Investment Rating - The report maintains an investment rating of "A" for the agriculture sector, suggesting a focus on the recovery cycle of feed and marginal improvements in breeding [1]. Core Insights - The agriculture sector has shown a decline of 2.97% in the past week, with the animal health, food and feed additives, fruit and vegetable processing, aquaculture, and seeds sub-industries performing the best [1][22]. - The report highlights a potential recovery in the feed industry due to the decline in upstream raw material prices and improvements in the breeding sector, particularly for Haida Group, which is expected to see an upward trend in its operational fundamentals [2][4]. - The report emphasizes that the current market may be overly pessimistic about the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [3]. Summary by Sections Swine Breeding - As of August 1, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.70, 16.04, and 14.38 yuan per kilogram, reflecting increases of 0.74%, 3.22%, and 1.77% respectively [2][31]. - The average pork price was 20.60 yuan per kilogram, down 1.29% from the previous week, while the average wholesale price for piglets was 27.00 yuan per kilogram, up 3.85% [31]. - The report suggests that the swine breeding industry is expected to enter a profitability cycle starting from Q2 2024, although the average debt reduction rate indicates a long road ahead for the industry [3]. Poultry Breeding - The weekly price for white feather broilers was 6.83 yuan per kilogram, up 1.94%, while the price for broiler chicks rose significantly by 33.16% to 2.57 yuan per chick [46]. - The report notes that the breeding profit for broilers is currently negative at -0.43 yuan per chick, and egg prices have decreased by 2.70% to 7.20 yuan per kilogram [46]. Feed Processing - In June 2025, the total industrial feed production in China was 27.67 million tons, a slight decrease of 0.1% month-on-month but a year-on-year increase of 6.6% [55]. - The report indicates that 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 [55]. Aquaculture - As of August 1, 2025, the prices for sea cucumbers, shrimp, and bass remained stable at 90.00 yuan per kilogram, 320.00 yuan per kilogram, and 50.00 yuan per kilogram respectively [64]. - In freshwater products, the price for grass carp was 16.70 yuan per kilogram, down 0.30%, while crucian carp saw a slight increase of 0.09% to 22.99 yuan per kilogram [64]. Crop and Grain Processing - As of August 1, 2025, soybean prices were stable at 3926.32 yuan per ton, while corn and wheat prices slightly decreased to 2402.75 yuan and 2440.50 yuan per ton respectively [75]. - The report highlights a significant increase in the price of enoki mushrooms, which rose by 37.78% to 6.20 yuan per kilogram [75].

Core Insights - The aquaculture sector experienced a rise of 0.62% on August 6, with Huaying Agriculture leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Aquaculture Sector Performance - Huaying Agriculture (002321) closed at 2.76, with a gain of 6.15% and a trading volume of 702,300 shares, amounting to a transaction value of 190 million [1] - Lihua Co. (300761) closed at 20.18, up 1.41%, with a trading volume of 93,200 shares and a transaction value of 186 million [1] - Juxing Agriculture (603477) closed at 21.07, up 1.40%, with a trading volume of 160,300 shares and a transaction value of 335 million [1] - Other notable stocks include Shennong Group (605296) at 32.28 (+1.35%), Muyuan Foods (002714) at 46.77 (+1.10%), and New Hope (000876) at 9.74 (+0.62%) [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 80.84 million from institutional investors, while retail investors experienced a net outflow of 148 million [2] - Major stocks with significant capital inflows include Muyuan Foods (516.02 million) and Huaying Agriculture (232.74 million) [3] - Retail investors showed a notable outflow in stocks like Muyuan Foods (-824.75 million) and Huaying Agriculture (-153.55 million) [3]

Group 1 - The livestock ETF (516760) experienced fluctuations, currently down 0.15%, with key stocks like Jinhou Biological (002688) up 2.76% and Huaying Agriculture (002321) up 2.69% [1] - The China Animal Husbandry Association announced a meeting regarding the pig industry, indicating a shift in policy focus towards the agricultural sector, particularly from pig enterprises to slaughterhouses [1] - Financing for pig enterprises has been impacted, with companies like Shennong terminating capital increases and Juxing extending the validity period of their capital increase [1] Group 2 - The livestock ETF closely tracks the CSI Livestock Breeding Index, which includes listed companies involved in feed, veterinary drugs, and livestock farming [2] - The latest price-to-earnings ratio (PE-TTM) for the CSI Livestock Breeding Index is 13.4 times, indicating it is at a historical low, below 87.85% of the time over the past three years [2] - The current valuation of the sector remains low, suggesting a high margin of safety, and it is recommended to actively monitor the livestock ETF (516760.SH) [2]

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][8]. Core Viewpoints - The report highlights a long-term revaluation opportunity for the pig industry, indicating that while pig prices are experiencing fluctuations, there is still downward pressure. The industry is expected to transition towards a self-regulatory and stable phase, benefiting leading companies such as Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [4][14]. - The poultry sector is currently facing low prices, but there are signs of marginal improvement in the cycle, with recommendations for companies like Shennong Development and Lihua Stock [5][24]. - The animal health sector is anticipated to see performance recovery and investment opportunities in pet medical services, with a focus on companies like Kexin Biological and Ruipuhua [6][34]. - The planting sector is experiencing a decline in the pig-to-grain price ratio, with ongoing commercialization of genetically modified seeds benefiting early adopters [7][37]. - The feed sector is witnessing price fluctuations, with recommendations for Haida Group and attention to He Feng Stock [7][42]. - The pet economy is thriving, with domestic brands gaining strength, and the report recommends companies in the pet food sector such as Guibao Pet and Zhongchong Stock [7][51]. Summary by Sections Pig Industry - The average price of pigs is currently around 14.08 yuan/kg, with fluctuations noted [14]. - The number of breeding sows has increased slightly, indicating a stable supply [14]. - Key recommendations include Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture, with a suggestion to pay attention to Dekang Agriculture [4][14]. Poultry Industry - The price of white feather chicken is low, with a focus on potential marginal improvements in the cycle [5][23]. - The report notes a significant update in the breeding stock, with a mix of imported and self-bred varieties [5][24]. - Recommended companies include Shennong Development and Lihua Stock [5][24]. Animal Health - The report anticipates continued recovery in animal health companies' performance, supported by stable profits in the pig farming sector [6][34]. - The approval of mRNA vaccines for veterinary use marks a significant technological advancement [6][34]. - Recommended companies include Kexin Biological and Ruipuhua, with additional attention to Huisheng Biological and Jinhai Biological [6][34]. Planting Sector - The pig-to-grain price ratio has decreased, with ongoing commercialization of genetically modified seeds [7][37]. - Recommendations include Suqian Agricultural Development and Longping High-Tech [7][37]. Feed Sector - Feed prices are experiencing fluctuations, with specific prices noted for different types of feed [7][42]. - The report suggests that the feed industry is likely to see increased concentration, recommending Haida Group and monitoring He Feng Stock [7][42]. Pet Industry - The pet market is growing, with a significant increase in consumption and brand development [7][51]. - Recommendations include Guibao Pet, Zhongchong Stock, and Peidi Stock in the pet food sector, as well as Ruipuhua in the pet medical sector [7][51].

证券之星消息，8月4日养殖业板块较上一交易日上涨0.4%，圣农发展领涨。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。养殖业板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002714 牧原股份 | | 6971.67万 | 6.69% | 4616.01万 | 4.43% | -1.16 Z | -11.12% | | 300498 温氏股份 | | 4385.63万 | 8.58% | 2376.28万 | 4.65% | -6761.90万 | -13.22% | | 603477 | 巨星农牧 | 1896.30万 | 8.49% | 1250.29万 | 5.59% | -3146.59万 | -14.08% | | 002458 益生股份 | | 1300.19万 | 12.83% | -567.81万 | -5.60% | -7 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The agricultural sector is experiencing a marginal improvement in investment logic for live pigs, driven by both fundamental and policy factors, with expectations of a price increase in the second half of 2025 [26] - The pet sector is witnessing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with a projected market size growth of over 10% annually from 2025 to 2027 [28][29] Summary by Sections Weekly Observation - The national pig price is under pressure due to group weight reduction and increased market supply, with an average price of 14.02 CNY/kg as of August 3, 2025, down 0.57% from the previous week [5][14] - The average weight of pigs sold has decreased to 127.98 kg, reflecting a downward trend due to weight reduction policies and slow growth in high temperatures [16] Weekly Insights - The investment logic for live pigs is improving, with expectations of price support in the second half of 2025 due to a combination of fundamental and policy factors [26] - The feed sector is benefiting from a recovery in domestic livestock and poultry production, with a total feed output expected to reach 1.4 trillion CNY in 2023 [26] Market Performance - The agricultural sector underperformed the broader market by 2.03 percentage points, with the agricultural index declining by 2.97% during the week [30][31] - The animal health sector showed the highest gains, with stocks like Shenlian Biological and Huisheng Biological leading the performance [30] Price Tracking - As of August 1, 2025, the average price for live pigs was 14.33 CNY/kg, with a slight increase of 1.27% from the previous week [42] - The average price for corn was 2,296 CNY/ton, down 0.78% week-on-week, while soybean meal was priced at 3,004 CNY/ton, down 0.69% [60] Key News - The overall situation in China's livestock industry is stable and improving, with a reported production increase of 2.8% in meat output during the first half of 2025 [38] - The number of breeding sows has decreased slightly, indicating a potential reduction in pig supply, which may stabilize prices [38]

Core Viewpoint - Environmental risks are increasingly becoming a significant operational risk for listed companies, impacting both their development and corporate image [6][8]. Group 1: Environmental Violations and Penalties - ST晨鸣控股公司 was fined a total of 462,000 yuan for exceeding water pollution discharge standards [8][10]. - 巨星农牧控股公司 faced a penalty of 305,000 yuan due to construction not adhering to environmental impact assessment requirements, leading to wastewater overflow [10]. - A total of 11 listed companies were identified with environmental risks during the fourth and fifth weeks of July, with 6 of them being state-controlled enterprises [7][8]. Group 2: Regulatory Context and Data Collection - The "A股绿色周报" is published weekly, analyzing environmental information from thousands of listed companies based on data from 31 provinces and 337 cities [5][12]. - The report aims to enhance transparency regarding environmental information in the operational activities of listed companies [5][12]. - The increasing emphasis on ESG (Environmental, Social, and Governance) investment principles highlights the importance of companies' sustainable development capabilities [11][12].

Core Viewpoint - The article highlights the increasing environmental risks faced by listed companies in China, emphasizing the importance of environmental compliance and the potential financial implications of violations [9][10][16]. Group 1: Environmental Violations and Penalties - ST晨鸣控股公司 was fined a total of 46.2 million yuan for exceeding water pollution discharge standards [9][12]. - 巨星农牧控股公司 was penalized 30.5 million yuan for failing to construct according to environmental assessment requirements, leading to wastewater overflow [3][14]. - 11 listed companies were identified as having environmental risks during the fourth and fifth weeks of July, affecting approximately 102.78 million shareholders [10][11]. Group 2: Regulatory Framework and Reporting - The article discusses the role of environmental regulations and the increasing emphasis on transparency in environmental data reporting, driven by laws such as the revised Environmental Protection Law [16]. - The A股绿色周报 project collects and analyzes environmental performance data from thousands of listed companies, aiming to enhance transparency in corporate environmental practices [9][10][16]. Group 3: Industry Impact - The environmental risk landscape is becoming a significant operational risk for companies, influencing their development and public image [10][16]. - The report indicates that 9 out of the 11 companies listed for environmental violations were related to water pollution, highlighting a sector-specific issue [14].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300313 | *ST天山 | 9.67 | -3.30% | 7.49万 | 7319.70万 | | 002714 | 牧原股份 | 45.81 | -1.19% | 29.85万 | 13.76亿 | | 002458 | 益生股份 | 8.78 | -0.90% | 10.62万 | 9390.65万 | | 002299 | 圣农发展 | 15.82 | -0.88% | 10.59万 | 1.68亿 | | 605296 | 神农集团 | 31.73 | -0.84% | 2.63万 | 8431.63万 | | 000735 | 罗牛山 | 6.29 | -0.47% | 20.62万 | 1.30亿 | | 603477 | 巨星农牧 | 20.60 | -0.43% | 9.84万 | 2.04亿 | | 002157 | 正邦科技 | 2.82 | -0.35% | 61.28万 | 1.74亿 | | 000876 | 新希 ...

2025年7月30日，巨星农牧(603477.SH)公告称，公司控股股东四川巨星企业集团有限公司获得中信银行 股份有限公司成都分行提供的2500万元、期限为3年的增持专项贷款，专项用于对巨星农牧的增持计 划。 公告指出，公司持总金额不低于5000万元，资金来源为自有资金及金融机构借款。截至公告日，巨星集 团已累计增持公司A股股份金额为2529.26万元。 ...