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 industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the rebound in pig prices may be nearing its end, with supply pressure leading to a potential bottoming out of prices. As of November 9, 2025, the average price of live pigs in China is 11.90 yuan/kg, down 0.30 yuan/kg week-on-week and down 4.80 yuan/kg year-on-year [3][12] - The report highlights that the entry of second-stage breeding is nearing its end, with high existing stock levels leading to price pressure ahead of the New Year. The proportion of second-stage breeding in actual sales was 2.12% from October 20-31, 2025, up 0.03 percentage points month-on-month and 0.20 percentage points year-on-year [4][19] - The report suggests that the ongoing losses in pig farming may accelerate the culling of sows, driven by multiple factors including policy adjustments and disease outbreaks. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [5][27] Summary by Sections Weekly Observation - The report notes that the average weight of pigs being sold has increased to 128.30 kg per head, with a week-on-week increase of 0.40 kg and a year-on-year increase of 2.23 kg. The price difference between fat pigs and standard pigs has narrowed, indicating an increase in fat pig supply [3][12] - The report also mentions that the breeding stock of sows has decreased by 0.77% month-on-month as of October 2025, with the price of 7 kg piglets rebounding to 198 yuan/head due to rising pig prices [4][24] Weekly Market Performance - From November 3 to November 7, 2025, the agricultural sector underperformed the broader market by 0.29 percentage points, with the Shanghai Composite Index rising by 1.08% and the agricultural index rising by 0.79% [5][30] - The report highlights that the fishery sector led the gains among sub-sectors, with stocks like Jinxinnong, Yuegui, and Luoniushan showing significant increases [5][30] Price Tracking - As of November 7, 2025, the average price of live pigs is 11.91 yuan/kg, down 0.58 yuan/kg from the previous week, while the price of piglets is 18.93 yuan/kg, up 0.80 yuan/kg [5][38] - The report also tracks the prices of other agricultural products, noting increases in beef, shrimp, corn futures, and soybean meal futures [5][39][48] Key News - The report mentions that the National Bureau of Statistics reported a 10.1% month-on-month increase in the price of live pigs in late October 2025 [5][36] - It also notes that the Ministry of Agriculture and Rural Affairs has released guidelines for the construction of a smart agriculture standard system [5][37] Feed Production - According to the China Feed Industry Association, the total industrial feed production in September 2025 was 30.36 million tons, reflecting a month-on-month increase of 3.4% [5][57] Import Data - In September 2025, pork imports totaled 80,000 tons, down 22.5% year-on-year, while chicken imports were 7,100 tons, down 75.2% year-on-year [5][54][55]

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]

Core Viewpoint - The feed sector experienced a decline of 0.57% on November 7, with Hai Da Group leading the drop, while the Shanghai Composite Index closed at 3997.56, down 0.25% [1]. Group 1: Market Performance - The feed sector's individual stock performance showed notable movements, with Aonong Biological rising by 6.13% to close at 5.54, while Hai Da Group fell by 1.90% to 57.80 [1][2]. - The trading volume for Aonong Biological reached 1.6475 million shares, with a transaction value of 905 million yuan [1]. Group 2: Capital Flow - The feed sector saw a net inflow of 100 million yuan from institutional investors, while retail investors experienced a net outflow of 88.30 million yuan [2]. - Aonong Biological had a significant net inflow of 99.9973 million yuan from institutional investors, representing 11.04% of its trading volume [3].

Group 1 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) has shown a contrary rise, with an increase of 0.6% and a trading volume of 5.25 million yuan, bringing the fund's total size to 200 million yuan [1] - Key performing stocks include Honghui Fruits and Vegetables, Longniu Mountain, and Hainan Rubber, with respective increases of 6.22%, 4.04%, and 2.56% [1] - The Ministry of Agriculture and Rural Affairs held a meeting on November 4, 2025, to establish a full-chain regulatory mechanism for agricultural product quality and safety [1] Group 2 - Pacific Securities highlighted multiple pressures on the breeding industry, including ongoing losses in the pig industry, high levels of breeding sows, and rising risks from African swine fever [2] - The poultry industry is experiencing a historical high in production capacity, with broiler prices fluctuating at low levels, while yellow chicken prices are rising due to seasonal demand [2] - The planting industry is stabilizing grain prices, with expectations for mid-term increases, and the seed industry is gaining strategic importance due to advancements in genetically modified crops [2]

Group 1: Fixed Income and Banking - The report discusses the increasing mismatch in the duration of bank assets and liabilities, leading to pressure on liquidity indicators and constraints on asset allocation behavior [5] - It highlights that the increase in long-duration bond holdings raises interest rate risk indicators [5] Group 2: Beauty and Personal Care - The company, founded in 2001, has become the third-largest domestic cosmetics group in China, with flagship brand "Natural Hall" consistently ranking among the top two domestic brands from 2013 to 2024 [6] - Revenue has shown a steady growth trend, with figures of 4.29 billion, 4.44 billion, and 4.60 billion yuan for 2022, 2023, and 2024 respectively, and adjusted net profits of 139 million, 313 million, and 203 million yuan [6] - The company primarily relies on online channels, with 68.8% of revenue from online sales in the first half of 2025, and has over 37.7 million registered members [6] Group 3: Agriculture, Forestry, Animal Husbandry, and Fishery - As of the end of Q3 2025, the heavy allocation in agriculture, forestry, animal husbandry, and fishery stocks decreased to 0.78%, down 0.58 percentage points from the previous quarter [8] - The report indicates a significant reduction in allocations for the breeding and feed sectors, with breeding at 0.31% and feed at 0.40% [9] - Investment suggestions include focusing on leading companies in the breeding sector and stable profitability in the planting sector, with specific recommendations for stocks like Muyuan Foods and New Hope [10] Group 4: Light Industry Manufacturing - The company is recognized as a leader in the global consumer-grade 3D printing equipment market, with a strong competitive advantage through its product offerings and technology [12] - It has established a comprehensive sales system covering approximately 140 countries and regions, with a network of 2,163 distributors [12] Group 5: Electronics - The company has achieved significant revenue growth, with a reported revenue of 6.676 billion yuan in the first half of 2025, marking a 54.5% year-on-year increase [15] - The report emphasizes the explosive demand for AI computing power, predicting that the global AI chip market could reach $400 billion by 2027 [16]

Core Viewpoints - The report emphasizes a positive outlook for the livestock sector, particularly in beef and dairy farming, predicting a turning point in the domestic beef cycle by 2025, with prices expected to rise significantly [1][14] - The report recommends a selection of stocks in the livestock and feed sectors, highlighting companies like Yuran Agriculture, Muyuan Foods, and Haida Group as key investment opportunities [1][3] Livestock Sector - The report anticipates a reversal in the beef cycle, with domestic beef prices expected to rise due to a combination of domestic supply adjustments and international price increases [14] - The dairy market is projected to improve, driven by a rising meat-to-milk price ratio, which may accelerate the culling of dairy cows and enhance profitability for dairy farming companies [14] - Key recommended stocks in the livestock sector include Yuran Agriculture, Modern Farming, and China Shengmu [14][18] Swine Sector - The report highlights a recovery in the swine sector, with a focus on leading companies like DeKang Agriculture and Muyuan Foods, which are expected to benefit from valuation recovery as the market stabilizes [15][19] - The average price of live pigs was reported at 12.49 CNY/kg, reflecting a 6% month-on-month increase, while the price of piglets decreased by 9.18% [2][21] - The report notes that the industry is experiencing a rational approach to breeding, with a stable number of breeding sows maintained [21][22] Poultry Sector - The poultry sector is expected to see increased demand, with prices for broiler chickens and chicks rising, indicating a recovery in consumption as the market enters a peak season [34][37] - The report mentions that the supply of yellow-feathered chickens remains low, which may benefit leading producers as domestic demand improves [40][41] - Recommended stocks in the poultry sector include Lihua Stock and Shengnong Development [19] Pet Industry - The pet industry is identified as a growth area, with domestic consumption expected to continue rising, particularly in pet food and healthcare [16] - Key recommended companies in the pet sector include Guibao Pet and Reap Bio [16][19] Feed Sector - The feed sector is projected to benefit from a recovery in aquaculture and livestock production, with Haida Group highlighted as a leading player in the feed market [1][19] - The report indicates that the price of corn, a key feed ingredient, is currently at a historical low, providing a strong cost support for feed production [21][22] Agricultural Products - The report tracks agricultural product prices, noting that soybean meal prices are at historical lows, while corn prices have decreased by 5.37% month-on-month [2][21] - The overall agricultural sector is expected to experience a gradual recovery, with specific attention to the dynamics of supply and demand for key commodities [19][22]

Investment Rating - The report indicates a low overall allocation in the agriculture, forestry, animal husbandry, and fishery sector, with a heavy stock allocation ratio of 0.78% as of Q3 2025, which is below the standard allocation ratio and historical average [2][11][19] Core Viewpoints - The report highlights a significant reduction in heavy stock allocations in the feed and breeding sectors, with breeding at 0.31% and feed at 0.40% for Q3 2025, both showing a decline compared to previous quarters [12][19] - Major companies such as Haida Group and Muyuan Foods have reduced their allocations, indicating a trend of decreased investment in leading stocks within the sector [3][14] - The report suggests that the breeding sector is entering a phase of high-quality development, recommending investments in low-cost leading companies and growth-oriented stocks [4][19] Summary by Sections Heavy Stock Allocation Analysis - As of the end of Q3 2025, the heavy stock allocation in the agriculture, forestry, animal husbandry, and fishery sector is 0.78%, down 0.58 percentage points from the previous quarter and 0.56 percentage points year-on-year [11][12] - The heavy stock allocation in the breeding industry is 0.31%, a decrease of 0.1 percentage points, while the feed industry allocation is 0.40%, down 0.45 percentage points [12][14] Company-Specific Allocation Changes - Among the top 15 heavy stocks, most companies have reduced their allocations, with Haida Group and Muyuan Foods decreasing by 0.34 percentage points and 0.04 percentage points, respectively [3][14] - The top five stocks with increased heavy stock allocation include Tiankang Biological (+2.42%) and Hainan Rubber (+1.41%), while the top five with decreased allocations include Zhongchong Pet (-3.21%) and Juxing Agriculture (-3.14%) [15][18] Investment Recommendations - The report recommends focusing on leading stocks in the breeding sector such as Muyuan Foods and Wens Foodstuffs, as well as seasonal rebounds in chicken prices [4][19] - For breeding support (feed and animal health), it suggests monitoring leading companies like Haida Group and BANGJI Technology for potential restructuring opportunities [4][19] - The planting sector shows stable profitability, with recommendations to pay attention to companies like Suqian Agricultural Development and Beidahuang [4][19]

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on November 6, with a total transaction volume of 2.431 billion yuan, highlighting notable trading in companies such as Zhongwei Company, CATL, and Bull Group [1]. Group 1: Trading Activity - A total of 65 stocks underwent block trading, with transaction amounts reaching 2.431 billion yuan [1]. - The top three companies by transaction volume were Zhongwei Company (321 million yuan), CATL (288 million yuan), and Bull Group (254 million yuan) [1]. - Among the stocks, 7 were traded at par value, 3 at a premium, and 55 at a discount [1]. Group 2: Premium and Discount Rates - The stocks with the highest premium rates were Yuchen Intelligent (18.21%), Beijing Bank (10.37%), and AVIC Chengfei (8.69%) [1]. - The stocks with the highest discount rates included Longzhu Technology (26.25%), Electric Alloy (24.03%), and Youfang Technology (21.97%) [1]. Group 3: Institutional Trading - The top institutional buy amounts were led by Zhongwei Company (299 million yuan), CATL (288 million yuan), and Zhongji Xuchuang (183 million yuan) [2]. - The leading institutional sell amounts were dominated by CATL (288 million yuan), Zijin Mining (217 million yuan), and Zhongji Xuchuang (183 million yuan) [2].

Group 1 - Hai Da Group executed a block trade on November 6, with a transaction volume of 1.85 million shares and a transaction amount of 109 million yuan, at a price of 58.92 yuan per share [2][3] - In the last three months, the stock has recorded a total of five block trades, amounting to a cumulative transaction value of 214 million yuan [2] - The closing price of Hai Da Group on the same day was 58.92 yuan, reflecting an increase of 1.99%, with a daily turnover rate of 0.52% and a total transaction amount of 506 million yuan [2] Group 2 - The net inflow of main funds for Hai Da Group reached 50.74 million yuan for the day, with a cumulative increase of 1.53% over the past five days and a total net inflow of 76.99 million yuan [2] - The latest margin financing balance for the stock is 21.8 million yuan, showing a decrease of 12.77 million yuan over the past five days, representing a decline of 5.54% [3] - Guangdong Hai Da Group Co., Ltd. was established on January 8, 2004, with a registered capital of 1.66374 billion yuan [3]