Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the ongoing challenges in the pork market, with prices experiencing a downward trend, currently at 11.90 CNY/kg, a decrease of 1.18% week-on-week. The market is characterized by a supply-demand tug-of-war, with large-scale pig farms adopting strategies to control supply and increase prices [2][12] - The report emphasizes the importance of the seed industry revitalization action plan, aiming for high-quality development during the 14th Five-Year Plan period, focusing on technological self-reliance and independent control of seed sources [1][11] - The report suggests that the commercialization of genetically modified crops will accelerate, significantly impacting yield improvements and self-sufficiency rates for key varieties [1][11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs held a meeting to promote the revitalization of the seed industry, emphasizing the need for high-quality development and technological independence. Key actions include improving seed quality, protecting intellectual property, and enhancing biosecurity measures [1][11] - Recommended companies in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on leading seed companies like Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of live pigs is reported at 11.90 CNY/kg, with a notable decrease in losses for self-bred pigs to 114.81 CNY per head and 205.64 CNY for purchased piglets. The industry is still in a loss-making state but is seeing a reduction in losses compared to previous weeks [2][12] - The report anticipates a long-term upward adjustment in domestic pig prices, driven by policy guidance aimed at improving quality and efficiency in the industry [2][12] - Recommended stocks in the swine sector include companies like Muyuan Foods, Wens Foodstuff Group, and DeKang Agriculture [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2256.27 CNY/ton, up 0.92% week-on-week [25] - Wheat: The average price is 2485.11 CNY/ton, down 0.15% week-on-week [28] - Soybeans: The average price is 4011.58 CNY/ton, up 0.10% week-on-week [40] - Cotton: The average price is 14640.00 CNY/ton, up 0.10% week-on-week [45]

Core Insights - The report maintains a positive investment rating for the agricultural sector, particularly highlighting the resilience and growth potential in the pet food market and the cyclical recovery in the pig farming industry [1] Group 1: Pet Industry Performance - The pet food sales during the 2025 Double Eleven shopping festival reached 9.4 billion yuan, showcasing significant growth in the pet sector [11][12] - Major brands like Mai Fudi and Frigat led sales on platforms such as JD and Tmall, indicating strong competitive advantages [11][12] - The trend towards high-end and refined pet products is evident, with new processing techniques gaining market share [11][12][16] Group 2: Pig Farming Market Dynamics - As of November 14, 2025, the average price of pigs was 11.66 yuan/kg, reflecting a week-on-week decrease of 0.22 yuan/kg and a year-on-year decline of 4.79% [4][15] - The supply side is expected to contract due to overproduction in October and a reduction in breeding stock, while demand may increase due to seasonal consumption patterns [4][15] - The report suggests that the pig farming sector may enter a favorable investment phase as losses accelerate and market conditions stabilize [5][26] Group 3: Market Performance Overview - From November 10 to November 14, the agricultural index outperformed the broader market by 2.87 percentage points, with a 2.70% increase in the agricultural index compared to a 0.18% decline in the Shanghai Composite Index [28][29] - Key stocks such as Yuegui Co. and ST Jiawo saw significant gains, indicating strong performance within the agricultural sector [28][33] Group 4: Feed Industry Insights - The domestic feed market is benefiting from the recovery in livestock numbers and strong overseas demand, with a projected increase in feed production [26] - The report highlights the growth in feed production from 162 million tons in 2010 to 315 million tons in 2024, with a compound annual growth rate (CAGR) of 4.86% [26]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [48]. Core Viewpoints - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 4.87% from October 31, 2025, to November 13, 2025, exceeding the index by approximately 5.04 percentage points [11]. - All sub-sectors within the industry recorded positive returns during the same period, with notable increases in agricultural product processing (9.03%), fishery (8.12%), animal health (5.57%), planting (4.57%), breeding (2.94%), and feed (2.45%) [12]. - Over 90% of individual stocks in the industry achieved positive returns, indicating strong overall market performance [13]. - The industry valuation has rebounded, with the overall price-to-book (PB) ratio at approximately 2.94 times as of November 13, 2025, which is still relatively low compared to historical levels [17]. Industry Important Data - **Pig Farming**: The average price of external three yuan pigs decreased from 12.52 CNY/kg to 11.74 CNY/kg during the reporting period. The cost of corn and soybean meal showed fluctuations, with corn priced at 2260.39 CNY/ton and soybean meal at 3072 CNY/ton as of November 13, 2025 [21][23]. - **Profitability**: As of November 14, 2025, self-breeding pig farming reported a loss of 114.81 CNY per head, while purchasing piglets resulted in a loss of 205.64 CNY per head, indicating a decline in profitability [26]. - **Poultry Farming**: The average price of broiler chicks was 3.49 CNY per chick, slightly down from the previous week, while the average price of white feather broilers increased to 7.12 CNY/kg, with a loss of 0.95 CNY per bird [28][31]. Industry Important News - The Ministry of Agriculture and Rural Affairs emphasized accelerating the self-reliance and controllability of seed technology during a recent meeting, highlighting the importance of domestic seed sources and innovation in the seed industry [35]. Company Important News - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others, which are positioned to benefit from industry trends and potential recovery in profitability [48][49].

Group 1: Agricultural AI Development - The "Future Agricultural Intelligent Hub" was jointly launched by Yanzhou Bay National Laboratory and Huawei, aiming to enhance breeding efficiency through AI and establish a unified data platform for multi-modal seed industry data [1] - The global smart agriculture market is projected to reach $34.1 billion by 2026, with a compound annual growth rate (CAGR) of 18.5%, while China's "AI + agriculture" market is expected to reach 48.7 billion RMB by 2025, growing at 26.5% [1] - The integration of AI in agriculture is seen as a typical case of technology empowering traditional industries, driven by the need to overcome bottlenecks in traditional agricultural models [1] Group 2: Industry Innovations and Applications - XAG Technology has developed an agricultural drone capable of sowing rice seeds, completing the task for 6 acres in about 4 minutes, which is 50 times more efficient than traditional manual methods [2] - XAG's products are now available in 70 countries and regions, serving over one million farmers, showcasing the innovative practices driven by AI in agriculture [2] - Longping High-Tech focuses on core seed industry operations, leveraging technological innovation to become a comprehensive multinational seed group specializing in major crops [2][3] Group 3: Digital Agriculture Platforms - Dayu Water-saving Group has developed a digital agriculture platform that integrates precision irrigation, data management, IoT, remote sensing technology, and agricultural big data [3] - The company utilizes AI, digital twins, and big data to enhance water resource management, enabling real-time monitoring and optimization of water resource allocation [3]

Core Viewpoints - The pig farming sector is experiencing a favorable configuration opportunity due to accelerated breeding stock reduction driven by market and policy resonance, with current prices at a relatively low level [18][43]. - The beef industry is in a cyclical uptrend, with demand increasing and supply constraints expected to continue until 2027, making it a favorable time to invest in beef-related companies [18][51]. - The poultry sector is seeing improved investment logic as it enters a demand peak season, despite challenges from disease outbreaks and production capacity reductions [19][4]. Pig Farming - The supply pressure in pig farming is gradually increasing, leading to continued downward pressure on prices, with the national average price at 11.87 yuan/kg as of November 11, 2025, down 4.85 yuan/kg year-on-year [20][23]. - Policy measures are focused on reducing breeding stock, particularly among large enterprises, while smaller farms are expected to reduce stock due to losses and disease impacts [29][41]. - The current market conditions suggest a significant opportunity for investment in the pig farming sector, with recommended companies including Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [18][43]. Beef Industry - The beef supply is tightening, with a decrease in stock levels and an expected cyclical uptrend in demand, particularly as domestic beef consumption continues to rise [46][51]. - The average beef price in September 2025 was 70.52 yuan/kg, reflecting a year-on-year increase of 5.36% [51]. - Recommended companies in the beef sector include Bright Dairy, Fucheng Co., and several Hong Kong-listed firms such as Modern Farming and China Shengmu [18][51]. Poultry Sector - The white chicken market is entering a peak demand season, with prices expected to rise due to reduced production capacity and increased demand [19][4]. - The supply of white feather chicken breeding stock is projected to decline, supporting a price increase for meat chickens in 2026 [19][4]. - Recommended companies in the poultry sector include Shennong Development and Hefeng Co. [19][4]. Seed Industry - The grain price cycle is at a low point, with expectations for upward trends supported by food security policies and the acceleration of genetically modified seed commercialization [19][5]. - Recommended companies in the seed industry include Dabeinong Technology, Longping High-Tech, and Denghai Seeds [19][5]. Pet Industry - The pet food export volume in China increased by 7.55% year-on-year from January to September 2025, indicating strong growth in the sector [19][7]. - Domestic pet consumption is expected to continue growing, driven by emotional value and increasing market share of domestic brands [19][7]. - Recommended companies in the pet sector include Guibao Pet, Zhongchong Co., and Petty Co. [19][7].

Market Overview - As of 10:30 AM today, the Shanghai Composite Index stands at 4004.76 points, above the six-month moving average, with a change of -0.34% [1] - The total trading volume of A-shares today is 9250.17 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 92 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Visionox (维信诺) with a deviation rate of 9.39% and a price increase of 9.98% [1] - Magv Technology (磁谷科技) with a deviation rate of 8.21% and a price increase of 11.26% [1] - Tongxiang Technology (同享科技) with a deviation rate of 7.15% and a price increase of 8.45% [1] Detailed Stock Performance - The following table summarizes the performance of selected stocks that have recently crossed the six-month moving average: | Stock Code | Stock Name | Price Change (%) | Turnover Rate (%) | Six-Month Average (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 002387 | Visionox | 9.98 | 0.49 | 9.37 | 10.25 | 9.39 | | 688448 | Magv Technology | 11.26 | 14.44 | 38.45 | 41.61 | 8.21 | | 920167 | Tongxiang Technology | 8.45 | 11.64 | 20.11 | 21.55 | 7.15 | | 301611 | Kema Technology | 6.36 | 8.74 | 54.58 | 57.82 | 5.94 | | 300403 | Hanyu Group | 7.75 | 15.48 | 15.22 | 15.85 | 4.11 | | 300937 | Yiyigou | 3.88 | 5.21 | 28.45 | 29.45 | 3.52 | | 002200 | *ST Jiaotou | 3.94 | 1.63 | 7.65 | 7.92 | 3.49 | | 300198 | ST Nachuan | 4.62 | 2.60 | 2.41 | 2.49 | 3.28 | | 605086 | Longgao Shares | 3.48 | 2.65 | 26.19 | 27.03 | 3.21 | | 300152 | ST Xindongli | 5.18 | 4.30 | 2.56 | 2.64 | 2.99 | | 603106 | Hengyin Technology | 3.10 | 2.60 | 10.35 | 10.63 | 2.71 | | 002085 | Wanfeng Aowei | 3.18 | 2.36 | 16.77 | 17.21 | 2.65 | | 301636 | Zerun New Energy | 4.56 | 15.07 | 55.76 | 57.09 | 2.38 | | 300020 | ST Yinjian | 2.34 | 1.42 | 3.86 | 3.94 | 2.01 | | 300880 | Jianan Intelligent | 6.76 | 5.37 | 20.13 | 20.52 | 1.95 | | 300461 | Tianzhong Precision | 1.79 | 1.13 | 20.12 | 20.47 | 1.72 | | 000711 | ST Jinglan | 1.69 | 1.23 | 1.77 | 1.80 | 1.64 | | 920029 | Kaifa Technology | 3.44 | 3.90 | 95.65 | 97.15 | 1.57 | | 300345 | Huamin Shares | 3.42 | 8.29 | 7.74 | 7.86 | 1.56 | | 300523 | Chanan Technology | 3.00 | 0.77 | 22.96 | 23.31 | 1.52 | | 002721 | Jinyi Culture | 5.80 | 4.48 | 3.60 | 3.65 | 1.50 | | 600538 | Guofa Shares | 1.87 | 2.86 | 5.89 | 5.98 | 1.46 | | 001696 | Zongshen Power | 4.37 | 4.88 | 23.56 | 23.89 | 1.41 | | 600800 | Bohai Chemical | 1.72 | 0.80 | 4.09 | 4.15 | 1.35 | | 301209 | United Chemical | 3.74 | 1.59 | 94.06 | 95.23 | 1.25 | | 300218 | Anli Shares | 1.47 | 2.26 | 17.73 | 17.94 | 1.19 | | 002457 | Qinglong Pipe | 1.27 | 3.00 | 11.86 | 12.00 | 1.15 | | 603366 | Rising East | 1.93 | 2.03 | 9.93 | 10.04 | 1.15 | | 001914 | China Merchants Jiyu | 1.95 | 0.52 | 11.91 | 12.04 | 1.12 | | 688628 | Youlide | 1.34 | 0.33 | 34.41 | 34.79 | 1.10 | [1][2]

Group 1 - Hunan's actual foreign investment reached 10.4 billion USD from 2021 to September 2025, surpassing the 10 billion USD target set in the "14th Five-Year Plan" [1] - A total of 2,321 Hunan enterprises have expanded their operations to 113 countries and regions globally over the past five years, with notable companies like Zoomlion, Zhongwei Group, Lens Technology, Longping Development, and Xibang Intelligent becoming multinational corporations [1] - Hunan has implemented 2,057 foreign contracting projects covering 124 countries and regions, enhancing its reputation in international construction with companies like Hunan Construction and Hunan Road and Bridge consistently ranking among the world's top 250 international contractors [1] Group 2 - The orderly development of foreign investment cooperation has injected new momentum into Hunan's economic growth, improving the resilience of its industrial and supply chains through effective overseas market expansion and global resource integration [1] - Hunan plans to better coordinate development and security, guiding enterprises in reasonable and orderly cross-border layouts, focusing on sectors such as agriculture, mining, green energy, biomedicine, electronic information, and machinery equipment for foreign investment cooperation [2] - The province aims to enhance its online and offline integrated overseas service system, creating a "one-stop" service window for enterprises going abroad, while strengthening safety risk prevention and overseas interest protection [2]

Group 1 - The Agricultural and Animal Husbandry ETF (159275) showed a stable performance with a 1.5% increase in price and a trading volume of 18.72 million yuan as of November 10 [1] - Key performing stocks included Luoniushan, Honghui Fruits and Vegetables, and Lihua Co., with increases of 5.54%, 5.1%, and 4.49% respectively [1] - The Ministry of Agriculture and Rural Affairs will implement six types of agricultural electronic certificates nationwide starting November 1, 2025, to further standardize industry management processes [1] Group 2 - The livestock sector achieved revenue of 366.406 billion yuan in the first three quarters of 2025, a year-on-year increase of 6.97%, with a net profit of 23.296 billion yuan, up 4.52% year-on-year [1] - The revenue and net profit growth rates have slowed compared to the second quarter, with gross and net profit margins at 12.87% and 6.54%, respectively, showing a year-on-year decrease of 0.16 percentage points and 0.20 percentage points [1] - The cost rate during this period was 6.07%, down 0.75 percentage points year-on-year [1] Group 3 - Tianfeng Securities indicated that the price of yellow feather chickens may have bottomed out, with expectations for better average prices in the second half of the year due to supply-side adjustments [2] - The white feather chicken supply is expected to tighten significantly in 2025 due to overseas avian influenza restrictions, leading to a substantial reduction in domestic breeding volume [2] - The dairy cow inventory has decreased by 8%, indicating a potential turning point in milk prices [2]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [9] Core Views - The swine sector continues to experience losses, with an increasing number of culled sows, indicating a need to focus on the expected recovery in this sector [2][13] - The dairy and beef sectors are undergoing significant capacity reduction, with a potential turning point for milk prices anticipated [3][15] - The pet sector is witnessing a trend towards premiumization and the rise of domestic brands, reshaping the competitive landscape [4][16] - The poultry sector is facing challenges with breeding stock shortages and improving consumer demand for yellow chickens [5][18] - The seed industry is poised for a turnaround, with an emphasis on biotechnology and the commercialization of genetically modified crops [7][23] - The feed sector shows signs of recovery, with leading companies like Haida Group achieving revenue and profit growth [24][26] Summary by Sections Swine Sector - The industry continues to face losses, with the average price of live pigs at 12.02 CNY/kg, down 4.07% from the previous week [13] - The average market value per head for leading companies is at historical low levels, with Muyuan at 3000-3500 CNY/head and Wens at 2000-3000 CNY/head [14] - Recommended stocks include leading breeders like Muyuan and Wens, with additional focus on flexible stocks such as Shennong Group and Dekang Agriculture [14] Beef Sector - The price of beef cattle is showing signs of stabilization, with the average price for fattened bulls at 25.62 CNY/kg [15] - The dairy cow population has decreased by 8%, indicating a significant capacity reduction [15] - Companies with mother cow resources or those adopting a "milk-meat linkage" model are expected to have stronger profitability [15] Pet Sector - The Double Eleven shopping festival highlighted the resilience and structural upgrades in the pet food market, with domestic brands gaining market share [4][16] - Key recommendations include pet food brands like Guibao Pet and Zhongchong Co., with a focus on companies with technological advantages and comprehensive product lines [17] Poultry Sector - The white chicken sector is under pressure due to breeding stock shortages, with a focus on the impact of avian influenza on imports [18][19] - Yellow chicken prices are expected to improve due to supply constraints and increasing consumer demand [20] - Recommended stocks include leading companies like Shennong Development and Yisheng Biological [19] Seed Sector - The seed industry is expected to benefit from increased focus on food security and the commercialization of genetically modified crops [7][23] - Key recommendations include leading seed companies like Longping High-Tech and Dabeinong [23] Feed Sector - Haida Group is highlighted as a key player in the feed sector, with significant market share growth and revenue increases [24][26] - The overall feed market is expected to recover as smaller companies exit the market, leading to improved conditions for remaining players [24]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The supply-side relaxation continues to suppress pig prices, with a significant acceleration in the reduction of breeding sows in October [2] - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][38] - The planting chain shows a positive outlook with an established upward trend in grain prices, highlighting significant investment opportunities in large-scale planting [3][38] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.91 yuan/kg, down 4.64% week-on-week [11] - The price of 15 kg piglets is 18.93 yuan/kg, up 4.41% week-on-week [11] - The industry is experiencing a comprehensive loss phase, with pig prices dropping below 12 yuan/kg and weaning pig prices around 200 yuan/head [8][11] Poultry - The white feather broiler price remains stable at 7.09 yuan/kg, while chick prices have decreased to 3.54 yuan/chick, down 1.12% week-on-week [16] - The supply of broilers is increasing, but purchasing enthusiasm remains low [16] Feed Sector - Corn and wheat prices have decreased, while soybean meal prices have increased slightly [24] - The average price of corn is 2238.53 yuan/ton, down 0.07% week-on-week [24] Bulk Agricultural Products - The domestic natural rubber price is 14995 yuan/ton, down 0.60% week-on-week, with a new round of inventory replenishment starting [34] - The overall supply remains ample, and the market is characterized by weak demand [34] Investment Recommendations - Positive outlook for the pig farming sector with recommended stocks including Muyuan Foods, Wens Foodstuff Group, and others [3][38] - The planting sector shows promising fundamentals with recommended stocks such as Suqian Agricultural Development and Beidahuang [3][38] - The pet food sector is experiencing growth, with recommended stocks including Guibao Pet and Zhongchong Co., Ltd [3][38]