Group 1 - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Global Investment Conference was held in Guangzhou, focusing on attracting global investment and showcasing the region's development opportunities [1][2] - The conference highlighted the positive outlook of foreign enterprises towards the Greater Bay Area, with many expressing their commitment to increasing investments [2][3] - Guangdong has been recognized for its favorable business environment, with a significant increase in foreign investment and the establishment of new foreign enterprises [6][5] Group 2 - Eight cities in Guangdong were awarded as excellent investment destinations for 2024, and 14 business leaders were appointed as global investment advisors [2] - Companies like Louis Dreyfus Group and Otis have established strong local partnerships and are committed to innovation and sustainable development in the region [2][3] - Panasonic plans to increase its production capacity by over 20% in Guangzhou, reflecting confidence in the local market [3][4] Group 3 - Guangdong's business ecosystem includes over 20 million operating entities, with a net increase of 117.74 thousand entities this year, indicating robust economic growth [5][6] - The province aims to create a market-oriented, law-based, and international business environment, having received accolades for its favorable conditions for private enterprises [6] - The conference featured a series of activities to attract global businesses, including the launch of the "Guangdong Province Industrial Investment Map" to guide investors [6][7] Group 4 - The conference emphasized the role of Hong Kong as a central city in the Greater Bay Area, facilitating international connections and investment opportunities [7] - Macao is positioned as a key platform for trade cooperation with Portuguese-speaking countries, enhancing market access for Chinese enterprises [7] - Shaoguan is developing into a major computing power hub, with significant investments in data center projects and infrastructure to support the digital economy [8]

Core Viewpoint - A new individual business named Yibin City Cuiping District Dehua Fishing Tackle Business has been established, focusing on various sales and services related to fishing and agricultural products [1] Company Summary - The business is registered with a capital of 50,000 RMB [1] - The legal representative of the business is Zeng Dehua [1] Industry Summary - The business operates in multiple areas including fishing tackle sales, livestock and fishery feed sales, feed additive sales, and machinery equipment sales [1] - It also engages in internet sales (excluding licensed goods), electronic product sales, retail of sports goods and equipment, advertising publishing, personal internet live streaming services, and sales of fishing-related materials [1] - Additional activities include manufacturing fishing tackle and sports goods, research and development of biological feed, information consulting services (excluding licensed consulting), and leisure sightseeing activities [1]

Group 1 - The core viewpoint of the news is that Tianma Technology's stock has increased by 5.07%, reaching a price of 14.91 CNY per share, with a trading volume of 371 million CNY and a turnover rate of 5.06%, resulting in a total market capitalization of 7.509 billion CNY [1] - Tianma Technology, established on December 13, 2005, and listed on January 17, 2017, is primarily engaged in the research, production, and sales of special aquatic feed, with its main revenue sources being: livestock and poultry feed sales (52.67%), special aquatic feed sales (22.77%), breeding sales (20.46%), food sales (13.68%), raw material sales (5.27%), and other sales (0.42%) [1] Group 2 - From the perspective of Tianma Technology's top ten circulating shareholders, Guotai Fund's ETF, Guotai Zhongzheng Livestock Breeding ETF (159865), has increased its holdings by 2.6889 million shares, now holding a total of 7.6938 million shares, which accounts for 1.53% of the circulating shares [2] - The Guotai Zhongzheng Livestock Breeding ETF (159865) was established on March 1, 2021, with a current scale of 6.097 billion CNY, and has achieved a return of 15.11% this year, ranking 3262 out of 4216 in its category [2]

一、考察背景 2025年由于供应持续充足，华南豆粕价格大部分时间处于全国洼地，2026年是否还会延续豆粕低价水平？南北价差是进一步扩大还 是逐步回归？在此情形下，下游饲料企业如何进行跨区域采购，饲料配方又是否会进行调整？2025年四季度菜粕、葵花粕的供需形 势和对豆粕的替代情况又将如何？ 广东作为国内大豆压榨产能大省及豆粕消费大省，其四季度产需形势变化将为2026年一季度豆粕乃至油脂油料市场提供清晰参考方 向，而粤东地区是广东除珠三角以外最有看点的市场，近几年来饲料需求逐年攀升。自潮州益海投产以来，改变了粤东区域无油厂 的局面，对华南区域的蛋白饲料供需格局产生了较大影响，但目前各方对粤东的饲料上下游供需情况不甚了解。基于此，Mysteel 农产品组织了2025年广东珠三角-潮汕地区豆粕饲料调研，带您进入粤东市场，了解豆粕行情现状，提前研判2026年豆粕市场变 化。本次我们将通过实地调研走访的形式，面对面了解油厂原料供应、开停机、未来到港预期、饲料企业原料采买、交易头寸、采 购心态、行情看法等行业细节，以期为2026年布局豆粕市场提供方向参考。 二、考察目的 1、了解珠三角和潮汕地区油厂的豆粕库存情况，销售和出 ...

Investment Rating - The investment rating for the agriculture industry is "Positive" (maintained) [1] Core Viewpoints - The agriculture sector's profit has contracted significantly due to the unexpected decline in pig prices, leading to a year-on-year profit drop of 58.8% in Q3 2025 [17] - The overall revenue for the agriculture industry in Q1-Q3 2025 reached 872.718 billion, with a year-on-year increase of 6.44%, while the net profit attributable to shareholders was 35.477 billion, up 10.63% year-on-year [5][17] - The average price of pigs in Q3 2025 was 13.81 yuan/kg, down 28.89% year-on-year, with the lowest price of 10.84 yuan/kg recorded on October 13, 2025 [5][17] Summary by Sections Overall Industry - In Q3 2025, the agriculture sector's profit contracted by 58.8% due to falling pig prices [17] - The industry's sales gross margin for Q1-Q3 2025 was 11.79%, up 0.12 percentage points year-on-year, while the net profit margin was 4.21%, up 0.21 percentage points year-on-year [20] - The industry’s net asset return rate was 6.75%, an increase of 0.28 percentage points year-on-year [20] Subsector Analysis - The pig farming sector has entered a de-stocking cycle, while the feed and animal health sectors are experiencing post-cycle operational improvements [6][25] - In Q1-Q3 2025, the revenue growth rates for pet food, animal health, feed, and planting were 20.34%, 17.69%, 12.38%, and 9.50% respectively [6][25] - The net profit growth rates for animal health, agricultural product processing, and feed sectors were 69.40%, 59.33%, and 54.17% respectively [6][25] Pig Farming - In Q1-Q3 2025, pig farming enterprises achieved revenue of 341.269 billion, a year-on-year increase of 8.32%, with a net profit of 22.175 billion, up 14.29% year-on-year [7][28] - The overall pig output from 12 enterprises was 123.9948 million heads, a year-on-year increase of 19.45% [41] - The profitability of the pig farming sector has declined due to falling prices, with average gross margin, net margin, and ROE at 12.25%, 4.08%, and 5.87% respectively [31] Poultry Farming - In Q1-Q3 2025, revenue for poultry farming reached 40.215 billion, a year-on-year increase of 6.92%, while net profit was 1.646 billion, down 9.52% year-on-year [44] - The profitability metrics for poultry farming were a gross margin of 12.61%, a net margin of 2.83%, and a return on equity of 4.18% [46] Feed Industry - The feed sector generated revenue of 152.955 billion in Q1-Q3 2025, reflecting a year-on-year increase of 11.69%, with a net profit of 4.505 billion, up 8.72% year-on-year [8][57] - The average gross margin, net margin, and ROE for feed enterprises were 9.41%, 1.17%, and 3.65% respectively [57] Animal Health - The animal health sector achieved revenue of 9.977 billion in Q1-Q3 2025, a year-on-year increase of 14.08%, with a net profit of 1.265 billion, up 45.51% year-on-year [63] - The average gross margin, net margin, and ROE for animal health enterprises were 53.42%, 17.77%, and 4.35% respectively [63] Seed Industry - The seed sector reported revenue of 6.814 billion in Q1-Q3 2025, down 5.82% year-on-year, with a net profit of -880 million, a decline of 53.87% year-on-year [68]

Group 1 - The agricultural, animal husbandry, and fishery sector showed strong performance, with the only agricultural ETF (159275) rising by 1.21% at the close [1][2] - Key stocks in the sector included edible fungi, pig farming, and seeds, with notable gains from companies like Zhongxing Junye and Luoniushan, both hitting the daily limit [1][3] - The recent rebound in pig prices, with an increase of 6.1% from the previous week, has positively impacted the sector [2][3] Group 2 - Short-term pressure on pig sales has eased, with a decrease in the overall output from large enterprises and an increase in secondary fattening [3][4] - The industry is expected to focus on quality improvement and efficiency, with a gradual elimination of outdated production capacity [4][5] - The agricultural ETF (159275) is currently at a relatively low price-to-book ratio of 2.56, indicating a good long-term investment opportunity [3][5] Group 3 - The agricultural ETF tracks the CSI Agricultural, Animal Husbandry, and Fishery Index, with a significant concentration in leading companies in the sector, including Muyuan Foods and Wens Foodstuffs [5][6] - Investors can also access the agricultural ETF through linked funds for broader exposure to the sector [5]

Core Viewpoint - Jinhe Biological has received approval for its feed additive product, red yeast, from the Inner Mongolia Autonomous Region's Agricultural and Animal Husbandry Department [2] Group 1 - The company announced on the evening of November 3 that it has obtained the product approval number for its feed additive [2] - The approval signifies a regulatory milestone for the company's product development in the feed additive sector [2]

Core Points - The torch relay for the 15th National Games concluded on November 2, 2023, with the flame uniting in Guangdong after being transmitted through Hong Kong, Macau, Guangzhou, and Shenzhen, symbolizing the spirit of unity and collaboration in the Greater Bay Area [1][8] - The "source fire" for the Games was uniquely sourced from the deep sea, marking the first time in history that a major sports event has obtained fire from the ocean floor, showcasing innovation and environmental engagement [2][9] Group 1: Torch Relay Activities - The torch relay involved a one-day event that connected four cities, emphasizing the theme "Passion for the National Games, Vitality of the Greater Bay Area" [1] - The relay started at Shenzhen's Lianhua Mountain Park, with various cities showcasing their cultural and technological strengths through different modes of transportation, including autonomous vehicles and robots [3][5] - The event featured a diverse group of torchbearers, including notable figures like academicians and young innovators, highlighting the blend of tradition and modernity [5][7] Group 2: Cultural Significance - The relay represented a significant cultural moment, being the first cross-border torch relay in the history of the National Games, symbolizing the integration and development of the Guangdong-Hong Kong-Macau Greater Bay Area [8] - The atmosphere during the relay was vibrant, with local citizens and tourists actively participating and expressing their pride and excitement for the event [8][9] - The culmination of the event included a ceremonial fusion of the flames from the four cities, reinforcing the message of unity and shared aspirations among the regions [9]

Market Overview - The feed sector increased by 0.49% on November 3, with Boen Group leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Boen Group (001366) closed at 13.86, up 3.36% with a trading volume of 50,400 shares and a transaction value of 69.30 million [1] - Tiankang Biological (002100) closed at 7.55, up 2.30% with a trading volume of 319,500 shares and a transaction value of 240 million [1] - Zhenghong Technology (000702) closed at 7.30, up 1.53% with a trading volume of 76,200 shares and a transaction value of 55.31 million [1] - Jin Xin Nong (002548) closed at 5.01, up 1.42% with a trading volume of 315,900 shares and a transaction value of 155 million [1] - Zhongchong Co., Ltd. (002891) closed at 57.97, up 1.35% with a trading volume of 72,100 shares and a transaction value of 415 million [1] Capital Flow Analysis - The feed sector experienced a net outflow of 28.22 million from institutional investors, while retail investors saw a net inflow of 12.66 million [2] - The main capital inflow and outflow for selected stocks include: - Tiankang Biological: Net inflow of 16.15 million from main capital, but net outflow of 4.79 million from speculative capital [3] - Zhongchong Co., Ltd.: Net inflow of 11.32 million from main capital, with a significant net inflow of 22.82 million from speculative capital [3] - Dabeinong (002385): Net inflow of 3.82 million from main capital, but a net outflow of 20.27 million from speculative capital [3]

Core Viewpoint - The company Jinhe Biotechnology (002688.SZ) has received approval for its feed additive product, red yeast, from the Inner Mongolia Agricultural and Animal Husbandry Department, which is expected to enhance its product portfolio and market competitiveness [1] Group 1: Product Development - The approved feed additive, red yeast, is a metabolite produced during the fermentation process, which includes astaxanthin [1] - The company has established a project with an annual production capacity of 3,000 tons of astaxanthin [1] Group 2: Research and Innovation - The approval of the feed additive product is a result of the company's ongoing emphasis on research and innovation [1] - The company is accelerating the application and layout of synthetic biology in its industry [1] Group 3: Business Impact - The approval is expected to positively contribute to the company's operational performance and market competitiveness [1] - It is anticipated that this approval will not have a significant impact on the company's operating performance for the current year [1]