Group 1: Dongshan Precision - Dongshan Precision reported a revenue of 27.071 billion yuan for the first three quarters, a year-on-year increase of 2.28% [1] - The net profit attributable to shareholders for the same period was 1.223 billion yuan, up 14.61% year-on-year [1] - In Q3, the company achieved a revenue of 10.115 billion yuan, a 2.82% increase year-on-year, but the net profit decreased by 8.19% to 465 million yuan [1] Group 2: Zhejiang Huayuan - Zhejiang Huayuan's revenue for the first three quarters reached 541 million yuan, reflecting an 18.64% year-on-year growth [1] - The net profit attributable to shareholders was 78.9528 million yuan, up 29.30% year-on-year [1] - In Q3, the revenue was 197 million yuan, a 16.72% increase, while the net profit grew by 6.05% to 20.5973 million yuan [1] Group 3: Yingboer - Yingboer reported a revenue of 2.358 billion yuan for the first three quarters, a significant increase of 46.70% year-on-year [2] - The net profit attributable to shareholders surged by 191.18% to 149 million yuan [2] - In Q3, the revenue was 989 million yuan, up 69.40%, and the net profit skyrocketed by 580.62% to 112 million yuan [2] Group 4: Yichang Technology - Yichang Technology's revenue for the first three quarters was 2.106 billion yuan, a 14.30% increase year-on-year [3] - The net profit attributable to shareholders fell by 46.84% to 38.0785 million yuan [3] - In Q3, the revenue was 715 million yuan, up 11.13%, while the net profit increased by 193.37% to 3.6538 million yuan [3] Group 5: Stanley - Stanley reported a revenue of 9.290 billion yuan for the first three quarters, a year-on-year increase of 17.91% [4] - The net profit attributable to shareholders was 815 million yuan, reflecting a 22.71% growth [4] - In Q3, the revenue reached 2.899 billion yuan, up 31.41%, and the net profit increased by 35.36% to 208 million yuan [4] Group 6: Wen's Shares - Wen's Shares reported a revenue of 75.788 billion yuan for the first three quarters, a slight decline of 0.03% year-on-year [6] - The net profit attributable to shareholders decreased by 18.29% to 5.256 billion yuan [6] - In Q3, the revenue was 25.937 billion yuan, down 9.76%, and the net profit fell sharply by 65.02% to 1.781 billion yuan [6] Group 7: China XD Electric - China XD Electric achieved a revenue of 16.959 billion yuan for the first three quarters, a year-on-year increase of 11.85% [7] - The net profit attributable to shareholders was 939 million yuan, up 19.29% [7] - In Q3, the revenue was 5.658 billion yuan, reflecting a 15.98% increase, while the net profit grew by 1.78% to 340 million yuan [7] Group 8: Huayi Group - Huayi Group reported a revenue of 35.708 billion yuan for the first three quarters, a decline of 5.02% year-on-year [8] - The net profit attributable to shareholders fell by 42.68% to 395 million yuan [8] - In Q3, the revenue was 11.708 billion yuan, down 9.75%, and the company reported a net loss of 92.7736 million yuan [8] Group 9: Zhiwei Intelligent - Zhiwei Intelligent's revenue for the first three quarters was 2.973 billion yuan, a 6.89% increase year-on-year [9] - The net profit attributable to shareholders rose by 59.3% to 131 million yuan [9] - In Q3, the revenue was 1.026 billion yuan, up 6.08%, and the net profit increased by 13.67% to 29.2356 million yuan [9] Group 10: Shiyi Da - Shiyi Da reported a revenue of 485 million yuan for the first three quarters, reflecting a 7.26% year-on-year growth [10] - The net profit attributable to shareholders was 30.3088 million yuan, up 12.37% [10] - In Q3, the revenue reached 176 million yuan, a 29.81% increase, while the net profit surged by 471.34% to 14.8444 million yuan [10] Group 11: Poly Developments - Poly Developments reported a revenue of 173.722 billion yuan for the first three quarters, a decline of 4.95% year-on-year [13] - The net profit attributable to shareholders fell by 75.31% to 1.929 billion yuan [13] - In Q3, the revenue was 56.865 billion yuan, up 30.65%, but the company reported a net loss of 782 million yuan [13] Group 12: Huadong Medicine - Huadong Medicine's subsidiary received FDA approval for clinical trials of DR10624 injection targeting severe hypertriglyceridemia [14] - DR10624 is a globally first-of-its-kind long-acting tri-specific agonist [14] Group 13: Lihua Microelectronics - Lihua Microelectronics announced a plan to reduce its shareholding by up to 3% due to operational needs [16] - The reduction will occur through centralized bidding and block trading from November 13, 2025, to February 12, 2026 [16] Group 14: Greebo - Greebo secured a significant order worth 60 million USD from a leading US home improvement retailer for lithium outdoor power equipment [17] - The order is expected to be delivered by the end of January 2026 [17] Group 15: ST Jingfeng - ST Jingfeng's stock will be subject to delisting risk warning due to the court's acceptance of creditor restructuring application [20] - The stock will resume trading on October 23, 2025, under the name "*ST Jingfeng" [20] Group 16: Yinxin Development - Yinxin Development plans to acquire 81.81% of Guangdong Changxing Semiconductor Technology Co., Ltd. [22] - The acquisition is expected to result in Yinxin Development gaining control over Changxing Semiconductor [22]

Group 1: Company Overview and Strategy - The company operates under a "company + farmer" model, which has shown rapid development compared to the self-breeding model, offering advantages such as light asset operation and lower capital requirements [2] - As of the first half of 2025, the "company + farmer" model achieved a pig output of 1.9887 million heads, accounting for 80.64% of total pig output [2] Group 2: Cost Management and Financial Health - The company focuses on establishing a low-cost production system to navigate the cyclical nature of pig prices, optimizing feed formulas and reducing procurement costs [3] - As of June 30, 2025, the company's debt-to-asset ratio was 64.5%, with cash reserves of approximately 2.4 billion [3] - The net cash flow from operating activities for the first half of 2025 was 660 million [3] Group 3: Technological Integration - The company has begun implementing AI technology in various business areas, including smart monitoring in feed and livestock management, and intelligent detection in meat processing [3] Group 4: Meat Product Development - The meat business is transitioning from a regional brand to a national brand, with a focus on enhancing customer value and increasing company profits [3] - The company plans to intensify strategic investments in its meat business in the second half of 2025, aiming to strengthen its competitive advantage across the entire pork supply chain [3]

Core Viewpoint - Significant capital is flowing into the agricultural, animal husbandry, and fishery sectors, which are perceived as undervalued despite the overall market stagnation [1][4] Group 1: Industry Dynamics - The pig farming industry is currently facing substantial losses due to declining pork prices, which may lead to a significant industry reshuffle [1] - Recent government policies emphasize supply-side reforms, with major pig farming companies required to reduce production by 1 million heads by the end of the year [1] - Historical data indicates that the pig farming sector has experienced four cycles since 2006, and current prices are at a four-year low, suggesting limited downside potential [1][3] Group 2: Market Valuation - The agricultural, animal husbandry, and fishery sectors are viewed as a "golden pit" for investment, with the agricultural ETF's price-to-book ratio at 2.57, placing it in the 29.3 percentile of the last decade [4][5] - The current valuation levels are below historical averages, indicating a potential for significant upside as the industry recovers [5] Group 3: Future Outlook - Long-term projections suggest that as the market clears and supply-side policies take effect, pork prices are expected to stabilize and eventually rise [3] - The correlation between pork prices and the stock prices of pig farming companies is strong, indicating that an increase in pork prices could lead to substantial profits for these companies [3] - Investment institutions express optimism about the agricultural sector's role in food security and economic development, highlighting opportunities in large-scale farming and emerging consumer trends [6]

Group 1 - The core viewpoint of the news highlights a recent decline in the Livestock ETF (159865), which dropped nearly 1.5% during trading, despite significant capital inflow into the livestock sector amid a "de-involution" backdrop [1] - Over the past 10 trading days, the Livestock ETF has seen a net inflow of over 1.4 billion yuan, bringing its current scale to over 7.3 billion yuan, indicating strong investor interest [1] - There has been substantial capital subscription in the Livestock ETF today, suggesting ongoing investor confidence in the sector [1] Group 2 - From May to September this year, the government held several meetings regarding pig farming, implementing stricter regulatory policies, with leading pig farming companies required to reduce production by 1 million heads by the end of the year [2] - According to Huashan Securities, the pig farming industry is expected to enter a phase of capacity reduction starting July 2025, with a cumulative decrease of 50,000 breeding sows reported from July to August [2] - The Livestock ETF tracks the China Securities Livestock Breeding Index, which has approximately 60% exposure to pigs, presenting potential investment opportunities for interested investors [2]

Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - In September 2025, the total number of pigs slaughtered by listed companies reached 15.2934 million, representing a year-on-year increase of 27.11% but a month-on-month decrease of 5.92% [10][11] - The significant year-on-year growth in slaughter volume is attributed to the release of new production capacity in 2024, while the month-on-month decline is due to leading companies like Muyuan and others responding to policy calls by slaughtering heavier pigs earlier [10][11] - The average selling price of pigs in September 2025 decreased by 5.42% month-on-month and 30.18% year-on-year, with the current prices being the lowest for the peak season since 2022 [19][20] - The cumulative revenue for the first three quarters of 2025 for listed pig companies was 222.871 billion, reflecting a year-on-year increase of 7.15% despite the decline in average selling prices [11][12] Summary by Sections Slaughter Volume - In September 2025, listed pig companies reported a slaughter volume of 15.2934 million pigs, with leading companies like Muyuan, Wens, and New Hope slaughtering 5.573 million, 3.3253 million, and 1.3942 million pigs respectively [10][11] - The cumulative slaughter volume for the first three quarters of 2025 was 139 million pigs, showing a year-on-year increase of 20.39% [10][11] Revenue and Pricing - The revenue for September 2025 was 21.647 billion, down 18.74% year-on-year and 10.77% month-on-month, primarily due to lower selling prices [11][12] - The average selling price for pigs in September was 13.26 yuan per kilogram, which is significantly lower than the previous year [19][20] Weight and Performance - The average weight of pigs slaughtered in September was 106.74 kg, showing a slight year-on-year increase of 0.44% but a month-on-month decrease of 0.39% [20] - Leading companies reported average weights of 126.30 kg, 113.51 kg, and 97.16 kg for Muyuan, Wens, and New Hope respectively [20]

Core Viewpoint - The stock of Luoniushan has experienced a slight increase of 0.75% year-to-date, with a recent decline of 2.05% on October 22, 2023, indicating potential volatility in its market performance [1][2]. Company Overview - Luoniushan Co., Ltd. is located in Haikou City, Hainan Province, and was established on December 19, 1987, with its stock listed on June 11, 1997 [2]. - The company primarily engages in pig farming and slaughtering, cold chain operations, real estate, and educational services [2]. - The revenue composition is as follows: livestock farming 64.60%, food processing 13.46%, education 7.73%, real estate 7.16%, logistics 4.05%, and others 2.99% [2]. Stock Performance - As of October 22, 2023, Luoniushan's stock price was reported at 6.69 CNY per share, with a market capitalization of 77.04 billion CNY [1]. - The stock has shown a 1.52% increase over the last five trading days and a 1.06% increase over the last 20 days, but a decline of 1.91% over the last 60 days [2]. Shareholder Information - As of October 20, 2023, the number of shareholders decreased by 2.89% to 87,400, while the average circulating shares per person increased by 2.97% to 13,168 shares [2]. - The company has distributed a total of 200 million CNY in dividends since its A-share listing, with 69.09 million CNY distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include: - Guotai Zhongxin Livestock Breeding ETF, holding 13.12 million shares, an increase of 533,200 shares from the previous period [3]. - Southern CSI 1000 ETF, holding 8.53 million shares, an increase of 1.64 million shares [3]. - Hong Kong Central Clearing Limited, holding 6.69 million shares, an increase of 169,900 shares [3]. - Huaxia CSI 1000 ETF, a new shareholder, holding 5.02 million shares [3].

Group 1: Report Information - Report Name: Pig Daily Report [1] - Date: October 22, 2025 [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The supply of live pigs is expected to increase slightly before the Spring Festival, and the demand elasticity of the 2601 contract remains. Driven by the spot market, it may rebound. Attention should be paid to the sustainability and volume of second - round fattening purchases in the later stage [9] Group 4: Market Review and Operation Suggestions Market Review - Futures: On the 21st, the main 2601 contract of live pigs opened slightly higher, then bottomed out and rebounded, closing up. The highest was 12,315 yuan/ton, the lowest was 11,930 yuan/ton, and the closing price was 12,235 yuan/ton, up 1.12% from the previous day. The total open interest of the index decreased by 593 lots to 290,204 lots [8] - Spot: On the 21st, the average price of ternary pigs outside the country was 11.49 yuan/kg, up 0.22 yuan/kg from the previous day [8] Market Analysis - Supply: In October, the planned live pig出栏量 of sample enterprises increased by 5.14% compared with the actual出栏量 in September. The出栏量 may continue to increase significantly, and the supply pressure remains high. The average slaughter weight increases seasonally. In the long term, the live pig出栏量 is expected to increase slightly until the first half of next year [9] - Demand: Currently, due to low meat - making costs, an expanding price difference between fat and standard pigs, and low pen utilization rates, the enthusiasm for second - round fattening is high, which diverts part of the supply. As the weather in the south turns cold rapidly, terminal consumer demand may continue to rise, and the orders of slaughtering enterprises have increased slightly, with a slight increase in the operating rate and slaughter volume [9] Operation Suggestions - Spot: The supply and demand of live pigs have both increased, but the supply growth rate is still relatively large, and the supply - demand relationship is relatively loose. However, currently driven by the active demand for second - round fattening, the supply has decreased temporarily, and the spot price continues to fluctuate and rebound [9] - Futures: The live pig supply before the Spring Festival is expected to increase slightly. The 2601 contract still has demand elasticity and may rebound driven by the spot market. Attention should be paid to the sustainability and volume of second - round fattening purchases in the later stage [9] Group 5: Industry News - On October 16, the average profit per head of self - breeding and self - raising pigs was - 188.5 yuan/head, a weekly decrease of 111 yuan/head; the average profit per head of purchasing piglets for breeding was - 432.2 yuan/head, a weekly decrease of 112 yuan/head [10][12] Group 6: Data Overview - On the week of October 16, the average market sales price of 15 - kg piglets was 265 yuan/head, a decrease of 17 yuan/head from the previous week [14] - On the week of October 16, the price difference between 175 - kg fat pigs and standard pigs was 0.60 yuan/jin, a weekly increase of 0.1 yuan/jin [14] - The cost of fattening from 110 kg to 140 kg this week was 11.63 yuan/kg, an increase of 0.04 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 11.95 yuan/kg, an increase of 0.04 yuan/kg from the previous week [14] - As of the week of October 16, the average slaughter weight of national live pigs was 128.25 kg, a decrease of 0.23 kg from the previous week (a weekly decrease of 0.18%), a decrease of 0.20 kg from the previous month (a monthly decrease of 0.16%), and an increase of 1.91 kg compared with the same period last year (a year - on - year increase of 1.51%) [14] - On the week of October 16, the operating rate of slaughtering enterprises was 32.38%, a decrease of 2.15 percentage points from the previous week and an increase of 5.07 percentage points year - on - year. The enterprise operating rate fluctuated in the range of 30.95 - 34.44% during the week, and the enterprise operation increased slowly [14]

Core Viewpoint - The agricultural, animal husbandry, and fishery sector showed a strong rebound on October 21, with the first agricultural ETF (159275) rising by 1.22%, ending a three-day decline [1][3]. Market Performance - The agricultural ETF (159275) opened higher and maintained a positive trend throughout the day, closing with a price increase of 1.22% [1]. - Key stocks in the sector included Zhongxing Junye, which hit the daily limit, and Zhuangzidao, which surged over 5% [1]. Sector Analysis - The agricultural sector is currently experiencing a rebound, with significant gains in sub-sectors such as agricultural product processing, aquaculture, and feed processing [1]. - The sector's valuation remains relatively low, with the agricultural ETF's underlying index price-to-book ratio at 2.55, indicating a favorable long-term investment opportunity [3]. Policy Impact - Recent government policies aimed at reducing overcapacity in the pig farming industry are expected to accelerate capacity reduction in the fourth quarter, potentially leading to a price increase in the second half of next year [1][4]. - The ongoing "anti-involution" measures in the pig farming industry are expected to enhance the quality and efficiency of production, leading to a gradual elimination of outdated capacity [4]. Investment Opportunities - Analysts suggest focusing on companies with significant cost improvements and high future output elasticity, particularly in the pig farming sector [4][5]. - The agricultural ETF (159275) tracks the CSI Agricultural Index, which includes leading companies in various segments such as pig farming, feed, and planting [5].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The agricultural sector experienced a downward adjustment, with the Agricultural, Forestry, Animal Husbandry, and Fishery (Shenwan) index declining by 2.20%, ranking 13th among 31 primary industries [4][13] - National pig prices showed a slight rebound after a decline, with the average price rising to 11.03 CNY/kg as of October 19, indicating a potential bottoming out [5][18] - The "anti-involution" policies have been intensified since May, which is expected to accelerate capacity reduction in the pig industry and lead to a price increase in the second half of next year [6][20] Summary by Sections Market Review - The agricultural sector followed the overall market trend and declined, with the Shanghai Composite Index and CSI 300 dropping by 1.47% and 2.22%, respectively [13][14] Livestock Industry Chain Tracking Pigs: Price Stabilization and Capacity Reduction - The national average pig price fell to a low of 10.87 CNY/kg before rebounding to 11.03 CNY/kg [5][18] - The average loss for self-bred pigs was approximately 254 CNY per head, while for purchased piglets, it was about 375 CNY [19] - The breeding stock saw a reduction in September, with a decrease of 0.07% in the number of breeding sows [19] Broilers: Profit Squeeze - As of October 19, the price of broiler chicks was 3.5 CNY per chick, with an average profit of 0.4 CNY per chick, while the price of broiler chickens was 3.37 CNY per jin, resulting in a loss of 2.2 CNY per chick [31] - The number of grandparent stock updated in the first three quarters of 2025 was 803,300 sets, a decrease of 9.86 million sets or 19.01% compared to the same period in 2024 [31][32] Planting Industry Chain Tracking - Sugar prices continued to decline, with white sugar priced at 5,780 CNY/ton, down 55 CNY/ton [35] - The price of corn was 2,216 CNY/ton, showing a slight decrease [36]

Core Viewpoint - The stock price of Jingji Zhino has shown a slight increase recently, with a year-to-date decline of 0.73%, indicating a mixed performance in the market [1][2]. Group 1: Stock Performance - As of October 21, Jingji Zhino's stock price rose by 2.02% to 17.16 CNY per share, with a trading volume of 164 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 9.1 billion CNY [1]. - Year-to-date, the stock has decreased by 0.73%, but it has increased by 1.84% over the last five trading days, 0.48% over the last 20 days, and 9.73% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Jingji Zhino reported a revenue of 2.387 billion CNY, a year-on-year decrease of 11.61%, and a net profit attributable to shareholders of 226 million CNY, down 3.97% year-on-year [3]. - The company has distributed a total of 2.73 billion CNY in dividends since its A-share listing, with 1.099 billion CNY distributed in the last three years [4]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.66% to 16,100, while the average circulating shares per person decreased by 7.19% to 32,656 shares [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the seventh largest, holding 3.9876 million shares, an increase of 791,200 shares from the previous period [4].