证券代码：002311 证券简称：海大集团 公告编号：2025-070 广东海大集团股份有限公司 关于选举董事及董事会专门委员会委员的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东海大集团股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日召开 的第七届董事会第五次会议审议通过了《关于修订<公司章程>的议案》《关于选 举董事及董事会专门委员会委员的议案》，同意公司董事会由 8 名董事组成，董 事会战略委员会由 4 人组成，并提名江谢武先生为公司第七届董事会董事候选人， 以及增选为董事会战略委员会委员，任期自股东会审议通过之日起至第七届董事 会任期届满之日止。江谢武先生简历详见附件。 本次选举完成后，公司第七届董事会将由 4 名非独立董事、3 名独立董事和 1 名职工代表董事组成；公司董事会中兼任公司高级管理人员以及由职工代表担 任的董事人数总计不得超过公司董事总数的二分之一。 特此公告。 广东海大集团股份有限公司董事会 二 O 二五年十二月三十一日 附件 江谢武先生，1968 年生，本科学历，水产养殖工程师，广东省首批乡村工 匠专业 ...

证券代码：002311 证券简称：海大集团 公告编号：2025-068 广东海大集团股份有限公司 第七届董事会第五次会议决议公告 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、误导性陈述或重大遗漏。 本议案尚需提交公司股东会审议。 广东海大集团股份有限公司（以下简称"公司"）第七届董事会第五次会议 于 2025 年 12 月 30 日在广州市番禺区公司会议室以现场及通讯表决相结合的方 式召开，本次会议由公司董事长薛华先生召集和主持，会议通知于 2025 年 12 月 26 日以专人递送、传真、电子邮件等方式送达给全体董事和总裁，根据《公 司章程》的有关规定，本次董事会经全体董事一致同意豁免会议通知期限要求。 本次会议应参加会议董事七人，实际参加会议董事七人；公司董事会秘书列席本 次会议。本次会议的召集、召开符合《中华人民共和国公司法》（以下简称《公 司法》）和《公司章程》的有关规定。 经与会董事认真审议，本次会议以回收表决票的表决方式逐项表决通过了以 下决议： 一、以 7 票赞成、0 票反对、0 票弃权的表决结果审议通过了《关于修订< 公司章程>的议案》。 详见公司指定信息披露媒体 ...

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].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The supply of fat pigs is tight, leading to an upward trend in pig prices before the New Year, supported by both supply and demand factors [4][14] - The export value of pet food has improved month-on-month, benefiting from increased export volumes, although the unit price remains under pressure [5][21] - The pig farming sector is experiencing accelerated losses, while the pet food sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [6][23][25] Summary by Sections Weekly Observation - The average price of live pigs in China as of December 28, 2025, is 12.21 CNY/kg, with a week-on-week increase of 0.78 CNY/kg and a year-on-year decrease of 3.49 CNY/kg [4][14] - The average weight of pigs sold is 129.70 kg, with a slight decrease from the previous week [14] Weekly Market Performance (Dec 22-26) - The agricultural index underperformed the market by 1.63 percentage points, with the Shanghai Composite Index rising by 1.88% and the agricultural index by 0.25% [26][30] Price Tracking (Dec 22-26) - The average price of live pigs is 11.63 CNY/kg, with a week-on-week increase of 0.05 CNY/kg [37] - The average price of broiler chickens is 7.82 CNY/kg, with a week-on-week increase of 6.39% [37] Key Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [6][23] - In the feed sector, recommended stocks include Haida Group and New Hope Liuhe [6][23] - For the pet food sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty [6][25]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Views - The report highlights a structural shortage in the pig industry, with pessimistic expectations likely to be corrected [2] - The report emphasizes the acceleration of capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3] Summary by Sections Investment Recommendations and Targets - The report recommends a positive outlook on the pig farming sector, suggesting that recent policies and market dynamics will drive capacity reduction, benefiting long-term performance. Key stocks include Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - For the post-cycle sector, the report notes a continuing structural growth trend, with potential profit transmission down the supply chain if the current capacity reduction in pig farming proceeds smoothly. Relevant stocks include Haida Group (002311, Buy) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the report indicates a confirmed upward trend in grain prices, with favorable fundamentals for planting and seed industries, highlighting significant investment opportunities. Related stocks include Suqian Agricultural Development (601952, Not Rated), Beidahuang (600598, Not Rated), Hainan Rubber (601118, Not Rated), and Longping High-Tech (000998, Not Rated) [3] - The pet sector is noted for being in a phase of growth and price increases, with continuous expansion in overseas markets and rising domestic brand recognition. Key stocks include Guibao Pet (301498, Not Rated), Zhongchong Co. (002891, Not Rated), and Petty Holdings (300673, Not Rated) [3] Industry Fundamentals - The report discusses the acceleration of capacity reduction in the pig industry, with the average price of live pigs as of December 26 at 11.63 CNY/kg, reflecting a week-on-week increase of 0.43% [13] - The report notes that the supply side is experiencing structural shortages, leading to price increases for medium and large pigs, with expectations of increased sales activity from smallholders as the New Year approaches [13] - The report also covers the white feather broiler chicken market, indicating a return to low volatility with prices rising to 7.82 CNY/kg, a week-on-week increase of 6.39% [19] - The report highlights the feed sector, noting that raw material prices are stabilizing at the bottom, with corn prices at 2338.63 CNY/ton, down 0.43% week-on-week, and soybean meal prices at 3174.86 CNY/ton, up 1.20% [29]

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have announced the nationwide promotion of the integrated currency pool policy for multinational companies, aimed at enhancing cross-border fund management efficiency and reducing operational costs for enterprises [1][2]. Group 1: Policy Implementation - The integrated currency pool policy will be implemented nationwide starting December 26, 2025, following successful pilot programs in various cities [1]. - The policy aims to transition from localized trials to a comprehensive framework, enhancing the predictability and transparency of cross-border financial management [1][2]. Group 2: Background and Development - The increasing number of multinational companies in China has led to a higher demand for efficient cross-border fund management due to diverse currency structures and frequent fund flows [2]. - Initial pilot programs began in 2021, with subsequent expansions in 2022 and 2024, optimizing management policies and simplifying application processes [2][3]. Group 3: Benefits of the Policy - The integrated currency pool allows for centralized management of both domestic and foreign currency funds, improving fund utilization efficiency and reducing management costs [4][5]. - As of the third quarter of this year, 98 multinational companies have participated in the pilot, benefiting nearly 5,000 domestic and foreign member enterprises, with cross-border transactions amounting to approximately $150 billion from January to September [3][5]. Group 4: Cost Reduction and Efficiency - The policy significantly lowers operational costs by eliminating the need for multiple fund pools and accounts, thus reducing account management fees and cross-border exchange costs [6]. - Banks are expected to provide streamlined services for enterprises, enhancing the efficiency of fund pool operations [6][7]. Group 5: Integration of Policies - The policy integrates various favorable measures for enterprises, allowing eligible companies to directly enjoy benefits from multiple facilitation policies [7]. - The approach aims to shift from pre-approval to post-management, thereby reducing institutional transaction costs for multinational companies [7].

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have announced the nationwide promotion of the integrated currency pool business for multinational companies, enhancing the convenience of centralized management of domestic and foreign funds [2][3]. Group 1: Policy Overview - The integrated currency pool business allows multinational companies to manage domestic and foreign currency funds centrally, improving the efficiency of cross-border fund utilization while mitigating risks [2][3]. - As of September, 98 multinational companies have engaged in this business, benefiting nearly 5,000 member enterprises [3]. - The policy aims to enhance the efficiency of cross-border fund utilization for large multinational companies and reduce foreign exchange risks and financial costs [3]. Group 2: Implementation Conditions - Multinational companies must meet nine criteria to engage in the integrated currency pool business, including having a genuine business need and a robust cross-border fund management structure [5]. - Companies must also meet specific financial thresholds, such as a combined international payment scale of at least 7 billion RMB and a total revenue of at least 10 billion RMB for domestic members [5]. Group 3: Key Features of the Policy - The policy framework includes unified management of the integrated currency pool business and encourages the use of local currency for transactions [5]. - The notification simplifies the process for companies to manage capital project foreign exchange payments, significantly reducing the time required for fund transfers [6]. - The policy allows for the centralized management of foreign debt and overseas lending limits, enabling companies to efficiently allocate funds [6][7]. Group 4: Benefits to Companies - The integrated currency pool can significantly enhance fund utilization efficiency, allowing companies to reduce fund stagnation and improve overall turnover rates [10]. - Companies like Haida Group have reported that the policy has enabled real-time fund transfers, improving creditworthiness and reducing risks associated with overseas funds [10]. - The policy also helps companies lower operational costs by eliminating the need for multiple fund pools and account systems, thus reducing management fees and cross-border exchange costs [10]. Group 5: Future Directions - The State Administration of Foreign Exchange plans to strengthen business guidance and promote understanding of the integrated currency pool policy among enterprises [12]. - The policy is seen as a financial engine for enhancing high-level openness and supporting the "going global" strategy of companies [12].

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][42] Core Views - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 1.55% from December 12 to December 25, 2025, lagging behind the index by approximately 0.43 percentage points [11][14] - All sub-sectors recorded positive returns during the same period, with notable increases in agricultural product processing (3.04%), animal health (2.95%), planting (2.28%), fishery (1.56%), breeding (0.81%), and feed (0.29%) [14][15] - The overall price-to-book (PB) ratio for the industry is approximately 2.79 times, indicating a slight recovery in valuation, which remains at a historical low level, around the 62.7 percentile since 2006 [18][24] Industry Important Data - **Pig Farming**: The average price of external three-way cross pigs increased from 11.45 CNY/kg to 11.59 CNY/kg during the reporting period. The cost of corn and soybean meal has slightly decreased, with corn priced at 2338.04 CNY/ton and soybean meal at 3102 CNY/ton as of December 25, 2025 [22][24] - **Profitability**: As of December 26, 2025, the profit for self-bred pigs was -130.11 CNY/head, and for purchased piglets, it was -162.8 CNY/head, showing a reduction in losses compared to the previous two weeks [27] - **Poultry Farming**: The average price of broiler chicks was 3.59 CNY/chick, showing a slight increase, while the average price for white feather broilers was 7.82 CNY/kg, with profitability improving to 0.89 CNY/chick [29][33] Industry Insights - The report emphasizes the potential for a rebound in pig prices as the seasonal consumption peak approaches, with a focus on the high inventory of breeding sows and the opportunities for leading pig farming companies [42][43] - In poultry farming, the report highlights the recovery in white feather broiler prices and the improvement in profitability, suggesting a positive outlook for leading poultry companies [42][43] - The report also notes growth potential in the domestic pet market and the expected increase in export volumes, recommending attention to promising domestic leaders in this sector [42][43]

Group 1 - The feed sector experienced a rise of 2.34% on December 25, with Hai Da Group leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Hai Da Group's stock price increased by 4.13% to 54.65, with a trading volume of 117,900 shares and a transaction value of 636 million yuan [1] Group 2 - The feed sector saw a net outflow of 12.67 million yuan from institutional investors, while retail investors experienced a net outflow of 6.63 million yuan [2] - The top gainers in the feed sector included Tianma Technology, which rose by 3.34% to 16.40, and Chao Guo Ao Quan, which increased by 3.07% to 7.73 [1][2] - The overall trading activity in the feed sector indicated a mixed sentiment, with some stocks experiencing significant inflows from retail investors while others faced outflows [3]

Group 1 - The average wholesale price of pork on December 23 was 17.5 yuan/kg, reflecting a 0.7% increase from December 16, indicating a rebound in pork prices [1] - Since December, the price gap between medium and standard pigs has been insufficient in some regions, leading to a lack of confidence in medium to large pigs, which may accelerate the active reduction of production capacity [2] - The agricultural product wholesale price index decreased by 0.2% from December 16, with a year-on-year increase of 6.9% and a month-on-month increase of 3.3% [2] Group 2 - Historical data shows that the rapid decline in pig prices since mid-October has led to losses across the entire industry chain, which typically accelerates the reduction of production capacity [2] - Investment perspective suggests that the turning point for pork prices may occur in Q2-Q3 of 2026, with the price center expected to gradually rise [2] - The current valuation level of the pig farming sector is relatively low, providing a sufficient margin of safety for investors [2] Group 3 - The Agricultural 50 ETF (516810.SH) focuses on leading companies in the pig farming industry, with major holdings including Muyuan Foods (14%), Wens Foodstuff Group (13%), and Haida Group (6%) [3] - During the capacity reduction process, leading pig farming enterprises are expected to enhance their cost advantages, resulting in strong profit certainty [3]