Core Insights - The company actively supports rural financial initiatives and implements inclusive finance measures to boost the development of the livestock industry [1] Group 1: Financial Support for Livestock Industry - The company has introduced innovative financial products like "Golden Cow Loan" to address the capital-intensive nature of the black cattle industry, providing long-term loans with flexible repayment options [2] - 90% of the 782 cattle farming entities in Gaoqing County have received financial support from the company, with an average credit line of 3 million yuan for 25 black cattle farmers [2] - The company has tailored financial solutions for the meat duck industry, providing a timely loan of 1.5 million yuan to Gaoqing Xinwang Breeding Co., enabling them to expand their operations significantly [3] Group 2: Support for Agricultural Development - The company has facilitated the growth of the grape planting industry by providing a 300,000 yuan "Credit e-loan" to a local cooperative, addressing urgent funding needs for cultivation [5] - The company has implemented a dynamic village-based service mechanism, ensuring timely financial support and cost reductions for agricultural inputs, resulting in a total credit line of 70 million yuan for greenhouse farmers [5] - The cooperative has evolved into a significant standardized grape planting base, leveraging local agricultural advantages and technology to enhance productivity [4]

（编辑 楚丽君） 证券日报网讯 12月1日，天康生物在互动平台回答投资者提问时表示，根据中国证券登记结算有限责任 公司下发的《合并普通账户和融资融券信用账户前N名明细数据表》显示，截至2025年11月28日收盘， 公司股份持有人数为62，574户。 ...

- The report tracks industry prosperity signals using quantitative models and indicators, focusing on coal, livestock, steel, structural materials, and fuel refining industries[9] - For the coal industry, the model uses price factors and capacity factors to estimate monthly revenue and profit growth rates. The formula is based on the monthly price index of thermal coal, which determines the sales price for the following month[10][14] - In the livestock industry, the "slaughter coefficient method" is applied to predict the supply-demand gap for pigs six months ahead. The formula is: $ \text{Slaughter Coefficient} = \frac{\text{Quarterly Pig Slaughter}}{\text{Breeding Sow Inventory (lagged 6 months)}} $ This method effectively identifies pig price upcycles based on historical data[15][16] - For the steel industry, the model incorporates comprehensive steel prices and cost indicators (e.g., iron ore, coke, coal, and scrap steel) to predict monthly profit growth and calculate per-ton profit[18][21] - In the structural materials sector, profitability changes in glass and cement manufacturing are tracked using price and cost indicators. These changes are used to design allocation signals. Additionally, manufacturing PMI and real estate sales data are analyzed to assess potential infrastructure investment expectations[24][26] - For the fuel refining and oil services industry, the model uses changes in fuel prices, crude oil prices, and cracking spreads to estimate profit growth and design allocation signals. The model also considers changes in new drilling activities[27][34][35]

截至2025年12月1日 15:00，中证畜牧养殖指数(930707)成分股方面涨跌互现，天马科技(603668)领涨 3.26%，金新农(002548)上涨3.12%，海利生物(603718)上涨1.03%；温氏股份(300498)领跌。畜牧 ETF(159867)最新报价0.65元，今日净申购达950万份。 消息面上，为防范疫情传入风险，保障国内生猪产业安全与食品安全，中国海关总署于11月28日更新 《进口食品境外生产企业注册信息》，正式暂停受理西班牙巴塞罗那省12家猪肉企业自当日(含)起启运 的输华产品进口申报。此次举措严格遵循区域化管理协议精神，未波及西班牙其他无疫区域的猪肉输华 渠道。 开源证券指出，年末猪价存在供需双重支撑，猪价中枢或逐步上移。生产端，前期生猪集中出栏增加和 大猪存栏下降缓解后市供给压力，四季度生猪出栏节奏趋于平稳；需求端，猪肉消费进入冬季旺季；贸 易端，猪肉进口量减少有利于猪价企稳。展望后市，年末猪肉消费旺季供给增量有限，猪价存在向上支 撑，猪价中枢或逐步上移。 畜牧ETF紧密跟踪中证畜牧养殖指数，中证畜牧养殖指数选取涉及畜禽饲料、畜禽药物以及畜禽养殖等 业务的上市公司证券作为样 ...

Core Insights - Postal Savings Bank of China (PSBC) Jinzhong Branch is committed to serving the agricultural sector, integrating financial services with rural industry development, livelihood improvement, and entrepreneurship to promote rural revitalization [1][2][3] Group 1: Financial Support for Agriculture - PSBC has provided continuous financial support to local agricultural enterprises, such as the Shanxi Jin Nong Temple Livestock Technology Co., which has benefited from funding since 2017, helping to raise over 50,000 cattle and increase local farmers' income [1] - In the Taiyuan District, PSBC has issued over 10 million yuan in loans to support nearly 100 vegetable growers in expanding their greenhouse operations, demonstrating targeted financial solutions for different agricultural needs [2] Group 2: Credit and Financial Accessibility - The bank is advancing the construction of credit villages to address the challenges of loan access and guarantees for farmers, enabling credit to be transformed into tangible wealth [3] - PSBC is leveraging financial technology to enhance the convenience and quality of inclusive finance, simplifying loan application processes through online platforms and mobile payments, thus improving accessibility for rural farmers [3] Group 3: Future Plans and Commitment - The Jinzhong Branch plans to continue optimizing financial products and services, increasing credit investment in rural revitalization, and ensuring that financial resources support the development of rural areas [3]

Core Viewpoint - Muyuan Foods Co., Ltd. has re-submitted its application for an IPO on the Hong Kong Stock Exchange after its initial submission expired, aiming for dual listing in both A-shares and H-shares [2][4]. Group 1: Company Overview - Muyuan Foods is the largest pig farming company in China and has maintained the top position globally in terms of pig production capacity and output since 2021, with a global market share of 5.6% as of 2024 [7]. - The company’s main business includes the entire pig farming industry chain, covering feed processing, breeding, and slaughtering, with the pig farming segment accounting for 98.7% of total revenue in the first half of 2025 [7]. Group 2: Financial Performance - The company's revenues for 2022, 2023, and 2024 were 124.83 billion CNY, 110.86 billion CNY, and 137.95 billion CNY, respectively, with a revenue of 76.46 billion CNY and a net profit of 10.79 billion CNY reported in the first half of 2025 [7]. - The gross profit margin improved from 7.7% in the first half of 2024 to 19.0% in the first half of 2025, primarily due to better margins in the pig farming business [7]. Group 3: Shareholding and Management - The direct controlling shareholder of Muyuan Foods is Muyuan Industrial Group Co., Ltd., holding a 15.54% stake, while the chairman, Qin Yinglin, directly holds 20.86 million shares [8]. - Qin Yinglin and his wife collectively own 54.91% of the company and were ranked 16th on the 2025 Hurun Rich List with a wealth of 187 billion CNY [10]. Group 4: Market Strategy and Future Plans - The IPO is a key step in the company's internationalization strategy, with plans to expand into emerging markets where per capita meat consumption is still low [10]. - The company intends to use the IPO proceeds to enhance its overseas market presence, strengthen R&D across the entire industry chain, and invest in breeding, smart farming, nutritional management, and biosecurity [10]. Group 5: Debt and Financial Risks - The company has shown significant changes in its debt structure, with net current liabilities reaching 15.59 billion CNY, 31.08 billion CNY, 24.16 billion CNY, and 16.64 billion CNY as of the end of 2022, 2023, 2024, and mid-2025, respectively [12]. - The company acknowledges the risk of liquidity issues due to its past net current liabilities and the potential for significant impairment losses on biological assets valued at 8.17 billion CNY and 30.22 billion CNY as of mid-2025 [12].

Core Viewpoint - The company Muyuan Foods Co., Ltd. has re-submitted its application for an IPO on the Hong Kong Stock Exchange after its initial submission expired, aiming for dual listing in both A-shares and H-shares markets [1][3]. Group 1: Company Overview - Muyuan Foods is the largest pig farming enterprise in China, having been listed on the A-share market since 2014 [1]. - As of November 28, 2025, the A-share price was CNY 50.75, reflecting a 1.7% increase [1][2]. - The company has maintained its position as the world's largest pig producer since 2021, with a global market share of 5.6% as of 2024 [4][6]. Group 2: Financial Performance - Revenue figures for Muyuan Foods from 2022 to 2024 were CNY 1248.26 billion, CNY 1108.61 billion, and CNY 1379.47 billion, respectively [5]. - In the first half of 2025, the company reported revenue of CNY 764.63 billion and a net profit of CNY 107.9 billion, with a gross margin increase from 7.7% in the first half of 2024 to 19.0% in the first half of 2025 [5]. Group 3: Strategic Initiatives - The IPO funds are intended for expanding overseas markets, enhancing R&D across the entire industry chain, and focusing on breeding, smart farming, nutritional management, and biosecurity [6]. - The company aims to leverage growth opportunities in emerging markets where per capita meat consumption is still low, such as Vietnam, the Philippines, and Thailand [6]. Group 4: Shareholding and Leadership - The direct controlling shareholder is Muyuan Industrial Group Co., Ltd., holding 15.54% of shares, while the chairman and president, Qin Yinglin, holds 20.86 billion shares [5]. - Qin Yinglin and his wife are ranked as the richest individuals in Henan province with a wealth of CNY 187 billion [6]. Group 5: Debt and Financial Risks - The company has shown significant changes in its debt structure, with net current liabilities reaching CNY 155.89 billion, CNY 310.76 billion, CNY 241.58 billion, and CNY 166.37 billion from 2022 to mid-2025 [8]. - The company acknowledges potential liquidity risks due to its past net current liabilities and the impact of external factors on its biological assets [8].

Core Viewpoint - Yuran Agriculture (09858) has seen its stock price increase by over 20% this week, with a current rise of 5.13% to HKD 4.3, and a trading volume of HKD 105 million [1] Group 1: Cattle Prices - As of November 21, the price of calves is HKD 32/kg, reflecting a week-on-week increase of 0.63% and a year-to-date increase of 32.73% [1] - The price of fattened bulls is HKD 25.58/kg, showing a week-on-week decrease of 0.16% but a year-to-date increase of 8.25% [1] Group 2: Supply and Demand Outlook - Due to previous long-term losses, there has been a significant reduction in production capacity, leading to a gradual decrease in breeding cows, which is expected to tighten beef supply in the medium to long term [1] - It is anticipated that beef prices will enter an upward cycle between 2026 and 2027 [1] Group 3: Raw Milk Prices - The reduction in production capacity is expected to lead to a contraction in raw milk supply, with prices likely to stabilize and recover in the coming year [1] - Analysts expect a new cycle for beef prices to begin, with the sector's overall outlook improving [1]

Core Viewpoint - YouRan Agriculture (09858) has seen its stock price increase by over 20% this week, with a current price of 4.3 HKD, reflecting a 5.13% rise as of the latest report [1] Price Trends - The price of calves is reported at 32 CNY/kg, showing a week-on-week increase of 0.63% and a year-to-date increase of 32.73% [1] - The price of fattened bulls is at 25.58 CNY/kg, with a week-on-week decrease of 0.16% but a year-to-date increase of 8.25% [1] Supply and Demand Outlook - Due to previous long-term losses, there has been a significant reduction in production capacity, leading to a gradual decrease in the number of breeding cows. This effect is expected to tighten beef supply in the medium to long term, with beef prices anticipated to enter an upward cycle between 2026 and 2027 [1] - The reduction in production capacity is expected to stabilize and eventually increase raw milk prices in the coming year [1] Market Sentiment - Guojin Securities forecasts that as the supply-side capacity reduction continues, raw milk prices are likely to stabilize and recover next year [1] - Recent increases in calf and live cattle prices suggest the potential onset of a new beef cycle, indicating a positive outlook for the sector [1]

Overview of Guarantee Situation - The company approved a total guarantee amount of up to 800 million yuan for its partners, including downstream customers and suppliers, during the 2025 fiscal year [2] - The company and its subsidiaries are allowed to provide mutual guarantees, with a maximum guarantee amount of 1.5 billion yuan for subsidiaries with an asset-liability ratio below 70% and another 1.5 billion yuan for those above 70% [2] Progress of Guarantees as of October 2025 - As of October 31, 2025, the company and its subsidiaries provided guarantees totaling 93.96 million yuan to 154 partners [4] - The company has a total external guarantee balance of 742.75 million yuan, which accounts for 28.94% of the latest audited net assets [5] - The actual guarantee balance for subsidiaries is 1.48 billion yuan, representing 57.67% of the latest audited net assets [5] Overdue Guarantees - The overdue amount for mutual guarantees among subsidiaries is 275.82 million yuan, while the overdue amount for external guarantees is 340.23 million yuan [6] - A significant portion of the overdue guarantees (262.87 million yuan) is related to guarantees provided to a subsidiary that was transferred to a trust platform before its separation [6] - The company has recognized expected liabilities for the risks associated with customer defaults and has implemented specific measures to address these risks [6]