Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [48]. Core Viewpoints - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 4.87% from October 31, 2025, to November 13, 2025, exceeding the index by approximately 5.04 percentage points [11]. - All sub-sectors within the industry recorded positive returns during the same period, with notable increases in agricultural product processing (9.03%), fishery (8.12%), animal health (5.57%), planting (4.57%), breeding (2.94%), and feed (2.45%) [12]. - Over 90% of individual stocks in the industry achieved positive returns, indicating strong overall market performance [13]. - The industry valuation has rebounded, with the overall price-to-book (PB) ratio at approximately 2.94 times as of November 13, 2025, which is still relatively low compared to historical levels [17]. Industry Important Data - **Pig Farming**: The average price of external three yuan pigs decreased from 12.52 CNY/kg to 11.74 CNY/kg during the reporting period. The cost of corn and soybean meal showed fluctuations, with corn priced at 2260.39 CNY/ton and soybean meal at 3072 CNY/ton as of November 13, 2025 [21][23]. - **Profitability**: As of November 14, 2025, self-breeding pig farming reported a loss of 114.81 CNY per head, while purchasing piglets resulted in a loss of 205.64 CNY per head, indicating a decline in profitability [26]. - **Poultry Farming**: The average price of broiler chicks was 3.49 CNY per chick, slightly down from the previous week, while the average price of white feather broilers increased to 7.12 CNY/kg, with a loss of 0.95 CNY per bird [28][31]. Industry Important News - The Ministry of Agriculture and Rural Affairs emphasized accelerating the self-reliance and controllability of seed technology during a recent meeting, highlighting the importance of domestic seed sources and innovation in the seed industry [35]. Company Important News - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others, which are positioned to benefit from industry trends and potential recovery in profitability [48][49].

Core Viewpoint - The company, Bangji Technology, has decided to terminate its major asset restructuring plan to acquire equity stakes in seven companies from Riverstone Farm Pte. Ltd. due to failure to reach an agreement after multiple negotiations [1][3]. Group 1: Termination of Restructuring - The board of Bangji Technology approved the termination of the major asset restructuring plan during its 17th meeting on November 11 [2][3]. - The intended acquisition included 100% equity stakes in six agricultural companies and 80% of a consulting company [2][3]. - The termination was attributed to the inability to reach a consensus with the transaction counterpart [1][3]. Group 2: Business Context - Bangji Technology's main business is the research, production, and sales of pig feed, facing intense competition in the feed industry, leading to a decline in performance over the past three years [5][6]. - The company reported net profits of 1.10 billion, 820 million, and 510 million yuan for the years 2022, 2023, and 2024, respectively, indicating a pressing need for business transformation [6]. - The intended restructuring aimed to create a vertically integrated supply chain by extending into the downstream pig farming sector, which is a common trend among feed companies [5][6]. Group 3: Strategic Implications - The acquisition was seen as a critical step for Bangji Technology to transition from a single feed production company to an integrated feed and pig farming enterprise, enhancing supply chain synergy [6][7]. - The targeted assets were noted for their strong foreign investment background and technical advantages, which could have provided significant operational benefits if the acquisition had proceeded [7]. - The potential acquisition price was estimated to be at least 600 million yuan, reflecting the high stakes involved in the deal [7].

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [48]. Core Viewpoints - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 4.87% from October 31, 2025, to November 13, 2025, exceeding the index by approximately 5.04 percentage points [11]. - All sub-sectors recorded positive returns during the same period, with notable increases in agricultural product processing (9.03%), fishery (8.12%), animal health (5.57%), planting (4.57%), breeding (2.94%), and feed industry (2.45%) [12]. - The overall price-to-book (PB) ratio for the industry is approximately 2.94 times, indicating a recovery in valuation, yet it remains at a relatively low historical level, around the 65.9 percentile since 2006 [17]. Industry Important Data - **Pig Farming**: The average price of external three-way cross pigs decreased from 12.52 CNY/kg to 11.74 CNY/kg during the reporting period. The cost of corn and soybean meal showed fluctuations, with corn priced at 2260.39 CNY/ton and soybean meal at 3072 CNY/ton as of November 13, 2025 [21][23]. - **Profitability**: As of November 14, 2025, self-breeding pig farming reported a loss of 114.81 CNY per head, while purchasing piglets resulted in a loss of 205.64 CNY per head, indicating a decline in profitability compared to the previous week [26]. - **Poultry Farming**: The average price of broiler chicks was 3.49 CNY per chick, slightly down from the previous week, while the average price of white feather broilers increased to 7.12 CNY/kg, with a loss of 0.95 CNY per bird, showing a slight improvement in profitability [28][31]. Industry Important News - The Ministry of Agriculture and Rural Affairs emphasized accelerating the self-reliance of seed technology and ensuring the autonomy of seed sources during a recent meeting, highlighting the importance of domestic seed industry leaders [35]. Company Important News - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others, which are positioned to benefit from the ongoing industry trends and developments [48][49].

Core Insights - The feed sector experienced a decline of 0.24% on November 14, with Zhongchong Co., Ltd. leading the losses [1][2] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Market Performance - Tianma Technology (603668) saw a price increase of 3.29%, closing at 14.44, with a trading volume of 446,400 shares and a turnover of 642 million yuan [1] - Other notable gainers included Kesi Thought (001313) with a 3.16% increase and Baiyang Co., Ltd. (002696) with a 0.84% increase [1] - Zhongchong Co., Ltd. (002891) led the declines with a drop of 2.53%, closing at 57.47, with a trading volume of 33,300 shares and a turnover of 193 million yuan [2] Capital Flow - The feed sector experienced a net outflow of 80.91 million yuan from institutional investors and 50.57 million yuan from retail investors, while individual investors saw a net inflow of 131 million yuan [2] - Tianma Technology had a net inflow of 32.96 million yuan from institutional investors, while Hai Da Group (002311) had a net inflow of 15.96 million yuan [3] - Conversely, companies like Boen Group (001366) and Hefa Co., Ltd. (603609) experienced significant net outflows from institutional and retail investors [3]

Core Viewpoint - Shandong Bangji Technology Co., Ltd. has announced the termination of its major asset restructuring plan aimed at acquiring equity in several agricultural enterprises, marking the failure of its cross-industry merger initiative that began in June this year [1][5]. Group 1: Termination of Restructuring - The terminated restructuring involved the acquisition of equity in seven target companies, including Shandong Beixi Agricultural Co., Ltd. and Shandong Ruidong Weili Agricultural Co., Ltd., as well as 80% of the equity in Paistong Livestock Technology Consulting (Shanghai) Co., Ltd. [5] - The restructuring process began on June 5, with the company applying for a stock suspension to plan the major asset restructuring, and the restructuring proposal was officially disclosed on June 17 [5]. - Despite multiple negotiations, the parties could not reach an agreement on core terms, leading the company to terminate the transaction to protect the interests of the listed company and all shareholders [5][7]. Group 2: Market Reaction and Financial Impact - Following the announcement of the termination, the company's stock price experienced significant declines, with closing price drops of 8.91% and 7.45% on November 10 and 11, respectively, resulting in a closing price of 21.45 yuan per share and a total market value of 3.664 billion yuan as of November 11 [5]. - The termination of the restructuring plan indicates a temporary halt to the company's strategy of creating a "feed + breeding" vertical integration industry chain [7]. Group 3: Business Focus and Financial Performance - The company's main business, which focuses on the research, production, and sales of pig feed, has faced growth pressures as the domestic feed industry enters a phase of stock competition [9]. - Financial data shows a decline in the company's net profit from 110 million yuan in 2022 to 51 million yuan in 2024, highlighting the need for the company to extend into the downstream breeding industry for new profit growth opportunities [9]. - Despite the restructuring failure, the company's recent financial performance indicates signs of recovery, with a net profit of 106 million yuan for the first three quarters of 2025, representing a year-on-year increase of 148.64% [10].

Group 1 - The resignation of non-independent director Cai Xuming is due to the adjustment of the company's governance structure, and he will continue to serve as a consultant for the board office [2][3] - The resignation will not reduce the number of board members below the legal minimum, but it will result in the audit committee having fewer than three members [2] - The company has elected Zheng Chaoqun as the employee representative director, who meets the qualifications required by relevant laws and regulations [3][4] Group 2 - The company held its ninth meeting of the fourth board of directors on November 13, 2025, where the election of the audit committee member was approved [9][12] - Zheng Chaoqun was elected as a member of the audit committee, joining Zhang Cheng and Li Xueyao, with the term starting from the approval date of the board meeting [4][12] - The meeting was attended by all six directors, and the resolutions passed were deemed legal and effective [11][12] Group 3 - The company received notification from its controlling shareholder, Zhanjiang Shrimp Feed Co., Ltd., regarding the pledge of part of its shares [16][17] - The pledged shares do not involve significant asset restructuring or performance compensation obligations [17] - There are no risks of forced transfer or freezing of shares, and the pledge risk is considered controllable [18][19]

Core Viewpoint - The feed sector experienced a decline of 0.46% on November 13, with Guai Bao Pet Food leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 0.73% and the Shenzhen Component Index increasing by 1.78% [1][2]. Summary by Category Market Performance - The Shanghai Composite Index closed at 4029.5, up 0.73% - The Shenzhen Component Index closed at 13476.52, up 1.78% [1]. Feed Sector Performance - The feed sector's decline was led by Guai Bao Pet Food, which fell by 5.00% to a closing price of 72.25 - Other notable declines included Jin Xin Nong (-1.58%), Hai Da Group (-0.84%), and Lu Si Co. (-0.53%) [2]. Individual Stock Movements - Key gainers in the feed sector included Ke Li Feed, which rose by 6.87% to 8.24, and other stocks like Lu De Environment and Pei Ti Co. also saw slight increases [1]. - The trading volume and turnover for Ke Li Feed were 313,600 shares and 253 million yuan, respectively [1]. Capital Flow - The feed sector saw a net outflow of 49.1 million yuan from institutional investors, while retail investors contributed a net inflow of 2.4 million yuan [2]. - Guai Bao Pet Food had a significant net outflow from retail investors amounting to 54.45 million yuan, despite a net inflow of 36.34 million yuan from speculative funds [3].

Market Overview - The feed sector experienced a decline of 0.91% on November 12, with Bangji Technology leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Jin Xin Nong (002548) saw a closing price of 5.69, with an increase of 3.27% and a trading volume of 486,900 shares, totaling a transaction value of 273 million yuan [1] - Bangji Technology (603151) closed at 19.91, down 7.18%, with a trading volume of 99,600 shares and a transaction value of 200 million yuan [2] - Aonong Biological (603363) closed at 5.44, down 6.21%, with a trading volume of 1,185,900 shares and a transaction value of 661 million yuan [2] Capital Flow Analysis - The feed sector experienced a net outflow of 204 million yuan from main funds, while retail investors saw a net inflow of 201 million yuan [2] - The main funds showed a negative net flow for several stocks, including Jin Xin Nong with a net outflow of 40.4 million yuan [3] - Retail investors contributed positively to stocks like Petty Co. (300673), which had a net inflow of 24.3 million yuan from retail investors despite a main fund outflow of 8.1 million yuan [3]

Core Viewpoint - The recent decline in pig prices and the adjustment of breeding capacity are significant topics of discussion in the industry, with New Hope facing substantial losses in its pig farming business due to low market prices [2][5]. Group 1: Financial Performance - New Hope reported a net profit of 7.6 billion yuan for the first three quarters, a year-on-year increase of nearly 400%, with a net profit of 513 million yuan in the third quarter [3]. - The company's feed business generated a net profit of 10.3 billion yuan in the first three quarters, up 23% year-on-year, maintaining a monthly profit level exceeding 1 billion yuan [3]. - However, the pig farming segment incurred a cumulative loss of 180 million yuan in the first three quarters, with a loss of 230 million yuan in the third quarter alone due to rapidly falling pig prices [4][5]. Group 2: Market Conditions - The current pig price is around 11 yuan per kilogram, leading to widespread losses across the industry, affecting many leading enterprises [2][5]. - The decline in pig prices is attributed to high breeding stock levels from last year, resulting in a peak in market supply and increased efficiency in pig farming [5]. Group 3: Strategic Adjustments - New Hope plans to gradually reduce the breeding sow inventory by the end of January next year, which will also lead to a decrease in the number of pigs marketed [2][7]. - The company is shifting its breeding strategy to increase the proportion of self-breeding and self-fattening pigs, moving from a previous ratio of 30:70 to 35:65 [7]. - New Hope is not currently pursuing overseas expansion in pig farming but is focusing on optimizing domestic production capacity under favorable policy conditions [7][8]. Group 4: Overseas Business Development - New Hope has seen significant growth in its overseas feed business, with a sales growth rate of 21% in the first three quarters, supported by improved financial conditions [8]. - The company aims to increase its overseas feed production capacity to 10 million tons by 2028, aligning with a sales target of 9 million tons [8].

Group 1 - The core point of the news is the performance and financial details of Jin Xin Nong, which saw a stock price increase of 5.08% to 5.79 CNY per share, with a trading volume of 200 million CNY and a turnover rate of 4.45%, resulting in a total market capitalization of 4.795 billion CNY [1] - Jin Xin Nong's main business involves the research, production, and sales of pig feed products, with revenue composition as follows: pig compound feed 49.43%, live pigs 32.10%, other feed 9.29%, pig concentrated feed 5.43%, pig premix feed 2.82%, others 0.58%, and feed raw materials 0.35% [1] Group 2 - From the perspective of major circulating shareholders, Guotai Fund's ETF, Guotai Zhongzheng Animal Husbandry ETF (159865), increased its holdings by 4.7225 million shares in the third quarter, now holding 12.7276 million shares, which is 1.58% of the circulating shares [2] - The Guotai Zhongzheng Animal Husbandry ETF has a current scale of 6.097 billion CNY, with a year-to-date return of 16.91% and a one-year return of 9.17% [2]