一、作为贵公司的控股股东,截止至目前为止,不存在涉及贵公司应披露而 未披露的重大事项，包括但不限于重大资产重组、股份发行、收购、债务重组、 业务重组、资产剥离、资产注入、股份回购、股权激励、破产重整、重大业务合 作、引进战略投资者等对贵公司股票价格产生较大影响的重大事项 乐山巨星农牧股份有限公司: 贵公司发来的《乐山巨星农牧股份有限公司关于股票交易异常波动的问询函》 业已收到,经我司认真自查,现回复如下: 二、在本次股票交易异常波动期间，本公司不存在买卖贵公司股票的情形。 特此回复。 关于乐山巨星农牧股份有限公司 关于股票交易异常波动的问询函的回复 贵公司发来的《乐山巨星农牧股份有限公司关于股票交易异常波动的问询函》 业已收到，经本人认真自查，现回复如下： 一、作为贵公司的实际控制人，截止至目前为止，不存在涉及贵公司应披露 而未披露的重大事项，包括但不限于重大资产重组、股份发行、收购、债务重组、 业务重组、资产剥离、资产注入、股份回购、股权激励、破产重整、重大业务合 作、引进战略投资者等对贵公司股票价格产生较大影响的重大事项。 二、在本次股票交易异常波动期间，本人不存在买卖贵公司股票的情形。 特此回复。 (以 ...

External Logic - The recent increase in tariffs by the US has led to a significant rise in agricultural prices, with the agricultural sector acting as a countermeasure to the tariffs [1][3] - The Wind反关税指数 surged by 11% on April 8, 2025, with the agriculture, forestry, animal husbandry, and fishery sectors making up the majority of this index [1] Internal Logic - The supply-demand dynamics in the livestock sector are expected to improve, particularly due to the ongoing "pig cycle," which indicates a cyclical change in pig prices [5] - As of February 2025, the number of breeding sows in China has decreased by nearly 7% since early 2023, indicating a trend of capacity reduction [5][7] Policy Perspective - The "Accelerating the Construction of an Agricultural Power Plan (2024-2035)" outlines a comprehensive strategy to enhance food security and modernize agricultural practices, with significant progress expected by 2027 [7] Profitability - The recovery in pig prices has positively impacted the financial performance of livestock companies, with牧原股份 reporting a revenue of 137.947 billion yuan in 2024, a year-on-year increase of 24.43% [8] - Other companies in the sector, such as温氏股份 and巨星农牧, have also seen substantial growth in net profits [9] Institutional Insights - According to开源证券, the tariff escalation is expected to benefit domestic agricultural prices, particularly pig prices, due to rising raw material costs and the impact of imported meat [11] - Long江证券 suggests that while the industry may be entering a phase of declining prices due to increased supply, the current low valuations present investment opportunities [11] ETF Overview - The畜牧养殖ETF (516670) closely tracks the中证畜牧养殖指数, which covers over 60% of the pig farming industry chain, including upstream and downstream components such as vaccines and feed [11]

证券时报·数据宝统计显示，巨星农牧今日收盘价为23.10元，上涨10.00%，日换手率为11.43%，成交额 为12.88亿元，全天主力资金净流出12.02万元，近5日该股累计上涨19.26%，近5日资金合计净流入 1678.50万元。 两融数据显示，该股最新融资余额为2.09亿元，近5日增加2798.54万元，增幅为15.43%。（数据宝） 4月8日巨星农牧大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 62.00 | 1197.84 | 19.32 | -16.36 | 中信证券股份有限公司南京 | 华西证券股份有限公司成 | | | | | | 双龙大道证券营业部 | 都龙腾东路证券营业部 | | 58.00 | 1120.56 | 19.32 | -16.36 | 中信证券股份有限公司徐州 | 华西证券股份有限公司成 | | | | | | 建国西路证券营业部 | ...

Core Viewpoint - The poultry sector is experiencing a significant surge, with various companies in the chicken industry showing strong performance and potential for growth due to favorable market conditions and recovery in poultry prices. Company Summaries - **Xiangjia Co., Ltd. (002982.SZ)**: Current price is 25.81 CNY, with a three-day consecutive increase of 10.02%. The company has a market capitalization of 2.39 billion CNY and is a leader in the yellow feathered chicken industry, covering breeding, farming, slaughtering, and fresh poultry sales. A strong trading volume of 30.22% indicates active speculation in the market, with a turnaround in profitability and a bullish technical pattern reinforcing upward momentum [1]. - **Huaying Agriculture (002321.SZ)**: Current price is 2.77 CNY, with a first limit-up of 9.92%. The market capitalization stands at 5.88 billion CNY. The company has eight major chicken farms with ongoing capacity release, and net inflow from institutional investors exceeded 50 million CNY. A moderate turnover rate of 6.84% suggests that its low price is attracting risk-averse capital, with recovering poultry prices providing room for valuation recovery [2]. - **Juxing Agriculture (603477.SS)**: Current price is 23.10 CNY, with a first limit-up of 10.00%. The market capitalization is 11.78 billion CNY. This integrated feed and farming enterprise has over 40% of its business in yellow feathered chickens. A turnover rate of 11.43%, along with rising volume and price, indicates strong market interest, and the spillover effect from the pig farming sector is notable [3]. - **Yisheng Livestock (002458.SZ)**: Current price is 10.34 CNY, with a first limit-up of 10.00%. The market capitalization is 7.74 billion CNY. The company is a dominant player in white feathered chicken breeding, with its proprietary "Yisheng 909" variety breaking international monopolies. A stable turnover rate of 9.10% reflects institutional investment interest, and the limited introduction of grandparent stock enhances the premium pricing ability of its seedlings [4]. - **Tangrenshen (002567.SZ)**: Current price is 5.27 CNY, with a first limit-up of 10.02%. The market capitalization is 7.54 billion CNY. The company controls the chicken seed supply chain in Hunan through Jitai Agriculture, with a high turnover rate of 14.40% indicating accelerated expectations of profitability recovery. The decline in feed costs combined with rising chicken prices creates a dual positive effect [5]. - **Ronioushan (000735.SZ)**: Current price is 6.49 CNY, with a first limit-up of 10.00%. The market capitalization is 7.47 billion CNY. The company operates the entire value chain for Wenchang chicken, with a moderate turnover rate of 9.59% highlighting the rarity of regional specialty breeds. The policy benefits from the Hainan Free Trade Port are aiding the upgrade of high-end poultry consumption [6].

Group 1 - The company reported sales of 339,000 pigs in March 2025, including 326,200 commercial pigs, 12,300 piglets, and 400 breeding pigs, generating revenue of 593 million yuan [1] - For the first quarter of 2025, the company provided sales data for its pig farming business, although specific figures were not detailed in the announcement [1] - The sales data is based on internal statistics and is unaudited, which may differ from figures in regular reports, and is intended as a reference for investors [1] Group 2 - The pig farming industry faces systemic risks from significant price fluctuations and animal diseases, which are external factors that can substantially impact the company's operational performance [2]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-026 | | --- | --- | --- | | 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 3 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 3 月养殖业 务销售情况披露如下： | | 月份 | | | 生猪销售量 | 生猪销售收入 | | 商品猪销价 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （万头） | （亿元） | | （元/公斤） | | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2025 | 年 | 1 月 | 25.37 | 25.37 | 4.83 | 4.83 | 15.65 | | 2025 | 年 | 2 月 | 24.03 | 49.40 | 4.47 | 9.29 | 14.8 ...

Group 1 - Agricultural stocks are performing well, with the seed industry concept leading the gains, as the sector index surged over 13% shortly after opening [4][5] - All stocks within the agricultural sector experienced significant increases, with Qiu Le Seed Industry hitting a 30% limit up and Shen Nong Seed Industry reaching a 20% limit up [5] - The Supreme People's Court has released typical cases for the judicial protection of seed industry intellectual property rights, enhancing protection and providing clearer guidelines for industry participants [7] Group 2 - The chicken concept stocks rebounded, with the sector index rising over 3%, and Xiao Ming Co. hitting a 20% limit up, marking a three-year high [8] - The price of white feather chicken has rebounded by approximately 40% compared to extreme low prices seen a month and a half ago, with current prices around 3.5 yuan per jin [10] - Analysts expect a reduction in poultry imports, which will benefit domestic white feather chicken enterprises, while increased tariffs will raise breeding costs, positively impacting market share and profit margins for related companies [10]

关税冲击下，农业板块防御属性凸显。益客食品涨超10%，湘佳股份2连板，新希望、大北农、圣农发 展、巨星农牧等多股涨超4%。畜牧养殖ETF（516670）逆势涨0.78%。 产业层面看，产能恢复仍然缓慢。据农业农村部数据，截至2025年2月底，全国能繁母猪存栏4066万 头，月环比增0.1%。上周末，主产区自繁自养头均盈利47元，较上周少盈4.83元。同期，主产区15公斤 仔猪出栏均价40.55元/公斤，较上周持平。 消息面上，美国对中国进一步加征34%对等关税，中国跟随反制。 据海关总署，2024年中国自美国进口商品总值11641亿元人民币，其中农业食品类占比接近20%。单独 从中国进口中对美进口依存度看，玉米、大豆及猪杂碎对美进口依存度偏高，分别为15.20%、 21.07%、27.67%，猪/牛/鸡肉分别为6.81%、5.17%、10.75%。 开源证券指出，中美互加关税升级，利多国内农产品整体价格，对猪价的影响涉及原料成本抬升、进口 猪肉及其他肉类替代，多维度利多猪价，不应因猪肉单项自美国进口占比低而被忽视。 浙商证券表示，市场风险偏好下降，防御需求增强，市场风格或有"高切低"需求。农业板块一方面从位 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that the recent increase in tariffs imposed by the US on Chinese imports, along with China's retaliatory measures, is expected to positively impact domestic agricultural product prices, particularly pork prices [5][15] - The average price of live pigs in China as of April 6, 2025, is 14.60 yuan/kg, showing a week-on-week increase of 0.05 yuan/kg, indicating a gradual upward trend in pork prices supported by improved demand and reduced supply pressure [6][18] - The report recommends actively allocating investments in the pig farming sector due to its defensive attributes amid macroeconomic shocks and the strengthening investment logic [6][28] Summary by Sections Weekly Observation - The US has imposed a 34% tariff on Chinese imports, leading to a cumulative tariff rate of 54% on Chinese goods, which is expected to benefit domestic agricultural prices [5][15] - The report notes that the dependency of key agricultural products on imports from the US is significant, with soybeans and beef having high foreign dependency rates of 81.49% and 25.22%, respectively [16][17] Weekly Market Performance - The agricultural index outperformed the market by 1.79 percentage points, with the agricultural index rising by 1.51% during the week [32][34] - Key stocks such as Huisheng Biological and Jinhai Biological saw significant gains, with increases of 39.96% and 18.80%, respectively [32][36] Price Tracking - As of April 4, 2025, the average price of live pigs is 14.60 yuan/kg, with a slight increase from the previous week, while the price of piglets has risen to 37.08 yuan/kg [39][40] - The report indicates that the price of beef has also increased, reaching 66.38 yuan/kg, reflecting a positive trend in meat prices [43][46] Recommendations - The report suggests focusing on the pig farming sector, with specific recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [7][28] - In the feed sector, companies like Haida Group and New Hope are recommended due to their potential benefits from the recovery in livestock and poultry production [28]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-024 | | --- | --- | --- | | 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 关于股份回购进展公告 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。 二、 回购股份的进展情况 2025 年 3 月，公司未实施股份回购。 截至 2025 年 3 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份 12,231,600 股，占公司目前总股本 510,070,294 股的比例 为 2.40%，购买的最高价为 20.75 元/股、最低价为 16.22 元/股，已支付的总金额 为 229,999,597.02 元（不含交易佣金等交易费用）。 上述回购股份情况符合法律法规的规定及公司回购股份方案。 三、 其他事项 重要内容提示： | 回购方案首次披露日 | 2024/11/15 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预 ...