Group 1 - The planting industry sector increased by 0.78% on January 9, with Yasheng Group leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - Yasheng Group's stock price rose by 7.62% to 3.53, with a trading volume of 1.9829 million shares and a transaction value of 705 million yuan [1] Group 2 - The planting industry sector saw a net inflow of 160 million yuan from main funds, while retail investors experienced a net outflow of 177 million yuan [2] - The stock of Jingyin Gaoke decreased by 7.96% to 10.76, with a trading volume of 946,100 shares and a transaction value of 102.5 million yuan [2] - The stock of Shennong Seed Industry increased by 3.45% to 7.50, with a trading volume of 2.1746 million shares and a transaction value of 1.617 billion yuan [2] Group 3 - Yasheng Group had a net inflow of 1.13 billion yuan from main funds, representing 16.05% of its total trading [3] - Jingyin Gaoke experienced a net outflow of 75.64 million yuan from retail investors, accounting for 7.38% of its total trading [3] - Shennong Seed Industry had a net inflow of 35.56 million yuan from main funds, while retail investors saw a net outflow of 101 million yuan [3]

Group 1 - Zhao Dianlong appointed as Deputy Secretary of the Party Committee and Director of China Railway Engineering Group Co., Ltd., nominated as the candidate for General Manager of the company, and relieved of his position as a member of the Standing Committee of the Party Committee of China Railway Construction Group Co., Ltd. [1] - Chen Zhiming appointed as Deputy Secretary of the Party Committee of China Railway Construction Group Co., Ltd. [2] - Sun Liqiang appointed as a member of the Standing Committee of the Party Committee of China Railway Construction Group Co., Ltd. [3] Group 2 - Lin Cunzeng appointed as Deputy Secretary of the Party Committee and Director of China Steel Research Group Co., Ltd., nominated as the candidate for General Manager of the company, and relieved of his position as a member of the Standing Committee of the Party Committee of China CRRC Group Co., Ltd. [4] - Zhao Tao appointed as a member of the Standing Committee of the Party Committee of China Chemical Engineering Group Co., Ltd. [5] Group 3 - Liu Xueshi no longer serves as Chief Accountant of China Guoxin Holdings Limited, retiring from the position. [6] Group 4 - Zhang Zhenga appointed as an external director of China Chengtong Holdings Group Co., Ltd., while Ma Liangjie is no longer an external director of the company. [7] - Wu Aihong appointed as an external director of China International Technology and Intelligence Cooperation Group Co., Ltd. [8] - Zhu Ze appointed as an external director of China Agricultural Development Group Co., Ltd., while Yang Youhong is no longer an external director of the company. [9] - Huang Xudan appointed as an external director of China Forestry Group Co., Ltd. [10] - Tan Xinghui appointed as an external director of China Poly Group Co., Ltd., while Guo Jianxin is no longer an external director of the company. [11]

Core Viewpoint - The stock of Beidahuang Agricultural Company has shown a positive trend with a 2.05% increase on January 7, 2025, reaching a price of 15.45 yuan per share, with significant trading volume and market capitalization [1] Company Overview - Beidahuang Agricultural Company, established on November 27, 1998, and listed on March 29, 2002, is located in Harbin, Heilongjiang Province. Its main business includes land leasing, cultivation and sales of crops such as grains, beans, and oilseeds, agricultural technology services, and real estate development [1] - The revenue composition of the company is as follows: land leasing fees (62.16%), agricultural material sales (33.85%), other goods and services (1.96%), agricultural product sales (1.21%), agricultural service sales (0.62%), asset leasing (0.19%), and livestock product sales (0.01%) [1] Financial Performance - For the period from January to September 2025, Beidahuang reported an operating income of 4.108 billion yuan, a year-on-year decrease of 5.73%, while the net profit attributable to shareholders increased by 0.70% to 1.357 billion yuan [2] - The company has distributed a total of 11.157 billion yuan in dividends since its A-share listing, with 2.507 billion yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders for Beidahuang was 104,500, a decrease of 10.26% from the previous period. The average circulating shares per person increased by 11.43% to 17,013 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 13.9947 million shares (a decrease of 1.3577 million shares), and Southern CSI 500 ETF, holding 10.3573 million shares (a decrease of 0.2139 million shares) [3]

Market Overview - The planting industry sector declined by 0.78% on January 5, with Shennong Agricultural Technology leading the decline [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Notable gainers in the planting sector included: - Noposion: Closed at 10.77, up 1.70% with a trading volume of 121,600 shares and a turnover of 131 million yuan [1] - Guotou Fengle: Closed at 6.68, up 0.91% with a trading volume of 72,100 shares and a turnover of 47.99 million yuan [1] - Qiu Le Seed Industry: Closed at 16.08, up 0.82% with a trading volume of 33,900 shares and a turnover of 54.37 million yuan [1] - Shennong Agricultural Technology was the biggest loser, closing at 7.07, down 4.97% with a trading volume of 2,384,300 shares and a turnover of 1.677 billion yuan [2] Capital Flow - The planting industry sector experienced a net outflow of 36.51 million yuan from institutional funds, while retail investors saw a net inflow of 80.96 million yuan [2] - The capital flow for specific stocks showed: - Qianyuan High-Tech: Net inflow of 55.91 million yuan from institutional funds, but a net outflow of 46.12 million yuan from speculative funds [3] - Hainan Rubber: Net inflow of 16.70 million yuan from institutional funds, with a net outflow of 3.07 million yuan from retail investors [3] - Yasheng Group: Net inflow of 15.96 million yuan from institutional funds, with a significant net outflow from retail investors [3]

Investment Rating - The industry investment rating is "Positive" and is maintained [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market dynamics that promote capacity reduction, leading to a potential price turning point in Q2 2026, with long-term performance improvements anticipated for related stocks [3][43] - The structural growth trend in the post-cycle sector continues, with profits likely to gradually transmit downstream if the current round of pig capacity reduction proceeds smoothly, benefiting the animal health sector [3] - The planting chain shows a confirmed upward trend in grain prices, indicating favorable fundamentals for planting and seed industries, highlighting significant investment opportunities [3] - The pet food sector is experiencing growth and price increase logic, with continuous recognition of domestic brands and sustained growth of leading companies [3] Summary by Sections Pig Farming - The average price of live pigs as of December 31 was 12.76 yuan/kg, a week-on-week increase of 10.38%, while the average price of 15 kg piglets was 19.44 yuan/kg, up 2.21% week-on-week [12][51] - The supply side shows a widening price gap for fattened pigs, supporting price increases, while demand is boosted by consumption expectations during the New Year holiday [12][17] Poultry - The price of white feather broilers increased to 7.82 yuan/kg, up 6.39% week-on-week, and chick prices rose to 3.59 yuan/chick, up 1.7% week-on-week [17][51] - The supply of meat chickens has increased, leading to a more relaxed market supply, while demand has weakened due to some slaughterhouses reducing operations [17] Feed Sector - The prices of corn, wheat, and soybean meal have risen, with corn averaging 2351.57 yuan/ton, up 0.57% week-on-week, and soybean meal at 3172.29 yuan/ton, up 0.96% week-on-week [27][51] - Increased selling enthusiasm among farmers is noted, although the pace of supply remains slow [27] Major Agricultural Products - The domestic natural rubber futures price was 15605 yuan/ton as of December 31, down 0.29% week-on-week, with inventory levels increasing [38][51] - The current down cycle for sugar prices continues, with no significant recovery expected [39]

Group 1 - The company announced the appointment of Ms. Tan Haixia as a member of the audit committee, effective from December 31, 2025 [1] - Ms. Li Bizhi has been appointed as the chairperson of the audit committee, effective from December 31, 2025 [1] - Both Ms. Li and Mr. Ke Xionghan have been appointed as members of the nomination committee, effective from December 31, 2025 [1] Group 2 - Mr. Chen Zhifeng has been appointed as the chairperson of the nomination committee, effective from December 31, 2025 [1] - Mr. Ke and Mr. Zheng Yuchun have been appointed as members of the remuneration committee, effective from December 31, 2025 [1]

Core Viewpoint - The company has announced significant changes in its board and committee memberships, effective December 31, 2025, which may impact its governance structure and oversight functions [1] Group 1: Board Appointments - Ms. Qin Haixia has been appointed as a member of the Audit Committee [1] - Ms. Li Bizhi has been appointed as the Chair of the Audit Committee [1] - Mr. Ke Xionghan and Ms. Li Bizhi have been appointed as members of the Nomination Committee [1] - Mr. Chen Zhifeng has been appointed as the Chair of the Nomination Committee [1] - Mr. Ke Xionghan and Mr. Zheng Yuchun have been appointed as members of the Compensation Committee [1]

格隆汇12月31日丨中国北大荒(00039.HK)公告，公司非执行董事覃海霞已获委任为公司审核委员会成 员，自2025年12月31日起生效。公司独立非执行董事兼审核委员会成员黎碧芝已获委任为审核委员会主 席，自2025年12月31日起生效。 ...

Core Viewpoint - The integration of financial support and technological advancements in the agricultural sector, particularly in Heilongjiang, is enhancing grain collection efficiency and ensuring food security through a comprehensive financial support system for the entire agricultural supply chain [1][2][9]. Financial Support for Agricultural Supply Chain - The People's Bank of China (PBOC) in Heilongjiang is guiding banks to provide precise financial support for rice procurement, ensuring timely funding during the harvest season, which has led to an increase in agricultural loans from 929.61 billion yuan at the beginning of 2023 to 1,029.43 billion yuan by the end of November 2025 [1]. - Agricultural Development Bank of China (ADBC) in Heilongjiang maintains a stable loan scale of around 400 billion yuan, supporting the entire grain supply chain and introducing innovative loan models like "Value Preservation Loan" and "Supply Chain Loan" [2]. - Agricultural Bank of China (ABC) is implementing a "5+7" service action plan to support key agricultural industries, with a loan balance exceeding 35 billion yuan, focusing on brand agriculture and innovative credit models [3]. Risk Management in Agricultural Finance - Financial institutions are increasingly focusing on risk management as they enhance support for agricultural entities, addressing the transmission of agricultural risks to financial operations [6]. - The "Insurance + Futures" model has been explored since 2016 to mitigate risks associated with agricultural price fluctuations, benefiting numerous farmers and stabilizing income [7]. - Sunshine Agricultural Mutual Insurance Company has provided comprehensive cost insurance for major crops, covering 47.03 million acres and offering risk protection of 43.73 billion yuan, significantly increasing the coverage compared to previous models [8]. Modern Agricultural Financial Ecosystem - Heilongjiang's approach to building a modern agricultural financial service ecosystem represents a significant structural reform in financial supply, enhancing the resilience of the grain industry against various shocks [9].

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Views - The report highlights a structural shortage in the pig industry, with pessimistic expectations likely to be corrected [2] - The report emphasizes the acceleration of capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3] Summary by Sections Investment Recommendations and Targets - The report recommends a positive outlook on the pig farming sector, suggesting that recent policies and market dynamics will drive capacity reduction, benefiting long-term performance. Key stocks include Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - For the post-cycle sector, the report notes a continuing structural growth trend, with potential profit transmission down the supply chain if the current capacity reduction in pig farming proceeds smoothly. Relevant stocks include Haida Group (002311, Buy) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the report indicates a confirmed upward trend in grain prices, with favorable fundamentals for planting and seed industries, highlighting significant investment opportunities. Related stocks include Suqian Agricultural Development (601952, Not Rated), Beidahuang (600598, Not Rated), Hainan Rubber (601118, Not Rated), and Longping High-Tech (000998, Not Rated) [3] - The pet sector is noted for being in a phase of growth and price increases, with continuous expansion in overseas markets and rising domestic brand recognition. Key stocks include Guibao Pet (301498, Not Rated), Zhongchong Co. (002891, Not Rated), and Petty Holdings (300673, Not Rated) [3] Industry Fundamentals - The report discusses the acceleration of capacity reduction in the pig industry, with the average price of live pigs as of December 26 at 11.63 CNY/kg, reflecting a week-on-week increase of 0.43% [13] - The report notes that the supply side is experiencing structural shortages, leading to price increases for medium and large pigs, with expectations of increased sales activity from smallholders as the New Year approaches [13] - The report also covers the white feather broiler chicken market, indicating a return to low volatility with prices rising to 7.82 CNY/kg, a week-on-week increase of 6.39% [19] - The report highlights the feed sector, noting that raw material prices are stabilizing at the bottom, with corn prices at 2338.63 CNY/ton, down 0.43% week-on-week, and soybean meal prices at 3174.86 CNY/ton, up 1.20% [29]