Core Viewpoint - The sales reports of A-share listed pig companies for September 2025 indicate a downward trend in sales prices, with varying changes in sales volume and revenue among different companies [2][7]. Group 1: Sales Performance of Major Companies - Tianbang Food reported sales of 612,700 pigs in September 2025, with a revenue of 634 million yuan and an average selling price of 13.69 yuan/kg, showing a month-on-month decrease in average price by 8.88% [4]. - Dabeinong's sales for September 2025 were 373,700 pigs, generating a revenue of 541 million yuan, with a sales price of 12.91 yuan/kg, reflecting a year-on-year increase in sales volume by 33.08% but a revenue decrease of 6.24% [4]. - Muyuan Foods sold 5.573 million pigs in September 2025, with a revenue of 9.066 billion yuan and an average price of 12.88 yuan/kg, showing a significant year-on-year price drop of 30.94% [5]. - Wens Foodstuffs sold 3.3253 million pigs, generating 4.975 billion yuan in revenue, with an average price of 13.18 yuan/kg, indicating a year-on-year revenue decline of 30.81% [5]. - New Hope sold 1.3942 million pigs, with a revenue of 1.746 billion yuan and an average price of 12.89 yuan/kg, showing a year-on-year price drop of 31.47% [6]. Group 2: Market Price Trends - Since October, pig prices have continued to decline, with the market price dropping to 12.50 yuan/kg by October 10, 2025, down from 12.59 yuan/kg at the end of September [9]. - The wholesale price of pork has also decreased, reaching 18.85 yuan/kg by October 10, 2025, compared to 19.40 yuan/kg at the end of September [9]. - Futures prices for live pigs have seen a significant drop, with a cumulative decline of about 9% in September and over 8% in the first two trading days of October [10]. Group 3: Future Price Outlook - Long-term forecasts suggest that the pig farming industry is entering a pressure period, with potential for continued price declines, although government policies may mitigate the duration and extent of this pressure [12]. - Mid-term expectations indicate that pig prices may remain under pressure for the next three months due to supply and demand dynamics, with larger scale farming operations dominating the market [12]. - Current market conditions suggest a loose supply-demand balance, with expectations that pig prices will continue to face downward pressure in October [13].

Core Viewpoint - The agricultural, animal husbandry, and fishery sector showed strong performance on October 10, with the first agricultural ETF (159275) experiencing a significant increase in net subscriptions and notable gains in constituent stocks [1][3]. Market Performance - The agricultural ETF (159275) opened lower but quickly rebounded, closing up 0.8% after reaching a maximum intraday gain of 1.5%. It recorded a net subscription of 52 million units by the end of the day [1]. - Key stocks in the sector, such as TianKang Biological and GuanNong Co., saw increases exceeding 7%, while several others, including XiongDi Technology and ShengWu Shares, rose over 4% [1]. Industry Dynamics - The pig farming industry is undergoing capacity reduction, with a reported decrease of 400,000 breeding sows compared to the previous month and a total reduction of 3.4 million from the peak last year [2]. - Recent outbreaks of African swine fever in Vietnam and Guangxi, China, have heightened risks for the farming sector. A meeting on September 16 emphasized policies aimed at reducing production capacity [2][3]. Investment Outlook - Analysts from Pacific Securities and Dongfang Securities suggest that the current fundamentals and policy changes favor capacity reduction in the pig farming industry, indicating potential long-term investment value as most listed companies are at historical low valuations [3][4]. - The agricultural sector's valuation remains low, with the agricultural ETF's underlying index trading at a price-to-book ratio of 2.61, which is in the lower 34.9% of the past decade, suggesting a favorable entry point for investors [3]. Future Trends - The trend towards improving quality and efficiency in the pig farming industry is expected to continue, with outdated capacities being phased out and market dynamics shifting towards higher prices in the long term [4][5]. - Investment opportunities are identified in various segments, including pig farming, feed, animal health, and crop planting, as the demand for these sectors is anticipated to rise with the recovery of pig stocks [5][6].

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。 牧原食品股份有限公司（以下简称"公司"）2025 年经营者持股计划第一次 会议、2025 年奋斗者持股计划第一次会议、2025 年骨干员工持股计划第一次会 议于 2025 年 10 月 9 日以通讯的方式召开，会议由董事会秘书秦军先生主持，会 议的召集、召开和表决程序符合公司 2025 年持股计划的有关规定。 出席 2025 年经营者持股计划第一次会议的持有人 202 人，代表 2025 年经营 者持股计划份额 9,116,814 股，占公司 2025 年经营者持股计划总股数的 94.8381%； 出席 2025 年奋斗者持股计划第一次会议的持有人 3,338 人，代表 2025 年奋斗者 持股计划份额 22,225,434 股，占公司 2025 年奋斗者持股计划总股数的 94.5823%； 出席 2025 年骨干员工持股计划第一次会议的持有人 969 人，代表 2025 年骨干员 工持股计划份额 8,170,575 股，占公司 2025 年骨干员工持股计划总股数的 93.2870%。会议审议通过了以下议案： | ...

Group 1 - Jieqiang Equipment has completed the acquisition of 51% stake in Shandong Carbon Seeking, which will now be included in the company's consolidated financial statements [1] - Tonghua Dongbao's insulin injection product has received marketing approval in Myanmar for diabetes treatment [1] - New Light Optoelectronics' actual controller plans to increase shareholding by 5 to 10 million yuan within six months [2] Group 2 - Far East Holdings received contracts worth 1.769 billion yuan in September [3] - Poly Developments reported a 1.84% decrease in signed sales amount in September, totaling 20.531 billion yuan [4] - ST Nuotai expects a net profit increase of 5.62% to 13.74% for Q3 2025 [7] Group 3 - Chongqing Port's controlling shareholder plans to merge with another entity, changing the controlling shareholder to Chongqing Logistics Group [9] - New Energy Company reported a 28.21% increase in cumulative power generation from January to September [11] - Dashiang Co. announced the resignation of its chairman due to personal reasons [12] Group 4 - Liao Port Co. announced the resignation of a non-executive director due to work changes [13] - Zhongzai Resources received a government subsidy of 5.33 million yuan, accounting for 23.72% of its audited net profit for 2024 [14] - Xiaoming Co. reported a sales revenue of 66.15 million yuan from chicken products in September [15] Group 5 - Tianyi Co. signed a framework contract worth 23.50 million yuan for e-business network terminal production [16] - Jingu Co. signed a strategic cooperation agreement with Ninebot Technology for lightweight materials [18] - Tianbang Foods reported a sales revenue of 634 million yuan from commodity pigs in September [20] Group 6 - Shaanxi Energy's subsidiary received an administrative penalty for safety violations, resulting in a fine of 940,000 yuan [22] - North Bay Port reported a 9% increase in cargo throughput in September [23] - Tangrenshen reported a sales revenue of 639 million yuan from pig sales in September [24] Group 7 - Dabeinong reported a sales revenue of 541 million yuan from pig sales in September [25] - Jiukang Bio obtained four medical device registration certificates [26] - Canan Co. invested 90 million yuan in structured deposits with a bank [27] Group 8 - Zhuhai Port reported a 5.44% decrease in cargo throughput in Q3 [28] - Jinli Yongmag expects a net profit increase of 157% to 179% for the first three quarters [29] - Huamao Logistics' controlling shareholder plans to increase shareholding by 64.5 to 129 million yuan [30] Group 9 - Dongjie Intelligent signed a 50 million yuan contract for intelligent warehousing in the steel industry [31] - Sais Technology signed a cooperation framework agreement with Volcano Engine for intelligent robotics [32] - Huadong Pharmaceutical's subsidiary received approval for clinical trials of a new drug targeting advanced solid tumors [34] Group 10 - TCL Technology completed the acquisition of 80% and 100% stakes in LG Display's subsidiaries for 11.088 billion yuan [34] - Shuangliang Energy won a 419 million yuan EPC project for cooling systems [36] - Ruina Intelligent announced plans for shareholders to reduce their stakes by up to 1.18% [38] Group 11 - Baodi Mining announced plans for shareholders to reduce their stakes by up to 5.45% [40] - Xinyi Technology's shareholders set the transfer price for shares at 328 yuan each [42] - Sunshine Power submitted an application for H-share listing on the Hong Kong Stock Exchange [44] Group 12 - Qisheng Technology's controlling shareholder plans to reduce their stake by up to 3.09% [46] - Wu Ming Kangde sold 30.3 million shares of Wu Ming He Lian through block trading [48] - Qiaoyin Co. announced plans for shareholders to reduce their stakes by up to 6% [49] Group 13 - Muyuan Foods reported a sales revenue of 9.066 billion yuan from commodity pigs in September [51] - Huawang Technology's shareholders plan to reduce their stakes by up to 1.1% [53] - Huaxin Xinchuang received a project notification from Lantu Automotive for display components [54] Group 14 - China Merchants Shekou reported a signed sales amount of 16.698 billion yuan in September [55] - Shao Neng Co. received approval for an antitrust review regarding a share acquisition [57] - Pengding Holdings reported a 6.21% increase in consolidated revenue in September [58] Group 15 - Ganfeng Lithium is advancing its solid-state battery commercialization and strategic investment in the energy storage sector [59]

Market Overview - The Shanghai Composite Index fell by 0.94% on October 10, with 18 out of the 28 sectors rising, led by the construction materials and coal sectors, which increased by 1.92% and 1.37% respectively [1] - The agriculture, forestry, animal husbandry, and fishery sector also saw a rise of 0.94% [1] - The electronic and electrical equipment sectors experienced the largest declines, with drops of 4.71% and 4.46% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 125.784 billion yuan, with 8 sectors experiencing net inflows [1] - The construction materials sector had the highest net inflow of capital, totaling 418 million yuan, while the agriculture, forestry, animal husbandry, and fishery sector followed with a net inflow of 379 million yuan [1] - A total of 23 sectors saw net capital outflows, with the electronic sector leading at 38.319 billion yuan, followed by the electrical equipment sector with a net outflow of 25.535 billion yuan [1] Agriculture, Forestry, Animal Husbandry, and Fishery Sector Performance - The agriculture, forestry, animal husbandry, and fishery sector had a net inflow of 37.9 million yuan, with 91 out of 105 stocks in the sector rising [2] - Two stocks hit the daily limit up, while 13 stocks declined, with one hitting the daily limit down [2] - The top three stocks with the highest net inflow were Muyuan Foods (1.51 billion yuan), Aonong Biological (1.37 billion yuan), and Zhongchong Co. (707.513 million yuan) [2] Capital Inflow and Outflow in Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The top stocks with capital inflow included: - Muyuan Foods: +0.70%, turnover rate 1.44%, net inflow 150.6898 million yuan - Aonong Biological: +10.04%, turnover rate 6.84%, net inflow 137.3470 million yuan - Zhongchong Co.: +1.57%, turnover rate 3.68%, net inflow 70.7513 million yuan [2] - The top stocks with capital outflow included: - COFCO Sugar: -0.25%, turnover rate 1.58%, net outflow -37.7869 million yuan - New Hope: +0.20%, turnover rate 0.90%, net outflow -23.6733 million yuan - Lihua Co.: +3.52%, turnover rate 2.58%, net outflow -16.6142 million yuan [3]

Group 1 - The pork concept sector rose by 1.60%, ranking 10th among concept sectors, with 29 stocks increasing in value, including Aonong Biological which hit the daily limit, and Tian Kang Biological, Guangming Meat, and Lihua Co., which rose by 7.52%, 5.57%, and 3.52% respectively [1] - The main capital inflow into the pork concept sector was 306 million yuan, with 16 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 10 million yuan. The leading stock in net inflow was Muyuan Foods with 151 million yuan, followed by Aonong Biological, Tian Kang Biological, and Guangming Meat [2] - The net inflow ratios for Aonong Biological, Guangming Meat, and Tian Kang Biological were 24.19%, 11.36%, and 8.79% respectively, indicating strong investor interest in these stocks [3] Group 2 - The top gainers in the pork sector included Aonong Biological with a daily increase of 10.04%, Tian Kang Biological at 7.52%, and Guangming Meat at 5.57%, while stocks like Bangji Technology, Jinxinnong, and Zhengbang Technology experienced declines [4][5] - The trading volume and turnover rates for key stocks in the pork sector were notable, with Muyuan Foods at a turnover rate of 1.44%, Aonong Biological at 6.84%, and Tian Kang Biological at 5.67% [3][4]

Group 1 - The pork concept sector rose by 1.60%, ranking 10th among concept sectors, with 29 stocks increasing in value, including Aonong Biological, which hit the daily limit, and Tian Kang Biological, Guangming Meat, and Lihua Co., which rose by 7.52%, 5.57%, and 3.52% respectively [1][2] - The pork concept sector saw a net inflow of 306 million yuan from main funds, with 16 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow, led by Muyuan Foods with a net inflow of 151 million yuan [2][3] - Aonong Biological, Guangming Meat, and Tian Kang Biological had the highest net inflow ratios of main funds at 24.19%, 11.36%, and 8.79% respectively [3][4] Group 2 - The top-performing stocks in the pork concept sector included Aonong Biological, which increased by 10.04%, and Tian Kang Biological, which rose by 7.52% [3][4] - Stocks such as Bangji Technology, Jinxinnong, and Zhengbang Technology experienced declines, with decreases of 0.40%, 0.39%, and 0.33% respectively [1][2] - The trading volume and turnover rates for stocks in the pork sector varied, with Muyuan Foods showing a turnover rate of 1.44% and a slight increase of 0.70% [3][4]

Core Insights - The aquaculture sector experienced a rise of 0.72% on October 10, with Lihua Co. leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Aquaculture Sector Performance - Lihua Co. (300761) closed at 22.95, up 3.52% with a trading volume of 161,900 shares and a transaction value of 368 million yuan [1] - Other notable performers included: - Luoniushan (000735) at 6.49, up 3.34% [1] - Xiaoming Co. (300967) at 22.43, up 2.28% [1] - Minhe Co. (002234) at 8.57, up 2.15% [1] - The overall trading volume and transaction values for various stocks in the aquaculture sector were significant, indicating active market participation [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 134 million yuan from institutional investors, while retail investors experienced a net outflow of 1.31 billion yuan [2] - The main stocks with significant capital flow included: - Muyuan Foods (002714) with a net inflow of 199 million yuan from institutional investors [3] - Wens Foodstuff Group (300498) with a net inflow of 15.53 million yuan from institutional investors [3] - Retail investors showed a negative trend in net inflows across several stocks, indicating a cautious sentiment among smaller investors [2][3]

Core Viewpoint - Muyuan Foods announced a cash dividend distribution plan for the first half of 2025, totaling 5 billion yuan, which reflects a strong financial performance and commitment to shareholder returns [1][3][5]. Dividend Distribution - The dividend distribution plan is based on a total share capital of 5.393 billion shares, excluding repurchased shares, with a payout of 9.275214 yuan per 10 shares, amounting to a total of 5 billion yuan (including tax) [1][3]. - The record date for the dividend is October 15, 2025, and the ex-dividend date is October 16, 2025 [3]. Financial Performance - In the first half of 2025, Muyuan Foods achieved a revenue of 76.463 billion yuan, representing a year-on-year increase of 34.46%, and a net profit attributable to shareholders of 10.530 billion yuan, a significant year-on-year growth of 1169.77% [5]. - The total dividend of 5 billion yuan accounts for 47.50% of the company's net profit for the half-year [5]. Sales and Market Trends - In September 2025, Muyuan Foods sold 5.573 million pigs, showing a year-on-year change of 11.05%, with an average selling price of 12.88 yuan per kilogram, down 30.94% year-on-year [10]. - The company sold a total of 11.571 million piglets from January to September 2025, with an adjusted forecast for piglet output increased to between 12 million and 14.5 million [7]. Industry Outlook - The agricultural sector anticipates a cautious optimism regarding future pig prices, with expectations of increased demand during the Mid-Autumn and National Day holidays, potentially stabilizing prices [8]. - The company is actively adjusting its breeding stock and managing pig weights to balance market supply and demand, aiming to stabilize pig prices and support the healthy development of the pig industry [9].

Core Insights - Continuous capital inflow into the livestock sector, with the Livestock ETF (159865) seeing over 800 million yuan in net inflows in the last 10 trading days [1] - Major pig companies, including Muyuan Foods, New Hope, and Wens Foodstuff, reported year-on-year sales growth for September 2025, although there were mixed results on a month-on-month basis [1] - The industry is experiencing a policy-driven reduction in hog output, while seasonal demand remains weak, leading to a downward trend in pork prices [1] Industry Overview - The Livestock ETF (159865) tracks the China Securities Livestock Breeding Index, with approximately 60% exposure to "pigs," presenting potential investment opportunities for interested investors [1] - According to招商证券, the seasonal decline in piglet sales is noted, and the policy adjustments aimed at boosting the Consumer Price Index (CPI) may elevate the price center for pork in 2026 [1] - The cash flow of low-cost pig companies is expected to improve significantly, enhancing their intrinsic value [1]