Core Viewpoint - The animal health sector experienced a slight decline of 0.02% on October 21, with Bioworks leading the drop. Meanwhile, the Shanghai Composite Index rose by 1.36% and the Shenzhen Component Index increased by 2.06% [1]. Group 1: Market Performance - The animal health sector's performance was mixed, with individual stocks showing varying degrees of increase and decrease. Notably, the top gainers included: - Driving Force (4.50% increase) [1] - Dayu Biological (3.46% increase) [1] - Yongshun Biological (2.06% increase) [1] - Conversely, Bioworks saw a decline of 2.10%, leading the losses in the sector [2]. Group 2: Trading Volume and Capital Flow - The trading volume for the animal health sector indicated a net outflow of 151 million yuan from institutional investors, while retail investors saw a net inflow of 116 million yuan [2]. - The capital flow for individual stocks showed significant movements, with: - Key stock, Bioworks, experiencing a net outflow of 6.46 million yuan from institutional investors [3]. - Retail investors contributed a net inflow of 7.59 million yuan to Zhongmu Co. [3]. Group 3: Individual Stock Analysis - The following stocks had notable capital flows: - KQ Biological had a net inflow of 1.83 million yuan from institutional investors [3]. - ST Green Health faced a net outflow of 4.37 million yuan from institutional investors [3]. - The stock of Rui Pu Biological saw a net inflow of 17.22 million yuan from retail investors despite a net outflow from institutional investors [3].

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [9][62]. Core Views - The swine sector is undergoing deepening regulation, with a focus on value reassessment opportunities. The report suggests that the price of pigs may face downward pressure in the short term due to increased market supply, but regulatory measures are expected to stabilize prices in the long run [1][16]. - The poultry sector is anticipated to improve, with data indicating a rise in the number of breeding stock and a shift towards self-breeding [2][27]. - The animal health sector is seeing a potential improvement in competitive dynamics, particularly with the progress of clinical trials for African swine fever vaccines, which could enhance market conditions [3][35]. - The pet economy is thriving, with domestic brands gaining strength and the market expected to continue its rapid growth [9][55]. Summary by Sections Swine - The swine industry is in a regulatory phase aimed at controlling prices through capacity reduction. The average price of pigs is reported at 11.02 yuan/kg, with a weekly decrease of 0.87 yuan/kg. The number of breeding sows is stable at 40.38 million heads [15][16]. - Recommended companies include Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture, Shennong Group, and Juxing Agriculture [1][16]. Poultry - The poultry sector shows signs of improvement, with a total of 80.33 thousand sets of breeding stock updated in the first three quarters of 2025. The report highlights a shift towards self-breeding, with self-bred stock accounting for 59% [2][27]. - Recommended companies in this sector are Shennong Development and Lihua Stock [2][27]. Animal Health - The competitive landscape in the animal health sector is expected to improve, supported by government initiatives to optimize the veterinary drug industry. The report notes that clinical trials for African swine fever vaccines are underway, which could lead to commercialization [3][35]. - Recommended companies include Kexin Biological and Ruipu Biological, with additional focus on Huisheng Biological, Zhongmu Biological, and others [3][35]. Planting - The report indicates a declining pig-to-grain price ratio, with the current ratio at 4.95. The prices of corn and soybean meal have shown slight fluctuations, with corn priced at 2181 yuan/ton [39][44]. - Companies to watch include Suqian Agricultural Development, Longping High-Tech, and Denghai Seeds [7][44]. Feed - Feed prices are experiencing fluctuations, with the price for fattening pig feed at 3.34 yuan/kg. The report notes a year-on-year increase in industrial feed production [45][46]. - Recommended companies include Haida Group and He Feng Shares [45][46]. Pets - The pet market is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5%. The report highlights the increasing consumption per pet, with dogs averaging 2961 yuan and cats 2020 yuan annually [55][56]. - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares, with Ruipu Biological in the pet medical sector [9][55].

Market Overview - The animal health sector increased by 0.81% on October 20, with Xianfeng Holdings leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Xianfeng Holdings (002141) closed at 4.06, up 5.45% with a trading volume of 588,700 shares and a turnover of 237 million yuan [1] - Other notable stocks included ST Lvkang (002868) at 28.36, up 5.00%, and Biological Shares (600201) at 10.95, up 1.48% [1] - The overall trading volume and turnover for the animal health sector were significant, indicating active market participation [1] Capital Flow - The animal health sector saw a net inflow of 31.5863 million yuan from institutional investors, while retail investors experienced a net outflow of 10.9434 million yuan [2] - The main capital inflow was primarily directed towards Xianfeng Holdings, which had a net inflow of 28.5381 million yuan [3] - Conversely, stocks like Shunlian Biological (688088) and ST Lvkang experienced net outflows from retail investors, indicating a shift in investor sentiment [3]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [5][51]. Core Viewpoints - The industry has shown a slight outperformance against the CSI 300 index, with a decline of 0.45% from October 9 to October 16, 2025, which is 0.03 percentage points better than the index [5][12]. - The report highlights that the breeding capacity of sows is expected to continue to decrease, with the number of breeding sows at 40.38 million as of the end of August 2025, a slight decrease of 0.1% month-on-month [5][24]. - The report emphasizes the potential investment opportunities in leading companies in pig farming due to the expected capacity reduction and the marginal improvement in profitability for leading chicken farming companies [5][51]. Summary by Sections Market Review - The SW agriculture, forestry, animal husbandry, and fishery industry slightly outperformed the CSI 300 index, with a decline of 0.45% from October 9 to October 16, 2025, outperforming the index by approximately 0.03 percentage points [12]. - Most sub-sectors recorded positive returns, with only the breeding and feed sectors showing negative returns of 1.27% and 1.53%, respectively [13]. - Over half of the stocks in the industry recorded positive returns, with approximately 57% of stocks showing gains [14]. - The overall price-to-book (PB) ratio for the industry is approximately 2.85 times, slightly down from before the National Day holiday, indicating a relative low valuation historically [21]. Key Industry Data - **Pig Farming**: The average price of external three-yuan pigs decreased from 11.87 yuan/kg to 11.17 yuan/kg between October 3 and October 16, 2025 [24]. - **Breeding Capacity**: The number of breeding sows was 40.38 million, slightly above the normal holding capacity of 39 million, indicating potential for further capacity reduction [24]. - **Costs**: The spot price of corn was 2271.57 yuan/ton, showing a recent decline, while soybean meal prices increased to 3010 yuan/ton [26]. - **Profitability**: The profit from self-bred pigs was -244.7 yuan per head, and from purchased piglets was -375.29 yuan per head, indicating a continued decline in profitability [29]. Industry Insights - The report suggests focusing on leading companies in pig farming due to the expected capacity reduction and potential low-entry opportunities [51]. - In chicken farming, attention is drawn to the marginal improvement in profitability for leading companies [51]. - The report also highlights opportunities in the feed sector due to increasing market concentration and overseas expansion [51]. - In the animal health sector, companies with strong R&D capabilities are recommended for attention [51]. Company-Specific Insights - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and Shengnong Development (002299) among others, due to their strong market positions and growth potential [51][53].

Core Insights - The animal health sector experienced a decline of 0.28% on October 17, with Ruipu Biotech leading the drop [1][2] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Shenyuan Biological (688088) saw a significant increase of 10.65%, closing at 11.43 with a trading volume of 319,600 shares and a turnover of 368 million yuan [1] - Other notable gainers included Yongshun Biological (920729) with a rise of 2.94% and Xianfeng Holdings (002141) with an increase of 1.85% [1] - Conversely, Ruipu Biotech (300119) fell by 2.47%, closing at 21.69 with a trading volume of 109,100 shares and a turnover of 239 million yuan [2] Capital Flow - The animal health sector saw a net inflow of 33.17 million yuan from institutional investors, while retail investors experienced a net outflow of 37.18 million yuan [2][3] - Shenyuan Biological had a net inflow of 76.52 million yuan from institutional investors, representing 20.82% of its trading volume [3] - In contrast, other companies like XD Plai Ke (603566) and Huayi Biological (603718) faced significant net outflows from both institutional and retail investors [3]

Core Viewpoint - The animal health sector experienced a decline of 0.85% on October 16, with Xianfeng Holdings leading the drop. The Shanghai Composite Index rose by 0.1%, while the Shenzhen Component Index fell by 0.25 [1]. Group 1: Market Performance - The closing price of *ST Lvkang was 27.48, with an increase of 5.01%, while other stocks in the sector showed mixed results [1]. - The total trading volume for the animal health sector was significant, with *ST Lvkang recording a volume of 14,900 hands and a transaction amount of 40.81 million yuan [1]. - The overall market saw a net outflow of 126 million yuan from the animal health sector, with retail investors contributing a net inflow of 91.62 million yuan [2]. Group 2: Individual Stock Analysis - *ST Lvkang had a net inflow of 5.23 million yuan from major funds, while Xianfeng Holdings saw a net outflow of 3.36 million yuan [3]. - The stock of RuiPu Bio had a significant net outflow of 25.44 million yuan from major funds, despite a retail net inflow of 39.62 million yuan [3]. - The stock of HaiLi Bio experienced a net outflow of 4.47 million yuan from major funds, with a retail net inflow of 2.64 million yuan [3].

Group 1 - The core viewpoint of the news is that Huisheng Biological has experienced fluctuations in its stock price and trading volume, with a significant increase in stock price year-to-date, but recent declines in the short term [1] - As of October 16, Huisheng Biological's stock price was 20.92 yuan per share, with a market capitalization of 4.233 billion yuan and a trading volume of 80.2648 million yuan [1] - The company has seen a net outflow of main funds amounting to 2.2558 million yuan, with large orders showing a mixed buying and selling pattern [1] Group 2 - Huisheng Biological operates primarily in the veterinary medicine sector, with 93.56% of its revenue coming from veterinary raw materials and formulations [1] - As of June 30, the number of shareholders increased by 65.21% to 23,500, while the average number of circulating shares per person decreased by 28.44% [2] - For the first half of 2025, Huisheng Biological reported a revenue of 822 million yuan, representing a year-on-year growth of 88.45%, and a net profit attributable to shareholders of 117 million yuan, up 325.88% year-on-year [2] Group 3 - Since its A-share listing, Huisheng Biological has distributed a total of 236 million yuan in dividends, with 135 million yuan distributed over the past three years [3]

Core Viewpoint - The stock of Jinyu Biological Technology Co., Ltd. has experienced significant fluctuations, with a year-to-date increase of 58.13% and a recent decline of 2.09% on October 16, 2023 [1][2]. Financial Performance - For the first half of 2025, the company reported a revenue of 620 million yuan, reflecting a year-on-year growth of 1.28%, while the net profit attributable to shareholders decreased by 50.84% to 60.42 million yuan [2]. - Cumulatively, the company has distributed 2.219 billion yuan in dividends since its A-share listing, with 189 million yuan distributed over the past three years [3]. Stock Market Activity - The stock has seen a trading volume of 288 million yuan on October 16, 2023, with a turnover rate of 2.36% and a total market capitalization of 12.007 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on July 17, 2023, where it recorded a net purchase of 123 million yuan [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 3.84% to 54,900, with an average of 20,405 circulating shares per person, a decrease of 3.70% [2]. - The top ten circulating shareholders include significant institutional investors, such as Guotai Zhenzhong Livestock Breeding ETF and Southern Zhenzhong 1000 ETF, which have increased their holdings [3].

Core Viewpoint - The company, Huisheng Biological (300871), is actively expanding its overseas market presence, primarily focusing on the export of raw materials, while its formulation business is still in the exploratory phase [2]. Group 1: Stock Performance - As of October 15, 2025, Huisheng Biological's stock closed at 21.35 yuan, an increase of 1.47%, with a turnover rate of 2.25%, a trading volume of 45,500 shares, and a transaction amount of 96.5641 million yuan [1]. Group 2: Investor Relations - The company has received inquiries regarding its competitiveness in overseas markets and its strategies for international expansion, indicating a positive trend in overseas sales [2]. - The company has not yet provided a third-quarter earnings forecast, with the report scheduled for release on October 28 [2]. - The company is awaiting approval from the China Securities Regulatory Commission for its targeted stock issuance, with the review inquiry response already submitted [2]. Group 3: Market Activity - On October 15, there was a net inflow of 1.2384 million yuan from major funds, suggesting increased short-term interest in Huisheng Biological [2]. - Retail investors showed a net outflow of 1.9195 million yuan, while speculative funds had a net inflow of 0.6811 million yuan [2].

Investment Rating - The report indicates a neutral outlook for the agricultural, forestry, animal husbandry, and fishery sector, with a focus on the performance of specific companies within the industry [10]. Core Insights - The report highlights a significant decline in the performance of 22 key listed companies in the agricultural sector, with an expected 47% year-on-year drop in combined earnings for the first three quarters of 2025. However, certain segments, such as egg production and animal health, are expected to show notable growth [4][5]. - The pig farming sector is experiencing losses due to falling prices, with the average price of live pigs dropping to 13.9 yuan/kg, a 28% decrease year-on-year. This has led to a significant decline in profits for major pig farming companies [4][5]. - In the poultry sector, while white chicken prices are stabilizing, yellow chicken is seeing seasonal demand increases. The average price for commodity broiler chicks is reported at 2.67 yuan/chick, down 13% year-on-year [4]. - The animal health segment is witnessing a recovery in demand driven by improved cash flow for downstream customers, with a 6.73% increase in vaccine approvals from July to September 2025 [4]. - The pet food industry is maintaining high growth domestically, with online sales growth of 7% in Q3 2025, despite a decline in export performance due to tariffs [4]. Summary by Relevant Sections Pig Farming - The average profit for self-bred and purchased pig farming is reported at 43.2 and -116.7 yuan per head respectively, indicating a significant disparity in profitability among companies [4][5]. - Major pig farming company Muyuan Foods is expected to report a 50% year-on-year decline in net profit for Q3 2025 [4]. Poultry Farming - The report notes a seasonal recovery in yellow chicken prices, while white chicken prices remain under pressure due to oversupply [4]. - The average price for commodity egg-laying chicks is reported at 3.24 yuan/chick, reflecting a 4% year-on-year decrease [4]. Animal Health - The demand for veterinary vaccines is recovering, with a notable increase in sales driven by improved cash flow in the farming sector [4]. - The prices of veterinary raw materials have increased, with prices for certain antibiotics rising by 34% and 26% year-on-year respectively [4]. Pet Food - Domestic pet food companies are expected to continue high growth rates, with specific companies like Guibao and Petty showing year-on-year profit increases of 2% and flat performance respectively [4][5].