Investment Rating - The overall industry rating is "Positive" for the agriculture sector, indicating expected returns above the CSI 300 index by more than 5% in the next six months [6][51]. Core Views 1. **Livestock Industry Chain** - The swine market is experiencing rising epidemic risks and policy support, which is expected to enhance the motivation for capacity reduction. The average price of live pigs is currently 13.71 CNY/kg, down 0.62 CNY from last week, while the average price for 15 kg piglets is 31.24 CNY/kg, down 1.48 CNY [5][19]. - The operating rate of large-scale slaughterhouses has increased to 31.9%, up 0.36 percentage points from last week and 7.26 percentage points year-on-year. The total output of pigs from 16 listed companies reached 100.75 million heads, a year-on-year increase of 16.9% [5][19]. - The number of breeding sows has decreased to 40.43 million heads, down 370,000 from the peak last year. The average profit per head for self-bred pigs is 45 CNY, an increase of 2 CNY from last week [6][20]. 2. **Poultry Industry** - Chicken prices are experiencing fluctuations, with the average price for broiler chickens at 3.54 CNY/lb, up 0.13 CNY from last week. The average price for white feather chickens is 13.9 CNY/kg, up 0.2 CNY [21][23]. - The industry is at a historically high capacity level, with limited imports in the first seven months of the year. The profitability per chicken has turned positive at 0.62 CNY [21][23]. - The yellow chicken market is also seeing price declines, with average prices at 9.77 CNY/kg for Lihua yellow chicken, down 0.02 CNY from last month [23][24]. 3. **Seed and Planting Industry** - The seed industry is benefiting from ongoing policy optimization and the promotion of genetically modified organisms (GMOs). The long-term investment value of leading seed companies is highlighted as they are at historical low valuations [10][24]. - Grain prices are experiencing short-term adjustments but are expected to rise in the medium term due to reduced imports and adverse weather conditions. The average purchase price for corn is 2441 CNY/ton, down 4 CNY from last week [12][24]. Company Recommendations - Recommended companies include: - Zhongchong Co., Ltd. - Buy [3] - Muyuan Foods Co., Ltd. - Buy [3] - Suqian Agricultural Development Co., Ltd. - Buy [3]

南泥湾，镌刻在中国人民的抗战记忆中。1941年春，八路军第三五九旅发扬"自力更生、艰苦奋斗"的精 神，在这里实行军垦屯田，把荒芜的"烂泥湾"变成"到处是庄稼，遍地是牛羊"的"陕北的好江南"，成 为"自己动手、丰衣足食"的模范。 今年是中国人民抗日战争暨世界反法西斯战争胜利80周年。近日，记者走进陕西延安，探访南泥湾的新 模样，看北大荒的农业技术如何在南泥湾扎根推广。 "来到了南泥湾，南泥湾好地方，好地呀方……" 绿意盎然的南泥湾，千亩稻田秧苗已进入抽穗扬花期，放眼望去，与四周的青山、湿地相互映衬，黄土 高原上，一片好风光。 农户拿起新"镢头" "由于种种原因，南泥湾水稻种植面积曾一度萎缩，如今已逐步恢复至1000亩。"站在延安宝塔区南泥湾 镇南阳府村新修整的田埂上，延安南泥湾（集团）农业有限公司副总经理曹杰介绍，近年来，延安成立 南泥湾开发区，包括南泥湾镇等周边三个乡镇，并以管委会和南泥湾集团并行的模式推动发展。 稻田的恢复并不容易。 种水稻，先要水。原有的灌溉系统年久失修，建设者一锹一镐地修复、改建老旧水渠，在距离河道更远 的田地，还要顶着烈日勘探打井。"高坊村2口、红土窑村3口、南阳府村1口，这6口井打下 ...

Group 1 - North China Agricultural Group's Heilongjiang Qongqing Farm Co., Ltd. was fined 0.38444 million yuan for illegally occupying 10,661.62 square meters of forest land [1][3] - The fine was imposed by the Luobei County Forestry and Grassland Bureau based on the violation of the Forest Law of the People's Republic of China [3] - The company is required to restore the vegetation and forestry conditions by November 1, 2025 [3] Group 2 - North China Agricultural Group's Heilongjiang Jiangbin Farm Co., Ltd. was fined 0.962 million yuan for illegally occupying 962 square meters of forest land [4][6] - This violation also falls under the jurisdiction of the Forest Law of the People's Republic of China [6] - The company is similarly required to restore the vegetation and forestry conditions by August 14, 2025 [7] Group 3 - Both companies are wholly owned subsidiaries of North China Agricultural Group [7]

Group 1 - The board of China Beidahuang (00039.HK) announced the resignation of Li Jin as a non-executive director and vice chairman effective July 16, 2025 [1] - Yang Guang has been appointed as a non-executive director and vice chairman, effective August 1, 2025 [1]

Group 1 - The company announced the resignation of Mr. Li Jin as a non-executive director and vice chairman of the board effective July 16, 2025 [1] - Mr. Yang Guang has been appointed as a non-executive director and vice chairman of the board, effective August 1, 2025 [1]

Group 1 - The company announced the resignation of Mr. Li Jin as a non-executive director and vice chairman of the board, effective July 16, 2025 [1] - Mr. Yang Guang has been appointed as a non-executive director and vice chairman of the board, effective August 1, 2025 [1]

Group 1 - The stock price of Beidahuang (600598) closed at 15.27 yuan on July 30, 2025, with an increase of 3.67% and a turnover rate of 5.07% [1] - The trading volume was 901,400 hands, with a transaction amount of 1.368 billion yuan [1] - The net inflow of main funds was 71.43 million yuan, accounting for 5.22% of the transaction amount, with large orders contributing 57.04 million yuan [1] Group 2 - For the first quarter of 2025, Beidahuang reported total operating revenue of 956 million yuan, a year-on-year decrease of 0.05%, and a net profit attributable to shareholders of 539 million yuan, down 2.90% year-on-year [1] - The company's current ratio is 1.510, quick ratio is 1.369, and debt-to-asset ratio is 45.55% [1] - Beidahuang has invested in 15 companies and participated in 1,804 bidding projects, with 2 trademark registrations and 15 patents [2]

Investment Rating - The overall industry investment rating is "Positive" [48] Core Viewpoints - The report emphasizes the impact of anti-involution policies on capacity regulation, which is beneficial for the livestock industry [6][22] - The agricultural sector has shown strong performance, with the agricultural index rising by 3.61% compared to the broader market indices [27] - The report highlights the long-term investment value of companies in the livestock sector, as their valuations are at historical lows [23] Summary by Relevant Sections Livestock Industry - **Swine**: The national average price for live pigs is 14.12 CNY/kg, down 0.15 CNY from last week. The average price for 15 kg piglets is 33.86 CNY/kg, down 0.17 CNY [6][22] - **Poultry**: The average price for white feather broilers is 3.35 CNY/lb, up 0.15 CNY from last week. The average price for white chickens is 13.7 CNY/kg, up 0.3 CNY [9][22] - **Yellow Chickens**: The average price for yellow chickens is 9.79 CNY/kg, down 0.88 CNY from last month. The industry is experiencing a rise in production capacity [10][25] - **Animal Health**: The animal health industry is recovering from a low point, with significant performance improvements noted in major companies [11][25] Planting Industry - **Seed Industry**: Policies are continuously improving, and the commercialization of genetically modified technology is accelerating, which is expected to boost sales and prices for quality seed companies [12][26] - **Planting**: Grain prices are experiencing short-term adjustments, with corn averaging 2441 CNY/ton, down 10 CNY from last week, while wheat is at 2442 CNY/ton, up 1 CNY [13][26] Recommended Companies - **Buy Ratings**: - Zhongchong Co., Ltd. [4] - Muyuan Foods [4] - Suqian Agricultural Development [4]

Group 1 - The core viewpoint emphasizes the importance of stable and reliable electricity supply for agricultural development in Heilongjiang, highlighting the role of State Grid Heilongjiang Electric Power in supporting modern agriculture through enhanced power supply and services [1][2][3] - The company has increased the number of intelligent monitoring points for rice growth to 220, showcasing its commitment to smart agriculture and reliable power services [1] - The establishment of 1022 agricultural service teams demonstrates the company's proactive approach in providing quality services to support local agricultural production [2] Group 2 - The company has tailored electricity solutions for specific agricultural needs, such as adding two 200 kVA transformers and erecting 52 electric poles in Suixi Village to support the black fungus industry [2] - The implementation of the "Three Provinces" and "Three Zero" service initiatives aims to reduce electricity application time, simplify processes, and lower costs, thereby enhancing the overall electricity service experience [3] - The favorable electricity business environment is positioned as a key driver for the high-quality development of modern agriculture in Heilongjiang, enabling agricultural production to achieve better outcomes [3]

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - Recent policy guidance has led to a rapid decline in post-slaughter weight, allowing for a rebalancing of volume and price, with positive expectations for pig prices [3] - The long-term perspective indicates that the bottom of the production capacity cycle is becoming clearer, suggesting a potential long-term profit upturn for the sector [3] - The report highlights investment opportunities in various segments, including pig farming, feed, and planting chains, as well as the pet food sector [3] Summary by Sections Pig Farming Sector - In June, 13 listed pig companies collectively slaughtered 16.2681 million pigs, a month-on-month increase of 2.65% and a year-on-year increase of 47.55% [2][13] - The average selling price of pigs decreased by approximately 3% month-on-month and about 20% year-on-year, with prices ranging from 13.23 to 15.57 yuan/kg [14][15] - The average weight of slaughtered pigs in June was 125.06 kg, down 0.77 kg from May, indicating a trend towards reducing weight [17] Market Dynamics - The national average price for live pigs was 14.81 yuan/kg as of July 11, reflecting a week-on-week decline of 3.52% [28] - The demand for pork is weakening due to high temperatures affecting consumption and rising storage costs, leading to a gradual loosening of supply-demand dynamics [28] Investment Recommendations - The report recommends focusing on leading companies such as Muyuan Foods, Wens Foodstuff, and Juxing Agriculture, as well as companies in the feed and animal health sectors like Haida Group and Ruipu Biological [3] - In the planting chain, opportunities are highlighted for companies like Suqian Agricultural Development and Beidahuang [3] Other Segments - The pet food industry is experiencing growth, with increasing recognition of domestic brands and continuous growth of leading companies [3]