市场昨日震荡调整，创业板指跌超1%，沪深两市成交额1.71万亿，较上一个交易日缩量177亿。板块方 面，海南、银行等板块涨幅居前，美容护理、光伏设备、食品加工等板块跌幅居前。截至昨日收盘，沪 指跌0.4%，深成指跌0.76%，创业板指跌1.12%。 在今天的券商晨会上，银河证券指出，2026年农业行业关注点在于等待并捕捉行业拐点;华西证券表 示，持续看好锂电多环节涨价;中信建投提出，证券行业有望迎来新一轮上行周期。 银河证券：2026年农业行业关注点在于等待并捕捉行业拐点 华西证券表示，国内外储能快速发展，动储需求共振，带动锂电产业链出货有望持续扩大，部分环节供 应偏紧，如六氟磷酸锂、VC等产品价格出现明显上涨，行业高景气度得以印证，预计涨价趋势有望扩 散至其他环节。前期部分环节供应商盈利能力处于低点甚至亏损，后续随着涨价的落地，预计迎来量利 齐升的向上阶段，持续看好储能电芯、六氟磷酸锂/VC&电解液、铜箔、正负极材料、隔膜等环节。 中信建投：证券行业有望迎来新一轮上行周期 中信建投发布非银2026年投资展望：锚定"十五五"提高资本市场制度包容性、适应性"的核心导向，证 券行业有望迎来新一轮上行周期，助力金融 ...

Core Viewpoint - The report from Galaxy Securities emphasizes the importance of identifying and capturing the turning point in the agricultural industry by focusing on core fundamental indicators and finding entry points within a relatively reasonable valuation range [1] Group 1: Livestock Sector - The livestock sector is highlighted as a key area for investment, with a balanced approach between offense and defense, shifting from a defensive focus in 2025 to a greater emphasis on potential future flexibility in 2026 [1] Group 2: Pet Sector - The pet sector is noted for experiencing a valuation correction, with expectations for a recovery in performance growth, indicating that investment opportunities will re-emerge [1] Group 3: Investment Opportunities - Investment opportunities in 2026 are primarily centered around pig farming and the pet sector, with a strong emphasis on tracking core indicators and timely selection of entry points [1]

Group 1 - The three major indices collectively rose, with the agriculture sector showing significant gains, as evidenced by the 0.73% increase in the China Securities Agriculture Index [1] - A new agriculture-focused ETF, Tianhong (512620), is set to launch on November 21, tracking the China Securities Agriculture Index and covering sectors such as breeding and agrochemicals, featuring leading companies like Muyuan Foods and Wens Foodstuff Group [1] - The Ministry of Agriculture and Rural Affairs held a meeting on November 13 to promote the revitalization of the seed industry, emphasizing the need for high-quality development and self-sufficiency in seed technology [1] Group 2 - Guosheng Securities highlights that the revitalization of the seed industry is crucial for advancing new agricultural productivity, with significant breakthroughs in biotechnology expected to reshape the industry landscape [2] - Guoxin Securities anticipates that by 2026, leading companies in the pig and poultry breeding chains will strengthen, shifting investment focus from capital expenditure to cash flow generation [2] - The official capacity regulation is expected to enhance cash flow for leading enterprises in the pig industry, while the poultry sector is projected to see limited supply fluctuations, benefiting from demand recovery [2]

Group 1 - The aquaculture sector experienced a decline, with major companies such as Dahua Co., Ltd. falling over 8% and Guolian Aquatic Products dropping over 5% [2] - Other companies in the sector, including Zhangzidao, Xiangjia Co., and Yongshun Biological, also saw a decrease in their stock prices [2]

Core Insights - The article provides an overview of fund managers' perspectives and strategies based on their recent quarterly reports, highlighting different investment styles and market outlooks [1][2]. Group 1: Fund Manager Perspectives - Fund managers express varying views on market conditions, with some maintaining optimism about equity assets due to low interest rates and the potential for corporate earnings recovery [17][18]. - Different investment styles are categorized, including deep value, growth value, balanced, and growth styles, each with distinct characteristics and focus areas [19][35][51]. Group 2: Deep Value Style - Deep value managers focus on low valuation metrics such as low P/E ratios and high dividend yields, primarily investing in sectors like finance, real estate, and energy [10][12]. - Historical performance shows that this style performed well in 2016-2017 and 2021-2024, while underperforming in 2019-2020 [15][16]. Group 3: Growth Value Style - Growth value managers prioritize companies with strong profitability and stable cash flows, often holding stocks for the long term [20][22]. - Concerns about market risks and valuation levels are noted, with some managers highlighting the extreme valuation disparities across sectors [22][24]. Group 4: Balanced Style - Balanced style managers seek a combination of growth and value, focusing on companies with favorable PEG ratios and exploring opportunities across various sectors [35][36]. - They emphasize the importance of maintaining a diversified portfolio while identifying high-quality investment opportunities [40][46]. Group 5: Growth Style - Growth style managers focus on high revenue and earnings growth, often investing in emerging industries such as AI, renewable energy, and technology [51][62]. - The article notes a shift in focus from technology to consumer sectors as the market stabilizes, with an emphasis on identifying companies with strong growth potential [55][58]. Group 6: Market Outlook - The overall market sentiment is cautiously optimistic, with expectations of continued structural opportunities despite potential short-term volatility [40][62]. - Fund managers are adjusting their portfolios in response to macroeconomic conditions, focusing on sectors with strong growth prospects and managing risks associated with high valuations [31][70].

Group 1 - The A-share market showed a strong rebound on November 19, with the ChiNext Index rising over 1.00%, the Shanghai Composite Index increasing by 0.47%, and the Shenzhen Component Index up by 0.46% [1] - The agricultural sector was notably active, with the China Securities Agricultural Index increasing by 0.40% [1] Group 2 - The Tianhong Agricultural ETF (512620) is set to be listed on November 21, tracking the China Securities Agricultural Index and covering sectors such as breeding and agricultural chemicals, with leading stocks including Muyuan Foods, Wens Foodstuff Group, and Haida Group [2] - The Ministry of Agriculture and Rural Affairs reported that over 80% of winter wheat has been sown nationwide, with significant progress in key provinces such as Henan (nearly 80%), Anhui (over 80%), and Shandong (nearly 90%) [2] - According to Guosheng Securities, the overall allocation in the agriculture, forestry, animal husbandry, and fishery sectors is currently low, below the standard allocation ratio, indicating potential investment opportunities [2] Group 3 - Kaisheng Securities noted that the previous overselling of live pigs, combined with a seasonal increase in consumption, may lead to a temporary strengthening of pig prices [3] - The supply side is expected to contract due to the overselling of live pigs in October and a reduction in breeding stock earlier in the year, while demand may increase due to a cold wave warning issued by the Central Meteorological Observatory on November 15 [3]

每经AI快讯，唐人神（SZ 002567，收盘价：4.82元）11月18日晚间发布公告称，公司第十届第六次董 事会会议于2025年11月18日在湖南省株洲市国家高新技术产业开发区栗雨工业园公司总部会议室以通讯 方式召开。会议审议了《关于拟申请注册发行中期票据的议案》等文件。 截至发稿，唐人神市值为69亿元。 每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 （记者 曾健辉） 2025年1至6月份，唐人神的营业收入构成为：饲料产业占比60.25%，猪种苗产业占比34.1%，肉类产业 占比5.58%，动保业占比0.06%。 ...

农产品团队 | 作者： | 王亮亮 | | --- | --- | | 从业资格证号： | F03096306 | | 投资咨询证号： | Z0017427 | | 联系方式： | 010-68578697 | | 作者： | 侯芝芳 | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | | 作者： | 辛旋 | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年11月17日星期一 更多精彩内容请关注方正中期官方微信 期货研究院 养殖油脂产业链日度策略报告 摘要 豆油：周一，豆油主力01合约偏强走势，午后收于8282（日变动2 6或0.31%）。豆粕大幅走弱后受油粕套利影响下豆油走势偏强。基 本面来看，国内豆油库存 ...

截至9月30日，唐人神股东户数7.37万，较上期减少6.04%；人均流通股19426股，较上期增加6.43%。 2025年1月-9月，唐人神实现营业收入185.86亿元，同比增长8.87%；归母净利润-3.65亿元，同比减少 243.80%。 分红方面，唐人神A股上市后累计派现9.72亿元。近三年，累计派现5090.17万元。 11月17日，唐人神涨0.41%，成交额1.19亿元。两融数据显示，当日唐人神获融资买入额955.83万元， 融资偿还974.48万元，融资净买入-18.64万元。截至11月17日，唐人神融资融券余额合计3.88亿元。 融资方面，唐人神当日融资买入955.83万元。当前融资余额3.87亿元，占流通市值的5.55%，融资余额 低于近一年10%分位水平，处于低位。 融券方面，唐人神11月17日融券偿还200.00股，融券卖出6400.00股，按当日收盘价计算，卖出金额3.12 万元；融券余量27.03万股，融券余额131.64万元，低于近一年10%分位水平，处于低位。 资料显示，唐人神集团股份有限公司位于湖南省株洲市国家高新技术产业开发区栗雨工业园，成立日期 1992年9月11日，上市日期 ...

高低切&反内卷 20251116 摘要 反内卷政策旨在优化供需结构，推动通胀回归，自 2025 年 9 月以来政 策决心加强，通过供给侧约束和治理低价竞争等措施，规范生产行为， 对未来一年的价格和业绩产生正向催化作用，并可能在未来 3-5 年内深 入调整产能周期。 当前市场高低切换现象明显，周期性行业如煤炭、石化、有色表现占优。 配置思路上，应重视供给偏紧且受益于通胀交易逻辑的顺周期行业，关 注剩余流动性，重点关注电芯、金属、化工、农业及交运等领域。 牛市驱动因素正从金融在通胀转向实物在通胀，受益于反内卷和通胀交 易，有色金属、钢铁、煤炭、石化等周期性行业以及养殖、轻纺等消费 领域和物流、医药、工程机械等制造业将释放更强价格弹性。 光伏产业通过产能退出实现价格上涨，储能需求提升带动新一轮光伏价 格上涨。风电产业风机价格上涨 18%，头部公司较二线公司有溢价。锂 电池领域六氟磷酸锂价格翻倍，碳酸锂环节相对紧张，全球储能需求增 速高于 50%。 Q&A 反内卷政策的背景和意义是什么？ 反内卷政策的背景可以追溯到 2025 年 7 月 1 日的中央财经委员会会议，这标 志着从高层喊话转向中央政府制定政策和地方政府加 ...