Core Points - The aquaculture sector experienced a decline of 1.31% on October 30, with Tianyu Biology leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Yisheng Co. (002458) closed at 9.03, up 0.33% with a trading volume of 97,800 shares and a turnover of 88.43 million yuan [1] - Xiantan Co. (002746) closed at 6.31, up 0.32% with a trading volume of 154,800 shares and a turnover of 97.81 million yuan [1] - Tianyu Biology (603717) closed at 8.73, down 3.64% with a trading volume of 155,200 shares and a turnover of 137 million yuan [2] - Huaying Agriculture (002321) closed at 2.77, down 3.15% with a trading volume of 424,400 shares and a turnover of 119 million yuan [2] Capital Flow - The aquaculture sector saw a net outflow of 188 million yuan from institutional investors, while retail investors had a net inflow of 141 million yuan [2] - The main capital inflow and outflow for specific stocks included: - Jingji Zhinnong (000048) had a net inflow of 19.99 million yuan from main capital [3] - Wens Foodstuff Group (300498) had a net inflow of 7.96 million yuan from main capital [3] - Yisheng Co. (002458) had a net inflow of 3.79 million yuan from main capital [3]

Core Insights - The aquaculture sector experienced a slight increase of 0.07% on October 29, with Luo Niushan leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Aquaculture Sector Performance - Luo Niushan (000735) closed at 7.17, with a rise of 4.98% and a trading volume of 686,700 shares [1] - Yisheng Co. (002458) closed at 9.00, up 1.12%, with a trading volume of 119,500 shares [1] - Xiantan Co. (002746) closed at 6.29, up 0.96%, with a trading volume of 164,100 shares [1] - Shengnong Development (002299) closed at 16.91, up 0.96%, with a trading volume of 105,700 shares [1] - New Hope (000876) closed at 9.78, up 0.31%, with a trading volume of 225,700 shares [1] - Wens Foodstuff Group (300498) closed at 18.28, up 0.27%, with a trading volume of 383,700 shares [1] - Muyuan Foods (002714) closed at 50.40, down 0.04%, with a trading volume of 216,600 shares [1] Capital Flow Analysis - The aquaculture sector saw a net outflow of 70.05 million yuan from institutional investors, while retail investors had a net inflow of 89.02 million yuan [2] - The main capital inflow was observed in Luo Niushan, with a net inflow of 72.65 million yuan, despite a net outflow from retail and speculative investors [3] - Other companies like Xiantan Co. and Zhengbang Technology experienced mixed capital flows, with some seeing net outflows from institutional and speculative investors [3]

Investment Rating - The industry investment rating is "Recommended" with an expectation that the industry index will exceed the benchmark index by more than 5% in the next 3-6 months [3][51]. Core Insights - The report indicates that after a decline, the price of broilers has stabilized while the price of chicks remains high and fluctuating. In September, the average price of broilers was 6.99 yuan/kg, down 3.22% year-on-year and 2% month-on-month [9][8]. - The report highlights a significant loss in broiler farming, with losses of 1 yuan per bird in September, and a loss of 0.41 yuan per chick in hatcheries, indicating a substantial decline in profitability [41][41]. - The demand for poultry meat is expected to improve in 2025 due to a recovery in consumption, despite current pressures on prices and demand [44]. Summary by Sections Market Overview - In September, the price of broilers experienced a decline followed by stabilization, with a fixed transaction period lasting over 20 days. The average price of chicks fluctuated between 3.03 and 3.31 yuan per chick during the month [8][8]. - The average price of chicken products was 8712.92 yuan/ton, reflecting a year-on-year decrease of 3.77% [9]. Production Capacity - As of September 2025, the average stock of parent stock was 22.92 million sets, up 2.0% year-on-year, while the average stock of backup parent stock decreased by 1.7% [34][34]. - The average stock of grandparent stock was 1.36 million sets, showing a year-on-year increase of 1.7% [27][30]. Sales Performance - In September, the sales volume of chicken meat from major companies showed positive growth, with Shengnong's chicken sales increasing by 10.57% year-on-year and Xiantan's chicken sales rising by 23.64% [16][24]. - The sales revenue for the chicken segment in September was reported at 13 billion yuan for Shengnong, reflecting a year-on-year increase of 9.52% [12]. Investment Recommendations - The report suggests focusing on companies like Shengnong Development, Yisheng Shares, and Hefeng Shares, anticipating improvements in profitability and valuation recovery in the poultry sector [44].

Group 1: Macro Insights - The "14th Five-Year Plan" has established a clear direction for the "15th Five-Year Plan," emphasizing foundational consolidation and comprehensive efforts, with a focus on "common prosperity" and strengthening "internal circulation" [6] - The plan identifies four strategic emerging industries and six future industries, aiming to promote key core technology breakthroughs in six priority areas through extraordinary measures [6] Group 2: Fixed Income - Er Yong Bonds - Recent market conditions have led to a decline in risk appetite, benefiting Er Yong bonds with both interest rate and spread reductions [7] - The supply of Er Yong bonds remains weak, continuing the trend of asset scarcity, while the monthly turnover rate has remained stable [7] - The pricing model suggests that the yield of 5-year AAA-rated secondary capital bonds may decline to approximately 2.07% next year [7] Group 3: Banking Sector - Precious Metals - The banking sector is expected to see growth in precious metals business despite challenges from high volatility in the gold market [8] - As of September 2025, China's official gold reserves reached 74.06 million ounces, marking an increase for 11 consecutive months, with a global trend of central banks increasing gold reserves [8] - The introduction of pilot programs for insurance funds to invest in gold is creating new opportunities for banks to provide services and increase intermediary income [8] Group 4: Textile and Apparel - Baoxini - Baoxini's revenue is expected to stabilize, with a projected decline in net profit due to ongoing adjustments in its main brand [12] - The company is anticipated to achieve a net profit of 2.95 billion, 3.74 billion, and 4.49 billion yuan from 2025 to 2027, maintaining a "buy" rating [12] Group 5: Food and Beverage - Haitian Flavoring - Haitian Flavoring reported a revenue of 21.628 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 6.02% [13] - The company is expected to benefit from its leadership position in the industry and aims for significant growth in overseas markets [13] Group 6: Computer Industry - Zhongke Chuangda - Zhongke Chuangda's revenue for Q3 2025 reached 1.848 billion yuan, a year-on-year increase of 42.87% [15] - The company is projected to achieve net profits of 606 million, 695 million, and 782 million yuan from 2025 to 2027, maintaining a "buy" rating [15] Group 7: Home Appliances - Hisense - Hisense's profitability has slightly declined, but the company remains optimistic about its long-term globalization strategy [16] - The projected net profits for 2025 to 2027 are 3.398 billion, 3.771 billion, and 4.154 billion yuan, with a "hold" rating [16] Group 8: Coal Industry - China Coal Energy - China Coal Energy reported a revenue of 110.584 billion yuan for the first three quarters of 2025, a year-on-year decrease of 21.24% [27] - The company is expected to achieve net profits of 16 billion, 17.1 billion, and 18.5 billion yuan from 2025 to 2027, maintaining a "buy" rating [27] Group 9: Automotive - Huguang - Huguang's revenue for the first three quarters of 2025 was 5.84 billion yuan, reflecting a year-on-year increase of 6% [34] - The company is expanding its customer base and enhancing its overseas market presence, which is expected to drive future growth [34]

Group 1 - The incentive plan involves a total of 284 recipients, with the stock sourced from the company's repurchased A-shares [1] - A total of 7.208 million restricted stocks will be granted, accounting for approximately 0.5798% of the company's total share capital of about 1.243 billion shares at the time of the announcement [1] - The grant price for the restricted stocks is set at 8.41 yuan per share, with a maximum validity period of 60 months from the completion of stock registration [1] Group 2 - For the first half of 2025, the revenue composition of the company is as follows: poultry farming and processing accounts for 52.77%, food processing accounts for 41.7%, and other businesses account for 5.53% [1] - The current market capitalization of the company is 20.8 billion yuan [1]

Core Insights - The report indicates that the swine industry is entering a de-stocking cycle, while the beef cattle sector continues to experience an upward trend in demand and pricing [2][3] Group 1: Swine Industry - The swine sector is witnessing accelerated de-stocking driven by policy and market dynamics, presenting a good opportunity for investment [3][43] - As of Q3 2025, China's pig output reached 530 million heads, a year-on-year increase of 1.8%, with pork production at 43.68 million tons, up 3.0% year-on-year [10][13] - The average price of pigs in October 2025 dropped to 10.84 yuan/kg, a significant decline of 40.28% year-on-year, marking a new low for the year [10][13] Group 2: Beef Cattle Industry - The beef cattle supply is contracting, with the cycle of demand expected to continue its upward trajectory until 2027 [4][49] - In Q3 2025, the number of beef cattle in China was 99.32 million heads, a decrease of 2.4% year-on-year, while beef production reached 5.5 million tons, up 3.3% year-on-year [49][51] - The average price of beef in September 2025 was 70.52 yuan/kg, reflecting a year-on-year increase of 5.36% [59] Group 3: Poultry Industry - The white chicken sector is experiencing a gradual increase in demand, with the output of white feathered chickens expected to rise to 90.3 million heads in 2024, a year-on-year increase of 2.2% [94][98] - The rolling update of grandparent stock for white feathered chickens is projected to decline, which will support an increase in chicken prices in 2026 [100] Group 4: Seed Industry - Grain prices are expected to stabilize and rise due to various factors, including U.S.-China tariff disturbances and climate impacts [6] - The commercialization of genetically modified crops is anticipated to accelerate, supported by an increase in the number of approved varieties [6] Group 5: Pet Industry - The pet food export volume in China increased by 7.55% year-on-year from January to September 2025, indicating strong performance from leading companies [7] - Domestic pet consumption is expected to grow due to increasing companionship demand and emotional value associated with pet ownership [7]

证券代码：002299 证券简称：圣农发展 公告编号：2025-066 福建圣农发展股份有限公司 关于召开 2025 年第四次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第四次临时股东会 2、股东会的召集人：董事会 3、会议召开的合法、合规性：公司第七届董事会第十六次会议作出了关于 召开本次股东会的决定，本次股东会会议的召集、召开程序符合《中华人民共和 国公司法》《上市公司股东会规则》等有关法律、行政法规、部门规章、规范性 文件和《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 11 月 25 日 14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 11 月 25 日 9:15-9:25、9:30-11:30 和 13:00-15:00；通过深圳证 券交易所互联网投票系统进行网络投票的具体时间为 2025 年 11 月 25 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票 ...

证券代码：002299 证券简称：圣农发展 公告编号：2025-065 福建圣农发展股份有限公司 第七届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或者重大遗漏。 福建圣农发展股份有限公司（以下简称"公司"或"本公司"）第七届董事 会第十六次会议于 2025 年 10 月 28 日下午在福建省光泽县十里铺公司办公大楼 四层会议室以通讯和现场会议相结合的方式召开，本次会议由公司董事长傅光明 先生召集并主持，会议通知已于 2025 年 10 月 24 日以专人递送、传真、电子邮 件等方式送达给全体董事、高级管理人员。应参加会议董事九人，实际参加会议 董事九人（其中：董事丁晓先生、独立董事杨翼飞女士、独立董事张晓涛先生、 独立董事王松先生以通讯表决方式参与了会议），高级管理人员列席了本次会议。 本次会议的召集、召开符合《中华人民共和国公司法》和《公司章程》的有关规 定。 经与会董事审议，本次会议以记名投票表决方式逐项表决并通过了以下决议： 一、审议通过《关于<公司 2025 年限制性股票激励计划（草案）>及其摘要 的议案》。公司董事廖俊杰先生、席军 ...

福建圣农发展股份有限公司董事会薪酬与考核委员会 关于公司 2025 年限制性股票激励计划相关事项的核查意见 福建圣农发展股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召 开第七届董事会薪酬与考核委员会第五次会议，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）等相 关法律、法规、规章、规范性文件和《福建圣农发展股份有限公司章程》（以下 简称"《公司章程》"）的有关规定，公司董事会薪酬与考核委员会对公司 2025 年限制性股票激励计划（以下简称"本次激励计划"或"股权激励计划"）相关 事项进行了核查，发表核查意见如下： 一、关于《公司 2025 年限制性股票激励计划（草案）》及其摘要的核查意 见 1、公司具备实施股权激励计划的主体资格。公司不存在《管理办法》等法 律法规规定的不得实施股权激励计划的下列情形： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或者 无法表示 ...

福建圣农发展股份有限公司 2025 年限制性股票激励计划实施考核管理办法 福建圣农发展股份有限公司（以下简称"公司"）为进一步完善公司法人治 理结构，健全公司的激励约束机制，形成良好均衡的价值分配体系，充分调动公 司及其下属子公司的董事、高级管理人员、中层管理人员及核心技术（业务）人 员的积极性，使其更诚信勤勉地开展工作，以保证公司业绩稳步提升，确保公司 发展战略和经营目标的实现，公司拟实施2025年限制性股票激励计划（以下简称 "限制性股票激励计划"）。 为保证限制性股票激励计划的顺利实施，现根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股权激励管理办法》等有关法律、法规、 规章、规范性文件、以及《公司章程》《福建圣农发展股份有限公司 2025 年限 制性股票激励计划(草案)》的相关规定，并结合公司的实际情况，特制定本办法。 一、考核目的 进一步完善公司法人治理结构，建立和完善公司激励约束机制，保证公司限 制性股票激励计划的顺利实施，并在最大程度上发挥股权激励的作用，进而确保 公司发展战略和经营目标的实现。 二、考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核对象的 ...