002041), with slight increases of 0.76% and 0.63% respectively [1] Capital Flow - The planting industry sector experienced a net outflow of 139 million yuan from main funds, while retail investors saw a net inflow of 141 million yuan [2][3] - Major stocks like Honghui Fruits and Vegetables and Hainan Rubber had mixed capital flows, with Honghui experiencing a net outflow of 27.9 million yuan from main funds [3] - Hainan Rubber saw a net inflow of 24.7 million yuan from main funds, indicating strong interest despite overall sector outflows [3]

Group 1 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) has shown a contrary rise, with an increase of 0.6% and a trading volume of 5.25 million yuan, bringing the fund's total size to 200 million yuan [1] - Key performing stocks include Honghui Fruits and Vegetables, Longniu Mountain, and Hainan Rubber, with respective increases of 6.22%, 4.04%, and 2.56% [1] - The Ministry of Agriculture and Rural Affairs held a meeting on November 4, 2025, to establish a full-chain regulatory mechanism for agricultural product quality and safety [1] Group 2 - Pacific Securities highlighted multiple pressures on the breeding industry, including ongoing losses in the pig industry, high levels of breeding sows, and rising risks from African swine fever [2] - The poultry industry is experiencing a historical high in production capacity, with broiler prices fluctuating at low levels, while yellow chicken prices are rising due to seasonal demand [2] - The planting industry is stabilizing grain prices, with expectations for mid-term increases, and the seed industry is gaining strategic importance due to advancements in genetically modified crops [2]

Core Viewpoint - The company is enhancing the policy interpretation, execution accuracy, business collaboration, and overall competency of its management personnel through a business capability test aimed at promoting high-quality development in modern agriculture [1][3]. Group 1: Business Capability Test - The business capability test was conducted in four batches with over 300 participants, focusing on areas such as land contracting, agricultural production, internal controls, legal regulations, corporate governance, and the spirit of Beidahuang [3]. - The test was designed to comprehensively assess the depth of knowledge and the ability to apply that knowledge among management personnel, ensuring effective implementation of the company's decisions and regulations at the grassroots level [3]. Group 2: Learning and Development - The examination not only evaluated the daily learning outcomes of management personnel but also encouraged them to identify knowledge gaps and areas for improvement through a method of "learning through examination" [3]. - The company plans to strengthen education and training for management personnel, fostering a proactive approach to learning and skill enhancement, ultimately building a high-quality management team capable of understanding policies, mastering business operations, and effectively managing responsibilities [3].

Group 1 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) showed stable performance with a 0.2% increase in price and a trading volume of 6.91 million yuan, bringing the fund's total size to 203 million yuan as of November 5 [1] - Among the constituent stocks, Shennong Seed Industry had the highest increase at 6.4%, followed by Luoniushan at 5.24%, and Zhongxing Junye at 3.46%. Conversely, Tianma Technology experienced the largest decline at 1.79%, with Meihua Biological and Tianma Technology also showing declines of 1.92% and 1.57% respectively [1] - The Ministry of Agriculture and Rural Affairs will implement six types of agricultural electronic certificates nationwide starting November 1, 2025, including feed import registration certificates and agricultural transgenic biological safety certificates, transitioning to full electronic certification by 2026 [1] Group 2 - According to Tianfeng Securities, the egg-laying chicken industry is expected to see a significant reduction in domestic breeding volume to 41,200 birds by 2025, indicating a shift from surplus to tight supply. The white chicken industry is also experiencing a contraction in production capacity due to three years of bottoming out and overseas breeding disruptions [2] - The pig farming sector is anticipated to undergo capacity reduction due to low prices and policy guidance, while dairy cow inventory has decreased by 8%, nearing the end of the reduction phase. Beef prices may see unexpected increases [2] - The planting sector is accelerating the commercialization of transgenic corn, enhancing the competitiveness of leading seed companies. The aquaculture feed sector is recovering from a downturn, with leading companies increasing their market share [2] Group 3 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) and its linked funds (Link A: 013471, Link C: 013472) passively track the Agricultural, Animal Husbandry, and Fishery Index, with the top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, Haida Group, Meihua Biological, New Hope Liuhe, Dabeinong, Bio-Stock, Shennong Development, Beidahuang, and Longping High-Tech [3]