Group 1 - The feed sector increased by 1.5% on December 29, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the feed sector showed varied performance, with Tianma Technology closing at 16.93, up 3.11%, and Haida Group at 54.99, up 1.44% [1] Group 2 - The feed sector saw a net inflow of 38.96 million yuan from main funds, while retail investors experienced a net outflow of 67.89 million yuan [2] - Main funds showed significant interest in Tianma Technology, with a net inflow of 55.62 million yuan, representing 12.48% of its trading volume [3] - Tianma Technology and Tiankang Biological were among the top stocks with notable net inflows from main funds, while retail investors withdrew funds from several stocks in the sector [3]

Core Insights - The collaboration between Dabeinong Group and Fangjia aims to enhance travel management through digital and intelligent upgrades, improving employee travel experience and workplace satisfaction while supporting corporate growth [1] Group 1: Company Overview - Dabeinong Group operates across the entire agricultural value chain, including seed industry, feed, breeding, animal health, food, and agricultural internet [1] - The company is experiencing increased employee travel demands due to its expanding business scale, leading to challenges in resource integration and cost management [1] Group 2: Travel Management Solutions - The partnership with Fangjia allows Dabeinong employees to access better-priced and more diverse travel products and services through an integrated travel management system [1] - The integration of Dabeinong's expense control and OA systems with Fangjia ensures efficient data flow and compliance, enhancing employee experience while facilitating digital transformation [1] Group 3: Incentive Mechanism - Under the "Work Be" incentive system, Dabeinong employees can earn rewards by saving travel costs for the company, which can be used for various daily expenses, including travel, shopping, and entertainment [3] - Nearly 20,000 employees at Dabeinong are currently utilizing "Work Be" for their daily consumption payments, fostering a win-win situation of cost reduction for the company and benefits for employees [3] Group 4: Future Developments - Fangjia plans to continue expanding its digital service advantages and enhance the usage scenarios of "Work Be," supporting more industries in upgrading their travel management [6] - The innovative models like "Work Be" are aimed at promoting sustainable growth for companies while enhancing employee happiness [6]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The pork industry continues to face losses, with a focus on pig farming opportunities. The average price of live pigs is 11.59 CNY/kg, down 0.46% week-on-week. The total breeding sow inventory is 39.9 million heads, down 1.1% month-on-month and 2.1% year-on-year. The industry is experiencing ongoing losses, with self-bred and purchased pig farming losses at 130.11 CNY/head and 162.80 CNY/head respectively. The recent anti-dumping ruling may alleviate domestic pork supply pressure, leading to accelerated capacity reduction [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated winter crop seed supervision checks to ensure seed safety for the upcoming spring and summer planting. The checks focus on key crops such as corn, rice, soybeans, cotton, and vegetables. The commercialization of genetically modified technology is expected to accelerate, enhancing self-sufficiency rates of key varieties. Recommended stocks include Beidahuang and Suqian Agricultural Development [1][11]. Pig Farming - The average price of live pigs is reported at 11.59 CNY/kg, with a slight decrease of 0.46% from the previous week. The average price for pig futures is 11,469 CNY/ton, reflecting a 1.07% increase. The average weight of pigs post-slaughter is 89.57 kg, with a month-on-month increase of 3.21% in slaughter volume [12][62][65]. Recommended Stocks - For pig farming, recommended stocks include: 1. Livestock sector: Lihua Stock, Muyuan Food, Shuanghui Development, Dekang Agriculture, Jingji Zhino, and Wens Foodstuff 2. Feed sector: Haida Group 3. Animal health sector: Jinhai Biological, Biological Shares, Placo, and Zhongmu Shares [2][12].

Group 1 - The animal vaccine sector experienced a decline of 0.47%, ranking among the top losers in concept sectors, with notable declines from companies like BioShares, Luo Niu Shan, and Tian Kang Bio [1] - Among the stocks in the animal vaccine sector, 10 stocks saw price increases, with Hengtong Co., Hai Zheng Pharmaceutical, and Hai Li Bio leading the gains at 3.67%, 0.69%, and 0.48% respectively [1] - The main capital outflow from the animal vaccine sector today was 87 million yuan, with 14 stocks experiencing net outflows, led by Luo Niu Shan with a net outflow of 95.06 million yuan [2] Group 2 - The top net inflow stocks in the animal vaccine sector included BioShares, Da Bei Nong, and Zhong Mu Co., with net inflows of 46.84 million yuan, 6.50 million yuan, and 3.83 million yuan respectively [2][3] - The capital outflow leaderboard for the animal vaccine sector included Luo Niu Shan, Hengtong Co., and Rui Pu Bio, with respective outflows of 95.06 million yuan, 11.49 million yuan, and 7.66 million yuan [2][3] - The trading activity showed that Luo Niu Shan had a turnover rate of 16.52%, while other companies like Hengtong Co. and Tian Kang Bio had turnover rates of 3.51% and 1.98% respectively [2][3]

Investment Rating - Industry rating: Recommended [3] Core Views - The report emphasizes the importance of the EU's anti-dumping duties on imported pork, which are expected to alleviate domestic supply pressures and stabilize prices in the pork market. The anti-dumping tax rates range from 4.9% to 19.8% and will take effect from December 17, 2025 [2][12] - The report highlights the ongoing adjustments in the pig breeding capacity, with a noted decrease in the number of breeding sows, which is expected to support price recovery in the pork market [2][12] - The report suggests that the commercialization of genetically modified seeds will accelerate, enhancing self-sufficiency in key crop varieties and benefiting companies in the seed industry [11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated inspections to ensure the safety of seeds for the upcoming spring and summer planting seasons, focusing on key crops such as corn, rice, soybeans, cotton, and vegetables [11] - The report identifies companies like Beidahuang and Suqian Agricultural Development as beneficiaries in the planting sector, while companies with significant advantages in the seed industry include Dabeinong and Longping High-Tech [11] Pig Breeding - The average price of live pigs is reported at 11.64 CNY/kg, with a week-on-week increase of 1.45%. The total number of breeding sows is 39.9 million, reflecting a decrease of 1.1% month-on-month and 2.1% year-on-year [2][12] - The report recommends focusing on companies with significant cost improvements and high future output elasticity, including Li Hua Co., Muyuan Foods, and WH Group in the breeding sector, and Haida Group in the feed sector [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2351.76 CNY/ton, with a week-on-week decrease of 0.26% [25] - Wheat: The average price is 2517.30 CNY/ton, with a week-on-week increase of 0.04% [28] - Soybeans: The average price is 4014.74 CNY/ton, remaining stable week-on-week [40] - Cotton: The average price is 14950.00 CNY/ton, with a week-on-week increase of 0.67% [44] Feed and Vitamin Prices - The average price of pig feed is 2.62 CNY/kg, with no change week-on-week. The average price of chicken feed is 3.5 CNY/kg, reflecting a week-on-week increase of 0.29% [51][53]

Core Viewpoint - Dabeinong has shown a mixed performance in trading and financial metrics, with significant fluctuations in financing activities and a notable increase in net profit year-over-year [1][2]. Group 1: Trading Performance - On December 19, Dabeinong's stock rose by 0.75%, with a trading volume of 231 million yuan [1]. - The financing buy-in amount for Dabeinong on the same day was 28.11 million yuan, while the financing repayment was 30.92 million yuan, resulting in a net financing buy of -2.81 million yuan [1]. - As of December 19, the total financing and securities lending balance for Dabeinong was 960 million yuan, with a financing balance of 947 million yuan, accounting for 5.49% of the circulating market value, which is above the 80th percentile of the past year [1]. Group 2: Securities Lending - On December 19, Dabeinong repaid 1,600 shares in securities lending and sold 300 shares, with the selling amount calculated at 1,203 yuan [1]. - The remaining securities lending volume was 3.27 million shares, with a securities lending balance of 13.11 million yuan, exceeding the 90th percentile of the past year [1]. Group 3: Financial Performance - As of September 30, Dabeinong had 227,400 shareholders, a decrease of 5.84% from the previous period, while the average circulating shares per person increased by 6.20% to 15,500 shares [2]. - For the period from January to September 2025, Dabeinong achieved an operating income of 20.744 billion yuan, representing a year-over-year growth of 2.99%, and a net profit attributable to shareholders of 257 million yuan, which is a significant increase of 92.56% [2]. - Dabeinong has cumulatively distributed dividends of 4.068 billion yuan since its A-share listing, with 792 million yuan distributed over the past three years [2]. Group 4: Shareholding Structure - As of September 30, 2025, the second-largest circulating shareholder of Dabeinong was the Guotai CSI Livestock Breeding ETF, holding 76.9872 million shares, an increase of 27.7636 million shares from the previous period [2]. - The fifth-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 51.6273 million shares, which increased by 14.9318 million shares [2]. - The sixth-largest circulating shareholder was the Southern CSI 500 ETF, holding 49.9834 million shares, which decreased by 1.0863 million shares [2].

证券日报网讯12月19日，大北农（002385）在互动平台回答投资者提问时表示，公司高度重视合成生物 学这一前沿技术领域，依托合成生物技术创新平台积极开展相关研究，已创制生物饲料蛋白原料产品、 生物制造饲料添加剂产品、生物肥料产品等。 ...

Core Viewpoint - The company is actively promoting digital transformation to create a digital and intelligent industrial ecosystem focused on efficient operations and comprehensive management [1] Group 1: Digital Transformation - The company is committed to building a digital and intelligent industrial ecosystem platform that emphasizes efficient operations and comprehensive management [1] - The company is exploring smart breeding in the seed industry, currently applying it on a small scale [1] Group 2: Smart Equipment in Pig Farming - The company is also actively exploring the renovation of smart equipment within its pig farming sector [1]

Core Viewpoint - The company is leveraging the advantages of Hainan's open agricultural policies to establish a new subsidiary focused on genetic technology for seed breeding, which is expected to enhance its capabilities in resource collection, protection, and utilization [1] Group 1 - The company has set up Sanya Dabeinong Chuangzhong Gene Technology Co., Ltd. to facilitate the introduction and creation of germplasm resources [1] - The construction of the Hainan Free Trade Zone is expected to provide multi-dimensional support for the company's breeding projects, including industry support, tax incentives, and talent recruitment [1] - These supportive policies are anticipated to improve the company's ability in the collection, protection, and utilization of seed sources [1]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-12-19 | 002385 | 大北农 | 3.93 | 183.65 | 721.74 | 国金证券股份有限 | 长城证券股份有限 | | | | | | | | 公司上海浦东新区 | 公司北京知春路证 | | | | | | | | 云鹃北路证券营业 | 劳营业部 | | | | | | | | ना | | | 2025-12-19 | 002385 | 大北农 | 3.93 | 480.50 | | 1,888.37 中信证券股份有限 | 华泰证券股份有限 | | | | | | | | 公司北京总部证券 | 公司盐城滨海红星 | | | | | | | | 营补部 | 南巷证券营业部 | 12月19日，大北农大宗交易成交664.15万股，成交额2610.11万元，占当日总成交额的10.16%，成交价 ...