农牧渔板块今日（11月26日）再度回调。全市场唯一农牧渔ETF（159275）早盘短暂拉升后持续走弱， 截至收盘，场内价格跌0.5%。 成份股方面，水产股跌幅居前，粮油加工、种子、粮食种植等板块部分个股亦表现不佳。截至收盘，中 水渔业跌停，獐子岛大跌9.19%，国联水产跌7.22%，开创国际、好当家、金健米业等亦跌幅居前，拖 累板块走势。 | | | 分时 多日 1分 5分 15分 30分 60分 日 * | | | | | F9 盘前盘后 徽加 九轮 图试 工具 @ (7) > | | 农牧渔ETF | | 159275 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.7 | | | | | 159275(农牧馆ETF) 14:37 价 0.968 强歌 -0.004(-0.40%) 均价 0.992 固文量 0 IOPV 0.9680 | | | OVERSE | 0.987 | | -0.005 -0.50% | | 0.09 | | | | | | | | 0.24% | SZSI CNY ...

图片、数据来源：沪深交易所等，截至2025.11.26。 成份股方面，生猪养殖、种子、畜禽饲料、动保等板块部分个股涨幅居前。截至发稿，罗牛山大涨超5%，神农种业涨超4%，海南橡胶、美农 生物、金新农等多股跟涨超2%。 江海证券指出，在"反内卷"的政策调控和亏损减产的双重驱动下，行业产能有望迎来加速去化期，或可左侧布局生猪养殖板块。中长期看，在 行业高质量发展的背景下，龙头养殖企业成本持续下降，周期头均盈利中枢或将提升，叠加政策控制资本开支减少，企业持续稳定现金流增加 分红预期，或可考虑左侧布局生猪养殖企业。 从估值方面来看，当前农牧渔板块或迎来较好配置时机。数据显示，截至昨日（11月25日）收盘，农牧渔ETF（159275）标的指数中证全指农 牧渔指数市净率为2.56倍，位于近10年来28.91%分位点的低位，中长期配置性价比凸显。 展望后市，中邮证券指出，当前距离产能调减目标设定的时间期限越来越近，政策执行力度、养殖企业压力等都将有所加大；同时行业全面亏 损继续，且供给压力短期难以缓解，产能被动去化将有所增加；另外秋冬季节疾病扰动加剧。政策、行业周期性及季节性影响等多重因素影响 下，预计近期生猪产能去化仍是 ...

农牧渔板块今日（11月26日）继续上攻！全市场唯一农牧渔ETF（159275）开盘后持续红盘震荡，截至 发稿，场内价格涨0.3%。 成份股方面，生猪养殖、种子、畜禽饲料、动保等板块部分个股涨幅居前。截至发稿，罗牛山大涨超 5%，神农种业涨超4%，海南橡胶、美农生物、金新农等多股跟涨超2%。 | | | 分时 多日 1分 5分 15分 30分 ▼ | | | | | | | F9 盘前盘后 图加 九种 画线 工具 @ (2) > | | | 农牧渔ETF | | 159275 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.999 | | | | | | 159275(农牧渔ETF) 10:17 价 0.995 温庆 0.003(0.30%) 均价 0.996 成交量 0 IO .. | | | | | ਵ | 0.995 | | +0.003 +0.30% | | 0.995 | | PANNY | | | | | | | | | 0.34% | SZSE CNY ...

Summary of Industry and Company Insights from Conference Call Records Industry: Dairy Products - Liquid milk revenue has declined, with ambient yogurt significantly impacted by competition from tea beverages, but leading dairy companies have achieved slight growth in dairy drinks through product innovation and market expansion [1][2][3] - Solid dairy products show weak demand for cheese in the A-end, while B-end domestic alternatives are accelerating; milk powder demand is improving due to population growth [1][2] - The upstream raw milk supply is expected to reach a supply-demand balance by mid-2026, potentially leading to a rebound in milk prices, with large dairy companies benefiting from scale advantages [1][3] - Major dairy companies like Yili and Mengniu are expected to see a recovery in market share as their valuations are at a low point [3] Industry: Snack Foods - The snack food industry is experiencing slowed growth, with high raw material costs and intense competition; however, categories like konjac and bulk channels still show potential [4] - Recommended companies include Wei Long and Ximai Foods, which have advantages in multi-channel distribution and are positioned well in the konjac category [4] Industry: Seed Industry - The seed industry is anticipated to see a turnaround in the second half of 2026, with opportunities for investment in companies like Kangnong Seed, which has achieved growth through its flagship product [5] - The sales area for Kangnong's product is expected to exceed 10 million mu, indicating strong performance potential [5] Industry: Grain and Economic Crops - If grain prices rise in the second half of 2026, the industry may see improved conditions, with companies like Suqian Agricultural Development showing significant earnings elasticity [6] - In the economic crop sector, companies involved in natural rubber and blueberry cultivation are highlighted for their growth potential [6] Industry: Agricultural Product Processing - The agricultural processing sector should focus on health-related investment opportunities, with companies like COFCO Sugar showing strong stock performance [7] - The tomato processing segment is showing signs of price stabilization, which could benefit companies like Guannong [7] Industry: Functional Food Ingredients - The functional food ingredients market is expected to grow significantly, driven by improvements in profitability and new product releases [8][9] Industry: Livestock and Poultry - The livestock industry is projected to bottom out and gradually recover, with recommendations for cost-leading companies like Wens Foodstuffs and DeKang Agriculture [10][12] - The pig market has seen price fluctuations, with expectations of continued pressure in early 2026 but potential recovery later in the year [11][12] Industry: Pet Food - The pet food sector has shown resilience, with domestic demand remaining strong and companies like Zhongchong and Guibao Pet Food achieving significant growth [15] Industry: Restaurant Supply Chain - The restaurant supply chain is facing weak demand, but leading companies are gaining market share through innovation and new product development [16][20] - Companies like Hai Tian and Anjing Foods are highlighted for their strong performance despite industry challenges [21][22] Key Investment Opportunities - Focus on companies with strong growth potential in their respective sectors, such as Wei Long in snacks, Kangnong in seeds, and Anjing Foods in the restaurant supply chain [4][5][22]

分红方面，荃银高科A股上市后累计派现4.46亿元。近三年，累计派现2.10亿元。 机构持仓方面，截止2025年9月30日，荃银高科十大流通股东中，万家品质生活A（519195）位居第三 大流通股东，持股1619.42万股，相比上期减少121.93万股。南方中证1000ETF（512100）位居第八大流 通股东，持股606.45万股，相比上期减少7.67万股。香港中央结算有限公司位居第九大流通股东，持股 569.19万股，为新进股东。银华内需精选混合(LOF)（161810）、万家臻选混合A（005094）、嘉实农 业产业股票A（003634）退出十大流通股东之列。 资料显示，安徽荃银高科种业股份有限公司位于安徽省合肥市高新区创新大道98号，成立日期2002年7 月24日，上市日期2010年5月26日，公司主营业务涉及优良水稻、玉米、小麦等主要农作物种子的研 发、繁育、推广、服务,以及利用公司优质特色品种带动的订单农业业务。主营业务收入构成为：订单 粮食、青贮玉米44.79%，水稻种子25.38%，皮棉、棉籽、农机、农化及其他业务15.26%，玉米种子 9.39%，棉花种子3.36%，瓜菜种子、大豆种子及其他作 ...

Financial Data and Key Metrics Changes - Total revenues for Q1 2026 were $77.5 million, a 17% decline compared to the same period last year, primarily due to the transition towards a more scalable seed business model and lower-margin sales [8][9] - Gross profit remained almost equal at $36 million, with a gross margin expansion of 650 basis points, reflecting improved product mix and margin expansion [4][11] - Adjusted EBITDA for the quarter was $13.6 million, a 61% increase compared to $8.5 million in the same period last year, driven by a significant reduction in operating costs [12] Business Line Data and Key Metrics Changes - Crop protection revenues were $39.9 million, a 16% decline year-over-year, attributed to sluggish demand in Argentina and lower sales in the US and Brazil [8][9] - Seed and integrated products revenues were $12.6 million, a 37% decline compared to last year, expected to continue for at least two more quarters due to the unwinding of the HB4 downstream program [9][10] - Crop nutrition revenues were $25.1 million, broadly in line with last year, with higher biostimulant sales offset by weaker fertilizer dynamics [10] Market Data and Key Metrics Changes - Demand for microbe-based fertilizers improved in Argentina, particularly in terms of volume, supported by strong corn planting intentions, although delayed purchases in Paraguay and Uruguay offset these gains [10] - The company noted sluggish demand in Argentina for crop protection products, with tight credit conditions and uncertainty ahead of midterm elections impacting sales [9] Company Strategy and Development Direction - The company is focused on improving the quality of revenues, protecting margins, and operating with discipline while pursuing its core purpose of enabling better agriculture [5][6] - A target was set to operate above a 40% gross margin level, achieve profitability above 20% of adjusted EBITDA over sales, and reduce annual SG&A costs by $10-$12 million [6][12] Management Comments on Operating Environment and Future Outlook - Management acknowledged the complex operating environment but emphasized a disciplined approach to profitability, liquidity, and capital efficiency [16] - The company is actively managing liquidity and debt maturities while maintaining constructive dialogue with lenders [16] Other Important Information - Total financial debt as of September 30, 2026, was $242.5 million, down from $260.2 million, primarily due to the repayment of working capital loans in Argentina [14] - Cash, cash equivalents, and short-term investments totaled $16.6 million, resulting in a net financial debt of $225.9 million, essentially flat versus the prior quarter [16] Q&A Session Summary Question: Potential for imports from Argentina to the US post-election - Management noted that beef production and profitability in Argentina are high, and the low tariff classification could benefit the company in serving the US market with Argentine-manufactured ag input products [18] Question: Status of Corteva sales of biopesticides into Europe - Management indicated that there are currently no bioprotection products registered in Europe, but biostimulant sales have improved in Argentina and Latin America, with Corteva Europe sales expected later in the year [19]

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Anhui Qianyuan High-Tech Seed Co., Ltd, indicating a slight recovery in stock price amidst a year-to-date decline [1][2] - As of November 11, the stock price increased by 2.03% to 9.06 CNY per share, with a total market capitalization of 8.583 billion CNY [1] - The company has experienced a year-to-date stock price decline of 22.89%, with a recent 5-day increase of 2.26% but a 20-day decline of 2.48% [1] Group 2 - Anhui Qianyuan High-Tech Seed Co., Ltd specializes in the research, breeding, promotion, and service of major crop seeds, including rice, corn, and wheat, with a revenue composition heavily reliant on order grain and silage corn [2] - The company reported a revenue of 1.934 billion CNY for the first nine months of 2025, reflecting a year-on-year decrease of 5.90%, and a net profit attributable to shareholders of -180 million CNY, a significant decline of 113.45% [2] - The company has distributed a total of 446 million CNY in dividends since its A-share listing, with 210 million CNY distributed over the past three years [3] Group 3 - As of September 30, 2025, the number of shareholders decreased by 2.22% to 44,000, while the average circulating shares per person increased by 2.27% to 20,506 shares [2] - Notable changes in institutional holdings include a decrease in shares held by major shareholders, with Hong Kong Central Clearing Limited entering as a new shareholder [3]

Core Insights - The evaluation results for information disclosure of listed companies in 2024 show a decline for certain companies compared to 2023, with 荃银高科 dropping from an A rating to a C rating [1][2]. Company Overview - 荃银高科, established on July 24, 2002, and listed on May 26, 2010, is located in Hefei, Anhui Province. The company specializes in the research, breeding, promotion, and service of high-quality seeds for major crops such as rice, corn, and wheat [1]. - The main revenue composition of 荃银高科 includes: - Order grain and silage corn: 44.79% - Rice seeds: 25.38% - Cotton, cottonseed, agricultural machinery, agricultural chemicals, and other businesses: 15.26% - Corn seeds: 9.39% - Cotton seeds: 3.36% - Vegetable seeds, soybean seeds, and other crop seeds: 1.21% - Wheat seeds: 0.61% [1]. Industry Classification - 荃银高科 belongs to the Shenwan industry classification of Agriculture, Forestry, Animal Husbandry, and Fishery - Planting Industry - Seeds. The company is associated with concepts such as ecological agriculture, genetically modified organisms, rural revitalization, seed industry, and stock transfer [1].

Financial Data and Key Metrics Changes - Organic sales increased by 11% year-over-year in Q3, with both seed and crop protection contributing to this growth [20] - Year-to-date organic sales were up 6%, driven by a 3% increase in price mix and a 4% increase in volume for seeds [21] - Operating EBITDA for the quarter was positive, showing over 600 basis points of margin expansion compared to the previous year [20] - Full-year operating EBITDA is now expected to be in the range of $3.8 billion to $3.9 billion, reflecting a 14% growth at the midpoint [13][24] Business Line Data and Key Metrics Changes - The seed business achieved $200 million in productivity and deflation benefits, alongside $90 million in royalty improvements [9] - Crop protection business is expected to see full-year EBITDA growth in the high single digits, driven by demand for differentiated technology [10] - New products and biologicals in crop protection delivered double-digit volume gains compared to the prior year [21] Market Data and Key Metrics Changes - The overall agricultural market fundamentals remain mixed, with record demand for food and fuel, and major crop inventories within normal ranges [12] - In Brazil, the crop protection market is expected to stabilize pricing, moving from high single-digit losses to mid-single-digit growth [60] - The crop protection industry is anticipated to see low single-digit growth in 2026, with high single-digit growth in biologicals [16] Company Strategy and Development Direction - The company plans to separate into two public entities by the second half of 2026 to better position its seed and crop protection businesses for long-term growth [6][8] - Focus on differentiated technologies and collaborations is expected to drive innovation and market success [7] - The introduction of hundreds of new products is anticipated to enhance returns for farmers and contribute to volume growth [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong early demand for safrinha seeds in Brazil and a robust R&D pipeline valued at $9 billion [8][30] - The company is raising its full-year operating EBITDA guidance due to broad-based organic sales growth and cost improvements [24] - Management noted that the agricultural market is experiencing competitive pricing dynamics, particularly in Brazil, but underlying demand remains strong [12][60] Other Important Information - The company expects to achieve a free cash flow conversion rate of approximately 50% for the year, alongside $1 billion in share repurchases [15][26] - The anticipated separation is aimed at sharpening focus and accelerating innovation, with a commitment to delivering strong results during the transition [18] Q&A Session Summary Question: What should the independent company focus on post-separation? - Management highlighted the importance of their strong R&D pipeline and differentiated technology as key areas for growth and margin improvement [30] Question: Will there be further pruning of the AI portfolio? - Management expressed satisfaction with the current portfolio and indicated openness to partnerships and collaborations to enhance offerings [36] Question: How are credit market conditions evolving for growers in Latin America? - Management noted that while there are higher borrowing costs and increased bankruptcies, Corteva is managing risks effectively with minimal losses [40][41] Question: What are the expectations for biologicals growth? - Management reported strong growth in biologicals, with expectations for continued high single- to low double-digit growth rates in the future [53] Question: How is the company managing working capital? - Management indicated that working capital improvements have contributed significantly to free cash flow, with expectations for typical inventory builds in Q4 [73]

Financial Data and Key Metrics Changes - Organic sales increased by 11% year-over-year for the third quarter, with both seed and crop protection contributing to this growth [20] - Year-to-date organic sales were up 6%, driven by a 3% increase in seed price mix and a 4% increase in volume [21] - Operating EBITDA for the third quarter showed a significant improvement, with a margin expansion of over 600 basis points compared to the prior year [20][21] - Full year operating EBITDA is now expected to be in the range of $3.8 billion to $3.9 billion, reflecting a 14% growth at the midpoint [13][24] Business Line Data and Key Metrics Changes - The seed business achieved $200 million in productivity and deflation benefits, alongside $90 million in royalty improvements [9] - Crop protection business is expected to see full year EBITDA growth in the high single digits, driven by demand for differentiated technology [10] - New products and biologicals in crop protection delivered double-digit volume gains compared to the prior year [21] Market Data and Key Metrics Changes - The overall agricultural market fundamentals remain mixed, with record demand for food and fuel, and major crop inventories within normal ranges [12] - In the crop protection market, competitive pricing dynamics persist in some major markets, but underlying farmer demand remains strong [12] - Brazil is expected to see mid-single-digit pricing improvements in crop protection, compared to high single-digit losses the previous year [60] Company Strategy and Development Direction - The company plans to separate into two public entities to better position its seed and crop protection businesses for long-term growth [6][8] - The focus will be on leveraging new technologies like gene editing and artificial intelligence to capture market opportunities [7] - The company aims to maintain a strong R&D investment of 6%-7% of revenue to drive innovation [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong current performance and the potential for greater success as separate entities [8] - The company anticipates continued record demand for grains and oilseeds, with farmers prioritizing top-tier technologies [15] - The crop protection industry is expected to see low single-digit growth in 2026, with high single-digit growth in biologicals [16] Other Important Information - The company is on track for $1 billion in share repurchases in 2025, reflecting confidence in its balance sheet and cash flow outlook [26] - Free cash flow is expected to be approximately $1.9 billion, with a cash conversion rate of about 50% [24] Q&A Session Summary Question: What should the independent company focus on post-separation? - Management highlighted the importance of their R&D pipeline and differentiated technology as key growth drivers for the independent crop protection business [30] Question: Will there be further pruning of the AI portfolio? - Management expressed satisfaction with the current portfolio and indicated openness to partnerships for further innovation [36] Question: How are credit market conditions evolving for growers in Latin America? - Management noted that while there are higher borrowing costs and increased bankruptcies, Corteva is managing risks effectively with minimal losses [40] Question: What are the expectations for biologicals growth? - Management is pleased with the current growth in biologicals and expects continued strong growth rates in the future [53] Question: How is the company managing working capital? - Management indicated that working capital improvements have been a significant driver of free cash flow, with expectations for typical inventory builds in Q4 [73]