Core Viewpoint - The animal health sector experienced a slight decline of 0.05% on December 31, with Xianfeng Holdings leading the drop. The Shanghai Composite Index rose by 0.09%, while the Shenzhen Component Index fell by 0.58 [1] Group 1: Market Performance - The closing price of Xianfeng Holdings was 3.73, down by 2.61%, with a trading volume of 182,700 shares and a transaction amount of 68.47 million [2] - The animal health sector's main stocks showed mixed performance, with *ST Lvkang rising by 2.46% to 33.71, while several others, including Xianfeng Holdings and Ruipu Bio, saw declines [1][2] - The total trading volume in the animal health sector was significant, with major stocks like Ruipu Bio and Xianfeng Holdings contributing to the overall market activity [2] Group 2: Capital Flow - The animal health sector saw a net outflow of 45.26 million from institutional investors, while retail investors contributed a net inflow of 39.94 million [2] - The capital flow data indicates that retail investors were more active in the market, with a notable net inflow compared to the outflow from institutional investors [2] - Specific stocks like Huisheng Bio and *ST Lvkang had varying levels of net inflow and outflow from different investor categories, reflecting diverse investor sentiment [3]

证券代码：600201 证券简称：生物股份 公告编号：临 2025-064 金宇生物技术股份有限公司 关于股东股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 内蒙古金宇生物控股有限公司（以下简称"生物控股"）持有金宇生物技 术股份有限公司（以下简称"本公司"、"公司"）股份 122,304,000 股， 占本公司总股本的 11.00%。本次股份质押后，其累计质押本公司股份数 量为 27,000,000 股，占生物控股持有本公司股份数量的 22.08%。 一、公司股份质押情况 公司于 2025 年 12 月 31 日接到股东生物控股函告，获悉其将所持有的本公司 8,400,000 股无限售流通股股票质押给中国民生银行股份有限公司呼和浩特分行， 并在中国证券登记结算有限责任公司办理完成了证券质押登记手续，具体事项如 下： 他保障用途。 3、股东累计质押股份情况 截至公告披露日，生物控股及其一致行动人累计质押股份情况如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | | ...

Group 1 - The core viewpoint of the news is that Jinyu Biological Technology Co., Ltd. has seen a stock price increase of 1% to 15.15 CNY per share, with a trading volume of 223 million CNY and a market capitalization of 16.843 billion CNY as of December 31 [1] - The company, established on March 13, 1993, and listed on January 15, 1999, primarily engages in the research, production, and sales of veterinary biological products, with main business revenue composition being 94.42% from biopharmaceuticals, 3.18% from other income, and 2.40% from supplementary sources [1] Group 2 - From the perspective of major fund holdings, one fund under China Merchants Fund has heavily invested in Jinyu Biological, specifically the China Merchants CSI Animal Husbandry ETF (516670), which increased its holdings by 834,000 shares to a total of 3.6029 million shares, representing 3.95% of the fund's net value, making it the eighth-largest holding [2] - The China Merchants CSI Animal Husbandry ETF (516670) was established on March 18, 2021, with a current scale of 879 million CNY, achieving a year-to-date return of 14.24% and a one-year return of 12.42%, while its performance since inception shows a loss of 29.02% [2]

Group 1 - A total of 88 stocks in the A-share market experienced block trading today, with a total transaction value of 2.359 billion yuan [1] - The top three stocks by transaction value were Giant Network at 302 million yuan, Muyuan Foods at 187 million yuan, and New Asia Electronics at 130 million yuan [1] - Among the stocks, 4 were traded at par, 4 at a premium, and 80 at a discount; the highest premium rates were for Shenghua Biotech at 8.2%, Vanke A at 2.6%, and Jinko Power at 1.07% [1] Group 2 - The top buying amounts from institutional special seats were led by Giant Network at 302 million yuan, followed by Changchuan Technology at 105 million yuan and Tuojing Technology at 103 million yuan [2] - The top selling amounts from institutional special seats were led by Jinko Power at 99.4 million yuan and Zhongji Xuchuang at 16.36 million yuan [2]

12月30日，生物股份大宗交易成交14.79万股，成交额240.04万元，占当日总成交额的0.4%，成交价 16.23元，较市场收盘价15元溢价8.2%。 ...

证券之星消息，12月30日动物保健板块较上一交易日下跌0.91%，生物股份领跌。当日上证指数报收于 3965.12，下跌0.0%。深证成指报收于13604.07，上涨0.49%。动物保健板块个股涨跌见下表： 从资金流向上来看，当日动物保健板块主力资金净流出1.05亿元，游资资金净流入4812.36万元，散户资 金净流入5735.09万元。动物保健板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002141 | 赔丰控股 | 3.83 | 4.08% | 37.86万 | 1.44亿 | | 300119 | 瑞普生物 | 19.19 | 0.00% | 3.36万 | 6454.17万 | | 603566 | 普莱柯 | 12.50 | -0.16% | 2.70万 | 3375.65万 | | 920729 | 永顺生物 | 8.68 | -0.23% | 4725.43 | 409.76万 | | 300871 | 回盛生物 | 20.64 | -0.29% | ...

Core Viewpoint - The stock of Bio Co., Ltd. has experienced significant fluctuations, with a year-to-date increase of 120.79% but a recent decline of 10.77% over the past five trading days, indicating volatility in investor sentiment and market performance [1]. Company Performance - As of September 30, 2025, Bio Co., Ltd. reported a revenue of 1.042 billion yuan, reflecting a year-on-year growth of 7.38%, while the net profit attributable to shareholders decreased by 4.85% to 161 million yuan [2]. - The company has a cumulative cash distribution of 2.219 billion yuan since its A-share listing, with 189 million yuan distributed over the past three years [3]. Shareholder Information - The number of shareholders for Bio Co., Ltd. decreased by 10.70% to 49,000, while the average number of circulating shares per person increased by 11.12% to 22,673 shares [2]. - Notable institutional shareholders include Guotai CSI Livestock Breeding ETF, which increased its holdings by 9.09 million shares, and Hong Kong Central Clearing Limited, which added 1.094 million shares [3]. Market Activity - The stock price of Bio Co., Ltd. was reported at 15.08 yuan per share, with a market capitalization of 16.765 billion yuan. The trading volume was 83.7786 million yuan, with a turnover rate of 0.50% [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on December 24, where it recorded a net buy of -63.219 million yuan [1].

Group 1 - The stock of Jin Yu Biological Technology Co., Ltd. decreased by 1.3% on December 30, trading at 15.19 yuan per share, with a total market capitalization of 16.887 billion yuan [1] - The company, established on March 13, 1993, and listed on January 15, 1999, primarily engages in the research, production, and sales of veterinary biological products, with main business revenue composition being 94.42% from biopharmaceuticals, 3.18% from other income, and 2.40% from supplementary sources [1] Group 2 - The fund under招商基金 holds a significant position in Jin Yu Biological, with the 招商中证畜牧养殖ETF (516670) increasing its holdings by 834,000 shares in the third quarter, totaling 3.6029 million shares, which represents 3.95% of the fund's net value, ranking as the eighth largest holding [2] - The 招商中证畜牧养殖ETF (516670) was established on March 18, 2021, with a current size of 878 million yuan, yielding a return of 13.79% this year, ranking 3260 out of 4195 in its category, and a one-year return of 11.04%, ranking 3318 out of 4179 [2] Group 3 - The fund manager of 招商中证畜牧养殖ETF (516670) is Liu Chongjie, who has been in the position for 7 years and 242 days, managing total assets of 32.873 billion yuan, with the best fund return during his tenure being 102.53% and the worst being -35.89% [3]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The pork industry continues to face losses, with a focus on pig farming opportunities. The average price of live pigs is 11.59 CNY/kg, down 0.46% week-on-week. The total breeding sow inventory is 39.9 million heads, down 1.1% month-on-month and 2.1% year-on-year. The industry is experiencing ongoing losses, with self-bred and purchased pig farming losses at 130.11 CNY/head and 162.80 CNY/head respectively. The recent anti-dumping ruling may alleviate domestic pork supply pressure, leading to accelerated capacity reduction [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated winter crop seed supervision checks to ensure seed safety for the upcoming spring and summer planting. The checks focus on key crops such as corn, rice, soybeans, cotton, and vegetables. The commercialization of genetically modified technology is expected to accelerate, enhancing self-sufficiency rates of key varieties. Recommended stocks include Beidahuang and Suqian Agricultural Development [1][11]. Pig Farming - The average price of live pigs is reported at 11.59 CNY/kg, with a slight decrease of 0.46% from the previous week. The average price for pig futures is 11,469 CNY/ton, reflecting a 1.07% increase. The average weight of pigs post-slaughter is 89.57 kg, with a month-on-month increase of 3.21% in slaughter volume [12][62][65]. Recommended Stocks - For pig farming, recommended stocks include: 1. Livestock sector: Lihua Stock, Muyuan Food, Shuanghui Development, Dekang Agriculture, Jingji Zhino, and Wens Foodstuff 2. Feed sector: Haida Group 3. Animal health sector: Jinhai Biological, Biological Shares, Placo, and Zhongmu Shares [2][12].

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][42] Core Views - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 1.55% from December 12 to December 25, 2025, lagging behind the index by approximately 0.43 percentage points [11][14] - All sub-sectors recorded positive returns during the same period, with notable increases in agricultural product processing (3.04%), animal health (2.95%), planting (2.28%), fishery (1.56%), breeding (0.81%), and feed (0.29%) [14][15] - The overall price-to-book (PB) ratio for the industry is approximately 2.79 times, indicating a slight recovery in valuation, which remains at a historical low level, around the 62.7 percentile since 2006 [18][24] Industry Important Data - **Pig Farming**: The average price of external three-way cross pigs increased from 11.45 CNY/kg to 11.59 CNY/kg during the reporting period. The cost of corn and soybean meal has slightly decreased, with corn priced at 2338.04 CNY/ton and soybean meal at 3102 CNY/ton as of December 25, 2025 [22][24] - **Profitability**: As of December 26, 2025, the profit for self-bred pigs was -130.11 CNY/head, and for purchased piglets, it was -162.8 CNY/head, showing a reduction in losses compared to the previous two weeks [27] - **Poultry Farming**: The average price of broiler chicks was 3.59 CNY/chick, showing a slight increase, while the average price for white feather broilers was 7.82 CNY/kg, with profitability improving to 0.89 CNY/chick [29][33] Industry Insights - The report emphasizes the potential for a rebound in pig prices as the seasonal consumption peak approaches, with a focus on the high inventory of breeding sows and the opportunities for leading pig farming companies [42][43] - In poultry farming, the report highlights the recovery in white feather broiler prices and the improvement in profitability, suggesting a positive outlook for leading poultry companies [42][43] - The report also notes growth potential in the domestic pet market and the expected increase in export volumes, recommending attention to promising domestic leaders in this sector [42][43]