专刊还发表了中国学者制定的生物制剂治疗慢性鼻窦炎鼻息肉的中国意见书，该意见书重点关注中国临 床数据研究，系统规范了生物制剂治疗慢性鼻窦炎鼻息肉过程中的患者选择、治疗方案以及疗效评估等 临床关键环节，为生物制剂临床实践提供了权威指导。这是中国学者首次在本领域学术顶刊发表指南类 文件，将为全球生物制剂临床应用贡献中国经验。 本次专刊中，还有中国学者在环境污染与哮喘发病机制、肠道菌群失调与过敏、药物过敏的发生机制等 领域发表了最新研究成果，以前瞻性的学术视野与创新性的科研突破，为全球过敏学科发展贡献"中国 智慧"。 今年，《过敏科学》第五次出版中国主题，共刊登中国学者文章32篇，聚焦过敏科学、鼻科学、呼吸病 学以及皮肤病学等多个领域。其中，由《过敏科学》主编、瑞士哮喘研究所Cezmi Akdis教授与北京同 仁医院张罗教授共同撰写的述评，指出了生物制剂在治疗慢性鼻窦炎鼻息肉、哮喘、特应性皮炎等过敏 性疾病中的突破性进展以及未来发展方向。 张罗告诉新京报记者，过敏性疾病近年来在国内越发受到关注，传统的鼻喷药物、口服药能起到好的症 状控制效果，但患者仍期待有更加长期有效的治疗手段。近年来，生物制剂是过敏性疾病治疗领域非 ...

Core Viewpoint - The livestock farming sector is experiencing a positive trend, with an extended profit period expected for pig farming, driven by improved demand and favorable pricing dynamics [1][2]. Group 1: Market Performance - As of May 7, 2025, the China Livestock Breeding Index (930707) increased by 0.20%, with key stocks such as Shengnong Development (002299) rising by 1.89% and Yiduoli (300381) by 1.75% [1]. - The Livestock ETF (516760) rose by 0.16%, with a recent price of 0.63 yuan, and has seen a cumulative increase of 7.19% over the past three months, ranking in the top 25% among comparable funds [1]. - The average price of pork in national wholesale markets reached 20.96 yuan/kg on May 6, 2025, marking a 1.8% increase compared to pre-holiday levels [1]. Group 2: Financial Performance - In 2024, pig farming enterprises are projected to generate revenues of 437 billion yuan, a year-on-year decline of 1.28%, while net profit attributable to shareholders is expected to rise by 337.73% to 32 billion yuan [1]. - In Q1 2025, pig farming enterprises achieved revenues of 107.88 billion yuan, reflecting an 18.69% year-on-year increase, with industry net profit reaching 7.91 billion yuan, up 236.12% year-on-year [1]. Group 3: Supply and Demand Dynamics - As of Q2 2025, domestic demand for pigs is showing marginal improvement, with price support and a gradual transition into a phase of price increases [2]. - External factors, including rising feed raw material prices due to tariffs and increased costs of imported meat, are also contributing to favorable pricing for pigs [2]. Group 4: Valuation Metrics - The Livestock ETF, which tracks the China Livestock Breeding Index, has a current price-to-earnings ratio (PE-TTM) of 12.38, placing it in the 1.74% percentile over the past year, indicating a valuation lower than 98.26% of the time in the last year [2]. - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2]. Group 5: Top Weighted Stocks - As of April 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index include Haida Group (002311), Muyuan Foods (002714), and Wens Foodstuff Group (300498), collectively accounting for 69.38% of the index [2].

据介绍，新希望在2025年计划出栏生猪数量总计为1700万头以上，具体数量会根据猪价波动来调整策 略，到年底，运营中场线的完全成本将降到13元/公斤以内。公司将把疫情防控和精益生产工作放在首 今年1月份至4月份，新希望已累计实现生猪销量578.54万头，生猪销售收入达到82.1亿元。公司的商品 猪销售均价在4月份呈现止跌企稳迹象。 作为A股农业板块龙头企业，新希望从2024年开始全面聚焦于饲料和猪产业两大核心主业的运营，自去 年第一季度以来，公司的猪产业连续保持盈利。 努曼陀罗商业战略咨询创始人霍虹屹向《证券日报》记者表示，2025年，生猪养殖行业仍然处于"周期 波动+产业升级"并行的阶段。行业的核心变量仍然是供需关系，此外，政策导向对于行业的影响不可 忽视。环保、食品安全、养殖智能化等要求的提高，将推动生猪养殖行业向"高标准、低成本、高效 率"的方向发展。 本报记者舒娅疆 "未来，真正具备竞争力的企业，一定是那些能够在周期低谷时稳住成本、在高点时优化效率的公司。 2025年，生猪养殖行业竞争格局将加速分化，资金实力强、成本控制能力强、技术储备充足的企业，将 逐步建立起自己的竞争壁垒。"霍虹屹说。 5月6日晚 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [2] Core Insights - The agricultural industry achieved a revenue of CNY 11,498.20 billion in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to CNY 466.39 billion, an increase of 806.55% [6][17] - In Q1 2025, the industry reported a revenue of CNY 2,706.77 billion, a year-on-year growth of 6.79%, with a net profit of CNY 133.13 billion, up 795.07% [6][17] - The overall profitability of the industry improved significantly in Q1 2025, with gross profit margin at 12.91%, net profit margin at 5.16%, and return on equity (ROE) at 2.57%, all showing year-on-year increases [21][30] Summary by Sections Overall Industry Performance - In 2024, the agricultural industry saw a slight decline in revenue but a substantial increase in net profit, indicating improved profitability despite lower sales [17] - The profitability metrics for Q1 2025 showed significant improvements compared to the previous year, with a notable decrease in the expense ratio [21] Sub-industry Analysis - The livestock sector experienced a remarkable increase in net profit, with pig farming turning profitable in 2024 and continuing strong performance into 2025 [6][29] - The poultry farming sector also showed strong growth, with net profit increasing significantly due to reduced feed costs and improved efficiency [43][44] - The pet food sector maintained high growth rates, with revenues and profits continuing to rise [6][25] Livestock Farming - In 2024, pig farming companies generated CNY 4,370.03 billion in revenue, a slight decline, but net profit surged to CNY 320.13 billion, reflecting a recovery in profitability [29] - In Q1 2025, revenues for pig farming increased by 18.69% year-on-year, with net profit rising by 236.12% [29][30] Poultry Farming - Poultry farming companies achieved a revenue of CNY 520.71 billion in 2024, with a net profit of CNY 28.49 billion, marking a significant increase [43] - In Q1 2025, revenue continued to grow, reaching CNY 118.71 billion, with net profit increasing to CNY 4.51 billion [43][44] Feed Industry - The feed industry reported a revenue of CNY 1,863.30 billion in 2024, with a net profit of CNY 52.48 billion, showing a significant recovery in profitability [58] - In Q1 2025, revenues rose to CNY 428.66 billion, with net profit increasing to CNY 15.26 billion [58][61] Animal Health - The animal health sector saw a revenue of CNY 129.02 billion in 2024, with a net profit of CNY 10.82 billion, despite a decline in profitability [66] - In Q1 2025, revenues increased to CNY 30.96 billion, with net profit rising to CNY 4.26 billion [66]

证券代码：000876 证券简称：新希望 公告编号：2025-47 债券代码：127015、127049 债券简称：希望转债、希望转 2 新希望六和股份有限公司 2025 年 4 月生猪销售情况简报 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"）下属子公司从事 生猪养殖业务。按照《深圳证券交易所上市公司自律监管指引第 3 号 ——行业信息披露》规定，深交所鼓励从事畜禽、水产养殖业务的上 市公司每月通过临时公告形式披露相关业务销售情况，公司将参照指 引相关规定执行。 特此公告 新希望六和股份有限公司 | 月份 | | | 生猪销售数量 | | 生猪销售收入 | | 商品猪价格 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （万头） | | （亿元） | | （元/公斤） | | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2024 | 年 4 | 月 | 147.62 | 603.53 | 23.37 | 86.36 | 1 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined. In terms of size style, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter of 2025Q1 turned significantly positive from negative. In terms of major sectors, the growth rates of net profit attributable to the parent of the consumer and growth sectors led in 2025Q1, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. In terms of industries, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth [3][19][21]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [3][33]. - Some convertible bonds are recommended for investment. In the cyclical sector, it is recommended to overweight convertible bonds such as Guocheng, Huayou, and Guangda. In the consumer sector, it is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, as well as Zhongchongzhuan 2, Xinruzhuan, and Baolong. In the growth sector, it is recommended to overweight convertible bonds such as Weice, Haopeng, Guoli, and Weil [3][7][13]. Summary by Relevant Catalogs 1. 2025Q1 Performance Growth Convertible Bond Recommendations - Among the existing 472 convertible bonds, 372 achieved profitability in the single quarter of 2025Q1. After excluding those with a balance of less than 300 million yuan and a remaining term of less than 1 year, 109 convertible bonds remain. Some convertible bonds are recommended for investment based on factors such as the sustainability of the company's high performance growth and the current price and conversion premium rate of the convertible bonds [6]. - **Cyclical Sector**: It is recommended to overweight convertible bonds with mineral resource advantages such as Guocheng and Huayou, Guangda with a positive business trend, Dongcai, Dinglong, Anji, and Zhengfan that benefit from the domestic substitution of semiconductor materials, Keli and Bo 23 that benefit from the accelerated development of the robot and AI industries, and Polai that benefits from the recovery of consumer demand and domestic substitution [7]. - **Consumer Sector**: It is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, including Muyuan, Juxing, Wenshi, Xiwangzhuan 2, and Hefeng. Also recommended are Zhongchongzhuan 2, the leading pet food company, Xinruzhuan, the leading regional dairy company, and Baolong, an automobile parts manufacturer [13]. - **Growth Sector**: It is recommended to overweight Weice, the leading domestic third-party integrated circuit testing service provider, Haopeng, a consumer battery manufacturer, Guoli, an electronic vacuum device manufacturer, and Weil, the global CIS leader [15]. 2. All A: Technology and Domestic Demand Lead, Midstream Cycle Warms Up - **Overall A-share Performance**: In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined [19]. - **Size Style Performance**: In 2025Q1, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter turned significantly positive from negative, while the year-on-year growth rate of net profit attributable to the parent of SSE 50 slightly turned negative from positive [20]. - **Sector Performance**: In 2025Q1, the growth rates of net profit attributable to the parent of the consumer and growth sectors led, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. The revenue growth rate of the growth sector led among all sectors [21][23]. - **Industry Performance**: In 2025Q1, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth. In terms of ROE and other aspects, the ROE levels of most downstream cyclical and consumer sectors declined, the gross profit margins of the optional consumer sector generally declined, and the net profit margins of the midstream cyclical sector generally recovered. The top 30 sub-industries in terms of single-quarter profit growth rate in 2025Q1 were mainly concentrated in the electronics, computer, and media industries [25][28][32]. 3. Convertible Bonds: Narrowing Negative Profit Growth, Declining Revenue Growth Rate - As of May 5, 2025, the existing 472 convertible bonds covered 27 out of 30 CITIC first-level industries, and 92% of the underlying stocks of the convertible bonds had a market value of less than 3 billion yuan. In terms of size style, the issuers of convertible bonds were generally closer to small and medium-cap stocks [33]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [33].

行业概览 2024 年在大宗农产品原料价格下行的背景下，农林牧渔行业整体营收小幅下滑，但是原材料成本的下降利好养殖板块 的盈利回暖，在生猪养殖产能去化的驱动下，生猪养殖板块盈利实现明显好转，禽养殖板块实现稳健盈利，农业板块 整体盈利表现明显改善。2024 年农林牧渔板块实现营业收入为 1.24 万亿，同比-4.06%；实现归母净利润 479.85 亿 元，同比由亏转盈，养殖板块盈利出现明显改善。2024Q4 板块实现营业收入 3496.94 亿元，同比+0.98%，实现归母净 利润 162.09 亿元，同比+293.20%；2025Q1 板块实现营业收入 2907 亿元，同比+4.44%，实现归母净利润 133.35 亿元， 同比实现扭亏为盈，农林牧渔板块盈利实现好转。 生猪养殖 2024 年生猪养殖板块景气回升，2024 年实现收入 4832.76 亿元，同比-2.98%；实现归母净利润 331.42 亿元，同比扭 亏为盈，板块盈利明显改善。2025Q1 板块实现收入 1188.88 亿元，同比+17.32%；实现归母净利润 81.51 亿元，同比 扭亏为盈，在头部企业出栏量持续增加与养殖成本持续改善的背景 ...

农林牧渔 2025 年 05 月 05 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -19% -10% 0% 10% 19% 2024-05 2024-09 2025-01 农林牧渔 沪深300 相关研究报告 《2025Q1 农业板块公募重仓持股占 比下降，中宠股份获逆势增持—行业 周报》-2025.4.27 《2025Q1 农业板块公募基金重仓持 股占比下降，中宠股份获逆势增持— 行业点评报告》-2025.4.24 《3 月肉鸡价格小幅回暖，关注五一 和端午需求回暖支撑价格—行业点评 报告》-2025.4.22 2024 年养殖板块利润同比高增，宠物板块高景气延 续 ——行业周报 | 陈雪丽（分析师） | 王高展（联系人） | 朱本伦（联系人） | | --- | --- | --- | | chenxueli@kysec.cn | wanggaozhan@kysec.cn | zhubenlun@kysec.cn | | 证书编号：S0790520030001 | 证书编号：S0790123060055 | 证书编号：S0790124060020 | wanggaozhan@kyse ...

在公众视野中，刘永好总是神采奕奕，丝毫没有古稀之年的疲态。他的身材保持得非常好，走路带风，甚至比许多年轻人更有活力。在一次采访中，他笑 着说："很多人问我怎么保养的，其实很简单——每天运动，心态年轻。" 刘永好透露，自己每天早晨6点起床，雷打不动地运动1小时，包括快走、拉伸和一些简单的力量训练。即使出差、开会，他也会在酒店房间里完成当天的 运动计划。**"运动不是负担，而是给身体充电。"**他说。 二、每天1小时运动，几十年如一日 刘永好的运动习惯并非一时兴起，而是坚持了几十年。他认为，企业家拼到最后，拼的是体力和精力。因此，无论工作多忙，他都会抽出时间锻炼。 1. 快走+拉伸：基础但高效 74岁的刘永好，作为新希望集团的创始人兼董事长，依然精神矍铄、步履矫健，甚至被网友调侃"看起来像50岁"。他曾在采访中透露，自己每天坚持运动 1小时，几十年如一日。这位商界大佬是如何在繁忙的工作中保持年轻状态的？他的运动习惯和养生哲学，或许能给我们一些启发。 一、74岁仍如中年：刘永好的"冻龄"秘诀 刘永好的健康生活方式并不复杂，普通人也可以参考： 74岁的刘永好，用行动证明：年轻不是年龄，而是一种状态。他的故事告诉我们， ...

2025年4月30日，新希望(000876.SZ)发布2025年第一季报。截至2025年4月30日，共有23个机构投资者 披露持有新希望A股股份，合计持股量达30.01亿股，占新希望总股本的66.30%。其中，前十大机构投 资者包括南方希望实业有限公司、新希望-德邦证券-23希望E1担保及信托财产专户、新希望集团有限公 司、中国证券金融股份有限公司、西藏思壮投资咨询有限公司、西藏善诚投资咨询有限公司、香港中央 结算有限公司、拉萨开发区和之望实业有限公司、中国工商银行股份有限公司-华泰柏瑞沪深300交易型 开放式指数证券投资基金、浙商银行股份有限公司-国泰中证畜牧养殖交易型开放式指数证券投资基 金，前十大机构投资者合计持股比例达65.65%。相较于上一季度，前十大机构持股比例合计下跌了0.41 个百分点。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.16%。 公募基金方面，本期较上一期持股增加的公募基金共计8个，主要包括富国中证农业主题ETF、天弘中 证农业主题A、易方达中证现代农业主题ETF、华夏中证农业主题ETF、平安中证畜牧养殖ETF等，持 股增加占 ...