Core Viewpoint - Guangdong Yuehai Feed Group Co., Ltd. plans to utilize up to 1 billion yuan of idle self-owned funds for low-risk cash management products to enhance fund utilization efficiency, pending shareholder approval [1][4]. Cash Management Plan Key Points - The cash management will utilize idle self-owned funds from the company and its subsidiaries, with a maximum limit of 1 billion yuan, effective for 12 months post shareholder approval, allowing for rolling use [2]. - Investment products will have a maximum term of 12 months and include various low-risk options such as agreed deposits, notice deposits, fixed-term deposits, structured deposits, large certificates of deposit, and wealth management products, excluding stocks and high-risk securities [2]. Risk Control and Yield Balance - Although cash management products are low-risk, the company acknowledges potential market fluctuations and operational risks, implementing multiple risk control measures including strict product selection, investment tracking, and regular audits [3]. - The cash management initiative aims to preserve and increase asset value without affecting normal operations, thereby enhancing overall yield [3]. Review Process and Follow-up Arrangements - The proposal has been approved by the board and will be submitted to the shareholders' meeting for final approval, with operations expected to commence within the 12-month validity period [4]. - The initiative aligns with the company's strategic plan for prudent operations and is expected to generate stable investment returns, reflecting the company's strong cash flow position [4].

（文章来源：证券日报） 证券日报网讯 11月28日晚间，粤海饲料发布公告称，公司于2025年11月25日召开第四届董事会审计委 员会第五次会议、于2025年11月28日召开第四届董事会第十一次会议，审议通过了《关于为客户银行融 资用于购买公司产品提供保证金担保的议案》。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300673 | 佩蒂股份 | 18.82 | -0.21% | 5.96万 | 1.11亿 | | 002311 | 海大集团 | 55.80 | 0.18% | 7.23万 | 4.01亿 | | 603363 | 傲农生物 | 4.91 | 0.20% | 36.90万 | 1.78亿 | | 002567 | 唐人神 | 4.67 | 0.21% | 15.10万 | 7035.85万 | | 002385 | 大北农 | 4.04 | 0.25% | 48.94万 | 1.97亿 | | 002548 | 金新农 | 5.45 | 0.37% | 76.94万 | 4.17亿 | | 920419 | 路斯股份 | 16.55 | 0.49% | 5041.65 | 827.23万 | | 301498 | 乖宝宠物 | 68.78 | 0.56% | 2.08万 | 1.42亿 | | 603151 | 邦基科技 | 4 18.80 | ...

农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/11/14-2025/11/27） 行 业 牧原股份赴港上市获证监会备案 2025 年 11 月 28 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 资料来源：iFinD ，东莞证券研究 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业略跑赢沪深300指数。2025年11月14日—2025年11月27日， SW农林牧渔行业下跌3.79%，跑赢同期沪深300指数约0.18个百分点；细分 板块中，仅渔业录得正收益，上涨7.89%；动物保健、种植业、养殖业、 饲料和农产品加工均录得负收益，分别下跌0.85%、3.31%、3.34%、4.76% 和7.96%。估值方面，截至2025年11月27日，SW农林牧渔行业指数整体PB （整体法，最新报告期，剔除负值）约2.80倍 ...

Core Viewpoint - TianKang Biological announced the resignation of its general manager, Cheng Hui, due to approaching retirement age, while appointing Xu Heng as the new general manager [1] Company Summary - Cheng Hui's resignation was accepted by the board, and he will continue to serve as a director and a member of the Strategic and Investment Committee [1] - The company's revenue composition for the first half of 2025 is as follows: pig farming 32.2%, feed 27.51%, agricultural product processing 16.37%, corn storage 14.75%, and veterinary medicine 5.44% [1] - As of the report, TianKang Biological has a market capitalization of 9.8 billion yuan [1]

Market Overview - On November 26, the Shanghai Composite Index decreased by 0.15%, while the CSI 300 increased by 0.61%, the STAR Market 50 rose by 0.99%, the CSI 1000 fell by 0.02%, and the ChiNext Index increased by 2.14%. The Hang Seng Index rose by 0.13% [4][6] - The best-performing sectors on November 26 were telecommunications (+4.64%), comprehensive (+1.79%), electronics (+1.58%), retail (+1.11%), and home appliances (+0.96%). The worst-performing sectors were defense and military (-2.25%), social services (-0.97%), media (-0.82%), oil and petrochemicals (-0.8%), and banking (-0.79%) [4][6] - The total trading volume for the A-share market on November 26 was 17,971.9 billion yuan, with a net outflow of 3.952 billion Hong Kong dollars from southbound funds [4][6] Important Recommendations - The report recommends Chengda Biological (688739) due to the synergistic effects of shareholder involvement and continuous innovation. The company is expected to see accelerated transformation and revenue growth driven by mergers and acquisitions and new vaccine commercialization [7] - Revenue forecasts for Chengda Biological from 2025 to 2027 are 1,347.93 million yuan, 1,418.37 million yuan, and 1,530.02 million yuan, with growth rates of -19.59%, 5.23%, and 7.87% respectively. Net profit is projected to be 200.23 million yuan, 222.63 million yuan, and 253.73 million yuan, with growth rates of 41.59%, 11.19%, and 13.97% respectively [7] Industry Insights Agriculture, Forestry, Animal Husbandry, and Fishery - The core viewpoint emphasizes deepening value in the agricultural sector and positioning for new cyclical opportunities. The market outlook indicates continued pressure on pig prices, uncertainty in beef prices, and persistent low prices for poultry, with intensified competition in feed and animal health sectors [8][9] - The report suggests that leading pig enterprises can maintain profitability through cost advantages and structural optimization despite production capacity constraints. The feed sector is expected to see growth potential for companies with cost control and integrated supply chains, while the animal health sector may benefit from pet care and international expansion [9][12] Non-Banking Financial Sector - The non-banking financial sector is anticipated to experience a rebound in 2026, characterized by a combination of high probability and favorable odds. The market outlook for this sector is cautious due to the high base in 2025, but a potential recovery is expected amid a long-term "slow bull" market for equities [10][13] - The report highlights that the asset and liability sides of the financial sector are expected to resonate positively, supporting the overall growth of the sector [13]

Core Insights - The feed sector experienced a slight increase of 0.27% on November 26, with Yuehai Feed leading the gains. The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Summary by Category Stock Performance - Key stocks in the feed sector showed varied performance, with Kangle Feed (001313) rising by 4.76% to close at 7.92, and Petty Holdings (300673) increasing by 2.28% to 18.84. Other notable performers included Jin Xin Nong (002548) up 1.23% and Zhongchong Co. (002891) up 0.74% [1] - Conversely, Tianma Technology (603668) and Tangrenshen (002567) both saw slight declines of 0.21% and 0.21%, respectively [1] Trading Volume and Value - The trading volume for Kangle Feed reached 211,100 shares, with a transaction value of approximately 166 million yuan. Petty Holdings had a trading volume of 104,100 shares, amounting to about 199 million yuan [1] - The overall trading activity in the feed sector indicated a mixed sentiment among investors, with some stocks experiencing significant trading volumes [1] Capital Flow - The feed sector saw a net outflow of 134 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 92.25 million yuan. Speculative funds also saw a net inflow of about 41.9 million yuan [2] - Specific stocks like Jin Xin Nong (002548) and Petty Holdings (300673) experienced varying levels of net inflow and outflow from different investor categories, indicating a complex investment landscape [3]

Core Viewpoint - The livestock farming industry is expected to experience a resonance of cycles and growth opportunities by 2026, with the swine sector reaching a critical point of de-stocking, leading to potential value recovery for cost-leading enterprises. The beef industry is projected to maintain a high prosperity cycle until 2027, while the poultry sector shows a clear upward price trend due to supply contraction [1]. Swine Sector - The swine sector is witnessing a significant slowdown in production capacity due to ongoing losses and declining pig prices, reaching a de-stocking critical point. Leading companies with low-cost advantages are expected to realize value release, with recommendations for companies like Muyuan Foods, Wens Foodstuff Group, and Dekang Agriculture. Smaller pig farming companies with growth potential are also suggested for attention [2]. Beef Sector - The beef sector is in a high prosperity cycle, with slow supply recovery and rising global beef prices driven by import policy restrictions. The main upward wave of the cycle is anticipated to begin in 2026, with recommendations for companies such as Youran Dairy, Modern Farming, and China Shengmu Organic Milk [3]. Poultry Sector - In the poultry sector, the yellow chicken segment is experiencing capacity de-stocking due to continuous losses, although parent stock remains high. Companies with rapid capacity expansion and strong cost control, such as Lihua Agricultural Science and Technology, are favored. The white feather chicken segment is awaiting a cycle reversal, with recommendations for integrated leaders like Shennong Development and upstream chick leaders like Yisheng Livestock and Poultry [4]. Feed Sector - The feed sector emphasizes cost control and industry chain extension, focusing on companies with strong cost management capabilities and established overseas operations. Recommended companies include Haida Group and Bangji Technology [5]. Animal Health Sector - The animal health sector highlights the importance of research and innovation, recommending companies that can avoid price wars. Key focuses include product layout in the pet segment and breakthroughs in high-value pet pharmaceuticals. Recommended companies include Reap Bio, which benefits from the recovery of livestock prices, and companies like Kexin Bio, Plank Bio, and Zhongmu Bio with strong competitive advantages [6]. Planting Industry - The planting industry is expected to see grain prices stabilize, influenced by high production and inventory levels. Grain security remains a priority, with a shift from cyclical to growth valuations in the seed industry. Recommended companies include Beidahuang and Suqian Agricultural Development, with attention to seed companies like Kangnong Seed Industry and Longping High-Tech [7]. Pet Industry - The pet industry is thriving, driven by domestic demand and exports, with rapid growth of domestic brands. Key companies to watch include pet food brands like Guibao Pet and Zhongchong Co., and pet supplies companies like Yuanfei Pet and Tianyuan Pet [8].

Core Insights - The modern livestock industry is increasingly demanding diverse animal nutrition, leading to higher requirements for feed performance, which traditional standardized products can no longer meet [1] - Additive premix feed fills the market gap with flexible formulation design and precise nutritional supply, improving feed utilization, reducing farming costs, and enhancing animal growth performance and product quality [1] Industry Overview - Additive premix feed consists of two or more nutritional feed additives mixed with carriers or diluents, including compound premix feed, trace element premix feed, and vitamin premix feed [3] - The production of additive premix feed in China has experienced fluctuations, with production reaching 542.6 million tons in 2019, a decrease of 16.9% year-on-year, and recovering to 594.5 million tons in 2020, a growth of 9.6% [1][8] - In 2021, production increased to 663.1 million tons, a year-on-year growth of 11.54%, but fell to 652.2 million tons in 2022 due to various factors, including the pandemic [1][8] - In 2023, production rebounded to 709.1 million tons, an increase of 8.7% year-on-year, but is expected to decline to 695.1 million tons in 2024 due to adjustments in pig production capacity and reduced livestock inventory [1][8] Industry Policies - The industry has seen a series of supportive and regulatory policies aimed at promoting standardization and efficiency, such as the 2024 "Green Sword Protect Grain Safety" enforcement action focusing on illegal production and sales of feed additives [4][6] - The 2025 Feed Quality Safety Supervision Work Plan emphasizes the inspection of banned substances and illegal additives in various feed products, including premix feeds [4][6] Industry Chain - The upstream of the additive premix feed industry includes feed raw materials like soybeans, corn, and fish meal, while the midstream involves the production of various types of premix feeds [6] - The downstream application includes livestock farming sectors such as pig, poultry, and aquaculture [6] Market Dynamics - The additive premix feed market is characterized by a clear competitive structure, with leading companies like New Hope, Tongwei, and Da Bei Nong forming the first tier, while other companies like Haida Group and Zhengbang Technology represent the second tier [10][12] - The market is expected to consolidate further, with smaller companies facing challenges due to limited innovation and sales channels [10][12] Future Trends - The industry is moving towards precise product functionality and value enhancement, focusing on tailored formulations for different livestock species and growth stages [16] - Technological advancements will drive the integration of biotechnology and smart manufacturing, optimizing formulation structures and improving production processes [17] - A comprehensive service model will emerge, extending beyond product provision to include technical support and real-time monitoring for farmers [18]

Group 1 - The SW Agricultural, Forestry, Animal Husbandry, and Fishery industry outperformed the CSI 300 index, with an overall increase of 16.36% from January to November 2025, surpassing the index by approximately 3.18 percentage points [12][13][14] - All sub-sectors within the industry recorded positive returns, with significant increases in animal health (36.27%), fishery (35.22%), agricultural product processing (21.88%), feed (12.48%), breeding (11.53%), and planting (8.49%) [13] - Approximately 83% of stocks in the industry achieved positive returns, with around 5% of stocks increasing by over 100%, and 17% recording negative returns [14][17] Group 2 - The breeding industry is experiencing a gradual reduction in the number of breeding sows, with a current stock of 40.35 million heads, which is 1.1% lower than the previous year [23][24] - The price of live pigs has shown a downward trend in 2025, with an average price of 11.65 yuan/kg as of November 24, down 26% from the beginning of the year, but is expected to gradually recover in 2026 [26] - The profitability of pig farming has turned negative, with self-breeding losses at 135.9 yuan per head and external piglet purchases at 234.63 yuan per head, but a recovery is anticipated in 2026 [31] Group 3 - The meat chicken breeding sector faced challenges in profitability during 2025, with the average price of broiler chicks fluctuating and a significant decline in profitability [33][35] - The supply of yellow feathered chickens is expected to remain relatively abundant in 2026, with a high stock of breeding chickens [45][47] - The overall feed production in China is projected to continue its recovery, with a total production of 15.85 million tons in the first half of 2025, reflecting a year-on-year increase of 7.7% [50] Group 4 - The prices of feed raw materials such as corn and soybean meal have shown fluctuations, with corn prices recovering from a low of 2115.59 yuan/ton to around 2300.88 yuan/ton by late November 2025 [52][53] - The global supply of corn is expected to remain ample, with a projected production of 128.6 million tons for the 2025/26 season, indicating limited price recovery potential [55] - The overall market for pet food in China is anticipated to grow, with an increase in exports and a rising domestic market [38][40]