Core Viewpoint - The stock of Wens Foodstuff Group experienced a slight decline of 0.39% on November 6, closing at 18.03 yuan, with a significant block trade occurring [1] Trading Activity - A block trade was executed involving 737,000 shares, amounting to 10.67 million yuan, with the first transaction price set at 14.48 yuan, reflecting a discount of 19.69% [1] - The buyer and seller for this transaction were both from China International Capital Corporation's Yunfu Xinxing East Dike North Road Securities Business Department [1] - Over the past three months, Wens Foodstuff Group has recorded two block trades with a total transaction value of 13.22 million yuan [1] Recent Performance - In the last five trading days, the stock has seen a cumulative increase of 1.58%, with a net inflow of 73.61 million yuan from major funds [1]

Core Viewpoint - Wens Foodstuff Group has shown steady growth and improved core production indicators in its Q3 2025 report, focusing on high-quality development and innovation to enhance its brand and contribute to the livestock industry's quality growth [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 75.788 billion yuan and a net profit attributable to shareholders of 5.256 billion yuan. In Q3 alone, revenue was 25.937 billion yuan with a net profit of 1.781 billion yuan [2]. - Cumulatively, the company sold 27.67 million pigs and 945 million chickens during the first three quarters [2]. - The asset-liability ratio decreased to 49.4% by the end of Q3, indicating reduced financial risk [2]. Historical Growth - Since its listing on November 2, 2015, Wens Foodstuff Group has seen significant growth, with revenue increasing from 48.2 billion yuan in 2015 to 104.9 billion yuan in 2024, and total assets rising from 32.7 billion yuan to 93.9 billion yuan [3]. - The company has distributed a total of 30.11 billion yuan in cash dividends since its listing, benefiting numerous partner farmers [3]. Digital Transformation - Wens Foodstuff Group signed a strategic cooperation agreement with Huawei to enhance digital transformation in the livestock industry, focusing on building a digital foundation for smart farming [4][5]. - The company has been investing in digitalization and automation since 1990, with recent efforts including the development of an internal AI model platform to improve operational efficiency [4][6]. Strategic Focus - The company aims to transition from scale growth to quality enhancement, aspiring to be a leader in the livestock industry characterized by growth, technology, and sustainability [7]. - Wens Foodstuff Group is actively responding to national policies on pig production capacity and is also exploring international markets, particularly in chicken production, while gradually expanding into pig and duck markets [7].

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].

1. Report Industry Investment Ratings - Gold: Short - term price in a callback trend [16] - US Dollar: Short - term oscillation [20] - Chinese Stock Index Futures: Long - position balanced allocation for each index [23] - US Stock Index Futures: Short - term high - level shock adjustment, with a bullish view considering profit support [27] - Treasury Bond Futures: Recently, the bond market is slightly bullish with limited upside, and long - positions should consider rhythm and odds [29] - Sugar: Chinese sugar market to oscillate, strict control on syrup and powder imports and reduced Q4 imports [34] - Steel: Adopt an oscillating approach to steel prices [41] - Live Pigs: Short - sell 03 contract after a sharp rebound, and keep an eye on long - positions in far - month contracts [44] - Red Dates: Wait and see, focus on price negotiation and acquisition progress in production areas [47] - Oils: If no major negative news, consider long - positions; wait for market sentiment to stabilize if negative [48] - Corn Starch: Band - trading [51] - Corn: 01 contract to oscillate weakly in the short - term and rebound in the long - term; be cautious about far - month contracts [53] - Thermal Coal: Price to remain strong in the short - term, watch policy changes after breaking through $800 [55] - Iron Ore: Downside space limited, consider negotiation and coking coal valuation [56] - Coking Coal/Coke: Short - term oscillation, watch for risks from declining hot metal production [57] - Copper: Oscillation, consider buying on dips [60] - Polysilicon: If the contract price corrects to par or discount to spot, consider long - positions; beware of options risks this weekend [63] - Industrial Silicon: Buying on dips may be more cost - effective [65] - Lead: Short - term strength, be cautious about chasing long; positive spread arbitrage available; be cautious in external trading [69] - Zinc: Speculative long - positions take profit on rallies; observe positive spread arbitrage opportunities; wait and see for external trading [74] - Lithium Carbonate: Short - term wide - range oscillation; consider short - selling on rallies in the medium - term [79] - Nickel: Wait and see for speculative single - side trading; bet on valuation recovery after risk release [81] - Crude Oil: Price to oscillate [85] - Asphalt: Short - term weak oscillation [87] - Methanol: Holders of short - positions add short after the rebound ends; conservative investors take profit [89] - Pulp: Limited upside space [90] - Urea: Oscillation due to sentiment support [92] - Caustic Soda: Short - term weak oscillation [94] - Soda Ash: Downside space depends on coal price and new capacity; bearish in the medium - term [95] - Float Glass: Wait and see due to intense market game [97] - Container Freight Rates: Short - sell after the rally [99] 2. Core Views of the Report - The US ADP employment data in October exceeded expectations, indicating a short - term recovery in the labor market, but the economic downward pressure persists, and the US dollar maintains an oscillating trend [2][19] - In the context of a global stock market correction, the A - share market showed unexpected resilience, and the stock index is expected to oscillate at a high level [3][22] - The prices of steel, copper, and other commodities are affected by factors such as macro - expectations, fundamentals, and supply - demand relationships, showing different trends [5][6] 3. Summaries by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - The US ADP employment in October increased by 42,000, and the ISM non - manufacturing PMI was 52.4, both better than expected [14][15] - Gold prices rebounded slightly, and the market is waiting for the end of the US government shutdown. Gold is expected to consolidate and approach the 60 - day moving average [15] 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump blamed the government shutdown for the Democratic victory in local elections [17] - The US Supreme Court questioned the legality of Trump's tariff policy [18] - The ADP employment data exceeded expectations, but the economic downward pressure continues, and the US dollar maintains an oscillating trend [19] 3.1.3 Macro Strategy (Stock Index Futures) - China will firmly promote high - level opening - up [21] - The A - share market showed resilience, and the stock index is expected to oscillate at a high level [22] 3.1.4 Macro Strategy (US Stock Index Futures) - The US ADP employment in October increased by 42,000, and the ISM services PMI reached a new high [25][26] - The US economic data remained resilient, and the stock market's risk appetite recovered [26] 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 65.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 492.2 billion yuan [28] - The bond market's upward space is limited, and it is expected to oscillate. Long - positions should consider rhythm and odds [29] 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Sugar) - India's 2025/26 sugar production season has started, and Brazil's sugar production estimate has been raised [30][31] - The expected high - yield of the two major producers has increased concerns about global supply surplus, which is negative for the market [34] 3.2.2 Black Metals (Rebar/Hot - Rolled Coil) - The retail sales of passenger cars in October increased year - on - year and month - on - month [35] - Steel prices continued to be weak, and the supply pressure is expected to ease in November - December [40] 3.2.3 Agricultural Products (Live Pigs) - The project of Wens Co., Ltd.'s subsidiary passed the environmental assessment, and Dabeinong signed a regulatory agreement [42][43] - The short - term spot market is bullish, but the medium - term supply is expected to be loose [43] 3.2.4 Agricultural Products (Red Dates) - The acquisition of red dates in Xinjiang is progressing, and the futures price declined [45][46] - The supply is increasing, and the demand is weak. It is recommended to wait and see [47] 3.2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil production in October increased by 12.31% month - on - month [48] - The market expects inventory accumulation in October. Pay attention to actual data and November's high - frequency supply - demand data [48] 3.2.6 Agricultural Products (Corn Starch) - The开机率 of corn starch enterprises increased, and the inventory slightly rose [49][51] - The inventory pressure is expected to be acceptable in January, and enterprises may maintain profitability [51] 3.2.7 Agricultural Products (Corn) - The spot price of corn is generally stable, with some regional differences [51] - Substitute supply is expected to increase, and the 01 contract may oscillate weakly in the short - term and rebound in the long - term [52][53] 3.2.8 Black Metals (Thermal Coal) - The international thermal coal price was strong on November 5, and the domestic price has risen recently [54][55] - The price is expected to remain strong in the short - term, and watch policy changes after breaking through $800 [55] 3.2.9 Black Metals (Iron Ore) - The demand for concrete weakened slightly, and iron ore prices oscillated weakly [56] - The downside space is limited, considering negotiation and coking coal valuation [56] 3.2.10 Black Metals (Coking Coal/Coke) - The price of coking coal in Linfen Anze was strong [57] - The short - term market is tight, but the hot metal production has peaked, and it may oscillate [57] 3.2.11 Non - ferrous Metals (Copper) - Chile's Codelco's copper production in the first nine months increased by 2.1% year - on - year [58] - The short - term macro - expectations are volatile, and copper prices are expected to oscillate [60] 3.2.12 Non - ferrous Metals (Polysilicon) - The number of photovoltaic component project bids decreased last week, and the price of polysilicon was under pressure [61][62] - November is a critical point of policy and fundamental game. Consider long - positions on dips if the contract price corrects [63] 3.2.13 Non - ferrous Metals (Industrial Silicon) - The production of industrial silicon in Sichuan and Yunnan decreased, and the inventory is expected to be difficult to reduce in November [64] - Buying on dips may be more cost - effective [65] 3.2.14 Non - ferrous Metals (Lead) - The LME lead inventory decreased, and the domestic lead price trended upward [69] - The short - term supply is slowly recovering, and pay attention to delivery risks; consider short - selling at high levels in the long - term [69] 3.2.15 Non - ferrous Metals (Zinc) - The LME zinc showed a premium, and the domestic zinc production is expected to decline in November - December [73] - Zinc prices may oscillate at a high level in the short - term, and need demand improvement for further rise [73] 3.2.16 Non - ferrous Metals (Lithium Carbonate) - Hainan Mining's lithium concentrate has been shipped, and EVE Energy signed a cooperation agreement [75][76] - The short - term price may oscillate widely, and consider short - selling on rallies in the medium - term [79] 3.2.17 Non - ferrous Metals (Nickel) - Minmetals' acquisition of a nickel business entered the second - stage review [80] - The short - term price may be under pressure, and bet on valuation recovery after risk release [81] 3.2.18 Energy Chemicals (Crude Oil) - Kazakhstan's oil field production decreased due to maintenance, and the EIA crude oil inventory increased [82][84] - Oil prices are expected to oscillate [85] 3.2.19 Energy Chemicals (Asphalt) - The capacity utilization rate of domestic heavy - traffic asphalt decreased [86] - The asphalt price may oscillate weakly in the short - term [87] 3.2.20 Energy Chemicals (Methanol) - The Chinese methanol port inventory increased slightly [88] - The rebound does not indicate a fundamental reversal. Holders of short - positions add short after the rebound ends [89] 3.2.21 Energy Chemicals (Pulp) - The import pulp price was stable, and the futures price rose [90] - The upward space of the pulp price is limited [90] 3.2.22 Energy Chemicals (Urea) - The urea enterprise inventory increased, and the price oscillated upward due to export quota rumors [91] - The urea price may oscillate due to sentiment support [92] 3.2.23 Energy Chemicals (Caustic Soda) - The caustic soda price in Shandong decreased locally, and the inventory decreased [93][94] - The caustic soda price may oscillate weakly in the short - term [94] 3.2.24 Energy Chemicals (Soda Ash) - The soda ash price in Shahe oscillated, and the demand may be affected in the short - term [95] - The soda ash price may decline in the medium - term, and the short - term downside space depends on coal price and new capacity [95] 3.2.25 Energy Chemicals (Float Glass) - The float glass price in Shahe increased slightly, and the market game is intense [96][97] - It is recommended to wait and see due to intense market game [97] 3.2.26 Shipping Index (Container Freight Rates) - Shipping companies adjusted European - route freight rates [98] - The container freight rate may rise in the short - term, and consider short - selling after the rally [99]

Core Viewpoint - Wens Foodstuff Group (温氏股份) has shown steady growth and improvement in core production indicators, focusing on high-quality development and innovation to enhance its brand and contribute to the livestock industry's quality advancement [1][2]. Financial Performance - For the first three quarters of 2025, Wens achieved a revenue of 75.788 billion yuan and a net profit of 5.256 billion yuan, with Q3 revenues at 25.937 billion yuan and net profit at 1.781 billion yuan [2]. - Cumulatively, the company sold 27.67 million pigs and 945 million chickens during the first three quarters [2]. - The asset-liability ratio decreased to 49.4% by the end of Q3, indicating improved financial safety and risk resistance [2]. - The company distributed a cash dividend of 3 yuan per 10 shares, totaling 1.99 billion yuan, which is 38% of the net profit for the first three quarters [2]. Historical Growth - Since its listing in November 2015, Wens has seen significant growth, with revenue increasing from 48.2 billion yuan in 2015 to 104.9 billion yuan in 2024, and total assets rising from 32.7 billion yuan to 93.9 billion yuan [3]. - The company has achieved a cumulative net profit of 47.4 billion yuan and a total cash dividend of 30.11 billion yuan since its IPO [3]. Digital Transformation - Wens has signed a strategic cooperation agreement with Huawei to enhance digital transformation in the livestock industry, focusing on building a digital foundation for smart farming [4][5]. - The company has been advancing its industrialization, automation, and smart technology since 1990, with recent efforts in AI applications showing promising results [4]. - The collaboration with Huawei aims to improve operational efficiency and resource allocation through joint innovation in IT and biotechnology [5]. Market Strategy - Wens is committed to high-quality growth and is transitioning from scale growth to quality enhancement, aiming to become a responsible and high-quality enterprise in the livestock sector [6]. - The company is actively responding to national policies on pig production capacity and is working to eliminate inefficient capacity while improving production performance [6]. - Wens is also expanding into international markets, with plans to prioritize the export of chicken products and gradually introduce pig and duck farming to overseas markets [6].

● 本报记者 武卫红 日前，温氏股份公布2025年第三季度报告。报告期内，公司持续稳健发展，核心生产指标改善。2015年 11月2日，温氏股份登陆创业板。上市10年以来，温氏股份持续跨越发展，穿越行业周期。 黎少松表示，自成立以来，温氏股份坚持以"自信、诚信、稳健"为底色，深耕农牧食品"永续"赛道，坚 守高质量发展初心。上市以来，公司实现了营收超千亿、总资产近千亿的"双千亿"跨越，资产实力持续 增强，养殖主业规模领先。 数据还显示，上市以来，温氏股份累计实现净利润474亿元，现金分红总额累计为301.1亿元。同时，公 司带动万千农户共享产业红利。2015年至2025年9月底，公司合计支付给合作农户养殖费用超961亿元。 推进数智化转型升级 今年11月1日，温氏股份与华为技术有限公司正式签署战略合作框架协议。根据协议，双方将携手打造 智慧养殖的数字化底座，积极推动技术创新与转型升级，共同探索养殖行业数字化转型之路。 早在1990年，温氏股份就开启信息化探索之路。近年来，温氏股份持续提升工业化、智能化和自动化水 平，积极推动技术创新与转型升级。2021年，温氏股份开始与华为合作，全面启动数字化转型，打造全 方位的 ...

Core Insights - The pig farming industry in China is undergoing a significant adjustment period, with declining prices and widespread losses among listed companies, driven by overcapacity and high debt levels [1][2][3] Industry Overview - Since 2021, China's pig production capacity has rapidly returned to normal levels, leading to increased scale in pig farming and improved disease control and production efficiency, but also rising financial risks and intensified competition [2] - The proportion of large-scale farms (over 500 pigs) has exceeded 70%, with a significant increase in pork supply amid weak consumer demand, resulting in a new cycle of losses [2] Financial Performance - Among 22 listed pig farming companies, 19 reported a year-on-year decline in net profits for Q3, with 9 companies incurring losses [3] - Notable declines include: - Wens Foodstuffs Group: Revenue of 25.937 billion yuan, down 9.76%, and net profit of 1.781 billion yuan, down 65.02% [3] - Da Bei Nong: Net profit of 21.691 million yuan, down 92.50% [3] - New Hope Liuhe: Net profit of 512,550 yuan, down 99.6% [3] - Muyuan Foods: Net profit of 4.249 billion yuan, down 55.98% [3] - By the end of Q3, several companies had debt ratios exceeding 70%, indicating financial strain [3] Industry Challenges - The current overcapacity is reflected in the high number of breeding sows, with 40.35 million sows reported, suggesting a need for capacity control [3] - The rapid increase in output from large farms (up nearly 30% year-on-year) poses risks of financial strain and potential bankruptcy [3] Proposed Solutions - Industry representatives advocate for capacity control and self-discipline to avoid prolonged losses and promote high-quality development [4][5] - The government has initiated discussions on capacity control policies, including reducing the number of breeding sows and adjusting production practices [4] - Companies are encouraged to enhance management and efficiency while adhering to market principles for orderly capacity regulation [4] Actions Taken by Leading Companies - Leading firms are actively implementing capacity control measures: - Wens has closed seven pig farms nationwide [7] - Guangxi Yangxiang plans to reduce its output target from 5.65 million to 5.3 million pigs [7] - Muyuan has reduced its breeding sows to 3.305 million, cutting potential supply by 9 million pigs [7] - The company has also lowered the average weight of pigs at sale, reducing it by 10 kg [7] Future Outlook - Industry leaders believe that controlling production capacity is essential to prevent deep losses and that effective measures will yield results in the medium term [5][8] - The current period is seen as an opportunity to adjust the pig population structure and optimize products, which could lead to improved production performance and profitability in the future [8]

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]

Core Insights - In October 2025, the company reported sales of 128.33 million chickens, generating revenue of 3.633 billion yuan, with an average selling price of 13.33 yuan per kilogram [1] - The sales of live pigs reached 3.8928 million heads, with a revenue of 5.048 billion yuan and an average selling price of 11.57 yuan per kilogram [1] Sales Performance - Chicken sales in October 2025 included 12.833 million units, with a month-on-month increase of 4.66% in sales volume and 4.91% in revenue, while the average price decreased by 1.48% [1] - Year-on-year, chicken sales volume increased by 8.01%, revenue by 9.96%, and the average price remained unchanged [1] - For live pigs, the sales volume of 3.8928 million heads included 3.4483 million heads of live pigs and 444,500 heads of piglets, with a month-on-month increase of 17.07% in sales volume, while revenue increased by 1.47% [1] - Year-on-year, live pig sales volume increased by 45.69%, but revenue decreased by 13.15%, and the average price dropped by 34.41% [1]

Core Insights - The company reported significant sales figures for October 2025, with a total of 128 million meat chickens sold, generating revenue of 3.633 billion yuan [1] - The average selling price for meat chickens was 13.33 yuan per kilogram, showing a month-on-month increase of 4.66% [1] - The company also sold 15.3874 million white feather chicks in October, with a cumulative total of 139 million chicks sold for the year [1] Poultry Products - In October 2025, the company sold 128 million meat chickens, with a revenue of 3.633 billion yuan [1] - The average selling price for meat chickens was 13.33 yuan per kilogram, with month-on-month changes of 4.66% in sales volume and 4.91% in revenue [1] - Year-on-year changes showed an 8.01% increase in sales volume and a 9.96% increase in revenue [1] Pork Products - The company sold 3.8928 million live pigs in October 2025, generating revenue of 5.048 billion yuan [1] - The average selling price for live pigs was 11.57 yuan per kilogram, with month-on-month changes of 17.07% in sales volume and a 1.47% increase in revenue [1] - Year-on-year changes indicated a 45.69% increase in sales volume for live pigs, while there were declines of 13.15% and 34.41% in revenue from fresh pork and piglets, respectively [1]