证券之星消息，12月18日饲料板块较上一交易日下跌0.26%，傲农生物领跌。当日上证指数报收于 3876.37，上涨0.16%。深证成指报收于13053.98，下跌1.29%。饲料板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日饲料板块主力资金净流出3123.38万元，游资资金净流入2819.61万元，散户资金 净流入303.77万元。饲料板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002548 | 金新农 | 2286.01万 | 9.72% | 749.53万 | 3.19% | -3035.54万 | -12.91% | | 920419 | 路斯股份 | 869.31万 | 12.59% | 243.64万 | 3.53% | -265.13万 | -3.84 ...

证券日报网讯 12月16日，金新农在互动平台回答投资者提问时表示，截至2025年12月10日公司股东户 数为36749户。 （文章来源：证券日报） ...

Summary of Key Points Core Viewpoint - The company Jin Xin Nong reported a decrease in the number of shareholders and a decline in stock price, alongside mixed financial performance in its recent quarterly report [2]. Group 1: Shareholder and Stock Performance - As of December 10, the number of shareholders for Jin Xin Nong was 36,749, a decrease of 3,521 from the previous period (November 30), representing a month-over-month decline of 8.74% [2]. - The closing stock price of Jin Xin Nong was 5.26 yuan, down 2.59%, with a cumulative decline of 3.49% since the concentration of shares began [2]. - The stock experienced 7 days of increases and 5 days of decreases during the reporting period [2]. Group 2: Financial Performance - In the first three quarters, Jin Xin Nong achieved a total operating revenue of 3.541 billion yuan, reflecting a year-on-year growth of 3.04% [2]. - The company reported a net loss of 94.22 million yuan, a significant year-on-year decline of 438.06% [2]. - The basic earnings per share were reported at -0.1200 yuan [2].

从资金流向上来看，当日饲料板块主力资金净流出4879.04万元，游资资金净流入4172.69万元，散户资 金净流入706.35万元。饲料板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月16日饲料板块较上一交易日下跌0.46%，金新农领跌。当日上证指数报收于 3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。饲料板块个股涨跌见下表： ...

Group 1: Report's Core View - In 2025, the overall commodity market showed a high - opening and low - closing trend. Agricultural products were less affected by macro - liquidity but pressured by cyclical factors. The downstream of the breeding industry chain led the decline, and pig prices hit a new low in Q3 2025. The industry focused on cost - reduction and efficiency - improvement, with no significant increase in absolute production capacity, but the production efficiency of sows improved [2]. - Looking ahead to H1 2026, it's difficult for feed costs to continue to decline. As the de - stocking of pig production capacity deepens, pig prices are expected to rise. It is recommended to buy contracts after 2607 below the breeding cost or go long on market volatility in Q2 [3]. Group 2: Industry Investment Rating - There is no information about the industry investment rating in the report. Group 3: Summary by Directory Part 1: Review of 2025 Pig Futures and Spot Prices 1. Review of Pig Futures and Spot Price Quotes - In 2025, domestic policies increased liquidity, but the economy still faced pressure. Commodity prices were polarized, and agricultural products generally fell. The downstream of the feed - breeding industry chain was under pressure due to over - capacity and weak demand [11]. 2. Summary of Characteristics of Typical Pig Cycle Bottoms in the Past - Different pig cycles had different bottom characteristics in terms of time, pig and piglet prices, sow inventory, and reasons for the bottom, such as diseases, trade issues, and policy impacts [47]. 3. Pig Futures Trading Volume and Open Interest - There is no specific content about pig futures trading volume and open interest in the given text. Part 2: Supply - Demand Fundamentals of Pigs 1. Supply Side - The industry's absolute production capacity did not increase significantly, but the average PSY of sows increased from 24 to over 26, with some leading enterprises approaching 29. The growth of sow inventory was limited [2]. 2. Demand Side - In 2025, consumer confidence was low, and food consumption was at a low level. The slaughter volume of large - scale pig slaughtering enterprises increased year - on - year, but the profit and capacity utilization rate of slaughtering enterprises were relatively low [78]. 3. Pork Supply - Demand Balance Sheet and Related Meat Production - From 2010 to 2025E, the pork supply - demand balance sheet showed changes in production, imports, supply, and demand. In 2025E, production was 5230000 tons, imports were 80000 tons, and the supply - demand difference was 168000 tons [95]. 4. Pig Breeding Profit and Cost - The average breeding cost of group enterprises decreased. The profit of pig breeding showed seasonal and annual fluctuations, with significant differences between self - breeding and self - raising and purchasing piglets for fattening [101][108][109]. 5. Seasonal Characteristics of Pig Prices - Pig prices showed certain seasonal patterns, with different monthly price changes in different years [112]. Part 3: Technical Analysis of Pig Futures and Option Strategies 1. Technical Analysis of Pig Futures - There is no specific content about the technical analysis of pig futures in the given text. 2. Pig Options - There is no specific content about pig options in the given text. Part 4: Outlook for the 2026 Pig Market - In 2026, it's difficult for feed costs to decline further. As the de - stocking of production capacity deepens, pig prices are expected to gradually recover from the bottom [3]. Appendix: Performance of Stock Prices of Related Listed Pig Companies - As of certain dates, different listed pig companies had different stock price performances and annual cumulative price change rates [124].

Core Viewpoint - The company, Shenzhen Kingsino Technology Co., Ltd., has approved several proposals during its 18th temporary board meeting, including plans for futures and derivatives hedging, investment activities, and expected guarantees for 2026, which will be submitted for shareholder approval [1][2][3][4][5][6]. Group 1: Futures and Derivatives Hedging - The company plans to engage in futures and derivatives hedging activities in 2026, with a maximum trading margin and rights amounting to 100 million yuan, valid from January 1, 2026, to December 31, 2026 [2][25]. - The hedging aims to manage price volatility risks associated with raw materials and products, particularly in the pig farming and feed production sectors [25][26]. Group 2: Futures and Derivatives Investment - The company intends to conduct futures and derivatives investment activities in 2026, with a maximum trading margin and rights amounting to 60 million yuan, also valid for the same period [2][39]. - This investment is aimed at effectively utilizing idle funds and obtaining investment returns while controlling risks [39][40]. Group 3: Expected Guarantees - The company plans to provide guarantees for cooperative farmers to secure bank financing, with a total guarantee amount not exceeding 100 million yuan [4][12]. - Additionally, the company will provide guarantees for its wholly-owned or controlled subsidiaries for various financing activities, with a total guarantee amount not exceeding 2.9 billion yuan [4][12][20]. Group 4: Comprehensive Credit Financing - The company aims to apply for a comprehensive credit financing limit of up to 5 billion yuan from banks and leasing institutions for 2026, with the actual financing amount determined by operational needs [5][64]. - This financing is expected to support the company's operational development without harming the interests of shareholders [68]. Group 5: Related Transactions - The company anticipates engaging in related transactions with its indirect controlling shareholder's subsidiaries, estimating sales of live pigs not exceeding 10 million yuan with one subsidiary and 20 million yuan with another [3][54][55]. - These transactions are considered normal business operations and are expected to contribute positively to the company's business development [59][60].

Core Viewpoint - Shenzhen Jinxinnong Technology Co., Ltd. plans to engage in futures and derivatives investment business in 2026, with a maximum trading margin and premium not exceeding 60 million yuan, subject to shareholder approval [1][2]. Group 1: Investment Business Overview - The investment business will focus on the domestic compliant market, utilizing trading venues such as Dalian Commodity Exchange and Zhengzhou Commodity Exchange, and will not involve overseas trading [2]. - The trading tools will include futures, options, and forwards, with some off-exchange trading to leverage customization advantages [2]. - Funding will come from the company's own funds and financial institution derivatives trading credit, without involving raised funds [2]. Group 2: Approval Process - The proposal has been approved by the company's board of directors and will be submitted for final approval at the 2025 annual shareholder meeting [2]. - The board's approval process included reviews by the strategic committee and a temporary meeting, and no related party transaction review is required [2]. Group 3: Risk Management - The company has identified six major risks associated with the investment business and has developed corresponding control measures [3]. - A mechanism for market risk management will be established, including pre-analysis, real-time monitoring, and post-review [3]. - Liquidity risk will be managed by setting stop-loss limits and ensuring that trading amounts do not exceed approved limits [3]. - Credit risk will be mitigated by selecting financial institutions with good credit and risk control capabilities as trading partners [3]. - Technical and operational risks will be addressed through improved trading systems and compliance with internal control requirements [3]. Group 4: Market Impact - The company's entry into the futures and derivatives market aims to enhance returns through diversified capital allocation [4]. - The announcement highlights potential deviations in market price trends due to economic policies and interest rate fluctuations [4]. - The company emphasizes the need to monitor its specific trading strategies and risk exposure management capabilities [4]. - Following shareholder approval, the company will gradually initiate related business based on market conditions and will fulfill information disclosure obligations [4].

Company Overview - Jin Xin Nong (SZ 002548) announced a temporary board meeting on December 12, 2025, to discuss the expected guarantee limits for 2026 for the company and its subsidiaries [1] - As of the report, Jin Xin Nong has a market capitalization of 4.6 billion yuan [1] Revenue Composition - For the first half of 2025, Jin Xin Nong's revenue composition is as follows: - Feed processing accounts for 66.97% - Animal husbandry accounts for 32.1% - Other industries account for 0.58% - Raw material trading accounts for 0.35% [1]

深圳市金新农科技股份有限公司 关于 2026 年度开展期货及衍生品投资业务的 可行性分析报告 一、开展期货及衍生品投资业务的目的及必要性 在不影响深圳市金新农科技股份有限公司（以下简称公司）正常经营、有效 控制风险的前提下，为了合理利用资金并获取投资收益，公司及子公司使用部分 闲置资金及金融机构衍生品交易授信开展期货及衍生品投资业务，符合公司日常 经营所需，存在必要性。 二、开展期货及衍生品投资业务的主要内容 1、交易金额：开展期货及衍生品投资业务动用的交易保证金和权利金（包 括为交易而提供的担保物价值、预计占用的金融机构授信额度、为应急措施所预 留的保证金等）最高不超过人民币 6,000 万元，有效期内可循环使用，任一时点 的交易金额（含前述交易的收益进行再交易的相关金额）不得超过已审议额度。 2、交易期限：2026 年 01 月 01 日至 2026 年 12 月 31 日。如单笔交易的存 续期超过了决议的有效期，则决议有效期自动顺延至单笔交易终止时止。 3、交易方式 交易品种为期货和衍生品合约。交易工具包括但不限于期货、期权、远期等。 交易场所为大连商品交易所、郑州商品交易所等境内合规交易所和相关经纪 ...

证券代码：002548 证券简称：金新农 公告编号：2025-090 深圳市金新农科技股份有限公司 关于 2026 年度开展期货及衍生品套期保值业务的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、交易基本情况：为有效管理原材料及产品价格波动风险，2026 年公司及 子公司拟在境内合规交易所和相关经纪行、做市商、银行等开展与公司生产经营 相关的生猪、玉米、豆粕等交易品种的期货及衍生品套期保值业务，动用的交易 保证金和权利金最高不超过人民币 10,000 万元，有效期内可循环使用。 2、审议程序：此事项已经公司第六届董事会第十八次临时会议审议通过， 尚需提交公司股东会审议。 3、风险提示：开展期货及衍生品套期保值业务有利于降低原材料及产品价 格波动对公司生产经营的影响，但同时也可能存在市场风险、流动性风险、技术 风险等，敬请广大投资者注意投资风险。 深圳市金新农科技股份有限公司（以下简称公司）于 2025 年 12 月 12 日召 开的第六届董事会第十八次临时会议审议通过《关于 2026 年度开展期货及衍生 品套期保值业务的议案》，为有 ...