5、据2023年4月13日互动易回复：庄园牧场作为国家级农业产业化龙头企业，一如既往地积极响应国家 关于实现乡村振兴的政策，坚定不移地支持全面推进乡村振兴的各项工作。公司在确保稳健经营的基础 上，通过产业链带动方式践行乡村振兴工作，主要包括与公司驻地合作社签订物流配送协议支付物流运 输款带动农户增收；与公司自有牧场驻地周边乡镇以"公司+基地+农户"的订单收购模式收购全株玉米 带动农户增收；通过租赁自有牧场驻地农户土地的方式以及通过吸纳驻地农户就业等方式带动农户增 收。 来源：新浪证券-红岸工作室 11月25日，庄园牧场涨1.71%，成交额6239.78万元，换手率3.41%，总市值20.90亿元。 异动分析 乳业+生态农业+宠物经济+国企改革+乡村振兴 1、兰州庄园牧场股份有限公司主要从事乳制品和含乳饮料的生产、加工、销售及奶牛养殖业务，产品 包括以荷斯坦牛奶为主要原料的巴氏杀菌乳、灭菌乳、调制乳、发酵乳、含乳饮料等各类液态乳制品， 分别主要拥有"庄园牧场"、"圣湖"、"东方多鲜庄园"三个乳品品牌。 2、庄园牧场此前一直在西北地区发力，秉持"以质量求生存"的发展理念，坚持"市场开发与供给能力相 协调"的平衡发 ...

格隆汇11月24日丨中国圣牧(01432.HK)宣布，于2025年11月24四日，公司的间接全资附属公司圣牧高科 (为其自身及代表其附属公司)与内蒙古蒙牛(为其自身及代表其附属公司)订立2026年生鲜乳供应框架协 议，内容有关中国蒙牛集团向集团采购生鲜乳，期限为三年，自2026年1月1日起至2028年12月31日止。 2026年生鲜乳供应框架协议乃重续上述双方订立日期为2022年11月17日的生鲜乳供应框架协议。 ...

新华财经北京11月24日电据农业农村部对全国500个县集贸市场和采集点的监测，11月第3周（采集日为 11月20日）肉羊价格环比上涨，生猪产品、鸡蛋、鸡肉、商品代雏鸡、活牛、蛋鸡配合饲料价格环比下 跌，牛肉、生鲜乳、玉米、豆粕、育肥猪配合饲料、肉鸡配合饲料价格环比持平。 内蒙古、河北等10个主产省份生鲜乳平均价格3.03元／公斤，与前一周持平，同比下跌3.2%。 饲料价格 全国玉米平均价格2.43元／公斤，与前一周持平，同比上涨3.4%。主产区东北三省玉米价格2.23元／公 斤，与前一周持平；主销区广东省玉米价格2.48元／公斤，比前一周上涨0.8%。全国豆粕平均价格3.29 元／公斤，与前一周持平，同比下跌1.8%。育肥猪配合饲料平均价格3.36元／公斤，与前一周持平，同 比下跌0.9%。肉鸡配合饲料平均价格3.49元／公斤，与前一周持平，同比下跌0.6%。蛋鸡配合饲料平均 价格3.21元／公斤，比前一周下跌0.3%，同比持平。 （文章来源：新华财经） 家禽产品价格 全国鸡蛋平均价格8.61元／公斤，比前一周下跌0.6%，同比下跌22.4%。河北、辽宁等10个主产省份鸡 蛋价格7.09元／公斤，比前一周下跌 ...

Group 1: New Materials Industry - The rare earth magnetic materials industry experienced a decline of 4.08% this week, underperforming the benchmark by 3 percentage points [2] - The industry valuation (TTM P/E) fell by 3.32 times to 73.9 times, currently at 87.2% of its historical percentile [2] - Prices of rare earth concentrates showed a slight decline, with mixed carbonate rare earth ore prices dropping by 2.78% [3] - Praseodymium and neodymium prices peaked and then fell, with praseodymium oxide average price decreasing by 1.8% [3] - Dysprosium prices continued to decline, with an average decrease of 2.58% for dysprosium oxide [4] - The price of sintered neodymium-iron-boron N35 decreased by 1.45%, indicating weak demand and limited order releases [4] Group 2: Investment Recommendations - The short-term prices in the rare earth sector are driven by market sentiment, with supply expected to decrease before the end of the year, while demand remains positive [5] - The overall valuation and performance levels are supported by loose liquidity and industrial policies, but high valuations may face pressure due to declining market risk appetite [5] - The industry maintains an "overweight" rating, with expectations for price recovery and improved market conditions following the easing of export controls [6] - Focus on upstream rare earth resource companies is recommended due to expected supply contraction and strategic value positioning [6] - Downstream magnetic material companies are also expected to benefit from price recovery, particularly those with strong customer structures and new growth opportunities [6] Group 3: Food and Beverage Industry - The food and beverage industry saw a decline of 0.56% from November 3 to November 7, while outperforming the broader market indices [8] - The industry valuation is currently at a low level, with a PE ratio of 22X, ranking 23rd among primary industries [9] - The CPI showed a mild increase of 0.2% in October, with food prices declining by 2.9% [10][11] - Investment recommendations suggest focusing on leading companies with stable demand and strong risk resistance, as well as those innovating in new products and channels [12] - The food and beverage sector maintains a "buy" rating, emphasizing the potential for recovery in the current low valuation environment [12]

Core Viewpoint - The company, Lanzhou Zhuangyuan Pasture Co., Ltd., is facing challenges in the traditional dairy industry but is exploring new opportunities in the pet food market through its subsidiary, Gansu Duoxian Supply Chain Co., Ltd., which launched a pet food brand called "Safiyy" featuring a unique "milk beef" ingredient [2][3]. Company Overview - Lanzhou Zhuangyuan Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle farming. Its product range includes pasteurized milk, sterilized milk, modified milk, fermented milk, and various liquid dairy products under the brands "Zhuangyuan Pasture," "Shenghu," and "Dongfang Duoxian Zhuangyuan" [2][3][9]. - The company is a state-owned enterprise controlled by the Gansu Provincial Government's State-owned Assets Supervision and Administration Commission [4]. Market Position - The company has established itself as a leading dairy product enterprise in Gansu and Qinghai, achieving a market share of 20% [3]. - The main revenue sources for the company include sterilized milk (37.04%), fermented milk (24.37%), modified milk (22.21%), pasteurized milk (8.20%), fresh milk (4.60%), and other products (2.77%) [9]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 629 million yuan, a year-on-year decrease of 3.10%, while the net profit attributable to shareholders was -48.44 million yuan, reflecting a year-on-year increase of 59.08% [9]. - The company has distributed a total of 64.69 million yuan in dividends since its A-share listing, with a cumulative payout of 12.19 million yuan over the past three years [9]. Strategic Initiatives - The company actively supports national policies on rural revitalization, engaging in various initiatives to boost farmers' income, such as signing logistics agreements with local cooperatives and adopting an "enterprise + base + farmers" model for purchasing crops [4].

Core Viewpoint - The company reported a decrease in self-produced fresh milk production for October 2025, indicating a downward trend in production levels compared to both the previous month and the same period last year [1] Production Data - The production volume of self-produced fresh milk for October 2025 is 2,606.38 tons [1] - This represents a decrease of 2.81% compared to the previous month [1] - Year-on-year, the production has declined by 9.21% compared to the same month last year [1]

Core Insights - The agricultural market is experiencing mixed price trends for various livestock and feed products, with beef and mutton prices increasing while pork and egg prices are declining [1][2][3][4]. Livestock Prices - The average price of piglets is 24.59 yuan/kg, down 0.8% week-on-week and 29.6% year-on-year [2] - The national average price of live pigs is 12.71 yuan/kg, down 0.4% week-on-week and 28.6% year-on-year [2] - The average price of pork is 23.17 yuan/kg, down 0.3% week-on-week and 20.6% year-on-year [2] - The average price of beef is 71.46 yuan/kg, up 0.2% week-on-week and 6.5% year-on-year [4] - The average price of mutton is 70.98 yuan/kg, up 0.3% week-on-week and 1.6% year-on-year [4] Poultry Prices - The average price of eggs is 8.67 yuan/kg, down 0.7% week-on-week and 23.4% year-on-year [3] - The average price of chicken is 22.33 yuan/kg, unchanged week-on-week and down 5.4% year-on-year [3] - The average price of broiler chicks is 3.55 yuan each, down 0.6% week-on-week and 10.1% year-on-year [3] Dairy and Feed Prices - The average price of fresh milk is 3.02 yuan/kg, down 0.3% week-on-week and 3.2% year-on-year [5] - The average price of corn is 2.44 yuan/kg, down 0.4% week-on-week but up 3.0% year-on-year [6] - The average price of soybean meal is 3.28 yuan/kg, up 0.6% week-on-week but down 1.8% year-on-year [6]

Group 1 - The core viewpoint of the news is that Knight Dairy Industry's stock performance and financing activities indicate a low level of market engagement, with significant growth in revenue and profit reported for the recent period [1][2]. Group 2 - Knight Dairy Industry's stock price decreased by 1.29% on November 7, with a trading volume of 52.12 million yuan [1]. - The company had a net financing purchase of 1.0654 million yuan on the same day, with a total financing balance of 19.7839 million yuan, representing 0.95% of its market capitalization [1]. - The financing balance is below the 40th percentile level over the past year, indicating a low position [1]. - There were no short selling activities reported on November 7, with a short selling balance of 0.00 shares, which is at a high level compared to the past year [1]. Group 3 - Knight Dairy Industry, established on May 22, 2007, is located in Baotou City, Inner Mongolia, and was listed on October 13, 2023 [2]. - The company's main business includes the cultivation of forage, corn, and sugar beets, intensive dairy farming, and the production and sale of organic fresh milk and dairy products [2]. - The revenue composition includes fresh milk (37.98%), liquid milk (20.17%), white sugar (15.29%), and other dairy products (8.65%) [2]. - For the period from January to September 2025, the company reported a revenue of 914 million yuan, a year-on-year increase of 24.01%, and a net profit of 39.0971 million yuan, a year-on-year increase of 281.30% [2]. Group 4 - After its A-share listing, Knight Dairy Industry has distributed a total of 41.8106 million yuan in dividends [3].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 914 million yuan, a year-on-year increase of 24.01%, and net profit attributable to the parent company at 39.09 million yuan, a year-on-year increase of 281.30% [1] - The subsidiary, Kubuchi Animal Husbandry, is gradually starting production, which is expected to enhance profitability [1] - The company is expanding its community group buying and supermarket channels, which is anticipated to further boost sales [2] Financial Summary - For 2025, the company forecasts net profit attributable to the parent company to be 77 million yuan, 105 million yuan, and 136 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.37, 0.50, and 0.65 yuan per share [1][5] - The projected P/E ratios for 2025, 2026, and 2027 are 27.8, 20.4, and 15.8 times respectively [1][5] - The company’s revenue is expected to grow from 1.4 billion yuan in 2025 to 1.8 billion yuan in 2027, reflecting a compound annual growth rate [5][7] Market Conditions - The domestic dairy industry is currently characterized by a "strong supply, weak demand" situation, which is expected to continue affecting raw milk prices [3] - The company is actively engaging in community group buying platforms and expanding into well-known supermarket chains, which may help mitigate some of the supply-demand pressures [2]

Investment Rating - The report provides a positive outlook for the Hong Kong food and beverage sector, indicating potential investment opportunities in resilient companies within the industry [2][9]. Core Insights - The report outlines six phases of the Hang Seng Consumer Staples Index, highlighting the cyclical nature of the industry and the impact of external factors such as economic conditions and policy changes on consumer demand [3][4][28]. - The analysis emphasizes the importance of identifying resilient stocks in the food and beverage sector, particularly in the upstream farming and downstream dairy product industries, as they are expected to benefit from market dynamics and policy support [6][7][53]. Summary by Sections Phase Review of the Hang Seng Consumer Staples Index - Phase 1: Downward trend due to slowing GDP and reduced consumer demand, leading to a decline in the index [3]. - Phase 2: Strong recovery driven by global economic recovery and improved earnings of leading consumer staples companies [3]. - Phase 3: Period of volatility influenced by trade tensions and tightening global liquidity [3]. - Phase 4: Rapid increase in the index due to the rigid demand for essential consumption during the pandemic [3]. - Phase 5: Continuous decline influenced by repeated pandemic disruptions and rising raw material costs [4]. - Phase 6: Valuation recovery initiated by domestic consumption policies and inflow of long-term capital [4][28]. Investment Opportunities in the Food and Beverage Sector - Upstream farming opportunities are highlighted, with a focus on the dairy and beef sectors, where prices are expected to stabilize and rise due to supply constraints and recovering demand [6][44]. - Downstream dairy product opportunities are supported by recent policies aimed at boosting demand and improving market competition, which will benefit leading companies in the sector [7][53]. Investment Recommendations - Companies such as Yurun Agriculture (09858.HK) and Modern Farming (01117.HK) are recommended for their strong cash flow and potential to benefit from the anticipated recovery in raw milk prices [9][57]. - The report suggests that policy support will create upward momentum for companies like Mengniu Dairy (02319.HK) and H&H International Holdings (01112.HK), which are positioned to capitalize on market opportunities [10][57]. - The potential for industry restructuring and the emergence of leading companies is noted, particularly in the coconut water segment, with recommendations for IFBH (06603.HK) [11][58].