Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

证券代码：605296 证券简称：神农集团 公告编号：2025-030 云南神农农业产业集团股份有限公司 关于子公司与丘北县人民政府签订框架协议的公告 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： 近日，公司全资子公司文山神农猪业发展有限公司与丘北县人民政府签订了 《生猪全产业链项目投资合作协议书》，双方本着平等互利、优势互补、共同发 展的原则，就文山神农猪业发展有限公司在丘北县投资约 7 亿元建设生猪产业建 设项目达成合作协议，具体情况如下： 一、框架协议签订的基本情况 （一）合作方的具体情况 （二）协议签署的地点、方式 本协议在丘北县以书面方式签署。 －1－ （三）签订协议已履行的审议决策程序 本次协议为意向性协议，协议涉及的项目数量、投资金额等数值为双方合作 目标，实际发生额以未来实际对外投资金额为准，具体合作项目的实施内容和进 度存在不确定性，该事项无需提交公司董事会或股东大会审议。公司将在确定各 具体项目投资方案和投资金额后，严格按照《上海证券交易所股票上市规则》等 法律、法规、规范性文件及《公司章 ...

4月1日，神农集团今日收盘28.93元，上涨1.90%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到51.28倍，总市值151.84亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)66神农集团51.28-37.843.23151.84亿行业平均 36.9538.593.67107.01亿行业中值38.0937.942.4438.55亿1湘佳股份-1145.45-19.071.7628.06亿2粤海饲 料-558.14150.232.3861.81亿3华英农业-334.51-158.115.2350.34亿4景谷林业-235.86318.2112.9520.12亿5天 马科技-194.98-33.402.7762.64亿6神农种业-76.79-98.364.7335.43亿7大湖股份-72.35-283.132.7023.10亿8獐 子岛-62.99300.5753.2025.81亿9中粮科技-39.68-17.090.98102.84亿10新赛股份-38.89154.163.3822.67亿11 晓鸣股份-37.81-20.414.8931.59亿 来源：金融界 股东方面，截至2 ...

证券代码：605296 证券简称：神农集团 公告编号：2025-029 （公告编号：2024-091）。 云南神农农业产业集团股份有限公司 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。 重要内容提示： | 回购方案首次披露日 | 2024/10/29 | | | --- | --- | --- | | 回购方案实施期限 | 待股东会审议通过后 12 个月 | | | 预计回购金额 | 10,000 万元 | 万元~20,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 658.06 | 万股 | | 累计已回购股数占总股本比例 | 1.25% | | | 累计已回购金额 | 17,998.41 | 万元 | | 实际回购价格区间 | 24.68 元/股 | 元/股~29.20 | 一、 回购股份的基本情况 云南神农农业产业集团股份有限公司（以 ...

证券代码：605296 证券简称：神农集团 公告编号：2025-030 云南神农农业产业集团股份有限公司 关于子公司与丘北县人民政府签订框架协议的公告 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： 近日，公司全资子公司文山神农猪业发展有限公司与丘北县人民政府签订了 《生猪全产业链项目投资合作协议书》，双方本着平等互利、优势互补、共同发 展的原则，就文山神农猪业发展有限公司在丘北县投资约 7 亿元建设生猪产业建 设项目达成合作协议，具体情况如下： 一、框架协议签订的基本情况 （一）合作方的具体情况 （二）协议签署的地点、方式 本协议在丘北县以书面方式签署。 －1－ 履约的重大风险及不确定性：本次签订的《框架协议》属于双方合作意 愿和基本原则的框架性、意向性、初步的约定，具体的实施内容、实施 进度与实施效果存在不确定性。具体合作项目的实施内容和进度存在不 确定性，敬请广大投资者注意投资风险。 对上市公司当年业绩的影响：本次签订的《框架协议》对公司 2025 年度 经营业绩不构成重大影响，对未来业绩增长的影响尚不确 ...

天眼查商业履历信息显示，云南神农农业产业集团股份有限公司，成立于1999年，位于昆明市，是一家 以从事农副食品加工业为主的企业。企业注册资本52483.9012万人民币，实缴资本36019.9012万人民 币。公司法定代表人为何祖训。 通过天眼查大数据分析，云南神农农业产业集团股份有限公司共对外投资了53家企业，参与招投标项目 30次，知识产权方面有商标信息188条，专利信息82条，此外企业还拥有行政许可30个。 神农集团（605296）3月24日主力资金净流入 1413.30万元 金融界消息 截至2025年3月24日收盘，神农集团（605296）报收于29.14元，上涨2.75%，换手率 1.05%，成交量5.48万手，成交金额1.57亿元。 资金流向方面，今日主力资金净流入1413.30万元，占比成交额8.98%。其中，超大单净流入1207.58万 元、占成交额7.67%，大单净流入205.71万元、占成交额1.31%，中单净流出流入239.94万元、占成交额 1.52%，小单净流出1653.23万元、占成交额10.5%。 神农集团最新一期业绩显示，截至2024三季报，公司营业总收入40.78亿元、同比增 ...

Group 1 - A total of 203 companies were investigated by institutions in the past five days, with significant interest in companies like Shenzhen South Circuit, Chip Source Micro, and Zoli Pharmaceutical [1] - Among the companies investigated, 46 received attention from more than 20 institutions, with Shenzhen South Circuit being the most popular, attracting 129 institutions [1] - The types of institutions involved in the investigations included 177 securities companies, 148 fund companies, and 85 private equity firms [1] Group 2 - In terms of market performance, 25 stocks among those investigated saw an increase, with Shenghong Technology, Xingtum Control, and Chaohongji leading with gains of 37.70%, 27.75%, and 18.76% respectively [2] - Nine stocks have reported annual results, with the highest net profit growth seen in Wantong Hydraulic and Xingtum Control, at 37.02% and 35.68% respectively [2] - Fourteen stocks have released preliminary reports for 2024, with significant net profit growth reported by Sitwei and Shenghong Technology, at 2651.81% and 72.94% respectively [2]

证券代码：605296 证券简称：神农集团 公告编号：2025-028 云南神农农业产业集团股份有限公司 2025 年 2 月对外担保情况公告 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： 一、担保情况概述 公司分别于2024年4月24日、2024年5月16日，召开第四届董事会第十八次会 1 被担保人名称及是否为上市公司关联人：被担保人包括云南神农农业产 业集团股份有限公司（以下简称"公司"）合并报表范围内子公司（12 家）、部分优质客户、合作养殖户（2 户），不存在关联担保。 本次担保金额及已实际为其提供的担保余额：公司 2 月新增担保金额合 计 2,425.20 万元，其中，对优质客户、养殖户、合作伙伴等新增的担保 金额为 0.00 万元，对子公司新增的担保金额为 2,425.20 万元。截至 2025 年 2 月 28 日，公司及控股子公司对外担保余额为 81,251.52 万元，其中， 对子公司的担保余额为 81,150.80 万元，对优质客户、养殖户、合作伙 伴等的担保余额为 100.72 万元。 ...

Investment Rating - The report maintains a "Buy" rating for Hesai Technology, indicating strong growth potential in the lidar market and expected revenue increases for 2025-2027 [8][12][32]. Core Insights - Hesai Technology reported a net revenue of RMB 2.077 billion (approximately USD 285 million) for 2024, marking a year-on-year growth of 10.7% and achieving a non-GAAP net profit of RMB 13.7 million, reversing a loss from the previous year [3][4]. - The company experienced a significant increase in gross margin, reaching 42.6% in 2024, up from 35.2% in 2023, primarily due to cost optimization and increased sales volume [4][5]. - Hesai's Q4 2024 performance was particularly strong, with net income of RMB 720 million (approximately USD 98.6 million), a year-on-year increase of 28.3%, and a non-GAAP net profit of RMB 170 million [4][5]. - The company anticipates a revenue of RMB 3-3.5 billion (approximately USD 411-480 million) for 2025, representing a growth of 44%-69% compared to 2024 [6][8]. Summary by Sections Hesai Technology - Hesai Technology is positioned as a leading player in the autonomous driving and advanced driver-assistance systems (ADAS) lidar market, with a projected shipment of 1.5 million units in 2025 [8]. - The company has secured exclusive design contracts with top European OEMs, indicating strong demand for its lidar products [6][7]. - Hesai's new product line, including the JT series of 3D lidar for robotics, is expected to enhance its market presence and revenue streams [7]. Ideal Automotive - Ideal Automotive is transitioning from an electric vehicle manufacturer to an artificial intelligence company, with plans to leverage AI in its product offerings [9][10]. - The company is expected to achieve significant revenue growth, with projected net profits of RMB 13.35 billion and RMB 19.18 billion for 2025 and 2026, respectively [11]. Energy and Aluminum Sector - The report highlights the robust performance of Electric Power Energy and Shenhua Co., with both companies benefiting from rising aluminum prices and stable coal operations [12][13]. - Electric Power Energy is noted for its strong cash flow and stable profit margins, while Shenhua Co. is expected to see enhanced earnings due to its high aluminum production capacity [14][15]. Chemical Industry - Baofeng Energy reported a revenue of RMB 32.983 billion (approximately USD 4.5 billion) for 2024, driven by increased production and sales of polyethylene and polypropylene [24][26]. - The company is expanding its coal-to-olefins project in Xinjiang, which is expected to significantly boost its production capacity and market competitiveness [30][31]. Defense and Alloy Market - The report indicates that increased defense spending in China is likely to drive demand for chromium salts and high-temperature alloys, benefiting companies in the materials sector [38][39].

证券研究报告 2025年03月13日 养殖业 神农集团(605296)公司报告： 轻舟浅澜敛锷待发，财裕降本开拓养殖新章 评级：增持(首次覆盖) 程一胜(证券分析师) 王思言(证券分析师) S0350521070001 S0350524010001 chengys01@ghzq.com.cn wangsy02@ghzq.com.cn | 最近一年走势 | | | | | --- | --- | --- | --- | | 83% | 神农集团 | 沪深300 | | | 62% | | | | | 42% | | | | | 22% | | | | | 1% | | | | | -19% | | | | | 2024/03/06 | | | 2025/03/06 | | 市场数据 | 2025/03/12 | | --- | --- | | 当前价格（元） | 28.51 | | 52周价格区间（元） | 24.54-45.67 | | 总市值（百万） | 14,963.16 | | 流通市值（百万） | 14,917.89 | | 总股本（万股） | 52,483.90 | | 流通股本（万股） | 52, ...