今日A股小幅震荡，上证指数微涨0.04%，收于3965.28点，截至今日已录得九连阳；深证成指下跌0.49%，收于 13537.10点。两市成交维持2.15万亿元的高位，整体上跌多涨少。临近年末市场热点趋于分散，石油、军工板 块表现相对较好。四季度以来市场经历短暂调整后恢复上行，长期来看推动本轮行情的积极因素尚未出现变 化，明年的慢牛行情依然可期。 养殖板块今日温和上涨。生猪方面，随着"政策端强力去化"+"市场端亏损去化"的双重叠加，生猪供应将出现 实质性收缩，猪价有望开启震荡上行通道。黄鸡方面，随着消费季节性提升，价格或已筑底完成，且行业亏损 之下供给端可能进一步收缩。蛋鸡行业受海外引种受限（禽流感、航班等问题）的滞后影响，2026年上游祖代 种鸡的缺口将逐步传导至商品代，鸡苗和毛鸡价格中枢有望抬升，龙头企业凭借高市占率有望释放业绩弹性。 成本端，全球粮食供应相对宽松，玉米、豆粕等饲料原料价格大概率维持低位震荡，对养殖业利润形成支撑。 总体而言，经历过2024、2025年的震荡磨底及产能去化后，2026年养殖业有望迎来利润与估值的同时修复，感 兴趣的投资者可以关注养殖ETF(159865)。 //// // ...

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued an announcement to further support foreign institutional investors in conducting bond repurchase transactions in the interbank bond market [1] Group 1: Background and Market Context - The announcement was made in response to the increasing attractiveness and international influence of China's bond market, with 1,170 foreign institutions from 80 countries holding approximately 4 trillion RMB in bonds as of August 2025 [2] - China's bonds have been included in major international bond indices, and there is a growing demand for foreign investors to manage liquidity through bond repurchase transactions [2] Group 2: Participants in the Bond Repurchase Market - All foreign institutional investors in the interbank bond market can participate in bond repurchase transactions, including central banks, international financial organizations, sovereign wealth funds, commercial banks, insurance companies, and various asset management institutions [3] Group 3: Transaction Methods - The bond repurchase transactions will adopt international market practices, allowing for the transfer and use of pledged bonds, which aligns with the trading habits of foreign investors and enhances overall market liquidity [4] Group 4: Risk Management Measures - The announcement emphasizes a balanced approach to openness and security, with measures in place for transaction, custody, settlement, and foreign exchange processes to ensure closed-loop fund management and enhanced regulatory oversight [5] Group 5: Fund Management Requirements - Foreign institutional investors must adhere to specific fund and account management regulations when conducting bond repurchase transactions, following existing guidelines and announcements from the People's Bank of China and the State Administration of Foreign Exchange [6]

Group 1 - Highlan Co., Ltd. (300499.SZ) released its semi-annual report for 2025 on August 23, 2025, showing that as of August 22, 2025, 11 institutional investors held a total of 26.38 million shares, accounting for 8.64% of the total share capital [1] - The top ten institutional investors include major entities such as Industrial and Commercial Bank of China and China Construction Bank, with their combined shareholding increasing by 1.51 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, namely the Fortune Optimized Enhanced Bond A/B, increased its holdings by 0.40% compared to the previous period [2] - Six new public funds disclosed their holdings in Highlan Co., Ltd., including notable funds like Nuon Anhe Xin Mixed A and Fortune New Vitality Flexible Allocation Mixed A [2] - One new social security fund, the National Social Security Fund 116 Combination, disclosed its holdings in Highlan Co., Ltd. during this period [2]