事件：公司发布2025 年第三季度报告，2025 年前三季度公司实现营收1117.90 亿元，同比上升 15.52%，归母净利润147.79 亿元，同比上升41.01%；其中单Q3 归母净利42.49 亿元，同比-55.98%。公 司拟每10股派9.3 元，合计派发现金50.02 亿元，占前三季度归母净利润33.85%。 点评： 厚植长期成本优势，抵御行业周期波动：公司2025 年9 月生猪养殖完全成本已降至11.6 元/公斤，有望 在年末实现11 元/公斤的成本目标。公司9月成本较年初下降超1.5 元/公斤，其中超70%的影响来源于核 心生产指标的改善。公司2025 Q3 销售费用为3.03 亿元，环比下降3.81%，生产效率提升叠加单位期间 费用降低，公司生猪养殖成本降低进程加快。 把握行业发展周期，主动优化生猪产能：公司2025 年Q3 销售商品猪1892.9 万头，生猪出栏同比增长 17.21%；Q3 商品猪销售收入为325.55亿元，养殖规模在全行业拥有领先优势。公司年底能繁母猪规划 为330 万头，我们认为公司通过降母猪实现性能差、健康度差的母猪淘汰，从而能够持续提升未来母猪 生产效率。 经营性现 ...

11月6日，三大指数集体高开，沪指高开0.10%，深成指高开0.37%，创业板指高开0.60%。相关ETF中， 食品饮料ETF天弘（159736）涨0.28%，溢折率0.06%，盘中频现溢价交易。 国盛证券发布研报称，2025Q2随着公务消费、商务宴请等监管政策进一步收紧，白酒动销端呈现量价 齐承压的状态。Q3以来消费端常态化管控及负面情绪纠偏下白酒迎来环比改善，一方面茅台作为定海 神针动销实现了7月企稳、8月回暖、9月提升的三步改善，大众价格带受益婚宴、家宴等刚性需求动销 逐步回暖，另一方面，面对行业压力各大酒企进一步稳价稳市，利用产品和渠道创新布局新场景和新需 求。当下，白酒动销压力最大时点已经过去，未来进一步企稳下期待需求修复后的顺势而为。 规模上看，截至11月5日，食品饮料ETF天弘（159736）最新流通规模为56.22亿元，规模居深市食品饮 料类ETF第一。 资金流向上看，截至11月5日，食品饮料ETF天弘（159736）近10日有9日获资金净流入，累计"吸金"近 1.2亿元。 此外，农业ETF天弘（认购代码：512623，上市代码：512620）11月3日起正式发行，将于2025年11月7 日结 ...

Core Viewpoint - The integration of planting, breeding, and processing industries, known as the "plant-breed-process integration," is gaining traction in China, projected to reach a market value of 3.2 trillion yuan in 2024 and 6.8 trillion yuan by 2030, driven by increasing consumer demand for healthy and organic products and government support for sustainable agriculture [1][10]. Industry Overview - The plant-breed-process integration model combines planting, breeding, and processing to achieve ecological and economic benefits through resource recycling and efficient industry chain connections [3][9]. - The model enhances resource utilization efficiency, reduces costs, and promotes sustainable agricultural development [1][9]. Industry Policies - Recent government policies support the integration model as a means to boost agricultural transformation and rural prosperity, including guidelines for optimizing livestock development and promoting ecological farms [4][5]. - The Ministry of Agriculture and Rural Affairs has issued directives to encourage standardized and ecological farming practices [4][5]. Current Industry Status - The total sown area of crops in China has been increasing, reaching 173 million hectares by 2024, driven by rising consumer demand for staple agricultural products [6][7]. - The livestock sector has also seen growth, with the pig population reaching 424.47 million heads in the first half of 2025, a 2.2% increase year-on-year [7][8]. Competitive Landscape - The industry features a diverse competitive landscape, including large enterprises, small and medium-sized enterprises, and farmer cooperatives, each leveraging unique strengths to capture market share [10]. - Key players include China Shengmu Organic Milk, Hunan New Wufeng, and Modern Farming Group, which are integrating various stages of the agricultural value chain [10][11]. Industry Development Trends - The rapid advancement of modern agricultural technologies, such as biotechnology and smart equipment, is expected to enhance production efficiency and product quality within the integration model [14]. - Increasing market demand for high-quality, organic agricultural products is anticipated to drive further adoption of the integration model, as it aligns with consumer preferences for safety and sustainability [16].

三季度以来，生猪行业正经历一场深度调整的阵痛期：生猪价格持续下行，上市猪企盈利水平普遍下 滑，甚至陷入阶段性亏损，行业面临产能过剩与负债高企的双重压力。 ◎记者王乔琪 今年以来，政府有关部门已召集多次会议，商讨并制定产能调控政策方案，包括指导头部企业控二次育 肥、降出栏体重和减少能繁母猪，要求地方落实100万头左右的能繁母猪调减任务等。 日前，在广东新兴举行的2025年生猪产业发展大会上，来自政府部门、行业协会及头部企业的代表认 为，面对当前行业"内卷"加剧的严峻挑战，亟须通过产能调控与行业自律，推动行业走出困局，实现高 质量发展。 生猪行业三季度陷阶段性亏损 中国畜牧业协会会长蔡辉益在大会上介绍，我国生猪产能自2021年快速恢复到正常水平以来，产业格局 发生了非常大的变化，生猪养殖规模化大幅提高，疫病防控水平、生产效率大幅提升，金融风险不断增 加，产能快速增长，使得行业"内卷"蔓延，严重影响了产业高质量发展。 "当前，年出栏500头以上规模场出栏生猪比重已经超过70%，能繁母猪存栏量最近几年一直在正常保有 量以上，猪肉供应量明显增长，叠加消费低迷，导致当前又开启亏损周期。"蔡辉益表示。 中国养猪网的数据显示 ...

Group 1 - Mengtian Home intends to acquire control of ChuanTu Microelectronics through a combination of share issuance and cash payment, leading to a significant asset restructuring. The stock will be suspended from trading starting November 6, 2025, for up to 10 trading days [2] - Guizhou Moutai plans to repurchase shares worth between 1.5 billion and 3 billion RMB, with a maximum repurchase price of 1,887.63 RMB per share. The repurchase will be completed within six months following shareholder approval [3] - Jiayuan Technology has signed a cooperation framework agreement with CATL to deepen their long-term procurement relationship, focusing on the supply and development of materials for new battery anodes [4] Group 2 - Kabeiyi has invested 100 million RMB to establish a wholly-owned subsidiary, Shanghai Kabeiyi Robotics, to accelerate the development of humanoid robot components [5] - Bertley has formed a joint venture with Langfang Jinrun Electric to establish Wuhu Bertley Drive Technology Co., with a registered capital of 100 million RMB, focusing on electric motor systems [7] - Tongling Nonferrous Metals has successfully acquired exploration rights for the Jiguanshan-Hucun copper-gold-molybdenum mine for 3.204 billion RMB [8] Group 3 - Ningbo Port expects to achieve a container throughput of 4.56 million TEUs in October 2025, representing a year-on-year increase of 12.4% [8] - Huayuan Technology has changed its stock name from "Hongquan Technology" to "Hongquan Technology" effective November 11, 2025, while maintaining its full name and stock code [8] - The company plans to invest approximately 1.478 billion RMB in the construction of a historical and cultural industry park to enhance brand influence [12]

每经记者｜王琳 每经编辑｜何小桃 魏文艺 股份收购 恒源煤电：拟收购两公司100%股权并承接11.37亿元债权 纽威股份：拟收购控股子公司东吴机械40%股权 纽威股份公告，公司拟以自有资金1.39亿元收购控股子公司东吴机械40%的股权。本次交易完成后，公司将持有东吴机械100%股权。 业绩披露 金地集团：10月签约金额同比下降65.78% 金地集团公告，2025年10月公司实现签约面积18.4万平方米，同比下降53.30%；实现签约金额19.2亿元，同比下降65.78%。 牧原股份：10月份销售商品猪收入同比下降22.28% 恒源煤电公告，公司拟收购陕西黑猫所持有的张掖市宏能煤业和张掖市宏能昌盛能源100%股权，股权交易价款4.4亿元。同时，公司将承接陕西黑猫对标 的公司的债权11.37亿元，形成标的公司对本公司的债务。 安凯客车：股东拟减持不超1%公司股份 安凯客车公告，持股6.37%的股东安徽省投资集团控股有限公司计划以集中竞价方式减持本公司股份不超过939.51万股（即不超过公司总股本的1%）。 凯美特气：财信资产及一致行动人拟合计减持不超3%公司股份 凯美特气公告，公司股东湖南省财信资产管理有限公司及 ...

（编辑 任世碧） 证券日报网讯 11月5日晚间，牧原股份发布2025年10月份销售简报称，2025年10月份，公司销售商品猪 707.6万头，同比变动13.17%（其中向全资子公司牧原肉食品有限公司及其子公司合计销售商品猪299.9 万头）；商品猪销售均价11.55元/公斤，同比变动-32.73%；商品猪销售收入103.31亿元，同比变 动-22.28%。 ...

事件：公司公布2025 年三季报，公司2025 前三季度实现营业收入1117.90亿元，同比增长15.52%，实现 归母净利润147.79 亿元，同比增长41.01%。 审慎经营降负债，海外业务探索推进。25 年三季度末公司资产负债率55.5%，若考虑10 月份已完成50 亿元权益分配，公司年初制定的降负债目标已经超额完成。未来公司仍会坚持审慎经营原则，争取将资 产负债率降至50%以下。公司港股上市处于证监会备案环节，正在按照流程推进，本次港股发行募集的 资金主要用于拓展公司全球业务。公司积极探索海外业务发展机会，近期公司与BAF 越南公司签署合 作协议，将在越南建设运营楼房养殖项目，将自身技术与体系复制到海外，为公司创造新的增长点。 公司盈利预测及投资评级：我们看好公司作为生猪龙头企业的核心成本优势，预计公司25-27 年归母净 利分别为170.58、240.91 和341.71 亿元，EPS 为3.12、4.41 和6.26 元，PE 为16、12 和8 倍，维持"强烈 推荐"评级。 风险提示：公司生猪销售不及预期，生猪价格波动风险，生猪疫病风险等。 生猪增量降本，成本优势进一步强化。公司25 年前三季度 ...

以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 嘉元科技：与宁德时代签订合作框架协议 嘉元科技公告，公司近日与宁德时代签订了《合作框架协议》。根据协议，双方将在现有业务合作基础 上，进一步扩大业务关系的深度和广度，乙方在相关方面满足甲方要求的前提下，甲方将乙方作为铜箔 产品的优选供应商。双方同意建立长期合作伙伴关系，在新型电池用负极集流体材料（包括但不限于固 态电池用铜箔）的供应、研发、生产等方面全方位开展合作。 吉视传媒公告，公司目前主营业务为智慧广电业务、数据服务业务和数字化创新服务业务，不涉及相关 热门概念，请广大投资者注意投资风险。 泸州老窖：拟14.78亿元投资建设历史文化产业园及博物馆项目 北自科技：发行股份及支付现金购买资产并募集配套资金申请获受理 北自科技公告，公司拟发行股份及支付现金购买苏州穗柯智能科技有限公司100%股权，并向不超过35 名特定投资者发行股份募集配套资金。2025年11月4日，公司收到上海证券交易所出具的《关于受理北 自所（北京）科技发展股份有限公司发行股份购买资产并募集配套资金申请的通知》，上海证券交易所 决定予以受理并依法进行审核。 海汽集团：总经理马超 ...

Group 1 - Triangle Defense signed a gas turbine project development and framework order agreement with Siemens Energy [1] - The development agreement allows Triangle Defense to qualify for supplying specific items to Siemens Energy, detailing technical prerequisites and standards [1] - Triangle Defense specializes in the research, production, and sales of forged products in aviation, aerospace, and shipping industries [1] Group 2 - Aerospace Hongtu was suspended from military procurement for three years due to alleged violations during a procurement activity [2] - The suspension will last from July 6, 2024, to July 6, 2027, affecting the company's participation in military material procurement [2] - Aerospace Hongtu focuses on satellite operations and data collection [3] Group 3 - Kaili Medical's executives purchased a total of 460,000 shares, investing approximately 13.15 million yuan [4] - The average purchase prices were 28.70 yuan and 28.53 yuan per share [4] - Kaili Medical is engaged in the research, production, and sales of medical diagnostic and treatment equipment [5] Group 4 - Muyuan Foods reported a 22.28% year-on-year decline in sales revenue from live pigs in October, totaling 10.33 billion yuan [6] - The average selling price of live pigs decreased by 32.73% year-on-year to 11.55 yuan per kilogram [6] - Muyuan Foods is involved in pig farming and slaughtering [7] Group 5 - Niuwei Co. plans to acquire 40% of its subsidiary Dongwu Machinery for 139 million yuan, aiming for full ownership [8] - Niuwei Co. specializes in the research, manufacturing, and sales of industrial valves [9] Group 6 - Jinlong Automobile reported a 14.71% year-on-year decline in bus sales in October, with 4,121 units sold [10] - Jinlong Automobile focuses on the production and sales of bus products [10] Group 7 - ST Tianshan reported a 242.54% year-on-year increase in sales revenue from live livestock in October, totaling 13.35 million yuan [11] - The company sold 1,367 head of livestock, marking a significant increase compared to previous periods [11] - ST Tianshan is involved in the breeding and sales of cattle and dairy products [12] Group 8 - Ningbo Port expects a 12.4% year-on-year increase in container throughput in October, reaching 4.56 million TEUs [13] - The total cargo throughput is projected to be 99.6 million tons, a 5.3% increase year-on-year [13] - Ningbo Port engages in port handling and logistics services [13] Group 9 - Amcare Pharma received approval for supplementary drug applications and clinical trials for its products [14] - The company is focused on new drug development and utilizes a MAH model for production [14] Group 10 - Lude Environment plans to change its stock name to "Lude Technology" while keeping its full name and stock code unchanged [15] - The company specializes in waste treatment and resource utilization technologies [15] Group 11 - Hualan Co. plans to increase its stake in the company by investing between 30 million and 60 million yuan [16] - The maximum purchase price is set at 58.08 yuan per share [16] - Hualan Co. focuses on the development and sales of packaging materials for injectable drugs [16] Group 12 - Caina Co. is using 140 million yuan of idle funds to purchase structured deposits from a bank, with expected annual yields between 0.70% and 1.85% [17] - Caina Co. specializes in the research, production, and sales of injection and laboratory consumables [17] Group 13 - Zhenghong Technology reported a 52.80% year-on-year decrease in sales revenue from live pigs in October, totaling 4.32 million yuan [18] - The company sold 400 head of pigs, marking a significant decline compared to previous periods [18] - Zhenghong Technology is involved in feed production and pig farming [18] Group 14 - Caida Securities received approval from the CSRC to issue bonds totaling up to 6 billion yuan [19] - The company is engaged in securities brokerage, investment banking, and asset management [19] Group 15 - Jiayuan Technology signed a copper foil supply framework agreement with CATL, establishing a long-term partnership [20] - The agreement includes collaboration in the supply and production of materials for new battery technologies [20] Group 16 - Haikong Group announced the resignation of its general manager due to personal career planning [21] - The company is involved in automotive passenger transport and related services [21] Group 17 - Beizhi Technology's application to acquire 100% of Suzhou Suike Intelligent Technology has been accepted by the Shanghai Stock Exchange [22] - The company specializes in intelligent logistics systems and equipment [22] Group 18 - Yikang Pharma's subsidiary received approval for clinical trials of a new injection for chronic hepatitis B [23] - The company focuses on the production and sales of raw and formulated pharmaceutical products [23] Group 19 - Hengyuan Coal Power plans to acquire 100% of two coal companies for 440 million yuan [24] - The acquisition includes assuming debts totaling 1.137 billion yuan [24] - Hengyuan Coal Power is involved in coal mining and sales [24] Group 20 - Yangpu Medical announced the cancellation of a production arrangement for a medical device [25] - The company specializes in precision medical and testing services [25] Group 21 - Kailong High-Tech plans to establish a 195 million yuan industry fund focusing on unlisted companies [26] - The company is involved in air pollution control and new energy management systems [26] Group 22 - Yingli Co. received approval for its application to acquire a majority stake in a company [27] - The company specializes in precision electronic components and related manufacturing [27] Group 23 - Tianyi Medical's arterial-venous puncture device received EU MDR certification, valid until January 2028 [28] - The company focuses on medical devices for blood purification and care [28] Group 24 - Chuangyuan Co. appointed a new president, effective until the end of the current board term [29] - The company specializes in the design and production of paper products [29] Group 25 - Shanghai Laishi's new indication for a drug received clinical trial approval [30] - The company focuses on the production and sales of blood products [30] Group 26 - Fengmao Co. plans to issue convertible bonds to raise up to 520 million yuan for expansion and working capital [31] - The company specializes in precision rubber components [31] Group 27 - Yinuo Si's shareholder plans to transfer 3% of the company's shares through an inquiry process [32] - The company provides comprehensive R&D services in the biopharmaceutical sector [32] Group 28 - Phoenix Shipping plans to use up to 50 million yuan of idle funds for cash management [33] - The company is involved in dry bulk shipping and logistics services [33] Group 29 - Xingyuan Zhuomei received a notification to supply magnesium alloy components worth 2.021 billion yuan to a new energy vehicle manufacturer [34] - The project is expected to start mass production in the third quarter of 2026 [34] Group 30 - Landai Technology's subsidiary plans to sell electric drive assembly assets for 110 million yuan [35] - The company specializes in power transmission and display technology [35] Group 31 - Yuexiu Capital plans to distribute a cash dividend of 0.90 yuan per share [36] - The company is involved in asset management and private equity [36] Group 32 - Northeast Securities plans to distribute a cash dividend of 1.00 yuan per share, totaling 234 million yuan [37] - The company focuses on wealth management and investment banking [37] Group 33 - Jinguang Electric won a bid for a project from the State Grid worth 21.7976 million yuan [38] - The company specializes in the research and manufacturing of power distribution equipment [39] Group 34 - Huarong Co. plans to repurchase shares worth between 40 million and 125 million yuan [40] - The company focuses on the production and sales of explosion-proof electrical equipment [40] Group 35 - Baiyang Pharma signed a distribution agreement for a blood product, gaining exclusive rights in specific markets [41] - The company specializes in the development and commercialization of medical innovations [41] Group 36 - Li Qun Co.'s director plans to reduce his stake by up to 71,000 shares due to personal financial needs [42] - The company is involved in retail and logistics services [42] Group 37 - Su Li Co.'s shareholder plans to reduce his stake by up to 0.48% of the company's shares [43] - The company specializes in the production and sales of fine chemical products [43] Group 38 - Shenzhen Ruijie obtained a commitment letter for a stock repurchase loan of up to 15.3 million yuan [44] - The company provides project management and evaluation services [44] Group 39 - Fudan Zhangjiang's shareholder plans to reduce his stake by up to 1% of the company's shares [45] - The company focuses on biopharmaceutical research and development [45] Group 40 - Ningbo Zhongbai's shareholder plans to reduce his stake by up to 1% of the company's shares [46] - The company is involved in retail and wholesale operations [46] Group 41 - Jingyi Co. announced a change in control due to a judicial auction of shares [47] - The company specializes in copper processing and digital carbon services [47] Group 42 - Luoping Zinc Electric's subsidiary obtained a new safety production license for mining operations [48] - The company focuses on hydropower and mining activities [48]