Core Viewpoint - The largest shareholder of Gaole Co., Ltd. is planning to transfer its shares or delegate voting rights, which may lead to a change in control of the company [2]. Group 1: Shareholder Changes - On January 24, Gaole Co., Ltd. announced that its largest shareholder, Huadong Group, is planning to transfer its shares or delegate voting rights, potentially resulting in a change of control [2]. - The company's stock was suspended from trading starting November 25, 2025, due to this significant announcement, with an expected suspension period of no more than two trading days [3]. Group 2: Stock Performance - Prior to the suspension, on November 24, Gaole Co., Ltd. saw its stock price hit the daily limit up, closing at 4.81 yuan per share, reflecting a 10.07% increase, with a market capitalization of 4.556 billion yuan [5]. Group 3: Historical Context - Huadong Group became the controlling shareholder of Gaole Co., Ltd. in November 2022 through a share transfer and voting rights delegation, acquiring 133 million shares (14% of total shares) and additional voting rights for 73.31 million shares (7.74% of total shares), totaling 21.74% voting rights [8][11]. - The group had previously planned to increase its stake to 33.85% through a private placement, but this plan was not executed [11]. Group 4: Business Transformation Challenges - Huadong Group, established in 2003, has a background in the feed industry and has expanded into a full industry chain covering pig farming, slaughtering, and meat processing. In contrast, Gaole Co., Ltd. primarily operates in the toy and internet education sectors [13]. - The company had announced plans to leverage Huadong Group's technology to transform its business, including a strategic cooperation agreement to invest approximately 2 billion yuan in a 2GWh solid-state battery project in Yiwu [13]. - However, as of September this year, there has been no substantial progress on the battery project, and the company has not generated any revenue from this sector [14]. Group 5: Financial Performance - Gaole Co., Ltd. has faced ongoing financial difficulties, reporting a net loss for six consecutive years since 2019. In the first three quarters of this year, the company achieved a revenue of 226 million yuan, a year-on-year increase of 10.06%, but still reported a net loss of 11.67 million yuan [15].

从资金流向上来看，当日饲料板块主力资金净流出6718.56万元，游资资金净流入2196.74万元，散户资金 净流入4521.81万元。饲料板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002311 | 海大集团 | 57.71 | -2.85% | 7.58万 | 4.44 | | 603668 | 天马科技 | 15.02 | -1.31% | 33.29万 | 5.05亿 | | 300673 | 佩蒂股份 | 17.96 | -1.21% | 5.43万 | 9847.34万 | | 001313 | 都是與國 | 7.62 | -0.91% | 12.34万 ﺎ | 9540.88万 | | 002385 | 大北农 | 4.06 | -0.49% | 118.76万 | 4.83亿 | | 002567 | 唐人神 | 4.70 | 0.00% | 25.69万 | 1.21亿 | | 603609 | 禾丰股份 | 7.56 | 0.13% | 3.80万 ...

Core Viewpoint - The report from Minsheng Securities highlights the cyclical recovery in the livestock industry, emphasizing the valuation shift for leading companies in the sector [1] Livestock Industry - The domestic livestock cycle is expected to reverse, with both domestic and international beef and raw milk markets likely to experience upward momentum [1] - Official capacity regulation in the pig industry is anticipated to accelerate cash flow improvements for leading enterprises, potentially transforming them into dividend stocks as industry capacity contracts [1] - In the poultry sector, limited supply fluctuations are expected, with market conditions likely to improve alongside demand recovery, allowing leading companies to achieve higher cash flow and dividend returns [1] Feed Industry - The deepening industrialization of livestock and poultry farming, along with clear industry segmentation, positions leading feed companies to further enhance their competitive advantages through technology and service [1] Pet Industry - The pet industry is identified as a scarce growth sector, expected to benefit from demographic changes [1] Investment Recommendations - Recommended livestock companies include: - For livestock: Youran Dairy, Modern Dairy, and China Shengmu [1] - For pigs: Huazhong Holdings, Dekang Agriculture, Muyuan Foods, Wens Foodstuff, Tiankang Biological, and Shennong Group [1] - For poultry: Lihua Stock, Yisheng Shares, and Shennong Development [1] - For feed: Haida Group [1] - For pets: Guibao Pet [1]

Core Viewpoint - The agricultural, animal husbandry, and fishery sector experienced a significant rise in stock prices, particularly in the ETF that tracks this sector, indicating a positive market sentiment and potential investment opportunities in the industry [1][4]. Market Performance - The agricultural and fishery ETF (159275) opened with a price increase of over 2% at one point, closing with a gain of 1.01% [1]. - Key stocks in the sector, including Zhongshui Fishery and Kaichuang International, reached their daily limit, while Tiankang Biological and others saw increases of over 4% [1]. Industry Insights - The Ministry of Agriculture and Rural Affairs held a meeting indicating stable development in livestock production, with the number of breeding sows falling below 40 million by the end of October [1]. - Huaxi Securities noted that pig prices are at low levels, close to industry cash costs, and that capacity reduction is exceeding expectations, suggesting potential for future price increases [1][3]. Price Trends - Current prices for fat pigs have dropped below 12 yuan per kilogram, and weaned piglet prices are around 200 yuan each, indicating that the industry is facing significant losses [3]. - Historical trends suggest that when prices are at such low levels, the industry is likely to undergo market-driven capacity reductions, which could lead to long-term price increases [3]. Valuation and Investment Opportunities - The agricultural and fishery sector may present a favorable investment opportunity, with the ETF's price-to-book ratio at 2.54, which is relatively low compared to historical data [3]. - The ETF (159275) is noted for its high exposure to the pig farming sector, with a 40.25% allocation, making it a key vehicle for investors looking to capitalize on this market [5]. Future Outlook - Guoxin Securities predicts that the official capacity control will improve cash flow for leading companies, potentially transforming them into dividend-paying stocks [4]. - The poultry farming sector is expected to see limited supply fluctuations, with leading companies likely to achieve higher cash flow and dividend returns as demand recovers [4].

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector, particularly focusing on the livestock industry and its cyclical recovery [1][4]. Core Insights - The livestock industry is experiencing a reversal of internal competition, which is expected to support long-term pig prices. As of November 21, the price of live pigs was 11.67 CNY/kg, with a week-on-week decrease of 0.4% [1]. - The beef market is entering a new price increase phase, with the average price of beef at 66.38 CNY/kg, showing a year-on-year increase of 8% [2]. - The report emphasizes the importance of leading companies in the livestock sector, suggesting that their cash flow will improve due to official capacity control measures [3]. Summary by Sections 1. Weekly Overview and Data Summary - The report provides a weekly summary of agricultural product data, highlighting trends in livestock prices and supply dynamics [12]. 2. Fundamental Tracking 2.1 Swine - The swine industry is seeing orderly progress in reversing internal competition, which is expected to stabilize profitability [13]. 2.2 White Chicken - A slight increase in supply is noted, with attention on seasonal consumption recovery [13]. 2.3 Yellow Chicken - Supply remains at a low level, with potential benefits from improved domestic demand [13]. 2.4 Eggs - The egg market faces significant mid-term supply pressure, with wholesale prices at 3.63 CNY/jin, down 28% year-on-year [13]. 2.5 Beef - A new round of beef price increases is anticipated, with a focus on the upward trend in the beef cycle for 2025 [13]. 2.6 Raw Milk - The report suggests that the de-stocking of dairy cows may accelerate in Q4, potentially leading to a price turning point for raw milk [13]. 2.7 Soybean Meal - Short-term supply is expected to be ample, while medium-term demand and supply dynamics are projected to strengthen [13]. 2.8 Corn - Domestic supply and demand balance is tightening, with prices expected to maintain a moderate upward trend [13]. 2.9 Sugar - Short-term increases in imports are noted, with attention on the rhythm of arrivals and fluctuations in crude oil prices [13]. 2.10 Rubber - Prices are expected to stabilize in the short term, with a positive outlook for the medium term [13]. 2.11 Palm Oil - Short-term performance is weak, with medium-term policy support being a focus [13]. 2.12 Cotton - Inventory pressure is neutral, with demand still needing recovery [13]. 2.13 Red Dates - Limited demand recovery is noted, with attention on weather conditions in new production areas [13]. 3. Market Trends - The report discusses market trends and price movements across various agricultural products, indicating a complex interplay of supply and demand factors [12].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The demand for pork is expected to support prices as the year-end peak season approaches, despite a decline in prices due to overproduction and accelerated culling of sows [3][12] - The suspension of imports of Japanese seafood is beneficial for the domestic aquaculture sector, as it reduces competition and supports local prices [4][18] - The pet industry is experiencing growth driven by consumer upgrades and increased domestic production, with significant market potential projected for the coming years [22] Summary by Sections Weekly Observation - The culling of breeding sows has accelerated, with the national average price of live pigs at 11.62 yuan/kg as of November 21, 2025, down 0.01 yuan/kg week-on-week and down 4.75% year-on-year [11][12] - The average weight of pigs slaughtered is 128.81 kg, showing a slight increase week-on-week [11] - Cold weather is expected to boost pork consumption, providing support for prices during the peak season [12] Weekly Insights - The pig farming sector is facing losses, leading to accelerated culling of sows. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [22] - The feed sector is benefiting from strong demand, with domestic production expected to improve due to recovery in livestock numbers [22] - The pet market is projected to grow significantly, with a focus on domestic brands due to rising consumer preferences and tariff barriers [22] Market Performance (November 17-21) - The agricultural sector outperformed the market by 0.45 percentage points, with the Shanghai Composite Index down 3.90% and the agricultural index down 3.45% [24] - The fishery sector led gains, with notable increases in stocks such as Zhongshui Fishery (+61.05%) and others [24][30] Price Tracking (November 17-21) - The average price of live pigs was 11.64 yuan/kg, down 0.09 yuan/kg from the previous week, while the price of piglets increased to 19.15 yuan/kg [35] - The price of corn futures rose slightly to 2183.00 yuan/ton, while soybean meal futures decreased to 2427.00 yuan/ton [46][50]

Market Overview - The feed sector experienced a decline of 0.61% on November 21, with Lude Technology leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Haida Group (002311) closed at 59.40, up 1.45% with a trading volume of 62,700 shares and a turnover of 371 million yuan [1] - Tianma Technology (603668) closed at 15.22, up 1.33% with a trading volume of 457,900 shares and a turnover of 684 million yuan [1] - Lude Technology (688156) closed at 16.70, down 5.54% with a trading volume of 22,700 shares and a turnover of 38.53 million yuan [2] - Other notable declines include Zhongchong Co. (002891) down 3.88% and Zhenghong Technology (000702) down 3.80% [2] Capital Flow Analysis - The feed sector saw a net outflow of 23.28 million yuan from institutional investors and 63.42 million yuan from speculative funds, while retail investors had a net inflow of 86.71 million yuan [2] - Tianma Technology had a net inflow of 89.55 million yuan from institutional investors, while Lude Technology experienced a net outflow of 3.64 million yuan [3] - The overall capital flow indicates a mixed sentiment among different investor categories within the feed sector [3]

Core Viewpoint - The report from China Merchants Securities indicates that in Q3 2025, the profitability of listed pig companies has significantly declined due to falling pig prices and rising raw material costs, while the cost variance within the industry remains substantial, leading to an expansion of cost advantages for high-quality pig companies. The overall demand is showing signs of recovery in the later cycle, suggesting a potential increase in pig prices in 2026 due to accelerated sow capacity reduction [1][2]. Group 1: Swine Farming - In Q3 2025, the profitability of 18 listed pig companies dropped to 5.54 billion yuan, reflecting a year-on-year decrease of 71% and a quarter-on-quarter decrease of 38% [2]. - The cost variance in the industry remains significant, with high-quality pig companies further enhancing their cost advantages [2]. - The operational cash flow of listed pig companies continues to improve, while capital expenditures remain low and debt ratios are high [2]. - The report anticipates an acceleration in sow capacity reduction, which may elevate the average pig price in 2026 [2]. - Recommended companies include Muyuan Foods and Wens Foodstuff Group, with additional attention on Shennong Group, Dekang Agriculture, Dongrui Co., and COFCO Joycome [2][5]. Group 2: Poultry Farming - The white feather chicken market is expected to see an increase in the import of grandparent stock chickens in 2024, but it will not return to pre-disruption levels until 2025 [3]. - The supply of parent stock chickens is expected to tighten in the second half of 2025, impacting the supply of commercial chickens in 2026 [3]. - The yellow feather chicken sector is experiencing a reduction in parent stock numbers to historically low levels, which may support future price increases [3]. - Recommended companies in poultry farming include San Nong Development for white feather chickens and Lihua Food for yellow feather chickens [3][5]. Group 3: Post-Cycle Demand - The demand for feed in the swine and poultry sectors is gradually recovering, leading to a notable improvement in feed demand [4]. - The demand for aquaculture feed is also expected to rise as the aquaculture sector recovers [4]. - The report forecasts continued demand growth for livestock feed in Q4 2025, while aquaculture feed demand may enter a seasonal decline [4]. - Recommended companies for feed include Haida Group, which is expected to benefit from overseas expansion [4][5]. - In the animal health sector, demand is recovering due to sustained profitability in the downstream farming sector, with major animal health companies expected to see improved profitability [4]. Recommended companies include Kexin Biological and attention on BioStock and Reap Biological [4][5].

数据显示，国泰基金旗下1只基金位居美农生物十大流通股东。国泰中证畜牧养殖ETF（159865）三季 度增持33.45万股，持有股数115.59万股，占流通股的比例为1.55%。根据测算，今日浮亏损失约119.06 万元。 国泰中证畜牧养殖ETF（159865）成立日期2021年3月1日，最新规模60.97亿。今年以来收益14.05%， 同类排名3172/4208；近一年收益10.32%，同类排名3087/3972；成立以来亏损35.31%。 国泰中证畜牧养殖ETF（159865）基金经理为梁杏。 11月21日，美农生物跌5.13%，截至发稿，报19.06元/股，成交1.16亿元，换手率7.79%，总市值26.83亿 元。 资料显示，上海美农生物科技股份有限公司位于上海市嘉定区沥红路151号，成立日期1997年10月14 日，上市日期2022年6月17日，公司主营业务涉及饲料添加剂及酶解蛋白饲料原料的研发、生产、销 售。主营业务收入构成为：功能性饲料添加剂58.94%，营养性饲料添加剂21.25%，酶解蛋白饲料原料 13.33%，浓缩饲料5.53%，其他(补充)0.94%。 从美农生物十大流通股东角度 截至发稿 ...

Group 1 - The core point of the news is that Tongwei Co., Ltd. experienced a stock decline of 5.04%, with a current share price of 23.35 yuan and a total market capitalization of 105.12 billion yuan [1] - Tongwei's main business includes research, production, and sales of aquaculture feed and livestock feed, as well as high-purity crystalline silicon and solar cells, with revenue composition being 65.86% from photovoltaic products, 32.89% from feed and food products, and 1.25% from other sources [1] Group 2 - From the perspective of major fund holdings, Yongying Fund has one fund heavily invested in Tongwei, specifically the Yongying Hexiang Mixed Fund A, which held 44,400 shares, accounting for 1.17% of the fund's net value [2] - The Yongying Hexiang Mixed Fund A has a total scale of 65.76 million yuan and has achieved a year-to-date return of 11.3%, ranking 5413 out of 8136 in its category [2] Group 3 - The fund manager of Yongying Hexiang Mixed Fund A is Zeng Wanyun, who has a tenure of 4 years and 196 days, with the fund's total asset size being 1.207 billion yuan [3] - During Zeng Wanyun's tenure, the best fund return was 27.96%, while the worst return was 0.28% [3]