原标题： 陈刚在玉林市调研时强调 找准切口发挥优势守牢底线 扎实推动玉林经济社会高质量发展 9月28日，自治区党委书记、自治区人大常委会主任陈刚深入玉林市兴业县、容县、福绵区、玉州 区，就基层党组织建设、畜禽养殖污染防治、特色产业发展、乡村振兴、人工智能发展等进行调研。 位于兴业县山心镇蓬塘村一个体养殖场，今年8月被附近群众投诉存在畜禽粪污偷排直排，目前已 进行整改。陈刚在该养殖场详细听取整改情况，现场研究后续处置措施，要求玉林市深入学习贯彻习近 平生态文明思想，贯彻落实自治区党委、政府工作部署，坚持凡污必查、凡患必纠，举一反三、标本兼 治，深入开展畜禽养殖污染排查整治专项行动，加大畜禽养殖监督管理和行政执法力度，大力整治"小 散弱"养殖场，引进龙头企业整合资源，推动畜禽养殖业标准化、规模化发展，坚决打赢打好碧水保卫 战。 在玉林市人工智能创新赋能中心智谷展厅，陈刚参观了"智谷驱动 智创未来""智联医教 创新守 护""智驱制造 质创未来"等展区，肯定玉林市抢抓人工智能发展机遇赋能经济社会发展，要求深入实 施"人工智能+"行动，推动中小企业数智化创新应用，赋能服装、机械、农业等特色优势产业发展，因 地制宜发展新 ...

投资建议与投资标的 农业行业 行业研究 | 行业周报 肥猪、仔猪均进入亏损区间，关注去产能 演绎 ——东方证券农林牧渔行业周报（20250922-20250926） 核心观点 投资建议：（1）看好生猪养殖板块，优质公司持续盈利和分红率提升依然是推动板块长 期业绩和估值提升的核心驱动；近期政策与市场合力推动生猪养殖行业产能去化，助力 未来板块业绩长期提升，相关标的：牧原股份(002714，买入)、温氏股份(300498，买 入)、神农集团(605296，未评级)、巨星农牧(603477，未评级)等。（2）后周期板块，生 猪存栏量回升提振饲料、动保需求，若本轮生猪去产能顺畅，产业链利润有望逐步向下 游传导，驱动动保板块上行，相关标的：海大集团(002311，未评级)、瑞普生物 (300119，未评级)等。（3）种植链，当前粮价上行趋势已确立，种植&种业基本面向好， 大种植投资机会凸显，相关标的：苏垦农发(601952，未评级)、北大荒(600598，未评 级)、海南橡胶(601118，未评级)、隆平高科(000998，未评级)等。（4）宠物板块，宠食 行业正处于增量、提价逻辑持续落地的阶段，海外市场增量不断，国产 ...

Core Viewpoint - Fujian Shengnong Development Co., Ltd. plans to conduct commodity futures hedging business with a maximum amount of 100 million yuan to mitigate the impact of raw material price fluctuations on its operating performance [1][2] Group 1: Hedging Business Details - The hedging business will primarily involve corn and soybean meal, which are related to the company's production operations, and will be limited to on-exchange trading in domestic commodity futures markets [1] - The maximum margin required for the hedging activities will not exceed 100 million yuan, and the funds will come from the company's own resources without involving bank credit [1] - The authorization for the hedging business is granted to the general manager, who will establish a futures decision-making committee to oversee the activities within the approved limit [1][2] Group 2: Risk Analysis and Control Measures - Risks associated with the hedging business include price volatility risk, funding risk, technical risk, credit risk, and policy risk [3] - To mitigate these risks, the company will ensure that the hedging activities align with its production needs, maintain strict control over the funding scale, and adhere to internal control systems for commodity futures hedging [3] - A futures decision-making committee will be established to manage related matters, supported by a risk assessment and supervision team [3] Group 3: Accounting Treatment - The company will account for the hedging business according to relevant accounting standards set by the Ministry of Finance, applying hedge accounting methods for qualifying hedging strategies [4]

Core Viewpoint - The company aims to mitigate the impact of raw material price fluctuations on its operating performance by engaging in commodity futures hedging activities, with a maximum investment of 100 million yuan [1] Group 1: Company Strategy - The company plans to use its own funds to conduct commodity futures hedging business, with a maximum amount not exceeding 100 million yuan, excluding the delivery payment for the underlying physical goods [1] - The primary commodities for the hedging activities will include corn and soybean meal, which are closely related to the company's production operations [1] - The hedging amount will be used on a rolling basis within 12 months from the date of approval by the board of directors [1]

9月25日，温氏股份（300498）通过电话会议形式，接受了中金公司协助组织的调研，Taikang Asset Management (Hong Kong)、Hao Capital等2家机构共6位机构投资者参与。温氏股份副总裁兼董事会秘书 蒋荣金，投资者关系管理室副主任史志茹接待了来访机构。 本次投资者关系活动类别为电话会议，地点在公司总部。 公司生产经营情况介绍 年初以来，温氏股份强抓基础生产管理和重大疫病防控等工作，疫病防控成效显著，畜禽大生产保持稳 定，核心生产指标持续改善，成本控制成效显著。 -猪业：当前公司猪业大生产稳定，生产经营持续向 好。8月份，公司猪苗生产成本降至260元/头左右，肉猪上市率93%左右，料肉比2.51。尽管8月份对应 期间猪苗成本、饲料成本有所提升，8月份肉猪养殖综合成本仍保持在6.1 - 6.2元/斤，成本控制较为理 想。 -禽业：公司肉鸡生产继续保持高水平稳定。8月份肉鸡上市率95%，料肉比2.86，毛鸡出栏完全成 本为5.8元/斤。 Q&A环节要点养猪业务成本改善原因：核心原因在于上半年畜禽大生产整体稳定，疫病防控效果较 好，肉猪上市率提升，无效损失大幅减少。同时，公司持 ...

Group 1: Company Overview - The company is engaged in stable production management and effective epidemic prevention, leading to improved core production indicators and cost control [2] - The company’s stock code is 300498 and bond code is 123107 [1] Group 2: Swine Production - In August, the cost of piglets decreased to approximately 260 RMB per head, with a market pig listing rate of around 93% and a feed-to-meat ratio of 2.51 [2] - The comprehensive cost of pig farming remains stable at 6.1-6.2 RMB per jin [2] - The company’s PSY (Pigs Weaned per Sow per Year) level is around 27 [5] Group 3: Poultry Production - The company’s meat chicken listing rate in August was 95%, with a feed-to-meat ratio of 2.86 [2] - The total cost of broiler chickens in August was 5.8 RMB per jin [3] - Since September, the sales price of meat chickens has risen to 6.6 RMB per jin, indicating a recovery in profitability for the poultry business [8] Group 4: Cost Management and Future Outlook - The improvement in swine farming costs is attributed to stable production, effective epidemic control, and reduced losses [4] - The company anticipates a continued weak fluctuation in raw material prices in the short term [8]

Core Viewpoint - The stock of Jingji Zhino experienced a decline of 0.88% on September 26, closing at 16.85 yuan, with a significant block trade occurring [1] Trading Activity - A block trade was executed involving 895,300 shares, totaling a transaction value of 14.6296 million yuan, with a transaction price of 16.34 yuan, reflecting a premium rate of -3.03% [1] - The buyer was from CITIC Securities Co., Ltd., while the seller was from Ping An Securities Co., Ltd. [1] Recent Performance - Over the past three months, the stock has recorded a total block trade amounting to 14.6296 million yuan [1] - In the last five trading days, the stock has seen a cumulative increase of 0.54%, with a net outflow of 18.3965 million yuan from main funds [1]

农林牧渔 zhangmz@ccnew.com 13681931564 畜禽价格分化，猪价旺季不旺 ——农林牧渔行业月报 证券研究报告-行业月报 强于大市(维持) 盈利预测和投资评级 | 公司简称 | 24EPS 25EPS | | 25PE | 评级 | | --- | --- | --- | --- | --- | | 牧原股份 | 3.30 | 4.37 | 11.48 | 增持 | | 普莱柯 | 0.27 | 0.52 | 28.70 | 增持 | | 乖宝宠物 | 1.56 | 2.03 | 48.59 | 增持 | | 中宠股份 | 1.34 | 1.48 | 36.11 | 增持 | | 佩蒂股份 | 0.75 | 0.91 | 15.46 | 增持 | | 秋乐种业 | 0.31 | 0.33 | 58.86 | 增持 | 农林牧渔相对沪深 300 指数表现 0% 6% 13% 19% 26% 32% 39% 45% 2024.09 2025.01 2025.05 2025.09 农林牧渔 沪深300 相关报告 《农林牧渔行业点评报告：种业产业链分析 之河南概况》 2025-09-09 《农林 ...

Core Viewpoint - The company announced that its controlling shareholder, Guangzhou Jinnong Industrial Investment Partnership, reduced its stake in the company through a centralized bidding process, resulting in a decrease in shareholding percentage without affecting control [1] Summary by Relevant Sections - **Shareholding Changes** - The controlling shareholder reduced its holdings by 556,200 shares, changing its ownership from 32.2750% to 31.3552% [1] - Prior to the reduction, the total share capital of the company was 805 million shares, which increased to 828 million shares post-reduction [1] - The number of shares held by Jinnong Industrial Investment Partnership remained unchanged at 260 million shares [1] - **Impact on Company Control** - The reduction in shareholding does not lead to any change in the company's control [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 浙江华统肉制品股份有限公司（以下简称"公司"）实际对外担保余额为316,525万元，超过最近一期经 审计净资产的100%，敬请投资者充分关注担保风险。 一、担保情况概述 （一）担保基本情况 公司与中国民生银行股份有限公司台州分行于2025年9月23日在台州签订了《最高额保证合同》，同意 为公司控股孙公司仙居华统种猪有限公司（以下简称"仙居种猪"）签订的编号为公授信字第 ZHHT25000129345号的《综合授信合同》及该合同项下发生的具体业务合同、用款申请书及借款凭证 等债权凭证或电子数据共同构成的主合同提供连带责任保证担保。最高债权本金为人民币2,000万元， 主债权的发生期间为2025年9月23日至2026年9月22日。保证期间为债务履行期限届满日起三年。保证范 围为主债权本金/垫款/付款及其利息、罚息、复利、违约金、损害赔偿金，及实现债权和担保权利的费 用。 （二）担保审议情况 2024年12月16日和2025年1月2日公司分别召开第五届董事会第十四次会议和2025年第一次临时股东大 会，审议 ...