数据来源于沪深交易所、公开资料等。 申万宏源证券指出，2025年白羽肉鸡继续承压，黄羽肉鸡陷入亏损重启产能去化；2026年肉鸡养殖供给 端波动有望收敛，经济复苏或拉动需求改善。生猪养殖2025年周期持续向下，25Q4进入亏损周期，预 计2026H1迎来价格底部。牧业方面，2023-2024年深度亏损驱动肉牛产能去化，但生产周期较长，2025 年前三季度供给仍惯性增长，预计2026年开启供给收缩并延续至2027年。宠物食品行业2025年景气延续 但出口承压，2026年头部企业市占率提升逻辑将延续。 国信证券指出，农林牧渔行业景气度分化：1）肉牛及原奶看好国内牧业大周期反转，海内外景气有望 共振上行；2）生猪行业反内卷有序推进，产能收缩下龙头成本优势凸显；3）禽类供给波动有限，需求 复苏带动行情回暖；4）饲料行业工业化加深，龙头技术优势扩大；5）宠物行业受益人口结构变化持续 成长。 农牧渔ETF（159275）及其联接基金（联接A：013471，联接C：013472）被动跟踪农牧渔指数，该指 数前十大权重股分别为牧原股份、温氏股份、海大集团、梅花生物、新希望、大北农、生物股份、圣农 发展、北大荒、隆平高科。 11 ...

实现更全面的风险覆盖 生猪养殖利润对饲料价格变动相对更为敏感，应在套保序列中优先配置；而蛋鸡养殖利润更多受蛋周期 本身主导，饲料端对冲仅作为利润管理的辅助工具效果更佳，再结合贸易商的实际情况，制定可能的套 保策略。 本次相关性分析从"饲料原料—养殖成本—消费替代与利润"三大逻辑层次展开，揭示从原料端到养殖端 的价格传导与风险关联。在数据处理上，为全面捕捉市场长期关系与流动性特征，本次测算综合选取了 连续合约、主力合约及价格指数进行交叉验证，确保结果的稳健性与代表性。测算周期力求覆盖各品种 可获取历史数据的最大区间，以包含完整的产业周期波动，避免短期干扰，从而保证相关性分析更贴合 实际情况。 具体相关性分析：豆粕与菜粕保持0.89~0.94的极高正相关性，因其均为植物蛋白原料，供需驱动高度 一致，是最优套利配对；而玉米与豆粕亦呈现0.64~0.78的高度正相关，反映共享饲料需求周期，适用 于构建饲料成本组合以同步对冲原料价格上涨风险。在养殖成本传导方面，生猪与玉米、豆粕分别为弱 至中度正相关（0.37~0.46、0.20~0.35），体现成本传导的时滞与灵活性；鸡蛋与玉米、豆粕的相关性 略强（0.37~0.64 ...

海大集团 公告称，公司已通过以集中竞价方式回购股份方案，回购金额不低于10亿元且不超过16亿 元，用于注销并减少注册资本及实施股权激励计划等，其中10亿元用于注销。按上限测算，预计回购不 低于2580.6451万股，占总股本1.55%；按下限测算，预计回购不低于1612.9033万股，占0.97%。公司通 知债权人，自公告披露45日内可要求清偿债务或提供担保，申报时间为11月15日起45日内工作日特定时 段，联系人杨华芳、李坦航。 ...

（记者 王晓波） 截至发稿，粤海饲料市值为58亿元。 每经头条（nbdtoutiao）——"银行直供房，不计成本卖！"有的半价出售，众多刚需还不知道！银行用 过的房很抢手，有人加价100万元抢拍 每经AI快讯，粤海饲料（SZ 001313，收盘价：8.24元）11月13日晚间发布公告称，广东粤海饲料集团 股份有限公司（以下简称"公司"）近日接到控股股东湛江市对虾饲料有限公司（以下简称"对虾公司"） 通知，获悉其所持有公司部分股份分别办理了质押的手续，本次质押股份数量为466万股。截至本公告 日，对虾公司累计质押股数为9116万股，合计占其所持股份比例为34.45%。 2025年1至6月份，粤海饲料的营业收入构成为：饲料行业占比100.0%。 ...

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].

Group 1 - The core viewpoint of the article is that 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][9] - The repurchase will be conducted using self-raised funds, with a maximum price of 62.00 yuan per share, and the repurchase period is set for five months after the shareholders' meeting approval [9][10] - As of October 28, Haida Group's stock price was 56.69 yuan, down 2.56%, with a total market capitalization of 943 billion yuan [5][10] Group 2 - Haida Group's total assets as of September 30, 2025, were 50.816 billion yuan, with net assets attributable to shareholders at 25.269 billion yuan [9] - The repurchase amount, if at the upper limit of 1.6 billion yuan, would represent approximately 3.15% of total assets, 6.34% of current assets, and 6.33% of net assets [9] - The expected number of shares to be repurchased at the upper limit is at least 25.81 million shares, accounting for 1.55% of the total share capital [10] Group 3 - In 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 of 4.142 billion yuan, up 14.31% [13] - The overseas market has become a significant growth driver, with revenue from overseas regions reaching 8.218 billion yuan, a year-on-year increase of 10.87%, accounting for 13.97% of total revenue [13] - The company 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 [15]

Group 1 - The company announced a share repurchase plan to be approved at the fourth meeting of the seventh board of directors on October 28, 2025 [1] - The total amount for the share repurchase will not be less than RMB 1 billion and not exceed RMB 1.6 billion [1] - RMB 1 billion of the repurchased shares will be used for capital reduction, while any amount exceeding RMB 1 billion will be allocated for employee stock incentive plans [1] Group 2 - For the first half of 2025, the company's revenue composition was 83.45% from the feed industry and 16.55% from the seedling industry [1] - The current market capitalization of the company is RMB 94.3 billion [1]

Core Insights - The company reported a total operating revenue of 797 million yuan for Q3 2025, an increase of 12.17 million yuan compared to the same period last year, representing a year-on-year growth of 1.55% [1] - The net profit attributable to shareholders was -10.48 million yuan, an increase of 11.76 million yuan compared to the same period last year, marking four consecutive years of improvement [1] - The net cash flow from operating activities was -36.11 million yuan, an increase of 34.22 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 41.99%, ranking 4th among disclosed peers, a decrease of 5.40 percentage points from the previous quarter and a decrease of 15.77 percentage points from the same period last year [3] - The latest gross profit margin is 7.04%, an increase of 1.90 percentage points from the same period last year, achieving three consecutive years of growth [3] - The latest return on equity (ROE) is -2.98%, an increase of 2.46 percentage points from the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is -0.03 yuan, an increase of 0.03 yuan compared to the same period last year, marking four consecutive years of improvement [3] - The latest total asset turnover ratio is 1.31 times, ranking 3rd among disclosed peers, an increase of 0.25 times from the same period last year, representing a year-on-year growth of 23.11% [3] - The latest inventory turnover ratio is 8.91 times, ranking 2nd among disclosed peers, an increase of 1.73 times from the same period last year, achieving five consecutive years of growth, with a year-on-year increase of 24.08% [3] Shareholder Information - The number of shareholders is 32,000, with the top ten shareholders holding 172 million shares, accounting for 49.52% of the total share capital [3] - The top shareholders include: 1. Yueyang Guansheng Investment Development Co., Ltd. - 23.01% 2. Yueyang Guansheng Agricultural Technology Co., Ltd. - 11.6% 3. Yueyang Quyuan Agricultural Reclamation Co., Ltd. - 7.70% [3]

Group 1 - The total external guarantee amount by Zhenghong Technology and its subsidiaries is 442 million yuan, with a total balance of 48.93 million yuan, accounting for 13.48% of the company's latest audited net assets [1] - The total guarantee amount provided to off-balance sheet entities is 34.84 million yuan, representing 9.6% of the company's latest audited net assets, with no overdue or litigation-related guarantees [1] - As of the report date, Zhenghong Technology has a market capitalization of 2.5 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Zhenghong Technology is as follows: feed industry accounts for 82.52%, breeding industry accounts for 16.72%, other businesses account for 0.53%, and other industries account for 0.23% [1]