Joy Zhang 28 November 2025 | 12:31PM HKT Equity Research CHINA COMMODITIES Data update; refreshing earnings estimates, mainly to reflect mark to market price changes We refresh our earnings estimates for our China commodities coverage, mainly to reflect mark to market price changes in the 3Q25 and quarter to date. Our target prices changes are -5% to +5%, and our investment ratings are unchanged. We do not view these changes as material, and there is no change to our investment thesis. Key points in our est ...

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]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 001313 | 考慮饲料 | 7.92 | 4.76% | 21.11万 | | 1.66亿 | | 300673 | 佩蒂股份 | 18.84 | 2.28% | 10.41万 | | = 1.99亿 | | 002548 | 金新农 | 4.94 | 1.23% | 31.54万 | | 1.57亿 | | 002891 | 中宠股份 | 55.83 | 0.74% | - 3.27万 | | 1.84亿 | | 002311 | 海大集团 | 56.12 | 0.68% | 9.61万 | | 5.41亿 | | 301498 | 乖宝宠物 | 68.46 | 0.23% | 1.73万 | | 1.19亿 | | 603668 | 天马科技 | 14.60 | -0.21% | 22.12万 | | 3.20亿 | | 002567 | 唐人神 | 4.70 | -0.21% | 15.58万 | | 7325.38万 | ...

关键词：添加剂预混合饲料行业相关政策、添加剂预混合饲料行业产业链、饲料添加剂产量、饲料添加 剂产值、饲料添加剂营业收入、添加剂预混合饲料行业产量、饲料企业添加剂预混合饲料平均价格、添 加剂预混合饲料行业竞争格局、添加剂预混合饲料行业发展趋势 一、添加剂预混合饲料行业概述 添加剂预混合饲料是以两种（类）或两种（类）以上营养性饲料添加剂为主，与载体或稀释剂按一定比 例配制的饲料，主要包括复合预混合饲料、微量元素预混合饲料及维生素预混合饲料三类。复合预混合 饲料指以矿物质微量元素、维生素、氨基酸中任何两类或两类以上的营养性饲料添加剂为主，与其他饲 料添加剂、载体和（或）稀释剂按所需比例配制的均匀混合物；微量元素预混合饲料指两种或两种以上 矿物质微量元素与载体和（或）稀释剂按所需比例配制的均匀混合物；维生素预混合饲料指两种或两种 以上维生素与载体和（或）稀释剂按所需比例配制的均匀混合物。 添加剂预混合饲料的分类 内容概况：在现代养殖业中，动物营养需求日趋多样化，对饲料性能提出了更高要求，传统标准化产品 已难以满足不同养殖场景的个性化需要。添加剂预混合饲料凭借其灵活的配方设计和精准的营养供给， 有效填补了这一市场空白。 ...

关于控股股东、实际控制人股份变动比例触及1%整数倍的公告 ■■ 注：因四舍五入，公告中数据可能存在尾差。 公司控股股东、实际控制人邵根伙先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 北京大北农科技集团股份有限公司（以下简称"公司"）于2025年9月10日披露了《关于公司控股股东、 实际控制人减持股份的预披露公告》（公告编号：2025-080），邵根伙先生拟在该公告披露之日起15个 交易日后的3个月内以大宗交易方式和集中竞价交易方式减持公司股份合计不超85,607,400股，占公司总 股本的1.99%（占剔除回购专用账户股份后公司总股本的2.00%）。 公司于近日收到控股股东、实际控制人邵根伙先生出具的《告知函》，2025年11月19日至11月24日，邵 根伙先生以集中竞价方式减持41,840,000股，占公司总股本的0.97%（占剔除回购专用账户股份后公司 总股本的0.98%），邵根伙先生持有股份比例由22.73%（占剔除回购专用账户股份后公司总股本的 22.83%）变动至21.75%（占剔除回购专用 ...

（编辑 姚尧） 证券日报网讯 11月25日晚间，大北农发布公告称，公司于近日收到控股股东、实际控制人邵根伙先生 出具的《告知函》，2025年11月19日至11月24日，邵根伙先生以集中竞价方式减持41，840，000股，占 公司总股本的0.97%（占剔除回购专用账户股份后公司总股本的0.98%），邵根伙先生持有股份比例由 22.73%（占剔除回购专用账户股份后公司总股本的22.83%）变动至21.75%（占剔除回购专用账户股份 后公司总股本的21.85%），变动触及1%的整数倍。 ...

证券代码：002385 证券简称：大北农 公告编号：2025-105 北京大北农科技集团股份有限公司 关于控股股东、实际控制人股份变动比例触及1%整数倍的公告 公司控股股东、实际控制人邵根伙先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 4．承诺、计划等履行情况 | | | | 是☑ | 否□ | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 公司于 2025 年 日披露了《关于公司控股股东、 | 9 | 月 10 | | | | | | | 本次变动是否为履行已作出的承 | 实际控制人减持股份的预披露公告》（公告编号： | | | | | | | | | 诺、意向、计划 | 2025-080），公司控股股东、实际控制人邵根伙先生拟 | | | | | | | | | | 以大宗交易方式或集中竞价交易方式减持公司股份合计 | | | | | | | | | | 不超过 85,607,400 11 19 月 24 | ...

格隆汇11月25日丨大北农(002385.SZ)公布，公司于近日收到控股股东、实际控制人邵根伙先生出具的 《告知函》，2025年11月19日至11月24日，邵根伙先生以集中竞价方式减持41,840,000股，占公司总股 本的0.97%（占剔除回购专用账户股份后公司总股本的0.98%），邵根伙先生持有股份比例由22.73% （占剔除回购专用账户股份后公司总股本的22.83%）变动至21.75%（占剔除回购专用账户股份后公司 总股本的21.85%），变动触及1%的整数倍。 ...

Core Points - The company, Dabeinong (002385.SZ), announced that its controlling shareholder and actual controller, Mr. Shao Genhuo, has reduced his shareholding by 41,840,000 shares, which accounts for 0.97% of the company's total share capital [1] - Following the reduction, Mr. Shao's shareholding percentage decreased from 22.73% to 21.75%, marking a change that touches the 1% integer threshold [1] Summary by Sections - **Shareholding Reduction** - Mr. Shao Genhuo reduced his holdings through centralized bidding from November 19 to November 24, 2025 [1] - The reduction represents 0.98% of the company's total share capital after excluding shares in the repurchase special account [1] - **Post-Reduction Shareholding** - After the reduction, Mr. Shao's shareholding percentage is now 21.75%, down from 22.73% [1] - The adjusted percentage after excluding repurchase shares is 21.85% [1]

Core Viewpoint - The importance of listed companies in stabilizing the capital market and promoting sustainable development is increasingly recognized, especially in the current environment where market sentiment is volatile. High-quality companies that focus on core operations and deliver excellent performance are essential to restore investor confidence and stabilize market expectations [1]. Group 1: Market Valuation and Investment Opportunities - A-share valuations are currently at a low level, indicating potential for recovery and highlighting long-term investment value [2][3]. - The medical industry is expected to grow significantly due to China's large population and increasing healthcare demands, driven by the "Healthy China" strategy [2]. - The market is experiencing a divergence where funds are increasingly concentrated on high-quality companies, reflecting a shift towards value investing [4][5]. Group 2: Company Actions and Strategies - Companies like Aier Eye Hospital are committed to aligning interests with investors and enhancing performance, achieving a market value of approximately 80 billion yuan, which is 12 times its initial listing value [6]. - Dabeinong is balancing short-term and long-term goals through employee stock ownership plans to ensure sustainable growth [6]. - Guolinda aims for stable revenue growth and successful cloud transformation while focusing on shareholder returns [7]. Group 3: Economic Environment and Future Outlook - Positive fiscal policies are anticipated in the second half of the year, which may improve the macroeconomic environment and boost investor confidence [3]. - The A-share market is expected to gradually return to value investing as macro policies adjust and market sentiment stabilizes [2][3]. - The inclusion of A-shares in the MSCI index is seen as a beneficial factor, indicating a potential shift in market investment styles towards high-quality growth companies [4].