第五届董事会第二十五次会议决议公告 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 浙江华统肉制品股份有限公司（以下简称"公司"）第五届董事会第二十五 次会议于 2025 年 12 月 2 日以电子邮件、电话通讯等形式发出通知，并于 2025 年 12 月 5 日在公司会议室以现场与通讯相结合方式召开。本次会议应到董事 7 名，实际到会董事 7 名，其中独立董事郭站红先生、吴天云先生、楼芝兰女士采 取通讯方式表决。会议由董事长朱俭军先生主持，公司监事、高级管理人员列席 了本次会议，会议的召集和召开符合《中华人民共和国公司法》等法律法规及公 司章程的规定。 二、董事会会议审议情况 1、审议并通过《关于取消监事会并修订<公司章程>及办理相关工商变更登 记的议案》 表决结果：同意 7 票，反对 0 票，弃权 0 票。 证券代码：002840 证券简称：华统股份 公告编号：2025-124 浙江华统肉制品股份有限公司 以上议案具体内容详见同日公司在《证券时报》、《证券日报》、《中国证券报》、 《上海证券报》及巨潮资讯网（www.cninfo.c ...

融券方面，华统股份12月2日融券偿还0.00股，融券卖出100.00股，按当日收盘价计算，卖出金额982.00 元；融券余量9.06万股，融券余额88.97万元，超过近一年70%分位水平，处于较高位。 资料显示，浙江华统肉制品股份有限公司位于浙江省义乌市北苑街道西城路198号，成立日期2001年8月 8日，上市日期2017年1月10日，公司主营业务涉及饲料加工、畜禽养殖、畜禽屠宰加工、肉制品深加 工。主营业务收入构成为：生鲜猪肉94.51%，生鲜禽肉2.42%，其他2.02%，生猪0.50%，火腿0.38%， 饲料0.17%。 截至9月30日，华统股份股东户数3.33万，较上期减少4.94%；人均流通股18897股，较上期增加 33.14%。2025年1月-9月，华统股份实现营业收入60.88亿元，同比减少6.13%；归母净利润7101.60万 元，同比增长32.93%。 12月2日，华统股份跌0.41%，成交额1.05亿元。两融数据显示，当日华统股份获融资买入额1544.13万 元，融资偿还835.09万元，融资净买入709.05万元。截至12月2日，华统股份融资融券余额合计4.00亿 元。 融资方面，华统 ...

证券日报网讯12月1日，华统股份（002840）在互动平台回答投资者提问时表示，公司目前的现金流情 况良好、银行授信额度充足，资产负债率在年内已有大幅下降，公司可以做好合理的资金安排偿还负 债。 ...

证券代码：002840 证券简称：华统股份 公告编号：2025-123 浙江华统肉制品股份有限公司 关于对外担保的进展公告 一、担保情况概述 （一）担保基本情况 公司与中国农业发展银行梨树县支行于 2025 年 11 月 28 日签订了《保证合 同》，同意为公司全资子公司梨树县华统食品有限公司（以下简称"梨树华统"） 签订的编号为 220322001-2025 年（梨树）字 00018 号的《流动资金借款合同》 项下约定业务所形成的债权提供连带责任保证担保。最高债权本金为人民币 8,000 万元，债务人履行债务的期限为 12 个月，自 2025 年 11 月 28 日起至 2026 年 11 月 27 日止。保证期间为主合同约定的债务履行期届满之次日起三年。保证 担保范围包括主合同项下的债权本金、利息、复利、罚息、违约金、损害赔偿金、 因主合同解除借款人应当返还的款项、实现债权和担保权利的费用及所有其他费 用。 （二）担保审议情况 2024 年 12 月 16 日和 2025 年 1 月 2 日公司分别召开第五届董事会第十四次 会议和 2025 年第一次临时股东大会，审议通过了《关于预计 2025 年度为子公 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the pig price is supported by both supply and demand factors as the market enters the winter consumption peak, with expectations for a gradual increase in the price center [11] - The beef cycle is expected to maintain its prosperity, with a decrease in cattle inventory and high calf prices indicating cautious expansion in the breeding sector [20] - The report highlights the acceleration of pig breeding losses and the strengthening logic of domestic pet products, recommending several companies in the pig farming and pet sectors [24] Summary by Sections Weekly Observation - The average price of pigs in China as of November 28, 2025, is 11.20 yuan/kg, with a week-on-week decrease of 0.42 yuan/kg and a year-on-year decrease of 5.27 yuan/kg [11] - The average weight of pigs at market is 129.22 kg, showing a week-on-week increase of 0.41 kg and a year-on-year increase of 2.49 kg [11] - The report notes that winter consumption favors larger pigs, leading to an increase in average weights at market [11] Weekly Views - The report states that pig and piglet prices are in a loss situation, which may accelerate the culling of breeding sows [24] - The feed sector is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices [24] - The pet sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers [24] Market Performance (November 24-28) - The agricultural index outperformed the market by 0.17 percentage points, with the Shanghai Composite Index rising by 1.40% and the agricultural index rising by 1.57% [26] - Key stocks leading the market include Jin Xin Nong (+12.60%), Yuan Fei Pet (+8.39%), and Xi Wang Food (+7.57%) [26] Price Tracking (November 24-28) - The average price of pigs is 11.19 yuan/kg, down 0.45 yuan/kg from the previous week; piglet prices are 19.19 yuan/kg, up 0.04 yuan/kg [33] - The average wholesale price of beef is 66.39 yuan/kg, showing a week-on-week decrease of 0.18 yuan/kg [36] - Corn and soybean meal prices have increased, with corn futures at 2241.00 yuan/ton (up 2.66%) and soybean meal futures at 2459.00 yuan/ton (up 1.32%) [44]

Core Viewpoint - The article discusses the recent suspension announcement by Gao Le Co., Ltd. due to potential changes in control stemming from its major shareholder, Huatong Group, planning to transfer its shares or delegate voting rights, which may lead to a shift in the company's governance structure [2][6]. Group 1: Company Background - Huatong Group, established in 2003, is the largest shareholder of Gao Le Co., Ltd. and primarily operates in pig farming and slaughtering [5]. - Gao Le Co., Ltd., founded in October 1989, has two main business segments: toys and internet education [6]. Group 2: Shareholding Changes - In November 2022, Huatong Group acquired a 14% stake in Gao Le Co., Ltd. by purchasing 133 million shares for 290 million yuan, along with additional voting rights, resulting in a total control of 21.74% of voting rights [6]. - Following Huatong Group's acquisition, the company aimed to diversify into the new energy battery sector, announcing a 2 billion yuan investment in a 2GWh solid-state battery project in January 2023 [6]. Group 3: Project Adjustments and Financial Performance - By June 2024, the initial project was revised to a 1.2GWh sodium-ion battery project with a reduced investment of 1.05 billion yuan, indicating challenges in the transition to the new energy sector [6]. - As of the first three quarters of 2025, Gao Le Co., Ltd. reported revenues of 226 million yuan, a year-on-year increase of 10.06%, but still faced a net loss of 11.67 million yuan [7].

1. Report Industry Investment Ratings - Gold: Gold prices are expected to continue oscillating, with increased volatility. It is recommended to pay attention to the fluctuations [13]. - Stock Index Futures: It is recommended to evenly allocate long positions in each stock index [16]. - Foreign Exchange Futures (US Dollar Index): The US dollar is expected to weaken in the short term [20]. - US Stock Index Futures: Adopt a generally bullish approach, but note that the technology sector has not fully reversed its decline. Observe whether the 50 - day moving average can form strong support [25]. - Treasury Bond Futures: The bond market may shift from oscillation to a bearish trend. It is recommended to focus on short - term rebound short - selling strategies [30]. - Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil): The market is expected to maintain a weak oscillation. Wait for production data to show a decline before expecting a rebound; otherwise, it will likely remain weak [31]. - Agricultural Products (Soybean Meal): The futures price is expected to remain oscillating. Continue to monitor China's actual purchase of US soybeans and the weather in South American production areas [32]. - Agricultural Products (Corn Starch): Starch is expected to remain relatively strong in the short term, following the trend of corn. For price spreads, it is recommended to operate within a range [34]. - Agricultural Products (Corn): The short - term price is expected to remain high and oscillating. It is recommended to wait and see for the near - term contracts and not to short [38]. - Black Metals (Rebar/Hot - Rolled Coil): Adopt an oscillating perspective and be cautious about the upward space [43]. - Agricultural Products (Pigs): Investors with existing short positions can continue to hold them and adjust stop - loss and take - profit points. For those not yet in the market, wait for a rebound to enter short positions. Long - term investors can focus on far - month contracts after significant corrections [46]. - Non - Ferrous Metals (Lead): For single - side trading, look for opportunities to stop losses at low prices; for arbitrage and cross - market trading, it is recommended to wait and see [48]. - Non - Ferrous Metals (Zinc): For single - side trading, wait and see; for calendar spread arbitrage, hold long positions; for cross - market arbitrage, continue to wait and see [50]. - Non - Ferrous Metals (Polysilicon): The futures main contract is expected to oscillate between 50,000 - 56,000 yuan/ton. Pay attention to range - trading opportunities [53]. - Non - Ferrous Metals (Industrial Silicon): The short - term price is expected to oscillate between 8,800 - 9,500 yuan/ton. Pay attention to range - trading opportunities [55]. - Non - Ferrous Metals (Copper): For single - side trading, it is recommended to buy on dips; for arbitrage, continue to pay attention [59]. - Non - Ferrous Metals (Nickel): Existing short - position holders can gradually stop losses and take profits, or lightly consider going long on dips. Mid - term evaluation of resource contraction in Indonesia is required [61]. - Non - Ferrous Metals (Lithium Carbonate): Do not chase long positions. If production resumes and demand declines in the off - season, consider lightly shorting on the right side. For the long - term, adopt a strategy of buying on dips [63]. - Energy Chemicals (Crude Oil): Oil prices are expected to oscillate with a bearish bias in the short term [66]. - Energy Chemicals (Carbon Emissions): It is recommended to wait and see [68]. - Energy Chemicals (LLDPE): The futures price of PE is expected to oscillate and decline under the influence of supply increase and demand decrease [70]. 2. Core Views - The US economic data in September, including retail sales and employment, showed weakness, increasing the likelihood of a Fed rate cut in December. The market risk appetite has recovered, and the US dollar index is expected to decline [19]. - The A - share market opened higher and rebounded, but due to uncertainties in Sino - Japanese relations, trading volume remained low, and it is expected to maintain a high - level oscillation in the short term [2][15]. - The bond market sentiment has weakened. With the possible introduction of pro - consumption policies and the impact of the fund fee rate new regulations, it is recommended to look for short - term short - selling opportunities on rebounds [29]. - In the agricultural products market, the supply pressure of oils and fats is large, and the market is expected to be weak; the supply - demand situation of soybean meal is stable, and the price is expected to oscillate; the price of corn and corn starch is expected to be relatively strong [31][32][38]. - In the non - ferrous metals market, the demand for lithium carbonate needs verification, and different trading strategies are recommended for the short - term and long - term; the price of copper is expected to oscillate at a high level, and it is recommended to buy on dips [5][59]. - In the energy chemicals market, the decline in oil prices is due to the progress of the Russia - Ukraine peace plan, and the short - term trend is bearish; the short - term trend of LLDPE is expected to decline under the influence of supply and demand [66][70]. 3. Summaries by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - News: Ukraine agreed to the terms of the peace agreement, and Fed Governor Milan called for significant rate cuts. The US budget deficit in October reached $284 billion [11][12][13]. - Comment: Gold prices oscillated and closed higher. The progress of the Russia - Ukraine cease - fire negotiation and the dovish speech of the Fed governor affected the market. In the short term, gold prices are expected to continue oscillating [13]. 3.1.2 Macro Strategy (Stock Index Futures) - News: China's foreign investment in the first 10 months increased by 6.2%, and the Sino - US leaders' call was initiated by the US [14][15]. - Comment: The A - share market opened higher and rebounded, but trading volume remained low due to uncertainties in Sino - Japanese relations. It is expected to maintain a high - level oscillation in the short term [15]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - News: Kevin Hassett is considered the leading candidate for the next Fed chair. The US labor market weakened, and retail sales in September increased slightly [17][18][19]. - Comment: The latest US retail data was lower than expected, and the labor market was weak. A rate cut in December is almost certain, and the US dollar is expected to weaken in the short term [19]. 3.1.4 Macro Strategy (US Stock Index Futures) - News: Kevin Hassett is the leading candidate for the Fed chair. US retail sales in September increased by 0.2% month - on - month, lower than expected, and PPI increased by 0.3% month - on - month [21][22][23]. - Comment: PPI was basically in line with expectations, and core PPI growth was slightly lower than expected. Consumption momentum continued to slow down, and the expectation of a rate cut increased. Overall, a bullish approach is recommended, but pay attention to the technology sector [25]. 3.1.5 Macro Strategy (Treasury Bond Futures) - News: The State Council will hold a policy briefing, the central bank conducted 1 trillion yuan of MLF operations and 302.1 billion yuan of 7 - day reverse repurchase operations [26][27][28]. - Comment: The bond market sentiment has weakened. With the possible introduction of pro - consumption policies and the impact of the fund fee rate new regulations, it is recommended to look for short - term short - selling opportunities on rebounds [29]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - News: The export volume of Malaysian palm oil from November 1 - 25 decreased by 16.43% month - on - month [31]. - Comment: The oil market sentiment was weak, and the supply pressure was large. It is expected to maintain a weak oscillation. Wait for production data to show a decline before expecting a rebound [31]. 3.2.2 Agricultural Products (Soybean Meal) - News: The net export sales of US soybeans in the week ending October 9 were 785,000 tons [32]. - Comment: The supply - demand situation of soybean meal changed little. The market will focus on the weather in South American production areas, and the price is expected to remain oscillating [32]. 3.2.3 Agricultural Products (Corn Starch) - News: The theoretical profits of corn starch enterprises in Heilongjiang, Jilin, Hebei, and Shandong on November 25 were 68 yuan/ton, 37 yuan/ton, 110 yuan/ton, and 11 yuan/ton respectively [33]. - Comment: The supply - demand pattern of starch improved, and enterprises remained profitable. Starch futures followed corn higher, and price spreads are expected to operate within a range [33]. 3.2.4 Agricultural Products (Corn) - News: The domestic corn price showed mixed trends, with some regions rising and some falling [35][37]. - Comment: The spot price of corn remained strong, and the futures price continued to rise. The short - term price is expected to remain high and oscillating, and it is recommended to wait and see for the near - term contracts [38]. 3.2.5 Black Metals (Rebar/Hot - Rolled Coil) - News: The transaction volume of first - and second - hand houses in 30 key cities showed signs of stabilizing, and the inventory of the passenger vehicle industry at the end of October was 3.41 million [39][40]. - Comment: Steel prices oscillated and strengthened. The increase in steel prices was related to policy expectations and cost support, but the demand did not strongly support the price increase [41]. 3.2.6 Agricultural Products (Pigs) - News: Huatong Co., Ltd. plans to control costs in the next three years [44]. - Comment: The current spot price of pigs is oscillating and falling, which weakens market confidence in peak - season demand. It is recommended to adopt different trading strategies according to the situation [45]. 3.2.7 Non - Ferrous Metals (Lead) - News: On November 24, the LME 0 - 3 lead was at a discount of $28.49/ton [47]. - Comment: The LME lead price was in a downward trend, and the domestic lead price also declined. It is recommended to look for opportunities to stop losses on short positions [47]. 3.2.8 Non - Ferrous Metals (Zinc) - News: On November 24, the LME 0 - 3 zinc was at a premium of $140.2/ton, and Kazakhstan's refined zinc production in October increased [49]. - Comment: The LME zinc price oscillated, and the domestic zinc inventory decreased. Different trading strategies are recommended for single - side trading and arbitrage [50]. 3.2.9 Non - Ferrous Metals (Polysilicon) - News: The cumulative photovoltaic installed capacity from January to October increased by 43.76% year - on - year, and the single - month installed capacity in October was 12.6 GW [51]. - Comment: The spot price of polysilicon is affected by policy and fundamentals. The price of leading manufacturers is expected to remain stable, and it is recommended to focus on range - trading opportunities [52]. 3.2.10 Non - Ferrous Metals (Industrial Silicon) - News: In October, the export volume of industrial silicon decreased by 36% month - on - month [54]. - Comment: The export of industrial silicon was lower than expected, and the balance sheet deteriorated. The price is expected to oscillate between 8,800 - 9,500 yuan/ton [55]. 3.2.11 Non - Ferrous Metals (Copper) - News: India's Adani copper smelter is facing a shortage of ore, and the 2026 long - term processing fee for Chinese copper smelters may be at a historical low [56][58]. - Comment: The copper price is supported by market risk appetite but is also affected by economic data and geopolitical situations. It is expected to oscillate at a high level, and it is recommended to buy on dips [59]. 3.2.12 Non - Ferrous Metals (Nickel) - News: The SHFE nickel warehouse receipts decreased, and the LME nickel inventory remained unchanged. The production of Indonesia's QMB MHP project is expected to decline [60]. - Comment: The market risk appetite was supported, and the decline in MHP production may improve the balance sheet. It is recommended to adjust short - positions and consider going long on dips [60]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - News: Ganfeng Lithium's 800,000 - ton lithium iron phosphate project is expected to be put into production in 2026 [62]. - Comment: The demand for lithium carbonate needs verification. Do not chase long positions in the short term, and consider different strategies according to the situation [63]. 3.2.14 Energy Chemicals (Crude Oil) - News: The production of Kazakhstan's largest oil field increased, and the US API crude oil inventory decreased [64][65]. - Comment: Oil prices declined due to the progress of the Russia - Ukraine peace plan. The short - term trend is bearish, and attention should be paid to the OPEC+ meeting [65]. 3.2.15 Energy Chemicals (Carbon Emissions) - News: The closing price of CEA on November 25 was 60.16 yuan/ton [67]. - Comment: The impact of the carry - over policy on CEA price may be more emotional than substantial. It is recommended to wait and see [67]. 3.2.16 Energy Chemicals (LLDPE) - News: China's apparent consumption of PE in October increased by 3.9% month - on - month [69]. - Comment: Under the influence of supply increase and demand decrease, the futures price of LLDPE is expected to oscillate and decline [70].

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on November 24, with a total transaction volume of 1.228 billion yuan, indicating active trading dynamics among various stocks [1]. Group 1: Block Trading Overview - A total of 76 stocks underwent block trading, with the highest transaction amounts recorded for Zhuoyi Information (91.95 million yuan), Ao Jie Technology-U (82.50 million yuan), and Jianghua Micro (75.32 million yuan) [1]. - Among the stocks traded, 11 were sold at par value, none at a premium, and 65 at a discount, highlighting a trend of discounted sales in the market [1]. - The stocks with the highest discount rates included Haitai New Energy (30.18%), Zhongchuang Co. (22.91%), and Juguang Technology (22.54%) [1]. Group 2: Institutional Buying Activity - The top stocks purchased by institutional special seats included Ao Jie Technology-U (60.09 million yuan), Shen Sanda A (47.85 million yuan), and Zhuoyi Information (46.65 million yuan) [2]. - Other notable purchases were made in Chenxin Pharmaceutical (29.98 million yuan), Zhongtian Rocket (26.52 million yuan), and Keli Er (23.66 million yuan) [2]. Group 3: Institutional Selling Activity - The leading stocks sold by institutional special seats were Zijin Mining (11.36 million yuan), Industrial Fulian (10.54 million yuan), and Sunshine Power (9.44 million yuan) [3]. - Additional significant sales included Xin Yisheng (8.94 million yuan) and Wanda Information (7.13 million yuan) [3].

Core Viewpoint - The report from Minsheng Securities highlights the cyclical recovery in the livestock industry, emphasizing the valuation shift for leading companies in the sector [1] Livestock Industry - The domestic livestock cycle is expected to reverse, with both domestic and international beef and raw milk markets likely to experience upward momentum [1] - Official capacity regulation in the pig industry is anticipated to accelerate cash flow improvements for leading enterprises, potentially transforming them into dividend stocks as industry capacity contracts [1] - In the poultry sector, limited supply fluctuations are expected, with market conditions likely to improve alongside demand recovery, allowing leading companies to achieve higher cash flow and dividend returns [1] Feed Industry - The deepening industrialization of livestock and poultry farming, along with clear industry segmentation, positions leading feed companies to further enhance their competitive advantages through technology and service [1] Pet Industry - The pet industry is identified as a scarce growth sector, expected to benefit from demographic changes [1] Investment Recommendations - Recommended livestock companies include: - For livestock: Youran Dairy, Modern Dairy, and China Shengmu [1] - For pigs: Huazhong Holdings, Dekang Agriculture, Muyuan Foods, Wens Foodstuff, Tiankang Biological, and Shennong Group [1] - For poultry: Lihua Stock, Yisheng Shares, and Shennong Development [1] - For feed: Haida Group [1] - For pets: Guibao Pet [1]

Summary of Key Points Core Viewpoint - On November 24, a total of 15 companies had their restricted shares unlocked, with a total unlock volume of 1.097 billion shares, amounting to a market value of 10.916 billion yuan based on the latest closing prices [1] Company-Specific Summaries - **Unlock Volume Leaders**: The companies with the highest unlock volumes were China Southern Airlines, Huadong Medicine, and Matrix Holdings, with unlock shares of 804 million, 167 million, and 55.0324 million respectively [1] - **Unlock Market Value Leaders**: In terms of market value, China Southern Airlines, Huadong Medicine, and Matrix Holdings also led, with unlock market values of 5.689 billion yuan, 1.742 billion yuan, and 1.222 billion yuan respectively [1] - **Unlock Ratio Leaders**: The companies with the highest unlock ratios relative to their total share capital were Matrix Holdings, Huadong Medicine, and Yilian Technology, with unlock ratios of 30.57%, 20.78%, and 12.55% respectively [1]