Core Insights - The feed sector experienced a rise of 0.74% on January 9, with Baiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Feed Sector Performance - Baiyang Co., Ltd. (002696) closed at 7.40, with a gain of 4.52% and a trading volume of 212,900 shares, amounting to a transaction value of 154 million yuan [1] - Tianma Technology (603668) closed at 17.05, up 2.40%, with a trading volume of 206,300 shares and a transaction value of 348 million yuan [1] - Dabeinong (002385) closed at 4.08, up 0.99%, with a trading volume of 983,400 shares and a transaction value of 400 million yuan [1] - Haida Group (002311) closed at 53.51, up 0.98%, with a trading volume of 94,800 shares and a transaction value of 501 million yuan [1] - Other notable companies include Jinxinnong (002548), Hefeng Co., Ltd. (603609), and Petty Co., Ltd. (300673), with respective closing prices and gains [1] Capital Flow Analysis - The feed sector saw a net outflow of 9.33 million yuan from main funds, while retail funds experienced a net inflow of 30.09 million yuan [2] - Dabeinong had a main fund net inflow of 42.81 million yuan, while Haida Group saw a net outflow of 60.89 million yuan from retail investors [3] - Baiyang Co., Ltd. had a main fund net inflow of 16.28 million yuan, with retail investors also showing a net outflow [3]

Core Viewpoint - The live pig futures market in China has developed significantly over the past five years, becoming an essential tool for stabilizing operations in the pig farming industry and enhancing its resilience against cyclical fluctuations [3][9]. Market Capacity - The liquidity of live pig futures has steadily improved, with the total trading volume reaching 17.993 million contracts and an average daily trading volume of 74,000 contracts by 2025, compared to 25,000 contracts and 60,000 contracts in 2021 [3][9]. - The average open interest has increased to 213,000 contracts, with levels maintained above 300,000 contracts since November 2025 [3][9]. Industry Participation - Over 3,000 industry enterprises are involved in live pig futures trading, with 24 out of 32 major pig companies participating in trading or delivery [3][9]. - Notable companies such as Muyuan Foods, Shennong Group, and others have issued announcements related to hedging with live pig futures [3][9]. Delivery Layout - The delivery network for live pig futures has expanded to cover 22 provinces, with 58 delivery warehouses established, up from 14 at the time of launch [4][10]. - The Dalian Commodity Exchange has optimized contract specifications and introduced new delivery methods to enhance efficiency and service to industry participants [4][10]. Risk Management and Support for Rural Revitalization - The Dalian Commodity Exchange has supported 774 "insurance + futures" projects, covering over 15.4 million pigs and providing compensation of 748 million yuan to farmers [4][10]. - These initiatives have benefited approximately 28,700 farming households across major pig-producing provinces [4][10]. Price Discovery - Live pig futures serve as a reference for macroeconomic policy formulation and production planning for farming enterprises, reflecting policy impacts quickly in market prices [5][10]. - The futures market has become a critical tool for large-scale enterprises to manage price volatility and stabilize supply-demand dynamics in the industry [5][11]. Industry Insights - Companies like Sichuan Dekang Agricultural Group have actively engaged in hedging since the launch of live pig futures, using it as a standard operational method to secure profits [11][12]. - Shaanxi Shiyang Agricultural Technology Co., Ltd. emphasizes the importance of futures in improving cash flow and stabilizing operations amid industry cycles [12][13]. Market Evolution - The rapid development of live pig futures has led to increased transparency in market information, allowing enterprises and farmers to make informed decisions [13]. - The market's growth reflects a deepening integration between futures and the real economy, with expectations for a more resilient and efficient live pig futures market in the future [13].

Group 1 - The pork concept sector declined by 0.28%, ranking among the top declines in concept sectors, with major declines seen in companies like Jingji Zhino, Luoniushan, and Tianyu Biological [1] - Among the 16 stocks that rose, Yisheng Shares, Longda Meishi, and Guangming Meat Industry had the highest increases of 2.51%, 0.97%, and 0.63% respectively [1] - The pork concept sector experienced a net outflow of 189 million yuan from main funds, with 19 stocks seeing net outflows, and 8 stocks with outflows exceeding 10 million yuan [2] Group 2 - The top net outflow was from Haida Group, with a net outflow of 63.29 million yuan, followed by Luoniushan, Zhengbang Technology, and Jingji Zhino with outflows of 60.56 million yuan, 33.99 million yuan, and 20.80 million yuan respectively [2] - The stocks with the highest net inflows included Wens Shares, Muyuan Foods, and Tiankang Biological, with net inflows of 29.18 million yuan, 14.76 million yuan, and 11.47 million yuan respectively [2] - The pork concept sector's outflow list included Haida Group, Luoniushan, Zhengbang Technology, and Jingji Zhino, all showing negative performance [3]

Market Overview - The feed sector experienced a decline of 1.08% on December 31, with TianKang Biological leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Individual Stock Performance - JinXinNong (002548) saw a significant increase of 9.95%, closing at 6.08, with a trading volume of 816,900 shares and a transaction value of 479 million [1] - TianKang Biological (002100) declined by 3.03%, closing at 7.37, with a trading volume of 337,500 shares and a transaction value of 250 million [2] - Other notable performers include ZhiYang Co. (002696) with a 1.00% increase, and Boen Group (001366) with a 0.91% increase [1] Capital Flow Analysis - The feed sector experienced a net outflow of 75.87 million from institutional investors, while retail investors saw a net inflow of 22.40 million [2] - JinXinNong had a net inflow of 64.54 million from institutional investors, but a net outflow of 36.08 million from retail investors [3] - TianMa Technology (603668) had a net inflow of 11.83 million from institutional investors, while retail investors experienced a net outflow of 13.32 million [3]

Core Viewpoint - The company emphasizes its business model of "feed + breeding + hedging," which reflects the overall efficiency of its industry chain, particularly in the context of cyclical fluctuations in the pig farming industry [1] Group 1: Business Operations - The company's breeding operations are influenced by the cost of externally purchased piglets, which directly impacts the breeding costs during certain periods [1] - The company prioritizes improving breeding efficiency and strictly controlling overall costs as key management strategies [1] - As of the end of November, the breeding costs for the company's operations have shown a further downward trend [1]

（文章来源：证券日报） 证券日报网讯 12月30日，天康生物发布公告称，天康生物第八届董事会第三十一次（临时）会议审议 通过《关于2026年度日常关联交易预计的议案》。 ...

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-067 关于 2026 年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、日常关联交易基本情况 （一）关联交易概述 天康生物股份有限公司（以下简称"公司"）及各控股子公司根据业务发展 需要，预计 2026 年度拟与控股股东新疆生产建设兵团国有资产经营有限责任公司 （以下简称"兵团国资公司"）的控股子公司新疆康正农业科技开发有限责任公 司（以下简称"康正农业"）、新疆中新致远商业管理有限公司（以下简称"中 新致远"）发生日常关联交易，涉及向关联方采购原材料、向关联方销售饲料等 业务，预计交易总额不超过 6,500 万元。 公司于 2025 年 12 月 30 日召开第八届董事会第三十一次（临时）会议，审议 公司《关于 2026 年度日常关联交易预计的议案》，关联董事张杰、董海英履行回 避表决程序，会议以 5 票同意，0 票反对，0 票弃权的表决结果审议通过该议案。 天康生物股份有限公司 该议案已经公司第八届董事会独立董事专门会议2025年第九次会议审议通过， ...

天康生物 天康生物股份有限公司 第八届董事会第三十一次（临时）会议决议公告 证券代码：002100 证券简称：天康生物 公告编号：2025-066 二、备查文件 1、第八届董事会第三十一次（临时）会议决议； 2、第八届董事会独立董事专门会议 2025 年第九次会议决议； 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 天康生物股份有限公司（以下简称"公司"）第八届董事会第三十一次（临 时）会议通知于 2025 年 12 月 23 日以书面专人送达和电子邮件等方式发出，并 于 2025 年 12 月 30 日（星期二）上午 11：00 以通讯表决方式召开，应到会董事 7 人，实到会董事 7 人。公司高级管理人员列席了会议。会议符合《公司法》、 《公司章程》的规定，会议合法有效。本次会议由董事长张杰先生主持，经与会 人员认真审议，形成如下决议： 一、议案审议情况 （一）审议并通过公司《关于 2026 年度日常关联交易预计的议案》；（议 案内容详见刊登于 2025 年 12 月 31 日本公司指定信息披露报纸《证券时报》上 和巨潮资讯网 www.cninfo.co ...

证券之星消息，12月30日饲料板块较上一交易日上涨1.22%，天康生物领涨。当日上证指数报收于 3965.12，下跌0.0%。深证成指报收于13604.07，上涨0.49%。饲料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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002100 天康生物 | | 4664.44万 | 9.33% | -2073.94万 | -4.15% | -2590.50万 | -5.18% | | 603668 天马科技 | | 1758.29万 | 4.80% | 1781.03万 | 4.87% | -3539.31万 | -9.67% | | 002696 百洋股份 | | 1158.91万 | 19.57% | -392.56万 | -6.63% | -766.35万 | -12.94% | | 002567 | 唐人神 | 580.46万 | 6.29% | -137.55万 | -1.49% | -4 ...

Group 1 - The seed industry sector experienced a short-term surge, with TianKang Biological rising over 7% [1] - Other companies such as QiuLe Seed Industry, Dunhuang Seed Industry, DaBeiNong, and Stanley also saw increases in their stock prices [1]