Core Insights - The concentrated feed industry in China is experiencing a decline in production, with a projected output of 12.94 million tons in 2024, representing an 8.8% year-on-year decrease, primarily due to reduced demand from the livestock sector and rising raw material costs [1][11][19] - The average prices of concentrated feed are also on a downward trend, with specific prices for fattening pig feed at 5 CNY/kg (down 4.4%), layer chicken feed at 3.54 CNY/kg (down 4.4%), and broiler feed at 4.13 CNY/kg (down 5.5%) in the first half of 2025 [13][19] Industry Overview - Concentrated feed, also known as protein supplement feed, is a processed feed with moisture content below 12%, providing essential nutrients like proteins, minerals, and vitamins, and is characterized by high nutritional density and energy content [1][3] - The industry is currently in an adjustment phase, influenced by a decrease in livestock farming demand and increased raw material prices, leading to a shift towards mixed feed [1][11] Industry Policies - The Chinese government has introduced several policies to promote the development of the concentrated feed industry, including initiatives for healthy farming practices and the comprehensive utilization of agricultural by-products [5][6][22] - Key policies include the promotion of low-protein diets and support for the exploration and efficient use of new feed resources [6][22] Industry Chain - The concentrated feed industry chain consists of upstream raw materials (corn, sorghum, fish meal, etc.), midstream production processes, and downstream applications in livestock farming [7][11] Competitive Landscape - Large feed companies dominate the market due to their advantages in brand, scale, and technology, while small and medium enterprises face challenges in technology and market share [15][19] - Major players in the industry include New Hope Liuhe, Haida Group, and Beijing Dabeinong Technology Group [15][19] Development Trends - The industry is expected to see advancements in technology and product innovation, with a focus on personalized and high-end market demands [21] - There is a push for green development in response to stricter environmental regulations, encouraging companies to reduce pollution and improve resource efficiency [22] - The internationalization of the concentrated feed industry is accelerating, with opportunities for growth in export markets driven by initiatives like the Belt and Road [24]

Group 1 - In 2025, three Sichuan companies made it to the Fortune Global 500 list, namely New Hope Group, Shudao Investment Group, and Tongwei Group [1] - Compared to last year, the rankings of these companies have declined, with New Hope Group at 426th (down 48 places), Shudao Investment Group at 454th (down 18 places), and Tongwei Group at 479th (down 12 places) [1] - Sichuan companies have been on the Global 500 list for four years, with New Hope Group being the first to enter in 2021, followed by Shudao Investment Group and Chengdu Xincheng Investment Group in 2022, and Tongwei Group in 2023 [1] Group 2 - Overall, China has 130 companies on the list this year, a decrease of three from last year, with 124 companies from mainland China (including Hong Kong), down four from last year [2] - The total revenue of the companies on the list is approximately $41.7 trillion, which is over one-third of the global GDP, reflecting a growth of about 1.8% from last year [2] - The minimum sales revenue required to enter the list increased from $32.1 billion to $32.2 billion, while the total net profit of the listed companies grew by approximately 0.4% to around $2.98 trillion [2]

Group 1 - The 2025 Fortune Global 500 list reveals that three companies from Sichuan, China, made the rankings: New Hope Group (ranked 426), Sichuan Road and Bridge Group (ranked 454), and Tongwei Co., Ltd. (ranked 479) [1] - New Hope Group was the first Sichuan company to enter the Global 500 in 2021, followed by Sichuan Road and Bridge Group and Chengdu Xingcheng Group in 2022, marking significant milestones for local enterprises [1] - Tongwei Co., Ltd. became the first company in the global photovoltaic industry to enter the Global 500 in 2023, highlighting a breakthrough for Sichuan's manufacturing sector [1] Group 2 - The total revenue of the companies in the 2025 Fortune Global 500 is approximately $41.7 trillion, which exceeds one-third of the global GDP, reflecting a growth of about 1.8% compared to 2024 [2] - The entry threshold for the Global 500 increased from $32.1 billion to $32.2 billion, indicating a competitive landscape for companies aiming to be listed [2] - The total net profit of the listed companies grew by approximately 0.4% year-on-year, reaching around $2.98 trillion, while both total assets and net assets hit record highs since the inception of the Global 500 [2]

养鸡概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300498 | 温氏股份 | -2.06 | 0.95 | -6958.81 | | 002100 | 天康生物 | -1.66 | 2.15 | -3368.07 | | 002567 | 唐人神 | -0.81 | 2.93 | -2793.37 | | 300761 | 立华股份 | -1.28 | 1.54 | -2646.68 | | 000876 | 新希望 | -1.00 | 0.71 | -2203.96 | | 603477 | 巨星农牧 | -1.26 | 3.15 | -2036.15 | | 300967 | 晓鸣股份 | -1.94 | 4.61 | -1866.54 | | 300999 | 金龙鱼 | -0.55 | 1.18 | -1548.99 | | 000735 | 罗牛山 | -0.61 | 3.33 | -1410.96 | | 000048 | 京基智农 | -1.60 | 1.71 ...

Group 1 - The third China International (Foshan) Prepared Food Industry Conference was held in Foshan, Guangdong, attracting over 1,000 companies and buyers from nearly 40 countries, focusing on high-quality development and innovation in the prepared food industry [1] - The conference featured the release of the "Top 100 Prepared Food Companies in China 2025" by iiMedia Research, providing a benchmark for industry standards [1][5] Group 2 - In March 2024, a joint notice from six departments, including the State Administration for Market Regulation, defined prepared food and implemented stricter regulations, marking a turning point for the industry [2] - The prepared food market growth rate decreased from 33.8% in 2023 to 27.3% in 2024, indicating a shift from quantity expansion to quality selection as low-quality companies exit the market [2] Group 3 - The prepared food market in China reached a scale of 485 billion yuan in 2024, with a projected growth to 749 billion yuan by 2026 [3] - The demand for cold chain logistics in China increased from 302 million tons in 2021 to 365 million tons in 2024, highlighting the importance of supply chain capabilities [4] Group 4 - The "Top 100 Prepared Food Companies" list includes leading brands such as Shuanghui Group, Haidilao, and Wen's Food, with Shuanghui Group scoring 84.36, ranking first [6][7] - The list reflects the dominance of food processing companies, which account for 58% of the industry, indicating a focus on industrial production [16] Group 5 - Guangdong province leads in the prepared food industry, with 21% of the top companies located there, benefiting from a complete industrial chain and innovative product offerings [13] - The industry is characterized by regional clusters, with companies leveraging local resources for differentiated development, such as Hesheng Aquatic Products and Yihua Food [18]

证券代码：000876 证券简称：新希望 公告编号：2025-78 债券代码：127015,127049 债券简称：希望转债，希望转 2 1．本次股东会为公司2025年第二次临时股东会。 2．会议的召集人为公司董事会，召开事项于2025年7月13日公司 第十届董事会第四次会议审议通过。 3．本次会议的召开合法、合规，符合有关法律、行政法规、部 门规章、规范性文件和公司《章程》的规定。 新希望六和股份有限公司 关于召开 2025 年第二次临时股东会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 新希望六和股份有限公司（以下简称"公司"）董事会根据公司 《章程》及相关法律、法规规定于 2025 年 7 月 13 日召开第十届董事 会第四次会议，审议通过了《关于召开 2025 年第二次临时股东会的 议案》，决定于2025年7月31日召开公司2025年第二次临时股东会。 具体内容请见公司于 2025 年 7 月 15 日在《中国证券报》《证券日报》 《证券时报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）上 刊登的《关于召开 2025 ...

Group 1 - The Chinese pig farming industry has experienced significant capacity expansion since 2020, leading to oversupply and sustained low prices, resulting in continuous losses for most pig farming companies, with only Zhengbang Technology remaining profitable in 2023. However, overall profitability is expected to improve in 2024, with net profits turning positive for most companies [1] Group 2 - Since March 2021, the net profit level of large-scale pig farming in China has fluctuated significantly, remaining in a loss state from early 2023 until September 2023, when it turned profitable. It is projected that net profits will decline again until April 2025, reaching 86 yuan per head [2] Group 3 - The net profit of free-range pig farming in China has shown a similar trend to that of large-scale farming. The lowest net profit was recorded in June 2021 at -665 yuan per head, while the highest was in October 2022 at 1246 yuan per head. By April 2025, the net profit for free-range farming is expected to be 50 yuan per head [4] Group 4 - The cost of large-scale pig farming in China has been on a downward trend since March 2021, decreasing from 2884 yuan per head to 2033 yuan per head by April 2025, indicating effective cost control [8] Group 5 - Similarly, the cost of free-range pig farming has also decreased from 2971 yuan per head in March 2021 to 2123 yuan per head by April 2025, reflecting good cost management [9]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The agricultural sector's public fund heavy holdings increased in Q2 2025, benefiting from US-China tariff disturbances and policy catalysts, with total market capitalization rising to 13,208 billion yuan, up 6.80% quarter-on-quarter [13][12] - The investment logic for the pig industry is improving marginally, with expectations for a price increase in H2 2025 driven by both fundamental and policy factors [23][5] - The pet sector is experiencing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with the pet food market expected to exceed 60 billion yuan by 2025 [26][25] Summary by Sections Weekly Observation - The agricultural sector's public fund heavy holdings increased, with a total market capitalization of 13,208 billion yuan, representing 1.74% of the A-share market [13][12] - The pig price is expected to stabilize and rise due to ongoing capacity adjustments and supply pressures [4][16] Weekly Market Performance (July 21-25) - The agricultural index outperformed the market by 1.95 percentage points, with the agricultural index rising 3.62% [27][29] - Leading stocks included Shen Nong Group (+15.42%), Zhong Ji Health (+11.63%), and Bang Ji Technology (+11.41%) [32][27] Price Tracking (July 21-25) - The average price of live pigs was 14.15 yuan/kg, down 0.12% from the previous week, while the average price of piglets was 31.89 yuan/kg, also down 0.07% [35][38] - The price of soybean meal increased to 2,983 yuan/ton, up 1.86% week-on-week, driven by rising import costs [19][49] Key Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [5][23] - In the feed sector, recommended stocks include Haida Group and New Hope [5][23] - For the pet sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty Co. [25][26]

Investment Rating - Industry rating: Outperform the market (maintained rating) [13] Core Views - The report emphasizes the importance of reducing production in the pig sector, highlighting the expectation gap in the industry [1][2] - The dairy sector is experiencing a bottoming out of raw milk prices, with a potential new cycle for beef cattle starting [3][19] - The pet food sector is witnessing the rise of domestic brands and a positive trend in exports [4][21] - The poultry sector is focusing on the shortage of breeding stock and improving consumer demand for yellow chickens [5][23] - The planting sector is prioritizing food security and the strategic importance of biological breeding [8][29] - The feed sector is recommended for companies with increasing market share and consistent performance, particularly Haida Group [10][31] Summary by Sections Pig Sector - As of July 26, the average price of pigs is 14.81 CNY/kg, stable compared to the previous week, with a notable high average weight of 128.48 kg for market pigs [1][17] - The Ministry of Agriculture emphasizes strict capacity control measures to reduce the number of breeding sows and control the weight of pigs being sold [1][18] - The sector is currently undervalued, with leading companies like Muyuan Foods and Wens Foodstuffs showing low average market values [2][18] Cattle Sector - As of the third week of July, live cattle prices are 26.53 CNY/kg, down 0.2% week-on-week, while raw milk prices remain at 3.04 CNY/kg [3][19] - The dairy industry has faced significant losses, with an estimated cumulative income loss of 70 billion CNY from 2023 to 2025 [3][20] - Companies that can withstand the current downturn and have mother cow resources are expected to have strong profit potential [3][20] Pet Sector - Domestic brands in the pet food market are growing rapidly, with significant sales figures reported [4][21] - Pet food exports have increased, with 167,900 tons exported in the first half of 2025, reflecting a year-on-year growth of 5.7% [4][21] - Recommended companies include Guibao Pet Food and Zhongchong Co., with a focus on high-growth domestic companies [4][22] Poultry Sector - The report highlights the uncertainty in breeding stock imports due to avian influenza outbreaks, leading to a 33.46% year-on-year decline in breeding stock updates [5][23] - As of July 26, the price of broiler chicks has increased to 2.6 CNY/chick, driven by reduced supply and increased stocking enthusiasm [5][24] - Investment suggestions include focusing on self-breeding opportunities and companies with alternative breeding resources [5][26] Planting Sector - The report stresses the need for a focus on increasing grain production through improved yield and the integration of various agricultural practices [8][29] - The importance of financial support for seed industry revitalization is highlighted, with a push for the commercialization of genetically modified crops [8][29] - Recommended companies include Longping High-Tech and Dabeinong [8][30] Feed Sector - Haida Group is highlighted as a key player in the feed sector, with expectations of market recovery following a prolonged downturn [10][31] - The report notes significant price fluctuations in raw materials, which could benefit companies with strong hedging and feed formulation capabilities [10][31]

Group 1 - The Chinese synchronized swimming team concluded the 2025 World Championships with a victory in the team technical free routine, defeating the neutral athletes from Russia, marking a successful end to the championships [1] - The Chinese team secured a total of 4 gold and 3 silver medals across 11 events, ranking first in the medal tally, demonstrating their strength and determination as they prepare for the upcoming Los Angeles Olympic cycle [1][2] - The team showcased a younger lineup with 13 athletes, including Olympic champions and promising young talents, indicating a transition in the team's composition as some veteran members gradually step back [1][2] Group 2 - The team won gold medals in the team free routine, team technical routine, and team technical free routine, with the head coach emphasizing the significance of their victory, equating its value to that of the Olympic gold medals [1][2] - Young athletes like Xu Huiyan and Guo Mu made notable contributions, with Xu winning the first gold medal for China in the women's solo technical event at the World Championships, and Guo achieving a silver medal in the men's solo free routine, marking a breakthrough for the Chinese team in this category [2] - The incorporation of "Chinese style" in their performances, such as themes inspired by Chinese culture, has been highlighted as a unique feature of the team's presentation, enhancing their international representation [3] Group 3 - The overall strength and dominance of the Chinese team were acknowledged by the World Swimming Federation, with their performance at the championships reflecting their capability to meet expectations [3] - Despite a strong showing at the recent World Cup, the competition at the World Championships was noted to be more intense, with a more even distribution of medals among teams [3] - The head coach expressed the need for the team to continue evolving and improving in response to the rapid advancements of competing teams, emphasizing the importance of innovation and excellence in their future performances [3]