央视网消息：家事国事天下事，让人民过上幸福生活是头等大事。新年临近，甘肃、四川为今年遭 受洪灾和山体滑坡的群众建起新房，给大家送去爱与关怀，温暖人心。 ...

证券日报网讯 12月29日，新希望（000876）发布公告称，公司第四届第五次职工代表大会于2025年12 月27日在公司会议室召开，选举庞允东先生为公司第十届董事会职工代表董事。 ...

Core Insights - New Hope Dairy successfully utilizes emotional resonance and innovative storytelling in its microfilm "Chinese Style Freshness" to engage consumers and enhance brand marketing [1][2] - The film has been recognized as an influential communication case in the 2025 New Consumption and New Economy Awards hosted by Caijing [1] Group 1: Marketing Strategy - New Hope Dairy employs a unique narrative structure that combines unexpected plot twists with relatable parenting themes, making the content engaging and humorous [2] - The four short films target common parenting issues such as overbearing parenting and blind comparisons, allowing viewers to connect emotionally while being entertained [2] - The campaign encourages user participation and discussion on social media, enhancing brand visibility and connection with the audience [2] Group 2: Product Strategy - New Hope Dairy focuses on the low-temperature dairy segment, offering products like "24-hour fresh milk" that promise superior nutritional benefits compared to regular milk [6] - The product lineup includes probiotic yogurt and natural, additive-free yogurt, catering to family health needs and emphasizing the concept of freshness [6] Group 3: Brand Positioning - The brand integrates its products into everyday family scenarios, reinforcing the message that New Hope Dairy products are essential for a fresh and healthy lifestyle [12][7] - Local dialects are incorporated into the film to enhance relatability and strengthen the brand's connection with regional consumers [13][17] - New Hope Dairy's strategy emphasizes localized marketing and product offerings, aligning with current trends towards personalized and community-focused business models [17][18]

（企业公告） 12月29日，新希望发布公告称，公司董事会于2025年12月27日收到周伯平的书面辞职报告，因个人原 因，其请求辞去担任的公司董事及战略与可持续发展委员会委员职务，辞职后将不在公司担任任何职 务。周伯平担任公司第十届董事会非独立董事的原定任期为2025年4月3日至2028年4月2日。截至本公告 披露日，周伯平持有公司股份100股，不存在应当履行而未履行的承诺事项。根据《公司法》《公司章 程》等有关规定，该辞职报告已于送达公司董事会时生效。 此外，公司第四届第五次职工代表大会于2025年12月27日在公司会议室召开，在广泛征求公司职工意见 的基础上，经与会职工代表表决，选举庞允东为公司第十届董事会职工代表董事。庞允东将与公司其他 现任董事共同组成公司第十届董事会，任期至公司第十届董事会任期届满之日止。 ...

Group 1 - The aquaculture sector increased by 1.58% on December 29, with Jingji Zhino leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the aquaculture sector showed varied performance, with Jingji Zhino rising by 10.01% to a closing price of 16.27 [1] Group 2 - The main funds in the aquaculture sector saw a net inflow of 90.42 million yuan, while retail funds had a net inflow of 10.91 million yuan [2] - Major stocks like Muyuan Foods and Wen's Foodstuffs experienced significant net outflows from retail investors [3] - Jingji Zhino had a net inflow of 67.42 million yuan from main funds, indicating strong institutional interest [3]

| 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-130 | | --- | --- | --- | | 债券代码：127015,127049 | 债券简称：希望转债，希望转 2 | | 新希望六和股份有限公司 关于董事辞职暨选举职工代表董事的公告 公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、关于公司董事离任的情况 庞允东先生符合《公司法》等相关法律法规、规范性文件及《公 司章程》有关董事任职的资格和条件。 由于周伯平先生辞职、庞允东先生当选职工代表董事，公司董事 会成员符合《公司章程》规定的人数，不会对公司董事会的运作和公 司的经营产生影响。同时，公司第十届董事会中兼任公司高级管理人 员以及由职工代表担任的董事人数总计不超过公司董事总数的二分 之一，符合相关法律法规的规定。 三、备查文件 1、周伯平先生的辞职报告； 2、公司职工代表大会决议。 新希望六和股份有限公司（以下简称"公司"）董事会于2025 年12月27日收到周伯平先生的书面辞职报告，因个人原因，请求辞去 担任的本公司董事及战略与可持续发展委员会委员职务，辞职后将不 ...

1. Report Industry Investment Rating - The investment rating for the hog industry is "Oscillating" [1] 2. Core Viewpoints of the Report - In 2025, the hog market evolved from "counter - cyclical inventory accumulation" to "policy - driven inventory reduction" under the backdrop of absolute over - capacity. Despite efficiency improvements and lower feed costs, the industry entered a phase of substantial capacity reduction due to continuous policy guidance and deep losses [2][13] - In 2026, the market will show a clear pattern of "near - term weakness and long - term strength". It is recommended to adopt a reverse spread strategy as the base allocation for the whole year to capture the price difference between reality and expectations [3] 3. Summary by Relevant Catalogs 3.1 2025: Waiting for the Bottom to Come - **Q1**: A "structural bottom" supported by expectations. The pre - Spring Festival concentrated slaughter led to a short - term supply shortage after the festival. The high fat - to - standard price spread strengthened the industry's reluctance to sell, delaying capacity clearance [14] - **Q2**: An "oscillating bottom - grinding" in sentiment games. After May Day, pig prices declined. The rebound after the Dragon Boat Festival lacked fundamental support, and the market returned to an oscillating pattern [15] - **Q3**: A "re - construction of far - month contracts" driven by policies. The industry symposium in July signaled "anti - involution" and "capacity and inventory reduction", shifting the trading logic to "strong expectations" and establishing a reverse spread structure [15] - **Q4**: A "cost breakdown" after returning to reality. After the National Day, pig prices fell sharply, breaking through the cash cost line. The market focused on the substantial reduction of sow inventory and potential winter epidemic risks [16] 3.2 Market Pattern Re - shaping and the Capacity Reduction Cycle 3.2.1 Vertical Intensification of the Industry - The hog industry has entered a new stage of structural differentiation and intensive upgrading. By October 2025, large - scale enterprises dominated the industry, with listed companies and large breeding groups controlling 43.1% of the sow inventory. The industry's overall ability has improved, but price and capacity adjustments have become more sensitive [20] - Regionally, different patterns have emerged: South China is highly intensive, Northeast China has a dual - structure, and Central China is more balanced. The inter - regional price difference has become more stable, and the futures delivery area has been expanded, strengthening the linkage between futures and spot markets [23][24] 3.2.2 Cycle Development Path: Policy and Market - Driven Capacity Reduction - **Downward inflection point delay**: Thanks to cost optimization, the downward inflection point of this cycle was postponed. The industry's profit was maintained until September 2025 when the industry entered a full - scale loss phase due to inventory pressure and spot price drops [30] - **Total over - supply**: The large inventory and high出栏 volume in 2025 were due to the increase in sow capacity last year. The supply pressure was significant, and many listed companies were close to or had exceeded their annual出栏 targets [43][47] - **Capacity loosening**: Since 2025, the sow inventory has gone through four stages. Multiple data sources confirm that the industry entered a new capacity adjustment phase in the third quarter, but the reduction is still mild, and the supply is expected to remain loose until the end of Q1 2026 [52][67] 3.3 Peak出栏, Speculation Support, and Consumption 3.3.1 Piglets: Leading Indicator for出栏 Forecast - Piglets are a key indicator for predicting hog出栏. In 2025, piglet supply increased steadily, and the industry's efficiency improvement contributed to the increase in piglet births. Based on the piglet - to - hog conversion cycle, the出栏 is expected to peak in Q1 2026 and may improve in Q2 [69][70] 3.3.2 Elasticity and Support from Speculation - **Breeding speculation**: The inventory adjustment through breeding speculation affects the存栏 structure. In 2025, the industry showed long - term optimization and short - term fluctuations in the weight distribution of hogs. In 2026, post - Spring Festival low - price pressure and secondary fattening may support prices [78][80] - **Frozen product inventory**: In 2025, the frozen product inventory rate first decreased and then increased. In 2026, if there is a price reversal expectation in the second half of the year, the slaughter end may increase inventory in the first half, supporting post - Spring Festival spot prices [93][94] 3.3.3 Limited Boost from Curing Demand - Although the slaughter volume increased year - on - year, the curing demand at the end of the year had limited impact on prices. The reasons include the long - term consumption structure optimization and the postponed Spring Festival in 2026 [98] 3.3.4 Feed Data Confirmation - Feed data can confirm the hog存栏 structure. As of November, the feed sales data from different institutions showed that the feed consumption related to capacity had decreased marginally, while the fattening feed was still increasing, indicating a significant存栏 pressure [100][101] 3.4 Outlook and Investment Suggestions 3.4.1 Summary of Views - The continuous increase in sow inventory in 2024 led to an expansion of hog出栏 in 2025 and a price decline. However, factors such as lower feed costs, speculative behavior, and improved production efficiency deviated from the early market expectations. The industry may see a new upward inflection point in pig prices around Q2 2026, but the cycle evolution is complex [110][111] 3.4.2 Strategies - **Short - term (end of the year to pre - Spring Festival)**: Seize the band - trading opportunities in the oscillating market. Use an interval - oscillating strategy, and consider short - term long positions when the market is pessimistic and short positions when prices reach key resistance levels. The support level for LH2603 is 11,000 yuan/ton, and the resistance level is 11,800 - 12,000 yuan/ton [112] - **Medium - term (post - Spring Festival to Q1 2026)**: Adopt a bearish strategy and focus on the release of supply pressure. Short positions can be added on price rebounds, but beware of potential rebounds. Pay attention to short - selling opportunities when LH2603 approaches 11,800 - 12,000 yuan/ton and LH2605 returns to 12,500 - 13,000 yuan/ton [113][114] - **Long - term (from Q2 2026)**: Observe on the left - hand side and prepare for the cycle reversal. Shift the strategy from "short - selling" to "finding the inflection point". When the fundamental signals are confirmed, gradually build long positions in far - month contracts at the support level of 12,500 - 13,000 yuan/ton. Use a flexible reverse spread strategy for arbitrage [115]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The supply of fat pigs is tight, leading to an upward trend in pig prices before the New Year, supported by both supply and demand factors [4][14] - The export value of pet food has improved month-on-month, benefiting from increased export volumes, although the unit price remains under pressure [5][21] - The pig farming sector is experiencing accelerated losses, while the pet food sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [6][23][25] Summary by Sections Weekly Observation - The average price of live pigs in China as of December 28, 2025, is 12.21 CNY/kg, with a week-on-week increase of 0.78 CNY/kg and a year-on-year decrease of 3.49 CNY/kg [4][14] - The average weight of pigs sold is 129.70 kg, with a slight decrease from the previous week [14] Weekly Market Performance (Dec 22-26) - The agricultural index underperformed the market by 1.63 percentage points, with the Shanghai Composite Index rising by 1.88% and the agricultural index by 0.25% [26][30] Price Tracking (Dec 22-26) - The average price of live pigs is 11.63 CNY/kg, with a week-on-week increase of 0.05 CNY/kg [37] - The average price of broiler chickens is 7.82 CNY/kg, with a week-on-week increase of 6.39% [37] Key Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [6][23] - In the feed sector, recommended stocks include Haida Group and New Hope Liuhe [6][23] - For the pet food sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty [6][25]

Group 1 - The core point of the article is the announcement of the third extraordinary general meeting of shareholders of New Hope Liuhe Co., Ltd., which was held on December 26, 2025, to discuss and vote on various proposals [1][2][3][4]. Group 2 - The meeting was conducted both in-person and via online voting, with a total of 869 shareholders participating, representing 2,535,580,870 shares, which accounts for 56.3132% of the total voting shares [5][6]. - Among the participants, 4 shareholders voted in person, representing 2,459,003,277 shares (54.6125%), while 865 shareholders voted online, representing 76,577,593 shares (1.7007%) [5][6]. Group 3 - The proposals discussed included amendments to the company's articles of association, with the first proposal receiving 99.8764% approval from the voting shareholders [10]. - The second proposal regarding the amendment of the rules of procedure for shareholder meetings was approved with 97.8031% of votes in favor [13]. - The third proposal concerning the amendment of the rules of procedure for board meetings also passed with 97.8016% approval [16]. - The proposal on the revision of the external guarantee management system was approved with 97.8045% of votes in favor [20]. Group 4 - The legal opinion provided by Beijing Zhonglun (Chengdu) Law Firm confirmed that the meeting's procedures, attendance, and voting results complied with relevant laws and regulations, ensuring the legality and validity of the resolutions passed [21].

Group 1 - The core point of the article is that New Hope held its third extraordinary general meeting of shareholders for 2025 on December 26 in Chengdu, where multiple proposals were approved with more than two-thirds of the voting rights in favor [2] Group 2 - The meeting included the review and approval of several proposals, indicating active corporate governance and decision-making processes within the company [2]