Core Viewpoint - The stock price of Wens Foodstuff Group Co., Ltd. has experienced fluctuations, with a current price of 17.69 CNY per share, reflecting a year-to-date increase of 10.48% but a recent decline over the past five and twenty trading days [1] Financial Performance - For the period from January to September 2025, Wens achieved a revenue of 75.82 billion CNY, representing a year-on-year growth of 0.53%. However, the net profit attributable to shareholders decreased by 17.98% to 5.26 billion CNY [2] - Cumulative cash dividends since the company's A-share listing amount to 30.11 billion CNY, with 6.93 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Wens was 81,100, a decrease of 10.94% from the previous period. The average number of circulating shares per person increased by 12.11% to 73,543 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 144 million shares, an increase of 5.50 million shares compared to the previous period, while E Fund's ChiNext ETF reduced its holdings by 19.09 million shares to 113 million shares [3] Business Overview - Wens Foodstuff Group, established on July 26, 1993, and listed on November 2, 2015, primarily engages in the breeding and sale of meat chickens and pigs. The revenue composition includes 65.67% from pig breeding, 30.34% from chicken breeding, and smaller contributions from other sectors [1]

Core Insights - The report maintains a positive investment rating for the agricultural sector, particularly highlighting the resilience and growth potential in the pet food market and the cyclical recovery in the pig farming industry [1] Group 1: Pet Industry Performance - The pet food sales during the 2025 Double Eleven shopping festival reached 9.4 billion yuan, showcasing significant growth in the pet sector [11][12] - Major brands like Mai Fudi and Frigat led sales on platforms such as JD and Tmall, indicating strong competitive advantages [11][12] - The trend towards high-end and refined pet products is evident, with new processing techniques gaining market share [11][12][16] Group 2: Pig Farming Market Dynamics - As of November 14, 2025, the average price of pigs was 11.66 yuan/kg, reflecting a week-on-week decrease of 0.22 yuan/kg and a year-on-year decline of 4.79% [4][15] - The supply side is expected to contract due to overproduction in October and a reduction in breeding stock, while demand may increase due to seasonal consumption patterns [4][15] - The report suggests that the pig farming sector may enter a favorable investment phase as losses accelerate and market conditions stabilize [5][26] Group 3: Market Performance Overview - From November 10 to November 14, the agricultural index outperformed the broader market by 2.87 percentage points, with a 2.70% increase in the agricultural index compared to a 0.18% decline in the Shanghai Composite Index [28][29] - Key stocks such as Yuegui Co. and ST Jiawo saw significant gains, indicating strong performance within the agricultural sector [28][33] Group 4: Feed Industry Insights - The domestic feed market is benefiting from the recovery in livestock numbers and strong overseas demand, with a projected increase in feed production [26] - The report highlights the growth in feed production from 162 million tons in 2010 to 315 million tons in 2024, with a compound annual growth rate (CAGR) of 4.86% [26]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5]. Core Insights - The report highlights a significant increase in pig production in October, leading to ongoing supply pressure and price declines in the market [2][8]. - The report emphasizes the potential for long-term performance improvement in the pig farming sector due to recent policies and market dynamics driving capacity reduction [3][48]. Summary by Sections Supply and Demand Dynamics - In October, the total pig output from 14 listed companies reached 17.2 million heads, a month-on-month increase of 23.20% and a year-on-year increase of 25.85% [11]. - The average weight of pigs at slaughter increased to 126.27 kg, reflecting a slight month-on-month rise [15][17]. Investment Recommendations - The report recommends focusing on the pig farming sector, with specific stocks such as Muyuan Foods (牧原股份), Wens Foodstuffs (温氏股份), and others identified as potential investments [3][48]. - It also suggests opportunities in the feed and animal health sectors, driven by rising demand as pig inventories recover [3][48]. Market Trends - The report notes a downward trend in pig prices, with the average price dropping significantly due to increased supply and reduced consumer demand post-holiday season [13][17]. - The report indicates that the current price of pigs is around 11.73 yuan/kg, reflecting a week-on-week decline of 1.51% [17]. Agricultural Products - The report discusses the broader agricultural landscape, noting that grain prices are on an upward trend, which presents investment opportunities in the planting and seed sectors [3][48]. - It highlights the ongoing replenishment cycle in the rubber market, with prices currently at 15,215 yuan/ton, down 1.47% week-on-week [45].

Core Viewpoint - The article highlights how the hosting of the 15th National Games in Yunfu has significantly boosted the local chicken industry, particularly the "Chinese Native Chicken," through innovative marketing strategies and experiential marketing, creating a new paradigm for event-driven economic growth [1][2][25]. Group 1: Event Impact on Local Economy - The National Games provided a unique opportunity for Yunfu to showcase its local specialties, particularly the "Chinese Native Chicken," transforming it from a local product to a recognized regional brand [36][65]. - The event has activated the local economy, demonstrating the multiplier effect of a major sporting event on the city [28][30]. Group 2: Marketing Strategies - Yunfu implemented a "Media+" strategy to leverage the event, which included media activities and online interactions to promote the "Chinese Native Chicken" [14][18]. - The strategy focused on creating a consumption loop through offline experiences and online orders, enhancing brand visibility and consumer engagement [21][22]. Group 3: Industry Development - The local chicken industry, led by Wens Foodstuff Group, has seen significant advancements, with a reported market value of 2 billion yuan and a focus on modern farming techniques [56][60]. - The integration of AI and IoT technologies in chicken farming has improved efficiency and product quality, with amino acid content in Wens' native chicken being 15% higher than that of regular chickens [59][61]. Group 4: Future Prospects - The success of the "Chinese Native Chicken" at the National Games serves as a model for future collaborations between local industries and major events, aiming for long-term economic benefits rather than short-term spikes [63][65]. - Yunfu is actively pursuing partnerships with agricultural research institutions and e-commerce platforms to further develop its chicken industry and enhance market reach [76][77].

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [48]. Core Viewpoints - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 4.87% from October 31, 2025, to November 13, 2025, exceeding the index by approximately 5.04 percentage points [11]. - All sub-sectors within the industry recorded positive returns during the same period, with notable increases in agricultural product processing (9.03%), fishery (8.12%), animal health (5.57%), planting (4.57%), breeding (2.94%), and feed (2.45%) [12]. - Over 90% of individual stocks in the industry achieved positive returns, indicating strong overall market performance [13]. - The industry valuation has rebounded, with the overall price-to-book (PB) ratio at approximately 2.94 times as of November 13, 2025, which is still relatively low compared to historical levels [17]. Industry Important Data - **Pig Farming**: The average price of external three yuan pigs decreased from 12.52 CNY/kg to 11.74 CNY/kg during the reporting period. The cost of corn and soybean meal showed fluctuations, with corn priced at 2260.39 CNY/ton and soybean meal at 3072 CNY/ton as of November 13, 2025 [21][23]. - **Profitability**: As of November 14, 2025, self-breeding pig farming reported a loss of 114.81 CNY per head, while purchasing piglets resulted in a loss of 205.64 CNY per head, indicating a decline in profitability [26]. - **Poultry Farming**: The average price of broiler chicks was 3.49 CNY per chick, slightly down from the previous week, while the average price of white feather broilers increased to 7.12 CNY/kg, with a loss of 0.95 CNY per bird [28][31]. Industry Important News - The Ministry of Agriculture and Rural Affairs emphasized accelerating the self-reliance and controllability of seed technology during a recent meeting, highlighting the importance of domestic seed sources and innovation in the seed industry [35]. Company Important News - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others, which are positioned to benefit from industry trends and potential recovery in profitability [48][49].

Summary of Key Points Core Viewpoint - On November 14, 2023, a block trade of Wens Foodstuff Group occurred, with a transaction volume of 240,000 shares and a transaction amount of 3.5256 million yuan, reflecting a discount of 18.66% compared to the closing price of the day [2] Group 1: Block Trade Details - The block trade price was 14.69 yuan per share, significantly lower than the market closing price of 18.06 yuan [2] - The buyer and seller of the block trade were both from China International Capital Corporation Limited, Yufeng New Town North Dike Road Securities Business Department [2] - In the last three months, Wens Foodstuff Group has recorded a total of 8 block trades, amounting to 53.2466 million yuan [2] Group 2: Market Performance - The closing price of Wens Foodstuff Group on the day of the trade was 18.06 yuan, which represented a decline of 1.63% [2] - The stock had a turnover rate of 0.59% and a total trading volume of 645 million yuan for the day, with a net outflow of main funds amounting to 47.6661 million yuan [2] - Over the past five days, the stock has seen a cumulative increase of 0.73%, but with a total net outflow of funds amounting to 168 million yuan [2] Group 3: Margin Trading Data - The latest margin financing balance for Wens Foodstuff Group is 808 million yuan, which has decreased by 35.8423 million yuan over the past five days, reflecting a decline of 4.25% [2]

Core Insights - On November 14, Wens Foodstuff Group conducted a block trade of 240,000 shares, with a transaction value of 3.5256 million yuan, accounting for 0.54% of the total trading volume for the day [1] - The transaction price was 14.69 yuan, representing an 18.66% discount compared to the market closing price of 18.06 yuan [1] Summary by Category Trading Details - Transaction Date: November 14, 2025 - Security Code: 300498 - Security Name: Wens Foodstuff Group - Transaction Price: 14.69 yuan - Transaction Volume: 240,000 shares - Transaction Amount: 3.5256 million yuan [2] Buyer and Seller Information - Buyer Brokerage: China International Capital Corporation Wealth Securities - Seller Brokerage: China International Capital Corporation Wealth Securities [2]

Core Viewpoint - The ChiNext Index has experienced a decline of 1.78% as of November 14, 2025, with mixed performance among constituent stocks, indicating volatility in the market driven by momentum reversal effects and core asset accumulation [1] Group 1: Market Performance - The leading stocks include QianDao Intelligent, which rose by 5.76%, and YiHuaLu, which increased by 3.99%, while JiangBoLong fell by 9.26% [1] - The ChiNext ETF (159908) decreased by 1.62%, with the latest price at 2.92 yuan, but has seen a cumulative increase of 3.99% over the past month [1] - The trading volume for the ChiNext ETF was 14.02 million yuan, with a turnover rate of 1.13% [1] Group 2: Valuation and Economic Signals - Current market valuation levels are near historical averages, with clearer signals of macroeconomic recovery emerging [1] - The analysis suggests that the ChiNext Index has a relatively certain horizontal comparison in terms of allocation space, particularly in the new energy sector, which is a focus area for reversing internal competition [1] - Prices for upstream silicon materials have stabilized, but downstream demand may face challenges related to commercial inventory, leading to market uncertainty [1] Group 3: ETF and Index Composition - The latest scale of the ChiNext ETF is 1.248 billion yuan, closely tracking the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity [2] - As of October 31, 2025, the top ten weighted stocks in the ChiNext Index account for 58.2% of the index, including companies like Ningde Times and Zhongji Xuchuang [2]

Core Viewpoint - The report from GF Securities indicates that several listed companies have released monthly operational data, showing an overall increase in pig output in October 2025, despite a recent decline in pig prices below 12 yuan/kg, leading to continued losses across the industry. The expectation is for low piglet prices to persist in the upcoming months due to the off-peak season for restocking, with a recommendation to prioritize leading companies with cost advantages given the current low valuation of the sector [1]. Group 1: Listed Companies' Output Tracking - In October 2025, the overall pig output from 15 listed companies increased by 23.7% month-on-month and 46.4% year-on-year, totaling 18.43 million pigs. Excluding Muyuan Foods, the output was 11.35 million pigs, reflecting a month-on-month increase of 21.8% and a year-on-year increase of 73.0% [2]. - From January to October 2025, the total pig output from listed companies reached 154.79 million, marking a year-on-year growth of 35.0%. Excluding Muyuan Foods, the output was 90.39 million, with a year-on-year increase of 27.5% [2]. - Major companies like Muyuan Foods, Wens Foodstuff Group, New Hope, and Dekang Agriculture reported significant increases in pig output, with Muyuan Foods alone contributing 7.08 million pigs in October, reflecting a month-on-month increase of 27.0% and a year-on-year increase of 14.6% [2]. Group 2: Small and Medium-sized Breeding Enterprises - In October, small and medium-sized enterprises such as Tangrenshen, Tiankang Biological, Shennong Group, and Juxing Agriculture reported pig outputs of 619,000; 304,000; 335,000; and 459,000 respectively, with month-on-month increases of 50.7%, 13.7%, 46.5%, and 30.6% [3]. - From January to October 2025, these companies had cumulative outputs of 4.38 million; 2.59 million; 2.45 million; and 3.39 million pigs, with year-on-year increases of 33.2%, 6.5%, 31.0%, and 64.4% respectively [3]. Group 3: Sales Price Analysis - In October, the average sales price for listed companies (excluding Dongrui) was 11.46 yuan/kg, reflecting a month-on-month decrease of 11.8%. Variations in sales prices were influenced by factors such as sales regions, product quality, and piglet sales proportions [4]. - The average weight of pigs sold in October was approximately 119.74 kg per head, showing a month-on-month increase of 0.8% [4]. Group 4: Investment Recommendations - The report highlights that the recent decline in pig prices has led to ongoing losses across the industry, with piglet prices expected to remain low in the near term. The current industry losses, combined with a trend towards reducing production capacity, suggest a potential acceleration in the pace of capacity reduction [5]. - The report recommends focusing on leading companies with cost advantages, specifically highlighting Wens Foodstuff Group and Muyuan Foods as key investment targets, while also suggesting attention to Dekang Agriculture and New Hope. For potential recovery plays, Zhengbang Technology is noted, along with small and medium-sized enterprises like Tiankang Biological, Shennong Group, and Tangrenshen [5].

Core Viewpoint - The company announced a joint investment with professional investment institutions and related parties in a new venture fund focused on agricultural biotechnology [2] Group 1: Investment Details - The company’s wholly-owned subsidiary, Guangdong Wens Investment Co., Ltd., will collaborate with related parties and professional investment institutions to invest in the Wens Biological Manufacturing Venture Capital Fund [2] - The fund is officially registered as Wens Agricultural Biotechnology (Yunnan) Venture Capital Fund Partnership (Limited Partnership) [2] - The Wens Biological Fund has completed the private investment fund registration process with the Asset Management Association of China [2]