Investment Rating - Industry Rating: Outperform the market (maintained rating) [9] Core Viewpoints - The report emphasizes the importance of the pig sector, highlighting the expected decline in production capacity due to policy guidance amid strong supply and weak demand conditions [1][2][13] - The dairy and beef sectors are noted for potential recovery, with the beef super cycle possibly starting, and the report suggests focusing on companies with mother cow resources or those adopting a "milk-meat linkage" model [3][15] - The pet sector is experiencing rapid growth of domestic brands and a positive trend in pet food exports, indicating a robust pet economy [3][16] - The poultry sector is advised to focus on the white chicken breeding gap and the marginal improvement in demand for yellow chickens, with recommendations for specific companies [4][17][19] - The planting sector is encouraged to wait for a turnaround in conventional seed industries while emphasizing opportunities in biological breeding [5][21] - The feed sector highlights Hai Da Group as a key recommendation due to its market share increase and consistent performance [6][23] Summary by Sections Pig Sector - Current pig prices are under pressure, with an average price of 13.50 CNY/kg, down 2.67% from the previous week, and the industry is facing a narrowing profit margin [1][13] - The report suggests focusing on undervalued companies with strong profitability, with specific recommendations for leading firms like Muyuan Foods and Wens Foodstuffs [2][14] Beef Sector - The report indicates that the dairy cow capacity reduction is nearing its end, with potential price recovery for raw milk and beef [3][15] - Recommended companies include Youran Dairy and China Shengmu Organic Milk [3][15] Pet Sector - The domestic pet economy is thriving, with significant growth in sales and exports of pet food [3][16] - Key recommendations include Guibao Pet Food and Zhongchong Co., Ltd. [3][16] Poultry Sector - The report highlights the need to focus on the breeding gap for white chickens and the improving demand for yellow chickens [4][17][19] - Recommended companies include Shengnong Development and Lihua Stock [4][17][19] Planting Sector - The report emphasizes the importance of improving yield through advanced breeding techniques and the integration of agricultural practices [5][21] - Key recommendations include Longping High-tech and Dabeinong Technology Group [5][21][22] Feed Sector - Hai Da Group is highlighted as a key player in the feed sector, with expectations of market recovery and increased market share [6][23]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][48]. Core Views - The SW agriculture, forestry, animal husbandry, and fishery industry slightly outperformed the CSI 300 index, rising by 4.16% from August 29, 2025, to September 11, 2025, exceeding the index by approximately 2.28 percentage points [2][9]. - Most sub-sectors recorded positive returns, with only animal health showing a negative return of -2.65%. The sectors of breeding, feed, fishery, agricultural product processing, and planting increased by 6.23%, 5.93%, 3.31%, 1.37%, and 0.45%, respectively [12][16]. - The overall price-to-book (PB) ratio for the industry is approximately 3.02 times, indicating a recovery in valuation, yet it remains at a relatively low historical level, around the 67.6 percentile since 2006 [19][21]. Summary by Sections Market Review - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index during the reporting period [9]. - Most sub-sectors achieved positive returns, with a notable performance in breeding and feed sectors [12][16]. - Approximately 62% of stocks in the industry recorded positive returns [13]. Important Industry Data - **Pig Farming**: The average price of external three yuan pigs decreased from 13.69 yuan/kg to 13.31 yuan/kg during the reporting period. The profit for self-bred pigs is 16.84 yuan/head, while the profit for purchased piglets is -161.93 yuan/head [22][26]. - **Chicken Farming**: The average price for meat chicken chicks is 3.25 yuan/chick, and for white feathered chickens, it is 7.02 yuan/kg, both showing slight declines [28][33]. - **Feed Costs**: As of September 11, 2025, corn prices are at 2365.49 yuan/ton, and soybean meal prices are at 3060 yuan/ton, with slight fluctuations noted [24][25]. Industry News - A meeting on pig production capacity regulation is scheduled for September 16, 2025, involving 25 leading companies to discuss current production conditions and future regulatory measures [37][38]. Company Insights - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others, focusing on their market positions and growth potential in the current environment [49].

Market Overview - The feed sector experienced a decline of 0.53% on September 12, with Petty Holdings leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - Aonong Biological (603363) saw a significant increase of 4.01%, closing at 5.45, with a trading volume of 1.52 million shares and a turnover of 820 million yuan [1] - Jin Xin Nong (002548) rose by 3.64%, closing at 5.13, with a trading volume of 1.25 million shares and a turnover of 653 million yuan [1] - Petty Holdings (300673) declined by 2.52%, closing at 18.57, with a trading volume of 56,500 shares and a turnover of 106 million yuan [2] Capital Flow Analysis - The feed sector experienced a net outflow of 231 million yuan from institutional investors, while retail investors saw a net inflow of 140 million yuan [2] - Aonong Biological had a net outflow of 37.79 million yuan from institutional investors, while retail investors contributed a net inflow of 4.36 million yuan [3] - Jin Xin Nong had a net inflow of 11.78 million yuan from institutional investors, but a net outflow of 25.86 million yuan from retail investors [3]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Bangji Technology, which saw a stock price increase of 5.07% to 29.84 CNY per share, with a trading volume of 141 million CNY and a turnover rate of 5.97%, resulting in a total market capitalization of 5.06 billion CNY [1] - Bangji Technology, established on April 23, 2007, and listed on October 19, 2022, is primarily engaged in the research, production, and sales of pig feed, with its main revenue sources being pig compound feed (76.63%), pig concentrated feed (12.25%), and other feed types [1] Group 2 - From the perspective of fund holdings, Guotai Fund has a significant position in Bangji Technology, with its Guotai Quantitative Income Flexible Allocation Mixed A Fund holding 23,700 shares, accounting for 1.09% of the fund's net value, ranking as the fourth-largest holding [2] - The Guotai Quantitative Income Flexible Allocation Mixed A Fund has achieved a year-to-date return of 30.86%, ranking 2,495 out of 8,174 in its category, and a one-year return of 64.16%, ranking 1,827 out of 7,981 [2] - The fund manager Liang Xing has a tenure of 9 years and 99 days, managing assets totaling 24.955 billion CNY, with the best fund return during his tenure being 1,112.34% and the worst being -51.49% [2]

Group 1 - The first meeting of the 2025 Employee Stock Ownership Plan (ESOP) was held on September 11, 2025, with 247 out of 259 holders present, representing 91.58% of the total shares allocated for the plan [2] - The meeting was convened by the company's Deputy General Manager and Board Secretary, ensuring compliance with legal regulations and internal management rules [2] - The establishment of a management committee for the 2025 ESOP was approved, consisting of three members, with a voting approval of 97.47% [3][4] Group 2 - The election of committee members for the 2025 ESOP management committee was approved, with Zhang Fanghua, Cai Hanqiu, and Zhu Yuetan elected, receiving 98.28% approval [5][6] - The first meeting of the management committee was held on the same day, electing Zhang Fanghua as the committee chair [5][6] Group 3 - The management committee was authorized to handle various matters related to the ESOP, including convening holder meetings, managing assets, and exercising shareholder rights [6][7] - The authorization is effective from the date of the first holder meeting until the termination of the 2025 ESOP [8][9]

Investment Rating - The report maintains a "Positive" investment rating for the agricultural products industry [13]. Core Insights - The swine breeding industry is transitioning from a rapid growth phase to a stable phase, with medium to long-term capacity control becoming the new norm, positively impacting the industry. Profits for quality enterprises are expected to significantly increase, with a favorable long-term outlook for the sector [4][21]. - Key recommendations include Muyuan Foods, Wens Foodstuff Group, Dekang Agriculture, Shennong Group, and Juxing Agriculture in the swine breeding sector. In the pet food segment, the report highlights the rapid growth of domestic brands such as Guibao Pet and Zhongchong Co., Ltd. The feed industry is also experiencing a recovery, with Haida Group's domestic market share increasing and overseas business growing rapidly [4][21]. Summary by Sections Swine Breeding - In the first half of 2025, the revenue of listed companies in the swine breeding sector increased by 19% year-on-year, with a non-recurring net profit growth of 512%. The average swine price decreased by 4% year-on-year, but profits surged due to improved breeding costs. The industry's free cash flow improved significantly, totaling approximately 18.3 billion yuan, compared to a negative 3.7 billion yuan in the same period last year [8][23]. - The average profit for self-breeding and self-raising was about 73 yuan per head, a significant improvement from a loss of 25 yuan per head in the previous year [23]. Feed Industry - The feed sector saw a revenue increase of 13% year-on-year in the first half of 2025, with a 70.9% increase in non-recurring net profit. The total feed production reached 159 million tons, up 8% year-on-year. Haida Group's feed sales volume grew by 26% year-on-year, and the company is expected to see further growth in shrimp and crab feed in the third quarter [9][22]. Pet Food - The pet food sector's revenue grew by 22.4% year-on-year in Q2 2025, with a 19.2% increase in non-recurring net profit. Domestic sales for Guibao Pet and Zhongchong Co., Ltd. are expected to grow by over 40% in Q2. However, exports of pet snacks faced a decline due to tariffs, with a 52% drop in exports to the U.S. [10][22].

Market Overview - The feed sector increased by 2.09% on September 11, with Jin Xin Nong leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - Jin Xin Nong (002548) closed at 4.95, with a rise of 10.00% and a trading volume of 916,100 shares, amounting to 439 million yuan [1] - Bangji Technology (603151) closed at 28.40, up 9.99%, with a trading volume of 52,800 shares and a turnover of 149 million yuan [1] - Tiankang Biological (002100) closed at 7.52, increasing by 9.94%, with a trading volume of 1,770,800 shares, totaling 1.306 billion yuan [1] - Other notable stocks include Haida Group (002311) with a 2.30% increase and a closing price of 65.75, and Mofeng Co. (603609) with a 2.08% increase [1] Capital Flow Analysis - The feed sector saw a net inflow of 175 million yuan from institutional investors, while retail investors experienced a net outflow of 15.2382 million yuan [2] - The main capital inflow and outflow for key stocks are as follows: - Tiankang Biological had a net inflow of 263 million yuan from main investors, but a net outflow of 134 million yuan from retail investors [3] - Jin Xin Nong experienced a net inflow of 72.9288 million yuan from main investors, with retail investors seeing a net outflow of 42.2004 million yuan [3] - Bangji Technology had a net inflow of 26.4960 million yuan from main investors, while retail investors faced a net outflow of 15.2221 million yuan [3]

瑞达策略优选混合发起A（015694）基金经理为。 责任编辑：小浪快报 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，瑞达基金旗下1只基金重仓海大集团。瑞达策略优选混合发起A（015694）一季度持有股数 6700股，占基金净值比例为4.74%，位居第五大重仓股。根据测算，今日浮盈赚取约9916元。连续6天 上涨期间浮盈赚取3.85万元。 瑞达策略优选混合发起A（015694）成立日期2022年5月17日，最新规模684.22万。今年以来收益 5.06%，同类排名2772/8247；近一年收益6.47%，同类排名4139/7882；成立以来亏损36.62%。 9月11日，海大集团涨2.3%，截至发稿，报65.75元/股，成交4.77亿元，换手率0.44%，总市值1093.92亿 元。海大集团股价已经连续6天上涨，区间累计涨幅9.58%。 资料显示，广东海大集团股份有限公司位于广东省广州市番禺区化龙镇龙泰街8号海大科学园1栋，成立 日期2004年1月8日，上市日 ...

1. Report Industry Investment Ratings - **Oils and Fats**: Expected to fluctuate [6] - **Protein Meal**: Expected to fluctuate [6] - **Corn and Starch**: Expected to fluctuate weakly [7] - **Hogs**: Expected to fluctuate [8] - **Natural Rubber and No. 20 Rubber**: Expected to fluctuate strongly in the short - term [9] - **Synthetic Rubber**: Expected to fluctuate [11] - **Cotton**: Expected to fluctuate in the short - term [12] - **Sugar**: Expected to fluctuate weakly in the long - term, and run in the 5500 - 5750 range in the short - term [14] - **Pulp**: Expected to fluctuate [15] - **Double - Glue Paper**: Expected to fluctuate [16] - **Logs**: Expected to stop falling and stabilize [19] 2. Core Views of the Report - **Oils and Fats**: Affected by the relatively bearish MPOB report, the market sentiment is weak, and it may continue to adjust. Pay attention to the effectiveness of the lower technical support [6]. - **Protein Meal**: The market has both long and short factors, and the market will continue to fluctuate narrowly. Hold long positions at 2900 - 2910 and add positions on dips. It is recommended that oil mills sell on rallies, and downstream enterprises buy basis contracts or fix prices on dips [6]. - **Corn and Starch**: Maintain the idea of shorting on rallies in the fourth quarter. There is a short - term tight supply, and a short - term long - term long pattern is expected [7]. - **Hogs**: The expectation of "anti - involution" boosts the market. In the short - term, the supply is abundant, and the cycle is still under supply pressure. In the long - term, if the capacity - reduction policy is implemented, the supply pressure in 2026 will be gradually weakened. Pay attention to the reverse arbitrage strategy [8]. - **Natural Rubber**: After the decline, it stabilizes, and there will still be fluctuations in the short - term. The short - term trend is expected to fluctuate strongly [9]. - **Synthetic Rubber**: It returns to the fluctuating trend. The short - term price of butadiene is expected to rise slightly, and the market may fluctuate strongly [11]. - **Cotton**: The cotton price fluctuates within the range. Try short - term long positions when the price reaches the lower limit of the range [12]. - **Sugar**: In the long - term, the sugar price has a downward driving force due to the expected supply surplus in the new season. In the short - term, it runs in the 5500 - 5750 range, and pay attention to the support at 5500 [14]. - **Pulp**: The pulp futures fluctuate sharply with the listing of double - glue paper. It is expected to fluctuate [15]. - **Double - Glue Paper**: The fundamentals are weak, but the listing price is neutral to low. Consider range operation between 4000 - 4500 [16]. - **Logs**: The market is in a game between weak reality and peak - season expectation. The price may stop falling and stabilize in September [19]. 3. Summaries According to Relevant Catalogs 3.1 Oils and Fats - **Logic**: Due to the limited expected decline in US soybean yield per unit, combined with the impact of oil - meal arbitrage, US soybeans and soybean oil fell on Tuesday. The MPOB report is bearish, and domestic oils and fats fluctuated and fell yesterday. The US soybean is affected by drought, and the domestic soybean oil inventory may peak. The MPOB report on palm oil is bearish, and the domestic rapeseed oil inventory is slowly falling but still high year - on - year [6]. - **Outlook**: Affected by the bearish MPOB report, the market sentiment is weak and may continue to adjust [6]. 3.2 Protein Meal - **Logic**: Internationally, the Fed's rate cut in September is almost certain. There are factors such as the possible occurrence of La Nina and the expected increase in Brazil's soybean exports. Domestically, the state reserve plans to sell 22,500 tons of imported soybeans, and the soybean import volume is large. The demand for soybean meal may increase steadily [6]. - **Outlook**: Both domestic and international markets will continue to fluctuate within the range. Hold long positions at 2900 - 2910 and add positions on dips [6]. 3.3 Corn and Starch - **Logic**: The domestic corn price shows a differentiated trend. The supply is short - term tight, and the demand has a phased increase. With the approaching of the new grain listing, the selling pressure will gradually appear in the fourth quarter [7]. - **Outlook**: Look for short - selling opportunities on rallies when the new grain is concentratedly listed. Consider reverse arbitrage [7]. 3.4 Hogs - **Logic**: The Ministry of Agriculture plans to hold a symposium on hog production capacity regulation enterprises on September 16. In the short - term, the supply is abundant, and the demand is stable. In the long - term, the "anti - involution" policy may drive the price to strengthen in 2026 [8]. - **Outlook**: The spot price is expected to fluctuate. The futures market is in a pattern of "weak reality + strong expectation", and pay attention to the reverse arbitrage strategy [8]. 3.5 Natural Rubber and No. 20 Rubber - **Logic**: The rubber market stabilizes after a sharp decline. The short - term fundamentals are strong, and there are many speculative themes. The supply increase may be postponed, and the downstream purchasing enthusiasm recovers after the price decline [9]. - **Outlook**: The short - term trend is expected to fluctuate strongly [9]. 3.6 Synthetic Rubber - **Logic**: The BR market stabilizes after a large decline and returns to the fluctuating trend. It follows the natural rubber market, and the cost of raw material butadiene provides support. The supply and demand fundamentals support the market to fluctuate in a narrow range [11]. - **Outlook**: The short - term price of butadiene may rise slightly, and the market may fluctuate strongly [11]. 3.7 Cotton - **Logic**: The domestic cotton market has low inventory and marginal improvement in demand. The new cotton commercial inventory is tight, and the demand is improving but the upward driving force is insufficient. Wait for the new cotton purchase price to give direction [12]. - **Outlook**: Fluctuate in the short - term. Try short - term long positions when the price reaches the lower limit of the range [12]. 3.8 Sugar - **Logic**: In the new season, although the drought in Brazil reduces the sugarcane yield, the sugar production is expected to increase due to the high sugar - making ratio. The supply in Southeast Asia is expected to increase. The domestic supply marginally increases, and the sugar price has a downward driving force [14]. - **Outlook**: In the long - term, the sugar price may decline. In the short - term, it runs in the 5500 - 5750 range, and pay attention to the support at 5500 [14]. 3.9 Pulp - **Logic**: The pulp futures fluctuate sharply with the listing of double - glue paper. The supply and demand change little, and it may be due to emotional speculation. The needle - broadleaf pattern is differentiated, and the price may continue to decline [15]. - **Outlook**: The pulp futures are expected to fluctuate [15]. 3.10 Double - Glue Paper - **Logic**: The fundamentals are bearish, with over - supply in the industry, declining demand, and high inventory. The listing price is neutral to low, and consider range operation between 4000 - 4500. Pay attention to reverse arbitrage in the early stage of listing [16]. - **Outlook**: The fundamentals are weak, but the listing price is neutral to low. Consider range operation [16]. 3.11 Logs - **Logic**: The log market is in a game between weak reality and peak - season expectation. The inventory is decreasing, and the demand is expected to increase. The price may stop falling and stabilize in September [19]. - **Outlook**: The price may stop falling and stabilize in September [19].

深蓝财经 . 影响价值圈层！创立于2011年，关注中国最具价值公司，是新中产的财富顾问。 来源丨深蓝财经 左手发布利好，右手公告减持，大北农董事长邵根伙又被股民骂了。 昨日晚间，大北农发布关于控股子公司大豆产品获批阿根廷种植许可的公告。由于这个公告先显示出来，有熟悉公司的股民第一反应竟然是"是不是邵根伙 又想减持了"？ 以下文章来源于深蓝财经 ，作者深蓝财经 结果，稍晚时候大北农另一个公告出来了。果不其然，公司控股股东、实际控制人邵根伙拟在3个月内减持股份不超过8560.74万股，占总股本的1.99%，减 持原因是降低融资杠杆。 于是，神奇的一幕发生了——上面那位股民随后调侃"xxx，被我说中了"…… 2021年，邵根伙曾高喊"三年实现千亿市值"的目标。结果公司股价在2020年8月见顶后一路震荡下跌，市值从约540亿元高位一路缩水至如今181亿元左右， 市值蒸发约359亿元，跌幅达66%。 一边画饼的背后是源源不断的减持。据"新浪财经-鹰眼工作室"统计，自2019年5月起，邵根伙迄今为止已累计减持公司股票7.73亿股，累计套现约59.78亿 元。若叠加本次减持套现金额约3.6亿元，他将累计套现约63亿元。 从 ...