Core Insights - The conference held on December 26, 2026, focused on the development of Shuanghui meat products, with over 500 attendees including executives and managers from Wan Zhou International and Shuanghui Development [2] - Shuanghui Development's Chairman, Wan Hongwei, highlighted the positive growth in sales, revenue, and profit for 2025, attributing it to the company's supply chain advantages and digital empowerment [4] - The company aims to achieve breakthrough progress in 2026 through organizational, product, channel, and model innovations [5] Group 1 - Shuanghui Development's President, Ma Xiangjie, reported steady improvement in meat product sales since Q2 2025, supporting the company's stable growth amid challenging conditions [7] - The company is committed to a "Four Modernizations" strategy to enhance professional reforms and accelerate digital transformation [7] - Vice President and General Manager of the Meat Products Division, Zhao Guobao, reviewed the operational achievements of 2025 and outlined the goals and strategies for the upcoming year [9] Group 2 - R&D Vice President, Meng Shaohua, discussed product development aligned with market consumption trends and introduced key new products set to launch [11] - The conference recognized outstanding distributors with awards for various categories, emphasizing the importance of collaboration and performance [13] - The event featured discussions on digital empowerment and new retail business strategies, with representatives sharing successful regional market experiences [15] Group 3 - The dialogue between manufacturers focused on market trends, channel strategies, and product sales, aiming to enhance market competitiveness [16] - For 2026, Shuanghui's development strategy will emphasize industrialization, diversification, internationalization, and digitalization to adapt to market changes and optimize channel pricing strategies [16] - The company aims to maintain its leading position in the meat industry by balancing scale and quality improvements [16]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The pork industry continues to face losses, with a focus on pig farming opportunities. The average price of live pigs is 11.59 CNY/kg, down 0.46% week-on-week. The total breeding sow inventory is 39.9 million heads, down 1.1% month-on-month and 2.1% year-on-year. The industry is experiencing ongoing losses, with self-bred and purchased pig farming losses at 130.11 CNY/head and 162.80 CNY/head respectively. The recent anti-dumping ruling may alleviate domestic pork supply pressure, leading to accelerated capacity reduction [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated winter crop seed supervision checks to ensure seed safety for the upcoming spring and summer planting. The checks focus on key crops such as corn, rice, soybeans, cotton, and vegetables. The commercialization of genetically modified technology is expected to accelerate, enhancing self-sufficiency rates of key varieties. Recommended stocks include Beidahuang and Suqian Agricultural Development [1][11]. Pig Farming - The average price of live pigs is reported at 11.59 CNY/kg, with a slight decrease of 0.46% from the previous week. The average price for pig futures is 11,469 CNY/ton, reflecting a 1.07% increase. The average weight of pigs post-slaughter is 89.57 kg, with a month-on-month increase of 3.21% in slaughter volume [12][62][65]. Recommended Stocks - For pig farming, recommended stocks include: 1. Livestock sector: Lihua Stock, Muyuan Food, Shuanghui Development, Dekang Agriculture, Jingji Zhino, and Wens Foodstuff 2. Feed sector: Haida Group 3. Animal health sector: Jinhai Biological, Biological Shares, Placo, and Zhongmu Shares [2][12].

Core Viewpoint - The conference highlighted the positive growth trajectory of Shuanghui's meat products business, emphasizing innovation and digital transformation as key drivers for future success in 2026 [4][6]. Group 1: Company Performance - In 2025, Shuanghui achieved good development in sales, revenue, and profit due to its industrial chain advantages and resilient channel layout [4]. - The meat products sector has seen steady improvement in sales since Q2 2025, supporting the company's stable growth amid challenging market conditions [6]. Group 2: Strategic Initiatives - Shuanghui plans to enhance its channel and terminal services through organizational, product, channel, and model innovations to achieve breakthrough progress in 2026 [4]. - The company aims to implement a "Four Modernizations" strategy, focusing on professional reforms and accelerating digital transformation [6]. Group 3: Market Trends and Product Development - The company is aligning its product development with current market consumption trends, with a focus on new product launches [11]. - The 2026 strategy includes a commitment to industrialization, diversification, internationalization, and digitalization to adapt to market changes and enhance competitiveness [22]. Group 4: Recognition and Collaboration - The conference recognized outstanding distributors with awards for various categories, highlighting the importance of collaboration in achieving market success [10]. - Discussions during the event focused on market trends, channel strategies, and product sales, aiming to enhance market competitiveness through practical dialogue [18].

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating [1][2] Core Viewpoints of the Report - The government has increased its emphasis on boosting consumption and expanding domestic demand, with multiple policies coordinated to promote the construction of the domestic economic cycle and the domestic demand system [2][7][8] - It is expected that the year-on-year pork price will gradually turn positive in the second half of 2026, which will support the CPI, especially the food CPI [2][14][20] - The CSI All-China Food Index selects leading companies in the food industry, with high price elasticity, strong offensive ability, and long - term stable excess return potential. Currently, the valuation of the food sector has bottomed out, and the medium - to - long - term allocation cost - effectiveness is prominent [2][22][50] - The Huaxia CSI All - China Food ETF closely tracks the CSI All - China Food Index, aiming to minimize tracking deviation and tracking error [2][52] Summary According to the Directory 1. Policy Emphasizes Expanding Domestic Demand and Boosting Consumption, Focus on Investment Opportunities in the Food Sector - **Policy Attention Increased: Boosting Consumption and Expanding Domestic Demand** - Multiple policies are coordinated to promote the domestic economic cycle and the construction of the domestic demand system. Since December, authoritative media and high - level authorities have continuously emphasized the importance of domestic demand and the significance of boosting consumption [2][7][8] - The "Qiushi" magazine pointed out that expanding domestic demand is a strategic move related to economic stability and security. The Central Financial and Economic Affairs Office stated that expanding domestic demand is the top priority for next year, and the National Development and Reform Commission emphasized the firm implementation of the strategy to expand domestic demand [2][9][13] - **Expected Gradual Recovery of Pork Prices, Focus on Food CPI Changes in 2026** - Since the second half of 2022, the CPI has been continuously declining and has been hovering at a low level since 2025, suppressing the contribution of prices to the profits of mass consumer goods [2][14] - Although the CPI was at a low level in 2025, the demand for dairy products showed signs of stabilization. The retail prices of milk and yogurt ended a three - year decline in the second half of 2025 [17][19] - Due to the structural surplus of production capacity and low breeding costs, the year - on - year decline in pork prices has widened since the second half of 2025. It is expected that the year - on - year pork price will gradually turn positive in the second half of next year, supporting the CPI, especially the food CPI [20][21] 2. CSI All - China Food Index - **Index Compilation: Selecting Leading Food Industry Companies** - The CSI All - China Food Index was released on July 15, 2013. It selects all listed company securities belonging to the tertiary "Food" industry from the CSI All - China sample space, aiming to comprehensively reflect the overall performance of A - share food industry listed company securities [22][25][26] - The index samples are adjusted semi - annually, with a single sample weight limit of 10% [26] - **Industry Market Value Characteristics: Industry Concentrated in the Primary Consumption Sector, with a Market Value Pattern Dominated by Leading Companies** - As of December 18, 2025, the index has 79 constituent stocks, with an average total market value of 1.6575 billion yuan. There are 3 stocks with a market value exceeding 10 billion yuan, and more than half of the constituent stocks have a total market value of less than 1 billion yuan [27][30][33] - The top ten constituent stocks have a total weight of 50.4%, and the top three weighted stocks are Inner Mongolia Yili Industrial Group Co., Ltd., Haitian Flavoring & Food Co., Ltd., and Shuanghui Development Co., Ltd., with weights of 10.52%, 9.05%, and 6.05% respectively [30][31][33] - The index is concentrated in the food sub - industries, especially in the seasoning fermentation products II, food processing, and beverage dairy sectors, with a combined proportion of over 64%, highly focusing on the food field directly facing consumers [33][34][39] - **High Index Volatility and Strong Offensive Ability** - Historically, the index has shown a clear offensive ability, especially in the market driven by the consumption sector, with long - term stable excess return potential. It also has significant high elasticity, with higher volatility and drawdown than the market broad - based index [40][42][45] - In the long run, the index has shown stable income growth ability, with a cumulative return and annualized return of 256.10% and 8.87% respectively, exceeding the performance of the CSI 300 Index and the CSI All - China Index during the same period, reflecting the long - term allocation value of the core assets in the consumption industry [42][43] - **The Valuation of the Food Sector has Bottomed Out, and the Medium - to - Long - Term Allocation Cost - Effectiveness is Prominent** - As of December 18, 2025, the price - to - earnings ratio of the index is 31.52, with a historical quantile of 22.26%, and the price - to - book ratio is 2.85, with a historical quantile of 5.32% [50][51][52] - The index has experienced an adjustment since the high in late 2020, and recently shows signs of stabilization, with limited downside risk [50] 3. Huaxia CSI All - China Food ETF - The Huaxia CSI All - China Food ETF (fund code: 159151) closely tracks the CSI All - China Food Index, aiming to minimize tracking deviation and tracking error. The fund started raising funds on December 22, 2025, and ended on December 26, 2025, with fund manager Wang Xinwei [2][52][55]

Core Insights - The strategic partnership between Shuanghui Development and Huaqiang Fantawild marks a significant collaboration between the meat industry and cultural tourism leaders, aiming to enhance consumer experiences through a combination of dining and entertainment [1][3][5] Group 1: Partnership Details - The signing ceremony took place at the headquarters of Huaqiang Fantawild, with key representatives from both companies present, indicating a formal initiation of a three-year deep cooperation [3] - Starting from January 1, 2026, Shuanghui's quality products will be introduced in Fantawild's cultural tourism parks, leveraging both companies' customer flow and supply chain advantages to upgrade visitor dining experiences [3][5] Group 2: Strategic Goals - The collaboration aims to create a "scene synchronization" and "value resonance," focusing on the shared core user base of Chinese families, thus enhancing brand visibility and consumer engagement [3][6] - Future plans include the establishment of themed stores, co-development of customized food products based on the "Boonie Bears" IP, and the creation of a "Culinary Innovation Laboratory" to introduce healthy new products [3][6] Group 3: Company Profiles - Shuanghui Development is a key national enterprise in agricultural industrialization, operating 30 modern meat processing bases and over 2 million sales terminals [5] - Huaqiang Fantawild is a leading cultural technology group in China, known for its strong capabilities in cultural tourism content creation and operation, having established over 40 tourism parks across more than 20 cities [3][5]

Core Insights - The strategic partnership between Shuanghui Development and Huaqiang Fantawild marks a significant collaboration between two leading national brands in the meat industry and cultural tourism sectors [1][3] - The collaboration aims to enhance the dining experience for visitors at Fantawild's theme parks by integrating Shuanghui's quality products into their offerings starting from January 1, 2026 [3][5] Group 1: Partnership Details - The signing ceremony took place at the headquarters of Huaqiang Fantawild, attended by key executives from both companies, including Shuanghui's Chairman Wan Hongwei and Fantawild's Chairman Liu Daoqiang [3] - The partnership is set to last for three years, focusing on the integration of both companies' customer bases and supply chain advantages to upgrade visitor dining experiences [3][5] Group 2: Strategic Goals - Shuanghui aims to leverage its brand philosophy of bringing delicious food to households, aligning with Fantawild's focus on creating joyful experiences for families [3][5] - Future initiatives include the establishment of themed stores, co-development of customized food products based on the popular "Boonie Bears" IP, and the creation of a "Culinary Innovation Laboratory" to introduce healthy new products [3][5] Group 3: Industry Impact - Shuanghui Development is recognized as a key player in the agricultural industry with a comprehensive supply chain, while Huaqiang Fantawild is a leading cultural technology group with extensive experience in creating and operating cultural tourism attractions [5] - The collaboration is expected to set a new standard for cross-industry cooperation, combining offline experiences with online marketing strategies to create a new consumer symbol [5]

Group 1 - The poultry concept sector declined by 0.40%, ranking among the top declines in concept sectors, with major declines seen in companies like Roniu Mountain, Yisheng Shares, and Yike Foods [1] - Among the poultry concept stocks, only two companies saw price increases, with Jingji Zhino rising by 4.49% and Tangrenshen by 0.23% [1] - The top gainers in other concept sectors included Terahertz with a rise of 4.02% and Commercial Aerospace with 3.60% [1] Group 2 - The poultry concept sector experienced a net outflow of 209 million yuan, with 17 stocks seeing net outflows, and 8 stocks exceeding 10 million yuan in outflows [1] - Roniu Mountain had the highest net outflow of 95.06 million yuan, followed by Wens Shares and Tianma Technology with outflows of 33.15 million yuan and 12.76 million yuan, respectively [1] - The top net inflows were seen in Jingji Zhino, Tangrenshen, and Shuanghui Development, with net inflows of 9.19 million yuan, 3.65 million yuan, and 2.42 million yuan, respectively [2]

Core Viewpoint - The company held its first extraordinary shareholders' meeting on December 15, 2025, where it approved amendments to its Articles of Association, allowing for the inclusion of an employee representative on the board of directors [1] Group 1: Board Composition - The board of directors will consist of ten members, including one employee representative elected by the company's employees through democratic means [1] - Following the employee representative election on December 20, 2025, Ms. Hu Yuhong was elected as the employee representative director, joining the other nine directors [1][2] - The total number of directors who are senior management or employee representatives will not exceed half of the total board members, complying with relevant laws and the company's Articles of Association [2] Group 2: Ms. Hu Yuhong's Qualifications - Ms. Hu Yuhong, born in 1969, holds a college degree and is a member of the Communist Party, with qualifications as an auditor and certified public accountant [4] - She has previously served as a supervisor for the company and currently holds the position of director of the audit center and employee representative director [4] - Ms. Hu does not hold any shares in the company and has no relationships with other directors or senior management, meeting all legal and regulatory requirements for her position [5]

Core Viewpoint - Shuanghui Development (000895) announced the election of Hu Yuhong as the employee representative director during the employee representative assembly scheduled for December 20, 2025, aligning with the term of the company's ninth board of directors [1] Group 1 - The employee representative assembly will take place on December 20, 2025 [1] - Hu Yuhong, previously a supervisor, currently serves as the director of the audit center and employee representative director [1] - Hu Yuhong also holds supervisory roles in several subsidiaries or joint ventures of the company [1]

Core Viewpoint - Shuanghui Development announced the election of Hu Yuhong as the employee representative director of the ninth board of directors, which will be held on December 20, 2025 [1] Group 1 - The employee representative director, Hu Yuhong, has made a written commitment to accept the nomination and confirmed that he meets the qualifications for the position [1] - Hu Yuhong's election will ensure that the number of directors who are senior management or employee representatives does not exceed half of the total number of directors on the ninth board, in compliance with relevant laws and regulations [1] - The term of Hu Yuhong as a director will align with the term of the ninth board of directors [1]