Core Insights - The collaboration between Paige Biopharma and PDC grants exclusive rights for the development, distribution, marketing, and commercialization of Visepegenatide (PB-119) in the Middle East and Africa [1] Market Opportunity - The Middle East and North Africa (MENA) region has a high diabetes prevalence rate of 16.2%, the highest globally, driven by dietary and lifestyle factors [2] - The pharmaceutical market for digestive and metabolic drugs, including diabetes treatments, holds a 20.4% market share in the region, with a significant growth of 22.1% in Q1 2025 [2] - The number of diabetes patients in Africa is projected to increase by nearly 142% by 2050, indicating substantial market potential for diabetes and obesity treatment drugs [2] - The global weight management drug market is expected to grow from $99.7 billion in 2020 to $112.8 billion by 2024, with a compound annual growth rate (CAGR) of 3.1%, potentially reaching $277.4 billion by 2034 [2] - The demand for weight management drugs in the MENA region is anticipated to be the highest globally, potentially reaching a scale of $10 billion by 2034 [2] Product Overview - Visepegenatide (PB-119) is a once-weekly subcutaneous GLP-1 receptor agonist developed by Paige Biopharma for the treatment of type 2 diabetes and weight management [3] - The product demonstrates superior clinical characteristics compared to some existing products, including good safety, tolerability, and significant effects on blood sugar reduction and weight loss [3] - The innovative molecular design and long-acting mechanism of Visepegenatide (PB-119) provide patients with a more convenient and stable treatment option, representing the future direction of GLP-1 therapies [3] - The partnership with PDC is expected to leverage local advantages to expedite the development, registration, and commercialization of Visepegenatide (PB-119) in the MENA region, creating long-term value for the company and hope for patients with metabolic diseases globally [3]

Core Viewpoint - The sales reports of A-share listed pig companies for September 2025 indicate a downward trend in sales prices, with varying changes in sales volume and revenue among different companies [2][7]. Group 1: Sales Performance of Major Companies - Tianbang Food reported sales of 612,700 pigs in September 2025, with a revenue of 634 million yuan and an average selling price of 13.69 yuan/kg, showing a month-on-month decrease in average price by 8.88% [4]. - Dabeinong's sales for September 2025 were 373,700 pigs, generating a revenue of 541 million yuan, with a sales price of 12.91 yuan/kg, reflecting a year-on-year increase in sales volume by 33.08% but a revenue decrease of 6.24% [4]. - Muyuan Foods sold 5.573 million pigs in September 2025, with a revenue of 9.066 billion yuan and an average price of 12.88 yuan/kg, showing a significant year-on-year price drop of 30.94% [5]. - Wens Foodstuffs sold 3.3253 million pigs, generating 4.975 billion yuan in revenue, with an average price of 13.18 yuan/kg, indicating a year-on-year revenue decline of 30.81% [5]. - New Hope sold 1.3942 million pigs, with a revenue of 1.746 billion yuan and an average price of 12.89 yuan/kg, showing a year-on-year price drop of 31.47% [6]. Group 2: Market Price Trends - Since October, pig prices have continued to decline, with the market price dropping to 12.50 yuan/kg by October 10, 2025, down from 12.59 yuan/kg at the end of September [9]. - The wholesale price of pork has also decreased, reaching 18.85 yuan/kg by October 10, 2025, compared to 19.40 yuan/kg at the end of September [9]. - Futures prices for live pigs have seen a significant drop, with a cumulative decline of about 9% in September and over 8% in the first two trading days of October [10]. Group 3: Future Price Outlook - Long-term forecasts suggest that the pig farming industry is entering a pressure period, with potential for continued price declines, although government policies may mitigate the duration and extent of this pressure [12]. - Mid-term expectations indicate that pig prices may remain under pressure for the next three months due to supply and demand dynamics, with larger scale farming operations dominating the market [12]. - Current market conditions suggest a loose supply-demand balance, with expectations that pig prices will continue to face downward pressure in October [13].

Core Viewpoint - The agricultural, animal husbandry, and fishery sector showed strong performance on October 10, with the first agricultural ETF (159275) experiencing a significant increase in net subscriptions and notable gains in constituent stocks [1][3]. Market Performance - The agricultural ETF (159275) opened lower but quickly rebounded, closing up 0.8% after reaching a maximum intraday gain of 1.5%. It recorded a net subscription of 52 million units by the end of the day [1]. - Key stocks in the sector, such as TianKang Biological and GuanNong Co., saw increases exceeding 7%, while several others, including XiongDi Technology and ShengWu Shares, rose over 4% [1]. Industry Dynamics - The pig farming industry is undergoing capacity reduction, with a reported decrease of 400,000 breeding sows compared to the previous month and a total reduction of 3.4 million from the peak last year [2]. - Recent outbreaks of African swine fever in Vietnam and Guangxi, China, have heightened risks for the farming sector. A meeting on September 16 emphasized policies aimed at reducing production capacity [2][3]. Investment Outlook - Analysts from Pacific Securities and Dongfang Securities suggest that the current fundamentals and policy changes favor capacity reduction in the pig farming industry, indicating potential long-term investment value as most listed companies are at historical low valuations [3][4]. - The agricultural sector's valuation remains low, with the agricultural ETF's underlying index trading at a price-to-book ratio of 2.61, which is in the lower 34.9% of the past decade, suggesting a favorable entry point for investors [3]. Future Trends - The trend towards improving quality and efficiency in the pig farming industry is expected to continue, with outdated capacities being phased out and market dynamics shifting towards higher prices in the long term [4][5]. - Investment opportunities are identified in various segments, including pig farming, feed, animal health, and crop planting, as the demand for these sectors is anticipated to rise with the recovery of pig stocks [5][6].

Market Overview - The Shanghai Composite Index fell by 0.94% on October 10, with 18 out of the 28 sectors rising, led by the construction materials and coal sectors, which increased by 1.92% and 1.37% respectively [1] - The agriculture, forestry, animal husbandry, and fishery sector also saw a rise of 0.94% [1] - The electronic and electrical equipment sectors experienced the largest declines, with drops of 4.71% and 4.46% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 125.784 billion yuan, with 8 sectors experiencing net inflows [1] - The construction materials sector had the highest net inflow of capital, totaling 418 million yuan, while the agriculture, forestry, animal husbandry, and fishery sector followed with a net inflow of 379 million yuan [1] - A total of 23 sectors saw net capital outflows, with the electronic sector leading at 38.319 billion yuan, followed by the electrical equipment sector with a net outflow of 25.535 billion yuan [1] Agriculture, Forestry, Animal Husbandry, and Fishery Sector Performance - The agriculture, forestry, animal husbandry, and fishery sector had a net inflow of 37.9 million yuan, with 91 out of 105 stocks in the sector rising [2] - Two stocks hit the daily limit up, while 13 stocks declined, with one hitting the daily limit down [2] - The top three stocks with the highest net inflow were Muyuan Foods (1.51 billion yuan), Aonong Biological (1.37 billion yuan), and Zhongchong Co. (707.513 million yuan) [2] Capital Inflow and Outflow in Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The top stocks with capital inflow included: - Muyuan Foods: +0.70%, turnover rate 1.44%, net inflow 150.6898 million yuan - Aonong Biological: +10.04%, turnover rate 6.84%, net inflow 137.3470 million yuan - Zhongchong Co.: +1.57%, turnover rate 3.68%, net inflow 70.7513 million yuan [2] - The top stocks with capital outflow included: - COFCO Sugar: -0.25%, turnover rate 1.58%, net outflow -37.7869 million yuan - New Hope: +0.20%, turnover rate 0.90%, net outflow -23.6733 million yuan - Lihua Co.: +3.52%, turnover rate 2.58%, net outflow -16.6142 million yuan [3]

Core Insights - The collaboration between Paige Biopharma and PDC grants exclusive rights for the development, distribution, marketing, and commercialization of Visepegenatide (PB-119) in the Middle East and Africa [1] Market Opportunity - The Middle East and North Africa (MENA) region has a high diabetes prevalence rate of 16.2%, the highest globally, driven by dietary and lifestyle factors [2] - The therapeutic area of digestive and metabolic drugs, including diabetes treatments, holds a 20.4% market share in the MENA pharmaceutical market, with a significant growth of 22.1% in Q1 2025 [2] - The number of diabetes patients in Africa is projected to increase by nearly 142% by 2050, indicating substantial market potential for diabetes and obesity treatment drugs [2] - The global weight management drug market is expected to grow from $99.7 billion in 2020 to $112.8 billion in 2024, with a compound annual growth rate (CAGR) of 3.1%, potentially reaching $277.4 billion by 2034 [2] - The demand for weight management drugs in the MENA region is anticipated to be the highest globally, reaching a scale of $10 billion by 2034 [2] Product Overview - Visepegenatide (PB-119) is a once-weekly subcutaneous GLP-1 receptor agonist developed by Paige Biopharma for the treatment of type 2 diabetes and weight management [3] - The product demonstrates superior clinical characteristics compared to some existing products, including good safety, tolerability, and significant effects on blood sugar reduction and weight loss [3] - The innovative molecular design and long-acting mechanism of Visepegenatide (PB-119) provide patients with a more convenient and stable treatment option, representing the future direction of GLP-1 therapies [3] - The partnership with PDC is expected to leverage local advantages to expedite the development, registration, and commercialization of Visepegenatide (PB-119) in the MENA region, creating long-term value for the company and hope for patients with metabolic diseases globally [3]

Core Insights - The aquaculture sector experienced a rise of 0.72% on October 10, with Lihua Co. leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Aquaculture Sector Performance - Lihua Co. (300761) closed at 22.95, up 3.52% with a trading volume of 161,900 shares and a transaction value of 368 million yuan [1] - Other notable performers included: - Luoniushan (000735) at 6.49, up 3.34% [1] - Xiaoming Co. (300967) at 22.43, up 2.28% [1] - Minhe Co. (002234) at 8.57, up 2.15% [1] - The overall trading volume and transaction values for various stocks in the aquaculture sector were significant, indicating active market participation [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 134 million yuan from institutional investors, while retail investors experienced a net outflow of 1.31 billion yuan [2] - The main stocks with significant capital flow included: - Muyuan Foods (002714) with a net inflow of 199 million yuan from institutional investors [3] - Wens Foodstuff Group (300498) with a net inflow of 15.53 million yuan from institutional investors [3] - Retail investors showed a negative trend in net inflows across several stocks, indicating a cautious sentiment among smaller investors [2][3]

新希望10月9日公告，公司2025年9月销售生猪139.42万头，环比变动4.22%，同比变动16.92%。收入 17.46亿元，环比变动1.39%，同比变动-23.82%。商品猪销售均价12.89元/公斤，环比变动-4.80%，同比 变动-31.47%。 ...

Group 1 - Dongfang Caifu announced that shareholders plan to transfer a total of 237.8 million shares at a price of 24.40 yuan per share, with 32 institutional investors participating in the bidding [1] - Laofengxiang's subsidiary plans to invest 24 million USD to acquire a 20% stake in Maybach Luxury Goods Asia Pacific, becoming the second-largest shareholder [1] - Saito Bio's subsidiary received a CEP certificate for Dexamethasone Sodium Phosphate, allowing it to sell in international markets [2] Group 2 - Jianglong Shipbuilding is expected to win a bid for a 600-ton fishery enforcement vessel project worth 72.99 million yuan, accounting for 4.22% of its audited revenue for 2024 [3] - Shikong Technology is planning to acquire control of Shenzhen Jiahe Jinwei Electronic Technology Co., Ltd., with stock trading suspended for up to 5 trading days [4] - Mould Technology's controlling shareholder plans to reduce its stake by up to 1% due to funding needs [5] Group 3 - Guokong Electronics expects a net profit increase of 64.72% to 80.17% for the first three quarters of 2025, with projected revenue of 340 million to 370 million yuan [7] - Beimo High-Tech anticipates a net profit increase of 50% to 60% for the same period, with a projected net profit of 125 million to 133 million yuan [8] - ST Haofeng's controlling shareholder has transferred 15.0046% of shares to Zhixin Network at a price of 6 yuan per share, totaling 331 million yuan [9] Group 4 - ST Changyuan's major shareholder plans to reduce its stake by up to 3% within 90 days due to risk management [11] - Runze Technology's shareholder plans to reduce its stake by up to 1% due to personal funding needs [12] - Limin Co. expects a net profit increase of 649.71% to 669.25% for the first three quarters of 2025, with a projected net profit of 384 million to 394 million yuan [14] Group 5 - Kanda New Materials received a government subsidy of 10.05 million yuan, accounting for 4.08% of its latest audited net profit [15] - Keheng Co.'s shareholder plans to reduce its stake by up to 1% due to personal funding needs [16] - New Hope reported a September sales revenue of 1.746 billion yuan from 1.3942 million pigs sold, with a year-on-year decline of 23.82% [18] Group 6 - Wan'an Technology plans to invest 150 million yuan to establish a joint venture in Wuhan for automotive chassis systems [19] - Wan'an Technology also intends to acquire a 40% stake in Fuao Wan'an for 26.22 million yuan, aiming for full ownership [19] - Kuai Ke Electronics' controlling shareholder plans to transfer 4% of the company's shares through an inquiry [20] Group 7 - Changan Automobile's joint venture Avita Technology has completed payment of 3.45 billion yuan for a 10% stake in Huawei's Yiwang [21]

（企业公告） 10月9日，新希望发布公告称，公司 2025年9月销售生猪139.42万头，环比变动4.22%，同比变动 16.92%。收入17.46亿元，环比变动1.39%，同比变动-23.82%。商品猪销售均价12.89元/公斤，环比变 动-4.80%，同比变动-31.47%，销售价格同比降幅较大主要是受国内生猪市场行情变化的影响。上述数 据均未经审计，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。 ...

Core Insights - Continuous capital inflow into the livestock sector, with the Livestock ETF (159865) seeing over 800 million yuan in net inflows in the last 10 trading days [1] - Major pig companies, including Muyuan Foods, New Hope, and Wens Foodstuff, reported year-on-year sales growth for September 2025, although there were mixed results on a month-on-month basis [1] - The industry is experiencing a policy-driven reduction in hog output, while seasonal demand remains weak, leading to a downward trend in pork prices [1] Industry Overview - The Livestock ETF (159865) tracks the China Securities Livestock Breeding Index, with approximately 60% exposure to "pigs," presenting potential investment opportunities for interested investors [1] - According to招商证券, the seasonal decline in piglet sales is noted, and the policy adjustments aimed at boosting the Consumer Price Index (CPI) may elevate the price center for pork in 2026 [1] - The cash flow of low-cost pig companies is expected to improve significantly, enhancing their intrinsic value [1]