格隆汇11月26日丨中国北大荒(00039.HK)发布公告，截至2025年9月30日止六个月，收益为1.58亿港 元，同比增加62%；毛利为583.8万港元，同比减少46.2%；期内亏损为4233.7万港元，上年同期亏损为 5753.2万港元；公司拥有人应占持续经营业务亏损的每股亏损基本及摊薄0.50港仙。公司已向联交所申 请，公司股份自2025年11月27日上午九时正起恢复于联交所买卖。 ...

中国北大荒（600598）(00039)发布截至2025年6月30日止六个月业绩，收入1.58亿港元，同比增长62%; 公司拥有人应占亏损3838.9万港元，同比收窄36.5%;每股基本亏损0.50港仙。 此外，公司已向联交所申请，公司股份自2025年11月27日上午九时正起恢复于联交所买卖。 集团将继续控制成本及集中现有资源，以透过内部扩展及于适当时机进行收购进一步加强及发展集团的 业务。集团认为业务组合于过去数年已呈现多元化。集团将侧重现有业务，并将透过自身发展及投资类 似业务进行扩张。公司将从所物色的所有选择中审慎甄选有关投资，并与经验丰富的业务伙伴合作营 运。 ...

集团将继续控制成本及集中现有资源，以透过内部扩展及于适当时机进行收购进一步加强及发展集团的 业务。集团认为业务组合于过去数年已呈现多元化。集团将侧重现有业务，并将透过自身发展及投资类 似业务进行扩张。公司将从所物色的所有选择中审慎甄选有关投资，并与经验丰富的业务伙伴合作营 运。 智通财经APP讯，中国北大荒(00039)发布截至2025年6月30日止六个月业绩，收入1.58亿港元，同比增 长62%;公司拥有人应占亏损3838.9万港元，同比收窄36.5%;每股基本亏损0.50港仙。 此外，公司已向联交所申请，公司股份自2025年11月27日上午九时正起恢复于联交所买卖。 ...

富邦科技（300387.SZ）11月26日在投资者互动平台表示，2025年3月，公司积极践行社会责任，重点推 进"天生旦"百万亩科技助农项目的落地实施。该项目通过"技术示范+服务推广"的模式，将先进农业技 术和产品应用于农业生产实践。公司已与北大荒集团八五三农场、鹤城农投等国内领先农业种植平台建 立合作，开展捐赠和示范应用工作。 每经AI快讯，有投资者在投资者互动平台提问：公司的"天生旦"百万亩科技助农示范项目计划进行到哪 个阶段了？ （记者 胡玲） ...

Investment Rating - The report does not explicitly state an investment rating for the industry or companies involved [5][6]. Core Insights - The 13th Committee's 8th Plenary Session successfully passed the "14th Five-Year Plan" development proposal, emphasizing the transformation direction of "five changes and one advancement" to convert various advantages into development momentum [5][11]. - The focus during the "14th Five-Year" period will be on four major directions to accelerate the construction of a new highland for opening up to the north, including deepening cooperation with Russia and expanding into diverse markets [12]. - The Black龙江板块 index experienced a significant adjustment, dropping 2.63% in November, with a notable decline of 7.31% from November 17 to 21, indicating a bearish market sentiment [21][24]. Summary by Sections Economic Development - The "14th Five-Year" plan outlines 15 parts and 62 articles, detailing development tasks across three major sectors, aiming for a modernized strong province [5][11]. - The province aims to enhance its international economic cooperation and optimize the foreign investment environment, promoting the "Investment Longjiang" brand [12]. Market Performance - The Black龙江板块 index has shown a downward trend, with only five companies achieving positive returns during the period from November 10 to 21, with People's Tongtai leading at a 37.59% increase [21][25]. - The overall performance of the listed companies was weak, with 23 companies experiencing declines of over 5%, and 8 companies seeing declines exceeding 10% [21][25]. Industry Insights - The report highlights the importance of collaboration with companies like UBTECH to enhance talent cultivation and industrial upgrading in the province, focusing on the application of humanoid robots in education [15]. - The province's economic data for the first three quarters of the year indicates a stable growth trend, supported by strong import and export performance [21].

Core Insights - The agriculture sector experienced a decline of 0.74% on November 21, with Honghui Fruits and Vegetables leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Sector Performance - The agriculture sector's individual stock performance showed significant variations, with Qianyin Gaoke (300087) rising by 16.24% to a closing price of 11.81, while several other stocks experienced declines [1] - Notable gainers included Qianyin Gaoke (300087) with a trading volume of 1.93 million shares and a transaction value of 2.307 billion, and Qiule Seed Industry (920087) with a 4.33% increase [1] Capital Flow - The agriculture sector saw a net inflow of 158 million from institutional investors, while retail investors experienced a net outflow of 267 million [2] - The main stocks attracting institutional investment included Qianyin Gaoke (300087) with a net inflow of 1.53 billion, while retail investors showed a negative trend in several stocks [3]

"一两黑土二两油， 插根筷子也发芽"， 当地民谣诉说着黑土的丰饶。 我国东北黑土地是世界仅存的 "三大黑土区"之一， 中国广袤的土地上， 有一片被誉为"北大荒"的黑土地。 你会被眼前的景色深深震撼， 无垠的田野里， 万顷稻浪翻滚， 一片金黄。 北大荒集 黑龙江省有典型黑土耕地面积1.56亿亩， 北大荒集团现有稳定性耕地4874.4万亩， 是我国黑土耕地区的核心区。 北大荒集 团哈尔滨分公司闫家岗农场秋收水稻。张永刚 摄 秋收时节，踏上这片土地， 团建三江分公司二道河农场水稻割晒作业场景。高鹏飞 摄 在黑龙江的三江平原， 北大荒集团建三江分公司七星农场的 万亩智慧农场中， 智能收割机在智能导航下整齐列队， 精准收割金黄的稻穗， 一穗穗稻米瞬间完成收割、脱粒。 北大荒集 团北安分公司赵光农场收获、整地机车集群作业。钱泊羽 摄 在黑龙江嫩江平原， 北大荒集团北安分公司赵光农场的大豆地。钱泊羽 摄 一台台大型收割机轰鸣作响， 丰收的喜悦溢满玉米地。 "看着这实诚的玉米棒，就是高兴！" 北大荒集 北大荒集团九三分公司的沃野内， 饱满的大豆豆荚炸裂， 蹦出一颗颗"金豆子"。 星空下的 团红兴隆分公司友谊农场玉米田收获作业 ...

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]