证券之星消息，9月25日饲料板块较上一交易日下跌0.51%，金新农领跌。当日上证指数报收于3853.3， 下跌0.01%。深证成指报收于13445.9，上涨0.67%。饲料板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300673 佩蒂股份 | | = 500.52万 | 5.83% | -89.02万 | -1.04% | -411.50万 | -4.79% | | 301498 乖宝宠物 | | -14.18万 | -0.08% | 627.91万 | 3.66% | -613.73万 | -3.58% | | 603609 禾丰股份 | | -57.46万 | -1.70% | 450.33万 | 13.31% | -392.87万 | -11.61% | | 002696 目洋股份 | | -65.13万 | -2.46% | 225.87万 | 8.52% | -160.74万 | ...

Core Viewpoint - The company is currently focused on the research, production, and sales of feed additives and enzymatic protein feed raw materials, and is not involved in the research, production, or sales of vaccines [1] Group 1 - The company will continue to iterate and upgrade existing products based on industrial policies, industry development trends, market, and customer needs [1] - The company aims to develop efficient, safe, and environmentally friendly feed additives and enzymatic protein feed raw materials and their application solutions [1]

Group 1: Company Overview and Strategic Focus - The company has over 30 years of experience in the pig industry, focusing on biological feed, healthy breeding, and branded meat products [2] - Recent strategic shift towards healthy breeding and increased investment in meat products, particularly in the second half of 2025 [2] - Plans to enhance the competitive advantage of the entire pig industry chain by leveraging high-quality self-breeding bases and established brand influence [2] Group 2: Financial Health and Management - As of June 30, 2025, the company's debt-to-asset ratio is 64.5%, with cash reserves of approximately 2.4 billion yuan [2] - The company achieved a net cash flow from operating activities of 660 million yuan in the first half of 2025 [2] - Future strategies include maintaining good relationships with financial institutions and exploring equity financing to manage risks and ensure stable development [2] Group 3: Production Capacity and Regional Focus - The majority of the company's pig production capacity and output is concentrated in Hunan, Guangdong, and Guangxi, with additional capacity in Henan, Hebei, Yunnan, and Gansu [3] - Future development will focus on key regions such as Guangdong and Hunan to align with pork consumption areas [3] Group 4: Feed Business and Sales Strategy - Historically, the feed business has relied on a dealer-based model, with a shift towards direct sales as the industry scales [3] - The company is innovating its feed sales model to enhance profitability through customized nutrition and improved service offerings [3] - Overall strategy aims to boost feed sales and ensure a reasonable sales structure for downstream feed customers [3]

Energy Sector - China General Nuclear Power Group (CGN) mobilized all projects in Guangdong and Guangxi to implement typhoon prevention measures, ensuring personnel and equipment safety [1] - The Yangjiang Nuclear Power Base maintained a safe status for its six nuclear units and activated emergency response plans, conducting multiple meetings to assess potential impacts from the typhoon [1][2] Manufacturing Sector - Qide New Materials in Jiangmen initiated a comprehensive defense network, conducting inspections and securing key areas such as power distribution rooms and warehouses, resulting in zero losses after the typhoon [2] - Guanhao High-tech in Zhanjiang launched an emergency response, focusing on emergency material preparation and safety training, ensuring no blind spots in typhoon defense [3] Aquaculture Sector - Yuehai Feed actively provided information and assistance to aquaculture farmers before the typhoon, helping them secure their fish and shrimp ponds and prepare for potential disease prevention [3]

9月23日下午，随着超强台风"桦加沙"逼近粤海岸线，广东省内多个沿海城市相继按下"暂停键"——各 地分批进入"五停"状态。街灯熄灭、地铁停驶、玻璃幕墙在风里发出低沉的呜咽，城市仿佛被纳入一个 巨大的缓冲系统。 在静默的楼宇、厂房间，有一群人却悄然开启了另一种节奏：他们拖着行李，走进高耸的楼宇大厦与坚 实的厂房，开始一场短暂却也不为人知的值守。 位于江门的奇德新材，旗下保卫救援服务队迅速启动巡检、防护、轮岗的立体防御网。历经36小时连续 作战，台风过境后，厂区设施完好无损，实现零损失。 台风可以暂停一座城市的日常运转，却无法中断资本市场的脉搏。近20家广东省内基金公司内部人士告 诉记者，公司已及时按照最小范围标准，派驻关键岗位核心人员进入办公大楼，保证系统不中断、交易 业务等平稳运行，其他人居家办公。 "我们一再强调，安全第一，所有员工务必注意安全。"华南一家公募人士称，台风期间，10名值班人员 必须留在公司，不得私自外出。除值班人员以外，其他人未经允许不可私自到公司。 系统可以冗余，但信任不能中断。台风期间，多家华南基金公司的APP、官网、官方微信保持高效运 转，投资者可随时查询净值、完成交易；在线客服与热线 ...

Core Insights - The article reports on the national feed production situation in August 2025, highlighting a growth in industrial feed production and changes in feed prices [1] Feed Production Overview - In August 2025, the total industrial feed production reached 29.36 million tons, representing a month-on-month increase of 3.7% and a year-on-year increase of 3.8% [1] - The production of compound feed, concentrated feed, and additive premix feed saw year-on-year growth rates of 3.4%, 8.3%, and 7.9% respectively [1] Price Trends - The ex-factory prices of feed products showed a downward trend year-on-year, with compound feed and concentrated feed prices mainly increasing month-on-month, while the prices of additive premix feed experienced a slight decline [1] - Specific prices for concentrated feed in August 2025 were as follows: - Fattening pigs: 4.95 yuan/kg - Peak egg-laying hens: 3.58 yuan/kg - Broilers: 4.13 yuan/kg - 4% large pigs: 4.60 yuan/kg - 5% peak egg-laying hens: 4.50 yuan/kg - 5% broilers: 5.10 yuan/kg [3] - Month-on-month price changes for concentrated feed varied, with some categories showing slight increases while others experienced minor declines [3] Ingredient Usage - In the compound feed produced by feed enterprises, corn accounted for 32.9% of the total usage, while soybean meal made up 14.3% of both compound and concentrated feeds [1]

秋分时节，五谷丰登，九州同庆。9月23日，2025年大北农集团丰收节在大北农凤凰国际创新园隆重开 幕。丰收节由大北农集团、中国农民研修学院、中关村科技企业家协会乡村振兴与现代农业专委会联合 主办，大有谷集团承办，以"创新强农，美好生活"为主题，通过多元创新的活动形式，集中展现现代农 业科技硕果，谱写乡村振兴壮丽画卷。 上午，丰收节开幕式在庄严热烈的鼓乐声中拉开帷幕。 大北农集团党委书记、董事长邵根伙代表主办单位致欢迎辞，他提到，丰收节是对农耕文明的传承与致 敬，是对全体农民辛勤付出共同的礼赞。大北农集团创业32年，以强农报国为使命，以科技创新为核 心，获得了领导、专家、广大农民朋友的关心、关爱、关注。美好生活是农民的向往，也是市民的追 求，大北农集团旗下"大有谷"致力构建全球高品质食品平台，实现"农民丰收、市民喜悦"的美好愿景。 图：开幕盛典赏歌舞翩跹，欢庆岁稔年丰 中关村科技企业家协会副会长、乡村振兴与现代农业专委会会长、北京大伟嘉生物技术股份有限公司董 事长廖峰致辞。他表示，丰收既是大地对耕耘者的馈赠，更是农业科技力量的生动体现。专委会将继续 发挥平台作用，凝聚企业、机构与广大农户的合力，推动更多创新技术 ...

证券之星消息，9月24日饲料板块较上一交易日下跌0.32%，海大集团领跌。当日上证指数报收于 3853.64，上涨0.83%。深证成指报收于13356.14，上涨1.8%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002548 | 金新农 | 5.39 | 4.66% | 100.76万 | | 5.41亿 | | 001366 | 播恩集团 | 12.51 | 2.79% | 3.71万 | 4597.85万 | | | 002100 | 天康生物 | 7.70 | 2.53% | 42.52万 | | 3.25亿 | | 002696 | 自洋股份 | 6.16 | 2.16% | 6.86万 | 4187.84万 | | | 002891 | 中宠股份 | 52.75 | 1.38% | 5.24万 | | 2.77亿 | | 832419 | 路斯股份 | 18.64 | 1.30% | 8851.33 | 1645.95万 | | | 0 ...

Core Insights - The report indicates a narrowing profitability in pig farming while the pet food sector continues to grow [1][5] - The investment rating is maintained as "positive" for the sector [1] Pig Farming - Supply pressure has led to a decline in pig prices, with the average price in July-August 2025 at 14.63 CNY/kg, down from 14.96 CNY/kg in Q2 2025 [5] - The average profitability for self-breeding and purchased piglets in the industry has shifted to losses, with figures of 53.0 CNY/head for self-breeding and -106.7 CNY/head for purchased piglets as of September 19 [5] - The outflow of pigs from listed companies has shown a growth rate of 26.2% in Q2 2025 and 20.0% in July-August 2025 [5] - The report suggests that the ongoing policy guidance for capacity adjustment and weight reduction will likely elevate the price center of pigs in the future [5] - Recommended companies for investment include Muyuan Foods, Wens Foodstuff, Dekang Agriculture, Juxing Agriculture, Shennong Group, Tiankang Biological, and Tangrenshen [5] Animal Health - Demand for animal health products is on the rise, with significant year-on-year growth in various vaccines, such as a 30% increase for swine fever vaccines in July-August 2025 [5] - Companies like Keqian Biological and Ruipu Biological are highlighted for their strong internal growth potential due to new product launches [5] Poultry Farming - The price of white feather chickens has rebounded due to seasonal demand and tighter supply, with an average price of 6.92 CNY/kg as of September 19, 2025 [5] - The report notes a 17.66% year-on-year decrease in the number of breeding chickens updated in the first eight months of 2025, indicating potential long-term benefits for the white feather chicken industry [5] - Recommended companies include Shennong Development and Yisheng Livestock [5] Pet Food Sector - Domestic sales of pet food are driven by consumption upgrades and domestic substitution, with a reported growth rate of 11% across major e-commerce platforms from January to August 2025 [5] - The report highlights the introduction of new products and the strengthening of brand power among leading companies [5] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co. [5]

Investment Rating - Industry rating: Recommended [4] Core Viewpoints - The report indicates that both active and passive capacity reduction in the pig farming industry is expected to lead to an upward shift in the medium to long-term price center for pigs [11][12] - The supply-demand dynamics for grains are improving, with overall grain prices showing signs of recovery [20][24] Summary by Sections Pig Farming Industry - According to data from Pig Easy, the prices for pigs in Q1, Q2, and Q3 of 2025 are projected to be 15.06, 14.53, and 14.02 yuan per kilogram, reflecting year-on-year changes of +4.26%, -10.78%, and -28.22% respectively [11] - The report highlights that in the past 36 weeks, external piglet farming has only been profitable for 8 weeks, with an average loss of 58.50 yuan per head as of the third week of September [12] - In contrast, self-breeding and self-raising farming has been profitable for 35 weeks, with an average profit of 63.69 yuan per head [12] - The report suggests that the current average price of pigs has fallen below 13 yuan per kilogram, leading to losses for some farmers and initiating a proactive capacity reduction in the industry [12] Grain Industry - Since the beginning of 2025, prices for corn, wheat, soybeans, and japonica rice have shown significant recovery, with corn prices rising due to a decrease in imports and increased demand from pig farming [20] - For corn, the domestic spot prices in Q1, Q2, and Q3 of 2025 are 2196.63, 2348.12, and 2393.15 yuan per ton, with year-on-year changes of -10.69%, -3.50%, and -0.32% respectively [20] - Wheat prices have also shown a recovery trend, with Q1, Q2, and Q3 prices at 2410.83, 2444.25, and 2436.90 yuan per ton [22] - The report notes that the overall recovery in grain prices is expected to improve the supply-demand balance in the future [24] Investment Recommendations - The report recommends focusing on the agricultural sector, particularly in pig farming, where the price center is expected to rise due to policy guidance and industry restructuring [3] - Specific companies to watch include Lihua Co., Dekang Agriculture, Jingji Zhino, and Muyuan Foods in the pig farming sector [3][6] - For grain-related investments, companies with strong cost control such as Haida Group are highlighted as potential beneficiaries [6]