Core Insights - Oligonucleotide therapies are emerging as a significant breakthrough in the treatment of rare diseases, with over a dozen therapies approved globally and hundreds in clinical research, promising to benefit more patients in the future [1][14][15] Industry Developments - The global landscape has seen more than ten oligonucleotide therapies approved for rare diseases, providing new treatment options for conditions such as Amyotrophic Lateral Sclerosis (ALS), Duchenne Muscular Dystrophy (DMD), and Hemophilia [1][14] - There are currently over a hundred oligonucleotide therapies in clinical development targeting various rare diseases, including siRNA and antisense oligonucleotide (ASO) therapies [2][14] Recent Approvals and Innovations - In August, Ionis Pharmaceuticals received FDA approval for the LICA drug Dawnzera (donidalorsen) for preventing hereditary angioedema (HAE) attacks in patients aged 12 and older, marking it as the first RNA-targeted drug for HAE [4][18] - Ionis Pharmaceuticals and Sobi announced the approval of ASO drug Tryngolza (olezarsen) in the EU for treating genetically confirmed familial chylomicronemia syndrome (FCS) [4][19] - Alnylam Pharmaceuticals' siRNA therapy Amvuttra (vutrisiran) was approved by the FDA in March for treating patients with transthyretin amyloidosis with cardiomyopathy [5][19] Clinical Trial Progress - NS Pharma reported positive results from the long-term extension study of ASO therapy brogidirsen for DMD, showing effective exon 44 skipping and stable maintenance of motor function in patients [7][21] - RIBOMIC's umedaptanib pegol showed promising results in a Phase 2 trial for achondroplasia in children, with many patients experiencing improved height growth rates [7][21] - Ionis Pharmaceuticals' ASO therapy zilganersen demonstrated significant results in stabilizing walking speed in Alexander disease patients, with plans for a new drug application to the FDA in 2026 [8][22] WuXi TIDES Platform - WuXi TIDES has established an integrated solution for oligonucleotide and peptide therapies, covering custom synthesis, conjugation, process development, and CMC, facilitating the transition of innovative projects into clinical stages [1][11][26] - The platform offers comprehensive CRDMO services from drug discovery to commercial production, supporting high-throughput synthesis and custom synthesis for various oligonucleotides [11][26][27] Future Outlook - The company aims to continue leveraging its integrated CRDMO model to empower the development of various new drugs, including oligonucleotide therapies, to bring more effective treatments to patients [12][27]

S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 2025 年 12 月 30 日 生猪养殖行业深度报告 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：同花顺 iFinD，东莞证券研 究所 超配（维持） 关注产能去化 布局盈利拐点 深 农林牧渔行业 | 图 | 27：SW 生猪养殖板块单季营收同比增速（%） 12 | | | --- | --- | --- | | 图 | 28：SW 生猪养殖板块单季归母净利润同比增速（%） 12 | | | 图 29：SW | 生猪养殖板块单季度毛利率净利率（%） 13 | | | 图 | 30：SW 生猪养殖板块单季度期间费用率（%） 13 | | | 图 | 31：我国生猪养殖年出栏户数占比（%） | 14 | | 图 | 32：我国生猪行业规模化程度（%） | 14 | 推荐 分析师：魏红梅 SAC 执业证书编号： 我国是全球最大的生猪及猪肉产需国。根据美国农业部2025年4 月份《牲畜和家 ...

Core Viewpoint - The aquaculture sector experienced a rise of 1.15% on December 30, with Jingji Zhino leading the gains, while the overall market showed mixed results with the Shanghai Composite Index closing at 3965.12, unchanged, and the Shenzhen Component Index at 13604.07, up by 0.49% [1]. Group 1: Stock Performance - Jingji Zhino (000048) closed at 17.23, up by 5.90%, with a trading volume of 453,500 shares and a transaction value of 766 million yuan [1]. - Other notable performers included: - Shennong Group (605296) at 29.45, up by 2.08% [1]. - Muyuan Foods (002714) at 50.89, up by 1.98% [1]. - Lihua Co. (300761) at 20.78, up by 1.27% [1]. - Wens Foodstuff Group (300498) at 17.12, up by 1.18% [1]. Group 2: Capital Flow - The aquaculture sector saw a net outflow of 21.95 million yuan from institutional investors, while retail investors contributed a net inflow of 153 million yuan [2]. - The capital flow for key stocks included: - Muyuan Foods (002714) had a net inflow of 1.29 billion yuan from institutional investors, but a net outflow of 104 million yuan from retail investors [3]. - Jingji Zhino (000048) experienced a net inflow of 32.34 million yuan from institutional investors and a net inflow of 43.92 million yuan from retail investors [3]. - New Hope (000876) had a net inflow of 11.87 million yuan from institutional investors [3].

Core Insights - The article emphasizes the importance of small and micro enterprises (SMEs) as vital sources of regional economic vitality, while highlighting ongoing challenges related to financing difficulties and high costs [1] Group 1: Financing Support Initiatives - The Laizhou Financial Regulatory Bureau has implemented a financing coordination mechanism specifically for SMEs, establishing a special leadership group to enhance communication between government, banks, and enterprises [2] - As of November 2025, local banks have granted credit of 11.892 billion yuan and disbursed loans amounting to 10.332 billion yuan to SMEs and individual businesses, effectively alleviating their financial burdens [1] Group 2: Targeted Financing Solutions - A case study illustrates how a technology company faced a liquidity gap due to capacity expansion and received a 4 million yuan credit loan from a local bank, facilitated by a specialized working group [2] - A fishing cooperative identified a funding gap of 1 million yuan for replacing old fishing boats, which was resolved through a tailored loan product that matched the cooperative's needs [3] Group 3: Service Quality Improvement - Local banks are simplifying credit application requirements and optimizing approval processes to enhance service efficiency and responsiveness to SMEs [4] - A freight company successfully obtained a 1.25 million yuan operating loan with a preferential interest rate of 2.65%, demonstrating the effectiveness of personalized financial solutions [4] Group 4: Future Directions - The Laizhou Financial Regulatory Bureau plans to continue refining the financing coordination mechanism and improving financial service processes to support the high-quality development of SMEs [4]

Group 1 - The resignation of Mr. Zhou Boping from the board of directors of New Hope Liuhe Co., Ltd. was received on December 27, 2025, due to personal reasons, and he will not hold any position in the company after his resignation [2] - Mr. Zhou held 100 shares of the company and had no unfulfilled commitments at the time of his resignation [2] - The board expressed gratitude for Mr. Zhou's contributions during his tenure [2] Group 2 - The Fourth Fifth Staff Representative Assembly of the company was held on December 27, 2025, with 23 out of 30 representatives present, meeting the requirements of the company's regulations [3] - Mr. Pang Yundong was elected as the staff representative director for the tenth board of directors, with his term lasting until the end of the current board's term [3] - Mr. Pang meets all qualifications and conditions for serving as a director as per relevant laws and regulations [4] Group 3 - The composition of the board remains compliant with the company's articles of association, ensuring that the number of directors who are also senior management or staff representatives does not exceed half of the total board members [4] - The company has maintained its governance structure without any adverse impact on its operations following the changes in board membership [4]

央视网消息：家事国事天下事，让人民过上幸福生活是头等大事。新年临近，甘肃、四川为今年遭 受洪灾和山体滑坡的群众建起新房，给大家送去爱与关怀，温暖人心。 ...

Core Viewpoint - New Hope (000876) announced the election of Mr. Pang Yundong as the employee representative director of the company's tenth board of directors during the fourth fifth employee representative assembly held on December 27, 2025 [1] Group 1 - The fourth fifth employee representative assembly was held on December 27, 2025 [1] - Mr. Pang Yundong was elected as the employee representative director [1]

Core Insights - New Hope Dairy successfully utilizes emotional resonance and innovative storytelling in its microfilm "Chinese Style Freshness" to engage consumers and enhance brand marketing [1][2] - The film has been recognized as an influential communication case in the 2025 New Consumption and New Economy Awards hosted by Caijing [1] Group 1: Marketing Strategy - New Hope Dairy employs a unique narrative structure that combines unexpected plot twists with relatable parenting themes, making the content engaging and humorous [2] - The four short films target common parenting issues such as overbearing parenting and blind comparisons, allowing viewers to connect emotionally while being entertained [2] - The campaign encourages user participation and discussion on social media, enhancing brand visibility and connection with the audience [2] Group 2: Product Strategy - New Hope Dairy focuses on the low-temperature dairy segment, offering products like "24-hour fresh milk" that promise superior nutritional benefits compared to regular milk [6] - The product lineup includes probiotic yogurt and natural, additive-free yogurt, catering to family health needs and emphasizing the concept of freshness [6] Group 3: Brand Positioning - The brand integrates its products into everyday family scenarios, reinforcing the message that New Hope Dairy products are essential for a fresh and healthy lifestyle [12][7] - Local dialects are incorporated into the film to enhance relatability and strengthen the brand's connection with regional consumers [13][17] - New Hope Dairy's strategy emphasizes localized marketing and product offerings, aligning with current trends towards personalized and community-focused business models [17][18]

（企业公告） 12月29日，新希望发布公告称，公司董事会于2025年12月27日收到周伯平的书面辞职报告，因个人原 因，其请求辞去担任的公司董事及战略与可持续发展委员会委员职务，辞职后将不在公司担任任何职 务。周伯平担任公司第十届董事会非独立董事的原定任期为2025年4月3日至2028年4月2日。截至本公告 披露日，周伯平持有公司股份100股，不存在应当履行而未履行的承诺事项。根据《公司法》《公司章 程》等有关规定，该辞职报告已于送达公司董事会时生效。 此外，公司第四届第五次职工代表大会于2025年12月27日在公司会议室召开，在广泛征求公司职工意见 的基础上，经与会职工代表表决，选举庞允东为公司第十届董事会职工代表董事。庞允东将与公司其他 现任董事共同组成公司第十届董事会，任期至公司第十届董事会任期届满之日止。 ...

Group 1 - The aquaculture sector increased by 1.58% on December 29, with Jingji Zhino leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the aquaculture sector showed varied performance, with Jingji Zhino rising by 10.01% to a closing price of 16.27 [1] Group 2 - The main funds in the aquaculture sector saw a net inflow of 90.42 million yuan, while retail funds had a net inflow of 10.91 million yuan [2] - Major stocks like Muyuan Foods and Wen's Foodstuffs experienced significant net outflows from retail investors [3] - Jingji Zhino had a net inflow of 67.42 million yuan from main funds, indicating strong institutional interest [3]