Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Views - The report highlights a structural shortage in the pig industry, with pessimistic expectations likely to be corrected [2] - The report emphasizes the acceleration of capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3] Summary by Sections Investment Recommendations and Targets - The report recommends a positive outlook on the pig farming sector, suggesting that recent policies and market dynamics will drive capacity reduction, benefiting long-term performance. Key stocks include Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - For the post-cycle sector, the report notes a continuing structural growth trend, with potential profit transmission down the supply chain if the current capacity reduction in pig farming proceeds smoothly. Relevant stocks include Haida Group (002311, Buy) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the report indicates a confirmed upward trend in grain prices, with favorable fundamentals for planting and seed industries, highlighting significant investment opportunities. Related stocks include Suqian Agricultural Development (601952, Not Rated), Beidahuang (600598, Not Rated), Hainan Rubber (601118, Not Rated), and Longping High-Tech (000998, Not Rated) [3] - The pet sector is noted for being in a phase of growth and price increases, with continuous expansion in overseas markets and rising domestic brand recognition. Key stocks include Guibao Pet (301498, Not Rated), Zhongchong Co. (002891, Not Rated), and Petty Holdings (300673, Not Rated) [3] Industry Fundamentals - The report discusses the acceleration of capacity reduction in the pig industry, with the average price of live pigs as of December 26 at 11.63 CNY/kg, reflecting a week-on-week increase of 0.43% [13] - The report notes that the supply side is experiencing structural shortages, leading to price increases for medium and large pigs, with expectations of increased sales activity from smallholders as the New Year approaches [13] - The report also covers the white feather broiler chicken market, indicating a return to low volatility with prices rising to 7.82 CNY/kg, a week-on-week increase of 6.39% [19] - The report highlights the feed sector, noting that raw material prices are stabilizing at the bottom, with corn prices at 2338.63 CNY/ton, down 0.43% week-on-week, and soybean meal prices at 3174.86 CNY/ton, up 1.20% [29]

Core Viewpoint - Sanya Yazhou Bay Science and Technology City High-tech Zone is transforming into a hub for innovation, focusing on the development of deep-sea technology and seed industry, leveraging its unique geographical and policy advantages to foster a robust ecosystem for emerging industries [4][12]. Group 1: Port Transformation - Sanya Nanshan Port has evolved from a minor cargo port to China's first public scientific research vessel mother port within three to four years, becoming a popular choice in the domestic scientific research community [3][4]. - The port has achieved over 1,000 scientific research vessel calls in just two years, with expectations to exceed 2,000 calls by 2025, positioning itself as one of the busiest scientific research mother ports globally [7][10]. Group 2: Economic Growth - The deep-sea industry has seen a revenue increase of 341.7% year-on-year in the first three quarters of 2025, highlighting the significant growth and potential of the blue economy in the region [10]. - The establishment of 11 deep-sea equipment research and operation bases and the development of 28 production lines indicate a strong clustering effect in the deep-sea technology sector [10]. Group 3: Seed Industry Development - China Seed Group has signed a strategic cooperation agreement with Beidahuang Kenfeng Seed Industry Co., focusing on core technology breakthroughs and market expansion in the seed industry [11]. - The technology city has established 20 research platforms in the seed industry, making it the largest and most comprehensive in the country, with an annual output value exceeding 18 billion yuan [12].

Investment Rating - Industry rating: Recommended [3] Core Views - The report emphasizes the importance of the EU's anti-dumping duties on imported pork, which are expected to alleviate domestic supply pressures and stabilize prices in the pork market. The anti-dumping tax rates range from 4.9% to 19.8% and will take effect from December 17, 2025 [2][12] - The report highlights the ongoing adjustments in the pig breeding capacity, with a noted decrease in the number of breeding sows, which is expected to support price recovery in the pork market [2][12] - The report suggests that the commercialization of genetically modified seeds will accelerate, enhancing self-sufficiency in key crop varieties and benefiting companies in the seed industry [11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated inspections to ensure the safety of seeds for the upcoming spring and summer planting seasons, focusing on key crops such as corn, rice, soybeans, cotton, and vegetables [11] - The report identifies companies like Beidahuang and Suqian Agricultural Development as beneficiaries in the planting sector, while companies with significant advantages in the seed industry include Dabeinong and Longping High-Tech [11] Pig Breeding - The average price of live pigs is reported at 11.64 CNY/kg, with a week-on-week increase of 1.45%. The total number of breeding sows is 39.9 million, reflecting a decrease of 1.1% month-on-month and 2.1% year-on-year [2][12] - The report recommends focusing on companies with significant cost improvements and high future output elasticity, including Li Hua Co., Muyuan Foods, and WH Group in the breeding sector, and Haida Group in the feed sector [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2351.76 CNY/ton, with a week-on-week decrease of 0.26% [25] - Wheat: The average price is 2517.30 CNY/ton, with a week-on-week increase of 0.04% [28] - Soybeans: The average price is 4014.74 CNY/ton, remaining stable week-on-week [40] - Cotton: The average price is 14950.00 CNY/ton, with a week-on-week increase of 0.67% [44] Feed and Vitamin Prices - The average price of pig feed is 2.62 CNY/kg, with no change week-on-week. The average price of chicken feed is 3.5 CNY/kg, reflecting a week-on-week increase of 0.29% [51][53]

Group 1 - The core point of the article is the appointment of Mr. Zou Yi as the Vice General Manager (part-time) of Sukang Agricultural Development (601952) [1]

证券日报网讯 12月15日晚间，苏垦农发发布公告称，公司第五届董事会第十四次会议审议通过《关于 大华种业控股收购华丰种业的议案》《关于聘任公司副总经理的议案》。 （文章来源：证券日报） ...

Group 1 - Shareholder Zhang Yu of Kehua Holdings plans to reduce his stake by up to 3%, amounting to no more than 5.83 million shares within three months [1] - Shanghai Ailu has signed a strategic cooperation agreement with Southern Road Machinery to provide packaging products for the dry-mixed mortar industry [2] - Xingyuan Zhuomei appointed Gong Chunming as the new deputy general manager [3] Group 2 - Tongyi Zhong's shareholder has set a preliminary transfer price of 15.47 yuan per share for a total of 4.27 million shares [4] - Anada's shareholder did not implement the planned share reduction of up to 2% by the deadline [5] - Rongchang Bio plans to repurchase shares worth between 20 million to 40 million yuan at a price not exceeding 95 yuan per share [6] Group 3 - Hainan Airport reported an 8.16% year-on-year increase in passenger throughput for November, totaling 2.09 million passengers [7] - Lanjian Intelligent plans to apply for a bank credit line of up to 1.2 billion yuan for various financial operations [8] - Xinlei Co. received a total of 561.43 million yuan in land acquisition and compensation payments [9] Group 4 - Foster reported a surplus of 321 million yuan from four fundraising projects, which will be used to supplement working capital [10] - China Southern Airlines experienced a 10.42% year-on-year increase in passenger turnover for November [12] - China National Airlines reported a 10.1% year-on-year increase in passenger turnover for November [17] Group 5 - Sanyou Chemical plans to register and issue mid-term notes not exceeding 1.3 billion yuan [18] - Quanyuan Spring used 60 million yuan of idle funds to purchase structured deposits [19] - Su Keng Agricultural Development appointed Zou Yi as the new deputy general manager [20] Group 6 - Jingneng Real Estate received approval to register mid-term notes totaling up to 2 billion yuan [21] - Dechang Co. received approval from the CSRC for a targeted issuance of shares [23] - Jiufeng Bio obtained a medical device registration certificate for its fructosamine testing kit [24] Group 7 - Jinzi Ham's president Guo Bo resigned for personal reasons, while Zheng Hu was appointed as the new president [25] - China Eastern Airlines reported a 10.35% year-on-year increase in passenger turnover for November [26] - Fengfan Co.'s controlling shareholder is in the process of acquiring 17.32% of the company's shares [27] Group 8 - Zhenghai Bio signed a technical development contract with the Chinese Academy of Agricultural Sciences for a collagen product project worth 12 million yuan [28] - Xinhua Insurance reported a 16% year-on-year increase in cumulative original insurance premium income for the first 11 months [29] - Jingjia Microelectronics' subsidiary completed key stages of its AI SoC chip project [30] Group 9 - Shanghai Pharmaceuticals' hydrochloride sotalol tablets passed the consistency evaluation for generic drugs [31] - Heshun Technology's subsidiary's carbon fiber project has entered a stable operational phase [32] - Spring Airlines reported an 18.02% year-on-year increase in passenger turnover for November [33] Group 10 - Huaxin New Materials proposed a mid-term dividend plan of 1 yuan per 10 shares [34] - Keda Li plans to increase capital by 300 million yuan for its wholly-owned subsidiary [35] - Jinguang Electric won a bid for a high-voltage direct current transmission project worth 84.86 million yuan [36] Group 11 - XGIMI Technology's subsidiary received a development notification for a vehicle-mounted projection project from a well-known domestic automotive manufacturer [37]

证券代码：601952 证券简称：苏垦农发 公告编号：2025-065 江苏省农垦农业发展股份有限公司 关于聘任公司副总经理的公告 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。 附件 邹轶先生简历 邹轶，男，中国国籍，无境外永久居留权，1983 年 2 月出生，研究生学历， 研究员。曾任江苏省农科院科研管理处综合科科长、省部共建国家重点实验室培 育基地—江苏省食品质量安全重点实验室办公室副主任（正科级）、江苏省农科 院办公室秘书科科长、科研处副处长。现任江苏省农科院国际合作处处长，苏垦 农发党委委员、副总经理（挂职）。 2 邹轶先生具备担任公司副总经理的相关专业知识、工作经验和管理能力，其 任职资格符合《公司法》《上海证券交易所股票上市规则》等法律法规和规范性 文件的规定，不存在被中国证监会、证券交易所或其他有关部门处罚的情形，未 发现有相关法律法规规定的禁止任职的情况。截至本公告日，邹轶先生未直接或 间接持有公司股份，与公司其他董事、高级管理人员及持有公司百分之五以上股 份的股东、实际控制人之间均不存在关联关系。 特此公告 ...

证券代码：601952 证券简称：苏垦农发 公告编号：2025-064 该议案提交董事会审议前已经公司董事会战略发展委员会审议通过。 表决结果：8 票同意，0 票反对，0 票弃权。 （二）本次会议审议通过《关于聘任公司副总经理的议案》。 江苏省农垦农业发展股份有限公司 第五届董事会第十四次会议决议公告 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。 一、董事会会议召开情况 江苏省农垦农业发展股份有限公司（以下简称"公司"）第五届董事会第十四 次会议通知及议案于 2025 年 12 月 10 日以专人送达或微信方式发出。本次会议 由公司董事长邓国新召集，于 2025 年 12 月 15 日以通讯方式召开。本次会议应 出席董事 8 名，实际出席董事 8 名。本次会议的通知、召开及表决程序符合公司 法、公司章程及董事会议事规则的相关规定。 二、董事会会议审议情况 （一）本次会议审议通过《关于大华种业控股收购华丰种业的议案》。 经审议，同意大华种业使用不超过 2,466.66 万元现金收购江苏大丰华丰种业 股份有限公司 51%股权。 ...

Group 1 - The company Suqian Agricultural Development (SH 601952) held its 14th meeting of the 5th board of directors on December 15, 2025, via telecommunication, where it reviewed the proposal for appointing a vice president [1] - For the year 2024, the revenue composition of Suqian Agricultural Development is as follows: agriculture accounts for 33.4%, rice industry 33.03%, agricultural materials 23.89%, edible oil 20.91%, seed industry 16.6%, and malt processing and sales 7.9% [1] - As of the report date, the market capitalization of Suqian Agricultural Development is 12.8 billion yuan [1]

苏垦农发12月15日公告，公司召开第五届董事会第十四次会议，审议通过了《关于聘任公司副总经理的 议案》，同意聘任邹轶为公司副总经理（挂职），任期自董事会审议通过之日起至挂职期满之日止。 ...