Group 1 - The aquaculture sector increased by 1.58% on December 29, with Jingji Zhino leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the aquaculture sector showed varied performance, with Jingji Zhino rising by 10.01% to a closing price of 16.27 [1] Group 2 - The main funds in the aquaculture sector saw a net inflow of 90.42 million yuan, while retail funds had a net inflow of 10.91 million yuan [2] - Major stocks like Muyuan Foods and Wen's Foodstuffs experienced significant net outflows from retail investors [3] - Jingji Zhino had a net inflow of 67.42 million yuan from main funds, indicating strong institutional interest [3]

立华股份2025年10月22日披露《关于公司实际控制人及其一致行动人减持期限届满的公告》显示，公司实际控制人程立力通过集中竞价交易方式减持 150,400股，减持均价19.56元；通过大宗交易方式减持13,350,000股，减持均价15.81元。其一致行动人常州市奔腾牧业技术服务中心(有限合伙)(简称"奔腾 牧业")通过集中竞价交易方式减持8,111,400股，减持均价21.36元；通过大宗交易方式减持2,770,000股，减持均价15.82元。上述股东合计减持24,381,800 股，根据减持期间股价均价计算，套现总金额约为431,086,228元。 | 股东名称 | 減持方式 | 减持期间 | 减持均价 | 减持股数 | 减持比例 | | --- | --- | --- | --- | --- | --- | | | | | (元/股) | (股) | ( % ) | | 程立力 | 集中竞价 | | 19.56 | 150,400 | 0.02 | | | 大宗交易 | 2025年7月22日 | 15.81 | 13,350,000 | 1.59 | | 奔腾牧业 | 集中竞价 | -2025年10月2 ...

Investment Rating - Industry Rating: Recommended [4] Core Insights - The pork industry continues to face losses, with a focus on pig farming opportunities. The average price of live pigs is 11.59 CNY/kg, down 0.46% week-on-week. The total breeding sow inventory is 39.9 million heads, down 1.1% month-on-month and 2.1% year-on-year. The industry is experiencing ongoing losses, with self-bred and purchased pig farming losses at 130.11 CNY/head and 162.80 CNY/head respectively. The recent anti-dumping ruling may alleviate domestic pork supply pressure, leading to accelerated capacity reduction [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated winter crop seed supervision checks to ensure seed safety for the upcoming spring and summer planting. The checks focus on key crops such as corn, rice, soybeans, cotton, and vegetables. The commercialization of genetically modified technology is expected to accelerate, enhancing self-sufficiency rates of key varieties. Recommended stocks include Beidahuang and Suqian Agricultural Development [1][11]. Pig Farming - The average price of live pigs is reported at 11.59 CNY/kg, with a slight decrease of 0.46% from the previous week. The average price for pig futures is 11,469 CNY/ton, reflecting a 1.07% increase. The average weight of pigs post-slaughter is 89.57 kg, with a month-on-month increase of 3.21% in slaughter volume [12][62][65]. Recommended Stocks - For pig farming, recommended stocks include: 1. Livestock sector: Lihua Stock, Muyuan Food, Shuanghui Development, Dekang Agriculture, Jingji Zhino, and Wens Foodstuff 2. Feed sector: Haida Group 3. Animal health sector: Jinhai Biological, Biological Shares, Placo, and Zhongmu Shares [2][12].

Group 1 - The actual controller of Lihua Co., Ltd., Cheng Lili, and his concerted action partner, Changzhou Tianming Agricultural Technology Service Center, hold a total of 309,154,986 shares, accounting for 36.92% of the company's total share capital [1] - Cheng Lili and Tianming Agricultural plan to reduce their holdings by up to 14,230,000 shares, representing 1.70% of the company's total share capital, within three months from January 21, 2026, to April 20, 2026, through centralized bidding or block trading [1]

Summary of Key Points Core Viewpoint - On December 26, several companies disclosed their shareholding changes, with XCMG Machinery announcing a plan for share buyback, while ten other companies, including Yongzhen Co., Xiangming Intelligent, and others, revealed intentions to reduce their shareholdings [1][3]. Group 1: Share Buyback - XCMG Machinery's controlling shareholder plans to increase its stake in the company by investing no less than 80 million yuan and no more than 160 million yuan [2][4]. Group 2: Share Reduction - Yongzhen Co. intends to reduce its shareholding by no more than 3% [5]. - Xiangming Intelligent's controlling shareholder plans to reduce its stake by no more than 1% [5]. - An employee strategic placement asset management plan for Anpeilong aims to reduce its holdings by no more than 1.25% [5]. - Lihua Co.'s actual controller and its concerted actors plan to collectively reduce their stake by no more than 1.7% [5]. - Bona Film Group's shareholders intend to reduce their holdings by no more than 3% [5]. - The second-largest shareholder of Chipone Technology, the Big Fund, plans to reduce its stake by no more than 1.7% [5]. - Huachen Equipment's actual controller plans to reduce its holdings by no more than 2% [5]. - Hopu Holdings' shareholder Zhao Kai intends to reduce his stake by no more than 2.1231% [5]. - Spring Autumn Electronics' shareholder Xinchuo Xinrong No. 7 private equity fund plans to reduce its holdings by no more than 0.74% [5]. - Tengjing Technology's shareholder Longyao Investment intends to reduce its stake by no more than 1.902% [5].

Group 1 - The actual controller of Lihua Co., Ltd., Cheng Lili, and his concerted action partner hold approximately 309 million shares, accounting for 36.92% of the total share capital [1] - Cheng Lili and Tianming Agricultural Technology Service Center plan to reduce their holdings by up to 14.23 million shares, representing 1.7% of the total share capital, within three months starting from January 21, 2026 [1] - Lihua Co., Ltd. reported that its revenue composition for the year 2024 is entirely from the breeding industry, with a 100.0% share [1] Group 2 - As of the report, Lihua Co., Ltd. has a market capitalization of 17 billion yuan [1]

Core Viewpoint - Lihua Co., Ltd. announced that its actual controller Cheng Lili and his concerted action partner Changzhou Tianming Agricultural Technology Service Center (Limited Partnership) hold a total of 309,154,986 shares, accounting for 36.92% of the company's total share capital [1] Summary by Categories Shareholding and Reduction Plan - Cheng Lili and Tianming Agricultural plan to reduce their holdings by no more than 14.23 million shares, which represents 1.70% of the company's total share capital, within three months from January 21, 2026, to April 20, 2026 [1] - The reduction will be executed through centralized bidding or block trading methods [1] Reason for Reduction - The reason for the share reduction is personal financial needs and arrangements for partnership funds [1] Impact on Company - This reduction plan will not lead to a change in the company's control and will not affect the company's governance structure or ongoing operations [1]

证券代码：300761 证券简称：立华股份 公告编号：2025-090 江苏立华食品集团股份有限公司 1、减持原因：个人资金需求及合伙企业资金安排。 关于实际控制人及其一致行动人减持股份预披露公告 公司实际控制人程立力先生、实际控制人之一致行动人常州市天鸣农业技术 服务中心（有限合伙）保证向本公司提供的信息内容真实、准确和完整，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： 1、江苏立华食品集团股份有限公司（以下简称公司、发行人）实际控制人程 立力先生及其一致行动人常州市天鸣农业技术服务中心（有限合伙）（以下简称 天鸣农业）合计持有公司股份 309,154,986 股，占公司总股本比例为 36.92%。 公司于近日收到公司实际控制人程立力先生及其一致行动人天鸣农业出具的 《股份减持计划告知函》（以下简称本次减持计划），现将具体情况公告如下： | 股东名称 | 持股数量（股） | 占公司总股本比例 | | --- | --- | --- | | 程立力 | 256,630,101 | 30.65% | | 天鸣农业 | 52,524,885 ...

Group 1 - The aquaculture sector increased by 0.19% on December 25, with Jingji Zhino leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Key stocks in the aquaculture sector showed varied performance, with Jingji Zhino rising by 4.65% to a closing price of 14.86 [1] Group 2 - Major stocks that declined included Luoniushan, which fell by 3.65% to a closing price of 9.78, and Mu Yuan Shares, which decreased by 0.35% to 47.95 [2] - The aquaculture sector experienced a net outflow of 46.32 million yuan from institutional investors, while retail investors saw a net inflow of 206 million yuan [2][3] - The stock with the highest net inflow from retail investors was Wen's Shares, with an inflow of 10.37 million yuan [3]

Livestock Sector - The pig farming industry is entering a "new cost competition pattern," with overall micro-profitability expected in 2025, and leading companies becoming stronger [1] - The production capacity of breeding sows is at a reasonable high level, with policy guidance aimed at reduction, leading to weaker price fluctuations [1] - Key companies to focus on include Muyuan Foods (牧原股份), Wens Foodstuff Group (温氏股份), and Lihua Agricultural (立华股份) [1] Beef Cattle Industry - The beef cattle industry is experiencing a deep supply clearance, similar to the pig industry before 2019, with significant risks of overcapacity due to prolonged losses [2] - In November 2024, the loss per head reached over 1,600 yuan, marking eight consecutive months of losses exceeding 1,000 yuan, prompting accelerated culling of breeding cows [2] - The cow production cycle (PSY) is only 1, significantly lower than the breeding sow PSY of 30, indicating a substantial reduction in beef supply expected by 2026 [2] - Recommended stocks include Youran Dairy (优然牧业) and Fucheng Group (福成股份) [2] Edible Mushroom Industry - The industry is seeing a rational return of production capacity, with leading companies solidifying their market positions [3] - The artificial cultivation of Cordyceps is entering a performance release phase, opening a second growth curve [3] - Traditional products like enoki mushrooms are experiencing alleviated overcapacity, with stable CR5 [3]