| 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-117 | | --- | --- | --- | | 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 关于与央企基金和欠发达基金联合对外投资的进展公告 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。 1 新设孙公司的议案》。具体内容详见公司于2025年11月7日在《中国 证券报》《证券时报》《上海证券报》《证券日报》和巨潮资讯网 披露的《关于与央企基金和欠发达基金共同设立合资公司并由其购 买和新设孙公司的公告》（公告编号：2025-112）。 二、交易进展情况及后续安排 目前，本次交易事项已经通过交易对手方有权审议机构审批通 过，即将进入签约执行阶段。公司董事会授权管理层继续积极推进 联合对外投资的相关工作及与交易对手方签署《合作函》等项目配 套文件。公司后续也将密切关注交易对手方缴款进度，按协议约定 督促完成相关事宜。 三、风险提示 本次交易能否顺利实施存在一定不确定性，公司将根据相关事 项进展情况，严格按照有关法律法规的规定和 ...

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） 3、兑付资金发放日：2026 年 1 月 6 日 4、可转债摘牌日：2026 年 1 月 6 日 | 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-115 | | --- | --- | --- | | 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二次提示性公告 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： 5、可转债最后交易日：2025 年 12 月 29 日 6、可转债停止交易日：2025 年 12 月 30 日 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 ...

Summary of Earnings Estimates for China Commodities Industry Overview - The report focuses on the **China commodities** sector, specifically covering various sub-sectors including steel, coal, cement, aluminum, copper, gold, EV metals, paper, and agriculture. Key Points in Earnings Estimates Revisions - **General Update**: Earnings estimates for China commodities have been refreshed to reflect mark-to-market price changes for Q3 2025 and the current quarter. Target price changes range from -5% to +5%, with investment ratings remaining unchanged. The changes are not viewed as material, and the overall investment thesis remains intact [1][2]. Steel Sector - **Baosteel and Maanshan-H/A**: Earnings estimates cut by 3% to 5%. Loss estimates for Angang-H/A increased by 4% for 2025E [9]. Coal Sector - **Shenhua-H/A, Yankuang-H/A, Chinacoal-H/A**: Earnings estimates updated by -3% to +5% for 2025-27E based on recent coal price trends. Chinacoal-H/A target price adjusted to HK$6.5 from HK$6.4, maintaining a Sell rating [9]. Cement Sector - **CNBM, WCC, BBMG-H/A, Conch-H/A, CRBMT**: Earnings estimates updated by -5% to +3% for 2025-27E, reflecting recent unit gross profit trends [9]. Aluminum Sector - **Chalco-H/A and Hongqiao**: Earnings estimates adjusted by -5% to +5% for 2025-27E based on mark-to-market aluminum and alumina prices. Hongqiao target price fine-tuned to HK$20.0 from HK$19.6, maintaining a Neutral rating [9]. Base Metals (Copper and Gold) - **Zijin-H/A, JXC-H/A, CMOC-H/A, MMG, Zhaojin**: Earnings estimates updated by -5% to +5% for 2025-27E to reflect mark-to-market prices of copper and other metals [9]. EV Metals - **Huayou and GEM**: Earnings estimates adjusted by -3% to +5% for 2025-27E based on mark-to-market nickel/cobalt prices and cathode spreads. Huayou's target price fine-tuned to Rmb32.6 from Rmb32.4, maintaining a Sell rating [9]. Paper Sector - **ND Paper and Sun Paper**: Earnings estimates updated by 0% to 2% for 2025-27E to reflect mark-to-market paper prices [10]. Agriculture Sector - **Hog and Feed Coverage**: Earnings estimates revised by -5% to +3% for companies like Wens, New Hope, Haid, and Dabeinong, incorporating mark-to-market hog and feed prices. For animal health and conventional seeds, estimates revised by -5% to -2% [10][13]. Target Price Methodologies and Risks - **Cement Companies**: Target prices based on historical P/B vs. ROE correlations. Key risks include weaker-than-expected construction demand and slower unauthorized cement capacity exit [14]. - **Base Metals**: Target prices based on historical P/B vs. ROE correlations. Key risks include lower commodity prices and operational risks [14]. Additional Insights - The report emphasizes the importance of considering these estimates as part of a broader investment decision-making process, highlighting potential conflicts of interest due to Goldman Sachs' business relationships with covered companies [3]. This summary encapsulates the key updates and insights from the earnings estimates for the China commodities sector, providing a comprehensive overview of the changes and their implications for investors.

Core Points - The company announces the maturity and redemption details of its convertible bonds, "Hope Convertible Bonds," which will mature on January 5, 2026, with a redemption amount of 106 RMB per bond, including tax and the last interest payment [2][4][7]. 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 the Shenzhen Stock Exchange on February 4, 2020 [2][3]. - The last trading day for the "Hope Convertible Bonds" will be December 29, 2025, and trading will cease on December 30, 2025 [5][7]. Group 2: Conversion and Redemption Details - The conversion period for the bonds started on July 9, 2020, and will end on January 5, 2026, allowing bondholders to convert their bonds into company stock at a conversion price of 10.59 RMB per share [3][5]. - The company will redeem any unconverted bonds at a price of 106% of the face value within five trading days after the maturity date [4][6]. Group 3: Payment and Registration Information - The payment of the redemption amount will be made on January 6, 2026, to all registered bondholders as of the close of trading on January 5, 2026 [7][8]. - The bonds will be delisted from the Shenzhen Stock Exchange on January 6, 2026 [7].

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]