海南日报三亚11月21日电(海南日报全媒体记者 李梦楠 邱江华) 11月21日，中国工程院发布《关于 公布中国工程院2025年院士增选当选院士名单的公告》，崖州湾国家实验室副主任、生猪育种首席科学 家赵书红教授当选中国工程院院士。 赵书红教授围绕生猪种业国家重大战略需求，针对我国猪育种效率低、种猪性能落后等产业瓶颈问 题，30余年致力于猪功能基因组与育种研究，创建整合组学基因挖掘技术体系，解析猪产肉等性状调控 机制，研发出功能位点液相基因芯片、基因组育种算法等技术与产品，自主创建全国产化猪基因组选种 选配技术体系，在中粮、扬翔、海大、湖北今楚、湖北省农发等龙头企业规模化推广应用，显著提升种 猪改良速度，高效选育瘦肉猪新品系，培育出快长优质黑猪国审新品种，为我国生猪种业发展作出重要 贡献。 据悉，赵书红教授主持国家自然科学基金创新群体、国家杰出青年科学基金、国家重点研发等项目 30余项，在Nat Biotechnol等刊物发表论文230余篇，制定国家及行业标准7项，获发明专利131件，打破 国外技术壁垒;获国家技术发明二等奖3项，获全国创新争先奖章、全国三八红旗手等荣誉15项。 ...

Group 1 - The company, Tianbang Food (002124.SZ), confirmed that Yancheng Bonny Aquatic Food Technology Co., Ltd. is a wholly-owned subsidiary [2] - The main business of the company is pig farming and pork product processing, and it no longer has any seafood-related business [2]

（文章来源：新华财经） 会议还研究了其他事项。 新华财经北京11月21日电据农业农村部网站21日消息，11月21日，农业农村部部长韩俊主持召开部常务 会议，传达学习全国学习运用"千万工程"经验、推进乡村全面振兴现场会精神，研究贯彻落实工作；审 议并原则通过《关于加强产能综合调控促进生猪产业高质量发展的意见》。 会议要求，要加强生猪产能综合调控，加快构建供需动态适配、规模结构合理、产业链协同提升的生猪 产业高质量发展格局。要加强生产和市场监测预警，动态调整全国能繁母猪正常保有量目标，提早开展 逆周期调节，防止出现大的波动。要全链条提高生猪产业竞争力，健全现代生猪良种繁育体系，深入开 展养殖业节粮行动，优化生猪屠宰加工布局，积极推动粪肥无害化处理和资源化利用，切实抓好非洲猪 瘟等重大动物疫病常态化防控。要引导大型生猪企业提质增效、稳健发展，支持中小养殖场户发展适度 规模养殖。 会议研究了农业农村标准化工作，强调要加快重点和新兴领域标准编制进度，加快健全标准体系，提高 标准供给质量，强化标准应用执行，提升标准化工作效能，以高水平标准实施引领农业高质量发展。 ...

Group 1 - The Ministry of Agriculture and Rural Affairs emphasizes the need for comprehensive regulation of pig production capacity to establish a high-quality development pattern for the pig industry that aligns supply and demand dynamically, has a reasonable scale structure, and enhances industry chain collaboration [1][3] - The meeting highlighted the importance of strengthening production and market monitoring and early warning systems, dynamically adjusting the target for the normal retention of breeding sows, and proactively implementing counter-cyclical adjustments to prevent significant fluctuations [3] - The meeting called for improving the competitiveness of the pig industry across the entire chain, establishing a modern pig breeding system, promoting grain-saving actions in farming, optimizing the layout of pig slaughtering and processing, and ensuring the regular prevention and control of major animal diseases such as African swine fever [3] Group 2 - The meeting discussed the implementation of the "Ten Million Project" experience to promote comprehensive rural revitalization, emphasizing the need for high-quality creation of national rural revitalization demonstration counties and timely summarization and promotion of local innovative explorations [2] - It was stressed that a strong leadership system and promotion mechanism should be established, with local governments treating rural revitalization as a key responsibility, ensuring accountability, supervision, and motivation mechanisms are in place [2] - The meeting also addressed the need for a tailored approach to rural construction implementation mechanisms, ensuring farmer participation and a bottom-up approach in the process [2]

国信期货研究 Page 1 国信期货生猪年报 周期磨底 去产能节奏决定上限 生猪 2025 年 11 月 21 日 分析师：覃多贵 从业资格号：F3067313 投资咨询号：Z0014857 电话：021-55007766-6671 邮箱：15580@guosen.com.cn 作者保证报告所采用的数据均来自合 规渠道， 分析逻辑基于本人的职业理 解，通过合理判断并得出结论，力求 客观、公正，结论不受任何第三方的 授意、影响，特此声明。 独立性申明： 请务必阅读正文之后的免责条款部分 以信为本 点石成金 国信期货研究 Page 2 一、行情回顾 主要结论 2025 年国内生猪处于供应压力逐步兑现的阶段，这种供应压力一方面有前 期能繁母猪存栏增加的滞后影响，另一方面也与行业生产效率提高、PSY 整体水 平上行相关。但由于饲料成本的下降，生猪养殖行业全年大多数时间仍能保持微 利，直接到三季度末，供应压力大幅超过消费的承接能力，才开始进入全面亏损 的阶段。往后来看，根据仔猪出生数据推算到明年二季度，国内生猪供应都处于 增加的格局，对猪市仍将形成较大的压制。而未来供应压力的减轻，还需求行业 去产能兑现。尽管国家有关部 ...

Core Viewpoint - Zhengbang Technology's stock has experienced a decline, with a current price of 2.88 CNY per share and a market capitalization of 26.64 billion CNY, reflecting a challenging market environment for the company [1]. Financial Performance - For the period from January to September 2025, Zhengbang Technology reported a revenue of 10.658 billion CNY, representing a year-on-year increase of 82.58%. However, the net profit attributable to shareholders decreased by 97.25% to 8.2656 million CNY [2]. - The company has cumulatively distributed 2.864 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - On November 21, Zhengbang Technology's stock fell by 2.04%, with a trading volume of 301 million CNY and a turnover rate of 1.43%. The stock has decreased by 1.37% year-to-date and has seen a 6.80% drop over the last five trading days [1]. - The net outflow of main funds was 27.1908 million CNY, with large orders buying 72.9073 million CNY and selling 55.1959 million CNY [1]. Company Overview - Zhengbang Technology, established on September 26, 1996, and listed on August 17, 2007, is based in Nanchang, Jiangxi Province. The company primarily engages in feed production and sales, pig breeding and sales, and veterinary drug production and sales [1]. - The revenue composition of Zhengbang Technology includes 59.63% from pig farming, 38.31% from complete feed, 0.92% from veterinary drugs, 0.62% from concentrated feed, and 0.51% from other sources [1].

Core Viewpoint - The report from China Galaxy Securities emphasizes the importance of identifying and capturing turning points in the agricultural sector in 2026, focusing on core indicators and finding entry points within a relatively reasonable valuation range [1] Group 1: Swine Breeding - The swine breeding sector is expected to benefit from changes in supply and demand, with a continued emphasis on a balanced approach of offense and defense [1] - The investment opportunities in the swine breeding sector arise from changes in production capacity affecting pig price expectations, with a recommendation to focus on major players like Muyuan Foods (002714) and Wens Foodstuff Group (300498), as well as smaller companies like Tiankang Biological (002100) and Shennong Group (605296) [1] - Despite a generally pessimistic outlook on pig prices based on current data, there is potential for changes within the industry that could lead to investment opportunities [1] Group 2: Pet Food - The pet food sector is characterized by sustained growth and significant market share expansion potential, with export growth serving as a shield for performance and the development of proprietary brands as a spear for future market share increases [2] - The report suggests that companies in the pet food industry should focus on maintaining or exceeding growth expectations for their proprietary brands while leveraging multi-brand operations [2] - Key companies to watch in the pet food sector include Zhongchong Co., Ltd. (002891), Guibao Pet (301498), and Petty (300673), with additional attention on Yuanfei Pet (001222) [2]

Core Viewpoint - New Hope's stock price has experienced fluctuations, with a year-to-date increase of 5.52% but a recent decline of 4.55% over the last five trading days [2]. Group 1: Stock Performance - As of November 21, New Hope's stock price was 9.45 CNY per share, with a market capitalization of 42.549 billion CNY [1]. - The stock has seen a trading volume of 2.12 billion CNY and a turnover rate of 0.49% [1]. - Year-to-date, New Hope's stock has been on the龙虎榜 (top trading list) twice, with the latest occurrence on April 7 [2]. Group 2: Financial Performance - For the period from January to September 2025, New Hope reported a revenue of 80.504 billion CNY, reflecting a year-on-year growth of 4.27% [2]. - The net profit attributable to shareholders for the same period was 760 million CNY, showing a significant increase of 395.89% [2]. Group 3: Business Overview - New Hope, established on March 4, 1998, is primarily engaged in feed production, white feather poultry, pig farming, and food processing [2]. - The revenue composition of New Hope is as follows: feed accounts for 68.72%, pig farming for 27.83%, and other businesses for 3.44% [2]. - The company operates within the agricultural sector, specifically in the livestock breeding industry, and is involved in various concepts such as poultry, pork, rural revitalization, and feed [2]. Group 4: Shareholder Information - As of October 31, 2025, New Hope had 196,000 shareholders, an increase of 1.78% from the previous period [2]. - The average number of circulating shares per shareholder was 22,955, a decrease of 1.74% [2]. - Major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with significant holdings remaining stable or increasing [3].

Core Viewpoint - The pig farming industry is facing significant financial pressure due to prolonged low prices, leading to a collective action among listed pig companies to supplement their cash flow by reallocating funds from previously planned projects [1][2][3]. Industry Overview - The main pig futures contract hit a new low of 11,440 yuan/ton, marking a 17.76% decline over the past three months, reflecting a pessimistic market sentiment [1]. - The current supply-demand dynamics in the pig industry remain loose, with no fundamental changes expected, and the anticipated year-end price rebound may not materialize until the second half of 2026 [1][5]. Company Actions - Companies like Tangrenshen and Yisheng shares have announced reallocations of funds from their projects to bolster liquidity, with Tangrenshen repurposing 78.96 million yuan for this purpose [2][3]. - Tangrenshen's financial performance has been adversely affected, reporting a revenue increase of 8.87% to 18.586 billion yuan but a net loss of 365 million yuan, with a debt ratio reaching a historical high of 65.51% [2][3]. Market Conditions - The pig price has been on a downward trend, with the average price dropping to 11.69 yuan/kg, a year-on-year decrease of 28.15%, indicating an oversupply in the market [5][6]. - Despite expectations for a seasonal demand increase, the actual market response has been weak, with the anticipated "腌腊行情" (cured meat demand) failing to significantly uplift prices [5][6]. Future Outlook - Analysts predict that the pig price will continue to fluctuate downward in the short to medium term, with a potential turning point not expected until the second half of 2026 as the industry undergoes necessary capacity adjustments [6].

Group 1: Production and Sales Targets - The company aims to achieve a pig production target of 1.3 million heads in 2025, with future targets yet to be determined [2] - The proportion of commercial pigs in the total output will adjust according to market conditions [2] Group 2: Cost Management - The target sales cost for commercial pigs in 2025 is set at 13 CNY/kg, with the current cost reported at 13.26 CNY/kg [2] - Major cost components include feed, vaccines, labor, and depreciation, with additional public expense allocations required for total cost [2] Group 3: Market Outlook and Strategy - The future pig market is subject to significant uncertainty, and the company is implementing cost-reduction and efficiency-enhancement measures to strive for profitability in the coming year [3] - The company has established a new subsidiary in Xinjiang to expand its ruminant feed business, leveraging local agricultural resources [3] Group 4: Revenue and Business Transformation - The company anticipates stable revenue growth in Q4 2025 and is actively exploring new production capabilities [3] - A strategic transformation is underway, shifting from heavy asset models to lighter asset collaborations, and diversifying into pet food and new feed products [4] Group 5: Debt Management and Financing - The company is focused on controlling non-operational expenditures and managing debt levels while exploring diverse financing channels [3] - Plans include attracting long-term strategic equity investments and capital market financing [3] Group 6: Robotics and Innovation - The company is exploring the robotics sector, with a new subsidiary established to focus on intelligent robotics development [4] - The robotics business is seen as a continuous investment area, with funding sourced from ongoing operations and potential refinancing [4]