海南天然橡胶产业集团股份有限公司 资产投资管理办法（试行） 第一章 总 则 第一条 宗旨。为规范海南天然橡胶产业集团股份有限公司（以下简称"公 司"）的资产投资管理工作，建立健全科学、高效的投资项目决策流程和实施程 序，提高投资项目审批效率和全过程管理水平，进一步提升投资效益和绩效，根 据《中华人民共和国企业国有资产法》《企业国有资产监督管理暂行条例》《海 南省省属企业投资监督管理办法》等相关规定，结合《海南天然橡胶产业集团股 份有限公司章程》（以下简称《公司章程》）及公司实际情况，特制定本制度。 第二条 定义。本制度中所称"资产投资"是指公司为取得预期目标和收益 而投入经济要素，以形成资产的经济活动，主要包括生产性生物资产投资、固定 资产投资、无形资产投资。 （一）生产性生物资产投资：指营造和购置生产性生物资产的经济活动。生 产性生物资产指为产出农产品、提供劳务或出租等目的而持有的生物资产，包括 经济林（橡胶、果树等）、薪炭林、产畜、役畜等。消耗性生物资产不纳入本制 度管理范畴。 （二）固定资产投资：指建造和购置（盘活）固定资产的经济活动。固定资 产是指为生产商品、提供劳务、出租或者经营管理而持有的、使用寿 ...

独立董事：王季民、张生、冯科 2026 年 2 月 10 日 海南天然橡胶产业集团股份有限公司 第六届董事会独立董事专门会议第九次会议审核意见 根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指 引第 1 号—规范运作》《公司章程》等有关规定，海南天然橡胶产业集团股份有 限公司（以下简称"公司"）召开了第六届董事会独立董事专门会议第九次会议， 对拟提交公司第六届董事会第五十二次会议审议的部分事项进行了事前审核。公 司全体独立董事经认真审阅公司提供的资料，与公司相关人员进行了沟通，基于 独立、客观、公正的判断立场，出具审核意见如下： 一、关于控股股东调整承诺的议案 本次公司控股股东延长承诺履行期限，是基于目前实际情况、从维护上市公 司权益角度作出的，有助于进一步解决同业竞争，符合《上市公司监管指引第 4 号——上市公司及其相关方承诺》等相关法律法规的规定，不存在损害公司和全 体股东特别是中小股东利益的情形。全体独立董事同意该议案，同意将该议案提 交董事会审议。 二、关于 2026 年度日常关联交易的议案 公司预计 2026 年度与关联方发生的日常关联交易均为公司日常生产经营活 动所需，公司与关联 ...

Core Insights - The 2025 Hurun China 500 list highlights the impressive performance of leading companies in the tire industry, with four firms making the list, reflecting the rising competitiveness of China's tire industry in the global value chain [1][12]. Company Summaries - **Haomai Technology**: Ranked 288th with a value of 54 billion yuan, it leads among tire-related companies. The company, known as an "invisible champion" in tire mold manufacturing, achieved over 26% growth in both revenue and net profit in 2025, showcasing the core value and profitability of high-end equipment manufacturing in the tire industry [3][14]. - **Sailun Tire**: Ranked 295th with a value of 52.5 billion yuan, Sailun has made significant strides in brand internationalization, becoming the first Chinese tire brand to enter the global top ten with a brand value of 905 million USD. This marks a shift from price competition to brand premium in the global market [5][6][16]. - **Zhongce Rubber**: Ranked 304th with a value of 51 billion yuan, Zhongce is the oldest tire manufacturer in China and had the largest IPO in 2025. The company reported nearly 40 billion yuan in revenue and 3.8 billion yuan in net profit for 2024, with nearly half of its income coming from overseas. Its global competitiveness is enhanced by new production bases in Thailand, Indonesia, and Mexico [8][17]. - **Wanda Holdings**: Ranked 453rd with a value of 36.5 billion yuan, Wanda's inclusion adds diversity to the list and demonstrates the collaborative development of the tire industry's upstream and downstream sectors [10][18]. Industry Overview - The total value of the 2025 Hurun China 500 companies reached 77 trillion yuan, a 38% increase, with the entry threshold rising to 34 billion yuan. The automotive industry, including major players like CATL, BYD, and Xiaomi, holds significant positions in the top rankings. The collective entry of these four tire companies is seen as a reflection of the booming automotive sector, benefiting from the new energy vehicle wave [11][19].

证券日报网讯2月5日，海南橡胶（601118）在互动平台回答投资者提问时表示，2024年度公司境外收入 189.09亿元，在主营业务收入中占比约为39%。公司海外销售业务主要由位于新加坡的子公司合盛农业 及R1负责，其业务布局充分依托子公司的加工产能与新加坡的地理贸易优势展开(新加坡紧邻泰国、印 尼、马来西亚等天然橡胶主产区)，便于快速整合资源；同时，国际轮胎生产企业多通过新加坡市场进 行即时交易采购，中间商的贸易分销占比相对偏低，形成了以终端直供为主的业务形态。 ...

证券日报网讯 2月5日，海南橡胶（601118）在互动平台回答投资者提问时表示，截至2026年1月20日， 公司股东总户数约为9.01万户。 ...

证券日报网讯 2月5日，海南橡胶（601118）在互动平台回答投资者提问时表示，公司是一家集天然橡 胶种植、加工、贸易、金融、科技研发、橡胶木加工与销售及热带特色高效农业等为一体的大型综合企 业集团，公司生产的橡胶初加工产品主要应用于制造各种轮胎、输送带、工业胶管等工业制品，同时公 司还生产制造乳胶床垫、乳胶枕头等橡胶深加工产品。 ...

Core Insights - The 2026 Central Document emphasizes the transition from "ensuring quantity" to "improving quality" in agriculture, marking the beginning of the 14th Five-Year Plan [2][27] - The document sets a target for grain production at approximately 1.4 trillion jin (around 700 million tons) and initiates a new round of actions to enhance grain production capacity [2][27] - The focus shifts to "new agricultural productivity," indicating a transition from resource input to technology-driven development [2][27] Policy Highlights - The document introduces a "bottom line" and "action" plan, ensuring stable grain production and enhancing agricultural capacity, which will create sustained demand in the planting industry [2][27] - It upgrades the policy on pig production from "monitoring" to "comprehensive capacity regulation," aiming to balance supply and demand in the pork market [2][28] - The document proposes a financial mechanism to support agriculture, utilizing special bonds and long-term bonds to lower financing costs for agricultural enterprises [2][28] Industry Confidence - The document reflects four types of confidence in agriculture: technological confidence, trade confidence, subject confidence, and strategic confidence, which collectively aim to strengthen the agricultural sector [5][30] - The emphasis on technological advancements and international competitiveness in agriculture is expected to benefit leading agricultural enterprises [5][30] ETF Insights - The Agricultural, Animal Husbandry, and Fishery ETF (159275) tracks the CSI Agricultural Index, with its top holdings aligned with the key areas highlighted in the document [6][31] - The ETF's top ten holdings include major companies in pig farming and feed production, which are expected to benefit from the new policies [6][31] - The ETF is viewed as a strategic investment tool for gaining exposure to the core agricultural industry chain, especially at a time when the industry cycle is at a low point [34][45] Market Performance - Following the release of the document, the Agricultural ETF saw a 1.12% increase, indicating rising investor interest [19][40] - Key stocks within the ETF, such as Haida Group and Muyuan Foods, experienced notable price increases, reflecting heightened market attention [19][42] Future Outlook - Short-term policy benefits and seasonal trends may lead to a surge in ETF performance, while mid-term prospects depend on pig prices and capacity adjustments [44][45] - Long-term agricultural modernization is a national strategy, with leading companies expected to capture more market share as industry concentration increases [45][46]

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][4]. Core Views - The report anticipates a reversal in the livestock cycle, particularly benefiting Hong Kong dairy farming stocks [1]. - The monthly recommended stock portfolio includes leading companies in various segments: Yuran Agriculture, Modern Farming, Muyuan Foods, Dekang Agriculture, and Lihua Co., among others [1][3]. - The report highlights the expected upward trend in domestic beef and milk prices, driven by a recovery in the livestock cycle and improved cash flow for leading companies [1][14]. Summary by Sections Livestock Sector - The livestock sector is expected to experience a significant turnaround, with recommendations for Yuran Agriculture and Modern Farming as key beneficiaries [1][14]. - The report notes that domestic beef production capacity is decreasing, which may lead to price increases through 2028 [14]. - The improvement in raw milk prices is anticipated to benefit dairy farming companies, with a projected profit increase for Yuran Agriculture and Modern Farming [17]. Swine Sector - The swine sector is highlighted for its potential recovery, with leading companies like Huazhong, Dekang Agriculture, and Muyuan Foods recommended for investment [1][14]. - The report indicates that the industry is moving towards a more stable price center, supported by a reduction in production capacity and improved cash flow for leading firms [15][20]. Poultry Sector - The poultry sector is expected to see a recovery in demand, with recommendations for Lihua Co. and Shengnong Development [1][18]. - The report notes that the supply of white feather chickens is increasing, but demand is expected to improve, leading to potential price recovery [22][24]. Pet Sector - The pet food market is identified as a growing segment, with a focus on domestic brands like Guibao Pet [1][16]. - The report emphasizes the long-term growth potential of the pet sector, driven by rising consumer sentiment and market expansion [16]. Feed Sector - The feed sector is expected to benefit from deeper industrialization in livestock farming, with leading companies like Haida Group recommended [1][18]. - The report notes that feed prices are at historical lows, providing a strong support level for future price recovery [18].

Core Insights - Nearly 50% of the 2957 A-share listed companies that disclosed their 2025 annual performance forecasts are expected to incur losses [2][3] - The real estate sector is identified as the most affected, with Vanke A (000002.SZ) being the largest loss-maker, projecting a net loss of approximately 82 billion yuan [6][7] Provincial Distribution of Losses - The provinces with the highest proportion of companies expecting losses are Hainan (44.44%), Jilin (41.67%), and Qinghai (40%) [4][5] - Guangdong has the highest number of companies expecting losses at 257, followed by Beijing (172), Jiangsu (160), and Zhejiang (133) [3][4] Industry Analysis - The IT services and software development sectors have the highest number of companies forecasting losses, with 60 companies each, followed by the real estate sector with 54 companies [6] - The top ten companies with the highest expected losses include five from the real estate sector, with Vanke A leading the list [6][7] Notable Loss-Makers - Vanke A is projected to incur a net loss of about 82 billion yuan due to decreased project settlement scale and increased business risks [6][7] - Other significant loss-makers in the real estate sector include China Fortune Land Development (华夏幸福) with expected losses between 16 billion to 24 billion yuan and Greenland Holdings (绿地控股) with losses of 16 billion to 19 billion yuan [7] - In the retail sector, M.K. Home (美凯龙) is expected to report a loss of 15 billion to 22.5 billion yuan, primarily due to investment property valuation losses [7][8] Sector-Specific Losses - The home appliance sector's largest loss-maker is Shenzhen Konka (深康佳A), projecting losses of 12.58 billion to 15.57 billion yuan [8] - The vaccine leader Zhifei Biological Products (智飞生物) is also expected to report a first-time loss of 10.7 billion to 13.73 billion yuan due to decreased public vaccination willingness [8] - In the photovoltaic sector, Tongwei Co. (通威股份) is projected to incur losses of 9 billion to 10 billion yuan due to industry oversupply and rising raw material costs [9]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Insights - The 2026 Central Document emphasizes agricultural modernization, focusing on stabilizing grain production, promoting healthy development in animal husbandry, and enhancing agricultural technology innovation [3][4][5] - The grain production target has been raised to approximately 1.4 trillion jin, with initiatives to improve grain quality and variety [5][6] - The document acknowledges the success of previous measures in the livestock sector and introduces new strategies to boost dairy product consumption [8][9] - Agricultural technology innovation is highlighted, with a focus on the implementation of breeding actions and the integration of AI in agriculture [15][21] Summary by Sections Grain Sector - The document sets a grain production target of stabilizing at around 1.4 trillion jin and emphasizes quality improvement and variety enhancement [5][7] - It includes measures to protect farmers' interests, such as determining minimum purchase prices for rice and wheat [5][7] - The document also stresses the importance of developing a futures market for agricultural products [5][7] Livestock Sector - The document reinforces the need for comprehensive regulation of pig production capacity and acknowledges the success of previous measures in stabilizing the beef and dairy industries [8][9][11] - It promotes measures to enhance dairy product consumption and supports the development of forage crops [9][11] Agricultural Technology - The document continues to emphasize the implementation of breeding actions and the promotion of breakthrough varieties [15][16][17] - It encourages the development of high-end intelligent agricultural machinery and the integration of AI, drones, and IoT into agricultural practices [21][25] Investment Recommendations - The report recommends several companies across different segments, including: - Livestock: YouRan Agriculture, Modern Agriculture [27] - Swine: HuaTong Co., DeKang Agriculture, MuYuan Co., Wen's Co., TianKang Bio, and ShenNong Group [27] - Pet Industry: GuaiBao Pet [27] - Feed: HaiDa Group [27] - Poultry: LiHua Co., YiSheng Co., and ShengNong Development [27] - Animal Health: HuiSheng Bio [27] - Planting Chain: Hainan Rubber, QuanYin High-Tech, Guotou Fengle, and LongPing High-Tech [27]