温氏股份11月18日大宗交易平台出现一笔成交，成交量16.00万股，成交金额227.04万元，大宗交易成交 价为14.19元，相对今日收盘价折价19.60%。该笔交易的买方营业部为中国中金财富证券有限公司云浮 新兴东堤北路证券营业部，卖方营业部为中国中金财富证券有限公司云浮新兴东堤北路证券营业部。 进一步统计，近3个月内该股累计发生9笔大宗交易，合计成交金额为5551.70万元。 证券时报·数据宝统计显示，温氏股份今日收盘价为17.65元，下跌0.51%，日换手率为0.42%，成交额为 4.41亿元，全天主力资金净流出1575.41万元，近5日该股累计下跌4.28%，近5日资金合计净流出1.79亿 元。 两融数据显示，该股最新融资余额为8.58亿元，近5日增加859.97万元，增幅为1.01%。（数据宝） 11月18日温氏股份大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 盘折溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | ...

Group 1 - A total of 59 stocks in the A-share market experienced block trading today, with a total transaction value of 1.335 billion yuan [1] - The top three stocks by transaction value were Shanxi Fenjiu (186 million yuan), Hanrui Cobalt (109 million yuan), and Jinkong Electric (80.34 million yuan) [1] - Among the stocks, 9 were traded at par, 5 at a premium, and 45 at a discount; the stocks with the highest premium rates were Bosi Software (19.41%), Jiaxun Feihong (16.8%), and Yongtai Energy (11.11%) [1] - The stocks with the highest discount rates included Zhi De Mai (20.12%), Wens Foodstuff Group (19.6%), and Nuo Si Ge (19.44%) [1] Group 2 - The ranking of institutional buy amounts was led by Shanxi Fenjiu (167 million yuan), followed by Keli'er (37.41 million yuan) and Sanfeng Intelligent (29.27 million yuan) [1] - Other notable institutional buys included Action Education (18.20 million yuan), Chunfeng Power (12.87 million yuan), and Zhi De Mai (11.47 million yuan) [1] - The top stock sold by institutional special seats was Jinkong Electric (80.34 million yuan), followed by Maiwei Co. (3.21 million yuan) [2]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-11-18 | 300498 | 温氏股份 | 14.19 | 16.00 | 227.04 中国中金财富证券 | 中国中金财富证券 | | | | | | | 有限公司云浮新兴 | 有限公司云浮新兴 | | | | | | | 东堤北路证券营业 | 东堤北路证券营业 | | | | | | | 部 | ਜ | 11月18日，温氏股份大宗交易成交16万股，成交额227.04万元，占当日总成交额的0.51%，成交价14.19 元，较市场收盘价17.65元折价19.6%。 ...

Investment Rating - The industry investment rating is "Overweight" [5][26] Core Insights - In October 2025, the total slaughter volume of listed pig companies reached 18.8143 million heads, representing a year-on-year increase of 30.28% and a month-on-month increase of 23.03%. The increase is attributed to higher supply during the consumption peak season and significant capacity expansion in 2024 [10][11] - The average selling price of pigs in October 2025 decreased by 11.85% month-on-month and 34.66% year-on-year, primarily due to abundant supply and weak demand during the peak season [20][21] - The cumulative revenue of listed pig companies from January to October 2025 was CNY 246.6 billion, reflecting a year-on-year increase of 4.33%, despite lower average selling prices compared to the previous year [12][11] Summary by Sections Slaughter Volume - In October 2025, listed pig companies accelerated their slaughter volume, achieving a total of 18.8143 million heads, with significant increases from leading companies such as Muyuan Foods, Wens Foodstuffs, and New Hope Liuhe [10][11] - The cumulative slaughter volume from January to October 2025 was 158 million heads, with a year-on-year increase of 21.25% [11] Revenue and Pricing - The revenue for listed pig companies in October 2025 was CNY 23.729 billion, showing a year-on-year decrease of 16.36% but a month-on-month increase of 9.62% [2][11] - The average selling price for pigs in October 2025 was CNY 11.57 per kilogram, down 34.66% year-on-year [20][21] Weight and Demand - The average weight of pigs slaughtered in October 2025 was 106.17 kg per head, which is an increase of 1.08% month-on-month and 3.65% year-on-year, indicating strong demand for heavier pigs during the consumption peak [20][21]

Core Insights - The report emphasizes the cyclical nature of the pig farming industry, indicating that the downward cycle is nearing its end, with a potential upward turning point expected in 2026 [3][19] - The pet economy remains a key growth area, highlighting investment opportunities in niche sectors [4] Group 1: Industry Overview - The agricultural sector, particularly the pig farming segment, is experiencing a downturn, with 2025 expected to see continued losses, leading to a price bottom in the first half of 2026 [5][19] - The chicken farming sector is also under pressure, with expectations of supply-side stabilization and demand recovery in 2026 [20] - The cattle farming sector is projected to face a supply contraction starting in 2026, which may last until 2027 [21] Group 2: Investment Opportunities - The pet food industry is anticipated to maintain its growth trajectory, with leading companies increasing their market share despite challenges in export performance [5][4] - The blueberry market in Yunnan is expected to see profit realization from 2024 to 2025, with growth potential continuing into 2026-2027 [5] - The artificial cultivation of Cordyceps is gaining traction as natural production declines, with early movers in this space likely to see performance improvements [5] Group 3: Key Companies to Watch - The report identifies several key companies for investment consideration, including Muyuan Foods, Wens Foodstuff Group, DeKang Agriculture, TianKang Biological, and others in the pet food sector [5]

Core Insights - The swine industry is experiencing significant losses, with the average selling price of live pigs dropping to 11.56 yuan/kg, leading to a loss of 71.95 yuan per head for self-bred pigs [1] - Analysts suggest that the current oversupply and weak demand may result in a "non-peak" season for pork prices in Q4, indicating potential investment opportunities in the sector [1] - The industry is expected to undergo capacity reduction, which may lead to an upward adjustment of pork price levels by 2026, benefiting low-cost producers [1] Group 1: Market Performance - As of November 18, 2025, the China Livestock Breeding Index (930707) showed mixed performance among its constituent stocks, with Muyuan Foods (002714) leading with a 0.43% increase [1] - The Livestock ETF (516760) was quoted at 0.7 yuan [1] - The top ten weighted stocks in the index accounted for 65.58% of the total index weight, indicating a concentration in a few key players [2] Group 2: Stock Performance - The stock performance of key companies includes: - Muyuan Foods (002714): +0.43%, weight 11.37% - Haida Group (002311): +0.34%, weight 9.52% - Biological Shares (600201): +0.25%, weight 3.91% - Other notable declines include New Hope (000876): -1.01% and Tian康 Biological (002100): -1.96% [4]

Summary of the Agricultural Sector Conference Call Industry Overview - The conference call focuses on the **Agricultural Sector**, specifically the **Pig Farming** and **Poultry Farming** industries, along with **Feed and Animal Health** sub-sectors [1][2][3]. Key Points and Arguments Pig Farming Sector - In Q3 2025, the profitability of the pig farming sector declined significantly, with a **71% year-on-year** and **38% quarter-on-quarter** drop in profits, totaling **CNY 5.54 billion** for 18 listed pig farming companies [2][3][9]. - The average price of live pigs was **CNY 13.8/kg**, while the average cost for most listed companies was between **CNY 13-14/kg**, indicating a challenging margin environment [9][12]. - Major players like **Muyuan** and **Wens** reported combined profits of approximately **CNY 6 billion**, while the remaining 16 companies were in a loss position [9]. - The industry is expected to accelerate the reduction of sow capacity, which may elevate the price center for pigs in 2026 [2][12][13]. - The cash flow situation remains positive, with **CNY 18.1 billion** in operating cash flow for Q3, marking the tenth consecutive quarter of net inflow [10]. Poultry Farming Sector - The poultry farming sector is experiencing a tightening supply of parent stock, particularly for **white feathered chickens**, which is expected to support price increases in 2026 [5][14]. - The **yellow feathered chicken** sector is facing historical lows in parent stock, compounded by ongoing industry losses, setting the stage for potential price increases [5][14]. - The overall revenue for the poultry sector increased by **11% year-on-year**, but net profit fell by **45%** due to low chicken prices [14]. Feed and Animal Health Sub-Sectors - The feed and animal health sectors are showing signs of recovery, with demand improving as livestock numbers stabilize [6][7][17]. - Leading feed companies are expanding overseas, which is expected to create new growth opportunities [6][18]. - The animal health sector reported a **19% year-on-year** revenue increase, with profits rising **76%** due to a low base from the previous year [19]. Additional Important Insights - The average cost of pig farming is projected to be between **CNY 13-14/kg** for 2025, with expectations for 2026 to rise to **CNY 14-16/kg** [12][13]. - The **Haida Group** plans to IPO its overseas assets, which may dilute short-term earnings but is expected to enhance long-term growth potential [18]. - Investment recommendations focus on low-cost leading companies in pig farming like **Muyuan** and **Wens**, as well as smaller quality firms such as **Shennong** and **Dekang** [8][20]. Investment Recommendations - Emphasis on companies with strong cost control and cash flow improvement in the pig farming sector [8][20]. - In the poultry sector, recommendations include **Shennong** for white feathered chickens and **Lihua** for yellow feathered chickens [8][20]. - For feed and animal health, focus on leading companies like **Haida Group** and **Kefei**, as well as those with product advantages in the animal health sector [8][20].

Group 1 - The core point of the article is that Wens Foodstuff Group announced that investors have chosen to sell back their "Wens Convertible Bonds" at a price of RMB 101.149 per bond, including interest and tax [2] - As of the last trading day before the announcement, the closing price of the "Wens Convertible Bonds" was higher than the repurchase price, indicating that investors opting for the repurchase may incur losses [2]

Investment Rating - The report suggests a positive outlook for the agricultural sector, indicating an "Overweight" rating for the industry, as it is expected to outperform the overall market [46]. Core Insights - The agricultural sector index rose by 2.7% while the Shanghai and Shenzhen 300 index fell by 1.1%, highlighting a divergence in performance [2][3]. - The report emphasizes the ongoing decline in pig prices, leading to increased losses and a potential acceleration in capacity reduction within the industry [2][3]. - The "Double Eleven" sales event showed strong performance for pet food brands, indicating growth potential for leading companies in this segment [2][3]. Summary by Sections Pig Farming - Pig prices have continued to decline, with the average selling price for external three yuan pigs at 11.56 yuan/kg, down 2.9% year-on-year [2]. - Losses for self-breeding sows are significant, with a reported loss of 71.95 yuan per head, a week-on-week increase of 30.89 yuan [2]. - The report anticipates that the fourth quarter will see a lackluster peak season for pig prices, with proactive capacity reduction expected to accelerate [2][3]. Pet Food - Major e-commerce platforms reported strong sales during the "Double Eleven" event, with leading brands achieving high rankings in sales [2]. - The report highlights that domestic pet food brands are experiencing a growth trajectory, despite short-term export challenges due to trade tensions [2]. - Companies such as Guai Bao Pet, Zhong Chong Co., and Pei Di Co. are recommended for their strong market positions and growth potential [2][3]. Poultry Farming - The price of white feather broiler chicks has slightly decreased to an average of 3.35 yuan per chick, while chicken prices remain stable at 3.45 yuan/kg [2]. - The report notes that the supply of white chickens is expected to remain abundant, which may impact pricing dynamics in 2025 [2]. - Recommendations include focusing on leading companies like Sheng Nong Development for long-term value [2]. Beef Cattle - Prices for beef cattle and calves have seen a slight decline, with the average price for fattened bulls at 25.6 yuan/kg, down 0.16% week-on-week [2]. - The wholesale price of beef has increased slightly to 66.73 yuan/kg, reflecting a potential upward trend in beef pricing [2].

Core Insights - In October, the comprehensive cost of pig farming for the company was 6.1 yuan per jin, while the total cost for broiler chicken was 5.7 yuan per jin [1] Company Summary - The company reported a comprehensive cost of 6.1 yuan per jin for pig farming in October [1] - The total cost for broiler chicken production was stated as 5.7 yuan per jin [1]