谈及近期股债双双震荡背后的原因，他分析称，临近年底，股票行情短期存在回调压力。债市方面，近 期的震荡波折主要受到一些机构行为和资管机构负债端波动的影响。 展望明年，看好反内卷、医药、低估值传统行业、科技等四大方向的投资机会。反内卷板块中，关注光 伏、锂电、养殖、快递等；医药板块中，关注一些估值位于底部的细分领域，如耗材、原料药、医药流 通等；低估值传统行业板块中，关注零售、轻工、纺织服装等；科技板块关注非高位品种，如计算机、 电子(偏软件)等。债市方面，投资策略将以短久期、持有获取票息为主。 中证报中证网讯(记者张韵)12月11日晚间，大成元瑞诚利拟任基金经理苏秉毅在做客中国证券报"中证 点金汇"直播间时表示，长期来看，股债市场往往存在跷跷板效应，但短期看，受多种因素的影响，这 种效应可能阶段性失灵。 ...

湖南蓝山：猪粪变身"金肥料" 循环农业拓宽致富路 "1吨猪粪处理成有机肥成本约百元，而同等肥效的商品化肥市场价高达每吨3750元，仅此一项就大幅降 低了种植成本。"唐喜波介绍，更省心的是，红薯秸秆、薯片等加工剩余物还能作为生猪饲料补充。 一条"以养带种、以种促养"的生态循环链在农场内部高效运转，真正实现"污染物"不出场、"废弃物"再 利用。 唐喜波的成功并非个例。在蓝山县，政策扶持正为循环农业发展保驾护航。目前，全县已有167家农户 加入种养结合行列，其中52家成为种、养兼备的"双料大户"。有机肥的施用范围也从红薯扩展到水稻、 水果、茶叶等多种作物，形成区域性的生态小循环。 农户的探索实践，离不开政策的精准滴灌。蓝山县通过"技术服务＋资金引导"双轮驱动，为产业转型注 入动力：一方面，每年组织4次以上集中培训，送技术下乡；另一方面，对环保设施按造价补贴40%， 对关键设备补贴30%，真金白银降低转型门槛。目前，该县正着手建设1至3个县级示范基地，旨在形成 一套可量化、易推广的"蓝山模式"。 从单个农户的"生态经济账"，到种养结合户的规模化实践，蓝山县以生态为纽带，串联起养殖、种植、 加工等多个环节，既守护了绿水 ...

Core Insights - He Feng Food Co., Ltd. has evolved from a small startup into a major player in the agricultural industry, producing 9 million tons of feed and processing over 900 million chickens annually, with operations in over 20 countries [1][4][10] - The company has made significant strides in the Chinese feed industry, moving from being dominated by foreign enterprises to establishing a strong domestic brand [2][3] - He Feng's strategic vision has evolved over three phases, aiming to become a top-tier feed supplier, a leading agricultural enterprise, and ultimately a world-class agricultural food company [5][6] Company Development - Founded in 1995 by seven young entrepreneurs, He Feng faced initial challenges such as market skepticism and fierce competition from foreign brands [2][3] - The company adopted a customer-centric approach, promising quick delivery and responsive service, which helped it gain a foothold in the local market [3] - Over the years, He Feng has received numerous awards for quality and has been involved in the revision of national and industry standards, showcasing its commitment to excellence [4] Strategic Upgrades - He Feng has undergone three strategic upgrades, focusing on integrating the entire agricultural supply chain from feed production to food processing [5][6] - The company has successfully partnered with local enterprises to expand its operations, exemplified by its collaboration with the Jiuguhe Group, which has significantly increased production capacity [5][6] International Expansion - He Feng has actively pursued international markets, establishing factories in countries like Nepal and Indonesia, and exporting products to South Korea [7][10] - The company has leveraged partnerships with international firms to enhance its technological capabilities and market reach [10] - He Feng aims to create the largest white-feather chicken industry cluster globally, reflecting its ambition to elevate Chinese agricultural products on the world stage [11]

宠物食品 行业增长动力发生根本性转变——从单纯依赖宠物数量增长，转向以"宠均消费提升"为核心驱动力。海 外市场增量不断，国产品牌认可度持续提升，龙头企业成长持续兑现。 投资建议与投资标的 投资建议：（1）生猪养殖板块，优质公司持续盈利和分红率提升依然是推动板块长期业绩和估值提升 的核心驱动；近期政策与市场合力推动生猪养殖行业产能去化，助力未来板块业绩长期提升，相关标 的：牧原股份、新希望、温氏股份、神农集团、巨星农牧等。（2）禽板块：产能缓增，价格有望维持 低波动，关注品种间节奏差异。中期黄鸡价格仍可观，远端引种受阻影响下，白鸡苗与肉鸡价格有望上 行，相关标的：圣农发展、益生股份、立华股份。（3）后周期板块，生猪存栏量回升提振饲料、动保 需求，若本轮生猪去产能顺畅，产业链利润有望逐步向下游传导，驱动动保板块上行，相关标的：海大 集团、瑞普生物等。（4）种植链，当前粮价上行趋势已确立，种植与种业基本面向好，大种植投资机 会凸显，相关标的：苏垦农发、北大荒、海南橡胶、隆平高科、荃银高科等。（5）宠物板块，宠食行 业正处于增量、提价逻辑持续落地的阶段，海外市场增量不断，国产品牌认可度持续提升，龙头企业成 长持续兑现 ...

证券日报网讯12月9日晚间，正邦科技（002157）发布公告称，公司及控股子公司拟对产业链养殖户和 经销商等生态圈合作伙伴提供担保，额度不超过16亿元(含本数)，占最近一期经审计净资产的14%。 ...

截至2025年12月10日 10:04，食品饮料ETF天弘(159736)成交2700.65万元。跟踪的中证食品饮料指数(930653)上涨0.42%，成分股 欢乐家(300997)上涨12.83%，新诺威(300765)上涨9.28%，会稽山(601579)上涨3.91%，燕京啤酒(000729)上涨3.07%，珠江啤酒 (002461)上涨2.28%。 拉长时间看，截至12月9日，食品饮料ETF天弘(159736)最新资金净流入1520.08万元。拉长时间看，近5个交易日内，合计"吸 金"1378.41万元。 一键配置"吃喝板块"核心资产，相关产品食品饮料ETF天弘(159736)。据统计，其跟踪指数约6成仓位布局高端、次高端白酒龙 头股，近4成仓位兼顾饮料乳品、调味、啤酒等细分板块龙头，前十权重股包括"茅五泸汾洋"、伊利、海天等。 农业ETF天弘(512620)跟踪中证农业指数，精选50只标的，覆盖养殖（41.9%）、农化（17.7%）等领域，汇聚牧原、海大等龙 头，多元布局分散周期风险。 【相关产品】 食品饮料ETF天弘(159736)，对应场外联接基金（A：001631；C：001632）。 农业E ...

Market Strategy - The market is experiencing a volume contraction and fluctuation, with the computing hardware sector leading the gains [5][7] - The overall A-share market saw a decline of 0.55%, with the Shanghai Composite Index down by 0.37% and the Shenzhen Component Index down by 0.39% [7][8] - The innovation growth sector, represented by the ChiNext Index, increased by 0.61%, while the North Star 50 Index, representing small and medium-sized enterprises, fell by 1.72% [7][8] Industry Dynamics - In November 2025, the brand television market in China saw a shipment volume of approximately 3.22 million units, a year-on-year decrease of 15.7% [25] - In the first eleven months of 2025, China's crude oil imports increased by 3.2%, while natural gas imports decreased by 4.7% [27] - The overall trade value of goods in China for the first eleven months reached 41.21 trillion yuan, a year-on-year growth of 3.6% [28] Company Tracking - Midea Group (000333.SZ) announced that the total amount of share repurchase has reached 10 billion yuan, completing the repurchase plan [29][30] - Yuanli Co., Ltd. (300174.SZ) plans to acquire 49% of Clarimex to expand its presence in the American activated carbon market [31][33] - Zhengtai Electric (601877.SH) intends to purchase photovoltaic components from related parties, with a total amount not exceeding 3.5 billion yuan [34] - Yisheng Industrial (002458.SZ) reported a 10.27% year-on-year decline in the sales of white feather broiler chicks in November, while sales of breeding pigs increased by 203.74% [36] - Jingji Zhino (000048.SZ) sold 2.11 million pigs from January to November 2025, a year-on-year increase of 8.27% [38]

截至发稿，正邦科技市值为287亿元。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 每经AI快讯，正邦科技（SZ 002157，收盘价：3.1元）12月9日晚间发布公告称，公司第八届第七次董 事会临时会议于2025年12月9日在公司会议室以现场及通讯表决的方式召开。会议审议了《关于2026年 度日常关联交易预计的议案》等文件。 2025年1至6月份，正邦科技的营业收入构成为：养殖占比59.63%，饲料占比38.94%，兽药占比0.92%， 其他业务占比0.51%。 （记者 曾健辉） ...

2025年11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。 天域生物科技股份有限公司 天域生物科技股份有限公司（以下简称"公司"）现将2025年11月养殖业务主要经营数据公告如下： 一、2025年11月养殖行业主要经营数据 证券代码：603717 证券简称：天域生物 公告编号：2025-111 二、特别提示 1、上述经营数据均未经审计，与定期报告披露的数据之间可能存在差异，因此仅作为阶段性数据供投 资者参考。 2、基于生猪市场价格大幅波动以及公司投苗节奏变化等因素影响，未来公司生猪销售数量和销售收入 存在月度波动风险，敬请广大投资者注意投资风险。 特此公告。 天域生物科技股份有限公司 2025年11月，公司销售生猪1.76万头，销售收入2,432.36万元，环比变动分别为-61.57%、-55.80%，同 比变动分别为-22.00%、-45.15%。 2025年1-11月，公司累计销售生猪33.96万头，同比上升21.26%；累计销售收入47,452.09万元，同比下 降8.75%。 2025年1 ...

Market Performance - The market opened high and continued to rise, with the Shenzhen Component Index increasing by over 1% and the ChiNext Index rising by over 2% [1] ETF Highlights - The Tianhong Food and Beverage ETF (159736) had a total trading volume of 11.99 million yuan, with a closing premium rate of 0.13% [1] - Over the past 60 trading days, the Tianhong Food and Beverage ETF has attracted over 430 million yuan in capital [1] - The Tianhong Agriculture ETF (512620) tracking the CSI Agriculture Theme Index rose by 0.18%, marking two consecutive days of gains [1] ETF Composition - The Tianhong Food and Beverage ETF tracks the CSI Food and Beverage Index, focusing on leading stocks in high-end and mid-range liquor, as well as key players in beverages, dairy, condiments, and beer [1] - Major holdings include "Moutai, Wuliangye, Luzhou Laojiao, Yanghe, Yili, and Haitian" [1] - The Tianhong Agriculture ETF closely follows the CSI Agriculture Theme Index, covering sectors such as breeding and agricultural chemicals, with key stocks including Muyuan Foods, Wens Foodstuff Group, and Haida Group [1] Shareholder Return Activities - Since 2025, over 30 A-share companies, including Emei Shan A, Qianwei Yangchun, and Jiahe Foods, have announced voluntary shareholder return activities, a nearly 90% increase compared to 18 companies in 2024 [2] - The main sectors initiating these activities are food and beverage, and tourism services, which directly target individual consumers [2] Market Trends in Traditional Chinese Medicine - Prices for certain traditional Chinese medicinal materials like Angelica and Codonopsis have decreased, while others such as Ophiopogon, Rhizoma Polygonati, and Rose have remained stable [2] - The market for "food and medicine homology" is expected to reach 370 billion yuan this year, with significant growth in related health products and functional foods [2] Agricultural Sector Developments - On December 5, Muyuan Foods announced that the Hong Kong Stock Exchange has reviewed its application for issuance and listing, but this does not constitute formal approval [2] - Current valuations in the food and beverage sector are at historical lows, with signs of relative returns as market styles shift [2] - It is advised to focus on opportunities for recovery and valuation repair after fundamental pressures ease, as well as innovations in categories, channels, and consumption scenarios [2]