证券之星消息，12月10日饲料板块较上一交易日上涨0.9%，天马科技领涨。当日上证指数报收于 3900.5，下跌0.23%。深证成指报收于13316.42，上涨0.29%。饲料板块个股涨跌见下表： 从资金流向上来看，当日饲料板块主力资金净流入5558.77万元，游资资金净流入3319.59万元，散户资 金净流出8878.36万元。饲料板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

每经AI快讯，天马科技（SH 603668，收盘价：17.85元）12月9日晚间发布公告称，截至2025年12月2 日，公司及子公司实际对外担保总余额约为27亿元，占公司最近一期经审计净资产比例为120.68%。 （1）公司及子公司对其他子公司提供的授信担保总余额约为15.41亿元，占公司最近一期经审计净资产 的68.89%。 2024年1至12月份，天马科技的营业收入构成为：饲料占比88.54%，养殖及食品行业占比25.9%，其他 业务占比0.36%，饲料和养殖及食品间交易抵消占比-14.79%。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 曾健辉） 截至发稿，天马科技市值为90亿元。 ...

每经AI快讯，天马科技（SH 603668，收盘价：17.85元）12月9日晚间发布公告称，公司第五届第十四 次董事会会议于2025年12月9日在福清市上迳镇工业区公司三楼会议室召开。会议审议了《关于修订 < 董事会审计委员会工作细则> 的议案》等文件。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 张明双） 2024年1至12月份，天马科技的营业收入构成为：饲料占比88.54%，养殖及食品行业占比25.9%，其他 业务占比0.36%，饲料和养殖及食品间交易抵消占比-14.79%。 截至发稿，天马科技市值为90亿元。 ...

Group 1 - The feed sector experienced a decline of 1.65% on December 9, with Lu's shares leading the drop [1] - The Shanghai Composite Index closed at 3909.52, down 0.37%, while the Shenzhen Component Index closed at 13277.36, down 0.39% [1] - A detailed table of individual stock performance in the feed sector is provided [1] Group 2 - The feed sector saw a net outflow of main funds amounting to 45.3016 million yuan, with retail funds showing a net inflow of 173 million yuan [2] - Speculative funds experienced a net outflow of 128 million yuan [2] - A detailed table of fund flow for individual stocks in the feed sector is included [2]

Macro and Strategy - The Federal Open Market Committee (FOMC) is facing a personnel change that will influence future policy direction and independence boundaries, with a key focus on the upcoming 2026 board member replacements [7][8] - The current structure of the FOMC, with a mix of "core dependent" and "institutional defense" members, will determine the continuation of its independence, with potential shifts in policy power dynamics anticipated [8] - The report predicts that the Federal Reserve is likely to enter a phase of "political rate cuts," with increased uncertainty in decision-making frameworks [9] Industry and Company Agriculture, Forestry, Animal Husbandry, and Fishery - The investment strategy for December 2025 highlights an expected reversal in the livestock cycle, recommending key stocks in the dairy farming sector such as Yuran Agriculture and Modern Farming [13] - The report emphasizes the potential for a rebound in meat and milk prices, driven by a synchronized recovery in the livestock sector, with leading companies expected to experience significant earnings recovery [13][14] - Recommendations include leading companies in various segments: livestock (Yuran Agriculture, Modern Farming), pork (Hua Tong, De Kang), and pet food (Guaibao Pet) [15][17] Food and Beverage - The food and beverage sector has seen a decline of 1.80% recently, with A-share food and beverage indices underperforming the broader market [18][19] - The report identifies a divergence in performance across categories, with alcoholic beverages facing supply-demand imbalances, while dairy products are expected to see gradual recovery [19][20] - Investment recommendations focus on high-potential companies in the beverage sector, such as Nongfu Spring and East Peak Beverage, as well as premium liquor brands like Luzhou Laojiao and Moutai [19][20] Real Estate - The real estate market is experiencing significant pressure, with a 9.6% year-on-year decline in sales volume and a 6.8% drop in sales area from January to October 2025 [25][26] - The report notes that while non-popular cities are seeing population outflows, local residents still have improvement-driven housing demands, which could stabilize the market [26][28] - Recommendations include focusing on companies that are well-positioned in non-popular cities, such as China Overseas Land & Investment, which can leverage local demand for housing improvements [28] Internet and AI - The report highlights advancements in AI technology, with significant product launches from companies like OpenAI and Tencent, indicating a growing trend in AI applications across various sectors [29][30] - Investment strategies suggest focusing on internet giants that are leveraging AI for growth, with recommendations for Alibaba and Tencent as key players benefiting from AI integration [30] - The report also notes the potential for AI to enhance advertising and cloud service revenues for these companies, suggesting a positive outlook for their financial performance [30]

企查查信息显示，山东新希望六和集团有限公司（下称"山东六和"）近日股东及主要成员发生变更。 | | | | 股东 | 变更前 | | 变更后 | | | --- | --- | --- | --- | --- | | | 持股比例 | 认缴金额 | 持股比例 | 认缴金额 | | 新希望六和股份有限公司 | 93.5299% | 381176.4705万元 | 100% | 407544.993182万元 | 其中，中国中信金融资产管理股份有限公司（下称"中信金融资产"）退出山东六和，其退出前在山东六和的认缴出资为2.64亿元，持股比例为6.47%。新 希望（000876.SZ）接手中信金融资产所持山东六合所有股份。目前，新希望对山东六和的认缴出资额为40.75亿元，持股比例为100%。 资料显示，中信金融资产今年3月成为山东六和股东，其在山东六和持股时间还不足9个月。 六和饲料也为山东企业，资料显示，其成立于2001年，法定代表人也是孙林，注册资本为8010万元，注册地址在青岛市。作为新希望体系内专注于饲料业 务的重要载体，其经营范围包括添加剂预混合饲料、畜禽配合饲料、浓缩饲料的加工与销售等。 经济导报记者 ...

Group 1 - The company Tangrenshen (SZ 002567) announced that as of October 31, 2025, the total guarantee balance provided to consolidated entities is approximately 4.192 billion yuan, accounting for 71.19% of the audited net assets as of the end of 2024 [1] - The total guarantee balance provided to non-consolidated entities is approximately 983 million yuan, which represents 16.69% of the audited net assets as of the end of 2024 [1] - The overdue debt corresponding to the guarantee balance is approximately 308 million yuan [1] Group 2 - For the first half of 2025, the revenue composition of Tangrenshen is as follows: feed industry accounts for 60.25%, pig breeding industry accounts for 34.1%, meat industry accounts for 5.58%, and animal health industry accounts for 0.06% [1] - As of the report date, the market capitalization of Tangrenshen is 6.5 billion yuan [1]

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Viewpoints - The swine industry is entering an accelerated phase of capacity reduction, presenting opportunities for investment at the bottom of the market [3][4] - The poultry sector's fundamentals are expected to improve, with a focus on marginal changes in the cycle [4][5] - The animal health sector is closely monitoring the progress of African swine fever vaccine clinical trials, which could enhance the industry's competitive landscape [6][7] - The pet economy is thriving, with domestic brands rapidly emerging and improving profitability [9][10] Summary by Sections Swine Industry - The average price of live pigs in November was 11.69 yuan/kg, with a month-on-month change of 0 yuan/kg [15] - The number of breeding sows as of the end of October was 39.9 million, a decrease of 1.1% month-on-month and 2.1% year-on-year [15][16] - Investment suggestions include leading companies such as Muyuan Foods and Wens Foodstuffs, with a focus on low-cost performance and dividend increases [16] Poultry Industry - The price of white feather broiler parent stock chicks was 41 yuan/set, down 6 yuan from the previous week [31] - The poultry sector is seeing a gradual recovery, with a recommendation for companies like Shennong Development and Lihua Stock [32] Animal Health - The profitability of self-breeding pigs has been negative for over two months, impacting the animal health sector [40] - Companies like Bio-Pharmaceuticals and Keqian Bio are recommended due to their strong business layouts and customer resources [6][40] Planting Industry - The price of corn was 2229 yuan/ton, with a month-on-month increase of 0.5% and a year-on-year increase of 8% [45] - Companies with early reserves in genetically modified seeds are recommended, including Suqian Agricultural Development and Longping High-Tech [50] Feed Industry - The price of feed for fattening pigs was 3.32 yuan/kg, with a month-on-month decrease of 20 yuan/ton [51] - The feed industry is expected to see increased concentration, with recommendations for Haida Group and He Feng Stock [52] Pet Industry - The pet consumption market in urban China is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5% [58] - Recommended companies in the pet food sector include Guibao Pet and Zhongchong Stock, with a focus on the pet medical sector as well [59]

Core Viewpoint - He Feng Co., Ltd. announced a change in its signing registered accountant for the 2025 audit, with Wu Yu replacing Huang Xiao as the project partner due to internal adjustments at the accounting firm [2]. Group 1 - He Feng Co., Ltd. received a notice from Rongcheng Accounting Firm regarding the change of its signing registered accountant [2]. - Wu Yu has been appointed as the new project partner for the 2025 audit, taking over from Huang Xiao [2]. - The change is attributed to internal work adjustments within Rongcheng Accounting Firm [2].

Market Overview - The feed sector experienced a slight decline of 0.07% on December 8, with Hai Da Group leading the losses [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Individual Stock Performance - Tianma Technology (603668) saw a significant increase of 6.38%, closing at 17.33 with a trading volume of 636,100 shares and a turnover of 1.11 billion [1] - Aonong Biological (603363) rose by 5.66%, closing at 4.85 with a trading volume of 666,300 shares and a turnover of 314 million [1] - Other notable performers included Chaoguo Aoqian (001313) with a 5.46% increase, closing at 8.89, and Jin Xin Nong (002548) with a 2.19% increase, closing at 6.07 [1] Capital Flow Analysis - The feed sector saw a net inflow of 21.82 million from institutional investors, while retail investors contributed a net inflow of 17.47 million [2] - However, there was a net outflow of 39.29 million from speculative funds [2] Detailed Capital Flow for Selected Stocks - Aonong Biological (603363) had a net inflow of 20.43 million from institutional investors, but a net outflow of 2.08 million from retail investors [3] - Tianma Technology (603668) experienced a net inflow of 18.95 million from institutional investors, with a net outflow of 1.93 million from speculative funds [3] - Hai Da Group (002311) had a net inflow of 3.81 million from institutional investors, but faced a significant net outflow of 15.75 million from speculative funds [3]