Core Viewpoint - TianKang Biological Co., Ltd. plans to acquire 51% equity of Xinjiang Qiangdu Animal Husbandry Technology Co., Ltd. through cash payment, aiming to gain control over the target company [1][3] Transaction Overview - The acquisition framework agreement was signed on August 25, 2025, between TianKang Biological, Qiangdu Animal Husbandry, and its controlling shareholder, Qixing Qiangdu Group [3] - The agreement is preliminary and subject to due diligence, auditing, and evaluation, with the final transaction details to be determined in a formal agreement [2][3] - The transaction is not expected to constitute a major asset restructuring as per relevant regulations, nor will it involve issuing shares or changing control of the company [2][3] Parties Involved - TianKang Biological is the acquirer, while Qixing Qiangdu Group is the controlling shareholder of Qiangdu Animal Husbandry, holding 83.3564% of its equity [6][7] - The actual control of Qiangdu Animal Husbandry is held by Xu Songjiang and Xu Min, who collectively control 97.4890% of the company [6][7] Transaction Details - The agreement stipulates that Qixing Qiangdu Group will coordinate with other shareholders to transfer a total of 51% equity to TianKang Biological [8] - The final transaction price will be based on evaluations conducted by qualified asset appraisal institutions [8] - The agreement includes a exclusivity clause preventing parties from negotiating similar transactions with third parties [9] Impact on the Company - The acquisition aligns with TianKang Biological's strategic goals and is expected to enhance its market share in the pig farming industry [10] - Qiangdu Animal Husbandry operates a complete pig farming industry chain, which is significant for the local livestock sector [10] - The transaction is anticipated to strengthen the company's overall competitiveness and support its long-term development in the Xinjiang region [10]

晨会聚焦 晨会纪要（R3） 晨会纪要 2025 年 08 月 25 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3825.76 | 1.45 | | 深证成指 | 12166.06 | 2.07 | | 创业板指 | 2682.55 | 3.36 | | 科创 50 | 1247.86 | 8.59 | | 北证 50 | 1600.27 | 0.68 | | 沪深 300 | 4378.00 | 2.10 | 上证指数-沪深 300 走势图 -5% 15% 35% 55% 2024-08 2024-11 2025-02 2025-05 上证指数 沪深300 | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 胡跃才 | 分析师 | | 执业证书编号:S0530525070001 | | | huyuecai@hnchasing.com | | 【债券研究】债券市场综述 二、重要财经资讯 【财经要闻】证监会修改证 ...

（文章来源：证券日报） 证券日报网讯 8月25日晚间，傲农生物发布公告称，2025年半年度公司实现营业收入3，956，933， 251.63元，同比下降15.01%；归属于上市公司股东的净利润为360，801，140.43元。 ...

1. Report Industry Investment Rating No specific industry investment rating is mentioned in the report. 2. Core Viewpoints of the Report - The second batch of 14 Science - and - Technology Innovation Bond ETFs were submitted on August 20, 2025. With policy support, the second batch is expected to be launched soon. The Science - and - Technology Innovation Bond ETFs have shown rapid scale growth and good liquidity since their listing, and are expected to thrive in the future [1][10]. - The second batch of Science - and - Technology Innovation Bond ETFs will introduce incremental funds to the market, enhancing the liquidity of the underlying bonds and potentially lowering their yields. However, the short - term decline may be limited due to various disturbances. It is recommended to focus on the post - adjustment allocation opportunities of 1 - 3 - year medium - to - high - grade Science - and - Technology Innovation Bond index underlying bonds [1][29]. - The stock market was strong last week, suppressing the bond market. Credit bond yields increased across the board, and the net issuance of corporate - type credit bonds decreased, while that of financial - type credit bonds increased significantly [2][3]. - In the secondary market, trading of medium - and - short - duration bonds was active, and the proportion of long - duration bond trading increased slightly [4]. 3. Summary by Relevant Catalogs Credit Hotspots - On August 20, 2025, the second batch of 14 Science - and - Technology Innovation Bond ETFs were submitted, with 10 tracking the CSI AAA Science - and - Technology Innovation Corporate Bond Index, 3 tracking the Shanghai Stock Exchange AAA Science - and - Technology Innovation Corporate Bond Index, and 1 tracking the Shenzhen Stock Exchange AAA Science - and - Technology Innovation Corporate Bond Index. Referring to the approval process of the first batch, the second batch is likely to be launched soon [10]. - Since the first batch of Science - and - Technology Innovation Bond ETFs were listed, they have become the second - largest type of credit bond ETFs. As of August 22, 2025, the scale of credit bond ETFs was 348.3 billion yuan, and the Science - and - Technology Innovation Bond ETFs accounted for 34.6% with a scale of 120.4 billion yuan [11]. - The Science - and - Technology Innovation Bond ETFs have shown good liquidity since their listing. From July 17 to August 22, the average daily trading volume fluctuated between 18 - 106 billion yuan, and the average daily turnover rate was 46.48% [15]. - The net value of Science - and - Technology Innovation Bond ETFs has experienced two rounds of adjustments. As of August 22, compared with the listing date on July 17, the average decline of the net value of 10 Science - and - Technology Innovation Bond ETFs was 0.43% [19]. - With policy support, increased supply of Science - and - Technology Innovation Bonds, and the launch of the repurchase business, the Science - and - Technology Innovation Bond ETFs are expected to develop well. The second batch of ETFs will enhance the liquidity of the underlying bonds and lower their yields, but the short - term decline may be limited [27][29]. Market Review - From August 15 to August 22, 2025, the stock market was strong, suppressing the bond market. Credit bond yields increased across the board, with most medium - and long - term yields rising by more than 6BP, and medium - and short - term credit bonds being relatively resilient. The yields of Tier 2 and perpetual bonds also increased by 4 - 8BP [2][34]. - Last week, bond funds were redeemed, with net sales of 13.3 billion yuan, while wealth management products had net purchases of 19.3 billion yuan. The scale of credit bond ETFs was 348.3 billion yuan, up 1.7% from the previous week [2]. - The median spreads of public bonds of AAA - rated entities in various industries generally increased by 2 - 6BP, and the median spreads of urban investment bonds in each province increased across the board, with Inner Mongolia, Chongqing, and Liaoning seeing increases of more than 6BP [2][34]. Primary Issuance - From August 18 to August 22, 2025, the total issuance of corporate - type credit bonds was 235 billion yuan, a 21% decrease from the previous period, with a net repayment of 64.1 billion yuan. The total issuance of financial - type credit bonds was 120.4 billion yuan, a 142% increase from the previous period, with a net financing of 61.9 billion yuan [3][60]. - Among corporate - type credit bonds, urban investment bonds issued 101.8 billion yuan with a net repayment of 21.6 billion yuan, and industrial bonds issued 126.6 billion yuan with a net repayment of 37 billion yuan [3][60]. - The average issuance rates of medium - and short - term notes and corporate bonds mostly showed an upward trend [3][60]. Secondary Trading - Active trading entities are mainly medium - to - high - grade, medium - and short - term, and central and state - owned enterprises [4][71]. - For urban investment bonds, active trading entities are from strong economic and financial provinces like Jiangsu and Guangdong, and high - spread areas in large economic provinces. For real - estate bonds and private - enterprise bonds, active trading entities are mostly AAA - rated, with trading terms mostly in the medium - and short - term [4][71]. - Among actively traded urban investment bonds, the proportion of bonds with a maturity of more than 5 years increased slightly from 0% to 4% compared with the previous week [4][71].

Group 1 - The core idea of the article is the launch of a training program aimed at enhancing the quality and international competitiveness of the Guangdong livestock industry through a "media+" approach [7][8][11] - The training program is initiated by eight major associations in the Guangdong livestock sector and targets industry associations, livestock enterprises, and academic scholars [9][10] - The program consists of four sessions with a total of 20 practical courses covering various themes such as media integration, market expansion, and product upgrading [12][13][14] Group 2 - The training will feature expert speakers discussing topics like market narratives, cultural branding, and the use of AI in media [18][21][22] - Participants who complete the training will join the "Guangdong Livestock Media Talent Pool" for ongoing resource connections [23][24] - The first session of the training is scheduled for September 1, 2025, with subsequent sessions to be announced [46][47]

证券日报网讯西部牧业（300106）8月25日在互动平台回答投资者提问时表示，截至8月20日公司的股东 总数为2.77万户。 ...

Report Industry Investment Rating - Not provided Core View - The overall supply of live pigs is abundant, with a 2.04% month-on-month increase in the feed sales volume of sample enterprises in July, which has been increasing for four consecutive months, and an over 5% month-on-month increase in the slaughter plan of large-scale farms in August. Meanwhile, the demand side is difficult to boost. Although the purchase of 10,000 tons of pork can temporarily stabilize market confidence, the real turning point still awaits the substantial progress of capacity reduction [2] Summary by Relevant Catalogs Supply and Demand Analysis - Supply: The feed sales volume of sample enterprises in July increased by 2.04% month-on-month and has been increasing for four consecutive months. The slaughter plan of large-scale farms in August increased by over 5% month-on-month, indicating abundant overall supply [2] - Demand: The demand side is difficult to boost, and the real turning point depends on the substantial progress of capacity reduction [2]

Group 1 - The board of directors of Western Animal Husbandry received a resignation letter from Liang Lei, the company's vice president and board secretary, due to job relocation, effective August 25, 2025. Liang will continue to serve as a director and a member of the nomination committee after his resignation [1] - For the fiscal year 2024, Western Animal Husbandry's revenue composition is as follows: 86.28% from industrial (dairy processing), 8.25% from animal husbandry, and 5.46% from other sources [1] - As of the report date, the market capitalization of Western Animal Husbandry is 2.7 billion yuan [1] Group 2 - The A-share market has seen trading volumes exceed 2 trillion yuan for eight consecutive days, indicating strong market activity [1] - Major industry players are actively recruiting for the autumn season, with 25 job positions available, highlighting a demand for talent in the sector [1]

金融界消息 截至2025年8月25日收盘，立华股份（300761）报收于19.86元，上涨0.56%，换手率 1.54%，成交量9.68万手，成交金额1.92亿元。 天眼查商业履历信息显示，江苏立华食品集团股份有限公司，成立于1997年，位于常州市，是一家以从 事畜牧业为主的企业。企业注册资本82764.4501万人民币，实缴资本36260万人民币。公司法定代表人 为程立力。 通过天眼查大数据分析，江苏立华食品集团股份有限公司共对外投资了50家企业，参与招投标项目22 次，知识产权方面有商标信息194条，专利信息107条，此外企业还拥有行政许可38个。 来源：金融界 资金流向方面，今日主力资金净流入1186.96万元，占比成交额6.19%。其中，超大单净流入139.14万 元、占成交额0.73%，大单净流入1047.82万元、占成交额5.46%，中单净流出流出1889.18万元、占成交 额9.85%，小单净流入702.22万元、占成交额3.66%。 立华股份最新一期业绩显示，截至2025中报，公司营业总收入83.53亿元、同比增长7.02%，归属净利润 1.49亿元，同比减少74.10%，扣非净利润1.48亿 ...

智通财经APP讯，天康生物(002100.SZ)公告，公司与新疆七星羌都集团农牧有限公司(简称"七星羌都集 团")、新疆羌都畜牧科技有限公司(简称"羌都畜牧")签署《关于新疆羌都畜牧科技有限公司之股权收购 框架协议》，拟以支付现金方式收购羌都畜牧51%股权，交易完成后，公司预计将实现对羌都畜牧控 股。 公告显示，羌都畜牧采用"自繁自养"模式，形成了覆盖种猪繁育、商品猪养殖到屠宰加工等环节较为完 整的产业链。羌都畜牧是南疆地区生猪养殖重要企业之一，养殖规模和产业布局对当地畜牧业具有较大 影响。 （原标题：天康生物(002100.SZ)筹划取得羌都畜牧控股权） ...