Core Viewpoint - The agricultural, animal husbandry, and fishery sector showed strong performance on October 10, with the first agricultural ETF (159275) experiencing a significant increase in net subscriptions and notable gains in constituent stocks [1][3]. Market Performance - The agricultural ETF (159275) opened lower but quickly rebounded, closing up 0.8% after reaching a maximum intraday gain of 1.5%. It recorded a net subscription of 52 million units by the end of the day [1]. - Key stocks in the sector, such as TianKang Biological and GuanNong Co., saw increases exceeding 7%, while several others, including XiongDi Technology and ShengWu Shares, rose over 4% [1]. Industry Dynamics - The pig farming industry is undergoing capacity reduction, with a reported decrease of 400,000 breeding sows compared to the previous month and a total reduction of 3.4 million from the peak last year [2]. - Recent outbreaks of African swine fever in Vietnam and Guangxi, China, have heightened risks for the farming sector. A meeting on September 16 emphasized policies aimed at reducing production capacity [2][3]. Investment Outlook - Analysts from Pacific Securities and Dongfang Securities suggest that the current fundamentals and policy changes favor capacity reduction in the pig farming industry, indicating potential long-term investment value as most listed companies are at historical low valuations [3][4]. - The agricultural sector's valuation remains low, with the agricultural ETF's underlying index trading at a price-to-book ratio of 2.61, which is in the lower 34.9% of the past decade, suggesting a favorable entry point for investors [3]. Future Trends - The trend towards improving quality and efficiency in the pig farming industry is expected to continue, with outdated capacities being phased out and market dynamics shifting towards higher prices in the long term [4][5]. - Investment opportunities are identified in various segments, including pig farming, feed, animal health, and crop planting, as the demand for these sectors is anticipated to rise with the recovery of pig stocks [5][6].

Market Overview - A-shares experienced a collective pullback on October 10, with the ChiNext and STAR Market showing larger adjustments compared to other indices [1] - High-dividend stocks, such as the S&P Dividend ETF, rose by 1.2%, while sectors like batteries, semiconductors, and non-ferrous metals faced declines [1][2] Sector Performance - The agricultural sector, particularly the first agricultural ETF, saw a maximum intraday increase of 1.5% and closed up by 0.8%, indicating potential turning points in the pig cycle [1][4] - The technology sector faced significant declines, with the AI-focused STAR Market ETF dropping by 4.75%, suggesting a potential short-term impact on investor sentiment [1][3] Investment Insights - Analysts suggest that the coal sector may see a rebound due to increased winter heating demand, with potential price increases if supply constraints are enforced [3] - The agricultural sector is viewed positively due to recent policy signals aimed at reducing production capacity, which could lead to long-term price increases for pork [6][8] ETF Highlights - The agricultural ETF (159275) recorded a net subscription of 52 million units, reflecting strong investor interest [4] - The Hong Kong Internet ETF (513770) experienced a price drop of 3.41%, but maintained a premium, indicating active buying interest despite market volatility [9][14] Geopolitical and Economic Factors - The easing of geopolitical tensions, such as the approval of a ceasefire in Gaza, has led to a decrease in safe-haven demand, impacting gold prices negatively [2][11] - The market is also influenced by the Federal Reserve's cautious stance on interest rate adjustments, contributing to short-term uncertainties [12][13] Future Outlook - Analysts expect the pig farming industry to undergo capacity reduction, which could enhance long-term profitability for leading companies in the sector [7][8] - The overall sentiment in the market remains cautious, with expectations of continued volatility but potential for recovery in the long term [12][13]

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、误导性陈述或重大遗漏。 牧原食品股份有限公司（以下简称"公司"）2025 年经营者持股计划第一次 会议、2025 年奋斗者持股计划第一次会议、2025 年骨干员工持股计划第一次会 议于 2025 年 10 月 9 日以通讯的方式召开，会议由董事会秘书秦军先生主持，会 议的召集、召开和表决程序符合公司 2025 年持股计划的有关规定。 出席 2025 年经营者持股计划第一次会议的持有人 202 人，代表 2025 年经营 者持股计划份额 9,116,814 股，占公司 2025 年经营者持股计划总股数的 94.8381%； 出席 2025 年奋斗者持股计划第一次会议的持有人 3,338 人，代表 2025 年奋斗者 持股计划份额 22,225,434 股，占公司 2025 年奋斗者持股计划总股数的 94.5823%； 出席 2025 年骨干员工持股计划第一次会议的持有人 969 人，代表 2025 年骨干员 工持股计划份额 8,170,575 股，占公司 2025 年骨干员工持股计划总股数的 93.2870%。会议审议通过了以下议案： | ...

Group 1 - Jieqiang Equipment has completed the acquisition of 51% stake in Shandong Carbon Seeking, which will now be included in the company's consolidated financial statements [1] - Tonghua Dongbao's insulin injection product has received marketing approval in Myanmar for diabetes treatment [1] - New Light Optoelectronics' actual controller plans to increase shareholding by 5 to 10 million yuan within six months [2] Group 2 - Far East Holdings received contracts worth 1.769 billion yuan in September [3] - Poly Developments reported a 1.84% decrease in signed sales amount in September, totaling 20.531 billion yuan [4] - ST Nuotai expects a net profit increase of 5.62% to 13.74% for Q3 2025 [7] Group 3 - Chongqing Port's controlling shareholder plans to merge with another entity, changing the controlling shareholder to Chongqing Logistics Group [9] - New Energy Company reported a 28.21% increase in cumulative power generation from January to September [11] - Dashiang Co. announced the resignation of its chairman due to personal reasons [12] Group 4 - Liao Port Co. announced the resignation of a non-executive director due to work changes [13] - Zhongzai Resources received a government subsidy of 5.33 million yuan, accounting for 23.72% of its audited net profit for 2024 [14] - Xiaoming Co. reported a sales revenue of 66.15 million yuan from chicken products in September [15] Group 5 - Tianyi Co. signed a framework contract worth 23.50 million yuan for e-business network terminal production [16] - Jingu Co. signed a strategic cooperation agreement with Ninebot Technology for lightweight materials [18] - Tianbang Foods reported a sales revenue of 634 million yuan from commodity pigs in September [20] Group 6 - Shaanxi Energy's subsidiary received an administrative penalty for safety violations, resulting in a fine of 940,000 yuan [22] - North Bay Port reported a 9% increase in cargo throughput in September [23] - Tangrenshen reported a sales revenue of 639 million yuan from pig sales in September [24] Group 7 - Dabeinong reported a sales revenue of 541 million yuan from pig sales in September [25] - Jiukang Bio obtained four medical device registration certificates [26] - Canan Co. invested 90 million yuan in structured deposits with a bank [27] Group 8 - Zhuhai Port reported a 5.44% decrease in cargo throughput in Q3 [28] - Jinli Yongmag expects a net profit increase of 157% to 179% for the first three quarters [29] - Huamao Logistics' controlling shareholder plans to increase shareholding by 64.5 to 129 million yuan [30] Group 9 - Dongjie Intelligent signed a 50 million yuan contract for intelligent warehousing in the steel industry [31] - Sais Technology signed a cooperation framework agreement with Volcano Engine for intelligent robotics [32] - Huadong Pharmaceutical's subsidiary received approval for clinical trials of a new drug targeting advanced solid tumors [34] Group 10 - TCL Technology completed the acquisition of 80% and 100% stakes in LG Display's subsidiaries for 11.088 billion yuan [34] - Shuangliang Energy won a 419 million yuan EPC project for cooling systems [36] - Ruina Intelligent announced plans for shareholders to reduce their stakes by up to 1.18% [38] Group 11 - Baodi Mining announced plans for shareholders to reduce their stakes by up to 5.45% [40] - Xinyi Technology's shareholders set the transfer price for shares at 328 yuan each [42] - Sunshine Power submitted an application for H-share listing on the Hong Kong Stock Exchange [44] Group 12 - Qisheng Technology's controlling shareholder plans to reduce their stake by up to 3.09% [46] - Wu Ming Kangde sold 30.3 million shares of Wu Ming He Lian through block trading [48] - Qiaoyin Co. announced plans for shareholders to reduce their stakes by up to 6% [49] Group 13 - Muyuan Foods reported a sales revenue of 9.066 billion yuan from commodity pigs in September [51] - Huawang Technology's shareholders plan to reduce their stakes by up to 1.1% [53] - Huaxin Xinchuang received a project notification from Lantu Automotive for display components [54] Group 14 - China Merchants Shekou reported a signed sales amount of 16.698 billion yuan in September [55] - Shao Neng Co. received approval for an antitrust review regarding a share acquisition [57] - Pengding Holdings reported a 6.21% increase in consolidated revenue in September [58] Group 15 - Ganfeng Lithium is advancing its solid-state battery commercialization and strategic investment in the energy storage sector [59]

Market Overview - The Shanghai Composite Index fell by 0.94% on October 10, with 18 out of the 28 sectors rising, led by the construction materials and coal sectors, which increased by 1.92% and 1.37% respectively [1] - The agriculture, forestry, animal husbandry, and fishery sector also saw a rise of 0.94% [1] - The electronic and electrical equipment sectors experienced the largest declines, with drops of 4.71% and 4.46% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 125.784 billion yuan, with 8 sectors experiencing net inflows [1] - The construction materials sector had the highest net inflow of capital, totaling 418 million yuan, while the agriculture, forestry, animal husbandry, and fishery sector followed with a net inflow of 379 million yuan [1] - A total of 23 sectors saw net capital outflows, with the electronic sector leading at 38.319 billion yuan, followed by the electrical equipment sector with a net outflow of 25.535 billion yuan [1] Agriculture, Forestry, Animal Husbandry, and Fishery Sector Performance - The agriculture, forestry, animal husbandry, and fishery sector had a net inflow of 37.9 million yuan, with 91 out of 105 stocks in the sector rising [2] - Two stocks hit the daily limit up, while 13 stocks declined, with one hitting the daily limit down [2] - The top three stocks with the highest net inflow were Muyuan Foods (1.51 billion yuan), Aonong Biological (1.37 billion yuan), and Zhongchong Co. (707.513 million yuan) [2] Capital Inflow and Outflow in Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The top stocks with capital inflow included: - Muyuan Foods: +0.70%, turnover rate 1.44%, net inflow 150.6898 million yuan - Aonong Biological: +10.04%, turnover rate 6.84%, net inflow 137.3470 million yuan - Zhongchong Co.: +1.57%, turnover rate 3.68%, net inflow 70.7513 million yuan [2] - The top stocks with capital outflow included: - COFCO Sugar: -0.25%, turnover rate 1.58%, net outflow -37.7869 million yuan - New Hope: +0.20%, turnover rate 0.90%, net outflow -23.6733 million yuan - Lihua Co.: +3.52%, turnover rate 2.58%, net outflow -16.6142 million yuan [3]

Group 1 - The pork concept sector rose by 1.60%, ranking 10th among concept sectors, with 29 stocks increasing in value, including Aonong Biological which hit the daily limit, and Tian Kang Biological, Guangming Meat, and Lihua Co., which rose by 7.52%, 5.57%, and 3.52% respectively [1] - The main capital inflow into the pork concept sector was 306 million yuan, with 16 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 10 million yuan. The leading stock in net inflow was Muyuan Foods with 151 million yuan, followed by Aonong Biological, Tian Kang Biological, and Guangming Meat [2] - The net inflow ratios for Aonong Biological, Guangming Meat, and Tian Kang Biological were 24.19%, 11.36%, and 8.79% respectively, indicating strong investor interest in these stocks [3] Group 2 - The top gainers in the pork sector included Aonong Biological with a daily increase of 10.04%, Tian Kang Biological at 7.52%, and Guangming Meat at 5.57%, while stocks like Bangji Technology, Jinxinnong, and Zhengbang Technology experienced declines [4][5] - The trading volume and turnover rates for key stocks in the pork sector were notable, with Muyuan Foods at a turnover rate of 1.44%, Aonong Biological at 6.84%, and Tian Kang Biological at 5.67% [3][4]

Group 1 - The pork concept sector rose by 1.60%, ranking 10th among concept sectors, with 29 stocks increasing in value, including Aonong Biological, which hit the daily limit, and Tian Kang Biological, Guangming Meat, and Lihua Co., which rose by 7.52%, 5.57%, and 3.52% respectively [1][2] - The pork concept sector saw a net inflow of 306 million yuan from main funds, with 16 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow, led by Muyuan Foods with a net inflow of 151 million yuan [2][3] - Aonong Biological, Guangming Meat, and Tian Kang Biological had the highest net inflow ratios of main funds at 24.19%, 11.36%, and 8.79% respectively [3][4] Group 2 - The top-performing stocks in the pork concept sector included Aonong Biological, which increased by 10.04%, and Tian Kang Biological, which rose by 7.52% [3][4] - Stocks such as Bangji Technology, Jinxinnong, and Zhengbang Technology experienced declines, with decreases of 0.40%, 0.39%, and 0.33% respectively [1][2] - The trading volume and turnover rates for stocks in the pork sector varied, with Muyuan Foods showing a turnover rate of 1.44% and a slight increase of 0.70% [3][4]

Report Overview - Report Name: Weekly Report on the Pig Market [2] - Date: October 10, 2025 - Researcher: Zhang Xin - Industry: Pig Market 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The pig price opened significantly lower and declined after the holiday, with the main contract 2511 falling 8.38% weekly. In the short - term, the supply - demand pattern of pigs remains loose, and the pig price will oscillate weakly. It is recommended to conduct short - side trading on the 2601 contract or perform reverse arbitrage operations on pig futures [7]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights - **Market Review**: The pig price opened low and dropped after the holiday, with the main contract 2511 down 8.38% weekly [7][10]. - **Market Outlook**: Supply pressure persists in the near - term due to the inventory cycle of piglets and breeding sows and postponed slaughter plans. Retail farmers are actively selling due to losses and pessimism. Post - holiday demand declines, and slaughterhouse operations decrease. The short - term supply - demand pattern remains loose, and the pig price will oscillate weakly. Suggest short - side trading on the 2601 contract or reverse arbitrage on pig futures [7]. 3.2 Futures Market - **Price Movement**: The futures price fell, and the main contract 2511 dropped 8.38% weekly [7][10]. - **Net Position and Warehouse Receipts**: As of October 10, the net short position of the top 20 holders increased by 5388 lots to 33089 lots, and the number of futures warehouse receipts remained at 0, unchanged from before the holiday [16]. - **Contract Spreads**: The spread between lh2601 and lh2603 contracts was 180, and the spread between lh2601 and lh2605 contracts was - 385 [22]. 3.3 Spot Market - **Basis**: The basis of the November contract was - 320 yuan/ton, and the basis of the January contract was - 1140 yuan/ton [27]. - **Pig and Piglet Prices**: The national average pig price was 12.5 yuan/kg, down 0.08 yuan/kg from last week and 5.94% from last month. The average price of 15 - kg weaned piglets was 24.86 yuan/kg, down 0.52 yuan/kg from last week and 11.21% from last month [34]. - **Pork and Breeding Sow Prices**: The national average pork price on September 25 was 24.29 yuan/kg, down 0.22 yuan/kg from the previous week. The average price of binary sows last week was 32.50 yuan/kg, unchanged from the previous week [38]. - **Pig - to - Grain Ratio**: As of September 24, the pig - to - grain ratio was 5.68, down 0.13 from the previous week and below 6:1 [42]. 3.4 Upstream Situation - **Breeding Sow Inventory**: In August 2025, the national breeding sow inventory was 40380000 heads, down 40000 heads month - on - month, up 0.05% year - on - year, and 103.5% of the normal level. Among the 208 sample enterprises, the inventory of 123 large - scale farms was 5056500 heads, down 0.83% month - on - month and up 1.86% year - on - year; the inventory of 85 small and medium - sized farms was 173900 heads, down 0.09% month - on - month and up 5.92% year - on - year [47]. - **Pig Inventory**: In Q2 2023, the national pig inventory was 424470000 heads, up 7160000 heads from the previous quarter and 9140000 heads year - on - year. In August, the inventory of 123 large - scale farms was 3614500000 heads, up 1.11% month - on - month and 5.28% year - on - year; the inventory of 85 small and medium - sized farms in July was 148820000 heads, up 2.49% month - on - month and 7.23% year - on - year [52]. - **Pig Slaughter Volume and Average Weight**: In August, the slaughter volume of 123 large - scale farms was 1070350000 heads, up 2.56% month - on - month and 23.49% year - on - year; the slaughter volume of 85 small and medium - sized farms in July was 47370000 heads, down 1.44% month - on - month and up 54.30% year - on - year. The average slaughter weight of national outer - ternary pigs was 123.48 kg, up 0.01 kg from last week [57]. 3.5 Industry Situation - **Breeding Profits**: As of September 26, the loss of purchasing piglets for breeding was 236.57 yuan/head, an increase of 37.25 yuan/head; the loss of self - breeding and self - raising was 74.11 yuan/head, a decrease of 49.66 yuan/head. The profit of laying hens was 0.11 yuan/head, down 0.06 yuan/head week - on - week, and the profit of 817 meat - hybrid chickens was 1.40 yuan/head [62]. - **Pork Imports**: From January to August 2025, the cumulative pork imports were 710000 tons, with a monthly average of 88750 tons. In August, the imports were 80000 tons, down 11.11% year - on - year [63][67]. - **Substitute Products**: As of September 26, the price of white - striped chickens was 14.4 yuan/kg, up 0.1 yuan/kg from last week. As of October 9, the average price difference between standard and fat pigs was - 0.59 yuan/kg, with the price difference of fat pigs expanding by 0.2 yuan/kg [70]. - **Feed Situation**: As of October 10, the spot price of soybean meal was 3013.71 yuan/ton, down 4.86 yuan/ton from the previous week; the price of corn was 2311.57 yuan/ton, down 57.06 yuan/ton from the previous week. The closing price of the Dalian Commodity Exchange pig feed cost index was 877.43, down 0.99% from last week. The price of finishing pig compound feed was 3.34 yuan/kg, down 0.01 yuan/kg from last week. In August 2025, the monthly feed output was 2927200 tons, up 99900 tons month - on - month; the sales of piglet feed decreased by 0.04% month - on - month and 0.74% year - on - year [76][82][85]. - **CPI**: As of August 2025, China's CPI decreased by 0.4% year - on - year [89]. 3.6 Downstream Situation - **Slaughterhouse Operations**: In the 41st week, the slaughterhouse operation rate was 34.53%, down 1.24 percentage points from last week but higher than the same period last year. The domestic frozen - product storage rate was 17.75%, up 0.1 percentage points from last week [92]. - **Slaughter Volume and Catering Consumption**: As of August 2025, the slaughter volume of designated pig slaughterhouses was 33500000 heads, up 5.81% month - on - month. In August 2025, the national catering revenue was 44957000000 yuan, up 2.1% year - on - year [97]. 3.7 Pig Stocks - The report presents the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [98][101]

Core Insights - The aquaculture sector experienced a rise of 0.72% on October 10, with Lihua Co. leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Aquaculture Sector Performance - Lihua Co. (300761) closed at 22.95, up 3.52% with a trading volume of 161,900 shares and a transaction value of 368 million yuan [1] - Other notable performers included: - Luoniushan (000735) at 6.49, up 3.34% [1] - Xiaoming Co. (300967) at 22.43, up 2.28% [1] - Minhe Co. (002234) at 8.57, up 2.15% [1] - The overall trading volume and transaction values for various stocks in the aquaculture sector were significant, indicating active market participation [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 134 million yuan from institutional investors, while retail investors experienced a net outflow of 1.31 billion yuan [2] - The main stocks with significant capital flow included: - Muyuan Foods (002714) with a net inflow of 199 million yuan from institutional investors [3] - Wens Foodstuff Group (300498) with a net inflow of 15.53 million yuan from institutional investors [3] - Retail investors showed a negative trend in net inflows across several stocks, indicating a cautious sentiment among smaller investors [2][3]

Core Viewpoint - The livestock ETF (159865) has seen a net inflow of 319 million shares, indicating strong capital interest in livestock assets. The industry is expected to experience a shift towards stable, high-quality development, with leading companies improving profitability and cash flow [1]. Group 1: Industry Trends - In the first half of 2025, pig supply is expected to increase, leading to a slight year-on-year decline in pig prices. However, listed companies in the pig farming sector are projected to report significant earnings in their mid-year reports due to cost reduction and efficiency improvements [1]. - The industry is entering a new development phase characterized by reduced debt, slowed capacity expansion, decreased capital expenditure, and significantly improved free cash flow [1]. - Short-term profitability may decline, accelerating the elimination of inefficient production capacity, while a "de-involution" trend will drive a decrease in sow inventory [1]. Group 2: Company Performance - Leading pig farming companies, such as Muyuan Foods, are experiencing continuous balance sheet recovery and significant cash flow improvements, enhancing shareholder returns and highlighting dividend value [1]. - The performance and shareholder returns of top pig farming companies are expected to lead to a certain revaluation of their value [1]. Group 3: Index Information - The livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming and feed processing to reflect the overall performance of the livestock industry [1]. - The China Securities Livestock Index covers various sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1].