截至发稿，天邦食品市值为64亿元。 每经头条（nbdtoutiao）——"太空快递"来了？全国首个民营飞船成功"上天"！背后公司创始人：正积 极开发"中型货运飞船"低成本产品 （记者 张明双） 每经AI快讯，天邦食品（SZ 002124，收盘价：2.87元）12月17日晚间发布公告称，公司第九届第六次 董事会会议于2025年12月17日在合肥召开。会议审议了《关于调整第九届董事会提名委员会成员的议 案》等文件。 2025年1至6月份，天邦食品的营业收入构成为：养殖占比63.82%，食品占比33.25%，饲料及饲料原料 占比2.85%，其他占比0.08%。 ...

在这一理念的指引下，新希望近年来动作不断。在饲料生产方面，提出"节粮行动"，通过优化育种、饲料配方和养殖方式，力争每年节约1%的粮食用量。 作为最大用粮企业之一，这一举措意义重大，每年可节省近30万吨粮食。在育种攻关领域，新希望同样成绩斐然。参与育种攻关的肉鸭种源做到了"比全球 任何品种都不差"；养猪场开启综合数字化试点，运用先进技术提升养殖效率；针对冷链物流的短板，积极布局，将"24小时鲜奶"成功推向全国市场。 "鲜战略"破局冷链物流崛起 从养鸡养猪起步到跻身世界500强，刘永好从未脱离农业本源，这位新希望集团董事长直言，要当好老农人，培育好新农人，把农业干好。 从传统起步夯实农牧根基 新希望集团的起点在1982年。那一年，刘永好从传统的养鸡、养鹌鹑、养猪做起，进入饲料行业，后又涉足食品领域。如今，新希望已成为农牧业企业巨 头，跻身2024中国企业500强、2024年《财富》世界500强。 4 2 2 2 a Bell W UT9/11-2 4 28 2 TICH ANTE TINDAN 11947 e 12 t 12:00 1 77 IEVER t 2017 XIVV t 2017 CTRAD A NOV ...

（责任编辑：郭健东 ） 截至收盘，上证指数跌0.55%，深证成指跌1.1%，创业板指跌1.77%，北证50跌1.09%。全市场成交 额1.79万亿元，较上日成交额缩量3246亿元。 板块题材上，乳业、零售、保险板块活跃，半导体、影视 院线板块调整。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ETF方面，商业航天板块延续近期涨势，永赢基金卫星ETF、富国基金卫星ETF和卫星ETF易方达 分别涨2.6%、2.47%和2.24%。保险股表现亮眼，易方达基金证券保险ETF和鹏华基金保险证券ETF分别 涨2%和1.4%。养殖板块反弹，平安基金养殖ETF涨1.78%。 港股创新药板块全线下挫，港股通创新药ETF南方、港股通创新药ETF均跌3.8%。科创芯片板块走 低，科创芯片设计ETF跌3.48%，科创芯片ETF富国跌3.3%。 ...

Core Viewpoint - The Weihai Municipal Government is focused on achieving high-quality agricultural and rural development during the "14th Five-Year Plan" period, emphasizing the integration of urban and rural areas and the enhancement of agricultural productivity and rural living conditions [1] Group 1: Agricultural Production - Grain and important agricultural product production remains stable, with a total of 199.05 thousand acres of high-standard farmland newly built or renovated, and continuous increases in grain sowing area and total output for four consecutive years [1] - The mechanization rate for major crops has reached 93.22%, and the city has been recognized as a provincial model for agricultural mechanization development [1] - The annual vegetable output remains above 1 million tons, with stable production of meat, eggs, and milk at around 360 thousand tons [1] Group 2: Poverty Alleviation - A dynamic monitoring system for poverty prevention has been established, identifying 236 households and 479 individuals for targeted assistance [2] - A total of 6.34 billion yuan has been invested in poverty alleviation projects, with 376 projects completed, generating 2.04 billion yuan in income for beneficiaries [2] - The employment scale for poverty alleviation labor has remained stable at over 3,000 individuals annually [2] Group 3: Rural Revitalization - The construction of rural revitalization areas has progressed, with 101 areas established and a coverage rate of 55% for villages [3] - 15 areas have been approved as provincial rural revitalization areas, and the city has been recognized for its effective practices in national media [3] Group 4: Specialty Industries - The development of specialty agricultural products, including apples and ginseng, has expanded, with modern orchards covering 350 thousand acres [4] - The area for ginseng cultivation is 55 thousand acres, accounting for 60% of the national production [4] - The number of agricultural industrial parks has increased to 10, with 196 leading enterprises recognized at the national level [4] Group 5: Rural Living Environment - The implementation of village cleanliness initiatives has led to recognition for advanced counties in rural cleanliness [5] - Significant improvements in rural infrastructure, including road hardening and drinking water upgrades, have been achieved [6] Group 6: Comprehensive Rural Reform - The reform of rural collective property rights has been completed in 2,713 villages, with a land circulation area of 1.233 million acres [7] - The number of farmer cooperatives and family farms has reached 4,300 and 3,537 respectively, enhancing service capabilities for farmers [7] - Future plans include the development of a modern agricultural framework to support the integration of urban and rural areas [7]

天眼查App显示，近日，贵溪市四季建材有限公司成立，法定代表人为黄炳洪，注册资本10万人民币， 经营范围为许可项目：建设工程施工，电气安装服务，家禽饲养，牲畜饲养，水产养殖（依法须经批准 的项目，经相关部门批准后在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批 准文件或许可证件为准）一般项目：建筑材料销售，五金产品零售，涂料销售（不含危险化学品），劳 务服务（不含劳务派遣），室内木门窗安装服务，门窗销售，初级农产品收购，食用农产品零售，水果 种植，谷物种植，含油果种植（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

每经AI快讯，巨星农牧（SH 603477，收盘价：17.69元）12月15日晚间发布公告称，乐山巨星农牧股份 有限公司控股股东四川巨星企业集团有限公司持有公司股份数量约为1.52亿股，占公司总股本比例为 29.86%；巨星集团及其一致行动人合计持有公司股份数量约为1.52亿股，占公司总股本比例为29.87%。 截至本公告披露日，巨星集团累计质押股份数量约为1.13亿股，占其持股数量的74.44%；巨星集团及其 一致行动人累计质押股份数量约为1.13亿股，占其持股数量的74.41%。 每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 2024年1至12月份，巨星农牧的营业收入构成为：养殖行业占比97.73%，皮革行业占比2.11%，其他业 务占比0.15%。 截至发稿，巨星农牧市值为90亿元。 （记者 曾健辉） ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is experiencing continuous improvement in breeding costs, with stable growth in both domestic and international feed businesses [1] - The target price has been adjusted to 11.27 CNY due to a decline in pig prices expected after October 2025, leading to a downward revision of earnings per share (EPS) forecasts for 2025 and 2026 [8] - The company’s breeding cost per kilogram has decreased to 12.5 CNY, with further potential for reduction [8] - The feed segment is expected to continue its robust growth, with a 16% increase in overseas sales volume in the first three quarters of 2025 [8] Financial Summary - Total revenue for 2023 is projected at 141,703 million CNY, with a slight increase of 0.1% [2] - Net profit attributable to the parent company is expected to rise significantly from 249 million CNY in 2023 to 1,077 million CNY in 2026, reflecting a growth of 117.1% in 2023 [2] - Earnings per share (EPS) is forecasted to be 0.06 CNY in 2023, increasing to 0.24 CNY by 2026 [2] - The company’s return on equity (ROE) is projected to improve from 1.0% in 2023 to 4.0% in 2026 [2] Market Data - The company's stock price has fluctuated between 8.35 CNY and 11.04 CNY over the past 52 weeks [3] - The total market capitalization is approximately 40,883 million CNY [3] Balance Sheet Summary - Shareholder equity stands at 25,762 million CNY, with a book value per share of 5.72 CNY [4] - The company has a net debt ratio of 136.65% [4] Sales and Production Insights - In November 2025, the company sold 156.75 thousand pigs, with a revenue of 1.812 billion CNY [8] - The cumulative sales from January to November 2025 reached 1,573.65 thousand pigs [8] - The average selling price of commodity pigs was 11.54 CNY per kilogram [8]

Summary of Conference Call Notes Industry Overview - The notes primarily focus on the convertible bond market in China, particularly for the year 2025 and outlook for 2026. The performance of various sectors, including new energy, chemicals, and metals, is highlighted. Key Points and Arguments 2025 Market Performance - The A-share market experienced phased fluctuations in 2025, with small-cap stocks outperforming the CSI 300 index. The China Convertible Bond Index rose nearly 20%, comparable to the CSI 300's performance [1][3]. - The convertible bond market saw a significant valuation increase, with median prices maintaining historical highs. Approximately 400-500 convertible bonds appreciated throughout the year [1][5]. - The supply of convertible bonds was weak, with new issuance slightly above the previous year but still at historical lows. The total net reduction exceeded 150 billion, with AAA-rated bonds accounting for over 100 billion [1][6][7]. Demand Dynamics - Demand for convertible bonds increased, with rapid growth in convertible bond ETFs and significant accumulation by public funds. However, insurance institutions reduced their holdings [1][7]. - The market is expected to face a tight balance between supply and demand in 2026, with a high maturity scale but new issuance plans accelerating [1][8]. Economic Outlook for 2026 - The global economy is anticipated to show resilience in external demand, with macro policies expected to stimulate consumption. Fixed asset investment and manufacturing growth may improve, enhancing macroeconomic visibility [1][10][11][12]. - The domestic demand is expected to lead economic growth, with policies promoting consumption anticipated to take effect in 2026 [1][11]. Sector-Specific Insights - The convertible bond market is expected to remain optimistic, with a focus on sectors such as new energy, chemicals, aquaculture, steel, and metals. Small-cap, low-rated, high-priced, and equity-sensitive convertible bonds are recommended [2][14]. - The performance of the convertible bond market in 2026 is likely to mirror the 2015-2016 bull market, driven by limited new supply and upward price trends [1][14]. Investment Strategies - Suggested strategies include focusing on convertible bonds benefiting from anti-involution policies and those showing performance inflection points, such as in the steel and chemical sectors [1][15]. - Attention should also be given to sectors aligned with the 14th Five-Year Plan, including aerospace, deep-sea technology, and AI-related fields [1][15][16]. Risks and Considerations - The potential for strong redemption risks should be monitored, and strategies that do not rely on strong redemptions are advised [1][14]. Additional Important Content - The notes detail the four phases of market performance in 2025, highlighting the resilience of the convertible bond market during downturns and the significant appreciation during bullish phases [3][4]. - The notes also emphasize the importance of macroeconomic fundamentals in analyzing the equity market, noting the impact of tariff shocks on export growth [1][9].

Investment Rating - The report assigns an "Accumulate" rating for the industry [7] Core Insights - The report emphasizes the importance of supply-demand dynamics in the livestock sector following the drop in temperatures in northern regions. It highlights the potential for price recovery in the pork market as winter demand approaches [5] - The report notes that the central economic work conference has prioritized food security, leading to an optimistic outlook for the recovery of planting sector sentiment, particularly for corn prices [3] - In the pet food sector, the concentration of brands is high, with significant growth expected for leading domestic brands in the market [4] Summary by Sections Livestock Sector - The report discusses the ongoing supply-demand battle in the livestock sector, particularly in the context of lower pork prices. It notes that the average price of live pigs has been fluctuating at low levels, with a recent average price of 11.27 yuan/kg, reflecting a year-on-year decline of 26.79% [11][12] - The report indicates that the utilization rate of pig farms has returned to levels seen at the beginning of October, suggesting a potential increase in supply. However, demand has shown signs of recovery, which may lead to price stabilization [5] Planting Sector - The report highlights that corn prices have been on an upward trend, reaching 2357 yuan/ton, with a monthly increase of 4.5%. The central economic work conference's focus on maintaining reasonable prices for key agricultural products is expected to support corn price stability [3] Pet Sector - The report outlines that the sales proportions of pet food, supplies, and healthcare products are 43%, 28%, and 9% respectively. The concentration ratio for pet food has increased significantly, with the top 10 brands' market share rising from 30% to 40% within the year [4] Investment Recommendations - Recommended stocks in the livestock sector include Muyuan Foods and Wens Foodstuff Group. For the post-cycle sector, Kexin Biotechnology and Haida Group are suggested. In the agricultural products chain, stocks like Morning Light Bio and Noposion are recommended. In the pet sector, stocks such as Guibao Pet and Zhongchong Co. are highlighted [5]

Group 1 - The company has successfully transformed traditional cooking techniques into a thriving business, with the cooking skill of lamb feet now recognized as an intangible cultural heritage of Xiushan County [2] - In 2016, the company was established, combining traditional craftsmanship with modern food processing, leading to the development of over 20 new products [2] - The company expanded its restaurant space to 1,000 square meters by 2019, achieving peak daily revenues exceeding 60,000 yuan [2] Group 2 - The company established a black goat breeding base covering over 200 acres in 2020, promoting a "company + base + farmers" model to support local farmers [2] - More than 100 households in the county are now engaged in goat farming, with each household potentially increasing their income by over 30,000 yuan annually [2] - The company has ventured into e-commerce since 2018, generating nearly 10 million yuan in online revenue this year, while also helping local farmers sell their products [3] Group 3 - The company aims to build a standardized supply chain to enhance its brand and strengthen local industries, ensuring that more villagers can improve their livelihoods [3] - The journey of the company reflects the hard work and determination of the local people, emphasizing that prosperity is achieved through effort rather than waiting for opportunities [3]