Investment Rating - The industry investment rating is "Maintain Increase" [4] Core Views - The trend of pig reduction continues, suggesting a strategic opportunity for participation in the sector [15][16] - The price of lean meat pigs as of November 28, 2025, is 11.09 CNY/kg, down 9.1% from the previous month, indicating ongoing industry losses [15][18] - The average profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head from the previous month, while the profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [15][23] - The number of breeding sows has decreased to 39.9 million, and further production capacity reduction is expected due to policy and low prices [15][16] - The mushroom sector shows a sustained price rebound for enoki mushrooms, with strong performance expected from key companies [16] - The seed industry is seeing a clear trend of variety replacement, with transgenic varieties entering commercial sales, indicating potential growth for related companies [16] - In poultry farming, seasonal price elasticity opportunities are noted for yellow feathered chickens, while white feathered chickens are affected by avian influenza in Europe [17] Summary by Sections Pig Farming - The lean meat pig price is 11.09 CNY/kg, down 9.1% from last month [18] - The average wholesale price of pork is 17.83 CNY/kg, down 1.1% [18] - The profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head [23] - The profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [23] Mushroom Sector - Enoki mushroom prices remain strong, confirming a sustained price rebound [16] - The release period for Cordyceps sinensis as a key new product is approaching, with strong performance expected [16] Seed Industry - A clear trend of variety replacement in corn is noted, with transgenic varieties entering commercial sales [16] - Companies like Kangnong Seed Industry and Longping High-Tech are highlighted for potential growth [16] Poultry Farming - The price of meat chicken chicks is 3.47 CNY/chick, down 3.1% from last month [28] - The average price of white feathered chickens is 7.19 CNY/kg, up 1.4% [32] - The average price of chicken products is 8.95 CNY/kg, up 0.6% [32] Agricultural Products - Domestic corn prices increased to 2329.8 CNY/ton, up 4.0% [44] - Domestic wheat prices rose to 2507.28 CNY/ton, up 0.7% [46] - Domestic soybean prices increased to 4014.74 CNY/ton, up 0.4% [57]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the pig price is supported by both supply and demand factors as the market enters the winter consumption peak, with expectations for a gradual increase in the price center [11] - The beef cycle is expected to maintain its prosperity, with a decrease in cattle inventory and high calf prices indicating cautious expansion in the breeding sector [20] - The report highlights the acceleration of pig breeding losses and the strengthening logic of domestic pet products, recommending several companies in the pig farming and pet sectors [24] Summary by Sections Weekly Observation - The average price of pigs in China as of November 28, 2025, is 11.20 yuan/kg, with a week-on-week decrease of 0.42 yuan/kg and a year-on-year decrease of 5.27 yuan/kg [11] - The average weight of pigs at market is 129.22 kg, showing a week-on-week increase of 0.41 kg and a year-on-year increase of 2.49 kg [11] - The report notes that winter consumption favors larger pigs, leading to an increase in average weights at market [11] Weekly Views - The report states that pig and piglet prices are in a loss situation, which may accelerate the culling of breeding sows [24] - The feed sector is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices [24] - The pet sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers [24] Market Performance (November 24-28) - The agricultural index outperformed the market by 0.17 percentage points, with the Shanghai Composite Index rising by 1.40% and the agricultural index rising by 1.57% [26] - Key stocks leading the market include Jin Xin Nong (+12.60%), Yuan Fei Pet (+8.39%), and Xi Wang Food (+7.57%) [26] Price Tracking (November 24-28) - The average price of pigs is 11.19 yuan/kg, down 0.45 yuan/kg from the previous week; piglet prices are 19.19 yuan/kg, up 0.04 yuan/kg [33] - The average wholesale price of beef is 66.39 yuan/kg, showing a week-on-week decrease of 0.18 yuan/kg [36] - Corn and soybean meal prices have increased, with corn futures at 2241.00 yuan/ton (up 2.66%) and soybean meal futures at 2459.00 yuan/ton (up 1.32%) [44]

Group 1 - The core point of the article is that Haida Group (002311.SZ) is currently in the research and development phase for veterinary bacteriophages [1]

Group 1 - The livestock sector is experiencing a positive trend, with the China Livestock Breeding Index (930707) rising, and key stocks such as Jinxinnong (002548) and Yisheng (002458) showing significant gains [1] - Major pig farming companies are expanding into Southeast Asia, indicating a trend of overseas expansion among leading enterprises like Muyuan, New Hope, and Haida [1] - The market is at a critical point of capacity reduction driven by both policy and market forces, with potential improvements in supply-demand relationships expected by mid-2026 if capacity reduction targets are met [2] Group 2 - The top ten weighted stocks in the China Livestock Breeding Index account for 65.58% of the index, with companies like Muyuan (002714) and Wens (300498) being the most significant contributors [3] - The overall capital expenditure of listed pig farming companies is stabilizing and slightly decreasing, as many firms are halting capacity expansion projects due to narrowing profits and cash flow pressures [2] - The livestock ETF closely tracks the China Livestock Breeding Index, which includes companies involved in feed, pharmaceuticals, and livestock farming, reflecting the overall performance of the sector [2]

Group 1 - The 2024 Employee Stock Ownership Plan (ESOP) of Guangdong Haid Group Co., Ltd. held its first holder meeting on November 25, 2025, with 183 attendees representing 16.1476 million voting shares, accounting for 24.07% of the total voting shares [2][3] - The meeting discussed one agenda item regarding the change of the management committee members of the 2024 ESOP, resulting in the election of Liu Changcheng and Wang Hua to the committee, alongside existing member Yang Huafang [3][4] - The voting results showed unanimous support for the agenda, with 16.1476 million shares in favor, representing 100% of the voting shares present, and no opposing or abstaining votes [3][4] Group 2 - Two vice presidents, Zhang Guijun and Yang Jiantao, submitted their resignation reports due to internal work adjustments, but will continue to hold other positions within the company [8][9] - Their resignation will not significantly impact the company's daily operations or management, as they do not hold any shares in the company and have no unfulfilled commitments [9]

Core Viewpoint - Recently, Guangdong Haid Group Co., Ltd. announced the resignation of two vice presidents due to internal work adjustments, while they will continue to hold other positions within the company [1] Group 1 - The company received written resignation reports from Vice Presidents Zhang Guijun and Yang Jiantao [1] - The resignations are attributed to internal work adjustments within the company [1] - Both individuals will retain other roles within the company after their resignation as vice presidents [1]

Core Viewpoint - Haida Group announced the resignation of Vice Presidents Zhang Guijun and Yang Jiantao due to internal work adjustments, stating that their departure will not significantly impact the company's daily operations and management [1] Group 1 - Zhang Guijun and Yang Jiantao will continue to hold other positions within the company after resigning from their vice president roles [1] - Their original term was set to last until the end of the seventh board of directors' term [1] - The company reassured stakeholders that the resignations will not have a major effect on its operational management [1]

一、会议召开和出席情况 广东海大集团股份有限公司（以下简称"公司""本公司"）2024 年员工持 股计划（以下简称"本持股计划"）2025 年第一次持有人会议（以下简称"本次 持有人会议"）于 2025 年 11 月 25 日在公司会议室召开。本次出席持有人会议 的持有人共 183 名，代表本持股计划有表决权份额 1,614.76 万份，占本持股计划 有表决权份额总数的 24.07%。本次持有人会议的召集、召开符合《广东海大集 团股份有限公司 2024 年员工持股计划》《广东海大集团股份有限公司 2024 年员 工持股计划管理办法》的有关规定。 二、议案审议表决情况 本次持有人会议共有 1 个议案，须由出席持有人会议的持有人所持 1/2 以上 有表决权持股计划份额同意后通过。 1、关于变更 2024 年员工持股计划管理委员会委员的议案 鉴于侯华平先生和叶谋田先生因个人原因辞去本持股计划管理委员会委员， 为保证本持股计划的顺利进行、保障持有人的合法权益，根据《广东海大集团股 份有限公司 2024 年员工持股计划》《广东海大集团股份有限公司 2024 年员工持 股计划管理办法》的有关规定，本次持有人会议补选刘昌成 ...

证券代码：002311 证券简称：海大集团 公告编号：2025-064 广东海大集团股份有限公司 关于高级管理人员离任的公告 截至本公告披露日，张桂君先生及杨建涛先生均未直接持有公司股份，将严 格遵守《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》《深 圳证券交易所上市公司自律监管指引第18号——股东及董事、高级管理人员减持 股份》等法律法规的规定。 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、高级管理人员离任情况 1、提前离任的基本情况 广东海大集团股份有限公司（以下简称"公司"）于近日接到公司副总裁张桂 君先生及杨建涛先生书面离任报告，张桂君先生及杨建涛先生因公司内部工作调 整，申请辞去公司副总裁职务。离任后，张桂君先生及杨建涛先生仍将担任公司 其他职务。根据《公司法》《公司章程》的有关规定，张桂君先生及杨建涛先生 离任报告自送达公司之日生效。 张桂君先生及杨建涛先生的原定任期至公司第七届董事会任期届满之日。 2、离任对公司的影响 除此以外，张桂君先生及杨建涛先生不存在应当履行而未履行的承诺事项， 其离任不会对公司日常经营与管理运作产生 ...

Core Insights - The feed sector experienced a slight increase of 0.27% on November 26, with Yuehai Feed leading the gains. The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Summary by Category Stock Performance - Key stocks in the feed sector showed varied performance, with Kangle Feed (001313) rising by 4.76% to close at 7.92, and Petty Holdings (300673) increasing by 2.28% to 18.84. Other notable performers included Jin Xin Nong (002548) up 1.23% and Zhongchong Co. (002891) up 0.74% [1] - Conversely, Tianma Technology (603668) and Tangrenshen (002567) both saw slight declines of 0.21% and 0.21%, respectively [1] Trading Volume and Value - The trading volume for Kangle Feed reached 211,100 shares, with a transaction value of approximately 166 million yuan. Petty Holdings had a trading volume of 104,100 shares, amounting to about 199 million yuan [1] - The overall trading activity in the feed sector indicated a mixed sentiment among investors, with some stocks experiencing significant trading volumes [1] Capital Flow - The feed sector saw a net outflow of 134 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 92.25 million yuan. Speculative funds also saw a net inflow of about 41.9 million yuan [2] - Specific stocks like Jin Xin Nong (002548) and Petty Holdings (300673) experienced varying levels of net inflow and outflow from different investor categories, indicating a complex investment landscape [3]