Core Viewpoint - The feed sector experienced a decline of 1.6% on November 20, with Tianma Technology leading the drop, while the Shanghai Composite Index fell by 0.4% and the Shenzhen Component Index decreased by 0.76% [1]. Group 1: Market Performance - The feed sector's individual stock performance showed mixed results, with Hai Da Group slightly increasing by 0.02% to close at 58.55, while Tianma Technology dropped significantly by 9.90% to 15.02 [1][2]. - The total trading volume for the feed sector was substantial, with Hai Da Group recording a transaction amount of 2.12 billion, and Tianma Technology reaching 10.94 billion [1][2]. Group 2: Capital Flow - The feed sector saw a net outflow of 498 million from major funds, while retail investors contributed a net inflow of 239 million [2]. - Specific stocks like Hai Da Group and He Feng Co. experienced varying levels of net inflow and outflow from different investor categories, indicating a shift in investor sentiment [3].

Core Viewpoint - The dairy sector has experienced a decline of 2.27% as of the market close on November 20, with several companies within the sector, such as Nanchao Food and Sanyuan Co., facing significant drops in their stock prices [1]. Group 1: Market Performance - The dairy sector ranked among the top decliners in the market, with a notable drop of 2.27% [1]. - Key companies in the dairy sector that saw substantial declines include Sanyuan Co. (-8.15%), Nanchao Food (-9.37%), and Huanlejia (-4.81%) [2][3]. Group 2: Capital Flow - The dairy sector experienced a net outflow of 316 million yuan in principal funds, with 25 stocks seeing net outflows [2]. - Sanyuan Co. led the outflows with a net withdrawal of 72.17 million yuan, followed by Huanlejia and Dabeinong with outflows of 71.56 million yuan and 47.96 million yuan, respectively [2][3]. - Conversely, Fucheng Co. and Yili Co. saw net inflows of 51.12 million yuan and 23.16 million yuan, respectively [2][3].

每经AI快讯，大北农（SZ 002385，收盘价：4.2元）11月19日晚间发布公告称，公司第六届第三十七次 董事会临时会议于2025年11月19日以通讯方式召开。会议审议了《关于签订框架协议暨2026年度日常关 联交易预计的议案》等文件。 截至发稿，大北农市值为181亿元。 每经头条（nbdtoutiao）——爱泼斯坦案文件解密倒计时，美国会"秒过"法案直通特朗普，引爆两党"极 限撕扯" （记者 胡玲） 2025年1至6月份，大北农的营业收入构成为：饲料动保业占比64.63%，养猪行业占比25.08%，其他行 业占比5.7%，种子植保业占比4.59%。 ...

中德证券有限责任公司 关于北京大北农科技集团股份有限公司 签订框架协议暨2026年度日常关联交易预计的核查意见 中德证券有限责任公司（以下简称"中德证券"或"保荐机构"）作为北京 大北农科技集团股份有限公司（以下简称"大北农"或"公司"）向特定对象发 行A股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所上市公司自律监管指引第1号—主板上市公司规范运作》等相关规定，对大 北农签订框架协议暨2026年度日常关联交易预计事项进行了审慎核查，具体情况 如下： 一、日常关联交易基本情况 （一）日常关联交易概述 公司及公司分子公司与黑龙江大北农食品科技集团有限公司（以下简称"黑 龙江大北农"）及其分子公司、中国圣牧有机奶业有限公司（以下简称"中国圣 牧"）及其分子公司发生猪只、饲料、兽药、疫苗、食品等产品、商品交易业务， 2025年1月至10月已发生交易金额合计为81,396.91万元。 2026年公司预计与黑龙江大北农及其分子公司、中国圣牧及其分子公司发生 的日常关联交易金额合计不超过150,830.56万元。 （二）关联关系说明 黑龙江大北农为公司参股公司，且公司现任副董事长张立忠先生为黑龙江 ...

证券代码：002385 证券简称：大北农 公告编号：2025-104 北京大北农科技集团股份有限公司 关于签订框架协议暨 2026 年度日常关联交易预计的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 2025 年，北京大北农科技集团股份有限公司（以下简称"公司"）及其分 子公司与黑龙江大北农食品科技集团有限公司（以下简称"黑龙江大北农"）及 其分子公司、中国圣牧有机奶业有限公司（以下简称"中国圣牧"）及其分子公 司发生猪只、饲料、兽药、疫苗、食品等产品、商品交易业务，2025 年 1 月至 10 月已发生交易金额合计为 81,396.91 万元。 2026 年公司预计与黑龙江大北农及其分子公司、中国圣牧及其分子公司发 生的日常关联交易金额合计不超过 150,830.56 万元。 （二）关联交易履行的审议程序 公司于 2025 年 11 月 19 日召开的第六届董事会第三十七次（临时）会议， 审议通过了《关于签订框架协议暨 2026 年度日常关联交易预计的议案》，董事 会审议表决本次关联交易议案时，关联董 ...

第六届董事会第三十七次（临时）会议决议公告 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。 一、董事会会议召开情况 证券代码：002385 证券简称：大北农 公告编号：2025-103 北京大北农科技集团股份有限公司 本议案需提交公司股东大会审议，股东大会召开时间将另行通知。 1 北京大北农科技集团股份有限公司（以下简称"公司"）第六届董事会第三 十七次（临时）会议通知于 2025 年 11 月 14 日以电子邮件的方式发出，会议于 2025 年 11 月 19 日以通讯方式召开。本次会议应出席董事 9 名，实际出席董事 9 名，本次会议由董事长邵根伙先生主持，公司监事及其他高级管理人员列席了会 议。会议的召开符合《中华人民共和国公司法》《公司章程》《董事会议事规则》 的有关规定。 二、董事会会议审议情况 经本次董事会有效表决，会议审议通过了如下议案： 1、审议通过《关于签订框架协议暨 2026 年度日常关联交易预计的议案》 具体内容详见公司同日在指定信息披露媒体《证券时报》《上海证券报》《证 券日报》及巨潮资讯网（www.cninfo.com.cn）披露的《 ...

新京报讯 据北京市自来水集团消息，为配合温泉水厂建设，北京市自来水集团需对北清路、稻香湖路、温阳路 DN600管线进行停水施工，苏家坨镇、上庄镇、温泉镇部分地区将临时停水。 停水时间为2025年11月20日23:00至11月21日6:00。 停水单位包括中国纪检监察学院、中国人民银行清算总中心数据中心、中国农业银行北京数据中心、国家开发银 行稻香湖数据中心、中国建设银行北京稻香湖生产园区、稻香湖景酒店、地铁16号线（稻香湖站、北安河站）、 地铁北安河车辆段、北京交通大学附属中学实验学校、航天中心医院苏家坨院区、清华附中上庄学校、海淀区上 停水小区包括凤仪佳苑、同泽园、麓景嘉园、前沙涧路7号院、台头村、罗家坟村、上庄翠北嘉园、上庄三嘉信 苑、海淀嘉郡、馨瑞嘉园、馨悦家园、安河家园、岚山悦府小区等。 庄科技园区幼儿园、上地实验小学、罗家坟村村委会、十一中关村科学城学校、北安河消防中队、中关村创新 园、稻香湖科技创新园、实创医谷产业园、大北农（002385）凤凰国际创新园等。 请相关地区用户提前储备必要的生活用水。停水期间请关闭热水器等用水电器的电源，关闭水龙头。恢复供水后 请打开水龙头放水至清澈后再使用。此外，北 ...

Core Insights - The swine industry is experiencing significant losses, with the average selling price of live pigs dropping to 11.56 yuan/kg, leading to a loss of 71.95 yuan per head for self-bred pigs [1] - Analysts suggest that the current oversupply and weak demand may result in a "non-peak" season for pork prices in Q4, indicating potential investment opportunities in the sector [1] - The industry is expected to undergo capacity reduction, which may lead to an upward adjustment of pork price levels by 2026, benefiting low-cost producers [1] Group 1: Market Performance - As of November 18, 2025, the China Livestock Breeding Index (930707) showed mixed performance among its constituent stocks, with Muyuan Foods (002714) leading with a 0.43% increase [1] - The Livestock ETF (516760) was quoted at 0.7 yuan [1] - The top ten weighted stocks in the index accounted for 65.58% of the total index weight, indicating a concentration in a few key players [2] Group 2: Stock Performance - The stock performance of key companies includes: - Muyuan Foods (002714): +0.43%, weight 11.37% - Haida Group (002311): +0.34%, weight 9.52% - Biological Shares (600201): +0.25%, weight 3.91% - Other notable declines include New Hope (000876): -1.01% and Tian康 Biological (002100): -1.96% [4]

Core Insights - The feed sector experienced a slight increase of 0.07% on November 17, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Feed Sector Performance - Tianma Technology (603668) closed at 15.33, up 6.16% with a trading volume of 898,500 shares and a transaction value of 1.402 billion [1] - Other notable performers included: - Zhongchong Co., Ltd. (002891) at 59.69, up 3.86% [1] - Zhenghong Technology (000702) at 7.65, up 1.06% [1] - Petty Holdings (300673) at 17.70, up 0.91% [1] - Guibao Pet (301498) at 72.62, up 0.54% [1] Capital Flow Analysis - The feed sector saw a net outflow of 118 million from institutional investors and 78.86 million from retail investors, while retail investors had a net inflow of 197 million [2] - The capital flow for key stocks included: - Tianma Technology had a net inflow of 1.03 billion from institutional investors, but a net outflow of 130 million from retail investors [3] - Haida Group (002311) had a net inflow of 11.08 million from institutional investors [3] - Other stocks like Petty Holdings and Zhenghong Technology experienced net outflows from institutional investors [3]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the ongoing challenges in the pork market, with prices experiencing a downward trend, currently at 11.90 CNY/kg, a decrease of 1.18% week-on-week. The market is characterized by a supply-demand tug-of-war, with large-scale pig farms adopting strategies to control supply and increase prices [2][12] - The report emphasizes the importance of the seed industry revitalization action plan, aiming for high-quality development during the 14th Five-Year Plan period, focusing on technological self-reliance and independent control of seed sources [1][11] - The report suggests that the commercialization of genetically modified crops will accelerate, significantly impacting yield improvements and self-sufficiency rates for key varieties [1][11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs held a meeting to promote the revitalization of the seed industry, emphasizing the need for high-quality development and technological independence. Key actions include improving seed quality, protecting intellectual property, and enhancing biosecurity measures [1][11] - Recommended companies in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on leading seed companies like Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of live pigs is reported at 11.90 CNY/kg, with a notable decrease in losses for self-bred pigs to 114.81 CNY per head and 205.64 CNY for purchased piglets. The industry is still in a loss-making state but is seeing a reduction in losses compared to previous weeks [2][12] - The report anticipates a long-term upward adjustment in domestic pig prices, driven by policy guidance aimed at improving quality and efficiency in the industry [2][12] - Recommended stocks in the swine sector include companies like Muyuan Foods, Wens Foodstuff Group, and DeKang Agriculture [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2256.27 CNY/ton, up 0.92% week-on-week [25] - Wheat: The average price is 2485.11 CNY/ton, down 0.15% week-on-week [28] - Soybeans: The average price is 4011.58 CNY/ton, up 0.10% week-on-week [40] - Cotton: The average price is 14640.00 CNY/ton, up 0.10% week-on-week [45]