Core Viewpoint - The livestock sector is experiencing a moderate increase, with pig prices expected to enter a fluctuating upward channel due to a substantial reduction in supply driven by strong policy and market factors [1] Group 1: Pig Industry - The combination of strong policy-driven de-stocking and market-driven loss de-stocking will lead to a significant contraction in pig supply [1] - Pig prices are anticipated to start a fluctuating upward trend as a result of this supply contraction [1] Group 2: Chicken Industry - The yellow chicken market is seeing a seasonal increase in consumption, suggesting that prices may have reached a bottom [1] - The egg-laying chicken industry is facing a delayed impact from overseas breeding restrictions, which will gradually affect the supply of commercial chickens by 2026, leading to potential price increases for chicks and broilers [1] Group 3: Cost Factors - Global grain supply remains relatively ample, with corn and soybean meal prices likely to maintain low volatility, providing support for livestock industry profits [1] - After experiencing fluctuations and capacity reductions in 2024 and 2025, the livestock industry is expected to see a recovery in profits and valuations in 2026 [1] Group 4: Investment Opportunities - Investors interested in the livestock sector may consider focusing on livestock ETFs, specifically ETF 159865, as potential investment opportunities arise [1]

Market Overview - The A-share market experienced slight fluctuations, with the Shanghai Composite Index rising by 0.04% to 3965.28 points, marking a nine-day winning streak, while the Shenzhen Component Index fell by 0.49% to 13537.10 points. The total trading volume remained high at 2.15 trillion yuan, with more declines than gains in the overall market. As the year-end approaches, market hotspots are becoming more dispersed, with the oil and military sectors performing relatively well. After a brief adjustment in the fourth quarter, the market has resumed its upward trend, and the positive factors driving this rally are expected to remain unchanged, indicating a potential slow bull market next year [1][10]. Metal Market Dynamics - The metal market has shown significant volatility, with silver futures experiencing over a 10% increase during the day but closing lower. Copper futures broke the 100,000 yuan mark but also saw a narrowing of gains by the end of the day. Platinum and palladium contracts hit their daily limit down. The fluctuations in commodity prices have led to a decline in the non-ferrous metal sector in the stock market [3][12]. - Silver has been in a structural supply deficit for five years, driven by industrial demand from photovoltaic silver paste and AI electronics, with a cumulative increase of over 150% this year. The global supply of silver is primarily a byproduct of copper, lead, and zinc mining, and the expected increase in silver supply by 2026 is minimal, unable to fill the significant demand gap. The demand from the photovoltaic industry is stable despite the push for "de-silverization," while the rapidly expanding demand from AI data centers and automotive electronics will further support silver prices. A physical deficit of over 100 million ounces of silver is anticipated by 2026 [3][12]. - In contrast, copper is transitioning from an expected shortage to a real shortage, with projections indicating a deep deficit of 500,000 to 1 million tons in the global copper market by 2026. The decline in existing mine grades and lagging capital expenditures are hindering copper supply growth, while the explosive demand from AI and power grids is creating a rigid demand for copper, making price increases more likely in the long term [3][12]. Investment Strategies - Given the significant prior gains in metals like silver and copper, profit-taking has led to increased short-term volatility. Companies with high-quality mining resources are expected to benefit from both volume and price increases, providing a good safety margin and typically higher stock price elasticity than the metals themselves. Investors are advised to pay attention to mining ETFs (561330) and consider opportunities for low-cost acquisitions [4][13]. - The livestock sector saw a mild increase today, with pig supply expected to contract significantly due to strong policy and market-driven reductions, potentially leading to a rising price trend. The chicken sector is also expected to see price stabilization as seasonal demand increases, while the egg-laying industry faces upstream supply constraints that will gradually affect prices. Overall, the livestock industry is anticipated to recover in profits and valuations by 2026, making livestock ETFs (159865) worth monitoring [4][14]. Currency and Economic Outlook - The offshore RMB has strengthened against the USD, reaching the 7.0 mark, the highest in 15 months. It is expected that the RMB will maintain a strong trend in the short term, with a moderate appreciation anticipated in 2026, which could enhance the attractiveness of Chinese assets to global capital [4][14]. - In 2026, China is expected to continue its loose monetary and proactive fiscal policies, leading to a further recovery in total demand. Globally, fiscal expansions in the US, Europe, and Japan are also expected to improve demand. The Federal Reserve is likely to maintain a loose stance, benefiting the A-share market during the economic recovery phase [5][15]. Index Performance - The A500 index emphasizes industry balance and sector leaders, providing a more diversified and growth-exposed style that can offer a better beta base during the industrial upgrade cycle. Since its base period, the A500 has shown an annualized total return of 9.11% with a volatility of 21.41%, outperforming the CSI 300 in total returns, particularly in growth phases. The A500 index, covering leading companies across various sectors, offers investors a balanced choice between defensive and growth potential during market fluctuations [6][15].

Group 1 - The aquaculture sector increased by 1.58% on December 29, with Jingji Zhino leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the aquaculture sector showed varied performance, with Jingji Zhino rising by 10.01% to a closing price of 16.27 [1] Group 2 - The main funds in the aquaculture sector saw a net inflow of 90.42 million yuan, while retail funds had a net inflow of 10.91 million yuan [2] - Major stocks like Muyuan Foods and Wen's Foodstuffs experienced significant net outflows from retail investors [3] - Jingji Zhino had a net inflow of 67.42 million yuan from main funds, indicating strong institutional interest [3]

Report Industry Investment Rating - There is no information provided regarding the industry investment rating in the report. Core Viewpoints - The Financial Street Securities Research Institute constructed a strategy portfolio based on industry and theme ETFs, referring to two strategy reports published in 2024 [1]. - From December 22 - 26, 2025, the strategy's cumulative net return was about 4.34%, and the excess return relative to the CSI 300 ETF was about 2.29%. From October 14, 2024, to the present, the strategy's out - of - sample cumulative return was about 32.21%, and the cumulative excess relative to the CSI 300 ETF was about 8.98% [2]. - In the week of December 29, 2025, the model recommended allocating to sectors such as securities, industrial metals, and precious metals. The strategy will newly hold products like Securities ETF Leader, Mining ETF, Gold Stocks ETF, and Communication ETF, and continue to hold products such as Power Grid Equipment ETF and Battery ETF [11]. Summary by Relevant Catalogs ETFs Information - The report lists information about multiple ETFs, including their fund codes, names, market values, holding situations, heavy - held Shenwan industries and weights, as well as weekly and daily timing signals. For example, Securities ETF Leader has a market value of 41.14 billion yuan, is being调入, and has 100% in the securities industry, with a weekly timing signal of - 1 and a daily timing signal of 1 [2]. Performance Tracking - In the period from December 22 - 26, 2025, the strategy's cumulative net return was about 4.34%, and the excess return relative to the CSI 300 ETF was about 2.29%. From October 14, 2024, to the present, the strategy's out - of - sample cumulative return was about 32.21%, and the cumulative excess relative to the CSI 300 ETF was about 8.98% [2]. Portfolio Adjustment - In the week of December 29, 2025, some ETFs were newly added, some continued to be held, and some were removed. For instance, Securities ETF Leader, Mining ETF, Gold Stocks ETF, and Communication ETF were newly added; Power Grid Equipment ETF and Battery ETF continued to be held; while Real Estate ETF, etc., were removed [2][11].

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][42] Core Views - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 1.55% from December 12 to December 25, 2025, lagging behind the index by approximately 0.43 percentage points [11][14] - All sub-sectors recorded positive returns during the same period, with notable increases in agricultural product processing (3.04%), animal health (2.95%), planting (2.28%), fishery (1.56%), breeding (0.81%), and feed (0.29%) [14][15] - The overall price-to-book (PB) ratio for the industry is approximately 2.79 times, indicating a slight recovery in valuation, which remains at a historical low level, around the 62.7 percentile since 2006 [18][24] Industry Important Data - **Pig Farming**: The average price of external three-way cross pigs increased from 11.45 CNY/kg to 11.59 CNY/kg during the reporting period. The cost of corn and soybean meal has slightly decreased, with corn priced at 2338.04 CNY/ton and soybean meal at 3102 CNY/ton as of December 25, 2025 [22][24] - **Profitability**: As of December 26, 2025, the profit for self-bred pigs was -130.11 CNY/head, and for purchased piglets, it was -162.8 CNY/head, showing a reduction in losses compared to the previous two weeks [27] - **Poultry Farming**: The average price of broiler chicks was 3.59 CNY/chick, showing a slight increase, while the average price for white feather broilers was 7.82 CNY/kg, with profitability improving to 0.89 CNY/chick [29][33] Industry Insights - The report emphasizes the potential for a rebound in pig prices as the seasonal consumption peak approaches, with a focus on the high inventory of breeding sows and the opportunities for leading pig farming companies [42][43] - In poultry farming, the report highlights the recovery in white feather broiler prices and the improvement in profitability, suggesting a positive outlook for leading poultry companies [42][43] - The report also notes growth potential in the domestic pet market and the expected increase in export volumes, recommending attention to promising domestic leaders in this sector [42][43]

每经AI快讯，湘佳股份（SZ 002982，收盘价：13.9元）12月26日晚间发布公告称，公司第五届第二十 次董事会会议于2025年12月26日以现场投票和通讯表决相结合的方式召开。会议审议了《关于变更部分 募投项目实施地点和实施主体及部分募投项目延期的议案》等文件。 2025年1至6月份，湘佳股份的营业收入构成为：养殖业占比100.0%。 截至发稿，湘佳股份市值为28亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 贾运可） ...

Group 1 - The aquaculture sector increased by 0.37% on December 26, with Fucheng Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Fucheng Co., Ltd. saw a closing price of 6.13, with a rise of 6.98% and a trading volume of 618,000 shares, amounting to a transaction value of 380 million yuan [1] Group 2 - The main funds in the aquaculture sector experienced a net outflow of 77.73 million yuan, while retail investors saw a net inflow of 41.84 million yuan [2] - The trading data indicates that Fucheng Co., Ltd. had a net inflow of 51.83 million yuan from main funds, representing 13.63% of its trading volume [3] - Other companies like Tianyu Biological and Xinfeng also showed varying levels of net inflow and outflow from different investor categories [3]

Core Viewpoint - The soybean market in 2025 will be influenced by domestic soybean import schedules, weather conditions in the U.S. soybean-producing regions, and changes in export expectations. Current concerns over U.S. soybean exports and strong expectations for South American yields indicate a weakening upward momentum, leading to a forecast of continued weak price performance for domestic soybean meal [1]. Group 1: International Soybean Supply - The international soybean market continues to exhibit a loose supply pattern, with U.S. soybean harvest nearly complete by the end of December, resulting in ongoing market pressure from increased supply and insufficient export demand [1]. - Brazil's soybean planting progress exceeds 90%, and despite some drought in certain areas, overall growth is strong, maintaining pressure for high yields. Argentina's soybean planting is accelerating, with overall supply remaining ample despite a slight reduction in planting area [1]. - Market attention is shifting towards South American weather, with a 55% probability of a weak La Niña phenomenon occurring in the next three months, which could pose drought risks in southern Brazil and coincide with critical growth periods in Argentina, potentially impacting yield expectations and market sentiment [1]. Group 2: Domestic Soybean Import and Processing - China's soybean import volume is expected to exceed 110 million tons in 2025, marking a historical high, with a stable import structure led by Brazil as the primary supplier [2]. - Domestic soybean crushing is projected to reach record levels in 2025, influenced by fluctuations in raw material supply, with expectations for continued high operation levels into 2026, although the crushing pace will exhibit a front-loaded and back-loaded pattern due to high base numbers and inventory adjustments [2]. - In terms of inventory, China's soybean stock is anticipated to show a tight-to-loose pattern, with 2026 global soybean production expected to remain high, directly affecting oil mill operating rates and soybean meal inventory changes [2]. Group 3: Demand and Market Outlook - The demand side shows a moderate recovery in the livestock sector, supporting slight growth in feed production, but the ongoing implementation of the "Three-Year Action Plan for Reducing Soybean Meal in Feed" is expected to decrease the proportion of soybean meal in feed from the current 13.9% to a range of 13.0% to 13.5%, limiting its price-driving potential [2]. - Overall, the soybean meal market in 2026 is expected to continue a pattern of strong supply and weak demand, with limited upward price potential, emphasizing the importance of monitoring domestic soybean import schedules and inventory changes [3].

Group 1 - The aquaculture sector increased by 0.19% on December 25, with Jingji Zhino leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Key stocks in the aquaculture sector showed varied performance, with Jingji Zhino rising by 4.65% to a closing price of 14.86 [1] Group 2 - Major stocks that declined included Luoniushan, which fell by 3.65% to a closing price of 9.78, and Mu Yuan Shares, which decreased by 0.35% to 47.95 [2] - The aquaculture sector experienced a net outflow of 46.32 million yuan from institutional investors, while retail investors saw a net inflow of 206 million yuan [2][3] - The stock with the highest net inflow from retail investors was Wen's Shares, with an inflow of 10.37 million yuan [3]

（来源：中国组织人事报） 转自：中国组织人事报 五年，一片梯田完成五次从青翠到金黄的轮回。在云南省红河州元阳县热水塘村，今年的水稻已收割归 仓。层层的梯田里蓄满了水，鱼影穿梭，白鸭成行——这幅哈尼人描摹了1300多年的农耕长卷，如今正 焕发出前所未有的生机。 2020年，元阳整县脱贫出列，热水塘村也依靠规模化种植土豆、玉米、香蕉等作物，输送青壮年外出务 工摘掉了穷帽子。 脱了贫摘了帽，如何进一步拓宽增收渠道，成为村党总支书记兰家兴心头最紧要的事。"光靠传统种 植，产值上不去。年轻人外出务工，要是连祖辈传下来的水田都荒了，脱贫成果怎么守得住？"看着冷 清的村寨和撂荒的梯田，兰家兴深感肩头担子不轻。 "守成"不是办法，"兴业"才是出路。要让脱贫成果稳得住、让乡村振兴有奔头，就需要把分散的农户重 新组织起来，健全紧密的联农带农机制。经过深入调研，红河州委制定出台《红河州农村基层党组织领 办合作社（公司）实施意见（试行）》，通过党组织领办合作社，发展特色产业，为乡村振兴注入源头 活水。 政策如一场"及时雨"，很快传到了哈尼村寨的火塘边。热水塘村村民们围坐在一起，党员干部把文件里 的政策掰开揉碎讲给大家："党组织领办合 ...