Group 1 - The feed sector experienced a slight increase of 0.13% on January 15, with Lude Technology leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Key stocks in the feed sector showed varied performance, with Lude Technology closing at 17.62, up 1.91%, and Tangrenshen closing at 4.40, down 0.23% [1] Group 2 - The feed sector saw a net outflow of 116 million yuan from institutional investors, while retail investors contributed a net inflow of 116 million yuan [2] - The trading volume for Lude Technology was 27,000 hands, with a transaction amount of 46.9584 million yuan [1] - The stock performance of major companies included Hada Group with a closing price of 53.63, up 1.15%, and Petty Co. with a closing price of 18.75, down 2.09% [2][3] Group 3 - The net inflow from retail investors for TianKang Biological was 17.1 million yuan, while the net outflow from institutional investors was 18.4821 million yuan [3] - The net inflow for GuaiBao Pet was 6.3998 million yuan from institutional investors, while it faced a net outflow of 10.7891 million yuan from retail investors [3] - The overall sentiment in the feed sector indicates mixed investor behavior, with some stocks attracting retail interest while others faced institutional selling pressure [2][3]

Group 1 - The concept of "Characteristic Towns" has seen a decline of 1.00%, ranking among the top declines in concept sectors, with notable stocks like Huaxia Happiness and *ST Zhengping hitting the daily limit down [1] - Within the "Characteristic Towns" sector, major stocks such as Chengbang Co., Binjiang Group, and Palm Co. have also experienced significant declines, while only six stocks saw price increases, with Changbai Mountain, Haining Picheng, and Guai Bao Pet rising by 3.66%, 1.60%, and 1.47% respectively [1][2] Group 2 - The "Characteristic Towns" sector experienced a net outflow of 984 million yuan from main funds today, with 27 stocks seeing net outflows, and seven stocks exceeding 30 million yuan in outflows [2] - The stock with the highest net outflow was Salt Lake Co., which saw a net outflow of 428 million yuan, followed by China Railway Construction and Suzhou Gaoxin with net outflows of 172 million yuan and 76 million yuan respectively [2][3] - Stocks with the highest net inflows included Changbai Mountain, Haining Picheng, and Guai Bao Pet, attracting net inflows of 52 million yuan, 31 million yuan, and 15 million yuan respectively [2][3]

3 | 7.募集资金项目实施过程中是否不存在重大风险 | √ | | | --- | --- | --- | | （六）业绩情况 | | | | 现场检查手段：查阅公司定期报告的业绩情况，查阅同行业公司业绩情况并进行对比分析， | | | | 对相关人员进行访谈等。 | | | | 1.业绩是否存在大幅波动的情况 √ | | | | 2.业绩大幅波动是否存在合理解释 | | √ | | 3.与同行业可比公司比较，公司业绩是否不存在明显异常 | √ | | | （七）公司及股东承诺履行情况 | | | | 现场检查手段：查阅公司、股东等相关人员所作出的承诺函，查阅公司定期报告、临时报告 | | | | 等信息披露文件，核查公司有关承诺事项的履行情况等。 | | | | 1.公司是否完全履行了相关承诺 | √ | | | 2.公司股东是否完全履行了相关承诺 | √ | | | （八）其他重要事项 | | | | 现场检查手段：查阅公司章程中关于分红的条款及相关公告，查阅公司银行账户对账单，查 | | | | 阅大额的销售合同，查看公司经营环境等。 | | | | 1.是否完全执行了现金分红制度，并如实披露 | √ ...

Investment Rating - The report maintains an investment rating of "Buy" for the agricultural sector, specifically highlighting companies such as Hai Da Group, Shengnong Development, and Wen's Shares [3]. Core Insights - The agricultural sector has shown a mixed performance, with the Shanghai and Shenzhen 300 Index increasing by 2.79% and the agricultural sector rising by 0.98% during the week of January 5 to January 11 [2][12]. - The report emphasizes the recovery in the pig farming industry, with a new round of capacity reduction expected. The average price of pigs has increased, and losses in pig farming have narrowed [2][22]. - The feed industry is experiencing a structural recovery, with most raw material prices at cyclical lows, and companies like Hai Da Group are expected to benefit from this trend [3]. Summary by Sections 1. Agricultural Sector Weekly Review - The agricultural sector ranked 28th among all sectors, with top-performing sub-industries including aquaculture, animal health, and poultry farming [2][12]. - Notable gainers in the agricultural sector include companies like Dahu Co. and Zhongshui Fisheries, with increases of 17.83% and 16.07% respectively [12]. 2. Industry Data 2.1 Pig Farming - As of January 9, the average price of pigs in Sichuan, Guangdong, and Henan was 13.10, 12.86, and 12.93 CNY/kg respectively, with an overall average pork price of 17.97 CNY/kg [22]. - Self-breeding pig farming reported a loss of 11.54 CNY per head, a reduction of approximately 23.05 CNY from the previous week [22]. 2.2 Poultry Farming - The weekly price for white feather broilers was 7.64 CNY/kg, a decrease of 1.04% from the previous week, while the profit from broiler farming was 0.45 CNY per bird, down 23.73% [37]. 2.3 Feed Processing - The average price of fattening pig feed was 3.36 CNY/kg, remaining stable, while chicken feed prices also held steady at 3.45 CNY/kg [43]. 2.4 Aquaculture - As of January 9, the price of sea cucumbers was 120.00 CNY/kg, reflecting a 33.33% increase, while shrimp prices remained stable at 320.00 CNY/kg [49]. 2.5 Planting and Grain Processing - As of January 9, corn prices were 2,351.86 CNY/ton, showing a slight decrease of 0.18%, while soybean prices remained stable at 4,048.42 CNY/ton [58].

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [9][66]. Core Insights - The swine industry is entering an accelerated phase of capacity reduction, presenting opportunities at the bottom of the market. Regulatory measures are being reinforced to control pig prices, with expectations of a gradual adjustment rather than aggressive interventions. The focus is on low-cost performance and dividend increases for value reassessment, particularly for leading companies like Muyuan Foods and WH Group [1][14]. - The poultry sector is expected to see improvements in fundamentals, with historical highs in the number of breeding stock updates. The price dynamics are currently low, but there is potential for marginal changes in the cycle. Recommended companies include Shennong Development and Lihua Agricultural [2][28]. - The animal health sector is advancing with the clinical trials of the African swine fever subunit vaccine, which has received approval for clinical trials. The likelihood of domestic vaccine market entry is increasing, with recommended companies including BioFeng and Kexin Biological [3][6]. - The pet industry continues to grow rapidly, with significant improvements in profitability. Recommended companies in the pet food sector include GuaiBao Pet and ZhongChong Co., while in the pet medical sector, RuiPu Biological is highlighted [9][60]. Summary by Sections Swine Industry - The swine industry is experiencing a capacity reduction phase, with regulatory measures aimed at stabilizing prices. The average price of pigs in December 2025 was 11.59 CNY/kg, with a slight month-on-month decrease. The number of breeding sows has decreased by 1.1% month-on-month and 2.1% year-on-year [13][14]. - Recommended companies include Muyuan Foods and WH Group, with additional attention on Dekang Agriculture, Shennong Group, and Juxing Agriculture [1][14]. Poultry Industry - The poultry sector is seeing a potential improvement in fundamentals, with breeding stock updates reaching historical highs. The average price for broiler chickens was 3.9 CNY/jin, with a slight increase [26][28]. - Recommended companies are Shennong Development and Lihua Agricultural [2][28]. Animal Health - The animal health sector is focused on the progress of the African swine fever vaccine trials, with the first round of trials proceeding as planned. The second round is set to begin by the end of March 2026 [3][6]. - Companies to watch include BioFeng, Kexin Biological, and RuiPu Biological [6]. Pet Industry - The pet market is projected to reach a scale of 300.2 billion CNY in 2024, with a year-on-year growth of 7.5%. The average annual spending per pet dog is 2,961 CNY, while for cats, it is 2,020 CNY [59][60]. - Recommended companies include GuaiBao Pet, ZhongChong Co., and Peidi Co. in the pet food sector, and RuiPu Biological in the pet medical sector [9][60]. Feed Industry - The feed industry is experiencing price fluctuations, with the price of feed for fattening pigs at 3.34 CNY/kg, showing a month-on-month increase [47][48]. - Recommended companies include Haida Group and HeFeng Co. [48]. Planting Industry - Grain prices have increased year-on-year, with corn prices at 2,250 CNY/ton, showing a 10.5% increase compared to the previous year [41][46]. - Companies to focus on include SuKan Agricultural Development, LongPing High-Tech, and DengHai Seeds [7][46].

Investment Rating - The report maintains a "Positive" investment rating for the agricultural industry [5] Core Insights - The report highlights a structural shortage in the pig market, with expectations for a price turning point in Q2 2026 due to ongoing capacity reduction and favorable policies [3][9] - The report emphasizes the potential for long-term performance improvement in the pig farming sector, driven by policy and market forces [3][9] Summary by Sections Investment Recommendations - The report recommends focusing on the pig farming sector, anticipating a price recovery in Q2 2026, with suggested stocks including Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - It also suggests looking at the animal health sector, which may benefit from profit transmission down the supply chain, with recommended stocks including Haida Group (002311, Buy) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the report notes a confirmed upward trend in grain prices, highlighting investment opportunities in large-scale planting, with suggested stocks including Suqian Agricultural Development (601952, Not Rated) and Beidahuang (600598, Not Rated) [3] - The pet food sector is also highlighted, with growth driven by increasing domestic brand recognition and overseas market expansion, recommending stocks such as Guibao Pet (301498, Not Rated) and Zhongchong Co. (002891, Not Rated) [3] Industry Fundamentals - The report indicates that December saw a continued increase in pig output, with 13 listed pig companies collectively reporting an output of 18.72 million heads, a month-on-month increase of 7.11% and a year-on-year increase of 6.8% [13] - The average selling price for pigs in December remained low, with a range from 10.66 yuan/kg to 12.54 yuan/kg, and an overall average around 11.5 yuan/kg [15] - The average weight of pigs sold in December was 124.85 kg, reflecting a decrease of 1.8 kg from the previous month, indicating a trend of accelerated inventory reduction [15][16] Market Trends - The report notes that the natural rubber market is experiencing price strength, with futures prices reaching 16,030 yuan/ton, a week-on-week increase of 2.72% [47] - The report also highlights a stable upward trend in grain prices, with corn and wheat prices showing slight declines while soybean meal prices have increased [37]

Core Insights - The feed sector experienced a rise of 0.74% on January 9, with Baiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Feed Sector Performance - Baiyang Co., Ltd. (002696) closed at 7.40, with a gain of 4.52% and a trading volume of 212,900 shares, amounting to a transaction value of 154 million yuan [1] - Tianma Technology (603668) closed at 17.05, up 2.40%, with a trading volume of 206,300 shares and a transaction value of 348 million yuan [1] - Dabeinong (002385) closed at 4.08, up 0.99%, with a trading volume of 983,400 shares and a transaction value of 400 million yuan [1] - Haida Group (002311) closed at 53.51, up 0.98%, with a trading volume of 94,800 shares and a transaction value of 501 million yuan [1] - Other notable companies include Jinxinnong (002548), Hefeng Co., Ltd. (603609), and Petty Co., Ltd. (300673), with respective closing prices and gains [1] Capital Flow Analysis - The feed sector saw a net outflow of 9.33 million yuan from main funds, while retail funds experienced a net inflow of 30.09 million yuan [2] - Dabeinong had a main fund net inflow of 42.81 million yuan, while Haida Group saw a net outflow of 60.89 million yuan from retail investors [3] - Baiyang Co., Ltd. had a main fund net inflow of 16.28 million yuan, with retail investors also showing a net outflow [3]

中泰证券股份有限公司 关于乖宝宠物食品集团股份有限公司 2025 年持续督导培训情况报告 中泰证券股份有限公司（以下简称"保荐机构"、"中泰证券"）作为乖宝宠 物食品集团股份有限公司（以下简称"乖宝宠物"、"公司"）首次公开发行股票 并在创业板上市的保荐机构，根据《深圳证券交易所上市公司自律监管指引第 13 号--保荐业务》《深圳证券交易所上市公司自律监管指引第 2 号--创业板上市 公司规范运作（2025 年修订）》等有关规定的要求，对乖宝宠物进行了 2025 年 度持续督导培训，现将培训情况报告如下： 一、培训基本情况 2025 年 12 月 27 日，中泰证券持续督导项目组成员通过现场授课的方式对 公司控股股东、实际控制人、部分董事、高级管理人员和中层以上管理人员及董 事会办公室相关人员进行了培训。 二、培训内容简介 保荐代表人签名：______________ _______________ 本次培训的内容主要为上市公司治理准则等内容。 三、培训结论 通过本次培训，公司董事、高级管理人员及中层以上管理人员加强了关于上 市公司规范运作及市值管理的认识，进一步理解了其对自身信息披露等方面应承 担的责任和义 ...

乖宝宠物1月6日大宗交易平台出现一笔成交，成交量88.00万股，成交金额5903.92万元，大宗交易成交 价为67.09元。该笔交易的买方营业部为机构专用，卖方营业部为中国国际金融股份有限公司上海分公 司。 （文章来源：证券时报网） 证券时报·数据宝统计显示，乖宝宠物今日收盘价为67.09元，上涨1.65%，日换手率为1.89%，成交额为 2.26亿元，全天主力资金净流出2074.39万元，近5日该股累计下跌1.05%，近5日资金合计净流出3875.47 万元。 两融数据显示，该股最新融资余额为3.06亿元，近5日减少57.08万元，降幅为0.19%。（数据宝） 1月6日乖宝宠物大宗交易一览 | 成交量（万 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | （万元） | （元） | 价（%） | 业部 | | | 88.00 | 5903.92 | 67.09 | 0.00 | 机构专 | 中国国际金融股份有限公司 | | | | | | 用 | 上海分公司 | 进一步统计，近3个月内该股 ...

在宠物消费从"可选"走向"必选"、行业增速放缓的2025年，市场正经历残酷洗牌。资本不再为流量故事买单，而是聚焦可持续盈利模型与真实技术壁垒。在 此背景下，一个关键问题浮出水面：什么才是真正的"中国宠物食品第一品牌"？ 答案正在麦富迪身上变得清晰。作为中国宠物上市公司的头部企业，麦富迪不仅市占率稳居国产品牌首位，更是在2025年8月获得欧睿咨询（Euromonitor） 官方认证为"中国宠物食品第一品牌"*。但比认证更重要的，是麦富迪已将"第一"从一个市场结果，转化为一套可复制、可验证、可积累的系统性能力， 这，才是其护城河的本质。 截至2025年10月31日，乖宝宠物前三季度实现营收47.37亿元（+29.03%），归母净利润5.13亿元（+9.05%）。尽管因战略性投入导致费用阶段性上升，但高 端产品线持续放量，整体毛利率稳定在40%以上。 麦富迪的策略非常清晰：用头部地位反哺长期能力建设，再以能力固化领先格局。 头部品牌护城河深度：只有龙头才能构建的"科研-数据-供应链"三角壁垒 市场常将麦富迪的成功归因于渠道或营销，但财报揭示了更深层逻辑：它的领先，已从单一优势升级为"科研协同网络 + 数据资产 + ...