证券之星消息，9月22日饲料板块较上一交易日下跌1.19%，中宠股份领跌。当日上证指数报收于 3828.58，上涨0.22%。深证成指报收于13157.97，上涨0.67%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 603668 | 天马科技 | 15.85 | 4.28% | 31.49万 | | 4.94亿 | | 603151 | 邦墓科技 | 26.88 | 3.19% | 3.45万 | | 9268.52万 | | 603363 | 傲农生物 | 5.29 | 2.52% | 74.11万 | | 3.88 (Z | | 002548 | 金新农 | 5.20 | -0.38% | 78.29万 | | 4.00亿 | | 832419 | 路斯股份 | 19.09 | -0.52% | 1.06万 | | 2024.66万 | | 001366 | 播恩集团 | 12.32 | -0.56% | 2.46万 | | 3005.29万 ...

Investment Rating - The report gives an "Overweight" rating for the agricultural sector, indicating a positive outlook for the industry compared to the overall market performance [3][4]. Core Insights - The report highlights the ongoing "anti-involution" process in pig farming, suggesting that the industry is likely to accelerate capacity reduction due to both fundamental and policy-driven factors. This presents an opportunity for value reassessment of quality pig farming companies [3][4]. - The report notes that after over 16 months of profitability, the pig farming industry has entered a phase of losses again, with a significant drop in pig prices. The average selling price of pigs was reported at 12.71 yuan/kg, down 4.2% week-on-week [3][4]. - The report emphasizes the recovery of profits in the breeding industry and the continued demand for pet food, with a notable increase in net profits for tracked companies in the agricultural sector, which reached 20.78 billion yuan, a year-on-year increase of 208% [3][4]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural Index fell by 2.7%, while the CSI 300 Index decreased by 0.4%. The top five gainers included Andeli and Biological Shares, both up by 9.4%, while the biggest losers included *ST Zhongji, down by 18.3% [4][11]. Pig Farming - The report indicates that the pig farming sector is facing accelerated losses, with self-breeding operations losing 24.44 yuan per head. The average price for weaned piglets dropped to 259 yuan per head, a decrease of 32 yuan week-on-week [3][4]. - The Ministry of Agriculture and Rural Affairs is implementing capacity control measures, aiming to reduce the breeding sow population by 1 million heads over the next six months [3][4]. Poultry Farming - The white feather broiler market continues to experience weak pricing, with the average selling price for broiler chicks at 3.10 yuan per chick, down 4.91% week-on-week. The report suggests focusing on leading companies for long-term value [3][4]. - The yellow feather broiler market is seeing a seasonal rebound, with prices for Qingjiao chicken rising significantly since June, indicating potential profitability improvements in the upcoming quarter [3][4]. Pet Food Industry - The report tracks pet food export data, noting a decline in export value to 834 million yuan in August, down 10.4% month-on-month and 15.5% year-on-year. However, the export volume increased by 3.5% year-on-year [3][4].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The investment logic for the pig industry continues to strengthen due to dual catalysts from policies and diseases, with a recommendation for long-term positioning despite current price lows [3][5] - The pet food export volume continues to grow year-on-year, indicating a sustained positive trend in the pet food market [4][28] Summary by Sections Weekly Observation - The pig price is running at a low level, with the national average price at 12.71 yuan/kg as of September 21, 2025, down 0.50 yuan/kg week-on-week and down 5.73 yuan/kg year-on-year [3][13] - The average weight of pigs sold is 128.45 kg, showing a slight increase week-on-week and year-on-year [3][13] - The pig industry is expected to see a strong execution of policies aimed at capacity reduction, which will enhance the expectations for substantial capacity reduction [3][13] Weekly Viewpoint - The investment logic for the pig industry is marginally improving, with a recommendation for companies such as Muyuan Foods, Wens Foodstuff Group, and others [5][24] - The domestic feed market is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices [5][25] - The pet food sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers [5][28] Market Performance (September 15-19) - The agricultural index underperformed the market by 1.40 percentage points, with the agricultural index down 2.70% [6][29] - Leading stocks included Shennong Biotechnology (+9.36%), Xuelong Biotechnology (+7.64%), and Tianma Technology (+3.90%) [6][29] Price Tracking (September 15-19) - The average price of pigs was 12.68 yuan/kg, down 0.66 yuan/kg from the previous week [7][37] - The average price of piglets was 22.38 yuan/kg, down 1.57 yuan/kg week-on-week [7][37] - The average price of beef was 65.60 yuan/kg, showing a slight increase [44][37] Key News (September 15-19) - Notification regarding the central reserve frozen pork storage auction scheduled for September 23, 2025, with 15,000 tons available for auction [35]

Market Overview - The feed sector increased by 0.29% on September 19, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Key Performers in the Feed Sector - Tianma Technology (603668) closed at 15.20, up 4.83% with a trading volume of 321,600 shares and a turnover of 486 million yuan [1] - Jin Xin Nong (002548) closed at 5.22, up 4.19% with a trading volume of 1,024,900 shares and a turnover of 521 million yuan [1] - Tian Kang Biological (002100) closed at 7.68, up 1.86% with a trading volume of 563,400 shares and a turnover of 427 million yuan [1] Capital Flow Analysis - The feed sector experienced a net outflow of 80.65 million yuan from institutional investors, while retail investors saw a net inflow of 5.61 million yuan [2] - The main capital inflow was observed in Jin Xin Nong, with a net inflow of 55.77 million yuan from institutional investors [3] - Hai Da Group (002311) had a net inflow of 18.08 million yuan from institutional investors, indicating positive sentiment [3]

Core Viewpoint - The announcement details the changes in shareholding percentages of Yantai Zhongchong Food Co., Ltd. due to the conversion of convertible bonds and the reduction of shares by a significant shareholder, which collectively triggered a change in ownership that reached a 5% threshold [3][5]. Group 1: Shareholding Changes - The passive dilution of the controlling shareholder, Yantai Zhongxing Biotechnology Co., Ltd., occurred due to the conversion of convertible bonds, reducing its shareholding from 28.98% to 26.41% [3]. - The controlling shareholder's action partner, Shanghai Tongyi Investment Management Co., Ltd., through the Tongyi Chunxiao No. 19 private equity fund, also experienced a change in shareholding due to the conversion of bonds and a share reduction, leading to a combined ownership change that reached the 5% threshold [3][5]. - As of September 16, 2025, the combined shareholding of Yantai Zhongxing and Tongyi Chunxiao No. 19 decreased from 25.52% to 25.00% after the latter reduced its holdings by 1,579,000 shares [5]. Group 2: Convertible Bonds - The company issued 7,690,459 convertible bonds with a total value of 769.0459 million yuan, which began trading on November 21, 2022 [4]. - As of September 15, 2025, the total amount converted from these bonds reached 285.1975 million yuan, resulting in the issuance of 10,263,722 shares [4]. - The remaining balance of convertible bonds as of the same date was 483.8484 million yuan [4].

Core Points - The controlling shareholder, Yantai Zhongxing Biotechnology Co., Ltd., and its concerted party, Shanghai Tongyi Investment Management Co., Ltd., experienced a passive dilution of their shareholding due to convertible bond conversions and non-public stock issuance [1] - From August 7, 2025, to September 16, 2025, the information disclosure obligor reduced its shareholding by 1.579 million shares, accounting for 0.52% of the company's total share capital [1] - After the changes, Yantai Zhongxing holds 73.1258 million shares, representing 24.02% of the company, while Shanghai Tongyi Investment Management holds 2.981 million shares, representing 0.98% [1] - As of the report signing date, 4.4 million shares held by Yantai Zhongxing are under pledge [1] - There are no clear plans for further share increases or decreases by the information disclosure obligor and its concerted parties within the next 12 months [1]

烟台中宠食品股份有限公司 简式权益变动报告书 上市公司名称：烟台中宠食品股份有限公司 股票上市地点：深圳证券交易所 股票简称：中宠股份 股票代码：002891.SZ 信息披露义务人：上海通怡投资管理有限公司（代表"上海通怡投资管理有限 公司－通怡春晓 19 号私募证券投资基金"） 住所：中国（上海）自由贸易试验区临港新片区水芸路 432 号 5020 室 通讯地址：中国（上海）自由贸易试验区临港新片区水芸路 432 号 5020 室 信息披露义务人之一致行动人：烟台中幸生物科技有限公司 住所：山东省烟台市莱山经济开发区广场南路 6 号西楼孵化中心三层 通讯地址：山东省烟台市莱山经济开发区广场南路 6 号西楼孵化中心三层 签署日期：2025 年 9 月 16 日 1 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》及相关法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 ...

债券代码：127076 债券简称：中宠转 2 证券代码：002891 证券简称：中宠股份 公告编号：2025-057 烟台中宠食品股份有限公司 关于控股股东及其一致行动人 权益变动触及 5%整数倍的提示性公告 控股股东之一致行动人上海通怡投资管理有限公司－通怡春晓 19 号私募证券投资 基金保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 本次权益变动为烟台中宠食品股份有限公司（以下简称"公司"或"中宠股 份"）控股股东烟台中幸生物科技有限公司（以下简称"烟台中幸"）因可转换 公司债券转股导致的被动稀释，以及控股股东之一致行动人上海通怡投资管理有 限公司－通怡春晓 19 号私募证券投资基金（以下简称"通怡春晓 19 号"）因可 转换公司债券转股及本次股份减持导致的持股比例变动，二者合计权益变动触及 5%整数倍。 1、公司于 2020 年 11 月 4 日披露《关于控股股东持股比例被动稀释超过 1% 的公告》（公告编号：2020-151），烟台中幸在持股数量不变的情况下，因公司 以非公开发行股票的方 ...

Market Overview - The feed sector experienced a decline of 1.48% on September 17, with Bangji Technology leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Aonong Biological (603363) saw a closing price of 6.02, with an increase of 4.15% and a trading volume of 1.568 million shares, totaling a transaction value of 927 million yuan [1] - Guibao Pet (301498) closed at 96.05, up 2.60%, with a trading volume of 36,400 shares and a transaction value of 351 million yuan [1] - Zhongchong Co. (002891) closed at 56.39, up 1.46%, with a trading volume of 98,500 shares and a transaction value of 559 million yuan [1] - Bangji Technology (603151) closed at 28.21, down 8.32%, with a trading volume of 63,000 shares and a transaction value of 182 million yuan [2] - Haida Group (002311) closed at 64.40, down 3.01%, with a trading volume of 111,600 shares and a transaction value of 720 million yuan [2] Capital Flow Analysis - The feed sector saw a net outflow of 65.0615 million yuan from institutional investors, while retail investors experienced a net inflow of 24.4814 million yuan [2] - Aonong Biological had a net inflow of 29.917 million yuan from institutional investors, but a net outflow of 25.9353 million yuan from retail investors [3] - Zhongchong Co. had a net inflow of 27.7889 million yuan from institutional investors, with a net outflow of 27.0733 million yuan from retail investors [3]

Group 1 - The pet economy is thriving, and the competition among pet food brands is entering a new phase [1] - Zhongchong Co., Ltd. has a core advantage in manufacturing, with years of experience leading to top-notch manufacturing capabilities that enhance its own brands [1] - The company aims to build an international brand matrix and improve its domestic brand image through its own brand overseas business [1] Group 2 - The "Wanpy" brand has shown steady growth over the past decade, with an acceleration in revenue expected for 2024 [1] - "TOPTREES" has achieved significant sales performance, ranking among the top three in the baking grain category during the Tmall Double Eleven sales event [1] - The company's domestic and international sales are rising against the trend, reflecting its core advantages and indicating a rapid development trajectory [1] Group 3 - The average PE ratios for comparable companies, such as Guibao Pet and Petty Co., are projected to be 36.5, 29.1, and 23.8 for the years 2025-2027 [1] - The strategic value of top-notch manufacturing capabilities may be underestimated, leading to a "buy" rating as the brand enters an upward operational cycle with high growth in domestic sales [1]