Group 1 - The China Livestock Breeding Index (930707) shows mixed performance among its constituent stocks, with Zhongmu Co., Ltd. leading the gains at 4.31% [1] - The average price of pork in China's wholesale markets increased by 1.3% to 17.96 yuan per kilogram as of October 27 [1] - Galaxy Securities indicates that losses in October may accelerate the reduction of pig farming capacity, highlighting opportunities in the pig farming industry based on the value of breeding sows and farming efficiency [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index account for 66.06% of the index, including Muyuan Foods, Wens Foodstuff Group, and others [2]

Core Insights - The aquaculture sector experienced a 2.28% increase on October 27, with Shengnong Development leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Aquaculture Sector Performance - Shengnong Development (002299) closed at 16.97, up 4.24% with a trading volume of 239,800 shares and a transaction value of 403 million yuan [1] - Other notable performers included: - Bangxi Co., Ltd. (300967) at 22.05, up 4.01% [1] - Yisheng Co., Ltd. (002458) at 9.17, up 3.62% [1] - Lihua Co., Ltd. (300761) at 22.15, up 3.12% [1] - Muyu Co., Ltd. (002714) at 50.25, up 2.84% with a transaction value of 2.24 billion yuan [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 102 million yuan from institutional investors, while retail investors experienced a net outflow of 613.2 million yuan [2] - Key stocks with significant capital flow included: - Muyuan Foods (002714) with a net inflow of 234 million yuan from institutional investors [3] - Shennong Group (605296) with a net inflow of 22.49 million yuan [3] - Xinnong Co., Ltd. (000876) with a net inflow of 22.84 million yuan [3]

Core Viewpoint - The company has completed large-scale capacity construction and is entering a stable development phase, with a decreasing trend in capital expenditure and an increasing ability to generate cash flow [1] Group 1: Financial Performance - The company plans to dynamically adjust its dividend ratio based on market conditions, cash flow, and capital expenditure plans, aligning shareholder return schemes with the company's development stage and operational status [1] - The focus will remain on core business operations, with continuous improvements in management, production efficiency, and profitability to ensure high-quality and stable development [1] Group 2: Shareholder Returns - The company aims to share development dividends with investors, enhancing shareholder returns in line with its growth and operational performance [1]

Core Viewpoint - Muyuan Foods Co., Ltd. has shown a significant increase in stock price and financial performance, indicating strong growth potential in the pig farming industry [1][2]. Financial Performance - As of June 30, 2025, Muyuan Foods achieved a revenue of 76.463 billion yuan, representing a year-on-year growth of 34.46% [2]. - The net profit attributable to shareholders reached 10.530 billion yuan, with a remarkable year-on-year increase of 1169.77% [2]. - Cumulative cash dividends since the A-share listing amount to 26.576 billion yuan, with 16.594 billion yuan distributed in the past three years [3]. Stock Market Activity - On October 27, 2023, the stock price of Muyuan Foods rose by 2.01%, reaching 49.84 yuan per share, with a trading volume of 1.033 billion yuan [1]. - The stock has increased by 34.85% year-to-date, with a slight increase of 0.73% over the last five trading days, but a decline of 6.78% over the past 20 days [1]. - The company has a market capitalization of 272.265 billion yuan [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 25.13% to 209,000, while the average number of circulating shares per person increased by 33.57% to 18,236 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 149 million shares, an increase of 20.4715 million shares from the previous period [3].

Group 1 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) showed stable performance with a 1.0% increase in intraday price and a transaction volume of 5.0954 million yuan, bringing the fund's latest scale to 209 million yuan [1] - Among the constituent stocks, Zhongxing Junye reached the daily limit, while Xiaoming Co. and Shengnong Development saw significant gains of 4.34% and 3.99% respectively. Conversely, Chenguang Biotech experienced a notable decline of 3.19%, with Honghui Fruits and Vegetables and Shennong Seed Industry also showing weaker performance with drops of 1.04% and 0.88% respectively [1] - The Ministry of Agriculture and Rural Affairs held a meeting on October 21 to discuss increasing grain and oil crop yields, emphasizing the promotion of technology integration and high-performance agricultural machinery, particularly supporting the promotion of genetically modified technology to enhance grain yields, which may benefit related seed and planting companies [1] - The core breeding source rate for lean pork in China has surpassed 90%, indicating progress in self-sufficiency in the livestock breeding industry, with leading companies like Muyuan Foods continuing to drive innovation in breeding [1] - According to Citic Securities, the supply in the pig farming industry continues to increase, with rising demand for fat pigs driving up prices, although farming remains unprofitable, potentially accelerating capacity reduction [1] - In the poultry farming sector, frequent outbreaks of avian influenza overseas create uncertainty in the introduction of grandparent stock chickens, which is favorable for the white feather chicken industry chain prices [1] - The seed industry is focusing on the progress of biological breeding expansion, the promotion of genetically modified corn, and industry mergers and acquisitions [1] - The demand in the animal health industry is expected to bottom out, with new product launches providing growth momentum. The domestic pet market continues to grow rapidly, while exports are only slightly affected by tariff disruptions [1] Group 2 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) and its linked funds (Link A: 013471, Link C: 013472) passively track the Agricultural, Animal Husbandry, and Fishery Index, with the top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, Haida Group, New Hope, Meihua Biological, Dabeinong, Shengnong Development, Biological Co., Beidahuang, and Longping High-Tech [2]

Core Insights - Henan province, known for its large population, is emerging as a significant player in the new consumption landscape, particularly in the prepared food sector [1][2] - The province is home to over 4,000 companies related to prepared food, ranking first in the country for the number of such enterprises [2] - Henan's agricultural advantages contribute to its dominance in the prepared food industry, producing a substantial portion of China's staple foods [3][4] Industry Overview - Henan produces 25% of China's steamed buns, 33% of instant noodles, 50% of ham sausages, and 60% of dumplings, showcasing its agricultural strength [3] - The province is recognized as a major agricultural hub, with its grain output second only to Heilongjiang in 2024, and it consistently ranks first in wheat production [3] - The local market provides high-quality, low-cost raw materials, supported by a well-established food production and management system [3] Market Dynamics - The population density in Henan provides a robust market and labor force, while its strategic location enhances logistics and cold chain transportation capabilities [4] - Companies like Shuanghui have successfully entered the prepared food market, launching various products under their brands [3] - The combination of agricultural output and industrial development positions Henan as a key player in the prepared food sector, often referred to as "China's kitchen" [4]

每经AI快讯，Wind数据显示，10月27日，1家公司共发布1个股票回购相关进展。其中，1家公司首次披 露股票回购预案。 从首次披露回购预案来看，天地数码回购预案金额最高，拟回购不超17.81万元。 截至10月27日，今年以来已有1676个回购方案已实施完毕，涉及1260家公司，其中320家公司已完成回 购金额超亿元。其中贵州茅台、牧原股份、中远海控回购金额居前，分别已完成回购60.00亿元、30.01 亿元、21.46亿元。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][36] - The current trend in grain prices is upward, indicating a favorable fundamental outlook for planting and seed industries, highlighting significant investment opportunities [3][36] - The pet food sector is experiencing growth, with increasing recognition of domestic brands and continuous market expansion [3][36] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.82 yuan/kg, a week-on-week increase of 5.82% [10][44] - The industry is entering a phase of capacity reduction, with pig prices expected to stabilize and potentially rise in the long term due to policy support [7][10] Poultry - White feather broiler prices have shown slight increases, with the current price at 6.88 yuan/kg, reflecting a week-on-week rise of 0.15% [13][44] - The yellow feather broiler prices continue to remain strong, indicating a stable market environment [21][44] Feed Sector - Corn prices have decreased slightly, while soybean meal and wheat prices have increased, indicating a mixed market for feed ingredients [23][44] - The average price of pig feed is 3.37 yuan/kg, showing a slight decrease of 0.30% [44] Bulk Agricultural Products - Natural rubber prices have risen, with the current price at 15,335 yuan/ton, a week-on-week increase of 4.36% [30][44] - The report indicates that the down cycle for bulk agricultural products is nearing its end, with signs of recovery in certain segments [30][44]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [5] Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, with both domestic and international beef and raw milk markets expected to improve [4] - The pig industry is supported by a trend of "anti-involution," which is likely to stabilize long-term prices [4] - The pet consumption sector is identified as a growing industry benefiting from demographic changes [4] - The feed sector, particularly Haida Group, is expected to achieve excess returns due to the recovery in aquaculture [4] - The poultry sector is anticipated to see a long-term increase in consumption, with yellow chicken likely to benefit first from domestic demand recovery [4] Summary by Sections Swine - As of October 24, the price of live pigs is 11.82 CNY/kg, up 6.01% week-on-week [2] - The price of 15kg piglets is approximately 17.66 CNY/kg, down 1.83% week-on-week [2] - The industry is experiencing orderly progress in "anti-involution," which is expected to support profitability [14] Poultry - The supply of white chickens has slightly increased, with a focus on seasonal consumption recovery [2] - As of October 24, the price of chicken seedlings is 3.36 CNY/piece, up 2.13% week-on-week [15] - The price of broilers is 6.88 CNY/kg, up 0.15% week-on-week [15] - Yellow chicken supply remains at a low level, with potential benefits from improved domestic demand [15] Beef - A new round of beef price increases has begun, with a positive outlook for the beef cycle reversal in 2025 [2] - As of October 24, the average price of beef is 66.61 CNY/kg, up 0.36% week-on-week [16] Raw Milk - The average price of raw milk in major production areas is 3.04 CNY/kg, stable week-on-week but down 2.88% year-on-year [3] - The report anticipates an acceleration in the reduction of dairy cows in Q3, potentially leading to a price turning point by year-end [3] Soybean Meal - Short-term supply is expected to be ample, while medium to long-term supply and demand are projected to strengthen [3] - As of October 24, the domestic soybean spot price is 3997 CNY/ton, up 0.09% week-on-week, and soybean meal is 2984 CNY/ton, down 0.86% week-on-week [3] Corn - Domestic supply and demand balance is tightening, with prices expected to maintain moderate increases [3] - As of October 24, the domestic corn spot price is 2249 CNY/ton, down 0.64% week-on-week, but up 0.10% year-on-year [3] Sugar - Short-term imports are increasing, with attention on import rhythms and fluctuations in crude oil prices [3] - As of October 24, the spot price in Guangxi Nanning is 5750 CNY/ton, down 0.69% week-on-week [3] Rubber - Short-term prices are expected to stabilize, with a positive outlook for mid-term market conditions [3] - As of October 24, the price of Thai rubber is 1860 USD/ton, up 0.54% week-on-week [3]

Investment Rating - The report suggests a focus on low-cost quality pig farming leaders for investment opportunities [2][12] Core Views - The current price of lean meat pigs is 11.6 CNY/kg, up 5.6% from last week, but the upward momentum lacks sustainability due to ongoing supply pressures and the absence of a consumption peak [11][12] - In the poultry sector, white feather chicken prices have seen slight increases, with broiler prices at 6.88 CNY/kg, up 0.1%, and chicken product prices at 8.65 CNY/kg, up 0.6% [12][29] - The approval of genetically modified varieties is expected to enhance the growth potential of industry companies, with commercial sales anticipated to begin post-publicity period [12] - The agricultural sector is experiencing price volatility, with leading feed companies likely to replace smaller competitors due to their advantages in procurement, scale, and capital [12] Summary by Sections Livestock - The lean meat pig price is currently 11.6 CNY/kg, reflecting a 5.6% increase from the previous week, while the average wholesale price of pork is 17.73 CNY/kg, down 1.7% [13][14] - The average weight of slaughtered pigs has decreased by 0.3% to 127.9 kg, and the price of 15 kg piglets has dropped by 2.2% to 19.55 CNY/kg [20][22] - Self-breeding and self-raising profitability has improved, with average losses of -185.68 CNY per head for self-breeding, and -289.07 CNY for purchased piglets [17][18] Poultry - The price of broiler chicks has increased by 0.9% to 3.32 CNY each, while the average price of white feather chickens is 6.88 CNY/kg, up 0.1% [12][29] - The profit from parent stock chicken breeding is 0.57 CNY per chick, while broiler breeding remains at a loss of -1.76 CNY per chick [35][36] Agricultural Products - The domestic corn price has decreased by 0.6% to 2248.63 CNY/ton, while soybean prices have increased slightly by 0.1% to 3996.84 CNY/ton [45][58] - The report highlights the potential for investment in the agricultural sector due to the anticipated growth from the commercialization of genetically modified crops [12]