Investment Rating - The industry investment rating is "Maintain Increase" [4] Core Views - The trend of pig reduction continues, suggesting a strategic opportunity for participation in the sector [15][16] - The price of lean meat pigs as of November 28, 2025, is 11.09 CNY/kg, down 9.1% from the previous month, indicating ongoing industry losses [15][18] - The average profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head from the previous month, while the profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [15][23] - The number of breeding sows has decreased to 39.9 million, and further production capacity reduction is expected due to policy and low prices [15][16] - The mushroom sector shows a sustained price rebound for enoki mushrooms, with strong performance expected from key companies [16] - The seed industry is seeing a clear trend of variety replacement, with transgenic varieties entering commercial sales, indicating potential growth for related companies [16] - In poultry farming, seasonal price elasticity opportunities are noted for yellow feathered chickens, while white feathered chickens are affected by avian influenza in Europe [17] Summary by Sections Pig Farming - The lean meat pig price is 11.09 CNY/kg, down 9.1% from last month [18] - The average wholesale price of pork is 17.83 CNY/kg, down 1.1% [18] - The profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head [23] - The profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [23] Mushroom Sector - Enoki mushroom prices remain strong, confirming a sustained price rebound [16] - The release period for Cordyceps sinensis as a key new product is approaching, with strong performance expected [16] Seed Industry - A clear trend of variety replacement in corn is noted, with transgenic varieties entering commercial sales [16] - Companies like Kangnong Seed Industry and Longping High-Tech are highlighted for potential growth [16] Poultry Farming - The price of meat chicken chicks is 3.47 CNY/chick, down 3.1% from last month [28] - The average price of white feathered chickens is 7.19 CNY/kg, up 1.4% [32] - The average price of chicken products is 8.95 CNY/kg, up 0.6% [32] Agricultural Products - Domestic corn prices increased to 2329.8 CNY/ton, up 4.0% [44] - Domestic wheat prices rose to 2507.28 CNY/ton, up 0.7% [46] - Domestic soybean prices increased to 4014.74 CNY/ton, up 0.4% [57]

Core Insights - The agriculture sector saw a significant increase of 2.76% on November 28, with Shennong Seed Industry leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Sector Performance - Shennong Seed Industry's stock price rose by 8.89% to 6.00, with a trading volume of 2.865 million shares and a transaction value of 166.9 million yuan [1] - Hainan Rubber and Xuecheng Biotechnology also performed well, with increases of 8.17% and 4.05%, respectively [1] - The overall trading volume for the agriculture sector was notable, with a total net inflow of 66.88 million yuan from main funds, while retail investors contributed a net inflow of 76.78 million yuan [1][2] Fund Flow Analysis - Hainan Rubber experienced a net inflow of 89.63 million yuan from main funds, despite a net outflow of 27.91 million yuan from speculative funds [2] - Shennong Seed Industry had a mixed fund flow, with a net inflow of 3.27 million yuan from main funds but a significant outflow of 29.97 million yuan from speculative funds [2] - The overall trend indicates a strong interest from retail investors in the agriculture sector, as evidenced by the net inflows across various stocks [2]

Core Viewpoint - The planting industry sector experienced a decline of 0.46% on November 24, with Shennong Seed Industry leading the drop [1][2]. Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1]. - Key stocks in the planting industry showed varied performance, with Honghui Fruits and Vegetables rising by 4.95% to a closing price of 9.55 [1]. Stock Performance Summary - Shennong Seed Industry saw a significant decline of 4.72%, closing at 5.65, with a trading volume of 2.6784 million shares and a transaction value of 1.531 billion [2]. - Other notable declines included Kangnong Seed Industry down 3.21% and Jingyin High-Tech down 3.13% [2]. Capital Flow Analysis - The planting industry sector experienced a net outflow of 402 million in main funds, while retail investors saw a net inflow of 381 million [2][3]. - The table of capital flow indicates that major stocks like Honghui Fruits and Vegetables had a net inflow of 4.9036 million from main funds, while Shennong Seed Industry faced a net outflow of 12.8795 million [3].

Core Viewpoint - Hualu Bio experienced a decline of 4.84% on November 21, with a trading volume of 68.287 million yuan, indicating potential market volatility and investor sentiment concerns [1] Financing Summary - On November 21, Hualu Bio had a financing buy-in amount of 5.8958 million yuan and a financing repayment of 5.9855 million yuan, resulting in a net financing buy of -89,700 yuan [1] - As of November 21, the total financing and securities lending balance for Hualu Bio was 46.253 million yuan, which represents 2.25% of its circulating market value, indicating a low financing balance compared to the past year [1] - The company had no securities lending activity on November 21, with a lending balance of 0.00 shares, which is at a high level compared to the past year [1] Business Performance - As of September 30, Hualu Bio reported a total of 10,300 shareholders, a decrease of 9.42% from the previous period, while the average circulating shares per person increased by 11.88% to 9,132 shares [2] - For the period from January to September 2025, Hualu Bio achieved an operating income of 868 million yuan, representing a year-on-year growth of 17.98%, and a net profit attributable to shareholders of 16.3335 million yuan, which is a significant increase of 146.55% year-on-year [2] Dividend Information - Since its A-share listing, Hualu Bio has distributed a total of 76.7904 million yuan in dividends, with 46.4484 million yuan distributed over the past three years [3] - As of September 30, 2025, among the top ten circulating shareholders, the Noan Multi-Strategy Mixed A fund entered as the sixth-largest shareholder with 1.0993 million shares, while the CITIC Prudential Multi-Strategy Mixed A fund exited the top ten list [3]

Core Insights - The agriculture sector experienced a decline of 0.54% on November 19, with Hainan Rubber leading the losses [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Sector Performance - Notable gainers in the agriculture sector included: - Beidahuang (600598) with a closing price of 15.06, up 1.35%, trading volume of 373,000 shares, and a turnover of 560 million yuan [1] - Nuofushin (002215) closed at 11.55, up 1.05%, with a trading volume of 198,400 shares and a turnover of 230 million yuan [1] - Major decliners included: - Hainan Rubber (601118) closed at 5.90, down 3.28%, with a trading volume of 697,800 shares and a turnover of 413 million yuan [2] - Shennong Agriculture (300189) closed at 5.62, down 2.77%, with a trading volume of 2,051,200 shares and a turnover of 1.149 billion yuan [2] Capital Flow - The agriculture sector saw a net outflow of 202 million yuan from institutional investors, while retail investors contributed a net inflow of 228 million yuan [2] - Specific stock capital flows included: - Beidahuang (600598) had a net inflow of 27.18 million yuan from institutional investors, while retail investors contributed a net inflow of 9.57 million yuan [3] - Hainan Rubber (601118) experienced a net outflow of 4.92 million yuan from institutional investors [3]

Core Points - Hualu Bio announced the election of Mr. Xia Weiwei as the employee representative director of the company's fifth board of directors [2] Company Summary - The announcement was made on the evening of November 14 [2] - The election reflects the company's governance structure and employee representation [2] Industry Summary - The move may indicate a trend towards increased employee involvement in corporate governance within the biotechnology sector [2] - Such governance changes could impact investor perception and engagement in the industry [2]

上海市锦天城律师事务所 关于 江苏华绿生物科技集团股份有限公司 2025 年第一次临时股东会 的 致：江苏华绿生物科技集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受江苏华绿生物科技集团 股份有限公司（以下简称"公司"）委托，就公司召开 2025 年第一次临时股东 会的有关事宜，根据《中华人民共和国公司法》（以下简称《公司法》）、《上 市公司股东会规则》等有关法律、法规、规章和其他规范性文件以及《江苏华绿 生物科技集团股份有限公司章程》（以下简称《公司章程》）的有关规定，出具 本法律意见书。 上海市锦天城律师事务所 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于江苏华绿生物科技集团股份有限公司 2025 年第一次临时 股东会的法律意见书 法律意见书 为出具本法律意见书，本所律师对本次股东会所涉及的相关事项进行了必要 的核查和验证，审查了本所律师认为出具该法律意见书所需审查的相关文件、资 料的电子版和副本，并得到公司如下保 ...

证券代码：300970 证券简称：华绿生物 公告编号：2025-045 江苏华绿生物科技集团股份有限公司 关于非独立董事辞职暨选举职工代表董事的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、非独立董事辞职情况 江苏华绿生物科技集团股份有限公司（以下简称"公司"）董事会于近日收 到非独立董事夏伟伟先生的书面辞职报告。因公司组织架构调整，夏伟伟先生提 请辞去公司第五届董事会非独立董事职务，辞去董事职务后，夏伟伟先生将继续 担任公司采购总监职务。 根据《中华人民共和国公司法》（以下简称"公司法"）及《公司章程》等 有关规定，夏伟伟先生的辞职不会导致公司董事会人数低于法定最低人数，不会 影响公司董事会的正常运行，亦不会对公司的日常经营管理及未来发展产生不利 影响，夏伟伟先生的辞职报告自送达董事会之日起生效。夏伟伟先生担任公司董 事的原定任期为 2023 年 6 月 19 日至第五届董事会任期届满之日，即 2023 年 6 月 20 日至 2026 年 6 月 19 日止。 截至本公告披露日，夏伟伟先生直接持有公司股份 92,000 股，通过宿迁华 鑫投资 ...

2、本次股东会不涉及变更以往股东会已通过的决议； 3、为保护中小投资者利益，提高中小投资者对公司股东会决议的重大事项 的参与度，公司对中小投资者的表决情况单独计票，中小投资者指单独或者合计 持有本公司5%以上股份的股东以外的其他股东，且不包括持有公司股份的董事 及高级管理人员。 一、会议召开情况 （一）会议召开时间： 证券代码：300970 证券简称：华绿生物 公告编号：2025-046 江苏华绿生物科技集团股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示 1、本次股东会不存在增加或者否决议案的情形； 1、会议召开时间：2025 年 11 月 14 日（星期五）14:30 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间 为：2025 年 11 月 14 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2025 年 11 月 14 日上午 9:15 至下午 15:00 内的任意时 ...

Market Overview - The planting industry sector declined by 0.39% on November 12, with Shennong Seed Industry leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers included Honglian Huan Shu with a closing price of 10.53, up 1.15%, and Yasheng Group at 3.27, up 0.93% [1] - Shennong Seed Industry closed at 5.19, down 1.52%, with a trading volume of 903,400 shares and a transaction value of 473 million [2] - The overall trading volume and transaction values for various stocks in the planting sector were significant, with several stocks experiencing minor fluctuations in their closing prices [1][2] Capital Flow - The planting industry sector saw a net outflow of 160 million from main funds, while retail investors contributed a net inflow of 141 million [2] - The detailed capital flow indicated that major funds were predominantly withdrawing from stocks like Xin Nong Kai Fa and Guo Tou Feng Le, while retail investors were more active in stocks like San Shi Yu Zhi [3]