从资金流向上来看，当日动物保健板块主力资金净流出4892.47万元，游资资金净流入2685.5万元，散户 资金净流入2206.97万元。动物保健板块个股资金流向见下表： 证券之星消息，11月28日动物保健板块较上一交易日下跌0.56%，*ST绿康领跌。当日上证指数报收于 3888.6，上涨0.34%。深证成指报收于12984.08，上涨0.85%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 920729 | 永顺生物 | 9.07 | 1.57% | 1.29万 | ly 1155.04万 | | | 920275 | 驱动力 | 9.32 | 0.76% | 5832.76 | 537.20万 | | | 600201 | 生物股份 | 12.22 | 0.58% | 16.68万 | | 2.04亿 | | 600195 | 中牧股份 | 7.77 | 0.39% | 6.59万 | 5095.91万 | | | 920970 | 大禹生物 ...

农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/11/14-2025/11/27） 行 业 牧原股份赴港上市获证监会备案 2025 年 11 月 28 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 资料来源：iFinD ，东莞证券研究 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业略跑赢沪深300指数。2025年11月14日—2025年11月27日， SW农林牧渔行业下跌3.79%，跑赢同期沪深300指数约0.18个百分点；细分 板块中，仅渔业录得正收益，上涨7.89%；动物保健、种植业、养殖业、 饲料和农产品加工均录得负收益，分别下跌0.85%、3.31%、3.34%、4.76% 和7.96%。估值方面，截至2025年11月27日，SW农林牧渔行业指数整体PB （整体法，最新报告期，剔除负值）约2.80倍 ...

具体来看，今年第三季度，生物股份实现营业收入4.23亿元，同比增长17.76%；实现归属于上市公司股东的净利润1.01亿 元，同比增长116.40%。 本报记者 马宇薇 11月26日，金宇生物技术股份有限公司（以下简称"生物股份"）召开2025年第三季度业绩说明会。围绕经营成果、海外业 务、产品布局规划、非洲猪瘟疫苗市场进展等内容，与投资者展开交流。 今年前三季度，生物股份实现营业收入10.42亿元，同比增长7.38%；实现归属于上市公司股东的净利润1.61亿元。 生物股份主要从事兽用生物制品的研发、生产与销售，产品种类涵盖猪、禽、反刍和宠物类四大系列百余种动物疫苗。 2025年，受国内养殖业周期性波动、疫苗价格战加剧等因素影响，多数动物保健行业（以下简称"动保行业"）企业面临营 收增长压力。在此背景下，生物股份大单品矩阵持续放量，成为对冲行业压力的核心力量。 围绕"大单品、大客户"策略，生物股份在行业制高点的口蹄疫联苗、非洲猪瘟、猫传腹等大单品研发申报上取得重大的突 破，宠物医疗、国际化出海和技术创新等领域正展现出强劲的增长潜力。 "行业竞争加剧将促使企业更注重产品差异化与技术领先性。"生物股份董事长张翀宇 ...

Core Viewpoint - The company, Reap Bio (300119.SZ), currently does not have a specific vaccine for the H5N5 avian influenza, but its existing H5+H7 vaccine theoretically offers good protection against the prevalent H5N5 strain due to its genetic components [1] Group 1 - The company and the domestic market currently lack a dedicated H5N5 avian influenza vaccine [1] - The H5N5 strain circulating abroad belongs to the clade 2.3.4.4b genetic branch, which is crucial for evaluating vaccine efficacy [1] - The existing H5+H7 vaccine contains components of the clade 2.3.4.4b strain, suggesting it can provide adequate protection [1]

Core Viewpoint - The company is actively expanding its pet health product line, with a long-term product planning scheme that includes chemical drugs, biological products, and pet health products [1] Group 1: Product Development - The company is focusing on self-branded production and sales of pet health products, without engaging in OEM business [1] - A comprehensive R&D and market operation team will be gradually established to support product promotion [1] Group 2: Market Strategy - The company plans to develop distribution channels primarily through offline veterinary hospitals [1] - The company will adhere to the disclosure obligations as per the Shanghai Stock Exchange regulations, ensuring timely announcements of relevant information [1]

Core Viewpoint - The animal health sector experienced a slight decline of 0.2% on November 24, with *ST Lvkang leading the drop [1][2] Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05% - The Shenzhen Component Index closed at 12585.08, up 0.37% [1] Individual Stock Performance - Notable gainers in the animal health sector included: - Shenlian Biological (688098) with a closing price of 9.57, up 2.57% on a trading volume of 55,100 shares and a turnover of 52.32 million yuan - Yongshun Biological (920729) at 8.95, up 1.59% with a trading volume of 15,900 shares and a turnover of 14.22 million yuan - Xianfeng Holdings (002141) at 3.98, up 1.53% with a trading volume of 694,200 shares and a turnover of 275 million yuan [1] Capital Flow Analysis - The animal health sector saw a net outflow of 35.49 million yuan from institutional investors, while retail investors contributed a net inflow of 31.36 million yuan [2][3] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [3] Stock-Specific Capital Flow - Key stocks with significant capital flow include: - Dayu Biological (920970) with a net inflow of 1.55 million yuan from institutional investors - Pulaike (603566) with a net inflow of 0.99 million yuan from institutional investors - Shenlian Biological (688098) faced a net outflow of 2.88 million yuan from institutional investors [3]

Core Viewpoint - The animal health sector experienced a significant decline of 4.0% on November 21, with Shunlian Biological leading the drop [1] Market Performance - The Shanghai Composite Index closed at 3834.89, down 2.45% - The Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Shunlian Biological (688098) closed at 9.33, down 5.85% with a trading volume of 58,100 shares and a turnover of 55.30 million yuan - Huisheng Biological (300871) closed at 19.33, down 5.71% with a trading volume of 65,400 shares and a turnover of 130 million yuan - Yongshun Biological (920729) closed at 8.81, down 5.47% with a trading volume of 23,700 shares and a turnover of 21.71 million yuan - *ST Green Health (002868) closed at 41.88, down 4.99% with a trading volume of 5,569 shares and a turnover of 23.32 million yuan - Biological Shares (600201) closed at 11.76, down 4.85% with a trading volume of 491,800 shares [1] Capital Flow Analysis - The animal health sector saw a net outflow of 128 million yuan from institutional investors, while retail investors had a net inflow of 87.82 million yuan [1] - The following stocks had notable capital flows: - Shunlian Biological: net outflow of 11.71 million yuan from institutional investors [2] - *ST Green Health: net outflow of 6.34 million yuan from institutional investors, but a net inflow of 990,000 yuan from retail investors [2] - Huisheng Biological: net outflow of 8.69 million yuan from institutional investors, with a net inflow of 432,630 yuan from retail investors [2]

白羽鸡：虽然2024年祖代种鸡进口同比增加，但未恢复至引种中断前正常年份引种数量；预计2025年优 质父母代鸡苗需求较好；加之受海外引种大幅下降影响，2025年下半年父母代鸡苗供给将更紧，后续也 将影响2026年商品代鸡苗的供给。看好种禽端景气，重点推荐成本改善的一体化龙头企业圣农发展。 黄羽鸡：当前父母代种鸡存栏已降至历史偏低位水平，再加之行业亏损持续了一段时间，供给收缩为后 续鸡价上涨奠定基础。当前黄鸡养殖成本回落至低位，四季度需求有望支撑鸡价景气并带动盈利释放。 重点推荐立华股份。 后周期：需求边际修复，龙头海外维持高增 饲料方面，生猪养殖和禽养殖板块存栏逐步恢复，带动畜禽料需求明显修复，下游水产养殖端景气度回 升提振水产料需求。饲料需求整体呈现恢复趋势。展望25Q4，畜禽料需求景气有望持续，水产料需求 逐步步入淡季，龙头市占率有望继续提升。此外，龙头饲企海外扩张或打开成长空间。重点推荐海大集 团。 动保方面，受益于下游养殖端盈利持续，动保需求整体呈现恢复趋势，具备产品力优势的动保公司盈利 率先修复。展望25Q4，预计主要动保公司盈利端或呈改善趋势。标的选择方面，重点推荐科前生物， 建议关注生物股份、瑞 ...

Core Viewpoint - The announcement from Green康生化 indicates that its controlling shareholder, Shanghai康怡, has released a portion of its pledged shares, which does not pose any substantial risk to the company [1] Group 1: Share Pledge Details - On November 20, 2025, the controlling shareholder Shanghai康怡 notified that 5.1352 million shares were released from pledge on November 19, accounting for 10.86% of its holdings and 3.30% of the company's total share capital [1] - As of the announcement date, Shanghai康怡 and its concerted parties have a total of 5.2 million shares pledged, representing 10.61% of their holdings and 3.35% of the company's total share capital [1] Group 2: Risk Assessment - There is no risk of forced liquidation or transfer of the pledged shares from the controlling shareholder, indicating stability for the company [1]

Core Viewpoint - The stock of Jinyu Biological Technology Co., Ltd. has shown significant growth this year, with an 81.11% increase in share price, indicating strong market performance and investor interest [1][2]. Company Overview - Jinyu Biological Technology Co., Ltd. is located in Hohhot, Inner Mongolia, and was established on March 13, 1993, with its stock listed on January 15, 1999. The company primarily engages in the research, production, and sales of veterinary biological products [1]. - The main revenue composition includes 94.42% from biopharmaceuticals, 3.18% from other income, and 2.40% from supplementary sources [1]. Financial Performance - For the period from January to September 2025, the company achieved an operating income of 1.042 billion yuan, representing a year-on-year growth of 7.38%. However, the net profit attributable to shareholders decreased by 4.85% to 161 million yuan [2]. - The company has distributed a total of 2.219 billion yuan in dividends since its A-share listing, with 189 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 10.70% to 49,000, while the average circulating shares per person increased by 11.12% to 22,673 shares [2]. - Notable institutional shareholders include Guotai Zhongxin Livestock Breeding ETF, which holds 25.0398 million shares, and Hong Kong Central Clearing Limited, holding 21.1968 million shares, both showing increases in their holdings [3].