Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]

动物疫苗概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300841 | 康华生物 | -1.70 | 3.52 | -3049.67 | | 688098 | 申联生物 | -2.00 | 7.73 | -2737.96 | | 002385 | 大北农 | 0.00 | 2.85 | -2427.41 | | 002688 | 金河生物 | -1.36 | 5.40 | -2352.94 | | 002141 | 贤丰控股 | -1.79 | 7.98 | -1108.08 | | 300119 | 瑞普生物 | -0.51 | 2.89 | -1051.74 | | 603739 | 蔚蓝生物 | -1.94 | 2.67 | -800.97 | | 002100 | 天康生物 | 0.00 | 2.58 | -457.81 | | 600195 | 中牧股份 | -0.26 | 1.03 | -414.24 | | 603718 | 海利生物 | -0.27 | 1.89 ...

证券之星消息，8月22日动物保健板块较上一交易日下跌0.76%，永顺生物领跌。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 839729 | 永顺生物 | 11.18 | -4.36% | 9.16万 | 1.02亿 | | 871970 | 大禹生物 | 10.13 | -2.78% | 3.27万 | 3349.38万 | | 688098 | 申联生物 | 12.74 | -2.00% | 31.76万 | 4.12亿 | | 002141 | 贤丰控股 | 4.39 | -1.79% | 1 82.44万 | 3.67亿 | | 002688 | 金河生物 | 7.27 | -1.36% | 40.45万 | 2.93亿 | | 002868 | *ST绿康 | 28.45 | -1.22% | 9561.0 | 2728.17万 | | 838275 | ...

Core Viewpoint - Company plans to exercise its preemptive subscription rights to participate in the convertible bond issuance by Xiamen Jindawei Group Co., Ltd, with an investment amount not exceeding RMB 241.42 million [2][5][19] Investment Overview - The convertible bonds issued by Jindawei aim to raise up to RMB 1.29 billion [6] - Company holds 113,927,593 shares of Jindawei, representing an 18.68% stake, and thus has the right to participate in the bond issuance [2][6] - The investment amount planned for the subscription is capped at RMB 241.42 million, which is 4.39% of the company's audited net assets for 2024 and 4.33% of the unaudited net assets for Q1 2025 [7][19] Approval Process - The proposal to exercise the preemptive rights was approved in the temporary meetings of both the board of directors and the supervisory board on August 18, 2025, with unanimous support [14][19] - The company is not required to follow the related party transaction review process for this investment [14] Investment Details - The investment will be made using the company's own funds [8] - The investment is categorized as a securities investment under the Securities Law [9] - The investment period is set for 12 months from the board's approval [13] Impact on Company - The investment will not significantly affect the company's operational cash flow or its main business activities [19] - The company plans to classify the convertible bonds as financial assets measured at fair value, with changes recorded in current profits and losses [19]

股票代码：600195 股票简称：中牧股份 编号：临 2025-023 中牧实业股份有限公司 第九届监事会 2025 年第一次临时会议决议公告 本公司监事会及全体监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。 中牧实业股份有限公司监事会 2025 年 8 月 20 日 中牧实业股份有限公司（以下简称"公司"或"中牧股份"）第九届监事会 2025 年第一次临时会议通知于 2025 年 8 月 14 日通过公司电子办公系统、电子邮件等形 式发出，会议于 2025 年 8 月 18 日以通讯方式召开，会议应到监事 3 名，实到监事 3 名。会议由监事会主席侯士忠先生主持，符合《公司法》《公司章程》的规定。 经与会监事认真审议，会议表决通过如下议案： 关于公司行使优先配售权参与认购厦门金达威集团股份有限公司向不特定对象 发行可转换公司债券的议案 表决结果：3 票同意，0 票反对，0 票弃权。 监事会认为：厦门金达威集团股份有限公司向不特定对象发行可转换公司债券， 募集金额不超过人民币 129,239.48 万元（含本数）。截至目前，公司持有厦门金达 威 ...

股票代码：600195 股票简称：中牧股份 编号：临 2025-022 中牧实业股份有限公司关于 行使优先配售权参与认购厦门金达威集团股份有限 公司向不特定对象发行可转换公司债券的公告 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。 重要内容提示： ●投资种类：证券投资 ●投资金额：中牧实业股份有限公司（以下简称"公司"）计划参与认购厦 门金达威集团股份有限公司（以下简称"金达威"，股票代码：002626）可转债 的投资本金不超过人民币 24,141.93 万元（含本数，最终认购数量及认购资金以 实际成交为准）。 ●已履行的审议程序：2025 年 8 月 18 日，公司第九届董事会 2025 年第十 次临时会议、第九届监事会 2025 年第一次临时会议审议通过了《关于公司行使 优先配售权参与认购厦门金达威集团股份有限公司向不特定对象发行可转换公 司债券的议案》。 ●特别风险提示：根据《企业会计准则》规定，公司拟将持有的可转换债券 投资作为一个整体进行评估，拟将持有的金达威可转换债券分类为以公允价值计 量且其变动计入当期损益的金 ...

Group 1 - The animal vaccine concept sector rose by 2.47%, ranking second among concept sectors, with 12 stocks increasing in value, including Shenlian Biological which hit a 20% limit up [1] - Leading stocks in the sector included Yongshun Biological, Xianfeng Holdings, and Biological Shares, which rose by 9.35%, 8.44%, and 2.92% respectively [1] - The sector experienced a net outflow of 0.31 billion yuan in main funds, with 12 stocks seeing net inflows, and five stocks receiving over 10 million yuan in net inflows [1] Group 2 - Shenlian Biological, with a net inflow of 20.03%, had the highest main fund inflow of 20 million yuan, followed by Biological Shares and Haizheng Pharmaceutical with net inflows of 17.39 million yuan and 17.13 million yuan respectively [2] - The top three stocks by main fund inflow ratio were Shenlian Biological at 6.76%, Ronioushan at 6.52%, and Zhongmu Shares at 5.23% [2][3] - Stocks such as Kanghua Biological, Jinhai Biological, and Dabeinong experienced significant net outflows, with Kanghua Biological seeing a decline of 1.35% and a net outflow of 47.41 million yuan [3]

Core Viewpoint - The company Zhongmu Co., Ltd. (600195.SH) announced that its associate company Jindawei is issuing convertible bonds to unspecified investors, raising up to RMB 1,292.39 million, including the principal amount [1] Group 1: Company Actions - Zhongmu Co., Ltd. holds 113,927,593 shares in Jindawei, representing an 18.68% ownership stake, and has the preferential subscription right for the convertible bonds being issued [1] - The company plans to exercise its preferential subscription right to participate in the subscription of Jindawei's convertible bonds, with an investment amount not exceeding RMB 241.42 million, including the principal [1] Group 2: Financial Impact - The planned investment in Jindawei's convertible bonds will account for 4.39% of the company's audited net assets for the year 2024 and 4.33% of the company's unaudited net assets for the first quarter of 2025 [1]

Investment Rating - The report does not explicitly state an investment rating for the animal health industry, but it highlights potential growth areas such as pet pharmaceuticals and international expansion [1]. Core Insights - The animal health industry is experiencing a slowdown in growth, with increasing competition leading to a "Matthew Effect" where larger companies gain more market share at the expense of smaller firms [3][39]. - The industry is shifting back to a research and development-driven model, with innovation becoming crucial for future growth [4][83]. - The pet pharmaceutical market and international expansion are identified as key areas for long-term growth, with pet medical consumption projected to reach approximately 84 billion yuan in 2024 [5][78]. Summary by Sections 1. Overview of the Animal Health Industry - The animal health industry, also known as the veterinary drug industry, includes a wide range of products such as vaccines, antibiotics, and feed additives [11][12]. - The market size has grown from 50.395 billion yuan in 2019 to 69.651 billion yuan in 2023, with a CAGR of 8.43% [3][12]. 2. Increasing Competition and Market Dynamics - The industry is facing a slowdown in growth, with sales increasing from 62.095 billion yuan in 2020 to 69.651 billion yuan in 2023, while average gross profit has decreased from 21.998 billion yuan to 21.297 billion yuan [3][39]. - The "Matthew Effect" is evident as larger companies leverage their product portfolios and R&D investments to capture more market share [3][52]. 3. Shift Towards R&D and Innovation - The industry is moving away from its cyclical nature, with a focus on integrated strategies and innovation to counteract competitive pressures [4][69]. - The average profit per head in self-breeding pig farming is expected to improve significantly in 2024, indicating potential for recovery in related sectors [4][62]. 4. Growth Opportunities in Pet Pharmaceuticals and Exports - The pet medical market is projected to grow rapidly, with a significant increase in demand for preventive care and treatment as pet owners become more health-conscious [5][78]. - The report highlights the successful export of domestic pet pharmaceuticals, marking a breakthrough in international markets [5][78]. 5. Key Companies to Watch - Companies such as 瑞普生物 (Reap Bio), 科前生物 (KQ Bio), and 回盛生物 (Hui Sheng Bio) are recommended for attention due to their innovative approaches and market positioning [6].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The pork market is experiencing an oversupply, leading to a continued decline in pork prices. The average price of external three yuan pigs is 14.13 yuan/kg, with a week-on-week decrease of 1.09% [2][12] - The Ministry of Agriculture and Rural Affairs emphasizes the need for quality improvement and efficiency enhancement in the pig industry, suggesting that outdated production capacity will gradually be eliminated [2][13] - The report highlights the potential benefits of genetically modified crops in increasing yield and self-sufficiency rates for key varieties, with specific companies recommended for investment [12] Summary by Sections Planting Industry - A meeting was held to discuss increasing crop yields in Northeast China, which is crucial for national food security. The region has seen improvements in planting density and technology, contributing to stable yield increases [1] - Companies such as Beidahuang and Suqian Agricultural Development are expected to benefit from these developments, along with seed companies like Dabeinong and Longping High-Tech [1][12] Pig Farming - The average price of pigs has shown a downward trend, with the average weight of slaughtered pigs decreasing for eight consecutive weeks. The number of breeding sows has also decreased slightly [2][12] - The report suggests focusing on companies with significant cost improvements and high future output elasticity, including DeKang Agriculture and Mu Yuan Co., Ltd. [13] Key Agricultural Product Data Tracking - Corn: The average price is 2406.65 yuan/ton, with a week-on-week decrease of 0.09% [27] - Wheat: The average price is 2440.86 yuan/ton, with a week-on-week decrease of 0.08% [30] - Rice: The average price of japonica rice is 2912.00 yuan/ton, with a week-on-week increase of 0.14% [35] - Soybeans: The average price is 3926.32 yuan/ton, remaining stable week-on-week [40] - Cotton: The average price is 15410.00 yuan/ton, with a slight decrease of 0.02% [47] Feed and Vitamin Prices - The average price of pig feed is 2.73 yuan/kg, with a week-on-week increase of 0.37% [53] - The average price of vitamin E is 68.00 yuan/kg, remaining stable week-on-week [62]