New Stock Issuance - New stock issued by Dingjia Precision at a price of 11.16 on July 22, 2025[1] - ST Kelly's tender offer period is from July 17 to August 15, 2025[1] - ST Zitian and other companies have also announced new stock issuances[1] Market Alerts - Significant abnormal fluctuations reported for several stocks including Guangshengtang and Huayin Power[1] - Multiple companies have disclosed announcements regarding stock performance and market activities[1] - The report includes links to detailed announcements for various stocks, indicating ongoing market monitoring[1]

Core Viewpoint - The veterinary raw material drug market in China is expected to grow significantly, with a projected market size of approximately 185.1 billion yuan in 2024 and around 200 billion yuan in 2025, driven by increased demand and favorable economic conditions [1][8]. Industry Characteristics and Classification - Veterinary raw material drugs are pharmacologically active substances used directly in the manufacture of veterinary drug formulations, characterized by specificity, regulatory requirements, and high technical barriers [2][4]. - They can be classified by chemical properties into synthetic raw materials, biotechnological raw materials, and natural extracts, and by usage into antimicrobial drugs, antiparasitic drugs, antipyretic analgesics, and diagnostic/treatment aids [4][5]. Current Development Status - The veterinary drug industry in China has rapidly developed, becoming a significant part of the global veterinary drug market, with a projected market size of approximately 600 billion yuan in 2024 and 635 billion yuan in 2025 [6][8]. Market Size and Growth - The veterinary raw material drug market is expected to see a growth from 185.1 billion yuan in 2024 to 200 billion yuan in 2025, reflecting a recovery in demand and controlled supply [8][10]. Market Segmentation - Antimicrobial drugs dominate the veterinary raw material drug market, holding an 84% market share, while antiparasitic drugs account for about 11% [10]. Industry Chain - The industry chain includes upstream components such as basic chemical raw materials and intermediates, midstream production of raw materials through chemical synthesis and fermentation, and downstream processing into veterinary drug formulations for livestock and pet healthcare [12]. Competitive Landscape - The veterinary raw material drug industry in China has a low concentration level, with major companies including Haisheng Pharmaceutical, Qihui Pharmaceutical, Guobang Pharmaceutical, and Puluo Pharmaceutical, among others [14][16]. - The industry is experiencing a shift towards larger, more capable firms as regulatory standards improve, leading to a potential increase in market concentration [14]. Key Enterprises - Guobang Pharmaceutical reported a revenue of 1.831 billion yuan from animal health raw materials in 2024, with a gross margin of 18.86% [16]. - Haisheng Pharmaceutical achieved a revenue of 112 million yuan from raw materials in 2024, with a gross margin of 36.28% [18]. Technology Development Trends - The production of raw materials and intermediates requires significant investment in research and development to improve process technology and compete in higher-margin sectors [20].

New Stock Issuance - The new stock issued by Hanguo Group is priced at 15.43 RMB per share[1] - The subscription period for the tender offer of ST Kelly is from July 17, 2025, to August 15, 2025[1] Abnormal Fluctuations - Several stocks, including ST Zitian and Guangshengtang, have reported severe abnormal fluctuations[2] - The announcement links for stocks experiencing abnormal fluctuations are provided for investor reference[2] Market Updates - A total of 30 stocks have been listed for trading updates, with various announcements made between July 15 and July 21, 2025[1] - The report includes links to detailed announcements for each stock, ensuring transparency and accessibility for investors[1]

从上证健康产业指数持仓样本的行业来看，医药卫生占比39.55%、主要消费占比29.68%、工业占比 24.70%、公用事业占比6.07%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。每次调整的样本比例一般不超过20%。权重因子随样本定期调整而调整，调整时间与指数样本 定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临 时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照 计算与维护细则处理。 金融界7月21日消息，上证指数高开高走，上证健康产业指数 (上证健康，H50044)报1143.60点。 从指数持仓来看，上证健康产业指数十大权重分别为：上海洗霸（3.12%）、药明康德（2.5%）、生物 股份（2.38%）、中牧股份（2.2%）、道通科技（2.18%）、福龙马（2.14%）、恒瑞医药（2.12%）、 惠泰医疗（2.11%）、甘李药业（2.06%）、海南橡胶（2.05%）。 数据统计显示，上证健康产业指数近一个月上涨4.93%，近三个月上涨8.76%，年至今上涨7.27 ...

Group 1 - The report maintains an optimistic view on the market's ability to continue breaking through, driven by strong risk appetite and multiple signals supporting market upward momentum [8][9][10] - Key sectors showing strong performance include construction materials, non-bank financials, non-ferrous metals, agriculture, and household appliances, with high-growth sectors identified as media, agriculture, construction materials, transportation, and non-bank financials [9][10] - The report highlights the importance of the TMT sector, particularly AI hardware and gaming, as significant drivers of market interest and investment [8][9] Group 2 - The report emphasizes the potential of the low-altitude economy, with significant developments in eVTOL aircraft and related infrastructure, supported by government policies and local initiatives [53][54] - Companies like Xiaopeng Heavens and Times Technology are noted for their recent financing and order achievements, indicating strong market interest and growth potential in the low-altitude sector [53][54] - The report suggests that the low-altitude economy is experiencing a comprehensive rollout from macro to micro levels, with various applications being tested and developed [53][54] Group 3 - The food and beverage sector is facing challenges with slowing retail sales growth, particularly in the restaurant and alcohol segments, due to external factors such as subsidy controls and strict regulations [56] - Despite the pressures, there are opportunities for investment in leading liquor companies as valuations have reached low points, suggesting potential for recovery in the second half of the year [56] - The report indicates that the overall consumer demand needs to be stimulated, with a focus on the clearing of livestock and new demand drivers [56]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [45][46]. Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 0.74% from July 4 to July 17, 2025, lagging behind the index by approximately 0.93 percentage points [11][14]. - Most sub-sectors recorded positive returns during the same period, with animal health, agricultural product processing, breeding, and planting sectors increasing by 8.71%, 2.56%, 1.42%, and 0.46% respectively, while the fishery and feed sectors saw declines of 1.8% and 4.2% [14][15]. - The overall price-to-book (PB) ratio for the industry is approximately 2.66 times, indicating a slight recovery, but still remains at a historical low, around 59.2% of the valuation center since 2006 [21][22]. Industry Key Data - **Pig Farming**: - The average price of external three yuan pigs decreased from 15.31 CNY/kg to 14.37 CNY/kg between July 4 and July 17, 2025 [24]. - As of June 2025, the breeding sow inventory reached 40.43 million heads, slightly up by 0.02% from the previous month, which is 103.7% of the normal holding capacity of 39 million heads [24]. - The profit from self-breeding pigs is 90.89 CNY/head, while the profit from purchased piglets is -18.66 CNY/head, both showing a decline compared to the previous week [29]. - **Poultry Farming**: - The average price of broiler chicks in major production areas was 1.37 CNY/chick, showing a slight increase, while the average price of layer chicks was 3.88 CNY/chick, which slightly decreased [31]. - The average price of white feather broilers was 6.4 CNY/kg, which has also decreased, with a profit of -2.93 CNY/chick, showing a slight recovery compared to the previous week [34]. - **Feed Costs**: - The spot price of corn was 2409.12 CNY/ton, showing a decline, while soybean meal prices were 2952 CNY/ton, which fluctuated in the last two weeks [26]. Industry Outlook - The report anticipates an overall increase in pig production capacity this year, which may suppress pig prices. The breeding sow inventory has some room for reduction [45]. - The poultry sector continues to face pressure on profitability, with opportunities for marginal improvement [45]. - In the feed sector, there are opportunities arising from increased concentration among leading companies, cost reduction, and overseas expansion [45]. - The domestic pet market is expected to maintain rapid growth, with leading domestic brands likely to see significant growth [45]. Recommended Stocks - Key stocks to focus on include: - Muyuan Foods (002714) - Wens Foodstuff Group (300498) - Shennong Development (002299) - Haida Group (002311) - Bio-Stock (600201) - Zhongchong Co., Ltd. (002891) - Yiyi Co., Ltd. (001206) [46].

Group 1 - The animal vaccine sector experienced a decline of 0.96%, ranking among the top losers in the concept sector, with companies like BioShares, Zhongmu, and Pulaike leading the declines [1][2] - Among the animal vaccine stocks, five companies saw price increases, with Luoniushan, Weilan Biology, and Dabeinong rising by 1.42%, 1.38%, and 0.73% respectively [1][2] - The animal vaccine sector faced a net outflow of 218 million yuan from main funds, with 12 stocks experiencing outflows, and six stocks seeing outflows exceeding 10 million yuan [2][3] Group 2 - The top net outflow stock was BioShares, with a net outflow of 128 million yuan, followed by Xianfeng Holdings, Jinhai Biological, and Zhongmu, with net outflows of 41.99 million yuan, 26.07 million yuan, and 25.32 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflow included Dabeinong, Luoniushan, and Weilan Biology, attracting net inflows of 34.95 million yuan, 23.76 million yuan, and 13.06 million yuan respectively [2][3] - The detailed outflow data for the animal vaccine sector shows significant declines in stock prices, with BioShares down by 5.56% and a turnover rate of 11.26% [2][3]

Group 1 - The avian influenza concept sector declined by 0.90%, ranking among the top declines in concept sectors, with leading declines from companies such as Zhijiang Biology, Biological Shares, and Zhongmu Shares [1][2] - Among the 10 stocks that increased in price, Weilan Biology, Lianhuan Pharmaceutical, and Wens Foodstuff were the top gainers, with increases of 1.38%, 0.66%, and 0.53% respectively [1][2] - The avian influenza concept sector experienced a net outflow of 383 million yuan from main funds, with 17 stocks seeing net outflows, and 8 stocks with outflows exceeding 10 million yuan [2][3] Group 2 - The stock with the highest net outflow was Biological Shares, with a net outflow of 128 million yuan, followed by Zhongsheng Pharmaceutical, Taiji Group, and Zhijiang Biology with net outflows of 93.42 million yuan, 35.18 million yuan, and 33.51 million yuan respectively [2][3] - The stocks with the highest net inflows included Wens Foodstuff, Weilan Biology, and Oriental Biology, with net inflows of 16.02 million yuan, 13.06 million yuan, and 7.22 million yuan respectively [2][3] - The avian influenza concept sector's outflow list included Biological Shares, Zhongsheng Pharmaceutical, Taiji Group, and Zhijiang Biology, with respective declines of 5.56%, 0.45%, 0.27%, and 7.07% [2][3]

Core Viewpoint - The legal opinion confirms that the procedures for the second extraordinary general meeting of shareholders of Beihai Guofa Chuanshan Biological Co., Ltd. are compliant with relevant laws and regulations, ensuring the legitimacy of the meeting and its outcomes [2][6]. Group 1: Meeting Procedures - The extraordinary general meeting was convened by the company's 11th Board of Directors and chaired by Mr. Jiang Ye [3]. - The company provided adequate notice regarding the meeting's time, location, voting methods, and agenda, ensuring transparency [3][4]. - The meeting utilized a combination of on-site and online voting methods to facilitate shareholder participation [4]. Group 2: Attendance and Voting - A total of 12 shareholders and their proxies attended the meeting, representing 83,038,016 shares, which is 15.8410% of the total voting shares [4][5]. - Online voting involved 268 shareholders, representing 88,603,359 shares, contributing to the overall voting process [5]. - The total voting results indicated that 61,193,982 shares were in favor of the proposals, accounting for 35.6522% of the valid votes cast [5][6]. Group 3: Conclusion - The legal opinion concludes that the meeting's convening, attendance, and voting procedures adhered to the Company Law and the company's articles of association, confirming the legality and validity of the meeting and its resolutions [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received approval for clinical trials of its ASFV subunit vaccine, marking it as the only one in China to achieve this milestone, showcasing its strong R&D capabilities [3][5] - Despite short-term performance pressure due to increased R&D expenses and intensified industry competition, the company is expected to benefit from its innovative pipeline, particularly the ASF vaccine, which opens new growth opportunities [3][4] - The company has adjusted its 2025 profit forecast downwards while increasing projections for 2026-2027, with expected net profits of 188 million, 352 million, and 508 million yuan for 2025, 2026, and 2027 respectively [3][4] Financial Summary - The company's total market capitalization is 10.68 billion yuan, with a current stock price of 9.53 yuan [1] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.17, 0.31, and 0.45 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 56.7, 30.3, and 21.0 [3][4] - The company anticipates a significant decline in net profit for the first half of 2025, with estimates ranging from 57 million to 70 million yuan, representing a year-on-year decrease of 43.05% to 53.63% [4]