Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The rhythm of pig sales led to July pig prices rising less than expected, but the outlook for future prices remains optimistic. In July 2025, the national average selling price of live pigs was 14.55 yuan/kg, up 1.89% month-on-month but down 23.21% year-on-year. The slaughter volume in July was 4.1583 million heads, down 3.67% month-on-month but up 1.80% year-on-year. The completion rate of pig sales in July was 97.11% of the planned output, with an increase of 6.60% in planned output for August compared to July [6][15][22]. Summary by Sections Industry Overview - The increase in pig prices in July was less than expected due to the accelerated growth rate of pigs in May and June, leading to earlier sales in July. The price peaked at 15.46 yuan/kg on July 3 and fell to 14.09 yuan/kg by the end of July. The supply gap and supportive policies suggest a positive outlook for future prices [6][15][18]. Supply and Structure - As of August 7, 2025, the proportion of large pigs (over 150kg) in the sales structure decreased, while the proportion of breeding stock increased. The breeding stock increased by 0.52% month-on-month, and the average profit per head for self-breeding and self-raising in July was 101.66 yuan, a month-on-month increase of 304.30% [7][16][22]. Corporate Performance - In July 2025, 12 listed pig companies reported a total of 15.2799 million heads sold, a year-on-year increase of 24.82%. The average selling prices for major companies increased month-on-month, with prices for companies like Muyuan, Wens, and New Hope rising by 1.6% to 3.4% [8][28][33].

埃方高度赞赏中国脱贫攻坚伟大成就，衷心感谢中方对埃农村扶贫事业的大力支持，表示此次培训 是埃中全面战略伙伴关系在民间层面的生动体现，将为曼努菲亚省贫困农户减贫增收、增强可持续发展 能力打开"希望之窗"。埃方愿学习借鉴中方扶贫理念经验，扩大民生领域合作。 人民网开罗8月11日电 （记者黄培昭、沈小晓）8月11日，中国驻埃及大使馆与埃及全国民间行动 发展联盟、新希望公司在曼努菲亚省苏巴克·阿哈德村联合举办中埃"新希望"养殖技术培训启动仪式。 中国驻埃及大使廖力强、埃及社会团结部副部长玛格丽特、埃及曼努菲亚省政府秘书长阿卜杜拉、埃及 全国民间行动发展联盟总干事纳比莱、新希望埃及片区总经理邵文和该村参训妇女等100余人出席。 廖力强表示，中国成功打赢脱贫攻坚战，实现8亿贫困人口全部脱贫。埃及也在积极探索埃及特色 减贫治理道路。此次培训是助力埃扶贫事业和农村妇女经济赋能的创新实践，也将增进中埃民心相通。 ...

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].

证券之星消息，8月12日养殖业板块较上一交易日下跌0.04%，华英农业领跌。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。养殖业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300967 | 晓鸣股份 | 24.00 | 4.62% | 27.68万 | | 6.75亿 | | 300313 | *ST天山 | 10.54 | 1.54% | 10.17万 | | · 1.07亿 | | 002982 | 湘佳股份 | 16.85 | 1.44% | 15.99万 | | 2.71亿 | | 002234 | 民和股份 | 9.66 | 1.36% | 31.10万 | | 3.08亿 | | 002299 | 圣农发展 | 17.12 | 0.94% | 17.78万 | | 3.08亿 | | 000048 | 京基督农 | 16.44 | 0.86% | 7.23万 | | 2611 | | 300 ...

新华社开罗8月11日电（记者董修竹）中国驻埃及使馆11日与埃及全国民间行动发展联盟、新希望公司 在埃及米努夫省苏巴克·阿哈德村联合举办中埃"新希望"养殖技术培训启动仪式。 中国驻埃及大使廖力强表示，中国成功打赢脱贫攻坚战，实现8亿贫困人口全部脱贫。埃及也在积极探 索埃及特色减贫治理道路。此次培训是助力埃扶贫事业和农村妇女经济赋能的创新实践，将增进中埃民 心相通。 埃方高度赞赏中国脱贫攻坚伟大成就，感谢中方对埃农村扶贫事业的大力支持，表示此次培训是埃中全 面战略伙伴关系在民间层面的生动体现，将为米努夫省贫困农户减贫增收、增强可持续发展能力打开希 望之窗。埃方愿学习借鉴中方扶贫理念经验，扩大民生领域合作。 新希望公司技术经理阿娅·阿卜丁告诉记者，培训课程围绕养殖周期内的要点展开，以期实现农户在整 个养殖周期中的收益最大化。 ...

广发银行发挥金融行业优势，开发"葡萄贷""茶农贷"等特色专案，加大对帮扶点产业的信贷资金投入，助力成立农民合作社、建设产 业基地支持当地特色产业发展。在"三区三州"及国家重点帮扶县打造葡萄、蛋鸽等优势产业，通过新媒体平台为助农产品打开销路，提升 村集体收入。积极发挥银行业社会服务窗口单位优势，开展村民自主创业经营和劳动技能培训，培养致富带头人，以就业创业促增收致 富。 建设"商城专区"，连接乡村城市 广发银行积极发动各级工会、内部饭堂、广大员工消费帮扶，截至2023年上半年底，全行采购中国人寿集团公司四个定点帮扶县农产 品超620万元。发挥广发商城"乡村振兴专区"平台优势，上线湖北、广西特产节，推广国寿定点帮扶产品，促动更多持卡人加入乡村振兴 帮扶行列。今年以来，"乡村振兴专区"累计销售额超1610万元，上线帮扶产品超5000个，较2022年增加超1300个。 架设"公益桥梁"，振兴乡村教育 在全国上下深入学习推广浙江"千万工程"经验之际，中国人寿成员单位广发银行全面贯彻落实党的二十大精神，深入贯彻落实党中央 决策部署，坚持多措并举定点帮扶，在一个个帮扶点绘就一幅幅乡村振兴的壮美画卷。 坚持"党建+帮扶"，开 ...

Core Viewpoint - The Chinese livestock industry is experiencing a phase of high pig production capacity, prompting the Ministry of Agriculture and Rural Affairs to implement comprehensive production capacity regulation to mitigate risks of price volatility and overproduction [1][2]. Group 1: Market Performance - As of August 12, 2025, the CSI Livestock Breeding Index (930707) increased by 0.68%, with notable gains from companies such as Xiaoming Co. (300967) up 6.50%, Minhe Co. (002234) up 6.19%, and Yisheng Co. (002458) up 3.28% [1]. - The Livestock ETF (159867) rose by 0.46%, marking its third consecutive increase, with the latest price at 0.65 yuan [1]. Group 2: Policy and Regulation - The Ministry of Agriculture and Rural Affairs has announced plans to guide the reduction of approximately 1 million breeding sows to prevent production fluctuations and price instability [1]. - A meeting held on July 23 emphasized strict implementation of production capacity regulation measures, including the rational elimination of breeding sows and control of new production capacity [1]. Group 3: Industry Outlook - Recent policies are expected to accelerate the elimination of inefficient production capacity in the industry, potentially leading to a long-term increase in pig prices, benefiting low-cost and high-quality pig enterprises [1]. - The top ten weighted stocks in the CSI Livestock Breeding Index account for 64.83% of the index, indicating a concentrated market structure [2].

近日，"拥抱AI"数字化应用决赛--"川渝AI超"暨新希望集团第六届企业文化节闭幕式成功举办。新希望企业文化节已成功连续举办六届，通过各板块、各 部门联合主办的形式，有效推动了文化落地与转型升级。今年将文化节与数字化转型结合，呼应了当前企业发展的关键命题。闭幕式上，刘永好董事长在 讲话中对于新格局下集团企业文化要有哪些新内涵提出要求，并就如何拥抱人工智能做出指示。 刘永好 新希望集团有限公司董事长 以下为发言实录： 各位新希望的伙伴们，大家好！听了大家的发言，看到数字化应用决赛中优秀团队取得的成就，我觉得很好。借此机会，我也想就几个问题谈一谈我的一 些观点和看法。 新希望集团创业至今已经有43年，在这期间，集团从小到大一步步成为一家大企业，并且得到国家、社会各界的充分认同和肯定。这些成果来之不易，得 益于全体新希望人共同的努力，得益于国家的好政策，也得益于我们抓住了机遇，集团的企业文化也给予了支撑和推动。 当前，我们面临多重挑战。国家经济从高速增长转向高质量发展，以前"多投资、多扩张"的模式不再适用；有些行业内卷加剧，如地产、新能源、养猪、 消费等领域；消费下行与通缩压力明显；地缘政治影响加深，关税、制裁等波 ...

Group 1: Report Industry Investment Rating - The report does not explicitly mention the industry investment rating [1] Group 2: Core Views of the Report - Maintain a relatively optimistic view of the convertible bond market in the second half of the year, due to the continuous imbalance between supply and demand and the "asset shortage" situation, the important role of convertible bonds in the asset portfolio, and the need to conduct high - low switching [1] - In the context of a slow - bull equity market, there are still opportunities for bank convertible bonds [1] - The top ten high - rating, medium - low - price convertible bonds with the greatest potential for par premium rate repair next week are Hexing Convertible Bond, Guangda Convertible Bond, etc. [1] Group 3: Summary According to the Directory 1. Week - to - Week Market Review 1.1. Equity Market Overall Rise, Most Industries Rise - From August 4th to 8th, the equity market rose overall, with the Shanghai Composite Index up 2.11%, the Shenzhen Component Index up 1.25%, the ChiNext Index up 0.49%, and the CSI 300 up 1.23%. The average daily trading volume of the two markets decreased by about 1121.60 billion yuan to 16748.23 billion yuan, a week - on - week decrease of 6.28% [6][8] - Among the 31 Shenwan primary industries, 25 industries closed up, with National Defense and Military Industry, Non - Ferrous Metals, etc. leading the gains [12] 1.2. Convertible Bond Market Overall Rise, Most Industries Fall - From August 4th to 8th, the CSI Convertible Bond Index rose 2.31%. Among the 29 Shenwan primary industries, 4 industries closed up, with Automobile, Social Services, etc. leading the gains. The average daily trading volume of the convertible bond market was 895.48 billion yuan, a significant increase of 72.55 billion yuan, a week - on - week change of 8.82% [15] - About 92.46% of convertible bond issues rose, and 51.72% of them had a gain of over 2% [15] - The overall market conversion premium rate rebounded, with an average daily conversion premium rate of 41.62%, an increase of 0.98 pct compared to last week [22] - 20 industries saw an expansion in the conversion premium rate, and 17 industries had an increase in conversion parity [28][33] 1.3. Stock - Bond Market Sentiment Comparison - From August 4th to 8th, the weekly weighted average and median of the convertible bond and underlying stock markets were positive, and the underlying stocks had a larger weekly gain. The trading volume of the convertible bond market increased by 5.07% week - on - week, and that of the underlying stock market decreased by 6.84% week - on - week. The trading sentiment of the underlying stock market was better [34] 2. Outlook and Investment Strategy - Maintain the previous view, be relatively optimistic about the convertible bond market in the second half of the year. In the context of a slow - bull equity market, there are still opportunities for bank convertible bonds [1][38] - The top ten high - rating, medium - low - price convertible bonds with the greatest potential for par premium rate repair next week are Hexing Convertible Bond, Guangda Convertible Bond, etc. [1]

Investment Rating - Industry rating: Outperform the market (maintained rating) [7] Core Views - The pig sector is experiencing a halt in the growth of breeding sows, indicating a significant expectation gap in the market. The average price of pigs is stable at 14.34 CNY/kg, while the price of piglets has reached a new low this year. The supply pressure continues to increase, and the seasonal demand is weak, suggesting a potential seasonal decline in pig prices [1][2][11] - The dairy sector is nearing the end of its capacity reduction phase, with expectations for a rebound in raw milk prices. The beef cycle may have started, with companies that can withstand the current downturn showing strong profit potential [3][13][14] - The pet industry is witnessing a rise in domestic brands and a positive trend in pet food exports, indicating robust growth in the pet economy. Key recommendations include companies like Guibao Pet and Zhongchong Co [15][16] - The poultry sector is focusing on the breeding gap for white and egg-laying chickens, with expectations for price improvements driven by demand. The yellow chicken market is also showing signs of recovery due to supply constraints and improving demand [4][17][19] Summary by Sections Pig Sector - The average price of pigs is stable at 14.34 CNY/kg, with self-breeding profits around 130 CNY per head. The price of piglets has hit a new low, and the average weight of pigs at market is high, indicating supply pressure [1][11] - The breeding sow numbers have decreased, with some institutions reporting a halt in growth. The market is expected to see capacity reduction due to policy guidance and weak demand [2][12] Dairy and Beef Sector - The raw milk price is expected to rebound as the dairy industry approaches the end of its capacity reduction phase. The beef cycle may have started, with companies that can adapt showing strong profit potential [3][14] Pet Sector - The pet economy is thriving, with domestic brands growing rapidly. Pet food exports are also on the rise, with significant sales growth reported [15][16] Poultry Sector - The white chicken and egg-laying chicken markets are focusing on breeding gaps, with expectations for price increases driven by demand. The yellow chicken market is showing signs of recovery due to supply constraints [4][17][19] Planting Sector - The focus is on achieving food security through self-sufficiency and enhancing breeding strategies. The government is promoting agricultural technology innovation to support this goal [5][21][22] Feed and Animal Health Sector - The feed sector is recommended for companies with increasing market share and consistent performance, such as Haida Group. The animal health sector is focusing on breaking through homogenized competition with innovative products [6][23][24]