2、牛板块：原奶价格持续磨底，静待新周期；肉牛超级周期或已启动；重视牛产业机会！ 当前奶牛产能去化或近尾声，Q3 青贮收购带来的资金压力可能推动出清边际加速，原奶价格 有望触底回升；牛肉价格或迎拐点，但因资金/信心/环保等多重因素影响补栏积极性，其后续 涨幅与持续性可能超预期。具备母牛资源或采用"奶肉联动"模式的企业，盈利能力更加突出。 建议关注：【优然牧业】、【中国圣牧】、【光明肉业】、【现代牧业】、【澳亚集团】等。 3、宠物板块：国产品牌持续崛起，宠物食品出口趋势持续向好！ 我国宠物经济蓬勃发展，国产品牌崛起快速，关注国内收入高增长的公司。重点推荐宠物食品 【乖宝宠物】、【中宠股份】、【佩蒂股份】；建议关注：宠物医疗【瑞普生物】、宠物用品【源飞 宠物】、【天元宠物】。 4、禽板块：白鸡&蛋鸡重视引种缺口；黄鸡重视消费需求边际改善！ 行业报告 | 行业研究周报 农林牧渔 证券研究报告 2025 年第 37 周周报：基本面+政策面持续强化，重视生猪板块 1. 生猪板块：外销仔猪由盈转亏，重视生猪板块预期差！ 当前出栏均重仍处于历史同期高位，加上高温天气抑制消费需求，猪价继续承压运行。农业部 畜牧兽医局定于 9 ...

农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/8/29-2025/9/11） 行 业 关注产能调控 2025 年 9 月 12 日 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：iFinD ，东莞证券研究 所 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业略跑赢沪深300指数。2025年8月29日—2025年9月11日， SW农林牧渔行业上涨4.16%，跑赢同期沪深300指数约2.28个百分点。细分 板块中，仅动物保健录得负收益，下跌2.65%；养殖业、饲料、渔业、农 产品加工和种植业均录得正收益，分别上涨6.23%、5.93%、3.31%、1.37% 和0.45%。估值方面，截至2025年9月11日，SW农林牧渔行业指数整体PB（整 体法，最新报告期，剔除负值）约3.02倍，近两周估值有所回升。目前行 业估值处于行业2006年以来的估值中枢约67.6%的分位水 ...

证券之星消息，9月12日饲料板块较上一交易日下跌0.53%，佩蒂股份领跌。当日上证指数报收于 3883.69，上涨0.22%。深证成指报收于12996.38，上涨0.13%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300673 | 佩蒂股份 | 18.57 | -2.52% | 5.65万 | 1.06亿 | | 301498 | 乖宝宠物 | 95.95 | -1.42% | 1.40万 | 1.35 Z | | 001366 | 播恩集团 | 12.96 | -0.99% | 1.56万 | 2041.33万 | | 832419 | 路斯股份 | 20.65 | -0.96% | 1.18万 | 2435.09万 | | 688156 | 路德环境 | 20.44 | -0.78% | 1.60万 | 3324.50万 | | 000702 | 正虹科技 | 7.94 | -0.63% | 13.43万 | 1.07亿 | | 002311 | 海大集团 ...

国泰量化收益灵活配置混合A（001789）基金经理为梁杏、吴可凡。 截至发稿，梁杏累计任职时间9年99天，现任基金资产总规模249.55亿元，任职期间最佳基金回报 1112.34%， 任职期间最差基金回报-51.49%。 吴可凡累计任职时间2年99天，现任基金资产总规模16.36亿元，任职期间最佳基金回报52.63%， 任职 期间最差基金回报-17.64%。 9月12日，邦基科技涨5.07%，截至发稿，报29.84元/股，成交1.41亿元，换手率5.97%，总市值50.60亿 元。 资料显示，山东邦基科技股份有限公司位于山东省淄博市高新区民祥路东首，成立日期2007年4月23 日，上市日期2022年10月19日，公司主营业务涉及猪饲料的研发、生产和销售。主营业务收入构成为： 猪配合料76.63%，猪浓缩料12.25%，其他饲料6.66%，其他(补充)2.41%，猪预混料2.05%。 从基金十大重仓股角度 数据显示，国泰基金旗下1只基金重仓邦基科技。国泰量化收益灵活配置混合A（001789）二季度持有 股数2.37万股，占基金净值比例为1.09%，位居第四大重仓股。根据测算，今日浮盈赚取约3.41万元。 国泰量 ...

一、持有人会议召开情况 广东粤海饲料集团股份有限公司（以下简称"公司"）2025年员工持股计划第一次持有人会议（以下简 称"持有人会议"）于2025年9月11日以现场结合通讯表决的方式召开。本次会议通知中列明的会议应到 持有人259名，实到持有人247名，代表公司2025年员工持股计划份额5,390.79万份，占公司2025年员工 持股计划首次授予份额5,886.60万份的91.58%。会议由公司副总经理、董事会秘书冯明珍女士召集和主 持。本次会议的召开符合法律法规及《广东粤海饲料集团股份有限公司2025年员工持股计划》（下 称"《员工持股计划》"或"本员工持股计划"）、《广东粤海饲料集团股份有限公司2025年员工持股计划 管理办法》（下称"《管理办法》"）的相关规定，本次会议决议合法、有效。 二、持有人会议审议情况 （一）审议通过《关于设立公司2025年员工持股计划管理委员会的议案》 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 为保证公司2025年员工持股计划的顺利进行，保障持有人的合法权益，根据公司《员 ...

Investment Rating - The report maintains a "Positive" investment rating for the agricultural products industry [13]. Core Insights - The swine breeding industry is transitioning from a rapid growth phase to a stable phase, with medium to long-term capacity control becoming the new norm, positively impacting the industry. Profits for quality enterprises are expected to significantly increase, with a favorable long-term outlook for the sector [4][21]. - Key recommendations include Muyuan Foods, Wens Foodstuff Group, Dekang Agriculture, Shennong Group, and Juxing Agriculture in the swine breeding sector. In the pet food segment, the report highlights the rapid growth of domestic brands such as Guibao Pet and Zhongchong Co., Ltd. The feed industry is also experiencing a recovery, with Haida Group's domestic market share increasing and overseas business growing rapidly [4][21]. Summary by Sections Swine Breeding - In the first half of 2025, the revenue of listed companies in the swine breeding sector increased by 19% year-on-year, with a non-recurring net profit growth of 512%. The average swine price decreased by 4% year-on-year, but profits surged due to improved breeding costs. The industry's free cash flow improved significantly, totaling approximately 18.3 billion yuan, compared to a negative 3.7 billion yuan in the same period last year [8][23]. - The average profit for self-breeding and self-raising was about 73 yuan per head, a significant improvement from a loss of 25 yuan per head in the previous year [23]. Feed Industry - The feed sector saw a revenue increase of 13% year-on-year in the first half of 2025, with a 70.9% increase in non-recurring net profit. The total feed production reached 159 million tons, up 8% year-on-year. Haida Group's feed sales volume grew by 26% year-on-year, and the company is expected to see further growth in shrimp and crab feed in the third quarter [9][22]. Pet Food - The pet food sector's revenue grew by 22.4% year-on-year in Q2 2025, with a 19.2% increase in non-recurring net profit. Domestic sales for Guibao Pet and Zhongchong Co., Ltd. are expected to grow by over 40% in Q2. However, exports of pet snacks faced a decline due to tariffs, with a 52% drop in exports to the U.S. [10][22].

Market Overview - The feed sector increased by 2.09% on September 11, with Jin Xin Nong leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - Jin Xin Nong (002548) closed at 4.95, with a rise of 10.00% and a trading volume of 916,100 shares, amounting to 439 million yuan [1] - Bangji Technology (603151) closed at 28.40, up 9.99%, with a trading volume of 52,800 shares and a turnover of 149 million yuan [1] - Tiankang Biological (002100) closed at 7.52, increasing by 9.94%, with a trading volume of 1,770,800 shares, totaling 1.306 billion yuan [1] - Other notable stocks include Haida Group (002311) with a 2.30% increase and a closing price of 65.75, and Mofeng Co. (603609) with a 2.08% increase [1] Capital Flow Analysis - The feed sector saw a net inflow of 175 million yuan from institutional investors, while retail investors experienced a net outflow of 15.2382 million yuan [2] - The main capital inflow and outflow for key stocks are as follows: - Tiankang Biological had a net inflow of 263 million yuan from main investors, but a net outflow of 134 million yuan from retail investors [3] - Jin Xin Nong experienced a net inflow of 72.9288 million yuan from main investors, with retail investors seeing a net outflow of 42.2004 million yuan [3] - Bangji Technology had a net inflow of 26.4960 million yuan from main investors, while retail investors faced a net outflow of 15.2221 million yuan [3]

瑞达策略优选混合发起A（015694）基金经理为。 责任编辑：小浪快报 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，瑞达基金旗下1只基金重仓海大集团。瑞达策略优选混合发起A（015694）一季度持有股数 6700股，占基金净值比例为4.74%，位居第五大重仓股。根据测算，今日浮盈赚取约9916元。连续6天 上涨期间浮盈赚取3.85万元。 瑞达策略优选混合发起A（015694）成立日期2022年5月17日，最新规模684.22万。今年以来收益 5.06%，同类排名2772/8247；近一年收益6.47%，同类排名4139/7882；成立以来亏损36.62%。 9月11日，海大集团涨2.3%，截至发稿，报65.75元/股，成交4.77亿元，换手率0.44%，总市值1093.92亿 元。海大集团股价已经连续6天上涨，区间累计涨幅9.58%。 资料显示，广东海大集团股份有限公司位于广东省广州市番禺区化龙镇龙泰街8号海大科学园1栋，成立 日期2004年1月8日，上市日 ...

1. Report Industry Investment Ratings - **Oils and Fats**: Expected to fluctuate [6] - **Protein Meal**: Expected to fluctuate [6] - **Corn and Starch**: Expected to fluctuate weakly [7] - **Hogs**: Expected to fluctuate [8] - **Natural Rubber and No. 20 Rubber**: Expected to fluctuate strongly in the short - term [9] - **Synthetic Rubber**: Expected to fluctuate [11] - **Cotton**: Expected to fluctuate in the short - term [12] - **Sugar**: Expected to fluctuate weakly in the long - term, and run in the 5500 - 5750 range in the short - term [14] - **Pulp**: Expected to fluctuate [15] - **Double - Glue Paper**: Expected to fluctuate [16] - **Logs**: Expected to stop falling and stabilize [19] 2. Core Views of the Report - **Oils and Fats**: Affected by the relatively bearish MPOB report, the market sentiment is weak, and it may continue to adjust. Pay attention to the effectiveness of the lower technical support [6]. - **Protein Meal**: The market has both long and short factors, and the market will continue to fluctuate narrowly. Hold long positions at 2900 - 2910 and add positions on dips. It is recommended that oil mills sell on rallies, and downstream enterprises buy basis contracts or fix prices on dips [6]. - **Corn and Starch**: Maintain the idea of shorting on rallies in the fourth quarter. There is a short - term tight supply, and a short - term long - term long pattern is expected [7]. - **Hogs**: The expectation of "anti - involution" boosts the market. In the short - term, the supply is abundant, and the cycle is still under supply pressure. In the long - term, if the capacity - reduction policy is implemented, the supply pressure in 2026 will be gradually weakened. Pay attention to the reverse arbitrage strategy [8]. - **Natural Rubber**: After the decline, it stabilizes, and there will still be fluctuations in the short - term. The short - term trend is expected to fluctuate strongly [9]. - **Synthetic Rubber**: It returns to the fluctuating trend. The short - term price of butadiene is expected to rise slightly, and the market may fluctuate strongly [11]. - **Cotton**: The cotton price fluctuates within the range. Try short - term long positions when the price reaches the lower limit of the range [12]. - **Sugar**: In the long - term, the sugar price has a downward driving force due to the expected supply surplus in the new season. In the short - term, it runs in the 5500 - 5750 range, and pay attention to the support at 5500 [14]. - **Pulp**: The pulp futures fluctuate sharply with the listing of double - glue paper. It is expected to fluctuate [15]. - **Double - Glue Paper**: The fundamentals are weak, but the listing price is neutral to low. Consider range operation between 4000 - 4500 [16]. - **Logs**: The market is in a game between weak reality and peak - season expectation. The price may stop falling and stabilize in September [19]. 3. Summaries According to Relevant Catalogs 3.1 Oils and Fats - **Logic**: Due to the limited expected decline in US soybean yield per unit, combined with the impact of oil - meal arbitrage, US soybeans and soybean oil fell on Tuesday. The MPOB report is bearish, and domestic oils and fats fluctuated and fell yesterday. The US soybean is affected by drought, and the domestic soybean oil inventory may peak. The MPOB report on palm oil is bearish, and the domestic rapeseed oil inventory is slowly falling but still high year - on - year [6]. - **Outlook**: Affected by the bearish MPOB report, the market sentiment is weak and may continue to adjust [6]. 3.2 Protein Meal - **Logic**: Internationally, the Fed's rate cut in September is almost certain. There are factors such as the possible occurrence of La Nina and the expected increase in Brazil's soybean exports. Domestically, the state reserve plans to sell 22,500 tons of imported soybeans, and the soybean import volume is large. The demand for soybean meal may increase steadily [6]. - **Outlook**: Both domestic and international markets will continue to fluctuate within the range. Hold long positions at 2900 - 2910 and add positions on dips [6]. 3.3 Corn and Starch - **Logic**: The domestic corn price shows a differentiated trend. The supply is short - term tight, and the demand has a phased increase. With the approaching of the new grain listing, the selling pressure will gradually appear in the fourth quarter [7]. - **Outlook**: Look for short - selling opportunities on rallies when the new grain is concentratedly listed. Consider reverse arbitrage [7]. 3.4 Hogs - **Logic**: The Ministry of Agriculture plans to hold a symposium on hog production capacity regulation enterprises on September 16. In the short - term, the supply is abundant, and the demand is stable. In the long - term, the "anti - involution" policy may drive the price to strengthen in 2026 [8]. - **Outlook**: The spot price is expected to fluctuate. The futures market is in a pattern of "weak reality + strong expectation", and pay attention to the reverse arbitrage strategy [8]. 3.5 Natural Rubber and No. 20 Rubber - **Logic**: The rubber market stabilizes after a sharp decline. The short - term fundamentals are strong, and there are many speculative themes. The supply increase may be postponed, and the downstream purchasing enthusiasm recovers after the price decline [9]. - **Outlook**: The short - term trend is expected to fluctuate strongly [9]. 3.6 Synthetic Rubber - **Logic**: The BR market stabilizes after a large decline and returns to the fluctuating trend. It follows the natural rubber market, and the cost of raw material butadiene provides support. The supply and demand fundamentals support the market to fluctuate in a narrow range [11]. - **Outlook**: The short - term price of butadiene may rise slightly, and the market may fluctuate strongly [11]. 3.7 Cotton - **Logic**: The domestic cotton market has low inventory and marginal improvement in demand. The new cotton commercial inventory is tight, and the demand is improving but the upward driving force is insufficient. Wait for the new cotton purchase price to give direction [12]. - **Outlook**: Fluctuate in the short - term. Try short - term long positions when the price reaches the lower limit of the range [12]. 3.8 Sugar - **Logic**: In the new season, although the drought in Brazil reduces the sugarcane yield, the sugar production is expected to increase due to the high sugar - making ratio. The supply in Southeast Asia is expected to increase. The domestic supply marginally increases, and the sugar price has a downward driving force [14]. - **Outlook**: In the long - term, the sugar price may decline. In the short - term, it runs in the 5500 - 5750 range, and pay attention to the support at 5500 [14]. 3.9 Pulp - **Logic**: The pulp futures fluctuate sharply with the listing of double - glue paper. The supply and demand change little, and it may be due to emotional speculation. The needle - broadleaf pattern is differentiated, and the price may continue to decline [15]. - **Outlook**: The pulp futures are expected to fluctuate [15]. 3.10 Double - Glue Paper - **Logic**: The fundamentals are bearish, with over - supply in the industry, declining demand, and high inventory. The listing price is neutral to low, and consider range operation between 4000 - 4500. Pay attention to reverse arbitrage in the early stage of listing [16]. - **Outlook**: The fundamentals are weak, but the listing price is neutral to low. Consider range operation [16]. 3.11 Logs - **Logic**: The log market is in a game between weak reality and peak - season expectation. The inventory is decreasing, and the demand is expected to increase. The price may stop falling and stabilize in September [19]. - **Outlook**: The price may stop falling and stabilize in September [19].

深蓝财经 . 影响价值圈层！创立于2011年，关注中国最具价值公司，是新中产的财富顾问。 来源丨深蓝财经 左手发布利好，右手公告减持，大北农董事长邵根伙又被股民骂了。 昨日晚间，大北农发布关于控股子公司大豆产品获批阿根廷种植许可的公告。由于这个公告先显示出来，有熟悉公司的股民第一反应竟然是"是不是邵根伙 又想减持了"？ 以下文章来源于深蓝财经 ，作者深蓝财经 结果，稍晚时候大北农另一个公告出来了。果不其然，公司控股股东、实际控制人邵根伙拟在3个月内减持股份不超过8560.74万股，占总股本的1.99%，减 持原因是降低融资杠杆。 于是，神奇的一幕发生了——上面那位股民随后调侃"xxx，被我说中了"…… 2021年，邵根伙曾高喊"三年实现千亿市值"的目标。结果公司股价在2020年8月见顶后一路震荡下跌，市值从约540亿元高位一路缩水至如今181亿元左右， 市值蒸发约359亿元，跌幅达66%。 一边画饼的背后是源源不断的减持。据"新浪财经-鹰眼工作室"统计，自2019年5月起，邵根伙迄今为止已累计减持公司股票7.73亿股，累计套现约59.78亿 元。若叠加本次减持套现金额约3.6亿元，他将累计套现约63亿元。 从 ...