8 October 2025 | 9:07PM HKT Equity Research CHINA CONSUMER STAPLES Pork: 3Q25 preview: overall steady; better packaged meat on China hog price decline while offset by fresh meat; Buy WH Group We expect WH group OP to grow steadily at 2% OP yoy in 3Q25. For China business (also Shuanghui), we are expecting c.2% yoy OP thanks to strong packaged meat where we estimate unit profit of packaged meat will be around Rmb5,003/ton on dropping hog prices (see our Agriculture team's estimate for hog at 21% yoy in 2H25E ...

证券日报网讯双汇发展（000895）10月10日在互动平台回答投资者提问时表示，公司成立有多个专项研 究所来研发不同的产品，每个研究所负责细分品类的产品开发与专项技术研究，持续提升产品工艺，丰 富产品口味与营养，满足多元化消费需求。 ...

证券之星消息，10月10日食品加工板块较上一交易日上涨0.81%，光明肉业领涨。当日上证指数报收于 3897.03，下跌0.94%。深证成指报收于13355.42，下跌2.7%。食品加工板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600073 | 光明肉业 | 4339.79万 | 11.14% | -1287.48万 | -3.31% | -3052.31万 | -7.84% | | 603345 | 安井食品 | 1280.50万 | 4.66% | -86.22万 | -0.31% | -1194.28万 | -4.35% | | 300146 | 汤臣倍健 | 1225.91万 | 4.94% | 288.98万 | 1.16% | -1514.89万 | -6.11% | | 002726 龙大美食 | | 967.55万 | 7.14% | -2015.02万 | -14.88 ...

证券日报网讯双汇发展（000895）10月9日在互动平台回答投资者提问时表示，2025年9月30日公司股东 人数为165713户(含信用账户)。 ...

人民财讯10月9日电，双汇发展（000895）10月9日在互动平台表示，目前公司与中誉宠食开展有鲜肉供 应及股权投资等方面的合作。 ...

"十四五"期间，从区域内上市公司数量稳步攀升，到牧原股份、双汇发展等龙头企业依托资本市场巩固行业地位，再到仕佳光子、新强联等科技型企业借助上市融 资突破技术瓶颈，河南资本市场正从"量的积累"向"质的提升"跨越，不仅为粮食生产核心区、先进制造业强省建设注入了金融动能，更让"豫企军团"在全国资本市 场的版图中占据一席之地。 面向"十五五"，以"智能化、绿色化、高端化"为方向，河南"7+28+N"产业链集群将迎来更大发展空间。围绕"两高四着力"精神内核，河南也将着力服务科技创新 和产业创新融合，提升上市公司质量和产业投融资，助力全省经济高质量发展。 作为资本市场资源配置的基础性功能，场内资金活水正源源不断注入实体企业，助力豫企完成技术升级，推动战略产业提质焕新。 从2020年末的87家，到如今的112家，"十四五"期间，河南地区A股上市公司数量实现快速扩容，仅北交所上市企业就有13家，总数位列中部六省首位。 而2021年至今，河南企业连续4年交易所市场债券融资超过1000亿元，存量规模增至4958亿元，较2021年翻番；债券发行加权平均成本压降至目前的2.66%，较 期间最高点下降212个BP。绿色、科创等创新品种 ...

Group 1 - The capital market serves as a barometer for the national economy, reflecting the vitality of the real economy and the trends in industrial structure adjustment [1] - During the "14th Five-Year Plan" period, the capital market in Henan has played a significant role in economic development, with an increase in the number of listed companies and the emergence of leading enterprises like Muyuan Foods and Shuanghui Development [2][3] - Henan's capital market is transitioning from "quantitative accumulation" to "qualitative improvement," injecting financial momentum into key industries such as grain production and advanced manufacturing [2] Group 2 - The number of A-share listed companies in Henan increased from 87 at the end of 2020 to 112, with 13 companies listed on the Beijing Stock Exchange, leading among the six central provinces [3] - Since 2021, Henan enterprises have consistently raised over 100 billion yuan in bond financing annually, with the total bond issuance reaching 495.8 billion yuan, doubling since 2021 [5] - The average cost of bond issuance has decreased to 2.66%, down 212 basis points from its peak [5] Group 3 - Leading companies like Muyuan Foods have achieved significant growth, with revenue increasing from 56.3 billion yuan in 2020 to 137.9 billion yuan in 2024 [5][6] - Muyuan Foods has invested heavily in R&D for smart farming and disease prevention, supported by capital market financing [6] - The company has filed 2,276 patents, with 138 new patents granted in 2024 alone [6] Group 4 - By August 2025, the number of A-share listed companies in Henan with a market capitalization exceeding 10 billion yuan reached 35, doubling from the previous year [8] - Nearly 80% of listed companies in Henan reported profits, with total revenue and net profit reaching record highs, and 13 companies exceeding 10 billion yuan in revenue [8][9] - R&D investment among listed companies in Henan increased, with an overall R&D intensity of 5.57% in 2024, up 2.5 percentage points year-on-year [9] Group 5 - The Zhengzhou Commodity Exchange has listed 27 futures and 20 options products, capturing 35.03% of the national futures market volume [11] - The exchange has attracted 2.2 trillion yuan in settlement funds and has introduced foreign investors to several products [11] - The use of futures for risk management has been demonstrated by local companies successfully hedging against price fluctuations [12] Group 6 - Henan has actively explored the issuance of Real Estate Investment Trusts (REITs) to support the development of the real economy, with successful issuances covering various sectors [13] - The province has implemented policies to support mergers and acquisitions among listed companies, aiming to enhance traditional industries and foster emerging sectors [14] - The government plans to deepen cooperation with major stock exchanges to facilitate more companies in raising funds through listings [14][15]

Core Insights - The capital market in Henan province has played a crucial role in enhancing the quality and efficiency of local enterprises during the "14th Five-Year Plan" period, transitioning from quantity accumulation to quality improvement [1][2] - The number of A-share listed companies in Henan has increased from 87 at the end of 2020 to 112, leading the central region of China [2] - Major companies like Muyuan Foods and Shuanghui Development have leveraged capital markets to solidify their industry positions and drive technological advancements [2][3] Capital Empowerment - The number of A-share listed companies in Henan has grown rapidly, with 13 companies listed on the Beijing Stock Exchange, making it the leader among six central provinces [2] - From 2021 onwards, Henan enterprises have consistently raised over 100 billion yuan through bond financing, with the total bond stock reaching 495.8 billion yuan, doubling since 2021 [2] - The average cost of bond issuance has decreased to 2.66%, down 212 basis points from its peak [2] - Since 2022, 18 listed companies in Henan have engaged in mergers and acquisitions, with 12 occurring in 2025 alone, involving over 30 billion yuan [2] Industry Development - Muyuan Foods has seen its revenue grow from 56.3 billion yuan in 2020 to 137.9 billion yuan in 2024, driven by significant investments in technology and innovation [3] - The company has filed 2,276 patents, with 138 granted in 2024 alone, reflecting its commitment to R&D [3] - The capital market has supported the development of high-end materials companies like DuPont and Longbai Group, which have invested over 10 billion yuan in technology upgrades [4][5] Performance and Returns - By August 2025, the number of A-share listed companies in Henan with a market value exceeding 10 billion yuan reached 35, doubling from the previous year [5] - Nearly 80% of listed companies reported profits in the first half of the year, with total revenue and net profit hitting record highs [5] - R&D investment among listed companies in Henan has increased, with an overall R&D intensity of 5.57% in 2024, up 2.5 percentage points year-on-year [5] Financial Tools and Services - The Zhengzhou Commodity Exchange has become a significant player in the futures market, with 27 futures and 20 options listed, capturing 35.03% of the national market share [7] - The exchange has attracted 107 futures institutions and 2.2 trillion yuan in settlement funds [7] - The province has also implemented various financial initiatives, including private equity funds and REITs, to support the development of local enterprises [9][10] Policy Support - The Henan provincial government has introduced policies to support mergers and acquisitions, aiming to enhance traditional industries and foster emerging sectors [10] - The government plans to deepen cooperation with major stock exchanges to facilitate more companies in listing and financing [10]

Core Insights - The Henan province is taking significant steps to support the healthy and high-quality development of the private economy, as evidenced by the recent meeting of the provincial leadership group on promoting private economic growth [1] Group 1: Private Enterprise Rankings - The 2025 Henan Top 100 Private Enterprises list was released, showing a continued increase in the scale and operational efficiency of these companies [2] - The total revenue of the top 100 private enterprises reached 15,255.6 billion yuan, a 13.27% increase from the previous year, with total profits rising by 62.18% to 1,005.76 billion yuan [2] - The entry threshold for the top 100 list increased to 32.90 billion yuan, up from 32.74 billion yuan last year [2] Group 2: Notable Companies - Luoyang Luanchuan Molybdenum Group remains the largest private enterprise in Henan, with revenue exceeding 200 billion yuan, setting a new record for the list [2] - New entrants to the top ranks include Yidian Holding Group, which surpassed Henan Shuanghui Investment & Development Co., achieving a revenue of 695.12 billion yuan [3] Group 3: Regional Economic Development - The list reflects a new economic development pattern in Henan, characterized by "provincial capital leadership, multi-regional collaboration, and distinct features" [4] - Zhengzhou leads with 24 companies on the list, accounting for nearly a quarter of the total, with combined revenues of 3,599.34 billion yuan [4] - Other cities like Luoyang, Nanyang, and Xinxiang also contribute significantly to the private economy, showcasing strong regional vitality [4] Group 4: Manufacturing Sector - The manufacturing sector continues to lead, with 15 companies from Henan making it to the top 500 private manufacturing enterprises in China [5] - The non-ferrous metal smelting and rolling processing industry has the highest representation with 21 companies, followed by the chemical raw materials and products manufacturing sector with 8 companies [6] - Companies like Yidian Group, Shuanghui Development, and Yutong Group are not only in the top 100 but also rank among the top 500 private manufacturing enterprises in China [6] Group 5: Policy Support and Economic Growth - As of June, there were 10.94 million private economic entities in Henan, making up 95.9% of all operating entities [7] - The provincial government has implemented a series of supportive policies aimed at enhancing the development environment for private enterprises [8] - Initiatives include reforms to streamline processes for businesses and financial support measures to ensure stable growth for private enterprises [8]

Core Insights - The Henan provincial government is taking significant steps to support the healthy and high-quality development of the private economy, as evidenced by the recent meeting of the provincial leadership group on promoting private economic growth [1][11] Group 1: Overview of the 2025 Henan Private Enterprises Top 100 List - The 2025 Henan Private Enterprises Top 100 list shows a continuous increase in the overall scale, operational efficiency, social contributions, innovation vitality, and overseas business expansion of the top companies [2] - The total revenue of the top 100 private enterprises reached 15,255.6 billion yuan, a year-on-year increase of 13.27%, while total profits rose by 62.18% to 1,005.76 billion yuan [2] - The entry threshold for the 2025 list was set at 3.29 billion yuan, slightly up from 3.27 billion yuan the previous year [2] Group 2: Key Players in the Top 100 - Luoyang Luanchuan Molybdenum Group remains the top private enterprise in Henan, with revenue exceeding 200 billion yuan, while Muyuan Foods Group ranks second with 142.879 billion yuan [4] - A new entrant, Yidian Holding Group, surpassed Henan Shuanghui Investment & Development Co., achieving a revenue of 69.512 billion yuan [5] Group 3: Regional Distribution and Industry Characteristics - Zhengzhou leads with 24 companies in the top 100, accounting for nearly one-fourth of the total, with combined revenues of 359.934 billion yuan [6] - The manufacturing sector is prominent, with 15 companies from Henan making it to the national top 500 private manufacturing enterprises list, showcasing the province's strong industrial foundation [8][10] Group 4: Government Support and Policy Initiatives - The Henan provincial government has implemented a series of targeted actions to support the private economy, including financial assistance and regulatory reforms to enhance the business environment [12] - As of June, private economic entities accounted for 95.9% of all market entities in Henan, highlighting the sector's critical role in the province's economic landscape [11]