Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development, Wen's Shares, and others [7]. Core Insights - The report suggests focusing on the recovery cycle of feed and the marginal improvement in breeding [1]. - The pig price has decreased week-on-week, with average prices in key provinces showing a decline [3]. - The feed industry is expected to see a bottoming out and recovery due to the decline in upstream raw material prices and improvements in the downstream breeding sector [3]. - The report highlights the potential growth of Haida Group's overseas feed business as a new performance growth point [3]. Industry Performance - For the week of August 4 to August 10, the CSI 300 index rose by 1.23%, while the agriculture sector increased by 2.52%, ranking 10th among sectors [2][24]. - The top-performing sub-industries included broiler chicken breeding, fruit and vegetable processing, and pig breeding [2][24]. Pig Breeding Sector - As of August 8, the average price of external three-way cross pigs in Sichuan, Guangdong, and Henan was 13.30, 15.39, and 13.83 yuan/kg, respectively, reflecting a week-on-week decline of 2.92%, 4.05%, and 3.82% [3][33]. - The average pork price was 20.41 yuan/kg, down 0.92% from the previous week [3][33]. - The self-breeding profit was 45.13 yuan/head, while the profit from purchasing piglets was -134.14 yuan/head [3][33]. Poultry Sector - As of August 8, the weekly price of white feather broiler chickens was 7.14 yuan/kg, up 4.54% week-on-week [3][47]. - The price of broiler chicks was 3.13 yuan/chick, reflecting a week-on-week increase of 21.79% [3][47]. - The profit from chicken breeding was 0.62 yuan/chick, while egg prices fell by 6.94% to 6.70 yuan/kg [3][47]. Feed Processing Sector - In June 2025, the total industrial feed production in China was 27.67 million tons, a month-on-month decrease of 0.1% but a year-on-year increase of 6.6% [54]. - The production of compound feed, concentrated feed, and additive premix feed saw year-on-year growth of 6.6%, 3.4%, and 8.7%, respectively [54]. Recommendations - The report recommends stocks such as Wen's Shares, Shengnong Group, Juxing Agriculture, Tangrenshen, and New Hope in the pig breeding sector due to expected profitability recovery starting from Q2 2024 [4]. - It also highlights the potential of domestic pet food brands like Guibao Pet and Zhongchong Shares, which are expected to perform well in the upcoming years [5].

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, is experiencing positive stock performance and significant projected profit growth, indicating strong potential in the agricultural sector [1]. Financial Performance - On August 11, the company's stock closed at 21.20 yuan, up 0.28% from the previous trading day, with a trading volume of 298 million yuan [1]. - The stock reached a high of 21.37 yuan and a low of 21.01 yuan during the day, with a volatility of 1.70% [1]. - The company expects to achieve a net profit of 180 million yuan in the first half of 2025, representing a year-on-year growth of 501.40% [1]. Shareholder Activity - In the last five trading days, significant shareholders have increased their holdings by 1.3221 million shares, with a total investment of 27.7967 million yuan [1]. Capital Flow - On August 11, there was a net outflow of 11.4829 million yuan in main funds, but over the last five trading days, there has been an overall net inflow of 34.0725 million yuan [1].

（文章来源：证券时报网） 据iFind统计，截至8月8日，沪深两市共有99只个股连续5日或5日以上获主力资金净买入。连续获主力 资金净买入天数最多的股票是老凤祥、倍加洁、青松建化、华塑股份，均已连续13个交易日获净买入； 连续获主力资金净买入天数较多的还有腾达建设、巨星农牧、首药控股、海优新材、海尔智家、ST起 步、邦基科技、伟创电气等股，分别获11个、11个、10个、9个、9个、9个、8个、8个交易日净买入。 ...

（文章来源：证券时报网） 据iFind统计，截至8月7日，沪深两市共有101只个股连续5日或5日以上获主力资金净买入。连续获主力 资金净买入天数最多的股票是倍加洁、青松建化、老凤祥、华塑股份，均已连续12个交易日获净买入； 连续获主力资金净买入天数较多的还有中南传媒、巨星农牧、信达地产、大秦铁路、腾达建设、海思 科、首药控股、ST起步等股，分别获11个、10个、10个、10个、10个、9个、9个、8个交易日净买入。 ...

Group 1: Sales Performance - In July 2025, the company sold 324,100 pigs, generating sales revenue of 563 million yuan, with 319,100 being market pigs and 4,900 being piglets [1] - From January to July 2025, the company reported sales data for its pig farming business, although specific figures were not disclosed in the provided text [1] Group 2: Shareholding Increase - The controlling shareholder, Sichuan Juxing Enterprise Group, plans to increase its stake in the company by at least 50 million yuan over a 12-month period starting from August 13, 2024 [6] - As of August 7, 2025, the controlling shareholder has cumulatively acquired 2,791,408 shares, representing 0.547% of the total share capital, with a total investment of approximately 53.09 million yuan [7] - The increase in shareholding will not lead to a change in the controlling shareholder or actual controller of the company [9]

Group 1: Company Performance - SMIC reported Q2 revenue of $2.21 billion, a 16% year-over-year increase, but a 1.7% decrease quarter-over-quarter [1] - China Mobile achieved a net profit of 84.2 billion yuan in the first half of 2025, a 5% year-over-year increase, with a mid-term dividend of 2.75 HKD per share, up 5.8% [2] - Huahong Semiconductor's Q2 revenue was $566.1 million, an 18.3% year-over-year increase, with Q3 revenue guidance of $620 million to $640 million [3] Group 2: Business Operations and Developments - Chuangzhong Technology clarified that it does not engage in the production of liquid-cooled servers, only participating in testing platforms, with no revenue generated from this segment in H1 2025 [4] - Shuo Beid announced it has sent samples of liquid-cooled server plates to Taiwanese clients, but the ability to pass testing and achieve mass production remains uncertain [5] - Furi Electronics stated that its subsidiary provides JDM/OEM services for service robots, but this revenue accounts for less than 1% of the company's total revenue [6] Group 3: Industry Trends and Market Movements - Sales of new energy vehicles by Seres reached 44,581 units in July, reflecting a 5.7% year-over-year increase [7] - Longyuan Power completed a power generation of 6,328.76 MWh in July, marking a 2.44% year-over-year growth [8] - Jianglong Shipbuilding won a bid for the "Blue Granary" marine economic development project, indicating ongoing infrastructure investments [8]

Core Viewpoint - The sales reports for July from various listed pig farming companies indicate a general decline in sales volume compared to June, while prices remain at historically low levels [1][2][8]. Sales Performance Summary - Giant Star Agriculture reported sales of 324,100 pigs in July 2025, a year-on-year increase of 44.67%, but a decrease in sales volume and revenue compared to June [4]. - Kemin Foods' subsidiary sold 41,900 pigs in July, with a month-on-month decline of 28.78% but a year-on-year increase of 73.88%. Revenue decreased by 38.92% month-on-month but increased by 6.08% year-on-year [4]. - New Hope sold 1,302,500 pigs in July, with a slight month-on-month decrease of 2.06% and a year-on-year increase of 3.21%. Revenue fell by 3.67% month-on-month and 24.62% year-on-year [5]. - Muyuan Foods reported sales of 6,355,000 pigs in July, a year-on-year increase of 13.02%, but a decrease in sales volume and revenue compared to June [6]. - Wens Foodstuff Group sold 3,164,800 pigs in July, with a year-on-year increase in sales but a decrease in revenue compared to June [6]. Price Trends Summary - The overall market price for live pigs remains low, with the price on August 7, 2025, at 14.34 yuan/kg, slightly up from 14.22 yuan/kg at the end of July 2025, but down from 15.98 yuan/kg at the end of 2024 [9]. - The wholesale price of pork on August 7, 2025, was 20.45 yuan/kg, showing a slight decrease from 20.50 yuan/kg at the end of July 2025 [9]. - The domestic pig futures market has seen some strengthening, with the main contract price reaching 14,100 yuan/ton as of August 7, 2025, compared to less than 13,000 yuan/ton in late May [9].

证券代码：603477 证券简称：巨星农牧 公告编号：2025-073 债券代码：113648 债券简称：巨星转债 乐山巨星农牧股份有限公司 | 增持主体名称 | | | | | | | | 四川巨星企业集团有限公司 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 控股股东或实控人 | | | | ?是 | | | | | | | ?否 | | | | 控股股东或实控人的一致行动人 | | | | | | ?否 | | | | | | ?是 | | | 增持主体身份 | 直接持股 5%以上股东 | | | | | | ?否 | | | | | ?是 | | | 董事、监事和高级管理人员 | | | | | ?否 | | | | | | ?是 | | | | ?其他：__________ | | | | | | | | | | | | | | | 增持前持股数量 | 149,498,238 股 | | | | | | | | | | | | | | 增持前持股比 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于控股股东增持股份结果公告 本公司董事会、全体董事及相关股东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： 已披露增持计划情况 乐山巨星农牧股份有限公司（以下简称"公司"）控股股东四川巨星企业集 团有限公司（以下简称"巨星集团"）基于对公司发展前景的坚定信心以及对公 司长期投资价值的认可，拟自 2024 年 8 月 13 日起 12 个月内，通过上海证券交 易所交易系统允许的方式增持公司无限售流通 A 股股份，不低于人民币 5,000 万元且增持完成后的合计持股比例不超过公司总股本的 30%（以下简称"本次增 持计划"）。本次增持计划具体内容请详见《关于公司控股股东增持公司股份计划 的公告》（公告编号：2024-069）、《关于公司控股股东获得增持资金贷款支持暨 增加增持股份资金来源的公告》（公告编号：2025-071） ...

| 产品 | 销售量（万头） | 销售量同比增减（%） | | --- | --- | --- | | 生猪 | 32.41 | 44.67 | | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 2025 年 7 月养殖业务销售情况简报 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。 乐山巨星农牧股份有限公司（以下简称"公司"）现将 2025 年 7 月养殖业 务销售情况披露如下： 一、2025 年 7 月养殖业务销售情况 特此公告。 乐山巨星农牧股份有限公司董事会 2025 年 8 月 8 日 三、特别说明与风险提示 1、上述披露信息仅包含公司养殖业务的生猪销售情况，不包括其他业务和 其他产品。 2、上述销售数据来源于公司内部统计，未经审计，与定期报告披露的数据 之间可能存在差异，上述销售数据仅作为阶段性数据供投资者参考。因四舍五入， 以上数据可能存在尾差。商品猪 ...