央视网消息（新闻联播）：党的二十届四中全会提出，加快农业农村现代化，扎实推进乡村全面振兴。 广西、甘肃认真学习贯彻全会精神，持续提升农业综合生产能力和质量效益，为加快建设农业强国贡献 力量。 眼下，广西甘蔗迎来丰收季，联合收割机正加紧收割，一车车新鲜砍收的甘蔗被送往制糖厂，制成各种 食用糖。"十四五"以来，广西糖料蔗种植面积稳定在1100万亩以上，食糖产量稳定在600万吨左右，已 成为我国最大的糖料种植基地和食糖产区。 如何将一根甘蔗"吃干榨尽"？广西正不断延伸产业链。在来宾的一家生物科技公司，制糖后的甘蔗渣， 被研发生产出了可降解的纸质餐具，还同时解决了甘蔗渣废弃物处理的难题，产品深受国内外市场欢 迎。 如今，广西糖料蔗产业链已实现从单一制糖，向综合利用、精深加工的多元化格局转变，研发生产的酵 母、生物肥、超级活性炭等综合利用产品达30余种。贯彻落实全会精神，下一步，广西将推动糖业向高 端化、绿色化、智能化转型升级。 甘肃：推动现代农业提质增效 在甘肃中东部的丘陵山区，党参、黄芪等中药材正在采挖。今年，随着一批新型中药材收获机投入使 用，当地采挖1亩药材的时间缩短至约1小时，效率大大提高。甘肃丘陵山地面积占 ...

公司简介 公司前身是1984年在宜昌成立的食用酵母基地，2000年在上交所上市。目前在全球共建有16家酵母工 厂，2024发酵总产能超45万吨，酵母产品在国内市占率近55%，产销量亚洲第一。全球市占率超20%， 产品远销170多个国家和地区，目前全球市占率第二。 投资逻辑 利润端：成本高位回落、资本开支已过小高峰，27年净利率有望修复至10%+：1）公司核心原材料糖蜜 约占比总成本25-30%，受供需错配影响价格持续3年高涨，对毛利造成显著冲击。公司自22年开始自建 水解糖产能，目前可替代30%糖蜜原材料。同时伴随着上游扩产、粮食作物价格下行，25Q1-Q3毛利率 顺利实现2.3pct修复，我们预计25/26年新榨季成本有望进一步下降至1000元/吨，对应毛利率有望改善 1pct。2）十四五期间伴随着国内扩产及项目搬迁，23/24年折旧费用7.1/8.1亿元，占主业成本比重约 10%。参照近年来产能设计较为宽裕（24年产能/销量分别为45/41万吨），我们认为十五五初期产能建 设速度有望放缓，且产能投放结构持续优化，海外自产自销模式下利润率有望改善。 盈利预测、估值和评级 预计公司25-27年归母净利润分别为 ...

Group 1 - The company announced three capacity expansion plans with a total investment exceeding 1.5 billion RMB to enhance competitiveness and ensure supply of yeast products [1] - The Russian subsidiary plans to increase registered capital and implement a production line expansion project with an annual capacity of 22,000 tons of yeast, with a total investment of 1.062 billion RMB [1] - The company aims to achieve over 600,000 tons of total production capacity in the future, positioning itself as the world's largest yeast company [2][3] Group 2 - As of the first three quarters of this year, the company's revenue reached 11.786 billion RMB, representing a year-on-year growth of 8.01% [2] - The company has a domestic capacity utilization rate of over 90% and an overseas utilization rate of 100%, indicating a capacity shortfall [2] - The yeast industry is characterized by significant economies of scale, with high capacity utilization being crucial for maintaining gross margins [3]

上述大规模扩产动作的背后，是公司产能存在缺口的情况。安琪酵母在11月初接受投资者调研时提到， 目前公司国内产能利用率在90%以上，海外的产能利用率是100%，根据明年销售计划，目前整体产能 还有缺口。在产能规划上，安琪酵母表示，目前公司整体发酵产能在45万吨左右，加上在建的产能合计 约50万吨左右，公司未来目标是全球第一大酵母公司，未来计划产能超过60万吨。 为保障食品原料、酵母产品供应，增强产品竞争力，近日，安琪酵母推出三项产能建设计划，合计投资 逾15亿元。 根据公告，为满足公司"十五五"市场规划需求，进一步保障公司海外酵母类产品供应，全资子公司安琪 酵母（俄罗斯）有限公司（以下简称"俄罗斯公司"）计划增加注册资本暨实施年产2.2万吨酵母生产线 扩建项目，总投资金额为10.62亿元。项目建设期为24个月，预计2026年上半年开工，项目所需资金由 俄罗斯公司自筹，其中借款9.12亿元，剩余部分由公司和安琪酵母（滨州）有限公司以同比例增加俄罗 斯公司资本金方式投入，拟增加资本金折合人民币1.5亿元。 此外，为满足公司"十五五"市场规划需求，进一步保障公司食品原料产品供应，安琪酵母园区工厂计划 实施年产6万吨食 ...

格隆汇11月21日｜安琪酵母公告，安琪酵母（俄罗斯）有限公司计划增加注册资本暨实施年产2.2万吨 酵母生产线扩建项目，投资金额10.62亿元。本次交易尚需提交公司股东会审议及有关部门批准。该项 目在建设过程及经营过程中可能面临市场环境变化、糖蜜价格上涨等风险，敬请广大投资者注意投资风 险。 ...

Core Viewpoint - The article emphasizes the importance of food security as a foundation for national security, highlighting the successful transformation of Binzhou City in Shandong Province into a national model for grain industry economic development through comprehensive efforts across the entire industry chain [1] Group 1: Agricultural Production and Innovation - Binzhou City achieved a historical high grain yield of 435.52 kg per mu in 2024, with per capita grain production nearly double the national average [1] - The city has cultivated 201 large-scale grain and oil processing enterprises, with an annual processing capacity exceeding 15 million tons, which is more than four times the total grain production [1] - The city has implemented advanced agricultural practices, achieving a 99% coverage rate of quality seeds and introducing high-yield wheat varieties with yields reaching 647.5 kg per mu [2][3] Group 2: Industry Chain Development - Binzhou has developed a clustered approach to grain processing, focusing on corn, wheat, soybeans, and sesame, with over 600 products derived from a single grain [3] - The city has established a comprehensive wheat industry chain, from seed breeding to deep processing, creating the longest and most complete chain in the country [3] - The integration of primary, secondary, and tertiary industries has strengthened the resilience of the grain industry, with significant contributions from leading enterprises [8] Group 3: Value Chain Optimization - The city has focused on high-value utilization, with several products leading the national market in terms of production capacity and market share [4] - A circular economy model has been adopted, enhancing the comprehensive utilization rate of raw materials and increasing efficiency [4] - Binzhou has developed a public brand for grain and oil products, significantly boosting brand value and market presence [4] Group 4: Supply Chain Efficiency - Infrastructure investments have improved storage and transportation capabilities, with the establishment of key logistics hubs and a grain emergency supply system [6] - The city has created a robust supply network to ensure food security, with emergency supply points established in every town and community [6] Group 5: Innovation and Collaboration - Binzhou has partnered with national research institutions to drive innovation in grain processing, achieving a comprehensive utilization rate of 98% [7] - The city promotes standardization and quality control in grain supply, with a low grain storage loss rate of approximately 0.4% [7] - The expansion of sales networks and e-commerce has enhanced product accessibility and market reach [7]

Investment Rating - The industry investment rating is "In line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 over the next six months [58]. Core Insights - The food and beverage sector recorded a decline in October 2025, with a component index drop of -0.58%. The performance of the liquor segment significantly dragged down the overall results, while sectors like prepared foods, health products, and baking showed positive growth [6][7]. - From January to October 2025, the food and beverage sector's cumulative performance was -0.97%, underperforming the market benchmark index, with significant contributions from the weak performance of major segments like liquor and beer [11][14]. - The valuation of the food and beverage sector is at a relative low point historically, with a current valuation of 20.06 times earnings, down 6.27% from the previous month. This is the lowest in ten years, with liquor valuations also below the sector average [17]. - In October 2025, 60.16% of individual stocks in the sector saw price increases, indicating that individual stock performance was better than the overall sector [23][29]. Summary by Sections 1. Market Performance of the Food and Beverage Sector - The food and beverage sector experienced a decline in October 2025, with a component index drop of -0.58%. The total trading volume for the sector was 20.352 billion shares, a significant decrease from September [6][7]. - The cumulative performance from January to October 2025 was -0.97%, with the sector ranking last among 31 primary industries [11][14]. 2. Valuation of the Food and Beverage Sector - As of October 31, 2025, the sector's valuation stood at 20.06 times earnings, marking a 6.27% decrease from the previous month. This valuation is lower than 20 other industries, placing it in the lower tier of industry valuations [17]. 3. Individual Stock Performance - In October 2025, 60.16% of individual stocks in the food and beverage sector increased in value, with notable performances from composite seasoning, dairy, health products, and prepared foods [23][29]. - Specific stocks that performed well included Hai Xin Foods (+12.65%), Tang Chen Bei Jian (+8.85%), and others across various sub-sectors [24][25]. 4. Industry Output and Price Factors - The food and beverage manufacturing sector saw a fixed asset investment increase of 22.9% year-on-year in 2024, with a continued high growth level into 2025 [31]. - Production trends showed a decline in liquor and wine output, while fresh meat and edible oil production maintained growth [35][37]. 5. Investment Strategy - The report recommends focusing on investment opportunities in soft drinks, health products, baking, yeast, composite seasoning, and snacks for November 2025 [54][55]. - The suggested stock portfolio includes companies like Bao Li Foods, Li Gao Foods, and Xian Le Health, all rated for potential growth [56].

Core Viewpoint - Anqi Yeast's stock price has shown volatility, with a recent decline of 2.02% and a total market capitalization of 32.439 billion yuan, despite a year-to-date increase of 5.27% [1] Financial Performance - For the period from January to September 2025, Anqi Yeast achieved a revenue of 11.786 billion yuan, reflecting a year-on-year growth of 8.01%, and a net profit attributable to shareholders of 1.116 billion yuan, which is a 17.13% increase compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Anqi Yeast was 60,500, a decrease of 5.29% from the previous period, while the average circulating shares per person increased by 5.59% to 14,161 shares [2] - The company has distributed a total of 3.961 billion yuan in dividends since its A-share listing, with 1.341 billion yuan distributed over the last three years [3] Stock Market Activity - Anqi Yeast's stock has experienced a net outflow of 5.5584 million yuan in principal funds recently, with significant selling pressure observed [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -136 million yuan on March 5, indicating a notable trading activity [1] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 19.6933 million shares, a decrease of 17.2149 million shares from the previous period [3] - New institutional investors include Huatai-PineBridge CSI Major Consumption ETF, which holds 7.6885 million shares [3]

Group 1 - Anqihome Yeast's stock price dropped by 6.1%, reaching 38.50 CNY per share, with a trading volume of 204 million CNY and a turnover rate of 0.62%, resulting in a total market capitalization of 33.42 billion CNY [1] - Anqihome Yeast Co., Ltd. is located in Yichang, Hubei Province, established on March 25, 1998, and listed on August 18, 2000. The company's main business involves the development, production, and operation of yeast, yeast derivatives, and related biological products [1] - The revenue composition of Anqihome Yeast is as follows: 90.62% from yeast and related industries, 7.89% from other sources, and 4.07% from packaging materials [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Penghua Fund holds a significant position in Anqihome Yeast. The Penghua CSI 500 Index Enhanced A (014344) held 326,000 shares in the third quarter, accounting for 1.22% of the fund's net value, ranking as the tenth largest heavy stock [2] - The estimated floating loss for the fund today is approximately 815,000 CNY. The Penghua CSI 500 Index Enhanced A (014344) was established on January 11, 2022, with a current scale of 469 million CNY [2] - Year-to-date, the fund has achieved a return of 44.27%, ranking 1109 out of 4216 in its category. Over the past year, it has returned 45.88%, ranking 949 out of 3885, and since inception, it has returned 47.5% [2] - The fund manager, Su Junjie, has been in position for 7 years and 275 days, managing total assets of 24.924 billion CNY, with the best fund return during his tenure being 86.37% and the worst being -21.6% [2]

Core Insights - The light industry in China has shown significant growth during the "14th Five-Year Plan" period, with key metrics indicating a robust performance in terms of enterprise numbers, retail sales, and export volumes [3][12]. Industry Scale - By 2024, the number of light industry enterprises in China is projected to reach 136,600, with an average annual growth rate of 5.89% since 2020 [3]. - Retail sales of key light industry products are expected to reach 7.93 trillion yuan, accounting for 16.2% of total retail sales of consumer goods [3]. - The total export volume of light industry products is anticipated to hit 925.4 billion USD, with an average annual growth rate of 7.17% since 2020 [3]. Technological Advancements - The light industry is undergoing a dual transformation driven by smart upgrades and green transitions, with significant advancements in automation and AI technologies [4][6]. - As of now, 1,260 national-level 5G factories exist, with 167 in the light industry, representing 13% of the total [6]. - The proportion of smart home appliances has increased from 38% to 62% during the "14th Five-Year Plan" period, contributing to a projected revenue of 1.95 trillion yuan in 2024, a 31.6% increase from 2020 [5]. Innovation and R&D - The light industry has seen a continuous increase in innovation investment, with R&D expenditure intensity rising from 1.72% at the end of the "13th Five-Year Plan" to 2.31% in 2023, reflecting an annual growth rate of 9.2% [8]. - The number of authorized invention patents in the light industry has exceeded 1.79 million, with effective invention patents increasing from 127,000 in 2020 to 214,000 in 2024, showing an annual growth rate of 12.3% [8]. Market Competitiveness - The light industry has strengthened its market competitiveness through supply innovation, channel upgrades, and open cooperation [11]. - In 2024, the export volume of the light industry is expected to account for 25.9% of the national total, maintaining the top position for five consecutive years [12]. - The retail sales of key light industry products have grown from 5.98 trillion yuan in 2020 to 7.93 trillion yuan in 2024, with an average annual growth rate of 7.29% [12].