Company Overview - Jin Xin Nong (SZ 002548) held a temporary board meeting on October 29, 2025, to discuss the revision of the "Board Compensation and Assessment Committee Work Guidelines" [1] - The company's revenue composition for the first half of 2025 is as follows: Feed processing accounts for 66.97%, livestock breeding for 32.1%, other industries for 0.58%, and raw material trading for 0.35% [1] Industry Insights - The announcement reflects the company's ongoing governance and operational adjustments in line with its strategic objectives [1] - The revenue breakdown indicates a strong focus on feed processing and livestock breeding, which are critical sectors in the agricultural industry [1]

Core Insights - The livestock industry is experiencing a trend of reduced competition, compounded by the African swine fever outbreak, leading to increased capital inflows into the sector [1] - China Galaxy Securities predicts a year-on-year decline in average pig prices for 2025, with notable differences due to the optimization of production costs by leading pig companies, resulting in unexpected breeding profits [1] Group 1: Market Performance - As of October 29, 2025, the China Livestock Breeding Index (930707) shows significant stock price increases for several companies: Weilan Bio (603739) up 10.00%, Meinong Bio (301156) up 6.73%, and Luoniushan (000735) up 4.83% [1] - The Livestock ETF (159867) has seen a mixed market performance, with the latest price at 0.66 yuan, and has experienced continuous capital inflows over the past 10 days, totaling 47.796 million yuan [1] Group 2: Industry Dynamics - The average pig price has fallen to the cash cost line, creating cash flow pressures for breeding entities, which may accelerate capacity reduction in the industry [1] - The top ten weighted stocks in the China Livestock Breeding Index, as of September 30, 2025, include Muyuan Foods (002714) and Wens Foodstuff Group (300498), collectively accounting for 66.06% of the index [2]

Core Insights - Yiduoli (300381.SZ) reported its Q3 2025 results, highlighting a significant increase in institutional investor holdings, which now account for 31.44% of the total shares outstanding [1] Institutional Holdings - As of October 28, 2025, three institutional investors disclosed their holdings in Yiduoli A-shares, totaling 154 million shares [1] - The institutional investors include Zhuhai Jindadi Investment Co., Ltd., Zheshang Bank Co., Ltd. - Guotai Zhongzheng Livestock Breeding ETF, and Zhuhai Juyi Fund Management Co., Ltd. - Juyi Yuer No. 2 Private Securities Investment Fund [1] - The overall institutional holding percentage increased by 0.85 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, Guotai Zhongzheng Livestock Breeding ETF, increased its holdings during this period, with an increase percentage of 0.62% [1] - Twelve public funds that were not disclosed in the previous quarter include notable names such as China Merchants Zhongzheng Livestock Breeding ETF and Ping An Zhongzheng Livestock Breeding ETF [1]

Group 1 - The agricultural, animal husbandry, and fishery sector experienced a market-wide pullback, with the only agricultural ETF (159275) closing down by 0.7% [1] - Key stocks in the sector, including animal health, broiler farming, and agricultural product processing, saw significant declines, with Bio-Stock dropping by 4.06% and several others falling over 2% [3] - The overall trend in pig prices remains downward, with current prices for fat pigs nearing 11 yuan/kg and weaned piglets dropping to around 150 yuan/head, indicating a phase of comprehensive losses in the industry [3] Group 2 - The agricultural sector's valuation is currently at a relatively low level, suggesting a good time for investment, with the agricultural ETF's index price-to-book ratio at 2.57, positioned at the 30.08 percentile over the past decade [3] - Guosen Securities is optimistic about the reversal of the livestock cycle by 2025, highlighting the potential for domestic beef and raw milk markets to rise [4] - The industry is expected to undergo a quality improvement and efficiency enhancement trend, with outdated capacities gradually being eliminated, leading to an increase in market share for financially stable producers [4] Group 3 - The agricultural ETF (159275) tracks the CSI Agricultural Index, with major holdings including leading companies in the sector, and approximately 40% exposure to pig-related stocks [5] - The index covers a wide range of industries within the agricultural sector, providing a comprehensive opportunity to capture the recovery of the entire agricultural value chain [5] - The ETF is the first and only one tracking the CSI Agricultural Index, which was established on December 31, 2004, and published on December 12, 2016 [8]

Market Overview - A-shares experienced a slight rise followed by a pullback, with the Shanghai Composite Index briefly surpassing the 4000-point mark, reaching a ten-year high before closing at 3988.22 points, down 0.22% [1] - The Shenzhen Component Index closed at 13430.10 points, down 0.44%, while the ChiNext Index ended at 3229.58 points, down 0.15% [1] - Total trading volume in the Shanghai and Shenzhen markets was 2.15 trillion yuan, a decrease of 192.3 billion yuan from the previous trading day [1] Sector Performance - The Fujian, military industry, and port shipping sectors saw significant gains, while the non-ferrous metals, wind power equipment, and oil and gas sectors experienced declines [1][3] - The Fujian sector had a surge in stocks hitting the daily limit, with over ten stocks reaching the limit, including Pingtan Development [3] Institutional Insights - Market trends are perceived to be upward, with the third-quarter report season beginning and a valuation recovery underway [4] - Investment focus is recommended on high-growth sectors such as semiconductors, consumer electronics, artificial intelligence, robotics, and low-altitude economy [4] - The China Securities Regulatory Commission (CSRC) chairman's positive remarks are expected to support the capital market's high-quality development [4] Economic Outlook - The economic structure is undergoing adjustments, with consumer spending becoming increasingly important amid external uncertainties [5] - The current valuation of consumer stocks is at historical lows, indicating significant potential for valuation recovery [6] Regulatory Developments - The CSRC is advancing a new round of capital market reforms to enhance the coordination of investment and financing functions [7] - The Shanghai Stock Exchange emphasizes support for "hard technology" companies, aiming to facilitate their listing and participation in global competition [8] Specific Company News - The wholesale price of Feitian Moutai has dropped below 1700 yuan per bottle for the first time, marking a new low since its launch, with a cumulative decline of over 31% from its initial price [9]

Group 1 - The China Livestock Breeding Index (930707) shows mixed performance among its constituent stocks, with Zhongmu Co., Ltd. leading the gains at 4.31% [1] - The average price of pork in China's wholesale markets increased by 1.3% to 17.96 yuan per kilogram as of October 27 [1] - Galaxy Securities indicates that losses in October may accelerate the reduction of pig farming capacity, highlighting opportunities in the pig farming industry based on the value of breeding sows and farming efficiency [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index account for 66.06% of the index, including Muyuan Foods, Wens Foodstuff Group, and others [2]

Core Insights - Meino Bio (301156.SZ) released its Q3 2025 report on October 28, 2025, indicating a total of 4 institutional investors holding shares, amounting to 11.87 million shares, which represents 8.43% of the total share capital [1] Institutional Holdings - The total institutional holding percentage decreased by 0.17 percentage points compared to the previous quarter [1] - The institutional investors include Shanghai Quanyu Zhihhe Management Consulting Partnership, Zheshang Bank - Guotai Zhongzheng Livestock Breeding ETF, China Construction Bank - Nuoan Multi-Strategy Mixed Fund, and China Minsheng Bank - Jianxin Flexible Allocation Mixed Fund [1] Public Fund Activity - One public fund increased its holdings compared to the previous period, specifically the Guotai Zhongzheng Livestock Breeding ETF, with an increase of 0.24% [1] - Two new public funds disclosed their holdings this quarter, namely Nuoan Multi-Strategy Mixed A and Jianxin Flexible Allocation Mixed A [1] - A total of 15 public funds did not disclose their holdings this quarter, including notable funds such as the China Merchants Zhongzheng Livestock Breeding ETF and Ping An Zhongzheng Livestock Breeding ETF [1]

Core Viewpoint - The A-share market is experiencing a gradual upward trend, with the Shanghai Composite Index recently surpassing the 4000-point mark for the first time since August 2015, influenced by multiple factors including policy direction, interest rate cuts by the Federal Reserve, and improved China-U.S. trade relations [1][3]. Group 1: Market Trends - The A-share market is expected to maintain a steady upward trend in the short term, with a focus on monitoring policy, capital flow, and external market changes [3]. - The recent rise in the Shanghai Composite Index indicates a significant recovery in investor sentiment, marking a notable milestone after 3723 days [1]. Group 2: Earnings Forecast - Non-financial A-share earnings growth for Q3 is anticipated to improve marginally against a low base, with high growth sectors expected to be concentrated in information technology and midstream manufacturing [5]. - Upstream resource sectors and healthcare are projected to see a narrowing of performance declines compared to mid-year reports, while financial real estate and consumer services remain under pressure [5]. Group 3: Sector Focus - Key sectors to watch include information technology (such as communication equipment, semiconductors, consumer electronics, gaming, and computer equipment) and the recovering mid-high-end manufacturing (including automotive parts, batteries, photovoltaic equipment, engineering machinery, and aerospace equipment) [5]. - The consumption sector is highlighted for its potential growth, with a focus on industries like beer, feed processing, livestock farming, white goods, and condiments, which are currently valued at historical lows, indicating significant room for valuation recovery [5].

Core Insights - Lihua Co., Ltd. (300761.SZ) reported its Q3 2025 results, revealing that 14 institutional investors hold a total of 263 million shares, accounting for 31.36% of the company's total equity [1] - The top ten institutional investors collectively hold 31.10% of the shares, which is a decrease of 0.83 percentage points compared to the previous quarter [1] Institutional Holdings - The number of public funds that increased their holdings this period is five, with a total increase ratio of 0.60% [2] - One public fund, Qianhai Kaiyuan Hong Kong-Shenzhen Agricultural Mixed (LOF) A, reported a decrease in holdings [2] - Two new public funds disclosed their holdings for the first time, namely Yongying Qixin Mixed A and Agricultural Bank Modern Agriculture Mixed [2] - A total of 183 public funds did not disclose their holdings this period, including notable funds like E Fund Growth ETF and Southern CSI 1000 ETF [2] Social Security Fund - One new social security fund, the National Social Security Fund 411 Portfolio, disclosed its holdings in Lihua Co., Ltd. this period [2]

Group 1 - Xiantan Co., Ltd. (002746.SZ) released its Q3 2025 report on October 28, 2025, indicating that as of October 27, 2025, seven institutional investors held a total of 97.9027 million shares, accounting for 11.38% of the total share capital [1] - The total proportion of shares held by institutional investors decreased by 0.12 percentage points compared to the previous quarter [1] - Among public funds, one fund, the Guotai CSI Animal Husbandry ETF, increased its holdings by 0.47% compared to the previous period [1] Group 2 - From the perspective of pension funds, one pension fund, the Basic Pension Insurance Fund 1002 Combination, increased its holdings slightly [1] - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.91% compared to the previous period [2]