每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 张明双） 每经AI快讯，立华股份（SZ 300761，收盘价：20.3元）12月26日晚间发布公告称，江苏立华食品集团 股份有限公司实际控制人程立力先生及其一致行动人常州市天鸣农业技术服务中心（有限合伙）合计持 有公司股份约3.09亿股，占公司总股本比例为36.92%。程立力先生、天鸣农业计划自本公告披露之日起 15个交易日后的3个月内（2026年1月21日至2026年4月20日）以集中竞价方式或以大宗交易方式合计减 持公司股份不超过1423万股（占公司总股本比例为1.7%）。 2024年1至12月份，立华股份的营业收入构成为：养殖行业占比100.0%。 截至发稿，立华股份市值为170亿元。 ...

每经头条（nbdtoutiao）——海南封关政策红利全解析：零关税、低个税、投资准入放宽、跨境资金自 由、创业扶持…… （记者 曾健辉） 每经AI快讯，东瑞股份（SZ 001201，收盘价：14.57元）12月17日晚间发布公告称，公司第四届第一次 董事会临时会议于2025年12月17日以现场会议方式召开。会议审议了《关于选举袁建康为公司第四届董 事会董事长的议案》等文件。 2025年1至6月份，东瑞股份的营业收入构成为：养殖行业占比97.68%，饲料加工行业占比1.43%，屠宰 和肉食业务占比0.67%，其他占比0.22%。 截至发稿，东瑞股份市值为38亿元。 ...

截至发稿，立华股份市值为170亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 贾运可） 每经AI快讯，立华股份（SZ 300761，收盘价：20.36元）12月12日晚间发布公告称，公司第四届第九次 董事会会议于2025年12月12日在公司会议室以现场结合通讯表决的方式召开。会议审议了《关于召开公 司2025年第二次临时股东会的议案》等文件。 2024年1至12月份，立华股份的营业收入构成为：养殖行业占比100.0%。 ...

每经AI快讯，立华股份（SZ 300761，收盘价：20.36元）12月12日晚间发布公告称，为配合推进公司合 作农户发展政策，解决农户建设鸡舍等资金需求，促进公司与合作养殖农户长期合作，公司同意向合作 养殖农户提供合计不超过人民币36,000万元的担保额度，即为合作养殖农户向银行等金融机构融资提供 担保。董事会授权公司总裁或财务总监在授予的额度范围内全权办理与本次担保相关事宜，包括但不限 于协议、合同及其他与担保有关的法律性文件的签订、执行、完成。上述担保额度有效期自2026年1月1 日起至2026年12月31日止。本次提供担保后，公司及控股子公司的担保额度总金额为人民币16.6亿元。 截至2025年12月5日，公司及控股子公司提供担保总余额约为3.31亿元，占公司最近一期经审计净资产 的3.65%；其中，对合并报表外单位提供的担保总余额约为2.45亿元，占公司最近一期经审计净资产的 2.7%；不存在逾期担保、涉及诉讼的担保及因担保被判决败诉而应承担的担保责任的情况。 2024年1至12月份，立华股份的营业收入构成为：养殖行业占比100.0%。 截至发稿，立华股份市值为170亿元。 每经头条（nbdtout ...

每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 曾健辉） 每经AI快讯，牧原股份（SZ 002714，收盘价：48元）12月9日晚间发布公告称，公司第五届第十次董事 会会议于2025年12月9日以通讯的方式召开。会议审议了《关于修订 <公司章程> 的议案》等文件。 2025年1至6月份，牧原股份的营业收入构成为：养殖行业占比98.67%，屠宰和肉食业务占比25.3%，贸 易业务占比1.63%，其他业务占比0.5%，减占比-26.11%。 截至发稿，牧原股份市值为2622亿元。 ...

Group 1 - Dongrui Co., Ltd. (SZ 001201) announced the convening of its 18th meeting of the third board of directors on November 28, 2025, to review proposals including the revision and formulation of certain governance systems [1] - For the first half of 2025, Dongrui's revenue composition was as follows: aquaculture accounted for 97.68%, feed processing 1.43%, slaughtering and meat business 0.67%, and others 0.22% [1] - As of the report date, Dongrui's market capitalization was 4 billion yuan [1]

Core Insights - The analysis indicates that pig farming profits are more sensitive to feed price fluctuations, suggesting prioritization in hedging strategies, while egg production profits are primarily driven by the egg cycle, with feed hedging serving as a supplementary tool [1][4] Feed Price Correlation Analysis - High positive correlation exists between soybean meal and rapeseed meal (0.89 to 0.94), making them optimal for arbitrage pairing; corn also shows a strong correlation with soybean meal (0.64 to 0.78), indicating shared feed demand cycles [2] - Pig farming costs show weak to moderate positive correlations with corn and soybean meal (0.37 to 0.46 and 0.20 to 0.35, respectively), while egg production costs have slightly stronger correlations (0.37 to 0.64) due to shorter production cycles [2] - Profitability analysis reveals that pig farming profits have a moderate negative correlation with corn and soybean meal prices (-0.37 and -0.31), indicating that raw material prices are key variables affecting farming profits [2][3] Hedging Strategy Recommendations - The first strategy involves a "short farming profit" hedging approach, where selling pig futures and buying soybean meal and corn futures can mitigate losses from declining farming profits [5][7] - The second strategy enhances the first by adding a small long position in egg futures to cover risks associated with unexpected declines in pig prices, leveraging the consumption substitution relationship between eggs and pigs [8] - A "long feed cost + short farming profit" procurement locking strategy is proposed for traders to hedge against rising procurement costs while securing trade profits, regardless of price fluctuations [9]

Group 1 - The core point of the article is that Juxing Agriculture and Animal Husbandry (SH 603477) held its first board meeting of the fifth session on November 14, 2025, where it reviewed the proposal for appointing the internal audit director [1] - For the year 2024, the revenue composition of Juxing Agriculture and Animal Husbandry is as follows: 97.73% from the breeding industry, 2.11% from the leather industry, and 0.15% from other businesses [1] - As of the time of reporting, the market capitalization of Juxing Agriculture and Animal Husbandry is 9.5 billion yuan [1]

Core Viewpoint - Haida Group plans to repurchase shares worth between 1 billion to 1.6 billion yuan to enhance investor confidence and optimize corporate governance [2][5]. Share Repurchase Plan - The company announced a share repurchase plan on October 28, intending to buy back shares using self-raised funds, with a total amount not less than 1 billion yuan and not exceeding 1.6 billion yuan, at a price not exceeding 62.00 yuan per share [5]. - The repurchased shares will be used for cancellation to reduce registered capital and for implementing equity incentive plans or employee stock ownership plans, with 1 billion yuan specifically allocated for cancellation [5]. - The repurchase period is set for five months following the approval by the shareholders' meeting [5]. Financial Metrics - As of September 30, 2025, Haida Group reported total assets of 50.816 billion yuan, current assets of 25.255 billion yuan, and net assets attributable to shareholders of 25.269 billion yuan [5]. - If the maximum repurchase amount of 1.6 billion yuan is considered, it would account for approximately 3.15% of total assets, 6.34% of current assets, and 6.33% of net assets [5]. - The estimated number of shares to be repurchased ranges from approximately 16.13 million shares (0.97% of total shares) at the lower limit to about 25.81 million shares (1.55% of total shares) at the upper limit [5]. Recent Performance - Haida Group's stock price has declined by 12.50% since September 15, significantly more than the sector's decline of 7.25%, indicating a potential positive impact from the repurchase plan on market confidence [6]. - The last share repurchase plan was announced in November 2023, where the company repurchased shares worth 300 million yuan for equity incentive plans [6]. Business Growth - Haida Group operates across the entire modern agricultural and animal husbandry industry chain, ranking 87th among China's top 500 private enterprises in 2023 [8]. - In 2024, the company achieved a feed sales volume of 26.52 million tons, a year-on-year increase of approximately 9% [8]. - For the first three quarters of 2025, Haida Group reported revenue of 96.094 billion yuan, a year-on-year growth of 13.24%, and a net profit attributable to shareholders of 4.142 billion yuan, up 14.31% [8]. International Expansion - The overseas market has become a significant growth driver for Haida Group, with overseas revenue reaching 8.218 billion yuan in the first half of 2025, a year-on-year increase of 10.87%, accounting for 13.97% of total revenue [8]. - The gross margin for overseas operations stands at 15.08%, significantly higher than domestic levels [8]. Spin-off Plans - On October 17, Haida Group announced plans to spin off its subsidiary Haida Holdings for a listing on the Hong Kong Stock Exchange, focusing on feed, seed, and veterinary products in Asia (excluding East Asia), Africa, and Latin America [10]. - This spin-off is part of the company's strategy to enhance its international influence and competitiveness, aligning with national initiatives such as the Belt and Road Initiative [10].

Core Viewpoint - Haida Group plans to repurchase shares worth between 1 billion to 1.6 billion yuan to enhance investor confidence and optimize corporate governance [1][4]. Group 1: Share Repurchase Plan - The company announced a share repurchase plan on October 28, intending to buy back shares using self-raised funds, with a total amount not less than 1 billion yuan and not exceeding 1.6 billion yuan, at a price not exceeding 62.00 yuan per share [4]. - Of the repurchased shares, 1 billion yuan will be used for cancellation to reduce registered capital, while any amount exceeding this will be allocated for equity incentive plans and/or employee stock ownership plans [1][4]. - The repurchase period is set to be within five months after the shareholders' meeting approval [4]. Group 2: Financial Metrics - As of September 30, 2025, Haida Group reported total assets of 50.816 billion yuan, current assets of 25.255 billion yuan, and net assets attributable to shareholders of 25.269 billion yuan [4]. - If the maximum repurchase amount of 1.6 billion yuan is considered, it would represent approximately 3.15% of total assets, 6.34% of current assets, and 6.33% of net assets [4]. - The estimated number of shares to be repurchased at the maximum amount is at least 25.81 million shares, accounting for 1.55% of the total share capital [4]. Group 3: Recent Stock Performance - Since September 15, Haida Group's stock price has decreased by 12.50%, significantly more than the sector's decline of 7.25% [5]. - The stock closed at 56.69 yuan per share on October 28, down 2.56% [1]. Group 4: Business Performance - For the first three quarters of 2025, Haida Group achieved revenue of 96.094 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 4.142 billion yuan, up 14.31% [7]. - The overseas market has become a significant growth driver, with revenue from international regions reaching 8.218 billion yuan in the first half of 2025, a year-on-year increase of 10.87%, accounting for 13.97% of total revenue [7][8]. Group 5: Future Plans - Haida Group plans to spin off its subsidiary Haida Holdings for a listing on the Hong Kong Stock Exchange, focusing on feed, seed, and veterinary products in Asia (excluding East Asia), Africa, and Latin America [9]. - This spin-off is part of the company's strategy to enhance its global presence and competitiveness, aligning with national initiatives [9].