Group 1: Core Product Growth - The company's core products (shrimp feed, tilapia feed, and live fish feed) experienced significant growth, with year-on-year increases ranging from 20% to 37% [2][3] - Key drivers for this growth include an optimized customer structure, enhanced product competitiveness, and effective marketing reforms [2][3] Group 2: Marketing Expenses - Marketing expenses increased slightly year-on-year due to promotional activities, technical exchange meetings, and enhanced incentive mechanisms [4][5] - The company plans to maintain reasonable resource allocation for marketing to support ongoing business development [5] Group 3: Acquisition and Expansion - The acquisition of Yixing Tianshi Feed is progressing, with the first phase of equity transfer payments completed [5] - The company aims to leverage this acquisition to enhance its product offerings and expand into new markets, including health products and cosmetics [5] Group 4: Talent Development - The company employs a dual strategy of internal training and external recruitment to build its talent pool [6] - Current talent reserves are deemed sufficient to support the company's growth needs [6] Group 5: Southeast Asia Market Potential - The Southeast Asian market, particularly Vietnam, shows strong demand for shrimp feed (over 900,000 tons) and favorable conditions for aquaculture [7] - The company has established a production base in Vietnam, with plans for further expansion and a target annual capacity of 200,000 tons [8] Group 6: Internationalization Strategy - Vietnam is the first overseas subsidiary, serving as a testing ground for the company's international expansion strategy [8][9] - The company plans to leverage its experience in Vietnam to expand into other Southeast Asian markets and globally [9]

Core Viewpoint - The company reported a decrease in the number of shareholders and a mixed performance in stock price, while showing significant growth in revenue and net profit for the first three quarters of the year [2]. Shareholder Information - As of November 30, the number of shareholders for the company was 21,307, a decrease of 1,629 from the previous period (November 20), representing a decline of 7.10% [2]. Stock Performance - The closing price of the company's stock was 8.09 yuan, down 0.49%. Since the concentration of shares began, the stock price has increased by 2.28%. The stock experienced 2 days of increase and 5 days of decrease during this period [2]. Financial Performance - For the first three quarters, the company achieved a total operating revenue of 4.997 billion yuan, reflecting a year-on-year growth of 12.18%. The net profit reached 26.198 million yuan, marking a substantial year-on-year increase of 138.86%. The basic earnings per share were 0.0400 yuan, with a weighted average return on equity of 1.01% [2].

证券之星消息，12月1日饲料板块较上一交易日下跌0.35%，佩蒂股份领跌。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603668 | 天马科技 | 15.53 | 3.26% | 27.51万 | | 4.24亿 | | 002548 | 金新农 | 5.62 | 3.12% | 59.70万 | | 3.34亿 | | 920419 | 路斯股份 | 16.86 | 1.87% | 6812.37 | 1139.28万 | | | 301498 | 乖宝宠物 | 69.54 | 1.10% | 2.23万 | | 1.54亿 | | 002696 | 百洋股份 | 7.05 | 0.86% | 14.17万 | 9988.32万 | | | 002385 | 大北农 | 4.07 | 0.74% | 51.03万 | | 2.07亿 | | 002 ...

Core Insights - The agricultural sector, particularly the pig farming industry, is experiencing a downturn with significant profit declines due to falling pig prices and macroeconomic capacity adjustments [2][6][7] - Leading companies with low costs and strong cash flow are recommended for investment, including Muyuan Foods, Wens Foodstuff, Dekang Agriculture, and Shennong Group [2][6] - The feed industry shows continued growth, with major players like Haida Group benefiting from increased sales and improved profit margins [3] - The pet food sector is witnessing high growth in proprietary brands, although overall profits are under pressure due to declining export revenues [4] Pig Farming Industry - In Q3 2025, the pig farming sector's revenue decreased by 6% year-on-year to approximately 121.6 billion yuan, with net profit dropping by 70% to around 5.9 billion yuan [2] - The average profit for self-breeding and self-raising pigs fell to 42 yuan per head, a decrease of about 13 yuan from Q2 2025 [2][7] - The industry is entering a phase of loss-driven capacity reduction, with supply pressures expected to persist into the first half of 2026 [6][7] Feed Industry - The feed sector's revenue grew by 13.4% year-on-year in the first three quarters of 2025, with a 14.2% increase in Q3 [3] - Major feed companies are seeing a rise in sales volume and market share, with Haida Group's feed exports increasing by approximately 24% [3] - The outlook for the feed industry remains positive, with expectations for continued growth in both domestic and international markets [3] Pet Food Industry - The pet food sector's revenue increased by 9.6% year-on-year in Q3 2025, but net profit fell by 6.1% [4] - Domestic sales for leading brands like Guibao Pet and Zhongchong Co. are growing at around 40% [4] - Export revenues for pet snacks have declined, particularly in the U.S. market, where exports fell by 42% [4]

Core Viewpoint - Environmental risks are increasingly becoming a significant operational risk for listed companies, impacting both their development and corporate image [2]. Group 1: Environmental Violations and Penalties - Guangdong Hai Feed's subsidiary, Zhanjiang Hairong Feed Co., was fined 250,000 yuan for exceeding the permitted emission concentration limits of sulfur dioxide and nitrogen oxides in boiler exhaust [2][3]. - The average calculated concentrations of sulfur dioxide and nitrogen oxides from Hairong's emissions were 443 mg/m³ and 472 mg/m³, exceeding the permitted limits by 1.215 times and 1.36 times, respectively [3]. - Junzheng Group was fined 90,000 yuan for not disposing of wastewater according to the regulations set in their discharge permit [6]. Group 2: Company Responses and Remediation Actions - Following the penalty, Guangdong Hai Feed stated that Hairong would comply with environmental information disclosure regulations and has established an internal management mechanism for environmental information [5]. - Hairong has initiated emergency response measures and conducted third-party monitoring, which confirmed compliance with emission standards after corrective actions were taken [5]. - Junzheng Group acknowledged the penalty and indicated they would investigate the situation, although no further response was received by the time of reporting [6]. Group 3: Broader Implications for Investors - The environmental risks associated with these companies could potentially affect the 690,700 shareholders linked to the five listed companies identified in the report [2]. - The increasing focus on ESG (Environmental, Social, and Governance) principles suggests that investors are becoming more attentive to companies' sustainable development capabilities [7].

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights the acceleration of production capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3][9] - The report identifies several investment opportunities across different segments of the agriculture industry, including pig farming, feed, planting, and pet food sectors [3][32] Summary by Relevant Sections Pig Farming - The report notes a significant reduction in breeding sows, with the number decreasing to 39.9 million heads by the end of October 2025, a month-on-month decline of 1.1% and a year-on-year decline of 2.1% [9] - October saw a substantial increase in pig slaughtering, with 38.34 million pigs processed, representing a month-on-month increase of 7% and a year-on-year increase of 26.2% [9] - The average price for market pigs dropped to 12.27 yuan/kg in October, down 11% month-on-month and 32.4% year-on-year, indicating a challenging profitability environment for the industry [9][40] Feed Sector - The report indicates that raw material prices for feed are stabilizing at the bottom, with corn prices averaging 2329.8 yuan/ton, up 2.17% week-on-week, and soybean meal prices at 3107.43 yuan/ton, up 1.04% week-on-week [21][40] Planting Chain - The report emphasizes a positive outlook for the planting and seed industry, with grain prices on an upward trend, highlighting significant investment opportunities in large-scale planting [3][32] Pet Food Sector - The pet food industry is experiencing growth, with increasing recognition of domestic brands and continuous market expansion, presenting investment opportunities in leading companies [3][32]

Core Viewpoint - Guangdong Yuehai Feed Group Co., Ltd. plans to utilize up to 1 billion yuan of idle self-owned funds for low-risk cash management products to enhance fund utilization efficiency, pending shareholder approval [1][4]. Cash Management Plan Key Points - The cash management will utilize idle self-owned funds from the company and its subsidiaries, with a maximum limit of 1 billion yuan, effective for 12 months post shareholder approval, allowing for rolling use [2]. - Investment products will have a maximum term of 12 months and include various low-risk options such as agreed deposits, notice deposits, fixed-term deposits, structured deposits, large certificates of deposit, and wealth management products, excluding stocks and high-risk securities [2]. Risk Control and Yield Balance - Although cash management products are low-risk, the company acknowledges potential market fluctuations and operational risks, implementing multiple risk control measures including strict product selection, investment tracking, and regular audits [3]. - The cash management initiative aims to preserve and increase asset value without affecting normal operations, thereby enhancing overall yield [3]. Review Process and Follow-up Arrangements - The proposal has been approved by the board and will be submitted to the shareholders' meeting for final approval, with operations expected to commence within the 12-month validity period [4]. - The initiative aligns with the company's strategic plan for prudent operations and is expected to generate stable investment returns, reflecting the company's strong cash flow position [4].

（文章来源：证券日报） 证券日报网讯 11月28日晚间，粤海饲料发布公告称，公司于2025年11月25日召开第四届董事会审计委 员会第五次会议、于2025年11月28日召开第四届董事会第十一次会议，审议通过了《关于为客户银行融 资用于购买公司产品提供保证金担保的议案》。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300673 | 佩蒂股份 | 18.82 | -0.21% | 5.96万 | 1.11亿 | | 002311 | 海大集团 | 55.80 | 0.18% | 7.23万 | 4.01亿 | | 603363 | 傲农生物 | 4.91 | 0.20% | 36.90万 | 1.78亿 | | 002567 | 唐人神 | 4.67 | 0.21% | 15.10万 | 7035.85万 | | 002385 | 大北农 | 4.04 | 0.25% | 48.94万 | 1.97亿 | | 002548 | 金新农 | 5.45 | 0.37% | 76.94万 | 4.17亿 | | 920419 | 路斯股份 | 16.55 | 0.49% | 5041.65 | 827.23万 | | 301498 | 乖宝宠物 | 68.78 | 0.56% | 2.08万 | 1.42亿 | | 603151 | 邦基科技 | 4 18.80 | ...

农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/11/14-2025/11/27） 行 业 牧原股份赴港上市获证监会备案 2025 年 11 月 28 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 资料来源：iFinD ，东莞证券研究 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业略跑赢沪深300指数。2025年11月14日—2025年11月27日， SW农林牧渔行业下跌3.79%，跑赢同期沪深300指数约0.18个百分点；细分 板块中，仅渔业录得正收益，上涨7.89%；动物保健、种植业、养殖业、 饲料和农产品加工均录得负收益，分别下跌0.85%、3.31%、3.34%、4.76% 和7.96%。估值方面，截至2025年11月27日，SW农林牧渔行业指数整体PB （整体法，最新报告期，剔除负值）约2.80倍 ...