"海南天然橡胶产业集团股份有限公司： 我局在现场检查中发现你公司开展的部分贸易业务无商业实质，导致 2023 年、2024 年年度报告中营业收入、成本等财务信息披露不准确。 你公司上述行为违反了《上市公司信息披露管理办法》（证监会令第 182 号） 第三条第一款的规定。 根据《上市公司信息披露管理办法》（证监会令第 182 号）第五十二条的规 定，我局决定对你公司采取责令改正的行政监管措施，并将相关违规行为记入资 本市场诚信档案数据库。你公司应加强相关法律法规学习，对相关年度财务数据 的真实性、准确性进行自查，并于收到本决定书之日起 30 日内向我局提交书面 整改报告，我局将根据后续检查情况采取进一步措施。 证券代码：601118 证券简称：海南橡胶 公告编号：2026-012 一、《决定书》内容 海南天然橡胶产业集团股份有限公司 关于收到海南证监局责令改正决定书的公告 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。 海南天然橡胶产业集团股份有限公司（以下简称"公司"）于 2026 年 3 月 27 日收到中国证券监督管理委员 ...

证券代码：601118 证券简称：海南橡胶 公告编号：2026-011 海南天然橡胶产业集团股份有限公司 以上具体会计处理最终以审计机构审计确认后的结果为准，敬请广大投资者 注意投资风险。 特此公告。 海南天然橡胶产业集团股份有限公司 董 事 会 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、橡胶收入保险赔款 根据《海南橡胶 2025 年橡胶收入保险项目保险协议》的约定，因 2025 年度 实际赔付产量低于年度目标产量，且年度实际产量大于年度最低产量标准，触发 保险赔付条件，经查勘定损，确定保险赔付金额为 2,853,572.40 元。公司近日 已收到赔付款项，会计核算确认为其他收益。 二、征地安置补助费 根据《海南省人民政府关于重新公布全省征地区片综合地价的通知》，公司 近日收到西培农场端门岭矿区（二期）建筑用花岗岩矿项目等征地项目的安置补 助费 22,870,932.77 元，会计核算确认为营业外收入。 关于收到橡胶收入保险赔款及征地安置补助费的公告 2026 年 3 月 24 日 1 ...

量化金融研究丨深度报告 [Table_Title] 农牧渔 ETF 景顺（560210）：生猪产能去化+种 业振兴，布局农业变革核心赛道 %% %% %% %% research.95579.com 报告要点 [Table_Summary] 农牧渔指数行业分布呈现"核心聚焦、多元协同"的格局，重点倾斜生猪、种子两大热门细分 方向，具体分布如下：截至 2026 年 3 月 17 日，整体以养殖业为核心，占比高达 47.41%，单 只样本股权重上限为 15%，前两大权重股权重高度集中，规模化集中、行业向头部聚集的发展 趋势，凸显生猪赛道的核心价值与投资潜力；种植业占比 15.52%，重点覆盖种子这一热门细 分方向，贴合国家种业振兴政策导向，受益于生物育种产业化推进的行业红利，彰显种子作为 农业"芯片"的核心地位。 分析师及联系人 [Table_Author] 秦瑶 刘胜利 SAC：S0490513080002 SAC：S0490517070006 SFC：BWH883 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 1 丨证券研究报告丨 2 [Table_ ...

投顾发展 | 投顾晨报 震荡行情"下有底"，逢低关注"看长远" 朝闻道 20260323 市场策略 震荡行情"下有底"，逢低关注"看长远" 风格策略 地缘冲突强化供应链韧性，中盘蓝筹高低切换 行业策略 农业：能源上涨，农业紧随 主题策略 光伏:能源安全引发关注，核心材料有望受益 ⚫ 地缘冲突升级强化了供应链韧性的投资主线，中盘蓝筹风格不仅不会削弱，反而将 从单纯的周期涨价逻辑，向更广义的"安全"与"自主"方向扩散。当前市场仍处 于这一风格内部的高低切换窗口。供应链韧性主线从有色、化工往农业以及新旧能 源扩散。 ⚫ 相关 ETF：农业 ETF(159825/159827)、畜牧养殖 ETF(516760/159865/159867)、 创业板新能源 ETF(159387/159122/159187)、科创新能源(588830/589960) ⚫ 涨价预期和战略安全角度下，当前阶段农业具备极高的布局价值：（1）上游资源价 格的走强以及地缘政治的扰动，将直接推升部分农产品的替代品（能源、石化产 品）价格，进而破坏其原本脆弱的供需平衡表，助推价格上行；（2）生产要素成本 的抬升，将带动整个种植、养殖产业链的边际成本上 ...

Investment Rating - The report suggests a neutral investment rating for the agricultural sector, indicating that the expected changes in the industry will be relatively stable compared to the broader market [70]. Core Insights - The agricultural sector index has underperformed compared to the Shanghai Composite Index, with a weekly decline of 4.50% [13]. - The report highlights ongoing pressures in the pig farming industry, with prices expected to continue declining due to supply-side pressures and a potential increase in slaughter volumes [3][21]. - In poultry farming, while white feather chicken prices remain under pressure, yellow feather chicken prices have shown resilience due to improved downstream demand [4][35]. - The beef market is anticipated to see price increases as it enters the consumption peak season, while dairy cow inventories are decreasing, indicating a potential recovery in milk prices [5][39][42]. - The planting sector is experiencing tight supply and demand dynamics, with corn prices showing slight upward movement amid external uncertainties [6][45][46]. - Feed prices have stabilized, and the aquaculture sector is showing signs of improvement in pricing [56]. Summary by Sections 1. Market Review - The agricultural index closed at 2928.56 points, down 4.50% week-on-week, underperforming the Shanghai Composite Index [13][14]. 2. Key Data Tracking 2.1 Pig Farming - The average price of live pigs is 9.90 yuan/kg, with a weekly decline of 1.79%. The average weight of pigs at slaughter is 128.62 kg, indicating a slight increase [21][22]. - The report anticipates further price declines in the short term due to supply pressures and ongoing losses in the sector [3][22]. 2.2 Poultry Farming - The average price for white feather chickens is 7.33 yuan/kg, showing a weekly increase of 1.66%. The profitability of parent stock and broiler chickens has improved slightly [34][35]. 2.3 Livestock - Live cattle prices in Shandong are 27.03 yuan/kg, with a year-on-year increase of 13.86%. The report expects beef prices to rise as the consumption season approaches [5][40][42]. 2.4 Planting Industry - Domestic corn prices are 2332.86 yuan/ton, with a slight increase of 0.18% week-on-week. The report notes potential improvements in the planting sector if there are significant reductions in grain production [6][45][46]. 2.5 Feed & Aquaculture - Feed prices for fattening pigs are 3.36 yuan/kg, showing a weekly increase of 0.30%. Aquaculture prices for various species have remained stable [56].

Investment Rating - The report maintains a "Buy" rating for the agriculture sector, particularly highlighting the pig farming segment and other related industries [3][55]. Core Insights - The agriculture sector is expected to benefit from rising energy prices, with agricultural products following suit. The report emphasizes the high layout value of agriculture due to geopolitical disturbances and rising production costs, which may lead to a price increase in agricultural products [9][12]. - The report identifies several investment opportunities across different segments, including pig farming, downstream animal health, planting chains, and the pet food industry, suggesting specific companies for investment [3][55]. Summary by Sections Investment Suggestions and Targets - The report is optimistic about the pig farming sector, anticipating a recovery in pig prices in 2026, with companies like Muyuan Foods (002714), Wens Foodstuff Group (300498), and Shennong Group (605296) recommended for investment [3][55]. - In the post-cycle sector, structural growth trends are expected to continue, with companies like Haida Group (002311) and Ruipu Biological (300119) highlighted [3][55]. - The planting chain is expected to see investment opportunities due to rising commodity prices, with companies like Suqian Agricultural Development (601952), Beidahuang (600598), Hainan Rubber (601118), Longping High-Tech (000998), and COFCO Sugar (600737) recommended [3][55]. - The pet food sector is experiencing growth, with companies like Guibao Pet (301498), Zhongchong Co. (002891), and Petty Co. (300673) noted for their potential [3][55]. Industry Fundamentals - The report discusses the current state of the pig farming industry, noting that prices have reached a historical low, with the average price at 10.08 CNY/kg as of March 13, 2026. The report suggests that the market sentiment is shifting towards recovery [31][32]. - For the white feather broiler chicken segment, prices are stable, with the average price at 7.21 CNY/kg and chick prices showing a slight increase [33][34]. - The report highlights the upward trend in grain prices, with corn prices at 2446.86 CNY/ton and wheat at 2577.61 CNY/ton, indicating a strong market for feed ingredients [41][42]. Market Performance - The agriculture sector outperformed the broader market, with the agricultural and forestry sector index rising by 1.01% compared to a decline in the Shanghai Composite Index [57][58]. - Specific companies within the agriculture sector showed significant gains, with Yasheng Group increasing by 13.41% and COFCO Technology by 8.45% [59][60].

Investment Rating - The report rates the agricultural sector as "Overweight" indicating a positive outlook for the industry compared to the overall market performance [5]. Core Insights - The escalation of the US-Iran conflict has led to a significant increase in oil prices, with Brent crude reaching $92.7 per barrel, a 28% increase from the previous week, marking the largest weekly gain since 1991. WTI crude rose to $90.0 per barrel, a 36% increase, the largest since its listing in 1983 [5]. - Historically, core agricultural product prices such as corn and soybeans have shown a strong correlation with oil prices. Rising oil prices are expected to boost agricultural prices through increased biofuel usage and cost transmission [5]. - The report highlights three main investment themes: 1. Planting industry: Benefiting directly from the anticipated rise in agricultural prices, with companies like Suqian Agricultural Development and Beidahuang being key players [5]. 2. Seed industry: Seed prices typically lag behind agricultural prices, with potential for recovery in the medium term, featuring companies like Longping High-Tech and Denghai Seeds [5]. 3. Pig farming: 2026 is projected to be a year of recovery for farming profits, with a focus on the pace and extent of capacity reduction, involving companies like Muyuan Foods and Wens Foodstuffs [5]. Summary by Sections Oil and Agricultural Price Trends - The report details the historical price movements of oil and agricultural products, indicating that oil price fluctuations significantly impact agricultural prices [8]. - Recent data shows that agricultural prices in China have declined over the past three years, with maximum declines of 25% to 35% for wheat, corn, and soybeans. However, a recovery trend has been observed since early 2025 [15]. Investment Opportunities - The report identifies specific companies within the agricultural sector that are well-positioned to benefit from the anticipated price increases, including: - Planting: Suqian Agricultural Development, Beidahuang, Hainan Rubber [18]. - Seeds: Longping High-Tech, Denghai Seeds, Kangnong Seeds [20]. - Pig farming: Muyuan Foods, Dekang Agriculture, Wens Foodstuffs [18].

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights that the bottom price for live pigs is being confirmed, and a price increase is expected as pessimistic expectations are likely to be gradually reversed [3][12] - The report emphasizes that the current market expectations for pig prices are overly pessimistic, primarily due to the neglect of the pressure from previous inventory destocking [12][21] - It is noted that the supply peak for live pigs has passed, and prices are expected to gradually rise [14][16] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on the pig farming sector, anticipating improved performance in 2026 due to cost advantages for leading companies. Suggested stocks include Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - For the post-cycle sector, the structural growth trend continues, with profits in the breeding industry chain expected to gradually transmit downstream, benefiting the animal health sector. Recommended stocks include Haida Group (002311, Buy) and Ruipu Biological (300119, Not Rated) [3] - In the planting chain, under the backdrop of geopolitical disturbances, the price increase of bulk commodities has been transmitted to agriculture. The report identifies a positive outlook for planting and seed industry fundamentals, highlighting investment opportunities in large-scale planting. Suggested stocks include Suqian Agricultural Development (601952, Not Rated), Beidahuang (600598, Not Rated), Hainan Rubber (601118, Buy), Longping High-Tech (000998, Buy), and COFCO Sugar (600737, Buy) [3] - The pet sector is experiencing growth and price increase logic, with continuous recognition of domestic brands and sustained growth of leading companies. Suggested stocks include Guibao Pet (301498, Not Rated), Zhongchong Co., Ltd. (002891, Not Rated), and Petty Holdings (300673, Not Rated) [3] Industry Fundamentals - The report indicates that the average price of live pigs is currently around 10.32 yuan/kg, with a downward trend observed. The market sentiment is dominated by bearish expectations, and the price is in a testing phase for the bottom [21] - The report notes that the number of breeding sows has decreased to 39.61 million heads by the end of 2025, a year-on-year decline of 2.92%, which is expected to alleviate supply pressure in the second half of 2026 [14][15] - The report highlights that the core of current pig price fluctuations is inventory rather than production capacity, with the inventory cycle nearing its bottom, suggesting a potential upward trend in prices [16][17] Commodity Prices - The report states that corn, soybean meal, and wheat prices have risen, with corn at 2417.84 yuan/ton, wheat at 2542 yuan/ton, and soybean meal at 3174.57 yuan/ton as of March 6 [34] - The report mentions that the price of natural rubber has shown a downward trend, with futures prices at 16835 yuan/ton, reflecting a 1.87% decrease [41]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights that the bottom price for live pigs is gradually being confirmed, and a price increase is expected as pessimistic expectations are likely to be reversed [3][12] - The report emphasizes that the current market expectations for pig prices are overly pessimistic, primarily due to the neglect of previous inventory depletion pressures on prices [12][21] - It is noted that the supply peak for live pigs has passed, and prices are expected to gradually rise as inventory replenishment begins [14][16] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on the pig farming sector, anticipating improved performance in 2026 due to cost advantages for leading companies. Suggested 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 indicates a structural growth trend, with profits in the breeding industry chain expected to gradually transmit downstream, benefiting the animal health sector. Recommended stocks include Haida Group (002311, Buy) and Ruipu Biological (300119, Not Rated) [3] - In the planting chain, the report notes that geopolitical factors have led to price increases in bulk commodities, with a positive outlook for grain prices. Suggested stocks include Suqian Agricultural Development (601952, Not Rated), Beidahuang (600598, Not Rated), Hainan Rubber (601118, Buy), Longping High-Tech (000998, Buy), and COFCO Sugar (600737, Buy) [3] - The pet food sector is highlighted as being in a growth phase, with increasing recognition of domestic brands and continuous growth of leading companies. Suggested stocks include Guibao Pet (301498, Not Rated), Zhongchong Co., Ltd. (002891, Not Rated), and Petty Holdings (300673, Not Rated) [3] Industry Fundamentals - The report indicates that the average price of live pigs is currently around 10.32 yuan/kg, with a downward trend observed. The market sentiment is dominated by bearish expectations, and the price is in a testing phase for its bottom [21] - The report notes that the number of breeding sows has decreased to 39.61 million heads by the end of 2025, a year-on-year decline of 2.92%, which is expected to alleviate supply pressure in the second half of 2026 [14] - It is mentioned that the core of current price fluctuations lies in inventory rather than production capacity, with the inventory cycle nearing its bottom, suggesting a potential upward trend in prices [16][17] Commodity Prices - The report states that corn, soybean meal, and wheat prices have risen, with corn priced at 2417.84 yuan/ton, up 1.13% week-on-week, and wheat at 2542 yuan/ton, up 0.28% [34] - The report highlights that the price of natural rubber has shown a downward trend, with futures prices at 16835 yuan/ton, down 1.87% week-on-week, but expects a strong price performance due to geopolitical factors and supply constraints [41]

证券代码：601118 证券简称：海南橡胶 公告编号：2026-010 海南天然橡胶产业集团股份有限公司 2026年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 723 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 269,508,762 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 17.6678 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况 等。 (一) 非累积投票议案 (一) 股东会召开的时间：2026 年 3 月 5 日 (二) 股东会召开的地点：公司会议室 本次会议由董事会召集，董事长王宏向先生主持。 会议采取现场投票和网络投票相结合的表决方式，符合《公司法》及《公司 章程》的规定。 (五) ...