2020-2025年1-11月中国饲料产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：新希望（000876）,海大集团（002311）,通威股份（600438）,大北农（002385）,粤海饲料 （001313） 相关报告：智研咨询发布的《2026-2032年中国饲料行业市场调查研究及发展前景展望报告》 根据国家统计局数据显示：2025年11月中国饲料产量为2978万吨，同比增长3.4%；2025年1-11月中国饲 料累计产量为30896.2万吨，累计增长6%。 ...

Core Viewpoint - The A-share market in 2025 exhibited a clear structural bull market, with significant performance disparities among active equity funds, highlighted by the top-performing fund achieving a record annual return of 233.29% while others faced substantial losses, including the worst performer with a -19.65% return [1][4]. Group 1: Market Performance - The Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and Sci-Tech Innovation 50 Index rose by 18.41%, 29.87%, 49.57%, and 35.92% respectively in 2025 [1]. - A total of 4888 active equity products from 160 public fund institutions reported positive returns, while 144 products from 68 institutions experienced losses [1][9]. Group 2: Fund Performance Disparities - The top-performing fund, Yongying Technology Smart Selection, achieved a record annual return of 233.29%, surpassing the previous record set by Wang Yawei in 2007 [1]. - The worst-performing fund, Xinyuan Consumption Selection, recorded a -19.65% return, marking a significant gap of 252.94% from the top performer [2][4]. Group 3: Xinyuan Consumption Selection Analysis - Xinyuan Consumption Selection's poor performance is attributed to aggressive trading strategies, frequent personnel changes, and scale challenges, leading to a lack of coherent investment logic [3][5]. - The fund's industry allocation showed erratic shifts, moving from heavy investments in pharmaceuticals to technology and later to media, missing key market trends [5][6]. Group 4: Fund Manager Insights - Notable fund managers, including Wang Mingxu and Han Weijun, saw their products listed among the worst performers, with their total managed assets shrinking by over 70% compared to previous peaks [3][9][12]. - Xinyuan Consumption Selection faced a critical challenge to meet its scale assessment, needing to grow from 0.29 billion to 2 billion within three months [7][8]. Group 5: Institutional Investment Trends - Institutional ownership in Xinyuan Consumption Selection dropped from over 95% to 42.94% by mid-2025, indicating a significant withdrawal of institutional funds [7]. - The trend of multiple products from the same fund manager appearing on the loss list highlights a broader issue within the industry, affecting even previously successful managers [9][10].

Core Viewpoint - The domestic feed industry is entering a phase of stock competition, with ample capacity becoming the norm. In this context, leading companies are accelerating their overseas expansion, which not only shows a clear growth trajectory but also significantly contributes to their profits [3][4]. Group 1: Industry Overview - The domestic feed market is characterized by surplus capacity and insufficient operating rates, leading companies to focus on improving cost-effectiveness and service to capture market share [5]. - The overseas market is viewed as a "growth blue ocean" for leading companies, with significant results already being observed [5][9]. Group 2: Company Strategies and Performance - New Hope (000876.SZ) reported overseas sales of 4.72 million tons in the first three quarters, a year-on-year increase of 21%, with overseas sales contributing 60-70% of total profits despite only accounting for about 30% of total sales [5][9]. - Haida Group (002311.SZ) experienced a remarkable growth rate in its overseas business, with a 40% year-on-year increase in overseas feed sales in the first half of the year, continuing this growth into the third quarter [5][6]. Group 3: Future Plans and Projections - New Hope plans to increase its overseas feed production capacity by approximately 3.5 million tons over the next two to three years, aiming for a total overseas capacity of 10 million tons by 2028 to support a sales target of 9 million tons [6][9]. - Yuehai Feed (001313.SZ) is also expanding its overseas market, with a recent project in Vietnam generating over 80,000 tons in orders during its launch event [6][9]. - Haida Group is planning to spin off its subsidiary Haida Holdings for a public listing in Hong Kong, which is expected to help achieve its goal of 7.2 million tons in overseas feed sales by 2030 [7][9]. Group 4: Market Potential - The overseas market is seen as a blank slate for domestic feed companies, particularly in regions like Southeast Asia and Africa, where there is a strong demand for high-quality feed products to improve farming efficiency [9]. - The profit margins in overseas markets are expected to be higher than in domestic markets, with some companies reporting that overseas sales account for a significant portion of their profits [9].

Core Viewpoint - The Central Rural Work Conference held on December 29-30, 2022, emphasizes the importance of stabilizing grain and oil production, reflecting increased policy focus on oilseed crops due to high external dependence [1] Group 1: Agricultural Policy and Strategy - The conference highlights the need to enhance agricultural technology and equipment to support comprehensive production capacity under constraints of arable land and labor resources [1] - It stresses the importance of expanding farmers' participation in industrial development and improving the mechanism for linking farmers with agricultural enterprises [1] Group 2: Industry Recommendations - The report recommends leading companies in the livestock industry, including Wens Foodstuff Group, Haida Group, Dekang Agriculture, and Shengnong Development, with target prices of 25 yuan, 62 yuan, 111 HKD, and 22 yuan respectively, rated as "outperforming the industry" [1] - It also suggests agricultural technology leaders such as Longping High-Tech and Topcloud Agricultural Technology, with target prices of 12 yuan and 130 yuan, rated as "outperforming the industry" [1]

Market Overview - The feed sector experienced a decline of 1.08% on December 31, with TianKang Biological leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Individual Stock Performance - JinXinNong (002548) saw a significant increase of 9.95%, closing at 6.08, with a trading volume of 816,900 shares and a transaction value of 479 million [1] - TianKang Biological (002100) declined by 3.03%, closing at 7.37, with a trading volume of 337,500 shares and a transaction value of 250 million [2] - Other notable performers include ZhiYang Co. (002696) with a 1.00% increase, and Boen Group (001366) with a 0.91% increase [1] Capital Flow Analysis - The feed sector experienced a net outflow of 75.87 million from institutional investors, while retail investors saw a net inflow of 22.40 million [2] - JinXinNong had a net inflow of 64.54 million from institutional investors, but a net outflow of 36.08 million from retail investors [3] - TianMa Technology (603668) had a net inflow of 11.83 million from institutional investors, while retail investors experienced a net outflow of 13.32 million [3]

Group 1 - The company, Haida Group, announced the election of Jiang Xiewu as a candidate for the board of directors and as a member of the board's strategic committee [2] - The term for the newly elected board member will commence upon approval by the shareholders' meeting and will last until the end of the current board's term [2] - This decision was made during the fifth meeting of the seventh board of directors [2]

广东海大集团股份有限公司章程 第一章 总 则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司 的组织和行为，根据《中华人民共和国公司法》（下称《公 司法》）、《中华人民共和国证券法》（下称《证券法》）和其 他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定，由原广东海大集 团有限公司整体变更设立的股份有限公司。 原广东海大集团有限公司是依据《中华人民共和国中外合 资经营企业法》设立的中外合资有限责任公司，经商务部 商资批（2007）905 号文批准，整体变更为股份有限公司 （下称"公司"），在广东省工商行政管理局注册登记，取 得 企 业 法 人 营 业 执 照 ， 统 一 社 会 信 用 代 码 914400007578948436。 公司于 2009 年 11 月 6 日经中国证券监督管理委员会（下 称"中国证监会"）批准，首次向社会公众发行人民币普通 股 5,600 万股。于 2009 年 11 月 27 日在深圳证券交易所（下 称"交易所"）上市。 第三条 公司注册名称： 中文全称：广东海大集团股份有限公司 英文全称：Guangdong Haid Group Co., Li ...

广东海大集团股份有限公司 董事会议事规则 第一条 宗旨 为了进一步规范本公司董事会的议事方式和决策程序，促使董事和 董事会有效地履行其职责，提高董事会规范运作和科学决策水平， 根据《公司法》《证券法》《上市公司治理准则》和《深圳证券交易 所股票上市规则》等有关规定，制订本规则。 第二条 证券部 董事会下设证券部，处理董事会日常事务。 董事会秘书或者证券事务代表兼任证券部负责人，保管董事会和证 券部印章。 第三条 定期会议 董事会会议分为定期会议和临时会议。 董事会每年应当至少召开两次定期会议。 第四条 定期会议的提案 在发出召开董事会定期会议的通知前，证券部应当充分征求各董事 的意见，初步形成会议提案后交董事长拟定。 董事长在拟定提案前，应当视需要征求总裁和其他高级管理人员的 意见。 第五条 临时会议 有下列情形之一的，董事会应当召开临时会议： （一）代表十分之一以上表决权的股东提议时； （二）三分之一以上董事联名提议时； 第六条 临时会议的提议程序 按照前条规定提议召开董事会临时会议的，应当通过证券部或者直 接向董事长提交经提议人签字（盖章）的书面提议。书面提议中应 当载明下列事项： 提案内容应当属于本公司 ...

广东海大集团股份有限公司 董事会专门委员会工作制度 第 一 章 总 则 （一）披露财务会计报告及定期报告中的财务信息、内部控制评价 报告； （二）聘用或者解聘承办上市公司审计业务的会计师事务所； （三）聘任或者解聘上市公司财务负责人； 第 二 章 人 员 组 成 第一条 为完善公司法人治理结构，充分发挥董事会的职能作用，促进董事 会有效履行职责，以形成科学、高效的决策-执行体系和激励-约束 机制，根据《中华人民共和国公司法》、《中华人民共和国证券法》 并参照《上市公司治理准则》等法律、法规和规范性文件以及本公 司章程的规定，特制定本制度。 第二条 本公司董事会下设审计委员会及战略委员会专门委员会。 第三条 各专门委员会行使公司章程和本制度赋予的各项职权。 第四条 各专门委员会成员全部由董事组成。 第五条 各专门委员会委员由董事会选举产生。 第六条 各专门委员会委员的任期与公司董事的任期相同。任期届满经董事 会选举通过后可以连任。 第七条 战略委员会由四名董事组成，由董事长担任召集人。 第八条 审计委员会由三名董事组成，审计委员会成员应当为不在上市公司 担任高级管理人员的董事，其中独立董事过半数；并由会计专业的 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东海大集团股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日召 开的第七届董事会第五次会议审议通过了《关于修订<公司章程>的议案》，该议 案尚需提交公司股东会审议。现将《公司章程》修订条款公告如下： | 修订前 | 修订后 | | --- | --- | | 第八十二条 …… | 第八十二条 …… | | （二）非独立董事提名方式和程序为： | （二）非独立董事提名方式和程序为： | | 董事会、单独或合并持有公司已发行股份 3% | 董事会、单独或合并持有公司已发行股份 1% | | 以上的股东可以提名董事候选人，提名人应 | 以上的股东可以提名董事候选人，提名人应 | | 在提名前征得被提名人同意，并公布候选人 | 在提名前征得被提名人同意，并公布候选人 | | 的详细资料，…… | 的详细资料，…… | | 第一百一十三条 公司设董事会，董事会由 7 | 第一百一十三条 公司设董事会，董事会由 8 | | 名董事组成，其中设董事长 人，联席董事 1 | 名董事组成，其中设董事长 人，联席 ...