Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [5][44]. Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, declining by 1.1% from October 17 to October 30, 2025, lagging behind the index by approximately 3.08 percentage points [11]. - Among the sub-sectors, only planting and agricultural product processing recorded positive returns, increasing by 1.47% and 0.44% respectively, while fisheries, animal health, breeding, and feed sectors experienced negative returns, declining by 1.22%, 1.63%, 2.56%, and 4.24% respectively [14]. - The overall price of live pigs has rebounded, with the average price rising from 11.17 CNY/kg to 12.56 CNY/kg during the reporting period [23]. - The number of breeding sows as of the end of September 2025 was 40.35 million, a slight decrease of 0.07% from the previous month, indicating a potential for further capacity reduction [23]. - The report highlights the narrowing of losses in pig farming, with self-breeding losses at -89.33 CNY per head and purchased piglet losses at -179.72 CNY per head, showing improvement compared to the previous week [27]. - The average price of broiler chicks increased to 3.58 CNY per chick, while the average price of white feather broilers rose to 7.09 CNY/kg, indicating a slight recovery in poultry prices [29][32]. - The report emphasizes the potential for investment opportunities in leading companies within the industry, particularly in pig farming, poultry farming, feed production, animal health, and pet food sectors [44]. Summary by Sections Market Review - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with a decline of 1.1% from October 17 to October 30, 2025 [11]. - Only a few sub-sectors recorded positive returns, with planting and agricultural product processing increasing by 1.47% and 0.44% respectively [14]. - Over half of the stocks in the industry recorded positive returns during the same period [15]. Industry Key Data - The average price of live pigs increased from 11.17 CNY/kg to 12.56 CNY/kg [23]. - The breeding sow inventory was 40.35 million, slightly down by 0.07% [23]. - The average prices for corn and soybean meal showed slight declines, with corn at 2242.16 CNY/ton and soybean meal at 3028 CNY/ton [25]. - Losses in pig farming narrowed, with self-breeding losses at -89.33 CNY per head [27]. Company Insights - The Q3 performance of pig and chicken farming companies showed a year-on-year decline in profitability due to lower prices compared to the previous year [35]. - Leading companies such as Muyuan Foods and Wens Foodstuffs are highlighted for their market positions and potential for recovery [44].

Core Viewpoint - Haida Group is a leading feed enterprise in China, with strong R&D capabilities and a complete industry chain advantage in aquaculture and livestock feed sectors [1] Group 1: Business Performance - In Q3 2025, Haida Group achieved a revenue of 960.94 billion, ranking first in the industry, significantly higher than the second-ranked Guangdong Sea Feed's 49.97 billion [2] - The net profit for the same period was 43.63 billion, also ranking first in the industry, far exceeding the second-ranked Tianma Technology's 668.79 million [2] - The main business composition includes feed sales at 471.39 billion (80.13%), agricultural product sales at 97.35 billion (16.55%), trade business at 13.94 billion (2.37%), and other sales at 98.68 million (0.17%) [2] Group 2: Financial Health - As of Q3 2025, Haida Group's debt-to-asset ratio was 47.78%, lower than the previous year's 55.60% and the industry average of 56.54%, indicating good solvency [3] - The gross profit margin for the same period was 11.13%, slightly down from 11.33% year-on-year but still above the industry average of 10.28%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.81% to 19,000, while the average number of circulating A-shares held per account increased by 13.39% to 87,600 [5] - Major shareholders include Hong Kong Central Clearing Limited and Invesco Great Wall New Growth Mixed A, with notable changes in their holdings [5] Group 4: Future Outlook - Haida Group's revenue for the first three quarters of 2025 increased by 13% year-on-year, with net profit rising by 14% [6][7] - The company plans to restructure its overseas feed, seed, and animal health businesses to Haida Holdings and list them on the Hong Kong Stock Exchange, aiming to enhance management and financing capabilities [6] - The feed business is projected to reach over 50 million tons in total sales by 2030, indicating a stable long-term growth trajectory [6]

Core Points - The Shenzhen Leading Index (399653) closed at 3133.91 points, down 0.66%, with a trading volume of 143.46 billion yuan and a turnover rate of 1.42% [1] - Among the index constituents, 11 stocks rose while 39 stocks fell, with Huali Group leading the gainers at 2.75% and Ruida Futures leading the decliners at 7.39% [1] Index Constituents Summary - The top ten constituents of the Shenzhen Leading Index include: - Ningde Times (21.12% weight) at 398.29 yuan, down 0.43%, with a market cap of 181.73 billion yuan [1] - Midea Group (7.29% weight) at 75.30 yuan, up 1.21%, with a market cap of 57.86 billion yuan [1] - Zhongji Xuchuang (7.12% weight) at 514.74 yuan, down 1.15%, with a market cap of 57.19 billion yuan [1] - Luxshare Precision (6.18% weight) at 65.04 yuan, down 3.33%, with a market cap of 47.36 billion yuan [1] - BYD (5.69% weight) at 103.61 yuan, down 0.87%, with a market cap of 94.46 billion yuan [1] - Sungrow Power Supply (4.83% weight) at 194.68 yuan, up 1.67%, with a market cap of 40.36 billion yuan [1] - Wrigley (4.50% weight) at 118.47 yuan, down 0.30%, with a market cap of 45.99 billion yuan [1] - Gree Electric Appliances (3.53% weight) at 40.47 yuan, down 0.54%, with a market cap of 22.67 billion yuan [1] - ZTE Corporation (2.97% weight) at 44.83 yuan, down 2.97%, with a market cap of 21.44 billion yuan [1] - Xianlefang A (2.81% weight) at 4.09 yuan, up 0.49%, with a market cap of 15.30 billion yuan [1] Capital Flow Summary - The net outflow of main funds from the Shenzhen Leading Index constituents totaled 8.84 billion yuan, while retail investors saw a net inflow of 6.18 billion yuan [3] - Notable capital flows include: - Ningde Times with a net inflow of 94.67 million yuan from main funds and a net outflow of 38.40 million yuan from retail investors [3] - SF Holding with a net inflow of 93.43 million yuan from main funds and a net outflow of 61.70 million yuan from retail investors [3] - Other companies like Fenzhong Media and Luzhou Laojiao also experienced varying degrees of net inflows and outflows [3]

根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号——回购股份》等有关规定，现将公司披露董事会公告回购股份决议的前一 个交易日（2025年10月28日）登记在册的前十名股东和前十名无限售条件股东的 名称、持股数量及持股比例情况公告如下： | 序号 | 股东名称 | 持股数量（股） | 占总股本比 | | --- | --- | --- | --- | | | | | 例（%） | | 1 | 广州市海灏投资有限公司 | 910,589,359 | 54.73 | | 2 | 香港中央结算有限公司 | 70,306,788 | 4.23 | | 3 | 中国工商银行股份有限公司－景顺长城新兴 | 28,000,000 | 1.68 | | | 成长混合型证券投资基金 | | | | 4 | 全国社保基金一零六组合 | 20,333,838 | 1.22 | | 5 | 中国工商银行股份有限公司－华泰柏瑞沪深 交易型开放式指数证券投资基金 | 14,220,498 | 0.85 | | | 300 | | | | 6 | 中国银行股份有限公司－景顺长城鼎益混合 | 13,391,300 | ...

Core Viewpoint - Haida Group's stock price has shown a positive trend with a year-to-date increase of 22.58%, despite a recent decline over the past 20 days [1][2] Financial Performance - For the period from January to September 2025, Haida Group achieved a revenue of 960.94 billion, representing a year-on-year growth of 13.24% [2] - The net profit attributable to shareholders for the same period was 41.42 billion, reflecting a year-on-year increase of 14.31% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Haida Group was 19,000, a decrease of 11.81% from the previous period [2] - The average number of circulating shares per shareholder increased by 13.39% to 87,561 shares [2] Dividend Distribution - Haida Group has cumulatively distributed 76.00 billion in dividends since its A-share listing, with 37.39 billion distributed over the last three years [3] Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 70.87 million shares, an increase of 8.01 million shares from the previous period [3] - In contrast, several other major shareholders, including Invesco Great Wall New Growth Mixed Fund and Huatai-PineBridge CSI 300 ETF, saw reductions in their holdings [3]

Core Insights - The feed sector experienced a rise of 0.79% on October 29, with LuSi Co. 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] Feed Sector Performance - LuSi Co. (code: 920419) closed at 18.22, up 3.76% with a trading volume of 26,200 lots and a transaction value of 46.57 million [1] - AoNong Bio (code: 603363) closed at 5.21, up 2.96% with a trading volume of 787,300 lots and a transaction value of 408 million [1] - ZhiYang Co. (code: 002696) closed at 6.80, up 1.95% with a trading volume of 203,600 lots and a transaction value of 13.8 million [1] - Other notable performers include ZhongChong Co. (code: 002891) at 57.21, up 1.51%, and HaiDa Group (code: 002311) at 57.38, up 1.22% [1] Capital Flow Analysis - The feed sector saw a net inflow of 55.01 million from main funds, while retail funds experienced a net outflow of 20.66 million [2] - Main funds showed a significant net outflow in AoNong Bio of 37.28 million, while HaiDa Group had a net inflow of 36.70 million [3] - The overall trend indicates a mixed sentiment among retail and institutional investors within the feed sector [2][3]

Market Overview - On October 28, the A-share market experienced a pullback after an initial rise, with all three major indices closing in the red. The Shanghai Composite Index fell by 0.22% to 3988.22 points, the Shenzhen Component Index decreased by 0.44% to 13430.1 points, and the ChiNext Index dropped by 0.15% to 3229.58 points. The Shanghai Composite Index briefly surpassed the 4000-point mark, reaching a ten-year high [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 2.15 trillion yuan, a decrease of 192.3 billion yuan compared to the previous trading day [2] Sector Performance - The sectors that performed well included Fujian, military industry, and port shipping, while sectors such as non-ferrous metals, wind power equipment, and oil and gas saw declines [2] International Market - In the U.S. stock market, the three major indices rose on October 28, with the Dow Jones Industrial Average increasing by 161.78 points (0.34%) to 47706.37 points, the S&P 500 rising by 15.73 points (0.23%) to 6890.89 points, and the Nasdaq Composite gaining 190.04 points (0.80%) to 23827.49 points [4][5] - European markets showed mixed results, with the UK FTSE 100 rising by 0.44% while the French CAC40 and German DAX indices fell by 0.27% and 0.12%, respectively [4] - International oil prices declined, with WTI crude oil falling by 1.89% to $60.15 per barrel and Brent crude down by 1.86% [4][5] Policy Developments - The Central Committee of the Communist Party of China released suggestions for the 14th Five-Year Plan, emphasizing the promotion of RMB internationalization, enhancing capital project openness, and building a self-controlled cross-border payment system for the RMB [7] - The plan also includes initiatives to develop cultural industries, promote new infrastructure, and advance artificial intelligence applications [8][9][10][11][12][13] Company Announcements - Key companies reported significant profit increases in Q3, including: - Keli Yuan: Net profit increased by 2837% due to growth in nickel battery and consumer battery segments - Haid Group: Plans to repurchase shares worth 1-1.6 billion yuan for capital reduction and employee incentive plans - Sunshine Power: Net profit rose by 57.04% - Zhaoyi Innovation: Net profit increased by 61% due to improved supply conditions in the DRAM industry - China Film: Net profit surged by 1463%, with total box office revenue reaching 12.3 billion yuan [20] Fund Flow Analysis - The top five sectors with net inflows included biopharmaceuticals, cultural media, and glass fiber, while the semiconductor sector experienced the largest net outflow [21] - Notable individual stocks with significant net inflows included N He Yuan-U and N Yi Cai-U, while Northern Rare Earth and Huayou Cobalt saw substantial net outflows [22]

Core Viewpoint - Haida Group plans to repurchase shares worth between 1 billion to 1.6 billion yuan to enhance investor confidence and optimize corporate governance [2][5]. Share Repurchase Plan - The company announced a share repurchase plan on October 28, intending to buy back shares using self-raised funds, with a total amount not less than 1 billion yuan and not exceeding 1.6 billion yuan, at a price not exceeding 62.00 yuan per share [5]. - The repurchased shares will be used for cancellation to reduce registered capital and for implementing equity incentive plans or employee stock ownership plans, with 1 billion yuan specifically allocated for cancellation [5]. - The repurchase period is set for five months following the approval by the shareholders' meeting [5]. Financial Metrics - As of September 30, 2025, Haida Group reported total assets of 50.816 billion yuan, current assets of 25.255 billion yuan, and net assets attributable to shareholders of 25.269 billion yuan [5]. - If the maximum repurchase amount of 1.6 billion yuan is considered, it would account for approximately 3.15% of total assets, 6.34% of current assets, and 6.33% of net assets [5]. - The estimated number of shares to be repurchased ranges from approximately 16.13 million shares (0.97% of total shares) at the lower limit to about 25.81 million shares (1.55% of total shares) at the upper limit [5]. Recent Performance - Haida Group's stock price has declined by 12.50% since September 15, significantly more than the sector's decline of 7.25%, indicating a potential positive impact from the repurchase plan on market confidence [6]. - The last share repurchase plan was announced in November 2023, where the company repurchased shares worth 300 million yuan for equity incentive plans [6]. Business Growth - Haida Group operates across the entire modern agricultural and animal husbandry industry chain, ranking 87th among China's top 500 private enterprises in 2023 [8]. - In 2024, the company achieved a feed sales volume of 26.52 million tons, a year-on-year increase of approximately 9% [8]. - For the first three quarters of 2025, Haida Group reported revenue of 96.094 billion yuan, a year-on-year growth of 13.24%, and a net profit attributable to shareholders of 4.142 billion yuan, up 14.31% [8]. International Expansion - The overseas market has become a significant growth driver for Haida Group, with overseas revenue reaching 8.218 billion yuan in the first half of 2025, a year-on-year increase of 10.87%, accounting for 13.97% of total revenue [8]. - The gross margin for overseas operations stands at 15.08%, significantly higher than domestic levels [8]. Spin-off Plans - On October 17, Haida Group announced plans to spin off its subsidiary Haida Holdings for a listing on the Hong Kong Stock Exchange, focusing on feed, seed, and veterinary products in Asia (excluding East Asia), Africa, and Latin America [10]. - This spin-off is part of the company's strategy to enhance its international influence and competitiveness, aligning with national initiatives such as the Belt and Road Initiative [10].

Core Viewpoint - Haida Group announced a share repurchase plan of 1 billion to 1.6 billion CNY to enhance investor confidence and optimize corporate governance after its market value fell below 100 billion CNY [1][4]. Group 1: Share Repurchase Plan - The company plans to repurchase shares using self-raised funds, with a total amount between 1 billion and 1.6 billion CNY, at a price not exceeding 62.00 CNY per share [1][4]. - 1 billion CNY of the repurchased shares will be used for cancellation and reduction of registered capital, while any amount exceeding this will be allocated for employee stock ownership plans [1][4]. - The repurchase period is set for five months following the approval by the shareholders' meeting [4]. Group 2: Financial Metrics - As of September 30, 2025, Haida Group reported total assets of 50.816 billion CNY, current assets of 25.255 billion CNY, and net assets attributable to shareholders of 25.269 billion CNY [4]. - The maximum repurchase amount of 1.6 billion CNY would represent approximately 3.15% of total assets, 6.34% of current assets, and 6.33% of net assets [4]. - The estimated number of shares to be repurchased ranges from approximately 16.13 million shares (0.97% of total shares) at the lower limit to about 25.81 million shares (1.55% of total shares) at the upper limit [4]. Group 3: Recent Stock Performance - Haida Group's stock price has decreased by 12.50% since September 15, significantly outpacing the sector's decline of 7.25% [5]. - As of October 28, the stock closed at 56.69 CNY, down 2.56%, with a total market capitalization of 94.3 billion CNY [1][6]. Group 4: Business Performance - For the first three quarters of 2025, Haida Group achieved revenue of 96.094 billion CNY, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 4.142 billion CNY, up 14.31% [7]. - The company reported a third-quarter revenue of 37.263 billion CNY, reflecting a 14.43% year-on-year growth [7]. - The overseas market has become a significant growth driver, with revenue from international markets reaching 8.218 billion CNY in the first half of 2025, a 10.87% increase year-on-year [7][8]. Group 5: Strategic Initiatives - Haida Group plans to spin off its subsidiary Haida Holdings for a listing on the Hong Kong Stock Exchange, focusing on feed, seed, and veterinary products in overseas markets [9]. - This strategic move aligns with the national "Belt and Road" initiative and aims to enhance the company's global competitiveness and influence [9].

Core Viewpoint - Haida Group plans to repurchase shares worth between 1 billion to 1.6 billion yuan to enhance investor confidence and optimize corporate governance [1][4]. Group 1: Share Repurchase Plan - The company announced a share repurchase plan on October 28, intending to buy back shares using self-raised funds, with a total amount not less than 1 billion yuan and not exceeding 1.6 billion yuan, at a price not exceeding 62.00 yuan per share [4]. - Of the repurchased shares, 1 billion yuan will be used for cancellation to reduce registered capital, while any amount exceeding this will be allocated for equity incentive plans and/or employee stock ownership plans [1][4]. - The repurchase period is set to be within five months after the shareholders' meeting approval [4]. Group 2: Financial Metrics - As of September 30, 2025, Haida Group reported total assets of 50.816 billion yuan, current assets of 25.255 billion yuan, and net assets attributable to shareholders of 25.269 billion yuan [4]. - If the maximum repurchase amount of 1.6 billion yuan is considered, it would represent approximately 3.15% of total assets, 6.34% of current assets, and 6.33% of net assets [4]. - The estimated number of shares to be repurchased at the maximum amount is at least 25.81 million shares, accounting for 1.55% of the total share capital [4]. Group 3: Recent Stock Performance - Since September 15, Haida Group's stock price has decreased by 12.50%, significantly more than the sector's decline of 7.25% [5]. - The stock closed at 56.69 yuan per share on October 28, down 2.56% [1]. Group 4: Business Performance - For the first three quarters of 2025, Haida Group achieved revenue of 96.094 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 4.142 billion yuan, up 14.31% [7]. - The overseas market has become a significant growth driver, with revenue from international regions reaching 8.218 billion yuan in the first half of 2025, a year-on-year increase of 10.87%, accounting for 13.97% of total revenue [7][8]. Group 5: Future Plans - Haida Group plans to spin off its subsidiary Haida Holdings for a listing on the Hong Kong Stock Exchange, focusing on feed, seed, and veterinary products in Asia (excluding East Asia), Africa, and Latin America [9]. - This spin-off is part of the company's strategy to enhance its global presence and competitiveness, aligning with national initiatives [9].