Core Insights - The poultry feed industry in China is experiencing significant growth, driven by the African swine fever's impact, increased penetration of large-scale farming, and advancements in feed formulation technology [1][11] - By 2024, poultry feed production is projected to reach 97.54 million tons, accounting for 75.1% of total poultry feed, indicating strong demand from the consumption side [1][11] Group 1: Industry Overview - Poultry feed is specifically designed to provide essential nutrients for the growth, development, reproduction, and health of meat poultry [2] - The industry focuses on high-energy and high-protein formulations, utilizing pelletized feed for continuous feeding and relying on antibiotics and growth promoters to shorten feed-to-meat ratios [2][4] - The production cycle for meat poultry is typically 42-47 days, while egg-laying poultry has a longer cycle of over 72 weeks [2][4] Group 2: Policy Background - China's poultry feed policies emphasize reducing soybean meal usage, enhancing quality, and optimizing layout, promoting low-protein diets and diversified formulation standards [5] - The government supports local supply chains and high-value transformation through subsidies and technological research, particularly in major soybean-producing regions [5][6] Group 3: Industry Chain - The upstream of the poultry feed industry relies on energy and protein raw materials like corn and soybean meal, with a focus on optimizing raw material structures through reduction technologies [7] - The midstream production is shifting towards functional and customized products, while the downstream sector is accelerating standardization and integration with processing enterprises [7][9] Group 4: Current Industry Status - Since 2012, the poultry feed production has maintained an average annual growth rate of approximately 4.5%, with a notable increase from 2019 to 2024 due to various market dynamics [11] - The concentration of production is primarily in Shandong, Henan, and Guangdong provinces, benefiting from established logistics networks and industrial clusters [11] Group 5: Competitive Landscape - The poultry feed market is characterized by leading enterprises like New Hope, Haida Group, and Wen's Group, which leverage full industry chain integration to enhance competitive advantages [13][15] - New Hope, as a major player, achieved a total feed sales volume of 25.96 million tons in 2024, maintaining a leading position in the domestic market [15] Group 6: Future Trends - The poultry feed industry is moving towards deep integration of biotechnology and automation, focusing on improving feed conversion rates and reducing environmental impacts [17] - The implementation of antibiotic bans is driving the development of alternative products, while smart production technologies are enhancing operational efficiency [17] - Market concentration is expected to continue rising, with leading companies expanding through mergers and acquisitions and focusing on customized services for large-scale farms [17]

Core Viewpoint - New Hope Liuhe Co., Ltd. reported a decline in both pig sales volume and revenue in May, indicating challenges in the pig farming industry due to falling prices and market conditions [1][2]. Company Summary - In May, New Hope sold 1.3339 million pigs, generating revenue of 1.972 billion yuan, both figures showing a year-on-year and month-on-month decline [1]. - For the first five months of the year, the company achieved cumulative pig sales of 7.1193 million heads and sales revenue of 10.182 billion yuan [1]. - The average selling price of pigs in May was 14.59 yuan/kg, reflecting a 0.75% decrease month-on-month and a 5.38% decrease year-on-year [1]. - New Hope aims to drive business growth through its feed, pig farming, and slaughtering segments, focusing on "flexible management, continuous cost reduction, and improving labor efficiency" [1]. Industry Summary - The pig market is currently characterized by a "strong supply and weak demand" situation, leading to a downward trend in prices [2]. - Analysts predict that the profitability of pig farming enterprises will show a divergence, with larger companies maintaining profitability due to cost advantages, while smaller enterprises may continue to face pressure [3]. - Despite low prices, the overall expansion in the industry is limited, and New Hope remains cautiously optimistic about the year, having achieved slight profits in the first quarter [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the acceleration of pig weight reduction and the resulting supply contraction will likely support a gradual increase in pig prices in the second half of 2025. The current downward pressure on pig prices is expected to be limited due to a forthcoming supply gap [4][13] - The beef market is anticipated to remain strong through 2025-2026, driven by slow recovery in supply and the price disparity between pork and beef. Global beef prices reached a historical high of 294.07 cents per pound in April 2025, up 8.69% year-on-year [5][23] - The report emphasizes the low valuation of the pig farming sector, presenting a value opportunity for investors. It recommends several companies including Muyuan Foods and Wens Foodstuffs [6][29] Summary by Sections Weekly Observation - The report notes that the acceleration of pig weight reduction has led to a short-term decline in pig prices, with the national average price at 14.07 yuan/kg as of June 6, 2025, down 0.37 yuan/kg week-on-week and 4.38% year-on-year. The supply gap is expected to support prices in the latter half of 2025 [4][13][20] Weekly Market Performance - The agricultural index underperformed the market by 0.22 percentage points, with the agricultural index rising by 0.91% compared to a 1.13% increase in the Shanghai Composite Index. The pet food sector showed the highest gains [6][33] Price Tracking - As of June 6, 2025, the average price of external three-yuan pigs was 14.06 yuan/kg, down 0.41 yuan/kg from the previous week. The average price of piglets was 34.51 yuan/kg, down 0.73 yuan/kg. The profit for self-bred pigs was 33.83 yuan/head, while the profit for purchased piglets was -120.80 yuan/head [7][45][47] Recommendations - The report recommends investments in the pig farming sector due to its low valuation and potential for recovery, highlighting companies such as Muyuan Foods, Wens Foodstuffs, and Juxing Agriculture. It also suggests investing in the feed sector, which benefits from strong overseas demand [6][29][32]

证券代码：000876 证券简称：新希望 公告编号：2025-51 债券代码：127015、127049 债券简称：希望转债、希望转 2 | 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 | 5 月 | 136.68 | 740.21 | 20.98 | 107.34 | 15.42 | | 2024 | 年 | 6 月 | 128.65 | 868.86 | 23.14 | 130.48 | 18.07 | | 2024 | 年 | 7 月 | 126.20 | 995.06 | 23.91 | 154.39 | 18.80 | | 2024 | 年 | 8 月 | 127.75 | 1,122.81 | 24.86 | 179.25 | 20.13 | | 2024 | 年 | 9 月 | 119.24 | 1,242. ...

新希望（000876）公告，公司2025年5月销售生猪133.39万头，环比变动-16.42%，同比变动-2.41%。收 入19.72亿元，环比变动-13.43%，同比变动-6.01%。商品猪销售均价14.59元/公斤，环比变动-0.75%， 同比变动-5.38%。 ...

韩国经济之所以预期负面，主要原因有三个。一是韩国国内政局的稳定性难以保证。鉴于韩国企业与政 府之间的关联，国内政局波动很容易通过各种渠道传导到经济运作上，引发经济发展的不确定性，给韩 国经济发展态势带来不确定性，甚至可能对涉及国际经济合作的韩国企业对外投资造成巨大影响，比如 芯片投资。 徐长春(中国国际经济交流中心研究员) 近日，韩国中央选举管理委员会召开全体会议表决通过了大选投票结果的议案，正式确认共同民主党总 统候选人李在明以压倒性优势(49.42%)赢得大选，成为韩国第21届总统。 韩国各界多对未来前景感到迷茫。根据央视新闻，韩国新总统李在明大选后表示，下一步将尽快努力终 结眼前的政治混乱、提振韩国经济，尽快让韩国民众的生活恢复正常。根据环球时报，一些民众认为大 选可能会成为事情变得更糟糕的节点，也有可能成为情况开始改善的转折点，对大选后的前景普遍持谨 慎态度。 韩国各界之所以如此表现主要是因为韩国经济困局。5月底，韩国央行将今年GDP增长预期从2月份的 1.5%大幅下调至0.8%。6月2日，韩国央行发布的一组数据显示，全球41家知名金融机构对韩国今年 GDP增长预期均值为0.985%，不到1%，较4周 ...

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting, focusing on various proposals including financial reports, budget plans, and compensation schemes for executives and board members [1][4][5]. Group 1: Meeting Structure and Procedures - The meeting will be chaired by Chairman Xi Gang, and shareholders will have the right to speak, inquire, and vote on each proposal [1][2]. - Voting will be conducted through a combination of on-site and online methods, with results announced immediately [2][4]. - The meeting will include the election of vote counters and monitors from among the attending shareholders [2][4]. Group 2: Financial Performance - The company reported a revenue of 1,066,542.35 million yuan for 2024, a decrease of 2.93% compared to 2023 [6][13]. - The net profit attributable to shareholders was 53,769.09 million yuan, reflecting a growth of 24.80% year-on-year [6][13]. - The total assets as of December 31, 2024, amounted to 887,866.69 million yuan, a slight decrease of 0.66% from the previous year [6][7]. Group 3: Financial Indicators - The company’s operating profit was reported at 68,000.76 million yuan, an increase of 33.89% from 2023 [6]. - The basic earnings per share rose to 0.62 yuan, a 24.00% increase compared to the previous year [6][12]. - The asset-liability ratio improved from 70.47% to 64.61%, indicating a reduction of 5.86 percentage points [6][9]. Group 4: Budget and Financing Proposals - The company proposed a financing guarantee limit of 575 million yuan for 2025, which would not exceed 18.82% of the latest audited net assets [21][22]. - The company plans to apply for a comprehensive credit limit from financial institutions for 2025, with specific details to be discussed at the meeting [23].

根据行业分析师的研究，二次育肥会人为拉长出栏时间，造成阶段性出栏量差异较大，导致出现"助涨 助跌"现象。有头部猪企停止销售二次育肥商品猪 端午节后第一个交易日，A股生猪板块延续涨势，牧原股份连续两个交易日累计上涨近10%，神农集 团、巨星农牧同期上涨超10% 端午节后的第一个交易日，A股生猪板块延续良好势头，牧原股份（002714）(002714.SZ)、神农集团 （605296）(605296.SH)和巨星农牧（603477）(603477.SH)等表现不错。这与猪价稳定的预期有关，猪 价稳定预期又与二次育肥的最新消息有关——一些头部猪企暂停对二次育肥客户出售商品猪。 6月3日上午，《每日经济新闻》记者从牧原股份、神农集团、新希望(000876.SZ)等多家猪企了解到， 至少有两家头部猪企暂停了这一业务，且对商品猪只开屠宰类检疫票。这意味着只能用作屠宰的商品猪 无法进入二次育肥被再次饲养。 所谓二次育肥，是指养殖户购进已达正常出栏体重的生猪，继续育肥至350斤或以上再出售，以赚取价 差和增重利润的短期养殖模式。 生猪板块之所以上涨，和二次育肥的消息有关。有市场消息称，行业接有关部门通知要求控制出栏猪体 重并 ...

Market Overview - The transaction volume in Kunming's real estate market slightly decreased last week, with an average transaction price of approximately 12,631 CNY per square meter, reflecting a 4% decrease week-on-week [1] - Total supply in the market was about 22,700 square meters, down 70% from the previous week, with 100 and 72 units supplied from two projects [1][3] - The total transaction area was approximately 58,800 square meters, showing a 1% decrease compared to the previous week [1] Project Performance - The top-performing projects included Xuhui Plaza and Botianfu, with a sales amount of about 42 million CNY and 22 units sold, achieving an average price of 14,674 CNY per square meter [3] - High-end improvement-type properties like Botian and Longhu New Hope continued to dominate sales, with average prices ranging from 18,023 CNY to 19,092 CNY per square meter [3] - Affordable housing projects such as Botian Yujiazhang and others maintained strong sales, with average prices between 9,384 CNY and 11,123 CNY per square meter [3] Land Supply and Development - No land supply or transactions occurred in Kunming's main urban area last week [4] - A new 30-class primary school is planned in the Northwest New City area, with a total investment of approximately 149 million CNY, set to start bidding in June [5][7] Infrastructure Development - The construction of the Guandu 398 Road, referred to as the "fourth vertical," is set to improve traffic conditions in the Wujia Ba area, with a total length of 2,579 meters [7][9] - The road will enhance connectivity in the area, with parts of the road already having completed foundational work, indicating a relatively low investment and short construction timeline [7][10] Auction and Hotel Status - The commercial land parcel for the招商翰林大观 project is scheduled for auction on July 2, with a starting price of approximately 67 million CNY [10][11] - The Dali Hilton Hotel recently failed to sell at auction, with an estimated value of about 1.093 billion CNY and a starting price of approximately 984 million CNY [11]

Core Viewpoint - The livestock farming index in China shows a strong upward trend, with specific stocks experiencing significant gains, indicating a positive market sentiment in the livestock sector [1][2]. Group 1: Market Performance - As of June 3, 2025, the China Livestock Farming Index (930707) increased by 1.02%, with notable stock performances including Xiangjia Co., Ltd. (002982) up by 8.30%, Haida Group (002311) up by 2.89%, and Shennong Group (605296) up by 2.75% [1]. - The Livestock ETF (159867) rose by 0.49%, marking a third consecutive increase [1]. Group 2: Price Trends - Recent market data indicates a fluctuating rise in pig prices ahead of the holiday, driven by a reluctance among farming entities to sell at low prices and an increase in slaughterhouse demand due to pre-holiday stocking [1]. - The average weight of pigs sold slightly decreased last week, suggesting a potential shift in market dynamics as the industry prepares for seasonal changes [1]. Group 3: Future Outlook - Short-term projections suggest that rising temperatures may lead to increased weight gain in livestock, but the overall pig price is expected to face downward pressure due to seasonal consumption trends [1]. - In the medium term, a gradual recovery in the national breeding sow inventory is anticipated, with quality pig enterprises likely to achieve unexpected profits through increased sales and reduced costs despite a downward trend in the pig cycle expected in 2025 [1]. Group 4: Index Composition - The top ten weighted stocks in the China Livestock Farming Index (930707) include Haida Group (002311), Muyuan Foods (002714), Wens Foodstuff Group (300498), and others, collectively accounting for 68.9% of the index [2].