Core Points - The company announces the maturity and redemption details of its convertible bonds, "Hope Convertible Bonds," which will mature on January 5, 2026 [1][6] - The redemption amount for the bonds will be 106 RMB per bond, including tax and the last interest payment [7] - The bonds will cease trading on December 30, 2025, with the last trading day being December 29, 2025 [5][9] Group 1: Bond Issuance and Trading Information - The company issued 40 million convertible bonds with a face value of 100 RMB each, totaling 4 billion RMB, which began trading on February 4, 2020 [2] - The conversion period for the bonds started on July 9, 2020, and will end on January 5, 2026 [2][5] - The current conversion price is set at 10.59 RMB per share [5] Group 2: Redemption and Payment Details - The redemption of the bonds will occur within five trading days after maturity, at a price of 106% of the face value [3] - The payment date for the redemption amount is scheduled for January 6, 2026 [7][8] - The bonds will be delisted from the Shenzhen Stock Exchange on January 6, 2026 [9]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The report regularly sorts out the latest private exchangeable bond (private EB) project information available from public channels and tracks the basic elements of private exchangeable bond projects [1] Group 3: Summary According to the Directory Newly Added Projects from 20251124 - 20251128 - New Hope Group Co., Ltd.'s 2025 private offering of technological innovation exchangeable corporate bonds to professional investors was approved by the exchange, with an intended issuance scale of 4.5 billion yuan, the underlying stock being New Hope (000876.SZ), the lead underwriter being CICC, and the exchange update date being November 27, 2025 [1] - Jiangsu Shenghong Technology Co., Ltd.'s 2025 private offering of exchangeable corporate bonds to professional investors was approved by the exchange, with an intended issuance scale of 3 billion yuan (down from the previous plan), the underlying stock being Orient Shenghong (000301.SZ), the lead underwriter being Huatai United Securities, and the exchange update date being November 27, 2025 [1] - Shenzhen Huaqiang Group Co., Ltd.'s 2025 private offering of exchangeable corporate bonds (second time) to professional investors was approved by the exchange, with an intended issuance scale of 1.3 billion yuan (down from the previous plan), the underlying stock being Shenzhen Huaqiang (000062.SZ), the lead underwriter being Jinyuan United Securities, and the exchange update date being November 27, 2025 [1] - Hainan农垦 Investment Holdings Group Co., Ltd.'s 2025 private offering of exchangeable corporate bonds to professional investors was accepted by the exchange, with an intended issuance scale of 2.1 billion yuan, the underlying stock being Hainan Rubber (601118.SH), the lead underwriter being CITIC Securities, and the exchange update date being November 25, 2025 [1] Other Project Status (as of 2025 - 11 - 28) - Multiple projects such as those of Guangdong Shengyi Technology Co., Ltd., Hangzhou Iron & Steel Group Co., Ltd., etc., have been approved by the exchange, with different intended issuance scales, underlying stocks, lead underwriters, and update dates [3] - Projects of companies like Strait Innovation Internet Co., Ltd. and Sichuan Jiuzhou Investment Holdings Group Co., Ltd. are in the "Feedback Received" status [3]

| 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-114 | | --- | --- | --- | | 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"希望转债"到期兑付暨摘牌的第一次提示性公告 本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。 重要内容提示： 1、可转债到期日和兑付登记日：2026 年 1 月 5 日 2、兑付本息金额：106 元人民币/张（含税及最后一期利息） 7、可转债最后转股日：2026 年 1 月 5 日 8、在停止交易后、转股期结束前（即自 2025 年 12 月 30 日至 2026 年 1 月 5 日），"希望转债"持有人仍可以依据约定的条件将"希望转债"转换为公司股 票。 新希望六和股份有限公司（以下简称 "公司"）根据《深圳证券 交易所股票上市规则》、《深圳证券交易所可转换公司债券业务实施细 则》及公司《公开发行 A 股可转换公司债券募集说明书》（以下简称 《募集说明书》），现将"希望转债"到期兑付摘牌事项公告如下： 一、"希望转债"上市 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the pig price is supported by both supply and demand factors as the market enters the winter consumption peak, with expectations for a gradual increase in the price center [11] - The beef cycle is expected to maintain its prosperity, with a decrease in cattle inventory and high calf prices indicating cautious expansion in the breeding sector [20] - The report highlights the acceleration of pig breeding losses and the strengthening logic of domestic pet products, recommending several companies in the pig farming and pet sectors [24] Summary by Sections Weekly Observation - The average price of pigs in China as of November 28, 2025, is 11.20 yuan/kg, with a week-on-week decrease of 0.42 yuan/kg and a year-on-year decrease of 5.27 yuan/kg [11] - The average weight of pigs at market is 129.22 kg, showing a week-on-week increase of 0.41 kg and a year-on-year increase of 2.49 kg [11] - The report notes that winter consumption favors larger pigs, leading to an increase in average weights at market [11] Weekly Views - The report states that pig and piglet prices are in a loss situation, which may accelerate the culling of breeding sows [24] - The feed sector is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices [24] - The pet sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers [24] Market Performance (November 24-28) - The agricultural index outperformed the market by 0.17 percentage points, with the Shanghai Composite Index rising by 1.40% and the agricultural index rising by 1.57% [26] - Key stocks leading the market include Jin Xin Nong (+12.60%), Yuan Fei Pet (+8.39%), and Xi Wang Food (+7.57%) [26] Price Tracking (November 24-28) - The average price of pigs is 11.19 yuan/kg, down 0.45 yuan/kg from the previous week; piglet prices are 19.19 yuan/kg, up 0.04 yuan/kg [33] - The average wholesale price of beef is 66.39 yuan/kg, showing a week-on-week decrease of 0.18 yuan/kg [36] - Corn and soybean meal prices have increased, with corn futures at 2241.00 yuan/ton (up 2.66%) and soybean meal futures at 2459.00 yuan/ton (up 1.32%) [44]

Group 1 - The livestock sector is experiencing a positive trend, with the China Livestock Breeding Index (930707) rising, and key stocks such as Jinxinnong (002548) and Yisheng (002458) showing significant gains [1] - Major pig farming companies are expanding into Southeast Asia, indicating a trend of overseas expansion among leading enterprises like Muyuan, New Hope, and Haida [1] - The market is at a critical point of capacity reduction driven by both policy and market forces, with potential improvements in supply-demand relationships expected by mid-2026 if capacity reduction targets are met [2] Group 2 - The top ten weighted stocks in the China Livestock Breeding Index account for 65.58% of the index, with companies like Muyuan (002714) and Wens (300498) being the most significant contributors [3] - The overall capital expenditure of listed pig farming companies is stabilizing and slightly decreasing, as many firms are halting capacity expansion projects due to narrowing profits and cash flow pressures [2] - The livestock ETF closely tracks the China Livestock Breeding Index, which includes companies involved in feed, pharmaceuticals, and livestock farming, reflecting the overall performance of the sector [2]

Group 1 - The company has a poultry industry segment that includes the sale of duck feathers as a byproduct, but does not sell goose feathers [2] - The company is currently involved in a partnership with China New Food, which engages in poultry slaughtering operations [2] - The inquiry about the availability of duck and goose down products was made by an investor on an interactive platform [2]

Core Insights - The modern livestock industry is increasingly demanding diverse animal nutrition, leading to higher requirements for feed performance, which traditional standardized products can no longer meet [1] - Additive premix feed fills the market gap with flexible formulation design and precise nutritional supply, improving feed utilization, reducing farming costs, and enhancing animal growth performance and product quality [1] Industry Overview - Additive premix feed consists of two or more nutritional feed additives mixed with carriers or diluents, including compound premix feed, trace element premix feed, and vitamin premix feed [3] - The production of additive premix feed in China has experienced fluctuations, with production reaching 542.6 million tons in 2019, a decrease of 16.9% year-on-year, and recovering to 594.5 million tons in 2020, a growth of 9.6% [1][8] - In 2021, production increased to 663.1 million tons, a year-on-year growth of 11.54%, but fell to 652.2 million tons in 2022 due to various factors, including the pandemic [1][8] - In 2023, production rebounded to 709.1 million tons, an increase of 8.7% year-on-year, but is expected to decline to 695.1 million tons in 2024 due to adjustments in pig production capacity and reduced livestock inventory [1][8] Industry Policies - The industry has seen a series of supportive and regulatory policies aimed at promoting standardization and efficiency, such as the 2024 "Green Sword Protect Grain Safety" enforcement action focusing on illegal production and sales of feed additives [4][6] - The 2025 Feed Quality Safety Supervision Work Plan emphasizes the inspection of banned substances and illegal additives in various feed products, including premix feeds [4][6] Industry Chain - The upstream of the additive premix feed industry includes feed raw materials like soybeans, corn, and fish meal, while the midstream involves the production of various types of premix feeds [6] - The downstream application includes livestock farming sectors such as pig, poultry, and aquaculture [6] Market Dynamics - The additive premix feed market is characterized by a clear competitive structure, with leading companies like New Hope, Tongwei, and Da Bei Nong forming the first tier, while other companies like Haida Group and Zhengbang Technology represent the second tier [10][12] - The market is expected to consolidate further, with smaller companies facing challenges due to limited innovation and sales channels [10][12] Future Trends - The industry is moving towards precise product functionality and value enhancement, focusing on tailored formulations for different livestock species and growth stages [16] - Technological advancements will drive the integration of biotechnology and smart manufacturing, optimizing formulation structures and improving production processes [17] - A comprehensive service model will emerge, extending beyond product provision to include technical support and real-time monitoring for farmers [18]

尽管AGI是整个行业发展目标，但从现实来看，AGI还比较遥远，行业中更关注的，往往是AI大模型在企业中真正落地应用效果。 "从今年整个大会来看，尤其是跟去年对比，大家普遍关注的方向已经转向AI大模型真正面向产业的落地应用，包括科创企业、头部大厂等，都已经关注 到这个方向来。"中数睿智CEO韩涵如此说道，而这已经成为行业共识。 在2025人工智能+大会主论坛上，多位嘉宾也同时指出，应用落地正在真正成为推动AI前进的力量，技术与产业结合的契机正在逼近，"场景驱动"则是AI 从技术革命走向产业革命的关键跃点。 但是，企业级AI真实落地现状，似乎却并未如行业热度所展现的一样。 很多企业对AI大模型的应用还始终保持着谨慎的态度。"现阶段整个行业用一个词形容，就是乱，但混乱中，也在欣欣向荣。"新希望集团首席数字官李旭 昶对光锥智能说道。 可以看到，现阶段AI早已走出实验室，大模型从"百模大战"走向分化，智能体概念遍地开花，可一落到实际业务，总像差了最后一口"气"，眼看要冲线却 卡在半路。 今年的中关村，AI热度依然很高。 "无论怎么样看，人工智能未来发展最重要的下一步，就是怎么样能够达到大家都满意的AGI，就是通用人工智 ...

Core Insights - The article highlights the development of Xinjing County as a key area for high-quality growth in Chengdu, emphasizing the importance of local leadership and the implementation of the TOD (Transit-Oriented Development) model to reshape urban space and enhance connectivity [1][6][11] Group 1: Regional Development Strategy - The Sichuan Provincial Party Committee has proposed a new regional development framework focusing on "one main, multiple branches, and five zones" with Chengdu as the main hub [2] - Xinjing is positioned as a crucial area for high-quality development, aiming to transform from a county economy to an urban economy [2][11] Group 2: Infrastructure and Connectivity - Xinjing is set to enter the subway era with the upcoming completion of the subway line 10, which will significantly improve transportation links to Chengdu [6][8] - The TOD model is expected to drive urban transformation and enhance the quality of urban functions, with local officials expressing optimism about its potential [7][8] Group 3: Collaborative Development - Xinjing aims to strengthen its role as a hub in the Chengdu economic circle by enhancing collaboration with surrounding areas, including Tianfu New Area and High-tech Zone [11][12] - A recent partnership between Xinjing County and the High-tech Zone is established to promote collaborative innovation and industrial integration [12][13] Group 4: Economic and Environmental Focus - Xinjing is focusing on building a modern industrial system while emphasizing green production methods and the development of new economic sectors [13] - The county is leveraging its ecological advantages to align with Chengdu's goal of becoming a beautiful and livable park city [13]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The demand for pork is expected to support prices as the year-end peak season approaches, despite a decline in prices due to overproduction and accelerated culling of sows [3][12] - The suspension of imports of Japanese seafood is beneficial for the domestic aquaculture sector, as it reduces competition and supports local prices [4][18] - The pet industry is experiencing growth driven by consumer upgrades and increased domestic production, with significant market potential projected for the coming years [22] Summary by Sections Weekly Observation - The culling of breeding sows has accelerated, with the national average price of live pigs at 11.62 yuan/kg as of November 21, 2025, down 0.01 yuan/kg week-on-week and down 4.75% year-on-year [11][12] - The average weight of pigs slaughtered is 128.81 kg, showing a slight increase week-on-week [11] - Cold weather is expected to boost pork consumption, providing support for prices during the peak season [12] Weekly Insights - The pig farming sector is facing losses, leading to accelerated culling of sows. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [22] - The feed sector is benefiting from strong demand, with domestic production expected to improve due to recovery in livestock numbers [22] - The pet market is projected to grow significantly, with a focus on domestic brands due to rising consumer preferences and tariff barriers [22] Market Performance (November 17-21) - The agricultural sector outperformed the market by 0.45 percentage points, with the Shanghai Composite Index down 3.90% and the agricultural index down 3.45% [24] - The fishery sector led gains, with notable increases in stocks such as Zhongshui Fishery (+61.05%) and others [24][30] Price Tracking (November 17-21) - The average price of live pigs was 11.64 yuan/kg, down 0.09 yuan/kg from the previous week, while the price of piglets increased to 19.15 yuan/kg [35] - The price of corn futures rose slightly to 2183.00 yuan/ton, while soybean meal futures decreased to 2427.00 yuan/ton [46][50]