Market Overview - On September 19, A-shares saw a decline across all major indices, with the Shanghai Composite Index down by 0.30%, the Shenzhen Component Index down by 0.04%, and the ChiNext Index down by 0.16% [1] - The CSI A50 index increased by 0.33%, outperforming other indices [1] - The total trading volume in the Shanghai and Shenzhen markets was 23,238 billion RMB, a significant decrease of over 811.3 billion compared to the previous trading day [1] Index Performance - The CSI A50 index has risen by 12.04% year-to-date, while the Shanghai Composite Index has increased by 13.97% [2] - The ChiNext Index has shown a year-to-date increase of 44.33%, while the Shenzhen Component Index has increased by 25.51% [2] - The Hang Seng Technology Index rose by 0.37% and has a year-to-date increase of 40.87% [2] Sector Performance - The coal sector (1.97%), non-ferrous metals (1.19%), and building materials (1.05%) were the top-performing sectors [4] - Conversely, the automotive sector (-1.94%), pharmaceutical and biotechnology (-1.41%), and computer sector (-1.26%) experienced the largest declines [4] Fund Flow - The ETF market continued to see a net inflow, totaling 17.694 billion RMB this week [5] - Cross-border ETFs and stock ETFs were the main contributors to inflows, with net inflows of 17.655 billion RMB and 7.588 billion RMB, respectively [5] - Stock (broad-based) ETFs saw a significant net outflow of 16.252 billion RMB, indicating a declining preference for broad-based ETF investments [6] Investment Trends - The livestock ETF (159867) saw a net subscription of 10.5 million units, marking nine consecutive days of net inflow [11] - The chemical ETF (159870) recorded a net subscription of 1.75 billion units, driven by the strengthening of solid-state battery concepts [12] - The non-ferrous metals sector is experiencing increased interest, particularly in gold stocks, as gold prices have recently surpassed 3,660 [13]

Core Viewpoint - Zhanjiang is experiencing a significant agricultural harvest, with a total agricultural output value of 52.946 billion yuan in the first half of the year, reflecting a year-on-year growth of 4.4% [6][7]. Group 1: Agricultural Production - The city has a strong agricultural foundation, being the largest grain-producing city in Guangdong, with a grain planting area of 4.2644 million mu and a total output of 1.5958 million tons, accounting for 12.15% of the province's total output [20][21]. - The tropical crop industry is particularly competitive, with a fruit planting area of 1.7844 million mu and a total output of 3.4556 million tons, where pineapple production accounts for nearly 90% of the province's total [22]. - The vegetable planting area is 2.5549 million mu, with a total output of 4.8537 million tons, ranking first in the province [23]. Group 2: Livestock and Aquaculture - The livestock industry has a total output value of 17.079 billion yuan, with cattle and sheep output ranking first in the province [26]. - Zhanjiang is recognized as the "Capital of Chinese Prawns," leading the nation in seven indicators related to shrimp seedling production, breeding area, and processing scale [27]. Group 3: Value Addition and Branding - The city has established 26 modern agricultural industrial parks, with 4 at the national level and 22 at the provincial level, leading the province in quantity [42]. - The agricultural product processing industry is projected to reach an output value of 66.722 billion yuan in 2024, forming four industrial clusters with over 10 billion yuan in value [43]. - The "Zhanpin" brand has recognized 176 products, with online retail sales of agricultural products reaching 1.6 billion yuan, a year-on-year increase of 39.8% [49][50]. Group 4: Rural Development and Innovation - The city has accelerated rural operations, establishing 41 strong town and rich village companies, and 222 benchmark family farms, ranking second in the province [60][61]. - The total income of rural collective economies is projected to reach 1.167 billion yuan in 2024, reflecting a year-on-year growth of 5.9% [62]. - Zhanjiang is transforming traditional agriculture into modern agriculture, with multiple billion-yuan agricultural industrial clusters being cultivated [68].

Group 1 - The celebration of the 70th anniversary of the Xinjiang Uyghur Autonomous Region is marked by various activities and symbols reflecting the region's cultural and natural beauty [2] - The region showcases a blend of pastoral landscapes and urban development, with thriving local economies and entrepreneurial spirit among the youth [2] - The border ports, such as the Horgos Road Port, play a crucial role in facilitating trade and tourism, with a designed annual cargo throughput capacity of 3 million tons and 5 million person entries and exits [5][6] Group 2 - The core area for goji berry cultivation in Xinjiang has expanded to 4,600 acres, significantly increasing the local economic output and providing seasonal employment opportunities [8] - E-commerce initiatives, particularly through live streaming, are gaining traction, with projected sales of 170 million yuan in 2024, driven by a young demographic [10][11] - The agricultural sector is experiencing advancements, with solar pest control technologies being utilized to enhance cotton production [15] Group 3 - Cultural initiatives, such as the establishment of the "Silk Road" Xinjiang-Tacheng Literature Museum, aim to promote local literature and arts, featuring renowned authors and creative spaces [20]

Core Viewpoint - The livestock industry is experiencing fluctuations in stock performance, with a notable decline in pig and piglet prices, leading to potential losses in fattening and breeding segments. The industry is expected to undergo capacity reduction, presenting long-term investment opportunities as valuations are at historical lows [1][2]. Group 1: Market Performance - As of September 18, 2025, the China Livestock Breeding Index (930707) showed mixed performance among its constituent stocks, with Bio-Stock (600201) leading gains at 2.39% and Tian Kang Biological (002100) experiencing the largest decline [1]. - The Livestock ETF (159867) was priced at 0.67 yuan, with a net subscription of 15 million units, marking eight consecutive days of net inflow [1]. Group 2: Industry Events - The 37th Central Plains Livestock Industry Trade Expo opened on September 16, attracting over 350 enterprises from 26 provinces, discussing the development of the livestock industry [1]. Group 3: Investment Insights - Pacific Securities indicated that the decline in pig and piglet prices is shifting the profitability of fattening and breeding segments from profit to loss, with increased demand for risk mitigation as the fourth quarter approaches [1]. - The current fundamentals and policy changes in the pig farming industry are favorable for capacity reduction, with most listed breeding companies' market values at historical lows, indicating significant potential for long-term investment [1]. - The Livestock ETF closely tracks the China Livestock Breeding Index, which includes companies involved in livestock feed, veterinary drugs, and breeding, reflecting the overall performance of related listed companies [1]. Group 4: Top Weight Stocks - As of August 29, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 65.57% of the index, including Muyuan Foods (002714), Wens Foodstuff Group (300498), and others [2].

Group 1 - The core viewpoint of the news is that Jin Xin Nong's stock price increased by 5.08% to 5.17 CNY per share, with a trading volume of 240 million CNY and a turnover rate of 6.00%, resulting in a total market capitalization of 4.162 billion CNY [1] - Jin Xin Nong, established on November 6, 1999, and listed on February 18, 2011, is primarily engaged in the research, production, and sales of pig feed products, as well as information technology services [1] - The revenue composition of Jin Xin Nong's main business includes: pig compound feed 49.43%, live pigs 32.10%, other feed 9.29%, pig concentrated feed 5.43%, pig premix feed 2.82%, others 0.58%, and feed raw materials 0.35% [1] Group 2 - From the perspective of the top ten circulating shareholders, Guotai Fund's ETF, Guotai Zhongzheng Animal Husbandry ETF (159865), increased its holdings by 307,900 shares in the second quarter, holding a total of 8.0051 million shares, accounting for 1% of the circulating shares [2] - The Guotai Zhongzheng Animal Husbandry ETF (159865) was established on March 1, 2021, with a latest scale of 3.574 billion CNY, and has achieved a year-to-date return of 18.21% [2] - The fund manager, Liang Xing, has a tenure of 9 years and 105 days, with the fund's total asset scale at 24.955 billion CNY, achieving the best return of 1112.34% and the worst return of -50.81% during the tenure [2]

Core Viewpoint - The company is actively seeking growth opportunities in various sectors to create value and returns for its shareholders [1] Group 1: Business Operations - The company primarily operates as a foundation subcontractor providing foundation and land leveling engineering services in Hong Kong [1] - In mainland China, the company is engaged in the trade of alcoholic beverages [1] Group 2: Strategic Initiatives - The company is exploring investment opportunities in modern aquaculture operations, which may include the development of specialized breeding facilities and related value-added products [1] - The company is considering opportunities in livestock farming and animal husbandry, potentially involving modern farm operations and related agricultural product production [1] - The company is evaluating a potential acquisition of a licensed virtual asset trading platform, which may include establishing and operating regulated cryptocurrency exchange services and related fintech solutions [1] Group 3: Competitive Advantage - The board believes that these strategic initiatives can leverage the company's resources and expertise while opening new market opportunities, thereby enhancing competitiveness and creating sustainable value for shareholders [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 BASETROPHY GROUP HOLDINGS LIMITED 基地錦標集團控股有限公司 （於開曼群島註冊成立之有限公司） 畜牧業： 本公司正考慮畜牧養殖及動物飼養方面的機遇，當中可包括現代化農場營運及相 關農產品生產。 加密貨幣兌換業務： 本公司正評估潛在收購一個持牌虛擬資產交易平台，當中可能包括設立及營運受 規管的虛擬貨幣兌換服務以及相關金融科技解決方案。 1 （股份代號：8460） 自願公告 最新業務狀況 基地錦標集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）謹此發出本自願公告，旨在知會其股東（「股東」）及潛在投資者有關本 集團所採納的最新業務發展策略。 本集團主要業務為在香港作為底層結構分包商提供地基及地盤平整工程以及其他 土力工程，並在中國從事酒類飲料貿易。為本公司及其股東創造價值及回報，本公 司正積極物色具龐大增長潛力的行業機遇，包括但不限於： 養殖業 ...

Group 1 - The core viewpoint indicates that the pig farming industry is experiencing a transition from scale competition to quality and efficiency, facing challenges such as price volatility, feed cost pressures, and debt structure optimization [2] - As of September 17, 2025, the China Livestock Breeding Index (930707) decreased by 0.95%, with mixed performance among constituent stocks, where Brother Technology (002562) led with a 10.02% increase [1] - The pig farming sector is still viewed positively despite recent adjustments, with a meeting held on September 16 discussing the reduction of the national breeding sow inventory by approximately 1 million heads to around 39.5 million [1] Group 2 - The industry is undergoing a significant reshuffle, with a focus on operational efficiency and risk management capabilities, as smaller enterprises struggle to survive [2] - The top ten weighted stocks in the China Livestock Breeding Index account for 65.57% of the index, with major players including Muyuan Foods (002714) and Wens Foodstuff Group (300498) [2] - The Livestock ETF (159867) has seen continuous net inflows, with a total of 346 million shares subscribed, indicating strong market interest [1]

Group 1 - The pig farming sector is currently experiencing a downturn, with the breeding ETF (516760) down by 0.97% and showing continuous premium, having received net subscriptions for three consecutive days [1] - The Agricultural and Rural Affairs Ministry, along with the National Development and Reform Commission, held a meeting to analyze the current pig production situation and discuss capacity regulation measures with 25 participating companies, including Muyuan, Wens, and New Hope [1] - Current prices for piglets and pigs have dropped to near breakeven levels, leading to weak market willingness to increase production, which may result in a larger reduction of breeding sows in Q4 [1] Group 2 - The livestock farming sector's recent strong performance is driven by "anti-involution" policies that control new capacity and guide pig prices into a reasonable profit range [2] - The reduction in the number of breeding sows further validates the effectiveness of capacity reduction policies, indicating a shift from extensive expansion to structural optimization, benefiting leading companies with cost and scale advantages [2] - The breeding ETF's tracking index has a low price-to-earnings ratio (PE-TTM) of 15, indicating a high safety margin and potential for rebound if funds shift from high to low sectors [2]

Group 1 - The core viewpoint of the news highlights the recent developments in the livestock industry, particularly the pig farming sector, where a policy shift is expected to lead to a reduction in production capacity and a potential revaluation of low-cost advantage companies [1][2] - The China Livestock Breeding Index (930707) shows mixed performance among its constituent stocks, with Brother Technology (002562) leading the gains at 10.02%, while Haida Group (002311) experienced the largest decline [1] - The Livestock ETF (159867) has seen continuous net inflows over the past six days, with a peak single-day net inflow of 98.05 million yuan, totaling 218 million yuan, indicating strong investor interest in the sector [1] Group 2 - The recent pig production capacity adjustment meeting mandated that 25 leading pig companies must collectively reduce production by 1 million breeding sows by the end of the year, marking a shift from policy discussions to quantitative assessments [1] - The pig farming sector is expected to benefit from a rotation in the pig cycle and a reduction in supply, which could positively influence pig prices and the overall performance of the sector [2] - The top ten weighted stocks in the China Livestock Breeding Index account for 65.57% of the index, with leading companies such as Muyuan Foods (002714) and Wens Foodstuffs (300498) being significant players in the market [3]