Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report indicates that pig prices are stabilizing at low levels, with a continued reduction in breeding stock. As of October 17, 2025, the national average price for live pigs is 11.18 yuan/kg, showing a week-on-week increase of 0.19 yuan/kg but a year-on-year decrease of 6.52% [3][12] - The report highlights that the price of piglets has further declined, which may accelerate the culling of sows. The price for 7kg piglets has dropped to 165 yuan/head, below the industry average cost of 300 yuan/head, leading to potential losses that could hasten the elimination of sows [4][19] - The report notes that the domestic pet market is experiencing a rise in local brands, particularly during the Double Eleven pre-sale event, where the top eight brands in sales are all domestic [5][22] Summary by Sections Weekly Observation - The pig price is in a low-level fluctuation, with breeding stock reduction continuing. The proportion of breeding stock in actual sales is 1.02%, with a week-on-week increase of 0.09 percentage points but a year-on-year decrease of 5.07 percentage points. The utilization rate of breeding facilities is 32%, down 2.4 percentage points from the previous period and down 15.9 percentage points year-on-year [12][13] Weekly Perspective - The report suggests that losses in pig farming may accelerate the reduction of breeding stock. The price of live pigs continues to decline, reaching a new low for the year, and the losses in pig farming are deepening. The report recommends stocks such as Muyuan Foods, Wens Foodstuff Group, and others [29][30] Market Performance (October 13-17) - The agricultural sector underperformed the market by 0.73 percentage points, with the Shanghai Composite Index down 1.47% and the agricultural index down 2.20%. Notable stock performances include Shenyin Wanguo Biological (+10.33%) and others [32][37] Price Tracking (October 13-17) - The average price for live pigs is 11.17 yuan/kg, down 0.01 yuan/kg from the previous week. The average price for piglets is 17.99 yuan/kg, down 0.73 yuan/kg. The average price for white strip meat is 14.68 yuan/kg, down 0.51 yuan/kg [6][47] Key News (October 13-17) - The Ministry of Agriculture and Rural Affairs held a video conference to strengthen the inspection and slaughtering of pigs, emphasizing the importance of quality control in pork products [38]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-10-16 | 301566 | 达利凯普 | 16.54 | 100.00 | 1,654. 枫构专用 | | 华泰证券股份有限 | | | | | | | | | 公司北京月坛南街 | | | | | | | | | 证券营业部 | 10月16日，达利凯普大宗交易成交100万股，成交额1654万元，占当日总成交额的16%，成交价16.54元，较市场收盘价16.65 元折价0.66%。 ...

Core Viewpoint - Dali Cap has confirmed that its production capacity is currently sufficient and there are no plans for expansion at this time [1] Group 1 - The company has stated that its production capacity is adequate as of now [1] - There are no immediate plans for capacity expansion [1]

格隆汇10月15日丨达利凯普(301566.SZ)在互动平台表示，射频电源行业、军工行业、医疗行业和通信 行业是公司产品重要的应用领域，公司产品主要应用场景不包括核聚变领域。 ...

格隆汇10月10日丨达利凯普(301566.SZ)公布，磐信投资于2025年9月16日至2025年10月9日，通过集中 竞价和大宗交易方式累计减持公司股份395.4700万股，占公司当前总股本比例0.9887%。 ...

大连达利凯普科技股份公司 简式权益变动报告书 上市公司名称：大连达利凯普科技股份公司 股票上市地点：深圳证券交易所 股票简称：达利凯普 股票代码：301566 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在大连达利凯普科技股份公司（以下简称"公 司""上市公司""达利凯普"）中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的信息外，上述信息披露义务人没 有通过任何其他方式增加或减少其在达利凯普中拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行的。信息披露义务人没 有委托或者授权其他任何人提供未在本报告书列载的信息和对本报告书作出任 何解释或者说明。 五、信息披露义务人承诺本权益变动报告书不存在虚假记载、误导性陈述或 重大遗漏，并对其真实性、准确性和完整性承担个别和连带的法律责任。 信息披露义务人：磐信（上海）投资中心（有限合伙） 通讯地址：北京市东城区金宝大厦10层 股份变动性质：股份减少，持股比例 ...

证券代码：301566 证券简称：达利凯普 公告编号：2025-057 大连达利凯普科技股份公司 关于持股 5%以上股东权益变动比例触及 1%及 5%整数倍暨披 露简式权益变动报告书的提示性公告 本公司持股 5%以上的股东北京磐茂投资管理有限公司－磐信（上海）投资中心 （有限合伙）保证向本公司提供的信息内容真实、准确、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。 | 1.基本情况 | | | | | | | --- | --- | --- | --- | --- | --- | | 信息披露义务人 | | 伙） | | 北京磐茂投资管理有限公司－磐信（上海）投资中心（有限合 | | | 住所 | | 北京市东城区金宝大厦 | 10 层 | | | | 权益变动时间 | | 2025 年 9 月 16 10 | 日至 2025 年 | 月 9 日 | | | 股票简称 | 达利凯普 | | 股票代码 | | 301566 | | 变动类型 （可多选） | 增加□ | 减少☑ | 一致行动人 | | 有□ 无☑ | | 是否为第一大股东或实际控制 ...

Core Insights - Dali Kape's stock price increased by 2.04% on September 30, reaching 17.99 CNY per share, with a total market capitalization of 7.196 billion CNY [1] - The company has seen a year-to-date stock price increase of 10.03% and a net inflow of 1.875 million CNY in large orders [2] Financial Performance - For the first half of 2025, Dali Kape reported a revenue of 195 million CNY, representing a year-on-year growth of 16.52%, and a net profit attributable to shareholders of 89.12 million CNY, up 53.65% year-on-year [2] - The company has distributed a total of 60.015 million CNY in dividends since its A-share listing [3] Shareholder Information - As of September 19, the number of shareholders increased by 2.00% to 21,100, with an average of 9,820 circulating shares per shareholder, a decrease of 1.96% [2]

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 17th this week, with a decline of 0.95%, underperforming the Shanghai Composite Index by 1.16 percentage points and the ChiNext Index by 2.91 percentage points [4][22] - The chemical industry is expected to continue its trend of differentiated growth in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Performance - The chemical sector's performance this week was -0.95%, ranking it 17th among all sectors, while the top three performing sectors were power equipment, non-ferrous metals, and electronics [22][23] - The top three individual stocks in the chemical sector this week were Bluefeng Biochemical (61.16%), Shangwei New Materials (44.81%), and Huarsoft Technology (31.83%) [28] Key Industry Dynamics - A new plan for stable growth in the petrochemical industry was released by seven departments, aiming for an average annual growth of over 5% in value added from 2025 to 2026 [34] - The plan emphasizes the importance of technological innovation, digital empowerment, and environmental sustainability in the petrochemical sector [34] Investment Opportunities - Synthetic biology is highlighted as a key area for growth, with companies like Kasei Biotech and Huaheng Biological being recommended for investment [4][8] - The third-generation refrigerants are expected to enter a high prosperity cycle due to upcoming quota policies and stable demand growth from the air conditioning and cold chain markets [5] - The electronic specialty gases market presents significant domestic substitution opportunities, driven by rapid upgrades in the semiconductor and photovoltaic industries [6][8] - Light hydrocarbon chemicals are identified as a global trend, with a shift towards lighter raw materials expected to enhance the value of leading companies in this sector [8] - The COC polymer industry is accelerating its domestic industrialization process, with companies like AkzoNobel being recommended for attention [9] - Potash fertilizer prices are anticipated to rebound as supply tightens and demand increases due to rising agricultural planting intentions [10] - The MDI market is expected to improve due to oligopolistic supply dynamics and stable demand from polyurethane applications [12]

Summary of the Conference Call on the Pet Food Industry and Guibao Company Industry Overview - The Chinese pet consumption market is experiencing continuous growth, with dog-related consumption increasing by approximately 5%. The main drivers include the expansion of pet ownership and increased spending per pet, driven by social changes that create a demand for pet companionship. [2][3] - The pet food market in China is projected to reach approximately 150 billion yuan in 2024, accounting for 53% of the pet consumption market. Staple food represents over 50% of this segment, making it the largest sub-market. [2][4] - The penetration rate of refined pet care in China is below 20%, significantly lower than in Western countries, indicating substantial room for growth. [6] Market Performance - In the first half of 2025, the total pet consumption in China is expected to be around 70 billion yuan, reflecting a year-on-year growth of 9%. The sales revenue for goods is projected to be 58.1 billion yuan, with online channels being the primary sales avenue. [7] - The top ten pet food companies in China in 2024 will include seven domestic firms, highlighting a clear trend towards domestic brand replacement. [8] Competitive Landscape - Domestic brands are increasingly gaining market share, with Guibao and Zhongchong being notable examples. These companies leverage high-quality sourcing and continuous improvement in product quality to close the gap with foreign brands. [10] - The competition landscape shows that while foreign brands like Mars and Nestlé maintain a leading position, they have missed opportunities in online channel development, allowing domestic brands to enhance their market share. [9] Consumer Trends - There is a noticeable shift in consumer behavior towards high-quality pet products, with pet owners increasingly viewing pets as family members. This has led to a rise in demand for premium pet supplies. [3] - The trend towards higher-end products is evident, with consumers moving from basic pet food to more sophisticated options like freeze-dried and baked goods. [12] Guibao Company Insights - Guibao Company, established in 2006, shifted its focus to domestic brands in 2013. Its self-owned brand sales account for 40% of total sales, with rapid growth in its proprietary brands. [13] - The company has a strong competitive advantage through product innovation and brand development, successfully launching several popular products. [14] - Guibao's projected profit for 2024 is 750 million yuan, with expectations to reach 900 million yuan by 2025. The company's PE ratio is expected to remain above 40 times, indicating strong market confidence. [15] Additional Observations - The survival space for white-label pet food products is diminishing due to a lack of innovation and brand recognition, as consumers increasingly prefer established brands. [11] - The market is expected to see a fierce price war in the low-end segment while experiencing an upgrade in mid-to-high-end consumption over the next 3-5 years. [12]