Investment Rating - The report indicates a low overall allocation in the agriculture, forestry, animal husbandry, and fishery sector, with a heavy stock allocation ratio of 0.78% as of Q3 2025, which is below the standard allocation ratio and historical average [2][11][19] Core Viewpoints - The report highlights a significant reduction in heavy stock allocations in the feed and breeding sectors, with breeding at 0.31% and feed at 0.40% for Q3 2025, both showing a decline compared to previous quarters [12][19] - Major companies such as Haida Group and Muyuan Foods have reduced their allocations, indicating a trend of decreased investment in leading stocks within the sector [3][14] - The report suggests that the breeding sector is entering a phase of high-quality development, recommending investments in low-cost leading companies and growth-oriented stocks [4][19] Summary by Sections Heavy Stock Allocation Analysis - As of the end of Q3 2025, the heavy stock allocation in the agriculture, forestry, animal husbandry, and fishery sector is 0.78%, down 0.58 percentage points from the previous quarter and 0.56 percentage points year-on-year [11][12] - The heavy stock allocation in the breeding industry is 0.31%, a decrease of 0.1 percentage points, while the feed industry allocation is 0.40%, down 0.45 percentage points [12][14] Company-Specific Allocation Changes - Among the top 15 heavy stocks, most companies have reduced their allocations, with Haida Group and Muyuan Foods decreasing by 0.34 percentage points and 0.04 percentage points, respectively [3][14] - The top five stocks with increased heavy stock allocation include Tiankang Biological (+2.42%) and Hainan Rubber (+1.41%), while the top five with decreased allocations include Zhongchong Pet (-3.21%) and Juxing Agriculture (-3.14%) [15][18] Investment Recommendations - The report recommends focusing on leading stocks in the breeding sector such as Muyuan Foods and Wens Foodstuffs, as well as seasonal rebounds in chicken prices [4][19] - For breeding support (feed and animal health), it suggests monitoring leading companies like Haida Group and BANGJI Technology for potential restructuring opportunities [4][19] - The planting sector shows stable profitability, with recommendations to pay attention to companies like Suqian Agricultural Development and Beidahuang [4][19]

Core Insights - The agricultural processing sector experienced a slight decline of 0.05% on November 6, with Yichang Mohu leading the losses [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Agricultural Processing Sector Performance - Notable gainers in the agricultural processing sector included: - Sanxiang Economy (600191) with a closing price of 9.74, up 2.20% and a trading volume of 211,200 shares, totaling 206 million yuan [1] - Xihua Co., Ltd. (603182) closed at 15.78, up 1.94% with a trading volume of 25,500 shares, totaling 40.03 million yuan [1] - Shuangta Food (002481) closed at 5.87, up 1.21% with a trading volume of 385,700 shares, totaling 227 million yuan [1] - Conversely, the sector saw declines in: - Yichang Mohu (920273) with a closing price of 36.36, down 2.26% and a trading volume of 20,400 shares, totaling 74.73 million yuan [2] - Oufu Egg Industry (920371) closed at 11.31, down 2.16% with a trading volume of 19,200 shares, totaling 21.84 million yuan [2] - ST Jiawo (300268) closed at 11.05, down 2.04% with a trading volume of 15,800 shares, totaling 17.64 million yuan [2] Capital Flow Analysis - The agricultural processing sector saw a net outflow of 148 million yuan from institutional investors, while retail investors contributed a net inflow of 104 million yuan [2][3] - Key individual stock capital flows included: - Morning Biological (300138) with a net inflow of 11.73 million yuan from institutional investors, but a net outflow of 18.99 million yuan from retail investors [3] - Andeli (605198) had a net inflow of 6.18 million yuan from institutional investors, but also saw a net outflow from retail investors [3] - ST Jiawo (300268) experienced a significant net outflow of 3.64 million yuan from institutional investors, while retail investors had a net inflow of 3.13 million yuan [3]

Core Viewpoint - The company has decided to amend its articles of association by eliminating the supervisory board and transferring its powers to the audit committee of the board of directors, while also appointing an employee representative director [1] Group 1 - The fifth session of the company's board of directors held on September 20, 2025, and the second extraordinary shareholders' meeting on October 10, 2025, approved the proposal for the amendment [1] - The company has submitted a filing application to the Handan Administrative Approval Bureau and has received a notification of filing completion [1] - The new articles of association will no longer include a supervisory board or supervisors, with the audit committee of the board taking over the supervisory functions [1]

证券代码：300138 证券简称：晨光生物 公告编号：2025—120 晨光生物科技集团股份有限公司 晨光生物科技集团股份有限公司（简称"公司"）于 2025 年 9 月 20 日召开 的第五届董事会第十九次会议及 2025 年 10 月 10 日召开的 2025 年第二次临时股 东会，审议通过了《关于修订<公司章程>的议案》。根据《公司法》《上市公司 章程指引》及《关于新<公司法>配套制度规则实施相关过渡期安排》等法律法规 及规范性文件的规定，结合公司的实际情况，公司决定修订《公司章程》，不再 设置监事会及监事，监事会的职权由董事会审计委员会行使，在董事会中设职工 代表董事一名。 2025 年 10 月 10 日，公司召开了第四届职工代表大会第十一次会议，会议 选举赵涛先生为公司第五届董事会职工代表董事，与经公司股东会选举产生的现 任第五届董事会其他董事共同组成公司第五届董事会，任期至第五届董事会届满 之日止。至此，公司董事会共 7 名董事。具体内容请见公司于 2025 年 9 月 23 日和 10 月 10 日披露于巨潮资讯网上的相关公告文件。 根据以上会议决议，公司向邯郸市行政审批局提出了备案申请。近日 ...

晨光生物科技集团股份有限公司 章 程 2025年10月10日经公司股东会审议通过 | 4 | P | K | | --- | --- | --- | | | 1 | | | | | 晨光生物科技集团股份有限公司 章 程 第一章 总 则 第一条 为维护晨光生物科技集团股份有限公司（以下简称"公司"或"本 公司"）、股东、职工和债权人的合法权益，规范公司的组织和行为，根据《中 华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》 (以下简称"《证券法》")、《上市公司章程指引》、《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》（以下简称"规范运作指 引"）等法律法规和其他有关规定，制订本章程。 第二条 公司系依照《公司法》及其他法律法规和规范性文件的规定，由晨 光天然色素集团有限公司整体改制变更设立的股份有限公司。 第三条 公司在邯郸市行政审批局注册登记，取得营业执照，统一社会信用 代码为 91130400106900891W。 第四条 公司于 2010 年 10 月 13 日经中国证券监督管理委员会（以下简称 "中国证监会"）核准，首次向社会公众发行人民币普通股 ...

Core Insights - The agricultural processing sector experienced a rise of 0.87% on November 3, with Huazi Industrial leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Agricultural Processing Sector Performance - Huazi Industrial (600191) closed at 9.11, up 4.35% with a trading volume of 233,300 shares and a turnover of 210 million yuan [1] - Jingliang Holdings (000505) closed at 7.02, up 3.24% with a trading volume of 253,200 shares and a turnover of 176 million yuan [1] - Zuneng Co., Ltd. (003030) closed at 21.12, up 2.92% with a trading volume of 52,800 shares and a turnover of 111 million yuan [1] - Other notable performers include COFCO Sugar (600737) at 16.01, up 2.43%, and Guangnong Sugar (000911) at 7.89, up 2.33% [1] Capital Flow Analysis - The agricultural processing sector saw a net inflow of 60.82 million yuan from institutional investors, while retail investors experienced a net outflow of 14.89 million yuan [2] - Major stocks like COFCO Sugar had a net inflow of 10.3 million yuan from institutional investors but faced significant outflows from retail investors [3] - Double Tower Food (002481) recorded a net inflow of 25.30 million yuan from institutional investors, indicating strong institutional interest [3]

Group 1 - Company announced the receipt of patent certificates from the National Intellectual Property Administration for two inventions related to lutein ester oil suspension and an automatic adjustment system for leaching liquid [1] - The company's revenue composition for 2024 is entirely from the agricultural and sideline food processing industry, specifically plant extracts, accounting for 100% [2] - The current market capitalization of the company is 6.5 billion yuan [3]

证券代码：300138 证券简称：晨光生物 公告编号：2025—118 晨光生物科技集团股份有限公司（简称"公司"）于 2025 年 4 月 3 日召开 第五届董事会第十五次会议、2025 年 5 月 6 日召开 2024 年年度股东大会，审议 通过了《关于公司与子公司或子公司之间融资担保的议案》，同意公司及合并报 表范围内各级子公司在2024年年度股东大会审议通过之日起至2025年年度股东 大会召开日，向融资机构申请办理各类融资业务余额不超 70 亿元；融资担保方 式涉及公司合并报表范围内各主体之间担保：公司向合并报表范围内各级子公司 或各级子公司之间融资担保余额不超过 25 亿元，其中：向子公司新疆晨光生物 科技股份有限公司（简称"新疆晨光"）及其合并报表范围内子公司提供担保的 余额不超过 20.5 亿元（含新疆晨光合并报表范围内各主体互相担保），向其他 子公司提供担保或其他子公司之间互相担保的余额不超过 4.5 亿元。公司股东大 会授权管理层在融资担保余额不超过 25 亿元的前提下，结合合并报表范围内各 子公司资产负债率、融资授信及放款等情况，具体调整被担保的子公司及对其担 保额度(相关文件已于 202 ...

"一种叶黄素酯油悬液及其制备方法与应用"涉及食品添加剂技术领域，本 发明提供的制备方法制得的叶黄素酯油悬液具有良好的稳定性和着色效果，产品 呈色、着色均匀稳定，可显著提升裹粉等产品的色泽；该方法不使用有机溶剂， 绿色环保，具有工艺简单、使用方便等特点，适用性强，易于大规模工业化生产 和推广应用。"一种拖链浸出器料液比、液位、温度自动调节系统及方法"属于 生物提取技术领域，本发明实现了拖链浸出器料液比、液位、温度自动调节，从 证券代码：300138 证券简称：晨光生物 公告编号：2025—119 晨光生物科技集团股份有限公司 关于公司及子公司正式收到专利证书的公告 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。 晨光生物科技集团股份有限公司（以下简称"公司"或"晨光生物"）及子 公司晨光生物科技集团邯郸有限公司（以下简称"邯郸晨光"）、邯郸晨光植物 蛋白有限公司（以下简称"邯郸蛋白"）于近日正式收到了国家知识产权局颁发 的专利证书，具体情况如下： | 专利名称 | 专利号 | | 证书号 | 授权公告日 | 类型 | 专利 | | --- | --- | --- ...

Group 1: Industry Overview - The Chinese sugar substitute industry has a competitive hierarchy, with companies having registered capital exceeding 500 million yuan, such as Rhein Biotech, Jinhui Industrial, and Morning Light Biological, while those with capital between 200 million to 500 million yuan include Baolingbao and Bailong Chuangyuan [1] - The primary production regions for sugar substitute companies in China are Shandong, Hebei, and Anhui provinces, with Shandong housing the most companies, including Sanyuan Biological, Baolingbao, and Bailong Chuangyuan [1] Group 2: Revenue Rankings - In 2024, Huakang Co., Ltd. leads the revenue ranking among listed sugar substitute companies in China, with sales exceeding 1.9 billion yuan. Baolingbao, Rhein Biotech, and Sanyuan Biological follow, each with revenues exceeding 500 million yuan [5] Group 3: Industry Concentration - The concentration levels in the sugar substitute industry are high for products like sucralose, aspartame, and sugar alcohols. Major manufacturers of sucralose include Jinhui Industrial and Shandong Kangbao, while aspartame is primarily produced by companies like Hanguang Sweeteners and the Vito Company [8] Group 4: Company Layout - Companies like Sanyuan Biological and Huakang Co., Ltd. have a high proportion of their business in sugar substitutes. Many companies focus on sugar alcohol products, with Huakang Co., Ltd. producing over 170,000 tons of crystalline sugar alcohol [9][11] - Key sales markets for Chinese sugar substitute companies include China, the Americas, Europe, and Japan and South Korea [9] Group 5: Competitive Analysis - The competitive state of the sugar substitute industry in China shows moderate competition among existing firms, with a significant threat from potential new entrants due to growing health demands [12] - The bargaining power of upstream suppliers is strong, as the main raw materials are sourced from starch and chemical raw material companies, which are generally larger than the sugar substitute manufacturers [12] - The bargaining power of downstream customers is relatively weak, especially for small clients, while industry leaders maintain some pricing power [12]