Core Insights - The article highlights the development of characteristic industrial clusters in Wenshui County, Shanxi Province, which are driving rural revitalization through a strategy of "one area, one industry, one brand" [1] Group 1: Traditional Chinese Medicine Industry - Wenshui County is leveraging its geographical advantages to develop a full industrial chain for traditional Chinese medicine, including planting, purchasing, processing, and distribution, resulting in an annual output value exceeding 1.2 billion yuan [3] - The establishment of over 30 processing enterprises has created job opportunities for local residents, leading to a situation where "everyone has work, and every household can increase income" [3] Group 2: Fruit Processing Industry - The town has cultivated 12 fruit processing enterprises, generating an annual output value of 280 million yuan, transitioning from small workshop-style processing to a smart industrial chain, significantly improving efficiency and profitability [3] Group 3: Animal Husbandry Industry - The animal husbandry sector has attracted leading enterprises, creating a "leading enterprise and smallholder follow-up" model, with a pig stock of 75,000 and 7 million meat chickens, resulting in an annual output value exceeding 300 million yuan [5] - The implementation of a "biogas slurry return to fields" project has transformed livestock waste into fertilizer, enhancing over 3,000 acres of farmland to achieve both ecological and economic benefits [5] Group 4: Cultural and Heritage Integration - As the birthplace of Wenshui flower cake, the town is promoting the integration of intangible cultural heritage with industry, supporting the "Weisao Flower Cake" brand, which has modernized traditional techniques and expanded both domestic and international orders [5]

Core Viewpoint - The livestock farming ETF (516670) has seen significant inflows, with nearly 22 million yuan on a single day and a total of 210 million yuan over the past 11 days, reaching a new high of 1.063 billion yuan since its listing [1] Group 1: Industry Performance - In September, the overall sales revenue of listed pig farming companies declined, with a total revenue of 21.647 billion yuan, representing a year-on-year decrease of 18.74% and a month-on-month decrease of 10.77% [3] - The decline in sales revenue is attributed to significantly lower pig prices compared to the same period last year, as well as a continuous drop in prices in September [3][4] - The total number of pigs sold by listed companies in September was 15.2934 million heads, marking a year-on-year increase of 27.11% but a month-on-month decrease of 5.92% [4] Group 2: Supply and Demand Dynamics - The price decline is influenced by both ample supply and weak demand, with a notable increase in the number of pigs being marketed due to the release of new production capacity from last year [4] - The number of breeding sows in September was 40.35 million heads, showing a year-on-year decrease of 280,000 heads (0.7%) and a slight month-on-month decrease of 90,000 heads (0.2%) [4] Group 3: Policy and Future Outlook - Since May, the industry has been focusing on "de-involution," with multiple meetings held by the Ministry of Agriculture, the National Development and Reform Commission, and industry associations to control production capacity and reduce weight [5] - With the increasing enforcement of policies and recent pig prices entering a loss zone, it is expected that the industry's capacity reduction will accelerate in the fourth quarter, with a potential upward trend in pig prices anticipated in the second half of next year [5] - The livestock farming ETF (516670) has a management fee rate of 0.2% per year, making it the lowest among ETFs tracking the livestock farming index [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For soybeans and soybean meal, the domestic supply has significant pressure, with soybean inventory at a record - high level. There is no immediate improvement in short - term US soybean imports, and the soybean meal de - stocking season provides some support. In the medium term, the global soybean supply is expected to remain loose, so the strategy is to sell on rebounds [2][3]. - For palm oil, the production in Malaysia and Indonesia has exceeded expectations, suppressing the market. There is a possibility that the current high - supply and inventory - building situation may reverse in the fourth quarter and the first quarter of next year. The strategy is to wait and see for clearer production signals [5][7]. - For sugar, the data of sugarcane crushing and sugar production in the central - southern region of Brazil in September is bearish but in line with expectations. With expected increases in production in the Northern Hemisphere and high production in Brazil, the overall view is bearish, and it is recommended to sell on rallies in the fourth quarter [8][9]. - For cotton, the demand during the peak consumption season this year is weak, and there is an expectation of a bumper harvest in the new year, resulting in high selling - hedging pressure. Although the recent increase in new cotton purchase prices has driven up the Zhengzhou cotton price, the upward space is limited [11][12]. - For eggs, the spot price may rebound, but the space is limited due to high supply. The short - term conditions for a significant increase are not met, and the market is expected to bottom out weakly. It is advisable to wait and see [14][16]. - For pigs, the market was previously pessimistic, but the consumption has recovered after the temperature drop. The market may be bullish in the short term but bearish in the medium term due to the post - poned supply pressure. It is recommended to wait for rebounds to sell [18][19]. 3. Summary by Relevant Catalogs Soybeans and Soybean Meal - **Market Information**: Overnight, CBOT soybeans rose. US soybean exports are expected to improve due to recent negotiations with India and Japan. On Wednesday, the domestic soybean meal spot price dropped by 20 yuan, with weak trading and good pick - up. The inventory days of domestic feed enterprises decreased by 0.41 days to 7.93 days last week, and the port soybean inventory and oil - mill soybean meal inventory are both decreasing. MYSTEEL estimates that the domestic oil - mill soybean crushing volume will be 2.3335 million tons this week, up from 2.166 million tons last week. As of October 18, the soybean sowing rate in Brazil was 21.7%, higher than last week (11.1%) but lower than the five - year average (27.7%) [2]. - **Strategy**: Sell on rebounds in the medium term [3]. Fats and Oils - **Market Information**: From October 1 - 20, the export volume of Malaysian palm oil increased, and the production also increased. From January - September 2025, Indonesia's biodiesel consumption increased by nearly 10% year - on - year. Indonesia plans to increase the mandatory biodiesel blending ratio to 50% in the second half of 2026. On Wednesday, domestic fats and oils prices dropped, and the high production in Malaysia and Indonesia is suppressing the market. The international palm oil market is currently balanced, with a tightening expectation in the first quarter of next year. The domestic spot basis is stable at a low level [5]. - **Strategy**: Wait and see for clearer production signals [7]. Sugar - **Market Information**: On Wednesday, the Zhengzhou sugar futures price fluctuated. The spot prices of sugar in Guangxi, Yunnan, and processing factories all dropped. Datagro estimates that the sugar production in the central - southern region of Brazil will reach 43.2 million tons in the next crushing season, an increase of 1.78 million tons. Brazil's national oil company lowered the gasoline price by 4.9%. From the first three weeks of October, Brazil's sugar exports increased by 6% compared to the daily average of the whole month of October last year [8]. - **Strategy**: Sell on rallies in the fourth quarter [9]. Cotton - **Market Information**: On Wednesday, the Zhengzhou cotton futures price fluctuated slightly. The spot price of cotton increased, and the Xinjiang cotton purchase price also rose slightly [11]. - **Strategy**: The upward space of cotton prices is limited [12]. Eggs - **Market Information**: The national egg price was generally stable with slight increases. The supply is normal, and the market sales are average. The egg price is expected to be stable with slight increases in some areas [14]. - **Strategy**: Wait and see as the market is expected to bottom out weakly [16]. Pigs - **Market Information**: The domestic pig price rose yesterday. The enthusiasm of farmers for selling pigs is average, and the market still has a willingness to support prices. However, the digestion of high - priced pigs is difficult, and the enthusiasm for secondary fattening has cooled down. The pig price is expected to rise in some areas and decline slightly in high - price areas [18]. - **Strategy**: Bullish in the short term and bearish in the medium term, sell on rebounds [19].

Group 1 - The core viewpoint indicates that the pig farming industry is facing multiple pressures, including declining market prices, rising epidemic risks, and policy guidance, leading to an expected increase in the motivation for capacity reduction [1] - As of the end of Q3 2025, the number of breeding sows in China is reported at 40.35 million, a year-on-year decrease of 280,000 and a quarter-on-quarter decrease of 90,000 [1] - The Pacific Securities report highlights that the valuations of most listed breeding companies are at historical lows, suggesting significant potential for long-term investment value as they are still within the historical bottom range [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, with major companies including Muyuan Foods, Wens Foodstuff Group, and Haida Group [2]

Core Viewpoint - The livestock sector is experiencing a surge due to three main factors: low pig prices, African swine fever (ASF) outbreaks, and regulatory policies aimed at capacity reduction. Group 1: Low Pig Prices - The core pressure for capacity reduction is the low pig prices, with the average cost of production around 13 yuan/kg, leading to losses of approximately 250–300 yuan per fattening pig since September 15 [1] - As of late October, the national average pig price is about 11 yuan/kg, marking the lowest point in six years for the same period [1] - The collapse of the piglet market is evident, with prices for 6–7 kg piglets plummeting from 450–500 yuan/head in the first half of the year to 150 yuan/head, resulting in a situation of "having a price but no market" [1] - High asset-liability ratios among listed pig companies could accelerate capacity reduction if low prices persist for 3–4 months, potentially leading to continuous losses [1] Group 2: African Swine Fever (ASF) Outbreaks - The winter season (October to January) poses significant challenges for ASF control, as the virus thrives in colder conditions [2] - Current risks include unusually high antibody positivity rates, worsening weather conditions that facilitate virus spread, and lax biosecurity measures by farmers due to low pig prices [2] Group 3: Regulatory Policies - A series of policies have been introduced to actively regulate production capacity, including a directive for the top 25 enterprises to reduce breeding sows by 1 million by January 2026 [3] - Additional measures include controlling the weight of pigs at around 120 kg to combat secondary fattening and a projected 10% reduction in output for major companies by 2026, which is expected to decrease national output by 5% [3] - Supporting measures involve strict environmental controls, tightening of credit, and reduction of subsidies [4] - The policy goal is to accelerate capacity reduction through administrative means to stabilize the positive impact of pork prices on the Consumer Price Index (CPI) [5] Group 4: Market Performance - As of October 21, 2025, the CSI Livestock Breeding Index (930707) rose by 0.55%, with notable increases in stocks such as Haida Group (1.81%) and Luoniushan (1.63%) [5] - The Livestock ETF (159867) increased by 0.46%, reflecting the overall performance of listed companies involved in livestock breeding, feed, and pharmaceuticals [5] - The top ten weighted stocks in the CSI Livestock Breeding Index account for 66.06% of the index, indicating a concentrated market [5]

Core Viewpoint - Zhengbang Technology (002157) announced the release of 67,214,964 restricted shares, accounting for 0.73% of the total share capital, with a listing date of October 22, 2025 [2] Company Overview - Zhengbang Technology was established on September 26, 1996, with a registered capital of 9,298.08 million RMB. The company is headquartered in Nanchang, Jiangxi Province, and its main business includes the production and sales of feed, pigs, and veterinary drugs, as well as providing comprehensive services to small and medium-sized enterprises and farmers [2] - The current chairman is Bao Hongxing, and the company employs 7,780 people. The actual controllers are Bao Hongxing, Hua Tao, and Bao Huayue [2] Shareholder Information - The shareholders releasing the restricted shares include 29 creditors, such as China Cinda Asset Management Co., Ltd. and Jiangxi Haiji Financing Leasing Co., Ltd. These shareholders obtained the shares through a restructuring plan and committed to a 12-month lock-up period starting from the registration date [2] Financial Performance - The company's revenue for 2024 and Q2 2025 is projected to be 8.87 billion RMB, 3.00 billion RMB, and 6.84 billion RMB, representing year-on-year growth of 26.86%, 108.22%, and 112.17% respectively [4] - The net profit attributable to the parent company for the same periods is expected to be 216 million RMB, 171 million RMB, and 202 million RMB, with year-on-year growth rates of -97.46%, 449.58%, and 258.18% respectively [4] - The company's asset-liability ratios for the same periods are 46.42%, 44.91%, and 45.69% [4] Risk Information - The company has a total of 3,562 risk records, with 8,274 surrounding risks, 626 historical risks, and 897 warning risks according to Tianyancha [4]

Core Insights - The article highlights the upcoming 2025 Global High-end Food and Quality Agricultural Products Expo in Shenzhen, showcasing the Shantou exhibition group and its diverse offerings [5][6][61] - Shantou aims to leverage its unique marine and agricultural products to attract global customers and enhance its market presence [10][59] Group 1: Event Overview - The expo will take place from October 22 to 24 at the Shenzhen Convention and Exhibition Center, featuring a comprehensive exhibition area of 540 square meters [5][9] - Shantou will present an "1+8+N" strong lineup, including eight themed activities and numerous independent exhibitions to showcase its industrial landscape and flavor strengths [7][10] Group 2: Product Offerings - The Shantou exhibition area will feature nearly 20 representative enterprises from sectors such as aquaculture, agriculture, and livestock, presenting over a hundred products [13][14] - Visitors can experience a variety of Shantou's seafood, including "Shantou Three Delicacies" (morning island oysters, sea bass, and mackerel), with educational sessions on their cultivation and cooking methods [16][17] Group 3: Cultural Experience - The expo will include cultural activities, such as a hands-on experience of the Hakka Lei Tea non-heritage production technique, allowing visitors to learn and taste this traditional beverage [32][34] - Performances featuring local folk songs and dances will enhance the cultural atmosphere of the event, creating a unique blend of tradition and modernity [41][44] Group 4: Business Opportunities - The event aims to establish an efficient platform for production and sales connections, promoting high-quality agricultural development in Shantou [47][48] - A dedicated "2025 Shantou Specialty Agricultural Products Supply and Demand Matching Conference" will facilitate direct interactions between suppliers and buyers, employing a one-on-one matching model for effective business connections [54][56]

Core Insights - The agricultural and livestock ETF (159275) showed weak performance with a price drop of 0.5% and a trading volume of 997,400 yuan, while the fund's latest scale is 207 million yuan [1] - Notable performers among constituent stocks include Hainan Rubber, Ronniu Mountain, and Zhongxing Mushroom Industry, with increases of 3.7%, 3.63%, and 3.0% respectively [1] - Conversely, Haida Group, Juxing Agriculture, and Tianma Technology experienced declines of 3.34%, 2.91%, and 2.61% respectively [1] - The Northeast Animal Husbandry Expo has been officially renamed and focuses on industry innovation and resource integration, while the 14th World Pig Industry Expo opened on October 18 in Changsha, covering 100,000 square meters and attracting over 800 global enterprises [1] - Dongguan Securities reported that pig prices have fallen to 11.17 yuan/kg, leading to continuous losses in breeding profits, with an average loss of 244.7 yuan per self-breeding pig [1] - The number of breeding sows remains high at 40.38 million, indicating significant future capacity reduction potential [1] - In poultry farming, the average price of white feather chickens is 6.87 yuan/kg, showing a slight decline, but breeding profits have marginally improved to -2.03 yuan per bird [1] - The industry valuation is at a PB of 2.85 times, which is at the historical 63.8% percentile, maintaining an "overweight" rating [1] Industry Analysis - The pig farming industry is experiencing supply pressure release, with prices continuing to decline; self-breeding and purchased piglet farming are both operating at losses of 244.70 yuan and 375.29 yuan per head respectively [2] - Under policy guidance, capacity reduction may accelerate, with a slight decrease in the number of breeding sows in September [2] - In poultry farming, the outbreak of avian influenza overseas creates uncertainty in the breeding of grandparent chickens, which is beneficial for the white feather chicken industry chain prices [2] - The demand in the animal health industry is expected to bottom out, with year-on-year changes in vaccine approvals for roundworms and pseudorabies at -17% and -11% respectively [2] - The seed industry is focusing on the progress of biological breeding expansion, the promotion of genetically modified corn, and industry mergers and acquisitions [2] - Pet food exports are minimally affected by tariff disturbances, while domestic sales continue to grow rapidly, with a 3% increase in e-commerce platform sales in September [2] - The agricultural and livestock ETF (159275) and its linked funds passively track the agricultural and livestock index, with the top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, Haida Group, New Hope Liuhe, Meihua Holdings, Dabeinong Technology, Shennong Development, Bio-Stock, Beidahuang, and Longping High-Tech [2]

Core Viewpoint - The People's Bank of China has launched the "Central Bank Credit Pass" platform to enhance transparency in credit services and improve the precision of financing connections, aiming to facilitate better financial service for the real economy [1][12]. Group 1: Platform Features - The "Central Bank Credit Pass" platform allows businesses to publish financing needs, select financial products, and access policy information, functioning as a digital marketplace for credit [5][9]. - Businesses can fill out specific financing information (amount, purpose, region) and the system will match them with interested financial institutions, enhancing the efficiency of financing connections [7][12]. - The platform features a "financial product supermarket" where businesses can view products from various banks, including interest rates, limits, and terms, and initiate loan applications online [9][12]. Group 2: Benefits for Businesses and Financial Institutions - The platform aims to alleviate financing difficulties for enterprises, particularly small and micro businesses, by making the financing process more transparent and potentially lowering costs through competitive interest rates [12][14]. - Financial institutions can benefit from improved customer acquisition precision and reduced costs, while also being encouraged to develop more competitive credit products [12][13]. - The platform represents a significant innovation in financial infrastructure, enhancing service efficiency and coverage within the financial system [13][14]. Group 3: Successful Case Studies - Since its launch, the platform has facilitated multiple financing transactions across various regions, including a successful financing of 5 million yuan for a dairy farming company in Inner Mongolia [16][18]. - Another notable case involved a small energy company in Liaoning that received a loan of 3.9 million yuan to address funding gaps for new equipment, demonstrating the platform's effectiveness in providing timely financial support [18].

Core Viewpoint - The livestock ETF (516760) experienced a slight decline of 0.29% in early trading on October 17, with key component stocks showing modest gains, indicating a mixed sentiment in the market amid ongoing pressures in the pig farming sector [1] Industry Summary - In September, the increase in pig output coincided with a drop in prices, with the average selling price of live pigs projected to be 13.10 yuan/kg in September 2025, reflecting a month-on-month decrease of 4.86% and a year-on-year decrease of 30.90% [1] - The slaughter volume in September 2025 was recorded at 4.5608 million heads, showing a month-on-month increase of 5.12% and a year-on-year increase of 4.05% [1] - The completion rate of planned pig output in September was 96.50%, with a planned increase of 5.14% in October compared to actual output in September [1] - The ongoing decline in pig prices is exacerbating losses in pig farming, with short-term price pressures expected to persist, although there may be a stabilization after significant declines [1] - The policy focus is shifting towards "anti-involution," with expectations that the supply side will contract, potentially leading to a revaluation of quality pig farming companies [1] Company Summary - The livestock ETF closely tracks the CSI Livestock Breeding Index, which includes listed companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of the livestock sector [1] - The latest price-to-earnings ratio (PE-TTM) for the CSI Livestock Breeding Index is 14.31 times, which is below the 19.22% percentile over the past three years, indicating a historical low valuation [1] - Given the current industry conditions at the bottom of the cycle, there is a sufficient safety margin, and the anticipated policy changes may enhance the profitability and stability of leading pig farming companies [1]