黑龙江北大荒农业股份有限公司 工程项目管理制度 第一章 总则 第一条 为进一步加强黑龙江北大荒农业股份有限公司（以下简称"公司"）工程项目 管理，规范项目建设程序，提高项目管理水平，根据《中华人民共和国建筑法》《中华人民 共和国招标投标法》《建设工程质量管理条例》等有关法律法规、规范性文件和《企业内部 控制基本规范》及上级相关规定，结合公司实际，制定本制度。 第二条 本制度所称工程项目，是指公司及分公司自行或者委托其他单位实施的工程以 及与工程建设有关的货物、服务。 前款所称工程，是指建设工程，包括建筑物和构筑物的新建、改建、扩建及其相关的装 修、拆除、修缮等；所称与工程建设有关的货物，是指构成工程不可分割的组成部分，且为 实现工程基本功能所必需的设备、材料等；所称与工程建设有关的服务，是指为完成工程所 需的勘察、设计、监理、造价咨询等服务。 第三条 公司工程项目管理流程包括投资计划（方案）管理、勘察设计管理、招投标管 理、合同管理、建设实施管理、变更管理、竣工验收与后评价等。 第四条 本制度适用于公司及分公司的工程项目管理。公司所属子公司按照相关法律法 规、规范性文件和公司内控制度，结合本单位实际，自行制定 ...

黑龙江北大荒农业股份有限公司 对外投资管理制度 第一章 总则 第一条 为了规范黑龙江北大荒农业股份有限公司（以下简称"公司"）对外投资行为， 建立科学的投资管理机制，确保投资决策的科学性，有效防范投资风险，保证资金资产安全， 提高投资效益，维护股东和投资者权益，根据《中华人民共和国公司法》《上海证券交易所 股票上市规则》《企业内部控制基本规范》《企业内部控制应用指引第 6 号—资金活动》和《公 司章程》，结合公司实际，制定本制度。 第二条 本制度所称对外投资是指公司以货币资金、无形资产和其它实物资产新建或者 直接投资于其它单位以获取该单位全部或部分股权的行为，以及债权投资、有价证券投资等， 具体包括以下投资行为： （一）股权投资： 1.公司独自出资新设法人企业，取得该企业 100%股份； 2.公司与境内、外其它独立法人企业、社会团体或自然人等共同出资新设法人企业（控 股或参股）； 3.公司出资兼并、收购、重组或者参股其它境内、外独立法人企业； 4.公司出资参股或者加入各种社会团体组织的行为。 （二）债权投资 公司有价证券投资按照公司《金融及衍生品交易制度》执行。 第三条 公司进行对外投资活动，执行负面清单制度 ...

证券代码：600598 证券简称：北大荒 公告编号：2025-036 黑龙江北大荒农业股份有限公司 第七届董事会第三十三次会议（临时）决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 黑龙江北大荒农业股份有限公司（以下简称："公司"）于 2025 年 12 月 15 日召开第七届董事会第三十三次会议（临时），会议通知于 2025 年 12 月 9 日以 专人送达、传真和电子邮件的形式发出，本次会议以通讯表决方式，全部董事均 参加了会议。会议符合《公司法》及《公司章程》的有关规定，会议的召开及议 案事项合法有效。本次会议决议通过以下议案： 一、关于修改《董事会战略与可持续发展委员会工作制度》的议案 原《董事会战略委员会工作制度》修改为《董事会战略与可持续发展委员会 工作制度》。 同意 9 票，反对 0 票，弃权 0 票。 三、关于修订《工程项目管理制度》的议案 同意 9 票，反对 0 票，弃权 0 票。 四、关于修订《对外投资管理制度》的议案 同意 9 票，反对 0 票，弃权 0 票。 五、关于修订《外派董事、监事 ...

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Views of the Report - The overall performance of China's economy in 2025 shows a complex situation, with some indicators improving and others facing challenges. The government is expected to introduce more incremental policies in 2026 to boost consumption, promote investment, and address key risks. The bond market remains in a volatile and weak pattern, while the stock market is expected to see more balanced opportunities with technology stocks continuing as the main theme [17][22][34]. 3. Summary by Relevant Catalogs 3.1 Macro Data Overview - GDP growth in Q3 2025 was 4.8% year - on - year, slightly lower than the previous quarter. The manufacturing PMI in November was 49.2%, and the non - manufacturing PMI for business activities was 49.5%. Social financing scale, M2, M1, and other financial indicators showed certain trends, with social financing scale increment in the first 11 months exceeding last year's full - year figure [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - China's November financial data showed that RMB loans increased by 15.36 trillion yuan in the first 11 months, and the cumulative social financing scale increment was 33.39 trillion yuan. The authorities issued a notice to boost consumption through financial support [2]. 3.2.2 Metals - Global physical gold ETFs had continuous inflows in November, with the total asset management scale and total holdings reaching new highs. The copper price was approaching $12,000 per ton, with a cumulative increase of over 30% this year. The zinc, copper, and other metal inventories showed different trends [5][6][7]. 3.2.3 Coal, Coke, Steel, and Minerals - The prices of coke and coking coal decreased in early December. The 2026 Shanxi Coal Trading Conference was held, and some steel products will be under export license management from January 1, 2026 [9]. 3.2.4 Energy and Chemicals - China's oil and gas industry is moving towards a new stage of development, with the expected natural gas production to reach 300 billion cubic meters by 2030. The shale oil exploration and development work was promoted, and the number of US oil drilling platforms increased [11][12]. 3.2.5 Agricultural Products - The prices of some agricultural products such as soybean meal and corn increased, while the price of peanuts decreased. The total grain output of Beidahuang Group achieved "22 consecutive years of harvest" [14][15]. 3.3 Financial News Compilation 3.3.1 Open Market - The central bank conducted 1205 billion yuan of 7 - day reverse repurchase operations on December 12, with a net withdrawal of 193 billion yuan. This week, there are large - scale reverse repurchase maturities, and the central bank will conduct 6000 billion yuan of 6 - month - term repurchase operations on December 15 [16]. 3.3.2 Key News - Multiple departments held meetings to implement the spirit of the Central Economic Work Conference, emphasizing policies such as promoting consumption, stabilizing investment, and preventing financial risks. The issuance scale of public funds and bonds in the market showed certain trends [17][25]. 3.3.3 Bond Market Summary - The Chinese bond market turned cold, with bond yields rising and bond futures prices falling. The money market interest rates showed different trends, and the yields of European and US bonds also changed [28][32]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the US dollar index also showed a slight increase. Non - US currencies had different trends [33]. 3.3.5 Research Report Highlights - Different institutions analyzed the November financial data and the Central Economic Work Conference, providing investment suggestions for the bond market, such as holding short - term credit bonds and medium - term interest - rate bonds [34]. 3.4 Stock Market Key News - Last week, the A - share market was volatile, with the technology growth sector performing well. The scale of ETFs linked to the CSI A500 index continued to expand. Multiple public funds are currently being issued, and the market is at the time of cross - year layout, with more balanced investment opportunities expected in 2026 [39][40].

Core Viewpoint - The agricultural and animal husbandry ETF (159275) shows stable performance with a price increase of 1.12% and a trading volume of 4.29 million yuan as of December 15 [1][4]. Group 1: ETF Performance - The top-performing stocks within the ETF include Zhengbang Technology, Tiankang Biological, and Chenguang Biological, with increases of 7.56%, 7.06%, and 5.36% respectively [1][4]. - Conversely, Shennong Seed Industry, Jinxinnong, and Huisheng Biological experienced declines of 3.11%, 2.34%, and 2.36% respectively [1][4]. Group 2: Industry Developments - The Ministry of Agriculture and Rural Affairs has approved the registration of seven new veterinary drugs, including an inactivated vaccine for pigeon paramyxovirus, enhancing the technical reserves of the animal protection industry [1][4]. - The Ministry of Finance has revised the management measures for the reward funds for the transfer of pigs (cattle and sheep) from major counties, strengthening policy support for the pig and sheep industries to guide stable capacity development [1][4]. Group 3: Market Analysis - Guohai Securities indicates that the pig industry is entering a regulatory period, with authorities controlling pig prices through capacity reduction. Short-term pressures on pig prices are expected due to increased slaughter volumes and the digestion of large pig inventories, although regulatory policies will not be overly aggressive [1][4]. - The poultry sector is experiencing low prices, with future attention on marginal improvements in the cycle. The animal protection sector is focused on the clinical trial progress of African swine fever vaccines, with an increased probability of vaccine market entry as trials advance [1][4]. - The pet economy continues to thrive, with strong growth of domestic brands [1][5]. Group 4: Industry Valuation - Dongguan Securities notes that the breeding industry is currently underperforming, with pig prices fluctuating upwards but breeding profits remaining in the red. The inventory of breeding sows remains high, indicating significant capacity reduction potential. The industry's valuation is at historical lows [2][5]. Group 5: ETF Composition - The agricultural and animal husbandry ETF (159275) and its linked funds passively track the agricultural and animal husbandry index, with the top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, Haida Group, New Hope Liuhe, Meihua Holdings, Dabeinong Technology Group, BioFeng, Beidahuang, Hainan Rubber, and Shennong Development [2][5].

Core Insights - The "Vibrant City - Zhaodong Basketball Elite Competition" recently concluded, attracting approximately 15,000 fans and significantly boosting local consumption in Zhaodong, Heilongjiang Province [1] - The event led to a 20% increase in hotel occupancy, a 35% rise in dining consumption, and a 30% growth in foot traffic in surrounding commercial areas [1] - The local government successfully transformed sports event "traffic" into tourism "growth" through a model that encourages extended stays and multiple consumer interactions [1] Group 1 - The integration of "sports + tourism" has been a focus for Zhaodong City, promoting various combinations such as "events + culture," "events + food," and "events + agriculture" to enhance regional economic flow [1] - As of now, Zhaodong has attracted over 200,000 external tourists through various events, significantly increasing overall tourism consumption [1] - From January to October, Zhaodong received 4.535 million tourists, a year-on-year increase of 30.5%, and achieved a tourism revenue of 766 million yuan, up 32.6% [2] Group 2 - The "events + tourism" model has also facilitated cultural exchanges, exemplified by the recent "Huahui Cup" Sino-Russian table tennis challenge, which attracted over 200 athletes and numerous spectators [2] - Tourists, including those from Shenyang, engaged in local sightseeing and shopping, enhancing the overall visitor experience [2] - During the event, Zhaodong offered free admission to attractions for participants, creating a vibrant atmosphere where sports events and cultural activities synergistically boosted local consumption [3]

Core Insights - The report emphasizes the accelerated reduction of pig production capacity and highlights investment opportunities in raw milk and beef cattle sectors [2][15]. Livestock Farming - As of December 12, the average price for lean pigs in China is 11.03 CNY/kg, unchanged from the previous week but down 33.2% year-on-year. The industry continues to face significant supply pressure and losses due to short-term demand stagnation and regional epidemics [7][15]. - The number of breeding sows decreased by 1.1% month-on-month in October, indicating a more pronounced decline compared to September. The winter season is noted as a high-risk period for pig diseases, which may further impact production capacity [15]. - Recommended leading companies include Wens Foodstuffs Group and Muyuan Foods, with additional attention on Dekang Agriculture and New Hope Liuhe. Companies with potential for operational turnaround include Zhengbang Technology, while smaller firms like Tiankang Biological and Shennong Group are also suggested for consideration [15]. - For broiler chickens, the average price for live chickens and chicks is 3.65 CNY/jin and 3.54 CNY/chick, respectively, both showing a week-on-week increase of 1.4% [15]. Dairy Sector - The current price for fresh milk in major production areas is 3.02 CNY/kg, stable week-on-week but down 3.2% year-on-year. The industry is expected to continue reducing capacity due to long-term losses and financial pressures [16]. - The report anticipates a gradual balance in supply and demand as previous capacity reductions take effect, with a positive outlook for the raw milk cycle in 2026-2027 [16]. - Recommended companies in the dairy sector include Yurun Agriculture and Modern Farming [16]. Feed and Animal Health - The report notes a mixed performance in aquatic product prices, with a significant rebound in white shrimp prices due to previous disease outbreaks and delayed stocking [17]. - The aquaculture industry is expected to improve in 2025 compared to 2023-2024, although profitability is projected to remain lower than pre-2023 levels, necessitating upgrades in feed formulations and farming techniques [17]. - Leading feed companies are expected to enhance their market share domestically and expand internationally, leveraging their cost advantages [17]. - Key companies to watch in the animal health sector include Keqian Biological, Pulaike, Ruipu Biological, and Biological Shares, as they expand into pet healthcare [17]. Crop Sector - The domestic corn spot price is 2357 CNY/ton, remaining stable, while soybean meal prices have increased by 1.5% to 3159 CNY/ton [18]. - The report highlights the importance of monitoring weather conditions in South America and trade factors affecting soybean prices [18]. - Companies to focus on in the seed industry include Suqian Agricultural Development, Beidahuang, and Longping High-Tech [18]. Pet Food Industry - The global production layout of pet food companies is maturing, with limited impact from trade frictions on overseas operations. The domestic market shows high growth potential, driven by functional and health-oriented products [20]. - The industry is witnessing a trend towards consolidation, with leading companies like Guibao Pet and Zhongchong Shares showing strong brand performance [20]. - The long-term outlook remains positive for industry growth and the rise of domestic brands [20].

记者12月13日从北大荒农垦集团有限公司了解到，2025年该集团粮食总产达463.14亿斤，较上年增加 5.50亿斤，再创历史新高。 据了解，2025年，北大荒集团粮食作物播种面积达4644.65万亩，粮食综合单产提升至每亩997.15斤，较 上年增加10.61斤，提升1.07％；粮食总产占黑龙江省的28.24％、占全国的3.24％，较历史最好年份2021 年高出0.04亿斤，连续15年稳定在400亿斤以上。预计全年粮食商品量约440亿斤，自1947年开发建设以 来，北大荒农垦集团有限公司已累计生产粮食11398亿斤，输出商品粮约9853亿斤。（新华社） ...

Group 1 - The core viewpoint of the article highlights that the Beidahuang Agricultural Reclamation Group is set to achieve a record grain production of 46.314 billion jin in 2025, marking a year-on-year increase of 550 million jin, thus achieving "22 consecutive years of abundance" in agricultural production [1] - In 2025, the total sown area for grain crops will reach 46.4465 million mu, with a comprehensive grain yield of 997.15 jin per mu, an increase of 10.61 jin or 1.07% compared to the previous year [2] - The total grain output will account for 28.24% of Heilongjiang Province and 3.24% of the national total, surpassing the historical best year of 2021 by 400,000 jin, maintaining a stable output above 40 billion jin for 15 consecutive years [2] Group 2 - During the "14th Five-Year Plan" period, the grain production capacity of Beidahuang Agricultural Reclamation Group has steadily increased, with the sown area expanding from 43.4011 million mu in 2020 to 46.4465 million mu, a net increase of 3.0455 million mu [5] - The comprehensive grain yield per mu has improved by 13.75 jin compared to 2020, with a cumulative grain production of 2,291.12 billion jin, an increase of 172.33 billion jin compared to the "13th Five-Year Plan" period [5] - The company, located in Heilongjiang Province, has a total operational land area of 53,600 square kilometers and stable arable land of 48.744 million mu, making it the largest reclamation area in China [5]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights the ongoing capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3][9] - The report identifies several investment opportunities across different segments of the agriculture industry, including pig farming, feed, planting, and pet food sectors [3][43] Summary by Sections Pig Farming Sector - The pig farming industry is experiencing accelerated capacity reduction, with current pig prices and expectations both weak, leading to a significant decline in profitability [9] - In November, 14 listed pig companies collectively slaughtered 16.82 million pigs, a decrease of 2.21% month-on-month but an increase of 22.48% year-on-year [13] - The average selling price of pigs showed a slight recovery, with prices ranging from 11.1 to 12.53 yuan/kg, although still down approximately 30% year-on-year [15] Feed Sector - The report notes that raw material prices for feed are stabilizing at the bottom, with corn prices slightly down and soybean meal prices up [28] - As of December 12, corn prices averaged 2,356.67 yuan/ton, down 0.08%, while soybean meal prices rose by 1.54% to 3,159.43 yuan/ton [28] Planting Sector - The report indicates a confirmed upward trend in grain prices, suggesting favorable fundamentals for planting and seed industries, with significant investment opportunities [3][43] Pet Food Sector - The pet food industry is in a growth phase, with increasing domestic brand recognition and continuous growth among leading companies [3][43]