Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, PetroChina, and CNOOC, highlighting their high dividend characteristics [10]. Core Views - The report emphasizes the importance of focusing on domestic demand, high dividend stocks, and import substitution in the chemical industry, especially in light of the recent stabilization of international oil prices [6][17]. - It notes that the international oil price is expected to stabilize around $70 per barrel in 2025, which supports the outlook for companies with strong asset quality and high dividend yields [6][17]. Summary by Sections Industry Investment Recommendations - The report suggests that the chemical industry is currently in a weak performance phase, with mixed results across different sub-sectors due to past capacity expansions and weak demand [20]. - It highlights specific sectors such as the tire industry, which is expected to perform well due to global positioning and tariff experiences [20]. - The report also identifies opportunities in import substitution for chemical products like lubricant additives and special coatings [20]. Price Movements - Significant price increases were observed in natural gas (up 14.76%), hydrochloric acid (up 9.39%), and synthetic ammonia (up 5.24%) [17][18]. - Conversely, products like adipic acid and coal tar saw notable declines, with adipic acid down 7.53% [17][18]. Key Companies and Earnings Forecasts - The report provides earnings per share (EPS) forecasts for various companies, indicating a positive outlook for firms like Xinyangfeng and Senqilin, with projected EPS growth [10]. - It lists several companies with strong dividend yields, such as Yuntianhua and Xingfa Group, which are expected to attract investor interest [20].

一、回购股份的基本情况 证券代码：600873 证券简称：梅花生物 公告编号：2025-041 梅花生物科技集团股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 | 回购方案首次披露日 | 2024/9/24，由公司董事长王爱军提议 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2024 10 | 10 | 月 | 11 | 日~2025 | 年 | 10 | 日 | | 预计回购金额 | 30,000万元~50,000万元 | | | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | 累计已回购股数 | □为维护公司价值及股东权益 3,570.84万股 | | | | | | | | | 累计已回购股数占总股本比例 | 1.25% | | | | ...

证券代码：600873 证券简称：梅花生物 公告编号：2025-042 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及《上 海证券交易所上市公司自律监管指引第 1 号—规范运作》等要求，现将公司 2025 年员工持股计划实施进展情况公告如下： 截至 2025 年 5 月底，公司 2025 年员工持股计划专户已通过二级市场以集中 竞 价 交 易 方 式 累 计 买 入 公 司 股 份 8,527,700 股 ， 占 公 司 目 前 股 本 总 数 （2,852,788,750 股）的 0.30%，成交均价 10.55 元/股，成交金额 89,962,022 元（不 含交易费用）。 公司 2025 年员工持股计划尚未实施完毕，后续公司将持续关注本次员工持 股计划的实施进展情况，并按照相关法律、行政法规的规定及时履行信息披露义 务。敬请广大投资者关注相关公告并注意投资风险。 关于2025年员工持股计划实施进展的公告 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个别及连带责任。 梅花生物科技集团股份有限公司（以下简称"公司"）分 ...

Core Viewpoint - The agricultural sector is experiencing a rebound, with the Agricultural ETF from E Fund (562900) showing a significant increase of 2.18% in half a day, leading the industry ETF performance [1][3]. Agricultural Sector Performance - The Agricultural ETF from E Fund (562900) has a half-day trading volume of 694.27 million yuan and a total scale of 0.99 billion units [3]. - Other agricultural ETFs, such as Agricultural 50 ETF (159827) and Agricultural ETF (159825), also showed positive performance with increases of 1.75% and 1.74% respectively [5]. - The Agricultural ETF (159825) has a larger scale of 29.85 billion units and a half-day trading volume of 8529 million yuan [5]. ETF Share Changes - The Agricultural ETF from E Fund (562900) has seen a slight increase in shares this year, with an addition of 11 million units, representing a growth of 12.54% [2]. - The Agricultural ETF (159825) also experienced a share increase of over 10%, adding 474 million units this year [2]. Investment Logic - Domestic grain prices have been rising due to reduced grain imports and drought conditions, indicating a strong demand in the agricultural sector [3]. - Long-term policies focus on food security and improving agricultural productivity, with transgenic biotechnology expected to accelerate under supportive policies [3]. - Upgrades in seed products are anticipated to boost sales and prices for quality seed companies, with leading companies currently valued at a low point, highlighting their long-term investment potential [3]. Major Holdings in Agricultural Indices - The major stocks in the China Modern Agriculture Theme Index include: - Muyuan Foods (002714) with a weight of 14.77% - Wens Foodstuffs Group (300498) with a weight of 14.57% - Haida Group (002311) with a weight of 14.29% [4][6]. - The index reflects companies involved in various agricultural sectors, including animal husbandry, feed, and agricultural machinery [5].

Group 1 - The China Livestock Breeding Index (930707) increased by 0.05% as of May 27, 2025, with notable gains from companies such as Ruip Bio (300119) up 1.68% and Yike Food (301116) up 1.44% [1] - The Livestock ETF (516760) rose by 0.16%, with a latest price of 0.63 yuan, and has accumulated a 0.64% increase over the past two weeks [1] - The Livestock ETF has shown a net value increase of 3.27% over the past six months, with a maximum single-month return of 17.22% since its inception [1] Group 2 - Sichuan Province has drafted ten measures to promote high-quality development in the livestock industry, focusing on strengthening leading enterprises and supporting their participation in large-scale projects [2] - The measures aim to enhance the capabilities of leading livestock enterprises to drive the development of farms and households [2] Group 3 - Short-term pig prices are expected to remain stable, with a balanced supply-demand situation anticipated in the second half of the year, leading to a more optimistic outlook for pig price expectations and profitability of pig enterprises [3] - Current pig prices allow for slight profitability for breeding enterprises, but the industry faces challenges in capacity reduction, with cost competition becoming a key focus [3] Group 4 - As of May 26, 2025, the Livestock ETF has experienced a maximum drawdown of 5.00% this year, with a management fee of 0.50% and a custody fee of 0.10% [5] - The Livestock ETF tracks the China Livestock Breeding Index, which has a current price-to-earnings ratio (PE-TTM) of 12.33, indicating a historical low valuation [5] - The top ten weighted stocks in the China Livestock Breeding Index account for 69.38% of the index, with companies like Haida Group (002311) and Muyuan Foods (002714) being the largest contributors [5]

Group 1 - The China Livestock Breeding Index (930707) has shown a slight increase of 0.18% as of May 19, 2025, with notable gains in stocks such as Xiangjia Co., Ltd. (002982) up by 6.62% and Yike Foods (301116) up by 1.73% [1] - The recent outbreak of highly pathogenic avian influenza in Brazil has led to a suspension of poultry imports from Brazil by Mexico, impacting the poultry market [1] - A report from Guojin Securities indicates that the price of white feather chickens has rebounded due to previous price drops and improved consumer demand, while the supply of breeding chickens has significantly decreased year-on-year [1] Group 2 - The macroeconomic policy adjustments are expected to gradually boost consumer demand, leading to an increase in poultry product consumption and a higher proportion of high-end products [2] - The dairy industry is anticipated to stabilize and recover in the second half of 2025, with ongoing low prices for raw milk and an acceleration in industry capacity reduction [2] - The top ten weighted stocks in the China Livestock Breeding Index account for 69.38% of the index, with companies like Haida Group (002311) and Muyuan Foods (002714) being the most significant contributors [3]

证券代码：600873 证券简称：梅花生物 公告编号：2025-039 梅花生物科技集团股份有限公司 A股每股现金红利0.42597元 2024年年度权益分派实施公告 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： ● 每股分配比例 本次利润分配方案经公司2025年4月15日的2024年年度股东大会审议通过。 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3.差异化分红送转方案： （1）具体分配方案 根据《公司法》《上海证券交易所上市公司自律监管指引第7号一回购股份》等相关法律法规、规范性 文件及《公司章程》的规定，公司回购专户内的股份不享有利润分配、公积金转增股本等权利，因此， 公司2024年年度利润分配需实施差异化权益分派。 经公司2024年年度股东大会审议通过的利润分配方案为：以实施权益分派股权登记日登记的总股本（扣 除股份回购专户内股票数量）为基数，向全体股东每股派发现金红利0.4206元（ ...

证券代码：600873 证券简称：梅花生物 公告编号：2025-040 梅花生物科技集团股份有限公司 1.审议通过《关于变更公司 2023 年员工持股计划管理委员会委员的议案》 会议重新选举刘增超、陈彩霞、徐德彪为公司 2023 年员工持股计划管理委 员会委员，其中刘增超为主任委员。 表决结果：同意 295,329,050 份，占出席会议持有人所持有效表决份额的 100%，反对 0 份，弃权 0 份。 2023年员工持股计划第二次持有人会议决议公告 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个别及连带责任。 梅花生物科技集团股份有限公司（以下简称"公司"）分别于 2022 年 12 月 21 日、2023 年 1 月 6 日召开第九届董事会第三十五次会议和 2023 年第一次临时 股东大会，审议通过《关于公司 2023 年员工持股计划（草案）及其摘要的议案》 《关于公司 2023 年员工持股计划管理办法的议案》《关于提请股东大会授权董事 会全权办理公司员工持股计划相关事项的议案》相关议案，具体内容详见公司于 2022年12月22日、2 ...

证券代码：600873 证券简称：梅花生物 公告编号：2025-039 梅花生物科技集团股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.42597元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/22 | － | 2025/5/23 | 2025/5/23 | 差异化分红送转： 是 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 15 日的2024年年度股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.差异化分红送转方案： （1）具体分配方案 根据《公司法》《上海证券交易所上市公司自 ...

证券代码：600873 证券简称：梅花生物 公告编号：2025-040 会议重新选举刘增超、陈彩霞、徐德彪为公司 2023 年员工持股计划管理委 员会委员，其中刘增超为主任委员。 表决结果：同意 295,329,050 份，占出席会议持有人所持有效表决份额的 特此公告。 梅花生物科技集团股份有限公司 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个别及连带责任。 梅花生物科技集团股份有限公司（以下简称"公司"）分别于 2022 年 12 月 股东大会，审议通过《关于公司 2023 年员工持股计划（草案）及其摘要的议案》 《关于公司 2023 年员工持股计划管理办法的议案》 公司 2023 年员工持股计划第二次持有人会议于 2025 年 5 月 16 日以现场和 通讯相结合的方式召开，会议由管理委员会主任委员刘增超先生召集和主持，出 席本次会议的持有人共计 238 人，代表员工持股计划份额 295,329,050 份，占本 次员工持股计划总份额的 100%，会议的召集、召开和表决程序符合本次员工持 股计划的相关规定。 二、持有人大会审议情况 ...