Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 247.8 billion yuan for FY2026Q2, representing a year-on-year growth of 5%, slightly exceeding market expectations. Excluding high-end retail and Yintai, the same-store revenue growth was 15% [7] - The core e-commerce segment showed a significant increase, with a 15.5% year-on-year revenue growth in Q3 2025. The customer management revenue also grew by 10% year-on-year, aligning with market expectations [7] - The cloud business is entering an accelerated growth phase, with a 34% year-on-year revenue increase, surpassing Bloomberg's forecast of 28%. AI-related revenue continues to grow at triple-digit rates [7] - The company is expected to achieve revenues of 1,039.89 billion yuan, 1,137.30 billion yuan, and 1,262.70 billion yuan for the fiscal years 2026, 2027, and 2028, respectively [7] Financial Performance Summary - Revenue projections for the upcoming years are as follows: - 2024A: 941,168 million yuan - 2025A: 996,347 million yuan - 2026E: 1,039,890 million yuan - 2027E: 1,137,296 million yuan - 2028E: 1,262,700 million yuan [6] - The projected net profit for the same years is: - 2024A: 79,741 million yuan - 2025A: 129,470 million yuan - 2026E: 120,305 million yuan - 2027E: 152,779 million yuan - 2028E: 189,139 million yuan [6] - The company’s EPS is projected to be 4.10 yuan for 2024A, increasing to 9.91 yuan by 2028E [6] Market Performance - The company has shown a market performance of -6% over the last 12 months, while the Hang Seng Index has increased by 20% [4]

Investment Rating - The report maintains a "Positive" investment rating for the Robotaxi industry [1]. Core Insights - Xiaoma Zhixing has achieved single-vehicle profitability in Guangzhou, with a revenue of $60.88 million for the first three quarters, including $9.95 million from Robotaxi, representing a year-on-year increase of 112%. The company aims to reach 1,000 vehicles by the end of the year and plans to expand to over 3,000 vehicles in 2026, with a 20% reduction in BOM costs for the seventh-generation autonomous driving suite [3]. - WeRide has seen significant revenue growth, with a total of 371 million RMB and 97 million RMB from Robotaxi, marking a year-on-year increase of 457%. The company is expanding its presence in the Middle East, with 150 Robotaxis currently operating in Abu Dhabi, expecting to grow to tens of thousands by 2030 [3]. - Tesla and Waymo are accelerating their city launch plans, with Tesla obtaining a TNC license in Arizona and completing self-certification in Nevada. Waymo has updated its expansion to include cities like Houston and Orlando [3]. - The report recommends investing in Xiaoma Zhixing (PONYO), Horizon Robotics-W, and XPeng Motors-W, while suggesting to monitor Tesla, Qianli Technology, Didi Global, Uber, Cao Cao Mobility, and Ruqi Mobility [3]. Summary by Sections - **Market Performance**: The report notes a recent market performance of -7% for the automotive sector compared to the CSI 300 index [2]. - **Company Performance**: Xiaoma Zhixing and WeRide are highlighted for their strong revenue growth and operational advancements in the Robotaxi sector [3]. - **Investment Recommendations**: The report suggests a focus on domestic companies with high revenue growth and rapid commercial progress, alongside international players expanding their operations [3].

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - In 2026, the "fixed - income asset shortage" and "high equity market sentiment" that drove the convertible bond market in 2025 may continue. The convertible bond market is expected to have a return opportunity of over 10% next year [4]. - The supply - demand structure of the convertible bond market will continue to evolve in 2026, with the term structure becoming "dumbbell - shaped", the "aging" of convertible bonds slowing down slightly, the proportion of funds held in convertible bonds remaining high, and the influence of convertible bond ETFs becoming more prominent [4]. - In 2026, the valuation of convertible bonds is likely to remain high. The market risk appetite is not weak, the convertible bond positions of low - risk - preference investors are at a historical low, and the probability of extreme credit risk events in the short term is limited [4]. - In terms of strategy, attention should be paid to "higher - order" undervaluation. The contradiction between the high demand for undervalued convertible bonds from "fixed - income +" investors with a bond - biased approach and the "weak supply" of traditional low - priced convertible bonds needs to be resolved by constructing more complex undervaluation evaluation criteria [4]. - In the context of the "involution" of clause games, more attention should be paid to the odds. In the high - valuation environment, the valuation of convertible bonds is rapidly compressed before the call - back, and the game space for downward revisions has reached a historical low [4]. 3. Summary According to the Directory 3.1 Convertible Bond "Ecological Niche" Advantage Remains Unchanged, with a Decent Return Space in 2026 - The two factors that drove the convertible bond market in 2025, "fixed - income asset shortage" and "high equity market sentiment", may continue in 2026. As of November 20, 2025, the median parity of the convertible bond market exceeded 100 yuan, and the overall equity nature of convertible bonds was at a historical high. The strong equity market is expected to be the most important support for convertible bonds in 2026 [8]. - The demand for convertible bonds from "fixed - income +" investors, especially bond - biased accounts with stock position limits, is expected to remain high due to the low long - term interest rate environment, which will support the valuation of convertible bonds [8]. - The convertible bond index is expected to have a return space of over 10% in 2026. Based on the delta calculation, if the Shanghai Composite Index reaches 4500 - 5000 points in 2026, the overall return of convertible bonds may be around 8% - 17%, and the actual return space may be higher [8]. 3.2 The "Aging" Speed May Slow Down Slightly, and the Dumbbell Structure Gradually Appears - The contraction speed of the convertible bond market in 2026 is expected to be slightly lower than that in 2025, and the stock size may reach 450 - 500 billion yuan. As of November 21, 2025, the stock size of the convertible bond market was about 550 billion yuan, a decrease of nearly 180 billion yuan from the end of 2024. The net supply of convertible bonds in 2026 may be - 100 billion yuan [13]. - The "aging" of convertible bonds in 2026 may slow down slightly, and the median remaining term of convertible bonds at the end of next year may be about 2.2 years. The main reasons are the redemption of many short - term convertible bonds since 2025 and the recovery of convertible bond supply starting from mid - 2025 [15]. - In 2026, the number of medium - term convertible bonds will significantly decrease, and the term structure will evolve into a "dumbbell - shaped" structure. By the end of 2026, the number of 3 - 4 - year convertible bonds will decline from over 100 at the beginning of the year to about 30. The market may form a structure with medium - and large - sized convertible bonds within 3 years at one end and small - and medium - sized growth technology - related convertible bonds over 4 years at the other end [16]. - In terms of industries, the convertible bonds of non - bank finance, commercial retail, and consumer service industries will all mature by the end of 2026. The non - bank finance industry involves the largest scale and the most targets, with 4 convertible bonds worth 15 billion yuan maturing. The remaining industries' distributions may not change much, and the balance of convertible bonds in the banking, power equipment and new energy, and basic chemical industries significantly leads the others [18]. 3.3 The Proportion of Funds May Further Increase, Pay Attention to Convertible Bond ETFs - As of the end of October 2025, the proportion of convertible bonds held by funds is estimated to reach 47%, the highest level since the data was released. The increase in the proportion of convertible bonds held by public funds is mainly due to the decrease in the scale of convertible bonds held by insurance and annuity funds. By October 2025, the scale of convertible bonds held by insurance may be less than 50 billion yuan, a decrease of nearly 30% from August 2025, and the scale of convertible bonds held by annuities may be close to 130 billion yuan, a record low [20]. - In 2026, the proportion of convertible bonds held by funds is expected to remain high and may even reach a new high. Retail investors have a long - term trend of reducing their holdings of convertible bonds. Insurance and annuity funds may participate in the convertible bond market through FOFs in 2026 due to the low net supply of large - scale and high - rating convertible bonds and the high overall valuation of convertible bonds [22]. - The scale of convertible bond ETFs may continue to expand, and attention should be paid to the potential impact of the high proportion of ETFs on the convertible bond market. As of the end of October 2025, the market value of convertible bonds held by convertible bond ETFs reached 67.84 billion yuan, accounting for nearly 10% of the convertible bond market. The high valuation of newly issued convertible bonds may be related to convertible bond ETFs [27]. 3.4 Valuation is Supported, and There is Room for More Optimism - In 2025, the valuation of convertible bonds increased significantly, and the implied volatility returned to the central level of 2023. As of November 20, 2025, the premium rate per 100 yuan of convertible bonds continued to break through historical highs, and the median implied volatility of convertible bonds exceeded 40% [30]. - In 2026, the valuation of convertible bonds is likely to remain high. The current market risk appetite is not weak, the convertible bond positions of low - risk - preference investors are at a historical low, and the probability of extreme credit risk events in the short term is limited [30]. - The high point of convertible bond valuation may be around 35% - 40%, and considering the possible decline in long - term interest rates and the increase in the bond floor of convertible bonds in 2026, the high point of valuation may be even higher [33]. 3.5 In the High - Valuation Environment, It is Recommended to Focus on "Higher - Order" Undervaluation - In 2025, convertible bond investors clearly preferred undervalued targets. As of November 21, 2025, the return of the low - price strategy was 21.1%, with an excess return of 4.6% compared to the CSI Convertible Bond Index. The relatively "abnormal" excess return may be mainly due to institutional behavior [37]. - In 2026, it may be more difficult for the pure low - price strategy to obtain excess returns. The market is facing the contradiction between the high demand for undervalued convertible bonds from "fixed - income +" investors with a bond - biased approach and the "weak supply" of traditional low - priced convertible bonds. It is recommended to focus on "higher - order" undervaluation [41]. - The convexity strategy may be a good entry point for "higher - order undervaluation". Since 2025, the series of convexity strategies have achieved excellent results, with a Calmar ratio of over 3 and a return of over 20% [42]. 3.6 The "Involution" of Clause Games, and More Attention Should Be Paid to the Odds - In the fourth quarter of 2025, the experience of convertible bond clause games was not good. In the high - level volatile environment of the equity market, listed companies became more cautious in considering convertible bond clauses. As of November 21, 2025, only 1 convertible bond proposed a downward revision in that month, and the ratio of downward - revision announcements to possible downward - revision announcements was 0.04:1, both the lowest levels since March 2023. The ratio of call - back announcements to non - call - back announcements in November was 1.57:1, the highest level in 2025 [45]. - In the high - valuation environment, the convertible bond call - back game has become "involution". The difference in the average conversion premium rate of convertible bonds with a call - back progress of 80% - 100% and those with a progress of 0 - 20% has rapidly expanded since September 2025, and the conversion premium rate of convertible bonds with a high call - back progress has fallen to a historical low [47]. - The game space for convertible bond downward revisions is narrowing. Under the dual influence of high valuation and institutional preference for undervalued convertible bonds, the average difference between the prices of all convertible bonds eligible for downward revision and the expected price after a full downward revision has narrowed to a relatively low level since 2021 [48]. - The report also lists the convertible bonds whose cooling - off periods for downward revisions and call - backs will end in 2026 [52][53][54].

Core Insights - The report maintains a positive outlook on the defense and military industry, highlighting the establishment of a Commercial Aerospace Department to enhance strategic resource coordination within the industry [1][38] - The defense and military industry index experienced a decline of -1.72% over the past week, ranking 4th out of 31 in the Shenwan primary industry classification [7][11] - The current PE-TTM for the defense and military industry stands at 75.63, indicating a valuation at a relatively high historical level, with a percentile rank of 71.01% over the past decade [13][38] Industry and Stock Performance Review - The defense and military industry index has shown a decline of -3.82% over the past month, ranking 21st out of 31 [10][11] - Over the past year, the index has increased by 6.71%, ranking 19th out of 31 [13] - The top-performing stocks in the defense and military sector over the past week include Jianglong Shipbuilding (64.97%), Aerospace Development (31.77%), and Tianhai Defense (22.74%) [17][28] - Conversely, the worst-performing stocks include Feilihua (-7.24%), Fenghuo Electronics (-7.48%), and Paike New Materials (-7.54%) [17][28] Funding Situation - The total transaction volume for the defense and military industry reached 319.7 billion yuan during the week of November 15-22, 2025, representing a year-on-year increase of 31.83% and a week-on-week increase of 35.76% [29][31] - The military ETF fund shares increased by 1.08% compared to the previous week, while the fund size decreased by 1.83% [31][33] Industry News - The establishment of the Commercial Aerospace Department by the National Defense Science and Technology Industry Bureau aims to better integrate domestic resources and promote the industry into a new phase of national strategic coordination [38] - The Fujian aircraft carrier formation conducted its first live training at sea, marking a significant milestone for the navy [37] Investment Recommendations - The report suggests focusing on investment themes such as commercial aerospace, military trade, unmanned equipment, military AI, and low-altitude economy [39]

Investment Rating - The report indicates a positive outlook for the humanoid robot industry, suggesting it is a promising investment opportunity with significant growth potential in the coming years [1]. Core Insights - The humanoid robot sector is expected to see mass production starting in 2026, with projected output levels of 50,000 to 100,000 units [2][9]. - The report highlights that the first wave of market momentum was driven by Elon Musk's announcement regarding production targets, while the second wave was influenced by a performance at the Spring Festival Gala [2][10]. - The overall market size for humanoid robots could reach 140 billion yuan if large-scale production of 1 million units is achieved, with an estimated cost of 140,000 yuan per unit [3][19]. - The industrialization of humanoid robots is accelerating, with major companies like Unitree Technology and UBTECH Robotics securing significant orders and preparing for IPOs [4][34]. Summary by Sections Humanoid Robot Market Review and Outlook - The report reviews the 2025 market performance, noting two key phases of growth driven by high-profile announcements and events [2][9]. - Future catalysts include the release of Tesla's Optimus Generation 3 and the anticipated IPOs of domestic companies [10][22]. Humanoid Robot Price and Volume Analysis - The report estimates that the cost structure of humanoid robots will see a breakdown with significant portions attributed to linear and rotational actuators [19][20]. - The market is expected to grow substantially with mass production, indicating a clear path for industrialization [22]. Acceleration of Humanoid Robot Industrialization - Major players in the industry are ramping up production capabilities and securing large orders, indicating a robust growth trajectory [4][29][31]. - The report identifies three categories of domestic players: established robot manufacturers, automotive companies, and internet giants, each leveraging their strengths in the humanoid robot space [23]. Investment Recommendations - The report suggests focusing on companies with strong order visibility and significant value in the supply chain, such as Top Group and Sanhua Intelligent Control [5][38]. - It also highlights the importance of monitoring core component suppliers that have secured orders or are undervalued [5][38].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2][61]. Core Insights - The company has entered the top ten in the industry, emphasizing its long-term value through the "Lighthouse Strategy," which focuses on excellent product quality and advanced living concepts [11]. - The company has shown resilience in sales, with a total sales amount of 70.7 billion yuan in the first half of 2025, reflecting a year-on-year increase of 7.1% [7][28]. - The company maintains a healthy financial structure, with a net debt ratio of 33.4% and an average financing cost of 3.17% as of the first half of 2025 [7][51][54]. - The company is expected to achieve net profits of 4.98 billion yuan, 5.22 billion yuan, and 5.67 billion yuan for the years 2025 to 2027, corresponding to PE ratios of 6.9, 6.6, and 6.1 respectively [7][58][61]. Summary by Sections 1. Company Overview - The company has established itself among the top ten in the industry, supported by the strong backing of Xiamen State-owned Assets [11][14]. - The company’s main revenue source is real estate development, covering over 70 cities nationwide [16][19]. 2. Sales Performance - The company’s sales have shown resilience, with a total sales amount of 707 billion yuan in the first half of 2025, a 7.1% increase year-on-year [7][28]. - The average sales price increased to 26,500 yuan per square meter in the first half of 2025, reflecting a 25% year-on-year growth [7][29][31]. - The sales regions are concentrated in key eastern cities, contributing approximately 70% of total sales [36][37]. 3. Investment and Land Acquisition - The company’s land acquisition amount reached 49.5 billion yuan in the first half of 2025, a 17.9% increase year-on-year [7][38][40]. - The land reserve area increased to 12.71 million square meters, with a total value of 249.6 billion yuan [7][46][49]. 4. Financial Health - The company meets the "three red lines" requirements, with a pre-revenue asset-liability ratio of 58.9% and a cash-to-short-term debt ratio of 3.9 times [7][51][52]. - The average financing cost has decreased from 4.69% in 2021 to 3.17% in the first half of 2025 [54][56]. 5. Profitability Forecast - The company’s total revenue is projected to be 141.85 billion yuan, 130.36 billion yuan, and 126.37 billion yuan for 2025 to 2027, with corresponding growth rates of -0.8%, -8.1%, and -3.1% [57][58]. - The gross profit margin is expected to improve to 14.0%, 14.5%, and 15.0% for the same period [57][58].

Core Insights - The pharmaceutical MNC supply chain has extremely high entry barriers, requiring years for supplier certification through cross-departmental audits in technology, quality, EHS, and compliance. Once included in the qualified supplier list, a strong lock-in effect is formed, making it difficult for new entrants to disrupt the existing supply structure even if they meet technical standards, thus demonstrating a strong first-mover advantage [4][7]. - MNCs demand far more than conventional quality compliance, emphasizing full-process controllability and risk management capabilities. Compliance with guidelines such as EU GMP and ICHQ is required, along with the establishment of traceability systems and safety stock. Any process changes or relocation of production sites must undergo strict and time-consuming certification [4][7]. - In procurement decisions, MNCs are relatively insensitive to price factors, prioritizing the integrity of the supply chain over cost. For MNCs, API costs represent only a small portion of their terminal formulation sales, leading them to pay a premium for stable, traceable, and zero major quality incident supply capabilities, viewing supply chain resilience as a core competitive advantage rather than a cost item. Thus, entering the MNC supply chain often means effectively avoiding "price internalization" [4][7]. - Investment recommendations include innovative drug and device companies such as Furuya Co., Aonlikang, Shutaishen, Weichuang Bio, and others. From the perspective of CXO and raw materials, companies like WuXi AppTec, Jiuzhou Pharmaceutical, Chengda Pharmaceutical, and others are suggested for attention [4][7]. Market Performance Overview - As of November 21, 2025, the TTM-PE of the pharmaceutical and biotechnology industry is 48.84 times, which is 100% higher than the historical lowest PE valuation of 24.38 times on January 3, 2019. The premium rate relative to the CSI 300 is 252%, exceeding the historical lowest valuation premium of 124% on February 6, 2018, by 128 percentage points, and is 11 percentage points higher than the average valuation premium rate of 241% over the past decade [8][12]. - From November 17 to November 21, 2025, the pharmaceutical and biotechnology sector experienced a decline of 6.88%, ranking 22nd among 27 sub-industries. The chemical raw materials sector saw the largest decline at -8.60% [12][15]. Industry Dynamics - Pfizer's Class 1 new drug, Matacizumab, was approved for marketing on November 21, 2025, for the routine prevention and treatment of bleeding in patients with severe hemophilia A or B [20]. - Boehringer Ingelheim's Class 1 new drug, BI764198, was proposed for inclusion as a breakthrough therapy on November 18, 2025, targeting primary focal segmental glomerulosclerosis [21]. - The PD-1 inhibitor H drug, Surulutumab, developed by Fuhong Hanlin, was officially included as a breakthrough therapy on November 20, 2025, for gastric cancer treatment [22]. - On November 17, 2025, FDA approved the biosimilar of Tysabri, developed by Sandoz, for multiple sclerosis and Crohn's disease [23].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The weekly technical analysis of treasury bond futures shows that the neckline of the head-and-shoulders bottom of the 30-year treasury bond futures was broken, weakening the pattern, and attention should be paid to the subsequent repair strength. TL2603 fell back after a rebound and is in a short-term adjustment. If it further declines after the repair, subsequent market conditions need to be dealt with cautiously [1]. - The data tracking of treasury bond futures indicates that the main contract is about to change, and the cash-and-carry strategy of the 2603 contract still has some participation value. This week, the performance of treasury bond futures was differentiated, and the trading activity increased overall. The CTD net basis of the 2603 contract decreased overall, and the IRR increased except for TL. Currently, the IRR of T2603 and TL2603 is still significantly higher than the capital interest rate [2]. Summary by Directory 1. Weekly Technical Analysis 1.1 Pre - trend Review - This week, the trends of T and TL were differentiated. T rose slightly, while TL declined continuously since Wednesday. TL2603 first rose and then fell, and TL2512 broke below the upper edge of the bottom area (around 115.57) on Friday, breaking the neckline of the head-and-shoulders bottom pattern and closing near the 60 - day line [6]. 1.2 Subsequent Market Outlook - TL2603 showed signs of weakening after breaking below the neckline of the head-and-shoulders bottom on Friday. From the perspective of the wave theory, the adjustment since November 5th may form a platform type, and it may be at the end of the short - term adjustment. Attention should be paid to the repair strength. If the market declines again after the repair, the risk of further continuation of the adjustment needs to be concerned. TL2603 was weaker than T2603 this week. T2603 also broke below 115.57 on Friday, weakening the pattern. If the end of the platform type forms a phased low, the subsequent market can still be optimistic [9]. 2. Weekly Tracking of Treasury Bond Futures - This week, the performance of treasury bond futures was differentiated. As of November 21st, the closing prices of the 2512 contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures were 102.460, 105.855, 108.430, and 115.57 yuan respectively, with changes of +0.006, -0.020, +0.015, and -0.59 yuan compared with the previous week [15]. - The trading activity of treasury bond futures increased overall this week. The average daily trading volume of the 2512 contracts of each maturity increased compared with last week, and the trading volume/holding volume increased for each maturity [15]. - As of November 21st, the holding volume of the 2512 contracts of treasury bond futures decreased across the board, while that of the 2603 contracts increased across the board, indicating that participants continued to shift positions [15]. - As of November 21st, the CTD net basis of the 2603 contracts of each maturity decreased overall, with little change in TL. The CTD net basis of the 2512 contracts of 2 - year, 5 - year, 10 - year, and 30 - year were -0.07, -0.05, -0.11, and -0.13 yuan respectively. In terms of IRR, the IRR of the CTD of the 2603 contracts of 2 - year, 5 - year, 10 - year, and 30 - year were 1.66%, 1.60%, 1.77%, and 1.75% respectively, increasing except for TL. The cash - and - carry strategies of T2603 and TL2603 still have some participation value. The spread between the 2512 - 2603 contracts decreased overall this week [18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported Q3 2025 results that met expectations, with revenue of 5.15 billion yuan, a year-on-year increase of 27.1%. GAAP operating profit was 120 million yuan, up 385.1% year-on-year, while non-GAAP operating profit was 140 million yuan, an increase of 34.9% year-on-year [7] - The company is expected to strengthen its market position through continuous scenario-based marketing and policy collaboration, with projected GAAP net profits of 380 million yuan, 710 million yuan, and 1 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 16.9x, 9.1x, and 6.4x [7] Financial Performance Summary - Revenue forecast for 2025 is 21,032.63 million yuan, with a growth rate of 28.8%. The net profit for 2025 is projected to be 380.52 million yuan, reflecting a significant increase of 4724.2% compared to the previous year [6][8] - The company's gross margin for Q3 2025 was 20.5%, a year-on-year increase of 0.5 percentage points. Non-GAAP operating profit margin was 2.7%, up 0.1 percentage points, while GAAP operating profit margin was 2.3%, an increase of 1.7 percentage points [7] Revenue Breakdown - The company's 1P (self-operated) revenue reached 4.73 billion yuan, a year-on-year increase of 28.7%. Excluding Apple's official and overseas product revenue, the growth was 31.9%. The acceptance of second-hand products by users has significantly increased, with 1PtoC revenue growing over 70% [7] - The 3P (platform) revenue was 420 million yuan, a year-on-year increase of 11.6%, with multi-category revenue growing by 55.1% [7]

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in the pig farming and pet food industries, highlighting potential growth opportunities and ongoing challenges in supply and pricing [2][4][6]. Pig Farming - The pig farming sector is experiencing a downward trend in prices, with the average price of live pigs at 11.60 CNY/kg as of November 20, reflecting a week-on-week decrease of 2.11% [29][30]. - The number of breeding sows has decreased, with a reported month-on-month decline of 0.77% in October, indicating ongoing supply pressures [20][6]. - Profitability remains a concern, with losses reported at -135.90 CNY per head for self-bred pigs and -234.63 CNY per head for purchased piglets as of November 21 [33][38]. Poultry Farming - The poultry sector is seeing a rise in white chicken prices, with an average price of 7.15 CNY/kg as of November 21, up 0.42% week-on-week [39][36]. - The outbreak of avian influenza in overseas markets is creating uncertainty in the supply chain, which may benefit the white feather chicken industry in the long term [36][37]. Animal Health - The animal health industry is expected to rebound as demand for biological products increases, driven by a recovery in livestock profitability and inventory levels [44]. - Recent developments in vaccine research, particularly for African swine fever, are anticipated to stimulate interest in the sector [44]. Seed Industry - The prices of key agricultural commodities such as wheat and corn have shown slight increases, with wheat averaging 2505 CNY/ton and corn at 2280 CNY/ton as of November 21 [47]. - The report emphasizes the importance of enhancing food security and promoting the adoption of biotechnology in the seed industry [47]. Pet Industry - The pet food market is experiencing robust growth in domestic sales, with e-commerce sales up 19% year-on-year in October [55]. - Notable performance during the Double Eleven shopping festival indicates a strong market presence for domestic brands, with significant sales increases reported for several companies [56]. - Export figures for pet food show a decline, with October exports at 772 million CNY, down 15.9% year-on-year, but the impact of tariff disruptions is expected to be limited [54][52].