证券日报网讯正邦科技（002157）10月22日在互动平台回答投资者提问时表示，截至2025年10月20日， 公司股东总数为16.52万户。 ...

从解禁股数占总股本比例来看，3家公司解禁比例超10%。赛微微电、*ST清研、安科瑞解禁比例居前， 解禁比例分别为30.37%、28.72%、14.38%。 从解禁量来看，4家公司解禁股数超千万股。正邦科技、安科瑞、*ST清研解禁量居前，解禁股数分别 为6721.5万股、3606.85万股、3101.67万股。 从解禁市值来看，4家公司解禁股数超亿元。赛微微电、安科瑞、*ST清研解禁市值居前，解禁市值分 别为23.54亿元、8.87亿元、5.09亿元。 每经AI快讯，Wind数据显示，周三（10月22日），共有10家公司限售股解禁，合计解禁量为1.66亿股， 按最新收盘价计算，合计解禁市值为40.02亿元。 ...

Market Overview - The aquaculture sector increased by 0.28% on October 21, with Tianbang Food leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Tianbang Food (002124) closed at 2.93, up 3.90% with a trading volume of 849,200 shares and a transaction value of 247 million [1] - Minhe Livestock (002234) closed at 69.8, up 2.24% with a trading volume of 49,700 shares and a transaction value of 42.8 million [1] - Xiaoming Co. (300967) closed at 20.91, up 2.00% with a trading volume of 48,100 shares and a transaction value of 99.9 million [1] - Shengnong Development (002299) closed at 16.86, up 2.00% with a trading volume of 118,600 shares and a transaction value of 28.67 million [1] - Tianyu Bio (603717) closed at 8.93, up 1.94% with a trading volume of 81,500 shares and a transaction value of 72.32 million [1] Capital Flow - The aquaculture sector experienced a net outflow of 44.44 million from institutional investors and 35.77 million from retail investors, while retail investors saw a net inflow of 80.22 million [2] - The capital flow for individual stocks shows Shengnong Development (002299) with a net inflow of 22.98 million from institutional investors [3] - Institutional investors also showed a net inflow of 18.73 million for Zhengbang Technology (002157) [3] - Tianbang Food (002124) had a net inflow of 16.94 million from institutional investors [3]

Core Viewpoint - Zhengbang Technology (002157) announced the release of 67,214,964 restricted shares, accounting for 0.73% of the total share capital, with a listing date of October 22, 2025 [2] Company Overview - Zhengbang Technology was established on September 26, 1996, with a registered capital of 9,298.08 million RMB. The company is headquartered in Nanchang, Jiangxi Province, and its main business includes the production and sales of feed, pigs, and veterinary drugs, as well as providing comprehensive services to small and medium-sized enterprises and farmers [2] - The current chairman is Bao Hongxing, and the company employs 7,780 people. The actual controllers are Bao Hongxing, Hua Tao, and Bao Huayue [2] Shareholder Information - The shareholders releasing the restricted shares include 29 creditors, such as China Cinda Asset Management Co., Ltd. and Jiangxi Haiji Financing Leasing Co., Ltd. These shareholders obtained the shares through a restructuring plan and committed to a 12-month lock-up period starting from the registration date [2] Financial Performance - The company's revenue for 2024 and Q2 2025 is projected to be 8.87 billion RMB, 3.00 billion RMB, and 6.84 billion RMB, representing year-on-year growth of 26.86%, 108.22%, and 112.17% respectively [4] - The net profit attributable to the parent company for the same periods is expected to be 216 million RMB, 171 million RMB, and 202 million RMB, with year-on-year growth rates of -97.46%, 449.58%, and 258.18% respectively [4] - The company's asset-liability ratios for the same periods are 46.42%, 44.91%, and 45.69% [4] Risk Information - The company has a total of 3,562 risk records, with 8,274 surrounding risks, 626 historical risks, and 897 warning risks according to Tianyancha [4]

Core Points - Zhengbang Technology (002157) announced the release of restricted shares totaling 67,214,964 shares, which accounts for 0.73% of the company's total share capital [1] - The listing date for the released restricted shares is set for October 22, 2025 [1]

特别提示： 1、本次解除限售股份数量为 67,214,964 股，占公司目前总股本的 0.73%。 2、本次解除限售股份的上市流通日为 2025 年 10 月 22 日（星期三）。 一、本次解除限售股份取得的基本情况 2022 年 10 月 27 日，江西省南昌市中级人民法院（以下简称"南昌中院"） 作出（2022）赣 01 破申 51 号《民事裁定书》及（2022）赣 01 破申 52 号《民事 裁定书》，分别裁定受理江西正邦科技股份有限公司（以下简称"公司"）原控 股股东正邦集团有限公司及其一致行动人江西永联农业控股有限公司的重整申 请。 证券代码：002157 证券简称：正邦科技 公告编号：2025-066 江西正邦科技股份有限公司 关于部分限售股份上市流通的提示性公告 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。 2023 年 11 月 3 日，南昌市中级人民法院作出（2022）赣 01 破 38、39 号之 二号《民事裁定书》，裁定批准《正邦集团有限公司、江西永联农业控股有限公 司实质合并重整计划》（以下简称"重整计划"），并终止正邦集团有限公司、 ...

Core Viewpoint - The report indicates a continued decline in pig prices, leading to increased losses in pig farming, with expectations of short-term price stabilization after significant drops [1][4]. Group 1: Pig Price Trends - The national average selling price of live pigs in September 2025 was 13.10 yuan/kg, down 4.86% month-on-month and 30.90% year-on-year [1]. - The slaughter volume in September 2025 was 4.5608 million heads, an increase of 5.12% month-on-month and 4.05% year-on-year [1]. - The average price of 7kg piglets fell to 183 yuan/head as of October 10, 2025, down 110 yuan/head year-on-year, indicating a significant decline in the piglet market [4]. Group 2: Supply and Demand Dynamics - The proportion of large pigs (over 150kg) in the market decreased to 4.91% as of October 9, 2025, down 0.16 percentage points week-on-week and 0.79 percentage points year-on-year, suggesting a tightening supply of large pigs [2]. - The price difference between lean and fat pigs was 3.97 yuan/kg as of October 9, 2025, down 0.13 yuan/kg month-on-month and 1.01 yuan/kg year-on-year, indicating weaker demand [3]. Group 3: Profitability and Financial Performance - The average loss per head for self-bred pigs in September 2025 was 7.27 yuan, marking a shift from profit to loss due to declining prices [4]. - The total number of pigs sold by 12 listed pig companies in September 2025 was 13.7749 million heads, an increase of 22.47% year-on-year [5]. - The average selling prices for major listed pig companies fell month-on-month, with declines ranging from 3.4% to 9% across different companies [6].

Core Viewpoint - The pig farming industry is currently facing significant losses due to declining prices, with the national average price dropping to approximately 11 yuan/kg, leading to a downturn in the entire sector [1] Industry Overview - The pig price has been fluctuating and has accelerated its decline post-National Day, with the average price falling to about 11 yuan/kg, indicating that the industry is in a loss-making phase [1] - The price of piglets has also decreased sharply, with the price for 7 kg piglets dropping to 183 yuan/head, a decline of 43.5% since early September [1] - The industry is experiencing a comprehensive loss, and the "anti-involution" policy is expected to accelerate the reduction of pig farming capacity [1] - The number of breeding sows has decreased by 0.1% month-on-month as of August, according to the Ministry of Agriculture [1] Company Performance - In September, listed companies reported a total pig output of 14.23 million heads, a decrease of 6.3% month-on-month but an increase of 26.3% year-on-year [3] - Excluding Muyuan Foods, the total output of listed companies was 8.65 million heads, reflecting a month-on-month increase of 17.6% and a year-on-year increase of 38.8% [3] - For the first three quarters, the total output of listed companies reached 142.2 million heads, marking a year-on-year growth of 30.7% [3] - Specific companies like Muyuan Foods, Wens Foodstuff Group, New Hope Liuhe, and Dekang Agriculture reported varying output changes in September, with Muyuan Foods seeing a significant decrease of 20.4% month-on-month [3] Sales and Pricing - The average sales price for listed companies in September was calculated at 13.0 yuan/kg, reflecting a month-on-month decline of 6.12% [4] - The average weight of pigs sold in September was approximately 114.7 kg/head, showing a month-on-month increase of 0.7% [4] - Both fat pigs and piglets are currently in a loss-making situation, which is likely to accelerate the reduction of production capacity [4] Investment Recommendations - The pig farming sector is in a state of comprehensive losses, with prices falling below the cash costs for most enterprises, and piglet sales are also unprofitable [5] - Given the current loss situation in the industry and the "anti-involution" backdrop, the reduction of pig farming capacity is expected to commence [5] - The sector is currently valued relatively low, with a focus on leading companies with cost advantages recommended, such as Wens Foodstuff Group and Muyuan Foods [5] - Other companies to watch include Dekang Agriculture and New Hope Liuhe, with potential turnaround candidates like Zhengbang Technology and smaller farming enterprises such as Tiankang Biological and Shennong Group [5]

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][6][10] Group 1: Delisting Trends - As of October 15, 2023, 13 companies have triggered mandatory delisting indicators due to major violations, marking a historical high [6][10] - Among these, 8 companies have already been delisted, including notable cases like Zhuolang Technology and Dongfang Group [6][10] - The delisting wave has highlighted the role of investment banks as gatekeepers, with 11 brokerage firms involved in the delisted companies [1][6] Group 2: Investment Banks' Responsibilities - Many problematic companies frequently changed their investment banks during periods of financial misconduct, complicating accountability [2][10] - Most involved investment banks issued "no objection" or "no issues found" reports during the supervision period, raising questions about their diligence [2][10] - The regulatory environment is pushing investment banks to reassess their responsibilities and improve their oversight practices [2][15] Group 3: Case Studies of Violations - ST Dongtong, involved in financial fraud from 2019 to 2022, had its investment bank, First Capital, implicated in fraudulent activities during a stock issuance [8][12] - Guohua Securities was the only firm to issue a risk warning regarding Jiuyou Co., while others remained silent despite ongoing fraud investigations [12][13] - Highong Data had the longest duration of fraud (2015-2023) and changed investment banks multiple times, indicating a pattern of evasion [10][11] Group 4: Regulatory Impact on Investment Banks - The shift towards stricter regulations has led to increased scrutiny of investment banks' roles, with many now enhancing their due diligence processes [15] - Investment banks are reportedly increasing their manpower and resources dedicated to ongoing supervision, reflecting a shift in focus due to regulatory pressures [15]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the price of live pigs has unexpectedly declined, leading to increased pressure on pig farming companies in October 2025. The average sales price of live pigs in September 2025 was 13.10 yuan/kg, down 4.86% month-on-month and 30.90% year-on-year. The slaughter volume in September was 4.5608 million heads, an increase of 5.12% month-on-month and 4.05% year-on-year [14][3][4] - The report indicates that the proportion of large pigs (over 150kg) in the market has decreased, suggesting a tightening supply in the future. As of October 9, 2025, the proportion of large pigs in the slaughter structure was 4.91%, down 0.16 percentage points week-on-week and 0.79 percentage points year-on-year [17][4] - The report notes that the profitability of pig farming has turned from profit to loss in September 2025, with an average loss of 7.27 yuan per head. The breeding stock has decreased by 0.46% month-on-month, indicating further potential for reduction in breeding stock [24][5] Summary by Sections Industry Overview - The report discusses the unexpected decline in pig prices and the resulting pressure on pig farming companies. The average sales price of live pigs in September 2025 was 13.10 yuan/kg, reflecting a significant decrease [14][3] - The report also mentions that the planned slaughter volume for October is expected to increase by 5.14% compared to September, indicating ongoing challenges in the market [14][3] Supply and Demand Dynamics - The proportion of large pigs in the market has decreased, which may lead to a tighter supply in the future. The proportion of pigs over 140kg has remained stable month-on-month [17][4] - The report highlights a short-term scenario of strong supply and weak demand, with the price difference for frozen products declining [19][4] Financial Performance of Companies - The report provides data on the sales performance of listed pig farming companies, with a total of 13.7749 million heads sold in September 2025, an increase of 22.47% year-on-year. However, the average sales price for these companies has decreased [29][6] - Specific companies such as Muyuan Foods and Wens Foodstuffs reported significant changes in their sales volumes and prices, with some companies experiencing a decline in average sales prices [34][39][45]