Core Viewpoint - Andy Su has successfully completed a large-scale private placement, raising a total of 3.98 billion shares and 3 billion yuan, with significant interest from institutional investors [1][3][4]. Fundraising Details - The private placement involved issuing 398 million shares at a price of 7.54 yuan per share, raising a total of 3 billion yuan, with a net amount of 2.984 billion yuan after expenses [3][4]. - The top recipient of the shares was Caitong Fund, which received 694 million yuan, becoming the second-largest shareholder with a 2.99% stake [1][6]. Use of Proceeds - The funds raised will be allocated to functional product projects, special product projects, sustainable development projects, and to supplement working capital [2][8]. - Specifically, 1.743 billion yuan (46.3% of total funds) will be invested in a solid methionine project, while 257 million yuan will go towards special product projects [8]. Market Performance - As of December 18, Andy Su's stock price reached 8.93 yuan, resulting in a paper profit of 553 million yuan for the 20 investors within a day [2][7]. Financial Performance - For the first three quarters of 2025, Andy Su reported revenue of 12.931 billion yuan, a year-on-year increase of 13.67%, while net profit decreased by 1.29% to 990 million yuan [10]. - The company has faced challenges such as declining vitamin prices and increased distribution costs due to tariffs, but is implementing strategies to mitigate these impacts [10]. Research and Development - Andy Su is enhancing its R&D efforts, with planned expenditures increasing from 301 million yuan in 2020 to 442 million yuan in 2024, and 282 million yuan spent in the first three quarters of 2025 [11].

养殖ETF（159865）跟踪的是中证畜牧指数（930707），该指数从沪深市场中选取业务涉及畜禽养殖、 饲料加工等领域的上市公司证券作为指数样本，以反映畜牧业相关上市公司证券的整体表现。中证畜牧 指数覆盖了畜禽养殖、饲料及动保等多个细分领域，具有较强的行业代表性。 注：数据来源wind，权重数据截至2025年9月15日，养殖ETF"含猪量"约60%意为生猪含量口径为申万三 级行业中涉及生猪养殖、畜禽饲料、动物保健III相关标的权重之和。规模数据和含猪量数据变化波动， 不预示未来表现。如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析 参考，不预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数 仅供参考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择 与风险等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 根据wind数据，养殖ETF（159865）盘中净流入2600万份，资金抢筹布局。 消息面，商务部2025年12月16日公布对原产于欧盟的进口相关猪肉及猪副产品反倾销调查的最终裁定， 最终认定原产于欧盟的进口相 ...

棕榈及菜系市场2026年年报 棕榈与菜系：蓬身已随洪波宽，菘节犹阻寒潭 清 ——2025 年棕榈与菜系市场回顾与 2026 年展望 方正中期期货研究院 农产品团队 王亮亮 Z0017427 ➢ 摘要： 棕榈油：今年以来，棕榈油盘面呈现出冲高回落走势，但盘面重心有所上移。主产地 供给扰动事件带动盘面短期大幅冲高，但年内印尼恢复性增产及马棕产量预计创历史 新高下，实际供给维持充裕水平；而受全球生柴掺混需求利多及印度植物油消费增长 提振，需求端同样表现亮眼，供需双增下，基本面延续紧平衡态势，进而棕榈油价格 重心有所上移。 年底来看，11 月后马棕转向减产季，但今年减产力度不及往年，加上淡季出口需求 超预期回落，拖累产地库存大幅累库，短期价格或偏弱承压。但往后看，减产季数据 仍需继续关注，主产地树龄问题也将限制产量上方高度。需求端，明年 2 月印度斋月 前或将迎来一波需求释放，同时全球生柴政策仍将提供长期利好支撑。往后可关注一 季度的逢低做多机会。 展望明年，25/26 年度棕榈油全球供需预计维持紧平衡态势，市场关注点主要在于明 年印尼 B50 政策的推行效果、主产地天气情况以及出口需求情况，主产地树龄问题， 1 请 ...

Company Overview - Jin Xin Nong (SZ 002548) announced a temporary board meeting on December 12, 2025, to discuss the expected guarantee limits for 2026 for the company and its subsidiaries [1] - As of the report, Jin Xin Nong has a market capitalization of 4.6 billion yuan [1] Revenue Composition - For the first half of 2025, Jin Xin Nong's revenue composition is as follows: - Feed processing accounts for 66.97% - Animal husbandry accounts for 32.1% - Other industries account for 0.58% - Raw material trading accounts for 0.35% [1]

Group 1 - The company plans to conduct foreign exchange derivative trading for the year 2026, aiming to mitigate risks associated with exchange rate and interest rate fluctuations while enhancing financial management efficiency [22][24][25] - The estimated maximum trading margin and premium for the foreign exchange derivative trading business is set at RMB 50 million, with the maximum contract value on any trading day not exceeding RMB 200 million [25][26] - The trading period for the foreign exchange derivative business is from January 1, 2026, to December 31, 2026, with the possibility of rolling over the trading amounts [28] Group 2 - The company will utilize its own funds for the foreign exchange derivative trading, ensuring that no raised funds will be involved [26] - The types of foreign exchange derivatives to be traded include but are not limited to forward foreign exchange contracts, foreign exchange swaps, currency swaps, interest rate swaps, foreign exchange futures, and options [27] - The company has established internal control measures and risk management protocols to ensure compliance and mitigate potential risks associated with the trading activities [33][34] Group 3 - The company’s board of directors approved the proposal for foreign exchange derivative trading on December 9, 2025, and it will be submitted for shareholder approval [29][40] - The company’s audit committee has reviewed and supported the proposal, indicating that it aligns with the company's operational needs and does not harm the interests of shareholders, particularly minority shareholders [37][98] - The company is also planning to change its accounting firm to Zhongxinghua Accounting Firm to enhance the independence and objectivity of its audit processes [102][103]

联系方式：010-85356618 频度：周 最新值 前值 周环比 棕榈油：库存：中国 （万吨） 68.37 65.35 4.62% 菜油：库存：中国 （万吨） 34.70 36.52 -4.98% 压榨厂：豆油：库存： 中国（万吨） 116.30 117.88 -1.34% 棕榈油：期现价差：中 国（元/吨） 42.00 51.00 -17.65% 菜油：期现价差：中国 （元/吨） 428.00 452.00 -5.31% 豆油、棕榈油：期现价 差：中国 （元/吨） -273.00 -178.00 53.37% 棕榈油现货主力合约基 差(元/吨） 43.33 -8.67 -599.77% 菜油现货主力合约基差 (元/吨） 490.75 428.75 14.46% 豆油现货主力合约基差 (元/吨） 293.47 281.47 4.26% 2025-06-06 棕榈油：库存：中国（周） 菜油：库存：中国（周） 油脂 近一年走势 2025-06-23 0 20 40 60 80 100 120 万吨 2022 2023 2024 2025 0 10 20 30 40 50 60 70 80 90 万吨 2022 ...

Group 1: Company Overview and Strategy - The company adheres to the value proposition of "product leadership, value service, and partner growth," focusing on product, market, customer, and efficiency [2] - The company has established a nationwide marketing network in China and a professional marketing and technical service team to provide valuable products and solutions [3] - The company has been operating internationally for over 20 years, developing a mature method for selecting quality distributors and a unique "partner growth" model [4] Group 2: Financial Performance and Revenue Structure - The company's overseas business revenue accounts for nearly 40% of total revenue, indicating rapid growth in international markets [3] - The main customers include feed production enterprises, breeding enterprises, and distributors, with notable clients such as New Hope and Tongwei [3] Group 3: Product Development and R&D - The core products include functional feed additives, nutritional feed additives, and enzymatic plant proteins, with functional feed additives generating the highest revenue [5] - The company aims to develop high-efficiency, safe, and environmentally friendly feed additives and enzymatic protein products to address industry pain points and enhance animal production performance [5] Group 4: Market Expansion and Future Plans - The company has established sales networks in over 40 countries, including Vietnam, Russia, and Brazil, and plans to continue expanding its international presence [4] - The company is developing a corn protein processing project with an expected annual output of 100,000 tons, which will diversify its product offerings and mitigate market risks [6] Group 5: Collaborations and Research Initiatives - The company collaborates with various universities and research institutions to enhance its research capabilities and support product innovation [7] - Ongoing research projects focus on non-antibiotic disease prevention in poultry and improving the efficiency of fish feed, contributing to sustainable aquaculture [7] Group 6: Market Position and Future Outlook - The company is exploring opportunities in the pet market and is open to potential mergers and acquisitions, depending on industry trends and long-term strategic planning [8] - The company emphasizes a dual approach of expanding into new markets while deepening existing market value [4]

Core Points - The company announces the maturity and redemption details of its convertible bonds, "Hope Convertible Bonds," which will mature on January 5, 2026 [1][6] - The redemption amount for the bonds will be 106 RMB per bond, including tax and the last interest payment [7] - The bonds will cease trading on December 30, 2025, with the last trading day being December 29, 2025 [5][9] Group 1: Bond Issuance and Trading Information - The company issued 40 million convertible bonds with a face value of 100 RMB each, totaling 4 billion RMB, which began trading on February 4, 2020 [2] - The conversion period for the bonds started on July 9, 2020, and will end on January 5, 2026 [2][5] - The current conversion price is set at 10.59 RMB per share [5] Group 2: Redemption and Payment Details - The redemption of the bonds will occur within five trading days after maturity, at a price of 106% of the face value [3] - The payment date for the redemption amount is scheduled for January 6, 2026 [7][8] - The bonds will be delisted from the Shenzhen Stock Exchange on January 6, 2026 [9]

Core Points - Guizhou Comprehensive Bonded Zone has implemented a "no application, immediate enjoyment" policy for enterprises, allowing for direct disbursement of incentive funds without the need for application [1][3] - As of now, 11 enterprises have received a total of 1.15 million yuan in incentive funds under this new policy [1][5] Group 1 - The "no application, immediate enjoyment" policy allows eligible enterprises to receive funds directly, enhancing service efficiency and reducing bureaucratic hurdles [3] - Guizhou Dingcheng Rongxin Technology Co., Ltd. received funds without submitting any application materials, highlighting the effectiveness of the new policy [3] - The policy aims to support strategic emerging industries and innovation, with 11 measures identified to facilitate this transition [3] Group 2 - Guizhou Fuzhiyuan Supply Chain Co., Ltd. benefited from the policy and plans to invest an additional 7 million yuan to transform its factory, aiming for an annual production capacity of 260,000 tons [5] - The first batch of "no application, immediate enjoyment" policies has been fully disbursed, focusing on AEO certification, enterprise technology centers, and green factory construction [5]

Core Viewpoint - The company Jinhe Biological has developed a synthetic astaxanthin product with strong antioxidant capabilities, applicable in various sectors including health food, aquaculture, feed, pharmaceuticals, and cosmetics [2] Company Summary - Jinhe Biological's astaxanthin product is the first synthetic biology product resulting from a strategic partnership with Shanghai Jiao Tong University School of Life Sciences and Technology [2] - The astaxanthin is produced as a metabolic byproduct of red yeast during fermentation, offering a higher yield and lower cost compared to natural extraction methods [2] - The company has established an annual production capacity of 3,000 tons of astaxanthin, with the feed additive product already receiving approval and currently in the market promotion phase [2]