Core Viewpoint - The company, Tangrenshen, is actively integrating artificial intelligence (AI) technologies into its operations across feed, pig farming, and meat processing sectors to enhance production efficiency and reduce costs [1] Financial Overview - As of June 30, 2025, the company's asset-liability ratio is 64.5% [1] - The company's cash and cash equivalents amount to approximately 2.4 billion yuan [1] AI Application in Business - The company has implemented AI applications in various business segments: - In the feed sector, smart measurement has been introduced in feed silos and warehouses [1] - In the livestock sector, AI is used for intelligent health inspections and biosecurity measures [1] - In the meat processing sector, AI technology is applied for intelligent foreign object detection [1] - The company aims to continuously monitor the application of AI in the agricultural and animal husbandry industry to enhance competitiveness [1]

1. Report Industry Investment Ratings No specific industry investment ratings were provided in the report. 2. Core Views of the Report - Gold is in a corrective phase, with potential for further downside but increasing interest from bottom - fishing funds. The market is awaiting the results of Sino - US negotiations and APEC meetings, as well as US CPI data [12]. - The stock market was boosted by expectations of incremental policies from the Fourth Plenary Session, but trading volume declined slightly. Industrial policies will remain the focus, and there is a need to strengthen domestic demand expansion [2]. - The decline in US banking reserves provides a basis for the Fed to stop shrinking its balance sheet, leading to an increase in market risk appetite and a volatile US dollar [16]. - Intel's improved financial results have boosted the technology sector, and Sino - US trade negotiations have increased market risk appetite. However, the negotiation process may be bumpy, and market volatility may remain high [22]. - The bond market may face short - term downward pressure, but the risk of continuous decline is low. After November, there is potential for the bond market to rise. Investors are advised to look for opportunities to buy on dips [25]. - The price of cotton is affected by factors such as new cotton listings, downstream orders, and Sino - US trade negotiations. The upside space is limited [30]. - Concerns about palm oil supply in Indonesia have led to a rebound in prices, and investors are advised to buy on dips [33]. - The pig market is expected to experience seasonal demand improvement, but the supply surplus will continue until the first quarter of next year. Investors are advised to look for short - selling opportunities in the near - term contracts [34]. - The price of red dates is in a volatile state, and investors are advised to wait and see, focusing on price negotiations and acquisition progress in the production areas [38]. - The price of thermal coal is expected to be strongly supported due to the approaching cold wave in the north [40]. - The price of iron ore is expected to remain weakly volatile, with a seasonal increase in supply and pressure on demand [41]. - The price of steel products is expected to be volatile, with inventory reduction alleviating concerns about oversupply but limited demand restricting the upside space [44]. - The price of copper is supported by short - term macro - sentiment improvement but limited by fundamentals in the short term. Investors are advised to buy on dips [49]. - The price of lead is expected to remain high and volatile. Investors can consider short - selling on rallies, as well as mid - term spread and cross - market arbitrage opportunities [53]. - The price of zinc is expected to be in a wide - range volatile state. Investors are advised to wait and see, and consider mid - term positive spread arbitrage opportunities [58]. - The price of nickel is expected to have upward potential. Investors can look for opportunities to buy on dips and consider option strategies [61]. - The price of lithium carbonate is supported by inventory reduction during the peak season, but further upward movement depends on supply - side disruptions. Short - term range trading is recommended, and attention should be paid to arbitrage opportunities [64]. - The price of liquefied petroleum gas is expected to remain volatile in the short term [67]. - The price of asphalt is expected to fluctuate greatly due to the game between geopolitical support for oil prices and weak fundamentals [68]. - The price of methanol is currently supported by cost and downstream factors, but the fundamentals have not improved. If the price rises further, there may be short - selling opportunities [72]. - The price of natural gas is in a bearish pattern, and the current rebound is expected to be short - lived. Investors are advised to wait and see [73]. - The supply - demand pattern of caustic soda is weak, but the large discount on the futures market and potential demand pulses from new alumina capacity may limit the downside. Short - selling should be cautious [76]. - The price of PVC is expected to remain in a low - level volatile state, with limited further downward space [78]. - The price of styrene has rebounded due to supply disruptions and rising oil prices. Attention should be paid to the negative feedback from downstream industries and the potential reduction of the pure benzene - oil price spread [80]. - The price of soda ash is supported by coal prices in the short term, but the upside is limited by new capacity. The downward space depends on coal price fluctuations and new capacity launches [82]. - The price of float glass has risen slightly due to coal - price - driven bullish sentiment, but the market is under pressure due to continuous inventory accumulation and weak demand [83]. 3. Summaries by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - News: Sino - US trade negotiations will be held in Malaysia from October 24 - 27 [12]. - Comment: Gold prices rebounded slightly but are still in a corrective phase. The market is awaiting negotiation results and APEC meetings, as well as US CPI data. - Investment Advice: Gold is expected to be in an oscillatory phase with potential for further downside. Observe the support at the $4000 level [12]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - News: US Senate Democrats blocked a Republican bill to pay military and federal employees during the government shutdown; US banking reserves decreased to $2.93 trillion; Trump plans to expand drug - fighting targets to land [13][14][15]. - Comment: The decrease in US banking reserves provides a basis for the Fed to stop shrinking its balance sheet, leading to increased market risk appetite and a volatile US dollar [16]. - Investment Advice: The US dollar index is expected to be volatile [17]. 3.1.3 Macro Strategy (Stock Index Futures) - News: Sino - US will hold trade talks in Malaysia from October 24 - 27; the Fourth Plenary Session of the 20th CPC Central Committee released its communique [18][19]. - Comment: The stock market was boosted by policy expectations, but trading volume declined slightly. Industrial policies will be the focus, and domestic demand expansion needs to be strengthened [2]. - Investment Advice: Allocate evenly among stock indices [20]. 3.1.4 Macro Strategy (US Stock Index Futures) - News: Sino - US will hold trade talks; Intel's Q3 revenue increased by 3% year - on - year, and it returned to profitability [22]. - Comment: Intel's results improved the technology sector, and Sino - US negotiations increased market risk appetite. However, the negotiation process may be bumpy, and market volatility may remain high [22]. - Investment Advice: The US stock market will be volatile in the short term due to Sino - US negotiation news but should be treated with a bullish outlook overall [23]. 3.1.5 Macro Strategy (Treasury Bond Futures) - News: The Fourth Plenary Session of the 20th CPC Central Committee released its communique; the central bank conducted 7 - day reverse repurchase operations worth 212.5 billion yuan [24]. - Comment: The bond market may face short - term downward pressure, but the risk of continuous decline is low. After November, there is potential for the bond market to rise [25]. - Investment Advice: Look for opportunities to buy on dips [26]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Cotton) - News: EU clothing import growth declined in August; CCI cotton procurement in India is accelerating; Xinjiang cotton purchase prices are rising [27][29][30]. - Comment: The price of cotton is affected by new cotton listings, downstream orders, and Sino - US trade negotiations. The upside space is limited [30]. - Investment Advice: The upside space of Zhengzhou cotton is limited. Monitor new cotton acquisitions, downstream orders, and Sino - US negotiations [31]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - News: The Indonesian military seized palm plantations, affecting 30% of the country's palm oil - growing area [32]. - Comment: Concerns about palm oil supply in Indonesia have led to a rebound in prices [33]. - Investment Advice: Buy on dips [33]. 3.2.3 Agricultural Products (Pigs) - News: Wens Co., Ltd. reported a net profit of 5.256 billion yuan in the first three quarters; Tangrenshen is implementing its production plan [33][34]. - Comment: Seasonal demand improvement may lead to a short - term rebound in pig prices, but the supply surplus will continue until the first quarter of next year [34]. - Investment Advice: Look for short - selling opportunities in the near - term contracts and continue to monitor the reverse spread strategy [35]. 3.2.4 Agricultural Products (Red Dates) - News: The price of red dates in Hebei's Cui'erzhuang market is stable; Xinjiang red dates are in the drying stage, and the acquisition price will be determined in the next week [36][37]. - Comment: The price of red dates is in a volatile state, and the main trading logic is not clear [38]. - Investment Advice: Wait and see, and focus on price negotiations and acquisition progress in the production areas [39]. 3.2.5 Black Metals (Thermal Coal) - News: National railway coal shipments reached 1.553 billion tons from January to September [40]. - Comment: The price of thermal coal is expected to be strongly supported due to the approaching cold wave in the north [40]. - Investment Advice: The price of thermal coal is expected to be strongly supported [40]. 3.2.6 Black Metals (Iron Ore) - News: FMG's iron ore production in Q3 2025 was 50.8 million tons, with a 7% quarterly decline and a 6% annual increase [41]. - Comment: The price of iron ore is expected to remain weakly volatile, with a seasonal increase in supply and pressure on demand [41]. - Investment Advice: The price of iron ore is expected to remain weakly volatile and is relatively weak in the sector [41]. 3.2.7 Black Metals (Rebar/Hot - Rolled Coil) - News: China's rebar production in the first three quarters was 143.387 million tons; the inventory of five major steel products decreased by 2.741 million tons last week [42][43]. - Comment: The price of steel products is expected to be volatile, with inventory reduction alleviating concerns about oversupply but limited demand restricting the upside space [44]. - Investment Advice: Adopt a volatile trading strategy for steel prices [45]. 3.2.8 Non - Ferrous Metals (Alumina) - News: Century Aluminum's smelter in Iceland shut down temporarily due to a power equipment failure, affecting about 2 million tons of alumina demand annually [45]. - Comment: The overseas smelter shutdown has affected alumina demand, and the market is under pressure [45]. - Investment Advice: Wait and see [46]. 3.2.9 Non - Ferrous Metals (Copper) - News: A French highway tested the "charging - while - driving" technology for electric vehicles; Vale plans to invest 70 billion reais to expand copper production [47][48]. - Comment: The price of copper is supported by short - term macro - sentiment improvement but limited by fundamentals in the short term [49]. - Investment Advice: Buy on dips [49]. 3.2.10 Non - Ferrous Metals (Lead) - News: The number of car trade - in subsidy applications in 2025 exceeded 10 million; Qingyuan offers a 500 - yuan subsidy for electric bicycle trade - ins [50][51]. - Comment: The price of lead is expected to remain high and volatile. Investors can consider short - selling on rallies, as well as mid - term spread and cross - market arbitrage opportunities [53]. - Investment Advice: Short - sell on rallies, and consider mid - term spread and cross - market arbitrage opportunities [53]. 3.2.11 Non - Ferrous Metals (Zinc) - News: Boliden's Q3 2025 lead - zinc concentrate production increased; the number of car trade - in subsidy applications in 2025 exceeded 10 million [55][56]. - Comment: The price of zinc is expected to be in a wide - range volatile state. Investors are advised to wait and see, and consider mid - term positive spread arbitrage opportunities [58]. - Investment Advice: Wait and see, and consider mid - term positive spread arbitrage opportunities [58]. 3.2.12 Non - Ferrous Metals (Nickel) - News: Australia's Western Mines Group is conducting a general study on its Mulga Tank nickel project [59]. - Comment: The price of nickel is expected to have upward potential. Investors can look for opportunities to buy on dips and consider option strategies [61]. - Investment Advice: Look for opportunities to buy on dips and consider option strategies [61]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - News: Do - fluoride plans to ship 30GWh of lithium batteries in 2026; EVE Energy's power battery shipments in the first three quarters of 2025 were 34.59GWh [62][63]. - Comment: The price of lithium carbonate is supported by inventory reduction during the peak season, but further upward movement depends on supply - side disruptions. Short - term range trading is recommended, and attention should be paid to arbitrage opportunities [64]. - Investment Advice: Short - term range trading, and pay attention to arbitrage opportunities [64]. 3.2.14 Energy Chemicals (Liquefied Petroleum Gas) - News: China's weekly liquefied petroleum gas production decreased by 2.65% week - on - week; the inventory rate decreased by 0.39 percentage points [65][66]. - Comment: The price of liquefied petroleum gas is expected to remain volatile in the short term [67]. - Investment Advice: The price is expected to remain volatile in the short term [67]. 3.2.15 Energy Chemicals (Asphalt) - News: China's weekly asphalt production decreased by 110,000 tons week - on - week, a 2% decline [68]. - Comment: The price of asphalt is expected to fluctuate greatly due to the game between geopolitical support for oil prices and weak fundamentals [68]. - Investment Advice: Wait and see [69]. 3.2.16 Energy Chemicals (Methanol) - News: Iran's Kimiya methanol plant restarted [70]. - Comment: The price of methanol is currently supported by cost and downstream factors, but the fundamentals have not improved. If the price rises further, there may be short - selling opportunities [72]. - Investment Advice: Wait and see. If the price rises further, there may be short - selling opportunities [72]. 3.2.17 Energy Chemicals (Natural Gas) - News: US natural gas inventory increased by 87Bcf week - on - week [73]. - Comment: The price of natural gas is in a bearish pattern, and the current rebound is expected to be short - lived [73]. - Investment Advice: Wait and see [74]. 3.2.18 Energy Chemicals (Caustic Soda) - News: The price of liquid caustic soda in Shandong decreased locally; the overall开工 load rate increased slightly [75]. - Comment: The supply - demand pattern of caustic soda is weak, but the large discount on the futures market and potential demand pulses from new alumina capacity may limit the downside. Short - selling should be cautious [76]. - Investment Advice: Short - selling should be cautious [76]. 3.2.19 Energy Chemicals (PVC) - News: The price of PVC in the domestic market was slightly volatile, and the overall开工 load rate decreased [77][78]. - Comment: The price of PVC is expected to remain in a low - level volatile state, with limited further downward space [78]. - Investment Advice: The price is expected to remain in a low - level volatile state, with limited further downward space [78]. 3.2.20 Energy Chemicals (Styrene) - News: China's weekly styrene production decreased by 124,000 tons week - on - week, a 3.65% decline [79]. - Comment: The price of styrene has rebounded due to supply disruptions and rising oil prices. Attention should be paid to the negative feedback from downstream industries and the potential reduction of the pure benzene - oil price spread [80]. - Investment Advice: Monitor the negative feedback from downstream industries and the potential reduction of the pure benzene - oil price spread [80]. 3.2.21 Energy Chemicals (Soda Ash) - News: The inventory of soda ash manufacturers decreased slightly on Thursday compared to Monday [81]. - Comment: The price of soda ash is supported by coal prices in the short term, but the upside is limited by new capacity. The downward space depends on coal price fluctuations and new capacity launches [82]. - Investment Advice: The downward space depends on coal price fluctuations and new capacity launches. Continue to monitor [82]. 3.2.22 Energy Chemicals (Float Glass) - News: The inventory of float glass manufacturers continued to increase, with a 3.64% week - on - week increase [83]. - Comment: The price of float glass has risen slightly due to coal - price - driven bullish sentiment, but the market is under pressure due to continuous inventory accumulation and weak demand [

Group 1 - The company held its fourth meeting of the tenth board of directors on October 22, 2025, via communication methods, with all nine directors present [2] - The meeting approved a proposal for the company and its subsidiaries to jointly invest with professional investment institutions [3][8] Group 2 - The company plans to invest CNY 59.9 million in two funds: Shaoguan Shaotang No. 1 and Shaoguan Shaotang No. 2, in partnership with Guangdong Shaoguan Shaonong Development Fund and Guangzhou Yinguo Investment Management [3][8] - The subsidiary, Foshan Meishen Breeding Co., Ltd., will invest CNY 40.5 million in the Guangdong Province Yuemao No. 3 private equity fund, in collaboration with Guangdong Yuemao Agricultural Development Fund and Guangdong Agricultural Supply-Side Structural Reform Fund Management [3][8] Group 3 - The total scale of the Shaotang No. 1 and Shaotang No. 2 funds is CNY 120 million each, with the company contributing CNY 59.9 million to each fund [12][16] - The Guangdong Province Yuemao No. 3 fund has a total scale of CNY 100 million, with the company contributing CNY 40.5 million [21] Group 4 - The investment in these funds is aimed at strengthening the company's industrial layout in the agricultural sector in Guangdong [58] - The company will not control the funds and will not consolidate them into its financial statements [12][17]

Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, highlighting potential investment opportunities and risks based on recent developments and financial performance. Group 1: Company Announcements - Tianpu Co., Ltd. warns that its stock price has significantly deviated from its fundamentals, with a cumulative increase of 246.02% from August 22 to October 22, indicating a potential for rapid decline [4] - Shenzhen Sanda A plans to sell stakes in several subsidiaries to focus on its core business, including 80% of Zhongdian Continental Environmental Technology [5][6] - Zhongchong Co., Ltd. received an administrative regulatory measure from the Shandong Securities Regulatory Bureau for failing to announce a significant change in shareholding [7] - Construction Machinery has reported a net loss of 447 million yuan for the first half of 2025, marking three consecutive years of losses [8] - Junshi Biosciences announced that its subsidiary passed a recent FDA inspection, indicating compliance with CGMP standards [9] Group 2: Financial Performance - Duofuduo reported a net profit increase of 407.74% year-on-year for the first three quarters of 2025, with a revenue of 6.73 billion yuan [17] - Weihuaxincai achieved a net profit growth of 250.04% year-on-year in Q3, with revenues of 660 million yuan [18] - Guangdong Jianke reported a net profit increase of 190.62% year-on-year for the first three quarters, despite a revenue decline [19] - Xianggang Technology reported a net profit increase of 186.19% year-on-year for the first three quarters, with revenues of 742 million yuan [20] - Defu Technology reported a net profit increase of 132.63% year-on-year for the first three quarters, driven by increased copper foil sales [21] Group 3: Major Transactions and Investments - Tangrenshen plans to establish two investment funds with a total investment of 11.04 million yuan to focus on the agricultural sector [13] - Farsen intends to sell a 10% stake in Bekaert Steel Cord, constituting a major asset restructuring [14] - Shikong Technology plans to acquire 100% of Jiahe Jingwei, entering the storage sector [15] - Jiangsu New Energy's controlling shareholder is investing in offshore wind power projects and will manage the project companies [11][12] Group 4: Shareholder Actions - Qianyuan Pharmaceutical's shareholder plans to reduce its stake by up to 3% [42] - Zhengfan Technology's board members plan to collectively reduce their holdings by up to 1.88% [43]

Core Viewpoint - The company Tangrenshen (002567) has completed its share repurchase plan, having repurchased a total of 9,961,100 shares, which represents 0.70% of its total share capital, with a total transaction amount of 50,097,042 yuan [1] Summary by Categories Share Repurchase Details - The repurchase was conducted through a dedicated securities account via centralized bidding [1] - The highest transaction price was 5.52 yuan per share, while the lowest was 4.68 yuan per share [1] - The total amount spent on the repurchase reached the lower limit of the planned repurchase amount [1] Compliance and Implementation - The share repurchase complies with relevant laws and regulations [1] - The repurchase plan has been fully implemented as per the established scheme [1]

Core Viewpoint - The company is establishing investment funds in collaboration with professional investment institutions to strengthen its presence in the agricultural and animal husbandry sectors in Guangdong province [1] Group 1: Investment Details - The company plans to invest 59.9 million yuan (49.92% stake) in the establishment of Shaoguan Shaotang No. 1 Agricultural and Animal Husbandry Equity Investment Fund Co., Ltd. [1] - The company will also invest 59.9 million yuan (49.92% stake) in the establishment of Shaoguan Shaotang No. 2 Agricultural and Animal Husbandry Equity Investment Fund Co., Ltd. [1] - The wholly-owned subsidiary, Foshan Meishen, intends to invest 40.5 million yuan (40.5% stake) in the establishment of Guangdong Province Yuemaoshan No. 3 Private Equity Investment Fund Co., Ltd. [1] Group 2: Investment Focus - The funds will primarily target projects in the agricultural and animal husbandry sectors in regions such as Shaoguan and Maoming [1] - The collaboration aims to incubate and cultivate quality projects through partnerships with long-term capital [1] - This initiative is part of the company's strategy to solidify its industrial layout in the Guangdong region [1]

Group 1 - The company Tangrenshen (SZ 002567) announced that its 10th Board of Directors' fourth meeting was held via telecommunication on October 22, 2025, where it reviewed proposals for joint investments with professional investment institutions [1] - For the first half of 2025, the revenue composition of Tangrenshen was as follows: feed industry accounted for 60.25%, pig breeding industry 34.1%, meat industry 5.58%, and animal health industry 0.06% [1] - As of the report date, Tangrenshen's market capitalization was 6.9 billion yuan [1]

唐人神集团股份有限公司（以下简称"公司"）于2024年11月8日召开第九届董事会 第二十八次会议，审议通过了《关于回购公司股份方案的议案》，公司拟使用自有资 金以集中竞价交易的方式回购公司股份，本次回购资金总额为不低于人民币5,000万元 （含），不超过人民币10,000万元（含）；回购股份的价格为不超过7.8元/股（含）； 回购的股份用于实施股权激励或员工持股计划；回购期限自公司董事会审议通过本次 回购股份方案之日起12个月内。具体详见公司于2024年11月9日在巨潮资讯网披露的 《关于回购公司股份方案的公告暨回购报告书》（公告编号：2024-107）。 截至2025年10月22日，公司本次回购股份方案已实施完毕。根据《深圳证券交易 所上市公司自律监管指引第9号—回购股份》（以下简称"《回购指引》"）等有关规定， 现将公司回购股份结果暨股份变动情况公告如下： 一、回购公司股份的实施情况 公司于2024年11月28日通过股份回购专用证券账户首次以集中竞价方式实施回购 股份，并于2024年11月29日在巨潮资讯网披露了《关于首次回购公司股份的公告》 （公告编号：2024-114）。回购期间，公司按《回购指引》的 ...

证券代码：002567 证券简称：唐人神 公告编号：2025-091 唐人神集团股份有限公司 关于公司、子公司分别与专业 投资机构共同投资的公告 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、对外投资概述 1、唐人神集团股份有限公司（以下简称"公司"）拟以自有资金 5,990 万元 与广东省韶关韶农发展基金合伙企业（有限合伙）（以下简称"韶农基金"）、 广州因果投资管理有限公司（以下简称"因果投资"）共同投资设立韶关韶唐一 号农牧股权投资基金有限公司（以下简称"韶唐一号"）（暂定名，最终以工商 登记为准）；公司拟以自有资金 5,990 万元与韶农基金、因果投资共同投资设立 韶关韶唐二号农牧股权投资基金有限公司（以下简称"韶唐二号"）（暂定名， 最终以工商登记为准）。 2、公司全资子公司佛山美神养殖有限公司（以下简称"佛山美神"）拟以 自有资金 4,050 万元与广东省粤茂农业发展基金合伙企业（有限合伙）（以下简 称"粤茂基金"）、广东省农业供给侧结构性改革基金管理有限公司（以下简称 "农给基金"）共同投资设立广东省粤茂叁号私募股权投资基金有限公司（以下 ...

唐人神集团股份有限公司（以下简称"公司"）第十届董事会第四次会议于 2025 年 10 月 22 日以通讯方式召开，本次会议的通知已于 2025 年 10 月 18 日以 专人送达、电子邮件及电话形式通知了全体董事和高级管理人员。 本次会议应出席董事 9 人，实际出席董事 9 人。会议的内容以及召集、召开 的方式、程序均符合《公司法》和《公司章程》的规定，会议由公司董事长陶一 山先生主持。 二、董事会会议审议情况 1、以 9 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于公司、子 公司分别与专业投资机构共同投资的议案》。 同意公司以自有资金 5,990 万元与广东省韶关韶农发展基金合伙企业（有限 合伙）、广州因果投资管理有限公司共同投资设立韶关韶唐一号农牧股权投资基 金有限公司（暂定名，最终以工商登记为准）； 证券代码：002567 证券简称：唐人神 公告编号：2025-090 唐人神集团股份有限公司 第十届董事会第四次会议决议公告 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 同意子公司佛山美神养殖有限公司以自有资金 4, ...