Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [4]. Core Views - The report is optimistic about the reversal of the large cycle in animal husbandry by 2025, with domestic beef and raw milk markets expected to experience upward momentum [2]. - The pig farming sector is supported by anti-involution measures, which are likely to stabilize long-term prices [2]. - The pet consumption market is identified as a growing sector benefiting from demographic changes [2]. - The feed industry, particularly Haida Group, is expected to benefit from the recovery in aquaculture [2]. - The poultry sector is projected to see a long-term increase in consumption, with yellow chicken likely to benefit first from improved domestic demand [2]. Summary by Sections Livestock - Pig prices as of November 7 are 11.91 CNY/kg, down 5% week-on-week; 15kg piglet prices are approximately 314 CNY/head, up 4% week-on-week [1]. - Beef prices are on the rise, with the market price at 66.80 CNY/kg, up 0.85% week-on-week and 22% year-on-year [1][2]. Dairy - The average price of raw milk in major production areas is 3.03 CNY/kg, with a slight week-on-week decrease of 0.01 CNY/kg and a year-on-year decline of 3.2% [2]. Feed - Domestic soybean prices are at 4012 CNY/ton, up 0.37% week-on-week, while soybean meal prices are at 3072 CNY/ton, up 0.85% week-on-week [2]. Poultry - White chicken prices are 6.95 CNY/kg, down 2% week-on-week, while yellow chicken prices are expected to benefit from improved domestic demand [1][2]. Investment Recommendations - Recommended stocks include: - Livestock: Youran Agriculture, Modern Farming, and Guangming Meat [3]. - Pig farming: Dekang Agriculture, Muyuan Foods, and others [3]. - Pet industry: Guibao Pet and Reap Bio [3]. - Feed: Haida Group [3]. - Poultry: Lihua Co., Yisheng Co., and others [3].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [9] Core Views - The swine sector continues to experience losses, with an increasing number of culled sows, indicating a need to focus on the expected recovery in this sector [2][13] - The dairy and beef sectors are undergoing significant capacity reduction, with a potential turning point for milk prices anticipated [3][15] - The pet sector is witnessing a trend towards premiumization and the rise of domestic brands, reshaping the competitive landscape [4][16] - The poultry sector is facing challenges with breeding stock shortages and improving consumer demand for yellow chickens [5][18] - The seed industry is poised for a turnaround, with an emphasis on biotechnology and the commercialization of genetically modified crops [7][23] - The feed sector shows signs of recovery, with leading companies like Haida Group achieving revenue and profit growth [24][26] Summary by Sections Swine Sector - The industry continues to face losses, with the average price of live pigs at 12.02 CNY/kg, down 4.07% from the previous week [13] - The average market value per head for leading companies is at historical low levels, with Muyuan at 3000-3500 CNY/head and Wens at 2000-3000 CNY/head [14] - Recommended stocks include leading breeders like Muyuan and Wens, with additional focus on flexible stocks such as Shennong Group and Dekang Agriculture [14] Beef Sector - The price of beef cattle is showing signs of stabilization, with the average price for fattened bulls at 25.62 CNY/kg [15] - The dairy cow population has decreased by 8%, indicating a significant capacity reduction [15] - Companies with mother cow resources or those adopting a "milk-meat linkage" model are expected to have stronger profitability [15] Pet Sector - The Double Eleven shopping festival highlighted the resilience and structural upgrades in the pet food market, with domestic brands gaining market share [4][16] - Key recommendations include pet food brands like Guibao Pet and Zhongchong Co., with a focus on companies with technological advantages and comprehensive product lines [17] Poultry Sector - The white chicken sector is under pressure due to breeding stock shortages, with a focus on the impact of avian influenza on imports [18][19] - Yellow chicken prices are expected to improve due to supply constraints and increasing consumer demand [20] - Recommended stocks include leading companies like Shennong Development and Yisheng Biological [19] Seed Sector - The seed industry is expected to benefit from increased focus on food security and the commercialization of genetically modified crops [7][23] - Key recommendations include leading seed companies like Longping High-Tech and Dabeinong [23] Feed Sector - Haida Group is highlighted as a key player in the feed sector, with significant market share growth and revenue increases [24][26] - The overall feed market is expected to recover as smaller companies exit the market, leading to improved conditions for remaining players [24]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the rebound in pig prices may be nearing its end, with supply pressure leading to a potential bottoming out of prices. As of November 9, 2025, the average price of live pigs in China is 11.90 yuan/kg, down 0.30 yuan/kg week-on-week and down 4.80 yuan/kg year-on-year [3][12] - The report highlights that the entry of second-stage breeding is nearing its end, with high existing stock levels leading to price pressure ahead of the New Year. The proportion of second-stage breeding in actual sales was 2.12% from October 20-31, 2025, up 0.03 percentage points month-on-month and 0.20 percentage points year-on-year [4][19] - The report suggests that the ongoing losses in pig farming may accelerate the culling of sows, driven by multiple factors including policy adjustments and disease outbreaks. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [5][27] Summary by Sections Weekly Observation - The report notes that the average weight of pigs being sold has increased to 128.30 kg per head, with a week-on-week increase of 0.40 kg and a year-on-year increase of 2.23 kg. The price difference between fat pigs and standard pigs has narrowed, indicating an increase in fat pig supply [3][12] - The report also mentions that the breeding stock of sows has decreased by 0.77% month-on-month as of October 2025, with the price of 7 kg piglets rebounding to 198 yuan/head due to rising pig prices [4][24] Weekly Market Performance - From November 3 to November 7, 2025, the agricultural sector underperformed the broader market by 0.29 percentage points, with the Shanghai Composite Index rising by 1.08% and the agricultural index rising by 0.79% [5][30] - The report highlights that the fishery sector led the gains among sub-sectors, with stocks like Jinxinnong, Yuegui, and Luoniushan showing significant increases [5][30] Price Tracking - As of November 7, 2025, the average price of live pigs is 11.91 yuan/kg, down 0.58 yuan/kg from the previous week, while the price of piglets is 18.93 yuan/kg, up 0.80 yuan/kg [5][38] - The report also tracks the prices of other agricultural products, noting increases in beef, shrimp, corn futures, and soybean meal futures [5][39][48] Key News - The report mentions that the National Bureau of Statistics reported a 10.1% month-on-month increase in the price of live pigs in late October 2025 [5][36] - It also notes that the Ministry of Agriculture and Rural Affairs has released guidelines for the construction of a smart agriculture standard system [5][37] Feed Production - According to the China Feed Industry Association, the total industrial feed production in September 2025 was 30.36 million tons, reflecting a month-on-month increase of 3.4% [5][57] Import Data - In September 2025, pork imports totaled 80,000 tons, down 22.5% year-on-year, while chicken imports were 7,100 tons, down 75.2% year-on-year [5][54][55]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The supply-side relaxation continues to suppress pig prices, with a significant acceleration in the reduction of breeding sows in October [2] - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][38] - The planting chain shows a positive outlook with an established upward trend in grain prices, highlighting significant investment opportunities in large-scale planting [3][38] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.91 yuan/kg, down 4.64% week-on-week [11] - The price of 15 kg piglets is 18.93 yuan/kg, up 4.41% week-on-week [11] - The industry is experiencing a comprehensive loss phase, with pig prices dropping below 12 yuan/kg and weaning pig prices around 200 yuan/head [8][11] Poultry - The white feather broiler price remains stable at 7.09 yuan/kg, while chick prices have decreased to 3.54 yuan/chick, down 1.12% week-on-week [16] - The supply of broilers is increasing, but purchasing enthusiasm remains low [16] Feed Sector - Corn and wheat prices have decreased, while soybean meal prices have increased slightly [24] - The average price of corn is 2238.53 yuan/ton, down 0.07% week-on-week [24] Bulk Agricultural Products - The domestic natural rubber price is 14995 yuan/ton, down 0.60% week-on-week, with a new round of inventory replenishment starting [34] - The overall supply remains ample, and the market is characterized by weak demand [34] Investment Recommendations - Positive outlook for the pig farming sector with recommended stocks including Muyuan Foods, Wens Foodstuff Group, and others [3][38] - The planting sector shows promising fundamentals with recommended stocks such as Suqian Agricultural Development and Beidahuang [3][38] - The pet food sector is experiencing growth, with recommended stocks including Guibao Pet and Zhongchong Co., Ltd [3][38]

Core Insights - The report from Thailand's National Economic and Social Development Council indicates that since the establishment of 10 border economic zones in 2015, they have attracted a total investment of 54.82 billion Thai Baht (approximately 12.18 billion RMB) [1] Investment Overview - The 10 border economic zones are located in various provinces including Tak, Nong Khai, Mukdahan, Trat, Songkhla, Loei, Nakhon Phanom, Kanchanaburi, Narathiwat, and Chiang Rai [1] - A total of 132 investment projects have been approved in these zones, with a cumulative investment amount of 54.82 billion Thai Baht [1] - The sectors involved in these investment projects include apparel, plastics, animal feed, automotive parts, machinery, construction materials, medical gloves, and hospital construction [1] Business Landscape - There are currently 8,782 registered enterprises in the border economic zones, with 98% classified as small and medium-sized enterprises (SMEs) [1] - The development of these economic zones reflects the Thai government's commitment to promoting border economy and international cooperation, providing sustained momentum for local economies and creating more job opportunities [1]

Core Viewpoint - The company has provided guarantees for its subsidiaries to facilitate financing and procurement, ensuring compliance with approved limits and internal decision-making processes [3][5][7]. Group 1: Guarantee Overview - As of October 31, 2025, the company has provided guarantees totaling RMB 231,469.26 million, which is 34.57% of the audited net assets as of December 31, 2024 [9]. - The company has provided guarantees for its subsidiaries' financing, with specific amounts including RMB 39,748.82 million for Anshan Jiuguhe Food Co., Ltd. and RMB 6,370.00 million for Jinzhou Jiufeng Food Co., Ltd. [3][9]. - The company issued a guarantee letter for RMB 600,000 for raw material procurement from Zhoukou Zhouhai Grain and Oil Industry Co., Ltd. for its subsidiary Xi'an Hefeng Feed Technology Co., Ltd. [3]. Group 2: Internal Decision-Making Process - The company held board meetings and shareholder meetings in March, August, and September 2025 to approve the guarantee limits and the specific subsidiaries involved [4][5][8]. - The approved total guarantee limit is RMB 560,000 million, with specific allocations for financing, procurement, and performance guarantees [5]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary and reasonable as they have been approved by the board and shareholders, and the company has a thorough understanding of the subsidiaries' financial health [7][8]. - The guarantees are intended to support the operational needs and cash flow of the subsidiaries, aligning with the company's overall development strategy [7][8]. Group 4: Financial Health of Guaranteed Entities - The guaranteed entities are all controlled subsidiaries of the company, which are not classified as dishonest executors [6]. - The financial data of the guaranteed entities can be found in the company's disclosures on the Shanghai Stock Exchange [6].

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [5][41]. Core Insights - The overall performance of the agriculture, forestry, animal husbandry, and fishery sector showed steady growth in the first three quarters of 2025, with total revenue reaching 952.415 billion yuan, a year-on-year increase of 5.59%, ranking 10th among Shenwan's primary industries. The net profit attributable to shareholders totaled 36.747 billion yuan, up 11.81% year-on-year, ranking 11th [10][39]. - The return on equity (ROE) for the sector was 6.62%, an increase of 0.45 percentage points year-on-year, while the gross profit margin and net profit margin were 11.13% and 3.96%, respectively, reflecting increases of 0.41 and 0.33 percentage points year-on-year [16][39]. Summary by Relevant Sections Overall Industry Performance - The agriculture, forestry, animal husbandry, and fishery sector's revenue and profit growth rates are among the highest in the market, with a total revenue of 952.415 billion yuan and a net profit of 36.747 billion yuan for the first three quarters of 2025 [10][39]. Subsector Performance - **Planting Industry**: Revenue reached 70.967 billion yuan, up 4.74% year-on-year, with a net profit of 1.395 billion yuan, an increase of 4.06% [20]. - **Feed Industry**: Revenue was 215.297 billion yuan, a 12.04% increase year-on-year, with net profit rising 22.24% to 6.058 billion yuan [26]. - **Agricultural Products Processing**: Revenue slightly decreased by 0.31% to 259.411 billion yuan, but net profit surged by 52.36% to 5.188 billion yuan [32]. - **Breeding Industry**: Revenue was 366.406 billion yuan, up 6.97% year-on-year, with net profit increasing by 4.52% to 23.296 billion yuan [33]. - **Animal Health**: Revenue grew by 19.71% to 14.614 billion yuan, with net profit soaring by 97.92% to 1.551 billion yuan [36]. Investment Recommendations - The report suggests focusing on stable operations in leading pig farming enterprises and high-quality domestic brands in the pet food sector, which has significant growth potential due to low market concentration [3][39].

Core Viewpoint - The feed sector experienced a decline of 0.57% on November 7, with Hai Da Group leading the drop, while the Shanghai Composite Index closed at 3997.56, down 0.25% [1]. Group 1: Market Performance - The feed sector's individual stock performance showed notable movements, with Aonong Biological rising by 6.13% to close at 5.54, while Hai Da Group fell by 1.90% to 57.80 [1][2]. - The trading volume for Aonong Biological reached 1.6475 million shares, with a transaction value of 905 million yuan [1]. Group 2: Capital Flow - The feed sector saw a net inflow of 100 million yuan from institutional investors, while retail investors experienced a net outflow of 88.30 million yuan [2]. - Aonong Biological had a significant net inflow of 99.9973 million yuan from institutional investors, representing 11.04% of its trading volume [3].

Summary of Key Points Core Viewpoint - The National Market Regulation Administration has approved a series of important national standards aimed at enhancing quality of life, ensuring safety, and promoting sustainable development across various sectors. Emerging Fields - A total of 167 national standards have been released for new materials such as rare earth permanent magnet materials, fine ceramics, and carbon fiber composites, facilitating technology iteration and industry standardization [1] - Four national standards related to intelligent computing have been established, focusing on terminology, reference architecture, and testing methods to support AI-driven industrial upgrades [1] - Fourteen national standards concerning semiconductor equipment and materials have been introduced, which include electronic components and integrated circuit packaging testing, promoting healthy development in the semiconductor industry [1] Transportation and Green Low-Carbon - Three national standards for urban rail transit vehicles have been published to enhance public transportation safety [2] - Thirty national standards have been released for unmanned aerial vehicles, road traffic signs, and gas vehicles, contributing to the safety of transportation systems [2] - Twenty-two national standards related to waste treatment and greenhouse gas management have been established to improve the green low-carbon standard system [2] - A total of 199 national standards for high-end equipment technology upgrades have been introduced, promoting sustainable development in manufacturing [2] Safety Production - Twenty-two national standards for gas distribution equipment and pressure pipelines have been published to ensure the safety and stability of infrastructure [2] - Mandatory national standards for fireworks safety and quality have been established to enhance product safety requirements [2] - Eleven mandatory national standards for key fire safety products have been updated to improve performance and reliability in fire prevention [2] Economic and Trade Services - Three national standards for cross-border e-commerce and transaction information have been released to guide risk prevention and management for e-commerce platforms [3] - Five logistics and multimodal transport national standards have been introduced to enhance the standardization of logistics documentation and service contracts [3] - National standards for the Chinese translation of geographical names from Nordic and ASEAN countries have been published to support economic and cultural exchanges [3] Agriculture and Rural Development - Thirty national standards for feed, pesticides, and animal health have been established to ensure agricultural production safety [3] - Forty-six national standards for grain, tobacco, and biomass materials have been released to support high-quality agricultural product supply [3] - Seven national standards related to water conservation and agricultural trade have been introduced to enhance standardization in agriculture [3] Daily Life - Ten national standards for smart home appliances have been published to promote the intelligence, greenness, and safety of household products [3] - Thirteen national standards for textiles and footwear have been established to guide production and enhance consumer experience [3] - Six national standards related to health care, including iodine deficiency elimination, have been released to strengthen medical service guarantees [3] Additional Standards - The National Market Regulation Administration has also published standards related to smart manufacturing, semiconductor equipment, and enterprise safety management [4]

Group 1 - The core point of the news is that Tongwei Co., Ltd. experienced a stock price increase of 5.17%, reaching 26.25 CNY per share, with a trading volume of 1.989 billion CNY and a turnover rate of 1.71%, resulting in a total market capitalization of 118.177 billion CNY [1] - Tongwei Co., Ltd. is primarily engaged in the research, production, and sales of aquaculture feed and livestock feed, as well as high-purity crystalline silicon and solar cells, with revenue composition being 65.86% from photovoltaic-related products, 32.89% from feed and food products, and 1.25% from other sources [1] Group 2 - According to data from the top ten heavy stocks of funds, Bosera Fund has one fund heavily invested in Tongwei Co., Ltd. The Bosera CSI Photovoltaic Industry Index A (015993) reduced its holdings by 8,000 shares in the third quarter, holding 241,400 shares, which accounts for 4.68% of the fund's net value, ranking as the fifth-largest heavy stock [2] - The Bosera CSI Photovoltaic Industry Index A (015993) has a current scale of 23.6162 million CNY and has achieved a return of 38.45% this year, ranking 1290 out of 4216 in its category, with a one-year return of 18.29%, ranking 2520 out of 3913, and a cumulative loss of 35.01% since inception [2]