证券代码：002311 证券简称：海大集团 公告编号：2025-060 广东海大集团股份有限公司 关于拟回购股份减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东海大集团股份有限公司（以下简称"公司"）分别于2025年10月28日、 2025年11月14日召开了第七届董事会第四次会议、2025年第四次临时股东会，审 议通过了《关于以集中竞价方式回购公司股份方案的议案》，同意公司以集中竞 价交易方式回购公司发行的人民币普通股（A股），用于注销并减少注册资本及 实施股权激励计划及/或员工持股计划，其中10亿元回购股份将用于注销并减少 注册资本，超过10亿元的回购股份将用于实施股权激励计划及/或员工持股计划。 根据回购方案，回购金额不低于人民币10亿元（含）且不超过16亿元（含）， 回购所需资金来源于公司自筹资金。在回购股份价格不超过62.00元/股的条件下， 按回购金额上限16亿元（含）测算，预计回购股份数量不低于2,580.6451万股， 占公司总股本的1.55%；按回购金额下限10亿元（含）测算，预计回购股份数量 不低于1,6 ...

Core Insights - The feed sector experienced a decline of 0.24% on November 14, with Zhongchong Co., Ltd. leading the losses [1][2] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Market Performance - Tianma Technology (603668) saw a price increase of 3.29%, closing at 14.44, with a trading volume of 446,400 shares and a turnover of 642 million yuan [1] - Other notable gainers included Kesi Thought (001313) with a 3.16% increase and Baiyang Co., Ltd. (002696) with a 0.84% increase [1] - Zhongchong Co., Ltd. (002891) led the declines with a drop of 2.53%, closing at 57.47, with a trading volume of 33,300 shares and a turnover of 193 million yuan [2] Capital Flow - The feed sector experienced a net outflow of 80.91 million yuan from institutional investors and 50.57 million yuan from retail investors, while individual investors saw a net inflow of 131 million yuan [2] - Tianma Technology had a net inflow of 32.96 million yuan from institutional investors, while Hai Da Group (002311) had a net inflow of 15.96 million yuan [3] - Conversely, companies like Boen Group (001366) and Hefa Co., Ltd. (603609) experienced significant net outflows from institutional and retail investors [3]

Group 1 - The China Livestock Breeding Index (930707) increased by 0.43% as of November 13, 2025, with notable gains in constituent stocks such as Bio-Stock (600201) up 8.27%, Huaying Agriculture (002321) up 4.82%, and others [1] - The price difference between standard pigs and fat pigs is currently larger than the same period last year, with a standard fat price difference of -0.68 yuan/kg as of November 7, indicating potential seasonal benefits for fat pigs as temperatures drop [1] - The weekly slaughter volume in the downstream market has shown a slight recovery of 0.27% compared to the previous week, suggesting a stabilization in demand [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 65.58% of the index, including companies like Muyuan Foods (002714) and Wens Foodstuff Group (300498) [2] - The index tracks companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock breeding sector [2]

Market Overview - The feed sector experienced a slight decline of 0.06% on November 11, with Bangji Technology leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Individual Stock Performance - Aonong Biological (603363) saw a price increase of 3.57%, closing at 5.80, with a trading volume of 1.1851 million shares and a transaction value of 678 million [1] - Other notable gainers included: - Lusi Co., Ltd. (920419) up 3.17% to 6161, with a transaction value of 72.3745 million [1] - Petty Co., Ltd. (300673) up 3.01% to 17.77, with a transaction value of 190 million [1] - Conversely, Bangji Technology (603151) experienced a significant decline of 7.54%, closing at 21.45, with a transaction value of 227 million [2] Capital Flow Analysis - The feed sector saw a net inflow of 83.9793 million from institutional investors, while retail investors contributed a net inflow of 19.3061 million [2] - However, speculative funds recorded a net outflow of 103 million [2] Detailed Capital Flow for Selected Stocks - Major net inflows were observed in: - Dabeinong (002385) with a net inflow of 66.7768 million, accounting for 11.62% of the total [3] - Aonong Biological (603363) with a net inflow of 34.3712 million, representing 5.07% [3] - Notable net outflows included: - Tianma Technology (603668) with a net outflow of 39.1375 million, representing 7.41% [3] - Jinxinnong (002548) with a net outflow of 9.5525 million, accounting for 5.80% [3]

Summary of Agricultural Sector Conference Call Industry Overview - The agricultural sector is currently undervalued, with a PB percentile ranking low among the 31 sub-industries in the Shenwan index, indicating potential investment opportunities due to low valuations in various sub-sectors [1][3][6] Key Insights and Arguments - **Animal Health Sector**: This sub-sector has seen the highest growth, driven by specific events rather than a broad sector effect, with a 73% increase since September 2024 [4][5] - **Swine Farming**: Expected government interventions to address falling pig prices and production capacity reduction, with a focus on increasing imports of U.S. agricultural products like soybeans and wheat, which could lower feed costs and improve market expectations for swine farming [1][6][8] - **Seed Industry**: Potential investment opportunities driven by policy changes and a rebound in grain prices, particularly during the year-end policy announcement period [1][10] - **Pet Food Industry**: Facing intensified domestic competition and impacts from the U.S.-China tariff war, but leading companies like Guai Bao and Zhong Chong are expected to emerge stronger [1][13] - **Poultry Farming**: The high incidence of avian influenza during the peak season (October to February) may create investment opportunities, particularly in regions like France and the U.S. [2][14] Market Performance - The agricultural sector's performance has been relatively weak, ranking 22nd in terms of price changes since September 2024, but improved to 17th since April 2025 [3] - Specific stocks have shown significant gains, often driven by unique events rather than core business logic, indicating a lack of consistent performance across the sector [5] Future Investment Opportunities - The agricultural sector may benefit from ongoing anti-involution policies and low valuations across sub-sectors, particularly in swine farming, where supply increases, cost reductions, and consumption recovery are anticipated [6][9] - Recommended stocks include leading companies in swine farming like Muyuan and Wens, as well as low-cost or growth-oriented firms [9] Additional Insights - The seed industry may see price recovery due to recent declines in corn prices, which were driven by weather-related issues rather than supply increases [10][11] - The rubber industry is currently stable but faces short-term challenges; however, long-term prospects remain positive [12]

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights that the de-stocking of live pigs may accelerate, with a focus on the value reassessment opportunities in the pig sector due to ongoing regulatory measures [3][4] - The poultry sector is expected to see improvements in its fundamentals, while the animal health sector is poised for performance recovery and advancements in African swine fever vaccine clinical trials [5][6] - The pet economy is thriving, with strong growth in domestic brands, indicating a rapid development phase for the pet industry [9][10] Summary by Sections 1. Swine - The swine industry is undergoing deepening regulatory measures aimed at controlling prices through capacity reduction. Short-term pressures on pig prices are anticipated due to increased market supply and inventory adjustments. The expectation is for a gradual policy approach rather than aggressive interventions [3][4][15] - Key companies recommended include Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture, Shennong Group, and Juxing Agriculture [3][16] 2. Poultry - The poultry sector shows signs of fundamental improvement, with data indicating a rise in the number of breeding stock and a shift towards self-breeding [4][25] - Recommendations include Shennong Development and Lihua Stockbreeding, as the industry navigates through low price periods [4][25] 3. Animal Health - The animal health sector has seen revenue and profit growth among listed companies, with notable performances from Reap Bio and Keqian Bio. The clinical trials for African swine fever vaccines are progressing, which may enhance market prospects [5][32] - Recommended companies include Keqian Bio, Reap Bio, and attention on Huazhong Bio and other related firms [5][32] 4. Planting - Grain prices are on the rise, with significant increases in corn and soybean meal prices noted. The commercialization of genetically modified seeds is progressing, benefiting companies with early investments in research and development [7][37] - Companies to watch include Suqian Agricultural Development, Longping High-Tech, and Denghai Seeds [7][42] 5. Feed - The feed industry is experiencing price fluctuations, with a noted increase in production volume. The concentration of the industry is expected to continue rising [8][43] - Recommended companies include Haida Group and Hefa Shares [8][45] 6. Pets - The pet market is projected to reach a scale of 300.2 billion yuan in 2024, with significant growth in both dog and cat segments. The report emphasizes the rapid development of domestic brands in this sector [9][54] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares, with a focus on the medical segment as well [9][55]

股东持股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东海大集团股份有限公司（以下简称"公司"）于2025年10月28日召开的 第七届董事会第四次会议审议通过了《关于以集中竞价方式回购公司股份方案的 议案》，具体内容详见公司于2025年10月29日披露的《关于以集中竞价方式回购 公司股份方案的公告》（公告编号：2025-055）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号——回购股份》等有关规定，现将公司2025年第四次临时股东会股权登记日 （即2025年11月7日）登记在册的前十名股东和前十名无限售条件股东的名称、 持股数量及持股比例情况公告如下： 证券代码：002311 证券简称：海大集团 公告编号：2025-058 广东海大集团股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 二、前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 占无限售条件流 | | --- | --- | --- | --- | | | | | 通股比例（%） | | 1 | 广州市海灏投资有限公司 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The swine industry is experiencing accelerated declines in breeding stock, with a reported decrease of 0.77% in October compared to the previous month. The average price of pork in October was 11.69 yuan/kg, down 1.41% month-on-month, indicating a potential ongoing capacity reduction in the industry [5][18] - The policy direction in the industry is shifting towards protecting farmers' rights and stimulating enterprise innovation, suggesting that future growth stocks will focus more on technological content and innovative models [6][19] - The poultry sector is facing a persistent contradiction of "high capacity, weak consumption," leading to losses that may force breeding farms to reduce production capacity [7][19] - The feed sector is recommended to focus on Hai Da Group due to its management effectiveness and expected growth in production capacity [8][20] Summary by Sections 1. Swine Industry - In October, the breeding stock decreased by 0.77%, with a significant increase in the culling of sows by approximately 12.41%. The industry is expected to enter a phase of active capacity reduction as prices fall below cost levels [5][18] - The government is implementing capacity control measures to stabilize pork prices, which may lead to improved profitability for listed companies as costs decline [6][19] 2. Poultry Industry - The price of chicken chicks in Yantai was reported at 3.50 yuan/chick, down 2.8% month-on-month and 20.5% year-on-year. The price of broiler chickens was 3.45 yuan/kg, also down 2.8% month-on-month and 8.7% year-on-year [7][19] - The industry is expected to see an increase in market share for integrated enterprises and contract farming due to ongoing losses [7][19] 3. Feed Industry - The report highlights a slight decline in aquatic product prices, with various fish species showing mixed performance in price changes [8][20] - Hai Da Group is recommended for its expected growth and effective management, with a focus on increasing market share and overseas growth [9][20] 4. Pet Industry - The pet industry is showing an increase in sales growth compared to September, indicating a trend towards higher market concentration among leading brands [10][22] - Recommendations include focusing on companies with strong brand performance and those actively expanding their domestic market presence [25] 5. Agricultural Products - The report notes that soybean prices have reached new highs, but domestic soybean meal prices remain under pressure due to high inventory levels and weak downstream purchasing sentiment [14][26] - The rubber market is expected to continue fluctuating, influenced by macroeconomic factors and stable import levels [14][26] 6. Market and Price Situation - The Shanghai and Shenzhen 300 Index closed at 4679, up 0.82% from the previous week, while the Agricultural and Forestry Index closed at 2970, up 0.79% [27][30] - The report indicates that the agricultural sector is experiencing a significant increase in investment value due to its unique characteristics and historical low valuations [14][26]

Group 1 - The Agricultural and Animal Husbandry ETF (159275) showed a stable performance with a 1.5% increase in price and a trading volume of 18.72 million yuan as of November 10 [1] - Key performing stocks included Luoniushan, Honghui Fruits and Vegetables, and Lihua Co., with increases of 5.54%, 5.1%, and 4.49% respectively [1] - The Ministry of Agriculture and Rural Affairs will implement six types of agricultural electronic certificates nationwide starting November 1, 2025, to further standardize industry management processes [1] Group 2 - The livestock sector achieved revenue of 366.406 billion yuan in the first three quarters of 2025, a year-on-year increase of 6.97%, with a net profit of 23.296 billion yuan, up 4.52% year-on-year [1] - The revenue and net profit growth rates have slowed compared to the second quarter, with gross and net profit margins at 12.87% and 6.54%, respectively, showing a year-on-year decrease of 0.16 percentage points and 0.20 percentage points [1] - The cost rate during this period was 6.07%, down 0.75 percentage points year-on-year [1] Group 3 - Tianfeng Securities indicated that the price of yellow feather chickens may have bottomed out, with expectations for better average prices in the second half of the year due to supply-side adjustments [2] - The white feather chicken supply is expected to tighten significantly in 2025 due to overseas avian influenza restrictions, leading to a substantial reduction in domestic breeding volume [2] - The dairy cow inventory has decreased by 8%, indicating a potential turning point in milk prices [2]

Group 1: Economic Indicators - In October, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, while the core CPI, excluding food and energy, rose by 1.2%, marking the sixth consecutive month of growth [1] - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, representing the first rise of the year [1] - The improvement in core CPI and PPI indicates a positive trend, driven by stable service consumption, rising gold prices, and higher food prices [1] Group 2: Industry Analysis - The liquor sector has underperformed significantly since 2025, with the CITIC liquor index down 4.6% year-to-date, lagging behind major indices by 22.5 and 30.9 percentage points [2] - Despite ongoing pressure on the liquor industry's fundamentals, a bottoming out is anticipated in the second half of 2025, with expectations of a recovery in 2026 as demand gradually improves [2] - The pig farming industry is currently facing weak realities and expectations, with both fat and piglet prices at yearly lows, leading to widespread losses [2] - A reduction in breeding sow inventory by 0.77% in October suggests a potential market-driven capacity reduction, which may support long-term price increases for pigs [2] Group 3: ETF Performance - As of November 10, 2025, the major consumption index rose by 2.46%, with the leading consumption ETF (560680) increasing by 2.22% [3] - The top ten weighted stocks in the index accounted for 68.28%, with notable increases in stocks like Luzhou Laojiao and Shanxi Fenjiu [3] - The consumption ETF's price-to-earnings ratio (PE-TTM) stands at 19.95, indicating it is at a historical low compared to the past three years [3] - The leading consumption ETF saw a scale increase of 543.94 million yuan in the past week, with significant net inflows over the last five trading days [3]