Group 1 - The company is engaging in commodity futures hedging to stabilize raw material costs and pig sales prices, aiming to mitigate risks from price fluctuations and ensure steady development [1][2] - The board of directors approved the continuation of commodity futures hedging business, allowing a maximum margin usage of 300 million yuan, effective until the next annual shareholders' meeting [2] - From January 1 to October 31, 2025, the company reported approximately 119.06 million yuan in investment income from hedging activities, accounting for 34.43% of the previous year's audited net profit attributable to shareholders [2] Group 2 - In October 2025, the company sold 460,000 pigs, generating sales revenue of 579 million yuan, with a month-on-month sales volume increase of 23.09% and a year-on-year increase of 45.20% [17] - Cumulatively, from January to October 2025, the company sold 3.62 million pigs, representing a year-on-year growth of 28.09%, with total sales revenue of 5.48 billion yuan, up 12.51% year-on-year [17] - The increase in pig sales volume in October 2025 is attributed to the gradual release of production capacity [19]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The sentiment in the oil and fat market has improved, and it is waiting for the fermentation of bullish factors. The protein meal market has seen a decline with reduced positions and light trading. The corn/starch market has shown stable to weak spot prices and an increase in positions on the futures market. The hog market is experiencing price fluctuations due to farmers' reluctance to sell at low prices. The natural rubber market has rebounded strongly, and its sustainability needs attention. The synthetic rubber market has seen a temporary improvement in sentiment as raw material prices have stabilized. The cotton market is fluctuating within a narrow range with limited upside and downside potential. The sugar market is testing its lower support in the short term. The pulp market has continued to rise, and the enthusiasm for futures - cash arbitrage has increased. The double - glue paper market has strengthened following the pulp market. The log market is oscillating at the bottom [1][6]. 3. Summary by Relevant Catalogs 3.1 Oil and Fats - **View**: The market sentiment has improved, waiting for bullish factors to ferment. The outlook is that palm oil, rapeseed oil, and soybean oil will oscillate. - **Logic**: Optimistic trade sentiment led to the rise of US soybeans on Wednesday, and domestic oils stopped falling and rose yesterday, with palm and rapeseed oils being relatively strong. The US government is in a "shutdown," and the market doubts the Fed's further interest rate cuts this year. US crude oil inventories increased unexpectedly. From an industrial perspective, US soybean data updates are suspended. The US soybean harvest is nearly over, and the market expects a high probability of a decline in US soybean yield. China's tariff adjustment policy boosts the export demand for US soybeans. Brazilian soybean planting is going smoothly. The arrival of imported soybeans in China may be at a relatively high level, and the de - stocking of domestic soybean oil is expected to be slow. In October, the production of Malaysian palm oil increased month - on - month, and the probability of inventory accumulation is high. Indonesia's palm oil inventory remains low due to increased consumption in biodiesel. India's vegetable oil imports may decline seasonally. With the large - scale listing of Russian rapeseed, the supply of domestic rapeseed oil is expected to increase [2][6]. 3.2 Protein Meal - **View**: The market has seen a decline with reduced positions and light trading. The outlook is that soybean meal and rapeseed meal will oscillate. - **Logic**: Internationally, US soybeans are oscillating at a high level, and the positive impact of China's purchases has been gradually digested. Attention should be paid to the US soybean yield and the growth of South American soybeans. The export volume of old - crop Brazilian soybeans in October decreased, but the discount is more favorable than that of the US. Brazilian soybeans will enter a critical growth period in November, and the impact of La Nina should be monitored. CBOT US soybeans are approaching a reasonable valuation, and new bullish factors are needed for an upward movement. Domestically, in the short term, the import and crushing profit of the January futures contract is still in the red, and profit margins need to be provided to stimulate ship purchases. In the medium term, the quantity of China's US soybean purchases will be gradually realized. The South American weather and the strength of the fourth - quarter consumption season will determine the upward potential of soybean meal. In the long term, there is expected to be no gap in soybean supply and demand in the fourth quarter of 2025 and the first quarter of 2026. The demand for soybean meal is expected to be stable or increase slightly, and rapeseed meal may follow the trend of soybean meal [6]. 3.3 Corn/Starch - **View**: Spot prices are stable to weak, and the futures market has increased positions and risen. The outlook is for oscillation. - **Logic**: The domestic corn price is generally stable with local fluctuations. In the Northeast, farmers are reluctant to sell as the temperature drops, and the supply pressure has eased. However, there are bottlenecks in transportation capacity, leading to increased freight costs and a slow - to - resolve shortage in the sales area. In November, the market is still under the pressure of new grain listing. The expected increase in production in the Northeast will drag down prices. Feed - using enterprises are mainly replenishing inventory based on rigid demand, and there is insufficient upward driving force for prices before large - scale inventory building occurs [7][8]. 3.4 Hogs - **View**: Farmers are reluctant to sell at low prices, and prices are oscillating. The outlook is for a weak oscillation. - **Logic**: The supply and demand are loose, but farmers' reluctance to sell at low prices after the price weakens has led to a low - level oscillation of hog prices. In the short term, the utilization rate of second - fattening pens has increased, but the rebound in hog prices has suppressed the enthusiasm for second - fattening. In the medium term, the number of sows capable of reproduction was at a high level in the first half of 2025, and the number of newborn piglets increased from January to September. It is expected that the hog slaughter volume will continue to increase in the fourth quarter. In the long term, the capacity of sows capable of reproduction has started to decline. With the dual drivers of "policy + losses," the reduction of sow production is expected to accelerate in the fourth quarter, and the supply pressure will gradually ease in the second half of 2026. The demand has increased slightly as the temperature drops. Group farms are actively selling, and the average weight has decreased. The enthusiasm for second - fattening has weakened [8]. 3.5 Natural Rubber - **View**: The market has rebounded strongly, and its sustainability needs attention. The outlook is for oscillation. - **Logic**: The rebound of the natural rubber market is in line with the rebound rhythm of commodities. The fundamental situation can provide some bottom support. The RU warehouse receipts have been continuously cancelled, and the new rubber registration progress is slow, with a lower valuation compared to NR. The import pressure in November may be relatively large, which will put pressure on the upside of NR. The short - term spread between RU and NR may be repaired. The recent price fluctuations are mainly affected by the macro - environment. If there is no further macro - driving force, the rubber price may face downward adjustment pressure. However, as it enters November, there may still be room for speculation about domestic rubber - cutting suspension and RU warehouse receipts, so the downside space is relatively limited [9][11]. 3.6 Synthetic Rubber - **View**: Raw material prices have stabilized, and sentiment has temporarily improved. The outlook is for oscillation. - **Logic**: The BR main contract has switched to the January contract and continued to rebound, returning to the level before Tuesday's decline. The improvement in sentiment is due to the better trading volume and temporary stabilization of butadiene prices, along with a strong rebound in the overall commodity market. The price of butadiene dropped rapidly last week to a record low this year. The supply - demand contradiction in the market has intensified, and the cautious attitude of downstream buyers has led to poor trading volume. Although the downstream buyers have gradually entered the market after the price dropped to a low level, and the supply side of butadiene intends to stop the price decline, buyers are still cautious. In the short term, attention should be paid to whether the improvement in trading sentiment can continue to support the butadiene price. In the medium term, the supply - demand of butadiene will remain in surplus in the next two months before the end of the year, and the price may decline further [12]. 3.7 Cotton - **View**: The market is fluctuating within a narrow range with limited upside and downside potential. The short - term outlook is for the January contract to oscillate within a range, and the long - term outlook is for a bullish oscillation. - **Logic**: The increase in the new - season Xinjiang cotton production is less than expected, and the purchase cost has increased, which supported the cotton price to oscillate strongly in October. The improvement in Sino - US trade relations and the reduction of import tariffs on US cotton are expected to promote US cotton exports to China and China's textile exports next year, but the short - term impact is limited. With the listing of new cotton, the supply has increased, and the cotton price is under pressure. At the same time, the profit from hedging has gradually emerged, and there is hedging pressure on the upside of the cotton price. The upper pressure on the January contract is 13,600 - 13,800 yuan/ton, and the lower support is 13,300 - 13,400 yuan/ton [13]. 3.8 Sugar - **View**: The market is testing its lower support in the short term. The long - term outlook is for a weak oscillation. - **Logic**: In the international market, the peak of Brazil's bi - weekly sugar production has ended, and the export volume in October has decreased, which may marginally improve the loose international trade flow. However, as the Northern Hemisphere enters the peak crushing season, the supply of new sugar will increase, and the downward pressure on international sugar prices remains. Brazil's cumulative sugar production has increased slightly year - on - year, and the market's expectation of Brazil's production increase has not changed. Thailand and India are expected to increase production in the new season. In the domestic market, the demand from August to September was average, and the industrial inventories in Guangxi and Yunnan have increased year - on - year. Although the tightening of import controls on syrups and premixes and the expected exhaustion of import licenses have made the domestic market relatively strong, there is still downward pressure on the domestic market as the southern sugar enters the peak crushing season [14][15]. 3.9 Pulp - **View**: The market has continued to rise, and the enthusiasm for futures - cash arbitrage has increased. The outlook is for oscillation. - **Logic**: The recent rise is due to the expected increase in the price of downstream paper driven by the increase in packaging paper prices and the improvement in the tender demand for cultural paper, as well as the increase in wood chip prices. From a medium - term perspective, the previously traded bearish factors have not completely ended. Although the bullish factors in downstream demand may bring short - term bullishness, the upward space is expected to be limited. On the fundamental side, the demand for softwood pulp has been low due to formula adjustments in recent years. There is export pressure from overseas to China, and the import price in US dollars remains weak. The hardwood pulp market has an obvious surplus situation. Although the demand has increased seasonally, it is difficult to support the price above the production cost. The futures main contract price is approaching the prices of some brands, and it is difficult for the futures to have a premium under the weak supply - demand background. The large number of expiring warehouse receipts this year will also put pressure on the futures price. However, there are also some bullish factors, such as the obvious increase in the price of packaging paper, the increase in the cost of hardwood imports, and the expected marginal improvement in cultural paper demand in November and December. The paper pulp futures market is inclined to a wait - and - see attitude [16]. 3.10 Double - Glue Paper - **View**: The market has strengthened following the pulp market. The outlook is for oscillation. - **Logic**: The price of double - glue paper in Shandong has remained stable. The market supply is abundant, and the consumption - side support is insufficient. The supply - demand relationship is still weak, and the support from wood pulp is limited. The new production facilities are operating stably, and the paper supply surplus is still severe. The demand side has seen the start of publishing tenders, but the social orders have not improved significantly, and the overall downstream consumption is still weak. Some factories are facing greater production and sales pressure. Although some paper enterprises have announced price increase plans in early November, the market is waiting and seeing, and most prices will remain stable at the end - of - month settlement. The publishing tenders have not yet started intensively, and the demand side has no obvious positive factors. The upstream wood pulp price is under pressure, and the cost support for double - glue paper is limited. The price of double - glue paper is expected to stabilize [17]. 3.11 Logs - **View**: The market is oscillating at the bottom. The outlook is for a weak oscillation. - **Logic**: The log market has remained weak and stable this week. On the one hand, traders are actively selling, and the decline in the sales volume of laminated wood has put pressure on the price of sawn timber, leading to downward pressure on the spot market. On the other hand, New Zealand log suppliers have adjusted their quotes, and there will be a greater pressure of blue - stained timber on the arrival of ships in the future, which will also put pressure on the spot market. The log peak season is gradually ending, and the port outbound volume will decline. After the peak season in mid - fourth quarter, the log inventory may accumulate again. Although the market has a short - term bearish sentiment, the log valuation is not high, and the inventory in the Jiangsu market is relatively low, so the downward space is limited. The speculative side is advised to wait and see [19].

Sales Performance - In October 2025, the company sold a total of 162,800 pigs, which includes 84,100 commercial pigs, 78,600 piglets, and 10 breeding pigs [1] - The sales revenue from pig sales amounted to 141.88 million yuan, with an average selling price of 11.83 yuan per kilogram for commercial pigs [1] Data Disclosure - The sales data provided does not include figures from the company's affiliated companies and is unaudited, which may differ from the data disclosed in regular reports [2]

Market Strategy - The market opened lower but rebounded throughout the day, with the electric grid equipment sector showing strength [7][10] - The overall A-share market saw 3,376 companies rise and 1,902 fall, with a total trading volume of 1,894.34 billion yuan, a decrease of 44.055 billion yuan from the previous trading day [8][10] Economic Indicators - The China Warehousing Index for October 2025 was reported at 50.6%, an increase of 1 percentage point from the previous month [15][16] - The People's Bank of China conducted a 655 billion yuan reverse repurchase operation with a fixed interest rate of 1.40% on November 5 [20][21] Industry Dynamics - Hon Hai Precision Industry reported a revenue increase of 11.29% year-on-year for October 2025, with total revenue for the first ten months reaching 639.27 billion New Taiwan dollars, a 15.55% increase [26][27] - The Guizhou provincial government is seeking opinions on a pricing policy for renewable energy, with solar power bidding set between 0.25 and 0.3515 yuan per kilowatt-hour [28][29] - UBTECH Robotics secured a 1.59 billion yuan order for its Walker humanoid robot, bringing its total orders for the year to over 800 million yuan [30][31] - China's dairy product output for January to September 2025 was 21.98 million tons, a decrease of 0.5% year-on-year [32][33] - Saudi Aramco predicts strong global oil demand, estimating it will reach 106 million barrels per day this year [37][38] Company Updates - Anke Medical, a subsidiary of Canan Co., received a design patent for a saliva collection device [39][40] - Gendawell reported that its Coenzyme Q10 and Doctor's Best businesses continue to grow, with a projected annual capacity increase to 920 tons [42][43] - Midea Group announced progress on its A-share repurchase plan, having repurchased 20,564,598 shares for a total of approximately 1.51 billion yuan [44][45] - Baba Foods is expanding its new store model, with plans to open 20 new locations by the end of the year [46][47]

Group 1 - The core point of the news is that Jin Xin Nong's stock price increased by 5.01% to 5.24 CNY per share, with a trading volume of 1.27 billion CNY and a turnover rate of 3.11%, resulting in a total market capitalization of 4.34 billion CNY [1] - Jin Xin Nong, established on November 6, 1999, and listed on February 18, 2011, is primarily engaged in the research, production, and sales of pig feed products, as well as information technology services [1] - The revenue composition of Jin Xin Nong's main business includes: pig compound feed 49.43%, live pigs 32.10%, other feed 9.29%, pig concentrated feed 5.43%, pig premix feed 2.82%, others 0.58%, and feed raw materials 0.35% [1] Group 2 - Among the top ten circulating shareholders of Jin Xin Nong, a fund under Guotai Fund has increased its holdings in the Guotai Zhongzheng Livestock Breeding ETF (159865) by 4.72 million shares in the third quarter, now holding a total of 12.73 million shares, accounting for 1.58% of the circulating shares [2] - The Guotai Zhongzheng Livestock Breeding ETF (159865) was established on March 1, 2021, with a latest scale of 6.097 billion CNY, and has achieved a return of 14.23% this year, ranking 3265 out of 4216 in its category [2] - The fund manager of Guotai Zhongzheng Livestock Breeding ETF is Liang Xing, who has a cumulative tenure of 9 years and 153 days, with the fund's total asset size at 30.617 billion CNY and a best return of 1112.34% during the tenure [2]

Core Insights - Zhongnong Zhongyuan (Shenzhen) Technology Co., Ltd. has completed a Series A financing round, raising a significant amount in RMB, with investors including Songhe Capital and Sanze Venture [1][2]. Financing Details - The financing round was announced on November 2, 2025, with Songhe Capital participating and the amount being in the billion RMB range [2]. - Previous funding rounds include a Pre-A round by Lenovo Capital on August 10, 2023, with undisclosed amounts, and an angel round by HongShan Sequoia China on February 8, 2023, raising tens of millions in RMB [2]. Company Focus - Zhongnong Zhongyuan is established in collaboration with the Shenzhen Agricultural Genomics Institute of the Chinese Academy of Agricultural Sciences, focusing on advanced breeding technology for pigs and the creation of breeding materials [1][2]. - The company is engaged in research related to pig genomics and breeding, gene engineering, and experimental miniature pigs, with a focus on developing new breeding materials through gene editing [2]. - The team has developed several gene-edited breeding materials that confer resistance to major diseases such as blue ear disease and infectious gastroenteritis, and has completed relevant patent arrangements [2]. - The company has also obtained certification for three model pig strains as new resources for experimental animals, marking the first successful identification of gene-edited pig disease model strains [2].

Core Viewpoint - The article highlights the emergence of agricultural cooperatives in Gansu Province, specifically in the Xifeng District, which are driving the development of rural industries and improving the livelihoods of local farmers through collaborative efforts and modern agricultural practices [1][4]. Group 1: Cooperative Development - The Yao Hui Livestock Cooperative currently has a cattle stock of 800, focusing on the Simmental breed, known for its short growth cycle and high meat yield [2]. - The cooperative was established in 2013 and has grown from a few dozen cattle to over 1,000 through a model that integrates cooperatives, bases, and farmers, benefiting over 200 local households [2][4]. - The cooperative expects to produce 1,200 to 1,300 cattle this year, generating a revenue of 17 million to 18 million yuan, while also providing employment opportunities for local villagers [2]. Group 2: Agricultural Practices - The cooperative employs a feed ratio strategy, mixing corn, soybean meal, and other nutrients to ensure the cattle's diet is balanced [2]. - The cooperative has also adopted a circular farming model by using livestock manure to cultivate over 1,000 acres of corn, which serves as both feed and a cost-saving measure [2]. Group 3: Broader Impact on Local Agriculture - The Xifeng District has been actively promoting new agricultural entities, encouraging the establishment of cooperatives that focus on various sectors such as fruits, livestock, and vegetables [4]. - The Wanrunyuan Cooperative has 276 greenhouses and supports 46 farmers in growing specialty fruits and vegetables, with an average income exceeding 20,000 yuan per greenhouse [5]. - The district has a total of 1,295 agricultural cooperatives, benefiting approximately 27,800 farmers and creating 157 demonstration cooperatives, which have transformed the rural economy from fragmented to concentrated [4][8].

Core Viewpoint - The strategic cooperation between Wens Food Group and Huawei aims to enhance the digital transformation of the livestock industry through IT and BT integration, establishing a digital foundation for smart farming and promoting technological innovation and industry upgrades [1][3]. Group 1: Strategic Cooperation Details - Wens Food Group and Huawei signed a strategic cooperation framework agreement focusing on several key areas, including the construction and operation of "Wens Cloud," modern information infrastructure, digital energy, and joint innovation of hardware and software [4][5][6][7]. - The partnership marks a deeper collaboration phase, with Wens Food Group aiming to leverage Huawei's advanced digital technologies to enhance its operations and contribute to the digital transformation of the Chinese agricultural and livestock industry [3][4]. Group 2: Technological Integration and Innovation - The cooperation will involve the joint construction and operation of "Wens Cloud," utilizing Huawei's AI capabilities, big data, and disaster recovery technologies to create a digital foundation for smart farming [4]. - Both companies will collaborate on building a modern information infrastructure that is technologically advanced, unified in operation, and capable of continuous iteration and quick service [5]. - Wens Food Group and Huawei will work together to develop a reliable, green, and intelligent data center infrastructure to promote low-carbon development in the livestock industry [6]. - The partnership will also focus on creating innovative digital solutions, integrating IT and BT, and developing AI models that cover breeding, nutrition, disease management, and veterinary services [7].

Core Insights - Agricultural Bank of China Gansu Branch has significantly increased its financial support for rural revitalization and the real economy, with a total loan balance of 281 billion yuan as of September, marking an increase of 23.5 billion yuan and a growth rate of 9.14% compared to the beginning of the year [1] Group 1: Rural Revitalization - The bank prioritizes rural revitalization, focusing on resource allocation and service mechanisms to enhance agricultural development [2] - In Gulang County, the bank provided a loan of 10 million yuan to a dairy farm using live cattle as collateral, helping the farm grow into a leading enterprise that supports local farmers [2] - The bank has supported over 90% of dairy farming enterprises in Gulang County, with total loans amounting to 228 million yuan, benefiting 165 households [2] Group 2: Agricultural Financing - The bank issued 65.4 billion yuan in county loans in the first three quarters, an increase of 10.8 billion yuan year-on-year, with a total balance of 149.5 billion yuan [4] - Loans to farmers reached 24.3 billion yuan, with a balance of 36.4 billion yuan, marking the highest growth rate for the same period in history [4] - The bank's loans in key agricultural sectors, such as grain and seed industries, have seen significant growth, with a 45.68% increase in grain loans and a substantial rise in seed loans [4] Group 3: Support for High-Tech and Green Projects - The bank has actively supported major projects, including a solar energy project with a total loan of 717 million yuan, which contributes to clean energy output [5] - Loans to high-tech and specialized enterprises have been increased, with a focus on supporting the recycling of lithium-ion batteries for the new energy sector [6] - The bank's infrastructure loans reached 92.9 billion yuan, with a significant focus on green credit, which totaled 51.5 billion yuan [6] Group 4: Financial Services for the Public - The bank has implemented various financial services aimed at improving the quality of life for the elderly, including a smart community dining service that has served over 15,000 elderly residents [7] - The bank has launched measures to stimulate consumer spending, with personal consumption loans reaching 9.1 billion yuan in the first three quarters [7] - Following a natural disaster, the bank established a green channel for disaster relief, issuing 19.81 million yuan in loans for recovery efforts [8]

- The report tracks industry prosperity signals for sectors such as coal, livestock farming, steel, structural materials, and fuel refining based on recent industry operating indicators[9] - **Coal Industry Model**: The model estimates monthly revenue and profit growth rates for the coal industry based on changes in price factors and production capacity factors. The pricing mechanism is determined by the last price index of the previous month, which sets the sales price for the following month[10][14] - **Livestock Farming Factor**: The "outbound coefficient method" is used to calculate the supply-demand gap for pigs six months in advance. The formula is: $ \text{Outbound Coefficient} = \frac{\text{Single Quarter Pig Outbound}}{\text{Breeding Sow Inventory lag6m}} $ $ \text{6-month Potential Production Capacity} = \text{t-month Breeding Sow Inventory} \times (\text{t+6-month Last Year Outbound Coefficient}) $ $ \text{6-month Potential Pig Demand} = \text{t+6-month Last Year Single Quarter Pig Outbound} $ This method effectively identifies pig price upward cycles[15][16] - **Steel Industry Model**: Monthly profit growth and per-ton profit are predicted using a model that incorporates comprehensive steel prices and cost indicators such as iron ore, coke, pulverized coal, and scrap steel[18] - **Structural Materials and Construction Engineering Model**: Profit changes in the glass and cement manufacturing industries are tracked using price and cost indicators. Configuration signals are designed based on profitability changes. Manufacturing prosperity and real estate sales data are analyzed to assess the likelihood of infrastructure investment expectations[25] - **Fuel Refining and Oil Services Model**: Industry profit growth and cracking spreads are calculated using changes in fuel oil prices and crude oil prices. Configuration signals are designed based on oil prices, cracking spreads, and new drilling changes[27] Backtesting Results - **Coal Industry**: Profit growth is predicted to continue declining in November 2025 due to coal prices being lower than the previous year[14] - **Livestock Farming Factor**: The breeding sow inventory at the end of September 2025 was 40.35 million heads, slightly down month-on-month. The potential pig supply for Q1 2026 is estimated at 19.347 million heads, with demand forecasted at 19.476 million heads, indicating a slightly tight supply-demand balance[17] - **Steel Industry**: Profit growth for October 2025 is predicted to be negative. The rolling 12-month PMI average decreased month-on-month, maintaining a neutral configuration view for the steel industry[23] - **Structural Materials and Construction Engineering**: Flat glass profitability continued to grow year-on-year in October 2025, maintaining a positive signal for the glass industry. Cement industry profits turned negative year-on-year in October 2025, with no positive signals from new housing starts, maintaining a neutral view. Manufacturing PMI and real estate sales data suggest potential infrastructure investment expectations, leading to a positive signal for the construction decoration industry[26] - **Fuel Refining and Oil Services**: Fuel refining industry profits are predicted to grow slightly year-on-year in October 2025. Oil prices were lower than the previous year, maintaining a neutral view for the fuel refining and oil services industries[34][35]