Core Viewpoint - The pig farming industry is experiencing significant losses, leading to accelerated capacity reduction, while the dairy market faces supply-demand imbalances, impacting livestock numbers and prices [1][2]. Group 1: Pig Farming Industry - The pig farming sector has been in a state of continuous loss for several weeks, with the national average price of commercial pigs dropping by 28% year-on-year in Q3 2025, and major listed pig companies seeing a 68% decline in net profit [1]. - Current asset-liability ratios in the industry are well-controlled, but there is a noticeable divergence between the growth rate of pig sales and cost control, indicating a shift from cyclical to efficiency-driven competition [1]. - Due to ongoing losses and policy guidance, it is expected that capacity reduction will accelerate, laying the groundwork for a future price recovery [1]. Group 2: Dairy and Beef Market - Dairy prices have fallen below the previous cycle's bottom, highlighting a significant supply-demand imbalance, with dairy cow inventory decreasing by over 8% cumulatively in October [1]. - The beef market is entering an upward price trend, with expectations of price fluctuations in November and December due to the winter consumption peak [1]. - Long-term projections suggest that the beef cycle's price increase may exceed expectations, particularly benefiting companies with cow resources [1]. Group 3: Index and Stock Performance - The CSI Livestock Breeding Index (930707) shows mixed performance among its constituent stocks, with Tianma Technology (603668) leading with a 5.06% increase, while Jinnong (002548) is the biggest loser [1]. - As of October 31, 2025, the top ten weighted stocks in the CSI Livestock Breeding Index account for 65.58% of the index, with Muyuan Foods (002714) and Wens Foodstuffs (300498) being the largest components [2]. - The performance of the top ten stocks varies, with Muyuan Foods down 3.63% and Wens Foodstuffs down 2.10% [3].

Core Insights - The report maintains a positive investment rating for the agricultural sector, particularly highlighting the resilience and growth potential in the pet food market and the cyclical recovery in the pig farming industry [1] Group 1: Pet Industry Performance - The pet food sales during the 2025 Double Eleven shopping festival reached 9.4 billion yuan, showcasing significant growth in the pet sector [11][12] - Major brands like Mai Fudi and Frigat led sales on platforms such as JD and Tmall, indicating strong competitive advantages [11][12] - The trend towards high-end and refined pet products is evident, with new processing techniques gaining market share [11][12][16] Group 2: Pig Farming Market Dynamics - As of November 14, 2025, the average price of pigs was 11.66 yuan/kg, reflecting a week-on-week decrease of 0.22 yuan/kg and a year-on-year decline of 4.79% [4][15] - The supply side is expected to contract due to overproduction in October and a reduction in breeding stock, while demand may increase due to seasonal consumption patterns [4][15] - The report suggests that the pig farming sector may enter a favorable investment phase as losses accelerate and market conditions stabilize [5][26] Group 3: Market Performance Overview - From November 10 to November 14, the agricultural index outperformed the broader market by 2.87 percentage points, with a 2.70% increase in the agricultural index compared to a 0.18% decline in the Shanghai Composite Index [28][29] - Key stocks such as Yuegui Co. and ST Jiawo saw significant gains, indicating strong performance within the agricultural sector [28][33] Group 4: Feed Industry Insights - The domestic feed market is benefiting from the recovery in livestock numbers and strong overseas demand, with a projected increase in feed production [26] - The report highlights the growth in feed production from 162 million tons in 2010 to 315 million tons in 2024, with a compound annual growth rate (CAGR) of 4.86% [26]

Meeting Overview - The Guangdong Haid Group Co., Ltd. held its fourth extraordinary shareholders' meeting on November 14, 2025, in Guangzhou, China, with all procedures complying with relevant laws and regulations [1][2] Attendance and Voting - A total of 795 shareholders participated, representing 1,306,240,209 shares, approximately 78.51% of the total voting shares [2] - Among the participants, 7 attended in person, representing 911,264,703 shares (54.77%), while 788 participated via online voting, representing 394,975,506 shares (23.74%) [2] Resolutions and Voting Results - The meeting reviewed 11 resolutions, all requiring a two-thirds majority for approval [3] - The resolution regarding the spin-off of Haid International Holdings Limited for listing on the Hong Kong Stock Exchange received 99.9945% approval, with only 0.0054% against [3][4] - The resolution on the feasibility of the spin-off also passed with similar support, indicating strong shareholder backing for the initiative [5][6] Legal Compliance - The meeting was witnessed by Beijing Zhonglun (Shanghai) Law Firm, which confirmed that all procedures and voting were in accordance with applicable laws and the company's regulations [36]

Core Viewpoint - The company has approved a share repurchase plan to buy back its A-shares, with a total amount ranging from RMB 10 billion to RMB 16 billion, aimed at capital reduction and employee incentive plans [1][2]. Group 1: Share Repurchase Plan - The company will repurchase shares through centralized bidding, with RMB 10 billion allocated for capital reduction and any amount exceeding this for employee incentive plans [1]. - The repurchase amount will be no less than RMB 10 billion and no more than RMB 16 billion, funded by the company's self-raised capital [2]. - The estimated number of shares to be repurchased is between 1,612,903 and 2,580,645 shares, representing 0.97% to 1.55% of the total share capital, depending on the final repurchase amount [2]. Group 2: Creditor Notification - The company has notified creditors that they can claim debts or provide guarantees within 45 days from the announcement date, following relevant laws and regulations [3]. - Creditors must submit valid proof of debt relationships and may do so through various methods including in-person, mail, or email [3][4]. - The submission period for creditors is from November 15, 2025, for 45 days, during specified working hours [4]. Group 3: Submission Details - The company has provided contact information for creditors to submit their claims, including names, phone numbers, and the address for submissions [5]. - Specific instructions for submission methods, including mail and electronic submissions, have been outlined to ensure proper processing [6].

Group 1 - The company has announced a share repurchase plan with an amount not less than 1 billion yuan and not exceeding 1.6 billion yuan, aimed at capital reduction and implementing an equity incentive plan [1] - The repurchase is expected to be at least 25,806,451 shares, accounting for 1.55% of the total share capital, based on the upper limit; at the lower limit, it is expected to be at least 16,129,033 shares, accounting for 0.97% [1] - The company has notified creditors that they can request debt repayment or provide guarantees within 45 days of the announcement, with the declaration period starting from November 15 for a specific timeframe [1]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [48]. Core Viewpoints - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 4.87% from October 31, 2025, to November 13, 2025, exceeding the index by approximately 5.04 percentage points [11]. - All sub-sectors within the industry recorded positive returns during the same period, with notable increases in agricultural product processing (9.03%), fishery (8.12%), animal health (5.57%), planting (4.57%), breeding (2.94%), and feed (2.45%) [12]. - Over 90% of individual stocks in the industry achieved positive returns, indicating strong overall market performance [13]. - The industry valuation has rebounded, with the overall price-to-book (PB) ratio at approximately 2.94 times as of November 13, 2025, which is still relatively low compared to historical levels [17]. Industry Important Data - **Pig Farming**: The average price of external three yuan pigs decreased from 12.52 CNY/kg to 11.74 CNY/kg during the reporting period. The cost of corn and soybean meal showed fluctuations, with corn priced at 2260.39 CNY/ton and soybean meal at 3072 CNY/ton as of November 13, 2025 [21][23]. - **Profitability**: As of November 14, 2025, self-breeding pig farming reported a loss of 114.81 CNY per head, while purchasing piglets resulted in a loss of 205.64 CNY per head, indicating a decline in profitability [26]. - **Poultry Farming**: The average price of broiler chicks was 3.49 CNY per chick, slightly down from the previous week, while the average price of white feather broilers increased to 7.12 CNY/kg, with a loss of 0.95 CNY per bird [28][31]. Industry Important News - The Ministry of Agriculture and Rural Affairs emphasized accelerating the self-reliance and controllability of seed technology during a recent meeting, highlighting the importance of domestic seed sources and innovation in the seed industry [35]. Company Important News - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others, which are positioned to benefit from industry trends and potential recovery in profitability [48][49].

证券代码：002311 证券简称：海大集团 公告编号：2025-059 广东海大集团股份有限公司 2025 年第四次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会无涉及变更以前股东会决议的情况。 一、会议召开和出席情况 广东海大集团股份有限公司 2025 年第四次临时股东会（以下简称"本次股 东会"）现场会议于 2025 年 11 月 14 日 14:30 在广东省广州市番禺区化龙镇龙 泰街 8 号海大科学园 1 栋会议室召开。本次会议由公司董事会召集，已于 2025 年 10 月 29 日在《证券时报》《中国证券报》《上海证券报》《证券日报》及巨潮 资讯网披露了关于本次股东会的会议通知。本次股东会的召集、召开程序符合《中 华人民共和国公司法》（以下简称《公司法》）、《上市公司股东会规则》和《公司 章程》的有关规定。 本次参与的股东（包括股东代理人，下同）共 795 名，代表公司有表决权股 份总数 1,306,240,209 股，约占公司本次股东会股权登记日有表决权股份总数（ ...

北京市中伦（上海）律师事务所 关于广东海大集团股份有限公司 致：广东海大集团股份有限公司 广东海大集团股份有限公司（下称"公司"）2025 年第四次临时股东会（下称 "本次股东会"）于 2025 年 11 月 14 日召开。北京市中伦（上海）律师事务所（下 称"本所"）接受公司的委托，指派律师（下称"本所律师"）出席本次股东会， 根据《中华人民共和国公司法》《上市公司股东会规则》等法律、行政法规、部门 规章、规范性文件（统称"适用法律"）以及《广东海大集团股份有限公司章程》 （下称《公司章程》）、《广东海大集团股份有限公司股东会议事规则》（下称《议 事规则》）的规定，对本次股东会的召集和召开程序、出席会议人员的资格、召集 人资格、会议表决程序以及表决结果进行见证，并出具本法律意见书。 2025 年第四次临时股东会的 法律意见书 二〇二五年十一月 北京市中伦（上海）律师事务所 关于广东海大集团股份有限公司 2025 年第四次临时股东会的 法律意见书 在本法律意见书中，本所律师仅对本次股东会的召集和召开程序、出席会议 人员的资格、召集人资格、会议表决程序以及表决结果是否符合适用法律以及《公 司章程》《议事规则》的 ...

证券代码：002311 证券简称：海大集团 公告编号：2025-060 广东海大集团股份有限公司 关于拟回购股份减少注册资本暨通知债权人的公告 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"）分别于2025年10月28日、 2025年11月14日召开了第七届董事会第四次会议、2025年第四次临时股东会，审 议通过了《关于以集中竞价方式回购公司股份方案的议案》，同意公司以集中竞 价交易方式回购公司发行的人民币普通股（A股），用于注销并减少注册资本及 实施股权激励计划及/或员工持股计划，其中10亿元回购股份将用于注销并减少 注册资本，超过10亿元的回购股份将用于实施股权激励计划及/或员工持股计划。 根据回购方案，回购金额不低于人民币10亿元（含）且不超过16亿元（含）， 回购所需资金来源于公司自筹资金。在回购股份价格不超过62.00元/股的条件下， 按回购金额上限16亿元（含）测算，预计回购股份数量不低于2,580.6451万股， 占公司总股本的1.55%；按回购金额下限10亿元（含）测算，预计回购股份数量 不低于1,6 ...

Core Insights - The feed sector experienced a decline of 0.24% on November 14, with Zhongchong Co., Ltd. leading the losses [1][2] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Market Performance - Tianma Technology (603668) saw a price increase of 3.29%, closing at 14.44, with a trading volume of 446,400 shares and a turnover of 642 million yuan [1] - Other notable gainers included Kesi Thought (001313) with a 3.16% increase and Baiyang Co., Ltd. (002696) with a 0.84% increase [1] - Zhongchong Co., Ltd. (002891) led the declines with a drop of 2.53%, closing at 57.47, with a trading volume of 33,300 shares and a turnover of 193 million yuan [2] Capital Flow - The feed sector experienced a net outflow of 80.91 million yuan from institutional investors and 50.57 million yuan from retail investors, while individual investors saw a net inflow of 131 million yuan [2] - Tianma Technology had a net inflow of 32.96 million yuan from institutional investors, while Hai Da Group (002311) had a net inflow of 15.96 million yuan [3] - Conversely, companies like Boen Group (001366) and Hefa Co., Ltd. (603609) experienced significant net outflows from institutional and retail investors [3]