Core Viewpoints - The report anticipates a significant reversal in the livestock cycle, recommending Hong Kong-listed dairy farming stocks as core investments [1][12] - The monthly recommended portfolio includes YouRan Agriculture, Modern Farming, and Muyuan Foods, which are leaders in their respective sectors [1][3] Livestock Sector - The livestock sector is expected to benefit from a cyclical rebound, with a focus on both beef and milk production, as domestic prices are projected to rise significantly by 2027 [14][40] - The report highlights that the domestic milk price has been in decline for nearly four years, leading to pressure on production capacity, while the beef-to-milk price ratio has reached historical highs, prompting faster culling of dairy cows [14][40] Swine Sector - The swine sector is experiencing a gradual recovery, with leading companies expected to benefit from improved cash flows and dividend potential as industry capacity contracts [1][15] - The report emphasizes that the current valuation of leading swine companies is at historical lows, indicating potential for valuation recovery [15][22] Poultry Sector - The poultry sector is seeing an increase in supply, with expectations for demand recovery, particularly in the white-feathered chicken segment, which is entering a consumption peak [24][30] - The report notes that the price of broiler chickens has shown a slight recovery, with a projected increase in profitability for leading poultry companies [24][30] Pet Sector - The pet industry is identified as a promising new consumption sector, benefiting from the rise of domestic brands and emotional consumer trends [16][20] - The report recommends leading pet food companies, which are expected to continue their growth trajectory due to product upgrades and direct sales transformations [20][16] Feed Sector - The feed sector is highlighted for its deepening industrialization and clear division of labor, with leading companies expected to widen their competitive advantages through technology and service [1][3] Agricultural Products - The report tracks agricultural product prices, noting that the price of corn has increased by 4% month-on-month, while soybean meal prices are at historical lows, indicating a potential for future recovery [2][22] - The report also mentions that the egg market is under pressure from supply increases, while the demand for soybeans is tightening in the medium to long term [2][18]

Core Insights - The report anticipates a significant reversal in the livestock cycle, particularly recommending Hong Kong-listed dairy farming stocks [1][12] - The monthly recommended portfolio includes YouRan Agriculture, Modern Farming, and Muyuan Foods, which are expected to benefit from the livestock cycle recovery [1][3] - The report highlights the expected upward trend in domestic beef and milk prices, suggesting a strong recovery in the performance of livestock companies [1][14] Livestock Sector - The livestock sector is projected to experience a major turnaround, with a focus on dairy farming stocks such as YouRan Agriculture and Modern Farming [1][14] - The report indicates that the domestic beef and milk markets are likely to see a price rebound, driven by a reduction in production capacity and improved demand dynamics [1][14] - The anticipated "meat-milk resonance" is expected to enhance profitability for dairy farming companies, with significant earnings recovery potential [1][14] Swine Sector - The swine sector is expected to see a gradual recovery in prices, with leading companies like Huazhong and Muyuan Foods positioned to benefit from valuation corrections [1][14] - The report notes that the cash flow of leading swine companies is improving, which may lead to higher dividend payouts in the future [1][15] - The current market conditions suggest that the swine industry is stabilizing, with a focus on maintaining reasonable breeding levels [22] Poultry Sector - The poultry sector is experiencing a slight increase in supply, with expectations for demand recovery to support price stabilization [24] - The report highlights that the white-feathered chicken market is showing signs of recovery, with prices expected to improve as the consumption season approaches [24] - Leading poultry companies are anticipated to maintain strong profitability amid changing supply dynamics [24] Pet Industry - The pet industry is identified as a promising growth area, with domestic brands gaining traction and expected to benefit from rising consumer sentiment [1][16] - The report emphasizes the potential for local pet food brands to capture market share, particularly in the high-end segment [1][16] - The performance of leading pet food companies is projected to remain strong, driven by product upgrades and direct sales strategies [20] Feed Sector - The feed sector is expected to benefit from deeper industrialization in livestock farming, with leading companies leveraging technological and service advantages [1][14] - The report indicates that feed prices are at historical lows, providing a strong cost support for livestock producers [1][14] - The anticipated tightening of supply-demand balance in the feed market is expected to lead to gradual price recovery [1][14] Agricultural Products - The report tracks agricultural product prices, noting that the price of live pigs was 11.25 yuan/kg at the end of November, down 10% month-on-month, while the price of 7kg piglets increased by 18% [2][22] - The report also highlights that corn prices have increased by 4% month-on-month, indicating a potential bottoming out in the market [2][22] - The overall agricultural sector is showing resilience, with the SW Agricultural Index outperforming the broader market [2][22]

Group 1 - Shareholder of Xidiwei plans to reduce holdings by up to 3% of total shares, amounting to 12.37 million shares [2] - Minsheng Bank successfully issued 6 billion yuan of 3-year floating rate financial bonds to optimize its liability structure [3] - Baisheng Intelligent intends to acquire 51% stake in Zhongke Shengu for 100 million yuan, with a preliminary valuation of up to 200 million yuan [4] Group 2 - Junshi Biosciences received acceptance for the new drug application of Rocaqi monoclonal antibody injection for treating moderate to severe plaque psoriasis [5] - Ganneng Co. announced the successful commissioning of its clean coal power project, achieving national performance standards [6] - Yuekang Pharmaceutical plans to issue H-shares and list on the Hong Kong Stock Exchange [7][8] Group 3 - Qingtang City received notice of expropriation for Huaneng Mall, which will be shut down pending approval processes [9] - Meilixin's controlling shareholder plans to increase holdings by 50 million to 100 million yuan, with a maximum price of 52 yuan per share [10] - Zhenghong Technology reported a 20.43% year-on-year decline in November pig sales revenue [11][12] Group 4 - GAC Group reported a 9.72% year-on-year decline in November automobile sales, totaling 179,700 units [16] - Oupokangshi received approval for clinical trials of a new eye drop for treating presbyopia [17] - Kang En Bei announced the resignation of its chairman and legal representative due to work adjustments [18] Group 5 - Jiangxi Changyun is set to receive 15.7 million yuan in compensation for the expropriation of part of its properties [28] - Tianrun Dairy reported a 2.99% month-on-month increase in November pig sales revenue [29] - New Point Software won a 54 million yuan contract for a digital smart community construction project [31]

证券代码：605296 证券简称：神农集团 公告编号：2025-133 云南神农农业产业集团股份有限公司 2025 年 11 月养殖业务主要经营数据公告 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。 2025 年 1-11 月，公司共销售生猪 276.01 万头（其中：商品猪 235.10 万头， 仔猪销售 35.06 万头），销售收入 43.01 亿元。其中向集团内部屠宰企业销售生 猪 43.13 万头。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上 述数据仅作为阶段性数据供投资者参考。 | | 月份 | | 生猪销售 | | 销售收入 | | 商品猪销价 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （万头） | | （亿元） | | （元/公斤） | | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2024 | 年 | 11 月 | 19.34 | 205.99 | 4.07 | 40.91 | 16. ...

2025年11月份，公司商品猪价格呈现上涨趋势，商品猪销售均价11.44元/公斤，比2025年10月份上涨 3.62%。 2025年1-11月，公司共销售生猪276.01万头（其中：商品猪235.10万头，仔猪销售35.06万头），销售收 入43.01亿元。其中向集团内部屠宰企业销售生猪43.13万头。 格隆汇12月5日丨神农集团(605296.SH)公布，2025年11月份，公司销售生猪31.51万头（其中：商品猪销 售26.99万头，仔猪销售3.85万头），销售收入4.13亿元。其中向集团内部屠宰企业销售生猪4.59万头。 ...

神农集团公告，2025年11月公司销售生猪31.51万头（其中：商品猪销售26.99万头，仔猪销售3.85万 头），销售收入4.13亿元。2025年1-11月，公司共销售生猪276.01万头（其中：商品猪235.10万头，仔 猪销售35.06万头），销售收入43.01亿元。其中向集团内部屠宰企业销售生猪43.13万头。2025年11月 份，公司商品猪价格呈现上涨趋势，商品猪销售均价11.44元/公斤，比2025年10月份上涨3.62%。 ...

2025年1-11月，公司共销售生猪276.01万头(其中：商品猪235.10万头，仔猪销售35.06万头)，销售收入 43.01亿元。其中向集团内部屠宰企业销售生猪43.13万头。 神农集团（605296）(605296.SH)发布公告，2025年11月份，公司销售生猪31.51万头(其中：商品猪销售 26.99万头，仔猪销售3.85万头)，销售收入4.13亿元。其中向集团内部屠宰企业销售生猪4.59万头。2025 年11月份，公司商品猪价格呈现上涨趋势，商品猪销售均价11.44元/公斤，比2025年10月份上涨 3.62%。 ...

2025年1-11月，公司共销售生猪276.01万头(其中：商品猪235.10万头，仔猪销售35.06万头)，销售收入 43.01亿元。其中向集团内部屠宰企业销售生猪43.13万头。 智通财经APP讯，神农集团(605296.SH)发布公告，2025年11月份，公司销售生猪31.51万头(其中：商品 猪销售26.99万头，仔猪销售3.85万头)，销售收入4.13亿元。其中向集团内部屠宰企业销售生猪4.59万 头。2025年11月份，公司商品猪价格呈现上涨趋势，商品猪销售均价11.44元/公斤，比2025年10月份上 涨3.62%。 ...

人民财讯12月5日电，神农集团（605296）12月5日公告，2025年11月份，公司销售生猪31.51万头，销 售收入4.13亿元；公司商品猪价格呈现上涨趋势，商品猪销售均价11.44元/公斤，比10月份上涨3.62%。 1—11月，公司共销售生猪276.01万头，销售收入43.01亿元。 ...

Core Insights - The agricultural sector, particularly the pig farming industry, is experiencing a downturn with significant profit declines due to falling pig prices and macroeconomic capacity adjustments [2][6][7] - Leading companies with low costs and strong cash flow are recommended for investment, including Muyuan Foods, Wens Foodstuff, Dekang Agriculture, and Shennong Group [2][6] - The feed industry shows continued growth, with major players like Haida Group benefiting from increased sales and improved profit margins [3] - The pet food sector is witnessing high growth in proprietary brands, although overall profits are under pressure due to declining export revenues [4] Pig Farming Industry - In Q3 2025, the pig farming sector's revenue decreased by 6% year-on-year to approximately 121.6 billion yuan, with net profit dropping by 70% to around 5.9 billion yuan [2] - The average profit for self-breeding and self-raising pigs fell to 42 yuan per head, a decrease of about 13 yuan from Q2 2025 [2][7] - The industry is entering a phase of loss-driven capacity reduction, with supply pressures expected to persist into the first half of 2026 [6][7] Feed Industry - The feed sector's revenue grew by 13.4% year-on-year in the first three quarters of 2025, with a 14.2% increase in Q3 [3] - Major feed companies are seeing a rise in sales volume and market share, with Haida Group's feed exports increasing by approximately 24% [3] - The outlook for the feed industry remains positive, with expectations for continued growth in both domestic and international markets [3] Pet Food Industry - The pet food sector's revenue increased by 9.6% year-on-year in Q3 2025, but net profit fell by 6.1% [4] - Domestic sales for leading brands like Guibao Pet and Zhongchong Co. are growing at around 40% [4] - Export revenues for pet snacks have declined, particularly in the U.S. market, where exports fell by 42% [4]