Core Viewpoint - The third Green Pasture Open Day event emphasizes the theme of "coexistence of all things and sustainable beauty," focusing on the construction of biodiversity-friendly pastures and the green transformation of China's livestock industry [1][3]. Group 1: Event Overview - The event took place on August 23 in Harbin, Heilongjiang, and involved deep practice and exchange around the theme of biodiversity-friendly pasture construction [1]. - Experts highlighted the importance of multi-party collaboration in driving high-quality development within the livestock sector [1]. Group 2: Research Findings - Liu Manhong, an associate professor from Northeast Forestry University, presented a biodiversity baseline survey report for the Shuangcheng Pasture, detailing a systematic investigation of plant, insect, and bird species [1][3]. - The report quantifies the harmonious coexistence of large-scale pastures with natural ecosystems, marking a significant step in understanding biodiversity levels [1]. Group 3: Ecological Advantages - The Shuangcheng Pasture benefits from its proximity to the Songhua River, which provides critical habitats for fish, amphibians, and waterfowl, enhancing regional ecological functions and biodiversity levels [3]. - The event showcased the collaborative efforts of academic institutions, enterprises, and social organizations in promoting ecological sustainability [3]. Group 4: Future Directions - The Shuangcheng Pasture has been designated as a pilot unit for biodiversity-friendly pasture projects, aiming to transition the livestock industry from traditional farming to an "ecology + farming" integrated model [5]. - Experts recommend that future livestock development should focus on the integrity and connectivity of ecosystems, emphasizing the need for scientific ecological design based on local environmental and biological characteristics [5].

Group 1 - The top three companies with the highest short positions as of August 15 are WuXi AppTec (02359), CATL (03750), and COSCO Shipping Holdings (01919), with short ratios of 14.92%, 14.41%, and 13.40% respectively [1][2] - The companies with the largest absolute increase in short positions are Heng Rui Medicine (01276), Yao Cai Securities (01428), and Modern Animal Husbandry (01117), with increases of 2.49%, 1.34%, and 1.31% respectively [1][2] - The companies with the largest absolute decrease in short positions are Ganfeng Lithium (01772), WuXi AppTec (02359), and Fourth Paradigm (06682), with decreases of -2.98%, -2.67%, and -2.28% respectively [1][2] Group 2 - The top ten companies with the highest short ratios include Ping An Insurance (02318) at 12.46%, Green Leaf Pharmaceutical (02186) at 12.36%, and Vanke Enterprises (02202) at 12.13% [2] - The companies with the most significant increases in short ratios include Heng Rui Medicine (01276) from 0.51% to 2.99%, Yao Cai Securities (01428) from 3.47% to 4.81%, and Modern Animal Husbandry (01117) from 4.74% to 6.05% [2] - The companies with the most significant decreases in short ratios include Ganfeng Lithium (01772) from 13.32% to 10.34%, WuXi AppTec (02359) from 17.59% to 14.92%, and Fourth Paradigm (06682) from 2.74% to 0.46% [2][3]

Core Viewpoint - The report from Guotai Junan indicates that the beef and dairy industries are entering a phase of supply-demand balance due to reduced supply pressures and improved demand conditions in the second half of 2025 [1][2]. Beef Industry Insights - The beef price has begun to reverse from low levels, with a projected increase in 2025 driven by supply reduction and decreased import pressures. Since the beginning of 2025, beef and live cattle prices have risen approximately 10% and 20% respectively from previous lows [1][4]. - The supply of beef cattle is expected to decrease due to ongoing losses in ranching, with a reported 2.1% year-on-year decline in national cattle inventory as of Q2 2025, totaling 99.92 million heads [4]. - The reduction in imported beef, which saw a 9.5% year-on-year decline in the first half of 2025, is anticipated to further support domestic beef prices [4]. Dairy Industry Insights - The price of raw milk has continued to decline, but a supply-demand balance is expected in the second half of 2025, aided by reduced dairy cow restocking and a recovery in demand [2]. - The implementation of a fertility subsidy policy in July 2025 is expected to boost dairy product consumption, alongside the introduction of new national standards for UHT milk, which will limit the use of reconstituted milk [2]. - The dairy industry is projected to see a strong upward trend in prices in 2026 due to the fading effects of previous expansion and a reduction in lactating cow restocking [2]. Profitability and Market Dynamics - The cyclical nature of the meat and dairy industries is expected to enhance the profitability of leading agricultural companies. A hypothetical 10% to 20% increase in milk prices could improve the gross margin of leading dairy companies by 6 to 10 percentage points [5]. - The valuation of breeding cattle and income from culling are expected to increase with a 20% to 40% rise in cattle prices, potentially adding 200 to 400 million yuan to the total income of leading ranching companies [5]. - Companies involved in both beef and dairy sectors, such as Aoyuan Group and China Shengmu, are likely to benefit directly from the recovery in live cattle prices and the reversal of milk prices [5].

Group 1 - The core viewpoint is that raw milk prices continue to decline, and there is potential for supply-demand balance in H2 2025 due to accelerated herd reduction and improved demand during peak seasons [2][3] - The report suggests that the dairy industry is likely to see a price increase in 2026, driven by reduced dairy cow replenishment and a recovery in demand, supported by new policies aimed at boosting dairy consumption [2][3] - The beef market is expected to enter an upward cycle in 2025, as low beef prices have started to reverse, benefiting from reduced supply and diminished import pressures [3][4] Group 2 - The report highlights strong profit elasticity for livestock companies due to the resonance of meat and milk cycles, with potential improvements in gross margins driven by rising milk prices and cost reductions [4] - The valuation of breeding cows and income from culling are expected to increase with rising beef prices, which could enhance total revenue for leading livestock companies [4] - Companies like YouRan Dairy and Modern Farming are recommended for investment, while China Shengmu and Aoyuan Group are noted as companies to watch due to their involvement in the livestock sector [1][4]

Group 1 - The core viewpoint is that raw milk prices continue to decline, and by the second half of 2025, supply and demand are expected to balance, benefiting the dairy industry [1] - In the procurement season of August-September, the financial pressure on farms is significant, leading to an accelerated reduction in livestock numbers [1] - The implementation of the fertility subsidy policy in July 2025 is expected to boost dairy product consumption demand [1] Group 2 - Beef prices are reversing from low levels, entering an upward cycle in 2025 due to reduced supply and diminished import impacts [2] - The beef market has experienced three cycles, with the current cycle characterized by a decline in beef prices since 2023, primarily due to low-priced imported beef and increased domestic production [2] - The national cattle inventory decreased by 2.1% year-on-year to 99.92 million heads in Q2 2025, indicating a tightening supply [2] Group 3 - The resonance of the meat and dairy cycles provides strong profit elasticity for livestock companies, with potential gross margin improvements of 6% to 10% for leading dairy firms if milk prices increase by 10% to 20% [3] - The valuation of breeding cows and income from culling are expected to improve with a 20% to 40% increase in beef prices, potentially adding 200 million to 400 million yuan to total income for leading livestock companies [3] - Companies involved in beef operations, such as Australia Asia Group and China Shengmu, are likely to benefit directly from the rebound in live cattle prices [3]

Summary of Key Points Core Viewpoint - A total of 142 stocks reached their 52-week highs as of August 12, with notable performers including Yingmei Holdings (02028), Elite Group (01775), and Fuying Global Group (01620) achieving high rates of 164.89%, 84.78%, and 40.63% respectively [1]. Stock Performance - **Top Performers**: - Yingmei Holdings (02028) closed at 0.223 with a peak of 0.249, marking a 164.89% increase [1]. - Elite Group (01775) closed at 0.350 with a peak of 0.425, reflecting an 84.78% increase [1]. - Fuying Global Group (01620) closed at 0.180, reaching its peak at 0.180, showing a 40.63% increase [1]. - **Other Notable Stocks**: - Aoya Group (02425) increased by 34.36% [1]. - Fuyiy International Holdings (01470) saw a rise of 28.30% [1]. - Huajian Medical (01931) experienced a 27.58% increase [1]. 52-Week High Rankings - The ranking of stocks that reached their 52-week highs includes: - Yingmei Holdings (02028) at 164.89% [1]. - Elite Group (01775) at 84.78% [1]. - Fuying Global Group (01620) at 40.63% [1]. 52-Week Low Rankings - The report also highlights stocks that reached their 52-week lows, with notable declines including: - Jiadeng International Group (08153) at -15.25% [4]. - Kun Group (00924) at -12.86% [4]. - Zhongjia Guoxin (00899) at -10.00% [4].

Group 1 - The stock prices of raw milk companies, particularly Aoyuan Group, have surged significantly, with Aoyuan Group's stock rising over 40% in a single day [1] - The increase in stock prices is attributed to a quiet growth in domestic raw milk demand, driven by multiple favorable factors and preparations by dairy companies for the Mid-Autumn Festival [1][2] - Other raw milk stocks also experienced substantial gains, with Modern Dairy's stock rising over 10% and Yuran Dairy's stock increasing by 7.44% [1] Group 2 - Despite the recent price surge, the average purchase price of fresh milk in major producing provinces remains stable at 3.03 yuan per kilogram, showing no significant rebound [1] - The rapid increase in raw milk stock prices is a result of the market recovery and the influence of several supportive policies [2]

今日开盘后，原奶股继续快速上涨，涨幅持续扩大。截至记者发稿时，除澳亚集团股价飙升超41%外，现代牧业涨15.87%，优然牧业（09858.HK）涨 7.44%。 2022年以来，国内原奶价格持续下行，原奶股股价表现也相对低迷，连续两日大涨的情况并不多见。农业农村部最新价格数据显示，今年七月第五周，内蒙 古、河北等10个主产省份生鲜乳平均收购价格为3.03元/公斤，与月初持平，尚未见明显反弹。 记者了解到，此番原奶股价快速上涨，也是原奶市场回暖和多项政策利好共同作用所致。 原奶市场供需关系在逐步缓和，行业开始有回暖迹象。 虽然国内奶价尚未明显反弹，但港股原奶上市公司股价近两日已"起飞"。今日（8月12日）盘中，澳亚集团（02425.HK）涨幅一度超过40%。 记者多方了解到，在多项利好刺激及中秋乳企备货推动下，国内原奶需求正悄然增长，有部分省市散奶价格涨幅接近翻倍。 昨日（8月11日）午盘后，原奶股股价即出现大幅拉升。截至收盘，现代牧业（01117.HK）股价上涨超10%，多股涨幅逾7%。 部分受访奶农表示，近期因中秋国庆旺季备货期来临，乳企加大了原奶采购量，整体市场供需有所改善。河北奶农徐新介绍，当前市场供需 ...

港股市场乳业股全线飙升，其中，澳亚集团涨超37%，现代牧业涨15%，原生态牧业、中国圣牧涨超 10%，优然牧业涨超8%，澳优涨近5%。 消息面上，国务院新闻办公室将于2025年8月13日(星期三)上午10时举行新闻发布会，请财政部副部长 廖岷和商务部、中国人民银行、金融监管总局有关负责人介绍个人消费贷款贴息政策和服务业经营主体 贷款贴息政策有关情况，并答记者问。 另外，华泰证券最新报告指，在全球供应链调整和消费升级的共同推动下，中国乳制品行业正迎来 从"规模扩张"向"价值提升"的战略转型，奶酪、黄油等固体乳制品凭借高营养价值和广泛的用途，正成 为推动餐饮业创新和健康食品发展的重要力量。该机构测算得24年B端乳制品行业规模已超400亿，预 计28年市场规模有望达703亿元。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 02425 | 澳亚集团 | | 37.67% | 2.010 | 19.71亿 | | 01117 | 现代牧业 | | 15.08% | 1.450 | 114.78亿 | | 01431 ...

Group 1 - The Hang Seng Index rose by 0.09%, gaining 22 points to close at 24,929 points, while the Hang Seng Tech Index fell by 0.39%. The morning trading volume in Hong Kong was HKD 110.2 billion [1] - Dairy stocks led the gains, with expectations that fertility subsidies will boost dairy product demand. Institutions noted that the meat and milk cycle is favorable for livestock companies. Notable stock performances include: Aoyuan Group up 35.62%, Modern Farming up 15%, and China Shengmu up 13% [1] - Hong Teng Precision (06088) saw a rise of over 7% due to the mass production ramp-up of its GB200 series products, while BYD Electronics (00285) increased by over 4% [1] - Zhonghui Biotechnology-B (02627) surged over 16% on its second day of trading, following a nearly 158% increase the previous day, with a total market capitalization exceeding HKD 15 billion [1] - Ping An Good Doctor (01833) rose by 5.6%, reporting significant achievements in its medical AI products and ongoing optimization of its business structure [1] - Huachen China (01114) increased by over 9%, with expected profit growth of 13% to 16% for the first half of the year [1] - Zhenjiu Lidu (06979) rose by over 8%, with institutions suggesting that policy variables are accelerating industry clearing, and performance bottoming is expected as early as the first half of next year [1] Group 2 - Lithium stocks fell in early trading, with strong expectations of a contraction in lithium supply. Analysts indicated that the overall demand increase for the second half of the year lacks imagination. Tianqi Lithium (09696) dropped by 8%, and Ganfeng Lithium (01772) fell by 5% [2]