云南神农农业产业集团股份有限公司 证券代码：605296 证券简称：神农集团 公告编号：2025-116 2025 年 9 月养殖业务主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 云南神农农业产业集团股份有限公司（以下简称"公司"）现将 2025 年 9 月养殖业务主要经营数据披露如下： 一、2025 年 9 月养殖业务主要经营数据 单位：万头 | 主要产品 | 销售量 | | 销售量同比增减(%) | | | --- | --- | --- | --- | --- | | | 当月 | 累计 | 当月 | 累计 | | 生猪 | 22.90 | 210.96 | 15.02 | 26.80 | 2025 年 9 月份，公司销售生猪 22.90 万头（其中：商品猪销售 21.38 万头， 仔猪销售 0.89 万头），销售收入 3.64 亿元。其中向集团内部屠宰企业销售生猪 4.98 万头。 2025 年 9 月份，公司商品猪价格呈现下降趋势，商品猪销售均价 12.82 元/ 公斤，比 2025 年 8 月份 ...

证券代码：603363 证券简称：傲农生物 公告编号：2025-097 福建傲农生物科技集团股份有限公司（以下简称"公司"）现将 2025 年 9 月养殖业务主要经营数据披露如下： | 主要产品 | 销售量 | 库存量 | 销售量同比 增减（%） | 库存量同比 增减（%） | | --- | --- | --- | --- | --- | | 生猪 | 16.44 | 63.52 | +12.20 | +33.70 | 一、2025 年 9 月养殖业务主要经营数据 2025 年 9 月，公司生猪销售量 16.44 万头，同比增加 12.20%，较 2025 年 8 月增加 9.54%。 2025 年 9 月末，公司生猪存栏 63.52 万头，同比增加 33.70%，较 2025 年 8 月末增加 4.97%，较 2024 年 12 月末增加 23.83%。 单位：万头 福建傲农生物科技集团股份有限公司 2025 年 9 月养殖业务主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 福建傲农生物科技集团股份有限公 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In September 2025, the main contract of live pig futures showed a volatile downward trend and declined significantly overall. The current supply - side pressure in the live pig market remains unabated, and it may enter a "double - increase in supply and demand" pattern later. Although consumption is gradually boosted, it is difficult to offset the increase on the supply side, so the current supply - demand pattern of live pigs in the market is still loose. It is expected that the oversupply situation in the live pig market in October will be difficult to fundamentally improve, and pig prices may still be under pressure. The future live pig prices are expected to maintain low - level fluctuations. Currently, the valuation of live pig contracts is not high, and there is cost support below. There is an expectation of a rebound in the future, but the space is relatively limited, and the market may maintain low - level fluctuations [6][7][8]. 3. Summary According to the Directory Price Analysis - **Futures Price**: In September 2025, the price of the main contract of live pig futures ranged between 12,220 - 13,710 yuan/ton. Overall, it showed a volatile downward trend and declined significantly in the month. As of the close on September 30, 2025, the main contract LH2511 fell by 1,200 yuan/ton, a decline of 8.85%, and closed at 12,355 yuan/ton [12]. - **Spot Price**: As of September 25, 2025, the national average live pig price was 13.52 yuan/kg, a decrease of 0.7 yuan/kg from the previous month. From a seasonal perspective, the current national average live pig price is at a relatively low level compared to the past five years. As of September 26, 2025, the average price of二元sows was 32.50 yuan/kg, a decrease of 0.01 yuan/kg from the previous month. As of September 25, 2025, the average price of piglets was 29.07 yuan/kg, a decrease of 3.61 yuan/kg from the previous month. As of September 29, 2025, the prices of 20 - kg外三元piglets in Baoding, Hebei, Linyi, Shandong, and Kaifeng, Henan were 21.83 yuan/kg, 21.71 yuan/kg, and 21.64 yuan/kg respectively, all showing a significant decline from the previous month [16][20][24]. Supply - Demand Balance Situation - **Global Live Pig Supply - Demand Balance**: According to the USDA report, in 2024, the global live pig supply - demand gap was 36,816 thousand heads, an increase of 13,929 thousand heads year - on - year. The global pork supply - demand gap was 1,350 thousand tons, an increase of 505 thousand tons year - on - year [31]. - **China's Live Pig Supply - Demand Balance**: According to the USDA report, in 2024, China's live pig supply - demand gap was 2,410 thousand heads, an increase of 11,781 thousand heads year - on - year. China's pork supply - demand gap was - 1,209 thousand tons, an increase of 592 thousand tons year - on - year [38]. Supply - Side Situation - **Live Pig Inventory Year - on - Year**: As of June 2025, the national live pig inventory was 424.47 million heads, a year - on - year increase of 2.2%. Seasonally, the live pig inventory is at a relatively low level in history [44]. - **Reproductive Sow Inventory**: As of August 2025, the national reproductive sow inventory was 40.38 million heads, a month - on - month decrease of 40,000 heads, a decline of 0.1%; a year - on - year increase of 20,000 heads, an increase of 0.05%. Seasonally, the reproductive sow inventory is at a relatively low level in history [50]. - **Live Pig Slaughter**: In the second quarter of 2025, the national cumulative live pig slaughter was 366.19 million heads, a year - on - year increase of 2.24 million heads, an increase of 0.62%. Seasonally, the cumulative live pig slaughter is at a relatively high level in the past five years [52]. - **Pork Output**: As of June 2025, the national cumulative pork output was 30.2 million tons; a year - on - year increase of 390,000 tons, an increase of 1.31%. Seasonally, the national pork output in the second quarter of 2025 is at a relatively high level in the past five years [62]. - **China's Pork Import Volume**: In August 2025, China's monthly pork import was 80,000 tons, a year - on - year and month - on - month decrease of 10,000 tons. Seasonally, the monthly import volume is at a relatively low level in the past five years [69]. Demand - Side Situation - **Slaughter Volume of Designated Live Pig Slaughtering Enterprises in China**: In July 2025, the slaughter volume of designated live pig slaughtering enterprises in China was 31.66 million heads, a month - on - month increase of 1.6 million heads, an increase of 5.32%. Seasonally, the monthly slaughter volume is at a high level in the past five years [76]. - **Pork and Main Meat Output**: As of June 30, 2025, the national cumulative output of main meats was 48.43 million tons, of which the cumulative pork output was 30.2 million tons, accounting for 62.36% [80]. Feed Supply - Demand Analysis - As of September 25, 2025, the average spot price of corn was 2.48 yuan/kg, a decrease of 0.01 yuan/kg from the previous month; as of September 25, 2025, the average spot price of soybean meal was 3.28 yuan/kg, a decrease of 0.03 yuan/kg from the previous month. As of August 2025, the feed output was 29.272 million tons, a year - on - year increase of 3.6%. Seasonally, the feed output is at a high level in the past five years [83][89]. Breeding Benefit Analysis - **Profit from Purchasing Piglets for Breeding**: As of September 26, 2025, the profit from purchasing piglets for breeding was - 236.57 yuan/head. Seasonally, it is at a relatively low level in history [95]. - **Profit from Self - Breeding and Self - Raising Live Pigs**: As of September 26, 2025, the profit from self - breeding and self - raising live pigs was - 74.11 yuan/head. Seasonally, it is at a relatively low level in history [100]. - **Profit from Broiler Chicken Breeding**: As of September 26, 2025, the profit from broiler chicken breeding was - 2.22 yuan/bird. Seasonally, it is at a relatively low level in history [106]. Pig - Grain Ratio As of September 26, 2025, the pig - grain ratio in China was 5.44. According to the standards of the "Plan for Improving the Government's Pork Reserve Regulation Mechanism and Ensuring Stable Supply and Price of the Pork Market", since the pig - grain ratio has been between 5:1 and 6:1 for nearly two consecutive months, the current live pig price is in the second - level early - warning range of excessive decline, and the state may start purchasing and storing as the situation requires [111]. Recent Policies and Meetings in the Live Pig Industry - **Symposium on High - Quality Development of the Live Pig Industry**: On July 23, 2025, the Ministry of Agriculture and Rural Affairs held a symposium on promoting the high - quality development of the live pig industry in Beijing. The meeting emphasized high - quality industry development and put forward measures such as appropriately reducing reproductive sows, strictly controlling new production capacity, controlling body weight, and reducing secondary fattening. Affected by this, on July 23, 2025, the main domestic live pig futures contract 2509 once soared to 15,150 yuan/ton, hitting a new high for the year [112]. - **Expanded Meeting of the Executive Office of the Pig Industry Branch of the China Animal Husbandry Association**: On August 13, 2025, the Animal Husbandry Association held an expanded meeting of the executive office of the pig industry branch. The meeting conveyed the spirit of the "Symposium on High - Quality Development of the Live Pig Industry" and put forward goals such as reducing production, reducing weight, and stabilizing prices. After the meeting, leading enterprises in the industry actively responded to the production capacity regulation policy and stated that they would reduce the inventory of reproductive sows [113][114]. - **Symposium on Live Pig Production Capacity Regulation Enterprises**: On September 16, 2025, the Animal Husbandry and Veterinary Bureau of the Ministry of Agriculture and Rural Affairs and the Price Department of the National Development and Reform Commission held a symposium on live pig production capacity regulation enterprises in Beijing. The meeting aimed to regulate the live pig slaughter supply for next year, involving content such as controlling the production capacity of reproductive sows, restricting "secondary fattening", and reducing the weight of live pig slaughter [115]. Fundamental Analysis - The national average live pig price in September 2025 decreased slightly from the previous month, the price of二元sows was basically the same as the previous month, and the price of piglets decreased significantly from the previous month. The supply pressure will remain high in the future. The actual speed of production capacity reduction is obviously lagging and lacks sustainability. The reproductive sow inventory is still close to the upper limit of the green range of 41 million heads, and the overall supply remains sufficient. The frozen - product inventory maintains a low - level. The terminal consumption is expected to improve. The breeding profit in September 2025 showed a continuous downward trend, and the live pig breeding has fully entered the loss area [116][118][119]. 后市 Outlook The main contract of live pig futures showed a volatile downward trend in September 2025 and declined significantly overall. The current supply - side pressure in the live pig market remains unabated, and it may enter a "double - increase in supply and demand" pattern later. It is expected that the oversupply situation in the live pig market in October will be difficult to fundamentally improve, and pig prices may still be under pressure. The future live pig prices are expected to maintain low - level fluctuations. In the short term, factors such as the seasonal consumption peak season and policy regulation may drive a phased rebound in pig prices, but the rebound space is relatively limited under supply pressure. In the long term, as the process of production capacity optimization progresses, the market supply - demand relationship will gradually improve. Currently, the overall valuation of live pig futures contracts is not high, and there is cost support below. There is an expectation of a rebound in the future, but the space is relatively limited, and the market may maintain low - level fluctuations. Future attention should be paid to changes in terminal consumption, weight reduction of live pigs, changes in the inventory of reproductive sows, live pig slaughter, and secondary fattening [120][121]. Operation Strategy It is expected that the main live pig contract may maintain low - level fluctuations in October. The operation suggestions are: for unilateral trading, consider trying to go long at low prices; for arbitrage, temporarily wait and see; for options, temporarily wait and see [122][123].

Group 1: Price Trends - Prices of essential goods such as cooking oil, toiletries, and paper products have increased significantly, with cooking oil prices rising from 30-35 yuan to 45-50 yuan for 1.8 liters, leading to higher daily expenses for consumers [1] - The real estate market is experiencing a downward trend, with the average price of second-hand residential properties in 100 cities dropping by 7.38% year-on-year to 13,381 yuan per square meter as of September [4] - The price of pork has decreased from 25 yuan per jin to 17-18 yuan per jin, with expectations that it may fall below 15 yuan per jin in the future [10] Group 2: Decline in Specific Sectors - The automotive market is undergoing a "price drop wave," with domestic mid-range cars seeing price reductions of 20,000-30,000 yuan and high-end foreign cars dropping by up to 90,000 yuan [6] - Small home appliances are also experiencing price reductions of 10-15%, driven by rapid product updates and a slowdown in consumer spending among middle-class families [8] - The real estate market is characterized by an oversupply, with 600 million homes available for a population of 1.4 billion, leading to a long-term supply-demand imbalance [4] Group 3: Consumer Behavior and Economic Impact - Consumers are likely to benefit from the price drops in housing, cars, small appliances, and pork, which can alleviate financial burdens amid slowing income growth [12] - However, businesses and employees may face challenges as declining prices can lead to reduced profitability, potential layoffs, and even bankruptcy risks for some companies [12]

Core Viewpoint - The capital market serves as a barometer for the national economy, reflecting the vitality of the real economy and the direction of industrial restructuring, while also providing essential resources for industry upgrades and quality improvements [1]. Group 1: Economic Development in Henan - During the "14th Five-Year Plan" period, the number of listed companies in Henan has steadily increased, with notable companies like Muyuan Foods and Shuanghui Development leveraging the capital market to solidify their industry positions [2]. - The capital market in Henan is transitioning from "quantitative accumulation" to "qualitative enhancement," injecting financial momentum into key sectors such as grain production and advanced manufacturing [2][4]. - By the end of 2025, the number of A-share listed companies in Henan has grown from 87 to 112, leading the central region of China [4]. Group 2: Financial Performance and Capital Empowerment - Since 2021, Henan enterprises have consistently raised over 100 billion yuan through bond financing, with the total bond issuance reaching 4,958 billion yuan, doubling since 2021 [4]. - The average cost of bond issuance has decreased to 2.66%, down 212 basis points from its peak [4]. - In 2025, the revenue of Muyuan Foods is projected to grow from 56.3 billion yuan in 2020 to 137.9 billion yuan [4]. Group 3: Technological Advancements and R&D Investment - Muyuan Foods has significantly increased its investment in R&D, focusing on smart farming and disease prevention, with a total of 2,276 patents filed by the end of 2024 [5]. - The overall R&D intensity of listed companies in Henan reached 5.57% in 2024, an increase of 2.5 percentage points year-on-year [10]. - The company Duofuduo has successfully raised 2 billion yuan for technological upgrades and capacity expansion in lithium battery materials [5]. Group 4: Investor Returns and Dividend Distribution - In 2025, Shuanghui Development announced a cash dividend of 2.65 billion yuan, representing 96.94% of its net profit for the period [11]. - Muyuan Foods has distributed nearly 18 billion yuan in dividends from 2021 to mid-2025, with a record high of over 5 billion yuan in the first half of 2025 [11]. - The cumulative cash dividends of Luoyang Molybdenum Co. reached 21.56 billion yuan since its listing in 2012, with over 12 billion yuan distributed during the "14th Five-Year Plan" period [11]. Group 5: Financial Tools and Market Integration - The Zhengzhou Commodity Exchange has listed 27 futures and 20 options products, capturing 35.03% of the national futures market share [13]. - The exchange has provided risk management services to over 700 enterprises, with agricultural insurance and futures business covering 3.914 billion yuan [14]. - The province has successfully issued various REITs products, enhancing the financing channels for traditional industries [15][16].

Group 1 - The capital market serves as a barometer for the national economy, reflecting the vitality of the real economy and the trends in industrial structure adjustment [1] - During the "14th Five-Year Plan" period, the capital market in Henan has played a significant role in economic development, with an increase in the number of listed companies and the emergence of leading enterprises like Muyuan Foods and Shuanghui Development [2][3] - Henan's capital market is transitioning from "quantitative accumulation" to "qualitative improvement," injecting financial momentum into key industries such as grain production and advanced manufacturing [2] Group 2 - The number of A-share listed companies in Henan increased from 87 at the end of 2020 to 112, with 13 companies listed on the Beijing Stock Exchange, leading among the six central provinces [3] - Since 2021, Henan enterprises have consistently raised over 100 billion yuan in bond financing annually, with the total bond issuance reaching 495.8 billion yuan, doubling since 2021 [5] - The average cost of bond issuance has decreased to 2.66%, down 212 basis points from its peak [5] Group 3 - Leading companies like Muyuan Foods have achieved significant growth, with revenue increasing from 56.3 billion yuan in 2020 to 137.9 billion yuan in 2024 [5][6] - Muyuan Foods has invested heavily in R&D for smart farming and disease prevention, supported by capital market financing [6] - The company has filed 2,276 patents, with 138 new patents granted in 2024 alone [6] Group 4 - By August 2025, the number of A-share listed companies in Henan with a market capitalization exceeding 10 billion yuan reached 35, doubling from the previous year [8] - Nearly 80% of listed companies in Henan reported profits, with total revenue and net profit reaching record highs, and 13 companies exceeding 10 billion yuan in revenue [8][9] - R&D investment among listed companies in Henan increased, with an overall R&D intensity of 5.57% in 2024, up 2.5 percentage points year-on-year [9] Group 5 - The Zhengzhou Commodity Exchange has listed 27 futures and 20 options products, capturing 35.03% of the national futures market volume [11] - The exchange has attracted 2.2 trillion yuan in settlement funds and has introduced foreign investors to several products [11] - The use of futures for risk management has been demonstrated by local companies successfully hedging against price fluctuations [12] Group 6 - Henan has actively explored the issuance of Real Estate Investment Trusts (REITs) to support the development of the real economy, with successful issuances covering various sectors [13] - The province has implemented policies to support mergers and acquisitions among listed companies, aiming to enhance traditional industries and foster emerging sectors [14] - The government plans to deepen cooperation with major stock exchanges to facilitate more companies in raising funds through listings [14][15]

Core Viewpoint - The stock price of Luoniushan has experienced a decline of 5.72% year-to-date, with a recent drop of 2.03% on October 9, 2023, indicating potential challenges in the company's 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 shares listed on June 11, 1997. The company primarily engages in pig farming and slaughtering, cold chain logistics, real estate, and educational services [2]. - The revenue composition of Luoniushan includes: 64.60% from animal husbandry, 13.46% from food processing, 7.73% from education, 7.16% from real estate, 4.05% from warehousing and logistics, and 2.99% from other sources [2]. Financial Performance - For the first half of 2025, Luoniushan reported a revenue of 1.084 billion yuan, a year-on-year decrease of 42.86%, and a net profit attributable to shareholders of -6.7171 million yuan, reflecting a year-on-year decline of 102.45% [2]. - The company has distributed a total of 200 million yuan in dividends since its A-share listing, with 69.0908 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Luoniushan was 91,100, a decrease of 2.98% from the previous period, with an average of 12,633 circulating shares per person, an increase of 3.07% [2]. - The top ten circulating shareholders include various ETFs, with notable increases in holdings for the Guotai Zhongzheng Livestock Breeding ETF and the Southern Zhongzheng 1000 ETF [3].

Summary of Conference Call on Swine Industry Industry Overview - The swine industry is currently experiencing a significant decline in pig prices, dropping from 7.5 yuan/kg to 6.1-6.2 yuan/kg due to increased supply from prior stockpiling and new piglets entering the market [1][2][3] - The industry is expected to observe the selling conditions of breeding companies in October to determine the price bottom, with regions like Guangxi and Guizhou potentially seeing slight declines [1][2][3] Key Insights and Arguments - **Price Fluctuations**: Short-term price rebounds are anticipated, with increases of approximately 1-2 yuan/kg due to reduced weight profit margins leading to a decrease in market weight [1][4] - **Production Capacity Adjustment**: The industry is undergoing a capacity adjustment, with fattening capacity decreasing due to losses and a decline in demand for piglets. Small to medium-sized farms are under pressure and may resort to renting fattening facilities [1][5][6] - **Group Companies' Actions**: Some leading breeding enterprises have begun implementing capacity adjustment measures, while mid-tier and smaller companies face challenges in aligning development plans with ongoing projects [6][7] - **Market Dynamics**: The current price drop is attributed to increased supply rather than disease impacts, with the market showing signs of overcapacity [17][20] - **Environmental Policies**: Strict environmental regulations are significantly impacting the industry, particularly in high-density farming areas, leading to early sales of large pigs to comply with regulations [19][20][22] Additional Important Points - **Future Price Predictions**: Prices are expected to stabilize between 6-6.5 yuan/kg in the fourth quarter and into the first half of 2026, with a low operating range around 12-13 yuan/kg [2][17] - **Impact of Environmental Policies**: The enforcement of environmental policies has led to a notable decrease in feed sales and has forced many farms to sell off large pigs prematurely [20][22] - **Market Sentiment**: There is a cautious sentiment among farmers regarding the future, with many waiting for price stabilization before engaging in secondary fattening [16][18] - **Piglet Price Trends**: Piglet prices have seen significant declines, but are unlikely to drop below 100 yuan due to insurance mechanisms in place [12][13] - **Mother Pig Market Changes**: The market for culling mother pigs has changed, with many younger sows being sold off due to the shift in breeding strategies among larger companies [14] This summary encapsulates the critical aspects of the swine industry as discussed in the conference call, highlighting the current challenges, market dynamics, and future outlook.

河南郑州郑东新区CBD郑州国际会展中心千玺广场"大玉米"。 图虫创意/供图 证券时报记者 赵黎昀 资本市场作为国民经济的晴雨表，既是观察实体经济运行活力和产业结构调整动向的重要窗口，也是通 过资源配置为行业企业提质升级赋能的源头活水。站在"十四五"末尾，回望过去五年中部大省河南的经 济发展脉络，资本市场的"助推器"作用愈发凸显。 "十四五"期间，从区域内上市公司数量稳步攀升，到牧原股份、双汇发展等龙头企业依托资本市场巩固 行业地位，再到仕佳光子、新强联等科技型企业借助上市融资突破技术瓶颈，河南资本市场正从"量的 积累"向"质的提升"跨越，不仅为粮食生产核心区、先进制造业强省建设注入了金融动能，更让"豫企军 团"在全国资本市场的版图中占据一席之地。 面向"十五五"，以"智能化、绿色化、高端化"为方向，河南"7+28+N"产业链集群将迎来更大发展空 间。围绕"两高四着力"精神内核，河南也将着力服务科技创新和产业创新融合，提升上市公司质量和产 业投融资，助力全省经济高质量发展。 资本赋能： 产业智能化加速升级 作为资本市场资源配置的基础性功能，场内资金活水正源源不断注入实体企业，助力豫企完成技术升 级，推动战略产业 ...

Core Insights - The capital market in Henan province has played a crucial role in enhancing the quality and efficiency of local enterprises during the "14th Five-Year Plan" period, transitioning from quantity accumulation to quality improvement [1][2] - The number of A-share listed companies in Henan has increased from 87 at the end of 2020 to 112, leading the central region of China [2] - Major companies like Muyuan Foods and Shuanghui Development have leveraged capital markets to solidify their industry positions and drive technological advancements [2][3] Capital Empowerment - The number of A-share listed companies in Henan has grown rapidly, with 13 companies listed on the Beijing Stock Exchange, making it the leader among six central provinces [2] - From 2021 onwards, Henan enterprises have consistently raised over 100 billion yuan through bond financing, with the total bond stock reaching 495.8 billion yuan, doubling since 2021 [2] - The average cost of bond issuance has decreased to 2.66%, down 212 basis points from its peak [2] - Since 2022, 18 listed companies in Henan have engaged in mergers and acquisitions, with 12 occurring in 2025 alone, involving over 30 billion yuan [2] Industry Development - Muyuan Foods has seen its revenue grow from 56.3 billion yuan in 2020 to 137.9 billion yuan in 2024, driven by significant investments in technology and innovation [3] - The company has filed 2,276 patents, with 138 granted in 2024 alone, reflecting its commitment to R&D [3] - The capital market has supported the development of high-end materials companies like DuPont and Longbai Group, which have invested over 10 billion yuan in technology upgrades [4][5] Performance and Returns - By August 2025, the number of A-share listed companies in Henan with a market value exceeding 10 billion yuan reached 35, doubling from the previous year [5] - Nearly 80% of listed companies reported profits in the first half of the year, with total revenue and net profit hitting record highs [5] - R&D investment among listed companies in Henan has increased, with an overall R&D intensity of 5.57% in 2024, up 2.5 percentage points year-on-year [5] Financial Tools and Services - The Zhengzhou Commodity Exchange has become a significant player in the futures market, with 27 futures and 20 options listed, capturing 35.03% of the national market share [7] - The exchange has attracted 107 futures institutions and 2.2 trillion yuan in settlement funds [7] - The province has also implemented various financial initiatives, including private equity funds and REITs, to support the development of local enterprises [9][10] Policy Support - The Henan provincial government has introduced policies to support mergers and acquisitions, aiming to enhance traditional industries and foster emerging sectors [10] - The government plans to deepen cooperation with major stock exchanges to facilitate more companies in listing and financing [10]