Market Overview - On November 26, the Shanghai Composite Index decreased by 0.15%, while the CSI 300 increased by 0.61%, the STAR Market 50 rose by 0.99%, the CSI 1000 fell by 0.02%, and the ChiNext Index increased by 2.14%. The Hang Seng Index rose by 0.13% [4][6] - The best-performing sectors on November 26 were telecommunications (+4.64%), comprehensive (+1.79%), electronics (+1.58%), retail (+1.11%), and home appliances (+0.96%). The worst-performing sectors were defense and military (-2.25%), social services (-0.97%), media (-0.82%), oil and petrochemicals (-0.8%), and banking (-0.79%) [4][6] - The total trading volume for the A-share market on November 26 was 17,971.9 billion yuan, with a net outflow of 3.952 billion Hong Kong dollars from southbound funds [4][6] Important Recommendations - The report recommends Chengda Biological (688739) due to the synergistic effects of shareholder involvement and continuous innovation. The company is expected to see accelerated transformation and revenue growth driven by mergers and acquisitions and new vaccine commercialization [7] - Revenue forecasts for Chengda Biological from 2025 to 2027 are 1,347.93 million yuan, 1,418.37 million yuan, and 1,530.02 million yuan, with growth rates of -19.59%, 5.23%, and 7.87% respectively. Net profit is projected to be 200.23 million yuan, 222.63 million yuan, and 253.73 million yuan, with growth rates of 41.59%, 11.19%, and 13.97% respectively [7] Industry Insights Agriculture, Forestry, Animal Husbandry, and Fishery - The core viewpoint emphasizes deepening value in the agricultural sector and positioning for new cyclical opportunities. The market outlook indicates continued pressure on pig prices, uncertainty in beef prices, and persistent low prices for poultry, with intensified competition in feed and animal health sectors [8][9] - The report suggests that leading pig enterprises can maintain profitability through cost advantages and structural optimization despite production capacity constraints. The feed sector is expected to see growth potential for companies with cost control and integrated supply chains, while the animal health sector may benefit from pet care and international expansion [9][12] Non-Banking Financial Sector - The non-banking financial sector is anticipated to experience a rebound in 2026, characterized by a combination of high probability and favorable odds. The market outlook for this sector is cautious due to the high base in 2025, but a potential recovery is expected amid a long-term "slow bull" market for equities [10][13] - The report highlights that the asset and liability sides of the financial sector are expected to resonate positively, supporting the overall growth of the sector [13]

Group 1 - The core point of the article is that Muyuan Foods Co., Ltd. (stock code: 002714) is a global leader in the pig farming industry, covering the entire industry chain from breeding to meat processing [2] - Muyuan Foods submitted its Hong Kong IPO prospectus on May 27, which became invalid after six months on November 27, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] - According to Frost & Sullivan, Muyuan Foods has been the largest pig farming enterprise globally since 2021, with the highest pig slaughter volume for four consecutive years [2] Group 2 - The company's global market share in pig slaughter volume increased from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market share of the second to fourth largest market participants [2]

Group 1 - The core point of the article is that Muyuan Foods Co., Ltd. has seen its Hong Kong IPO application expire after six months, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] - Muyuan Foods is a global leader in the pig farming industry, covering the entire industry chain from breeding, pig farming, feed production, slaughtering to meat processing [2] - According to Frost & Sullivan, since 2021, Muyuan Foods has been the largest pig farming enterprise globally in terms of production capacity and output, maintaining the highest pig output for four consecutive years [2] Group 2 - The global market share of Muyuan Foods in terms of pig output has increased from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market share of the second to fourth largest market participants [2]

Group 1 - The core point of the news is that Muyuan Foods Co., Ltd. (stock code: 002714.SZ) has seen its Hong Kong IPO application expire after six months, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] Group 2 - Muyuan Foods is a global leader in the pig farming industry, covering the entire industry chain from breeding, pig farming, feed production, slaughtering to meat processing [2] - According to Frost & Sullivan, since 2021, Muyuan Foods has been the largest pig farming enterprise globally in terms of pig production capacity and output, maintaining the highest pig output for four consecutive years [2] - The company's global market share in terms of pig output has increased from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market share of the second to fourth largest market participants by 2024 [2]

Summary of Conference Call Records Industry Overview - **Consumer Price Index (CPI) for Apparel**: In October, the apparel CPI increased by 1.7% year-on-year, showing an acceleration in growth due to factors such as favorable weather and a later Spring Festival, which extended the winter clothing sales season. This is expected to positively impact sales forecasts for Q4, with companies like Semir, Bosideng, and HLA recommended for attention [1][4]. - **Home Textile Sector**: The home textile segment reported better-than-expected performance in Q3, driven by effective single-product strategies and rapid growth during the Double Eleven shopping festival. Companies like Mercury Home Textiles and Luolai Home Textiles are recommended [1][4]. - **Sports and Outdoor Sector**: Long-term optimism remains for companies like Anta and Li Ning, despite slower growth this year. The sector is expected to recover in 2026 [1][4]. - **Retail and Beauty Care Sector**: The retail beauty care segment is advised to focus on changes in the publishing chain and e-commerce services, with companies like Ugreen Technology benefiting from improved Sino-US relations. The normalization of cross-border e-commerce tax regulations is favorable for compliant companies [1][5][6]. Key Financial Insights - **Walmart China**: Reported a revenue growth of 22% in Q3, with e-commerce growth at 30%. Miniso also saw a 28% increase in revenue [1][6]. - **New Oxygen**: The company reported strong financial results, indicating potential recovery in the medical beauty channel [1][6]. Travel and Tourism Market - **Autumn and Winter Travel**: The market is performing well, with significant growth in demand for scenic spots and surrounding areas in November. For example, visitor numbers at Jianmen Pass increased by 30% on the first day of the autumn holiday, and hotel bookings in Zhejiang rose by 68% [1][7][8]. Investment Opportunities - **Service Consumption Sector**: The service consumption sector has seen a short-term adjustment, presenting new investment opportunities. Key areas to watch include OTA, hotels, human resources, and fast-food chains [1][3][9]. - **Home Appliance Industry**: Long-term prospects remain positive, with a focus on overseas expansion. Companies like TCL Electronics are recommended, with 2026 expected to be a critical period for domestic sales [1][10][11]. - **High-End Retail**: There are signs of growth in high-end retail, with companies like Perfect Diary planning a Hong Kong IPO, attracting significant capital interest [1][6]. Sector-Specific Recommendations - **Textile and Apparel**: Focus on Semir, Bosideng, and HLA for apparel; Mercury Home Textiles and Luolai Home Textiles for home textiles [1][4]. - **Beauty Care**: Companies like Up Beauty Group and Proya are highlighted for their strong brand momentum [1][6]. - **Food and Beverage**: The sector may face challenges in Q4, but companies like Dongpeng Special Tea and Yanjin Beer are recommended for their growth certainty [1][15][16]. Conclusion The conference call highlighted a mixed outlook across various sectors, with specific companies recommended based on their performance and market conditions. The overall sentiment suggests cautious optimism, particularly in consumer sectors poised for recovery in 2026.

Group 1 - The actual controller of Tianyu Biological, Mr. Luo Weiguo, holds 37,251,829 shares, accounting for 12.84% of the total share capital of the company [1] - Mr. Luo has released 2,252,977 shares from freezing, which is 6.05% of his holdings and 0.78% of the total share capital [1] - After the release, approximately 12.12 million shares remain frozen, representing 4.18% of the total share capital [1] Group 2 - For the year 2024, the revenue composition of Tianyu Biological is as follows: pig farming accounts for 72.29%, landscaping ecological engineering for 19.78%, red yeast product manufacturing for 3.89%, photovoltaic new energy for 3.17%, and other businesses for 0.87% [1] - As of the report, the market capitalization of Tianyu Biological is 2.4 billion yuan [1]

Core Viewpoint - The agricultural, animal husbandry, and fishery sector continues to rise, with the only agricultural ETF (159275) showing a slight increase of 0.3% as of the report time, driven by gains in specific stocks within the sector [1]. Market Performance - The agricultural ETF (159275) opened with a positive trend, maintaining a red market fluctuation, and recorded a 0.3% increase by the time of reporting [1]. - Key stocks in the sector, such as Luo Niu Shan, Shen Nong Seed, and Hainan Rubber, saw significant gains, with increases of over 5%, 4%, and 2% respectively [1]. Price Trends - The price of live pigs has been declining, leading to losses for breeding companies. As of November 24, 2025, the average price of live pigs was 11.6 CNY/kg, down from 12.25 CNY/kg on September 30, 2025, indicating a decrease of 0.65 CNY/kg [2][3]. - The price of piglets also fell to 21.21 CNY/kg, down 1.01 CNY/kg from 22.22 CNY/kg on September 30, 2025 [2][3]. Industry Outlook - Jiang Hai Securities suggests that due to policy adjustments and production cuts, the industry may experience accelerated capacity reduction, presenting an opportunity for investment in the pig breeding sector [3]. - The agricultural sector is currently at a favorable valuation point, with the agricultural ETF's price-to-book ratio at 2.56, which is at the 28.91% percentile of the last decade, indicating a strong long-term investment potential [3]. Investment Opportunities - The agricultural ETF (159275) is highlighted as the highest "pig content" ETF in the market, tracking the CSI Agricultural Index, which includes leading stocks in pig breeding and other related sectors [4][5]. - Investors can also consider the agricultural ETF linked funds (A class 013471/C class 013472) for exposure to the agricultural sector [4].

行业 生猪日报 日期 2025 年 11 月 26 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，25 日生猪主力 2601 合约小幅低开后探底回升震荡走高，尾盘收 阳，最高 11445 元/吨，最低 11300 元/吨，收盘报 1 ...

Core Viewpoint - The agricultural, animal husbandry, and fishery sector continues to rise, with the only agricultural ETF (159275) showing a slight increase of 0.3% as of the report time, driven by gains in specific stocks within the sector [1][3]. Market Performance - The agricultural ETF (159275) opened with a steady upward trend, maintaining a price increase of 0.3% [1]. - Key stocks in the sector, such as Luo Niu Shan, Shen Nong Seed, and Hainan Rubber, have seen significant gains, with Luo Niu Shan rising over 5% and Shen Nong Seed increasing over 4% [1][2]. Price Trends - The price of live pigs has been declining, leading to losses for breeding companies. As of November 24, the average price of live pigs was 11.6 CNY/kg, down from 12.25 CNY/kg on September 30, marking a decrease of 0.65 CNY/kg [1][4]. - The price of piglets also fell to 21.21 CNY/kg, down 1.01 CNY/kg from 22.22 CNY/kg on September 30 [1]. Industry Outlook - Jiang Hai Securities suggests that due to policy adjustments and production cuts, the industry may experience accelerated capacity reduction, presenting potential investment opportunities in the pig breeding sector [3]. - The agricultural sector is currently at a favorable valuation point, with the agricultural ETF's price-to-book ratio at 2.56, which is at the 28.91% percentile over the past decade, indicating a good long-term investment opportunity [3]. Future Expectations - Zhongyou Securities anticipates that as the deadline for capacity reduction approaches, the pressure on breeding companies will increase, and the industry will continue to face losses, leading to a passive reduction in capacity [4]. - There is an expectation for a new upward trend in pig prices by the second half of next year, driven by various factors including seasonal impacts and policy adjustments [4]. Investment Opportunities - The agricultural ETF (159275) is highlighted as the only ETF tracking the agricultural index, with a significant focus on the pig breeding sector, which constitutes 40.25% of its holdings [5]. - Investors can also consider agricultural ETF linked funds to gain exposure to the agricultural sector [5].

自去年年中全国能繁母猪存栏量突破4000万头之后，这一指标一直贴近绿色区域的上限运行。"当前全国能繁母猪 存栏量重新回到4000万头以下，标志着前期生猪产能过剩的压力正在逐步缓解。"中国农业科学院北京畜牧兽医研 究所研究员朱增勇对记者表示。 证券时报记者 江聃 农业农村部最新公布的数据显示，10月末全国能繁母猪存栏量重新回到4000万头以下。接受记者采访的专家认 为，此前因存栏量偏高叠加二次育肥等投机行为，猪价持续低迷；当前产能去化的推进，有利于未来市场形势稳 步向好。春节前，猪肉消费进入全年最旺季节，同时供给充裕，预计猪价将温和回升、窄幅波动。未来仍需推进 生猪产能有效调减，同时同步提升发展质量，推动供给和消费逐步趋于平衡。 根据农业农村部发布的《生猪产能调控实施方案（2024年修订）》，"十四五"后期，以正常年份全国猪肉产量在 5500万吨时的生产数据为参照，设定能繁母猪存栏量调控目标，即能繁母猪正常保有量稳定在3900万头左右，并 明确将能繁母猪月度存栏量处于正常保有量的92%—105%区间视作产能正常波动的绿色区域。 11月21日，农业农村部召开部常务会议，审议并原则通过《关于加强产能综合调控促进生猪 ...