Group 1 - The core viewpoint of the articles indicates a fluctuating trend in global pork production from 2020 to 2025, with specific projections for China, the EU, the US, and Brazil [1][2][3] - In 2024, China's pork production is projected to be 56.75 million tons, with a slight decrease to 55.50 million tons in 2025 due to regulatory measures on excess pig production capacity [1] - The EU's pork production is expected to decline from 21.25 million tons in 2024 to 20.90 million tons in 2025, primarily due to reduced export demand [1] - The US and Brazil are anticipated to see increases in pork production, reaching 12.94 million tons and 4.55 million tons respectively by 2025 [1] Group 2 - The global pig inventory is projected to be approximately 759 million heads by the end of 2024, reflecting a year-on-year decrease of about 2.42% [2] - China, the EU (27 countries), and the US account for 57.19%, 17.50%, and 9.94% of the global pig inventory respectively [2] - In 2024, China's pig inventory is estimated to be around 42.743 million heads, showing a year-on-year decline of 1.6% [3] Group 3 - The market size of China's pig farming industry is expected to reach approximately 1.44 trillion yuan in 2024, influenced by rising pig prices [5] - The market size is calculated based on the number of pigs slaughtered, average weight at slaughter, and average price of pigs, with the average weight assumed to be 120 kg per head [5] - In 2020, the market size peaked at 2.16 trillion yuan due to significant price increases [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The supply contraction and macroeconomic catalysts are expected to provide strong support for pig prices in Q3 2025. The average selling price of pigs on July 4 was 15.37 yuan/kg, reflecting a week-on-week increase of 0.71 yuan/kg and a 4.84% rise [12][13] - The central economic committee's recent meeting emphasized the need to promote high-quality development of the marine economy, which is expected to benefit the aquaculture sector [21][36] - The agricultural index outperformed the market by 1.14 percentage points during the week of June 27 to July 4, with the agricultural index rising by 2.55% compared to a 1.40% increase in the Shanghai Composite Index [32][34] Summary by Sections Supply and Demand Dynamics - The average daily slaughter volume of pigs was 133,800 heads, a decrease of 7,300 heads from the previous week, indicating a seasonal decline in demand due to rising temperatures [12] - The supply side continues to contract due to previous over-culling and losses from piglets after the Spring Festival, which is expected to support prices [12] Price Trends - The average price of pigs increased to 15.35 yuan/kg, with a week-on-week rise of 0.63 yuan/kg. The price of piglets decreased to 31.33 yuan/kg, down by 0.27 yuan/kg [6][39] - The price of corn increased to 2,511 yuan/ton, reflecting a week-on-week increase of 8 yuan/ton, while soybean meal prices decreased to 2,926 yuan/ton, down by 27 yuan/ton [4][16] Investment Recommendations - The report recommends investing in companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe, which are expected to benefit from the improving investment logic in the pig sector [27] - In the feed sector, companies like Haida Group and New Hope are recommended due to domestic market benefits and strong overseas demand [27] Market Performance - The aquaculture sector led the market gains, with stocks like Guolian Aquatic Products rising by 12.22%, Shennong Technology by 7.31%, and Dongrui Co. by 6.92% during the week [32][35]

Investment Rating - The report maintains an "Increase" rating for the agricultural sector [5] Core Views - The report emphasizes the need to combat "involutionary" competition and optimize pig production capacity, as highlighted in the recent meeting of the Central Financial Committee [1][17] - The overall pig farming industry is currently profitable, with self-breeding and self-raising models showing increased profits [18][23] - The poultry sector is experiencing price declines, particularly in broiler chickens and chicken seedlings, indicating a potential for price recovery in the future [19][36] Summary by Sections Agricultural Data Tracking - The national average price for lean meat pigs is 14.82 CNY/kg, up 3.9% from last week, while the average wholesale price for pork is 20.58 CNY/kg, up 1.7% [21][22] - The average weight of pigs for slaughter has decreased to 90.05 kg, down 0.6% week-on-week [26] - The price of 15 kg piglets has decreased to 36.77 CNY/kg, down 1% from last week [29] Pig Farming - The average profit for self-breeding pigs is 119.72 CNY/head, an increase of 69.48 CNY/head from last week, while the profit for purchased piglets is -26.26 CNY/head, an increase of 105.45 CNY/head [23][24] - The report suggests monitoring the impact of recent policy changes on pig prices and inventory behavior [18] Poultry Farming - The average price for broiler chickens is 6.75 CNY/kg, down 3.7% from last week, and the average price for chicken products is 8.45 CNY/kg, down 1.2% [36] - The price for broiler chicks has dropped to 1.36 CNY/chick, down 20% from last week [31] Crop and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth opportunities for industry companies [19] Livestock Support - The report notes increased price volatility in agricultural products, with leading feed companies likely to replace smaller competitors due to their advantages in procurement and scale [19]

证券代码：000876 证券简称：新希望 公告编号：2025-60 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 关于 2022 年度限制性股票激励计划 回购注销限制性股票完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 共涉及 526 名激励对象，合计 2,337.22 万股，占回购前公司总股本的 0.52%。 理完成了上述限制性股票的回购注销手续。本次回购注销完成后，公司总股本由 公司于 2023 年 7 月 25 日召开了第九届董事会第十六次会议和第 九届监事会第十二次会议，并于 2023 年 10 月 27 日召开 2023 年第二 次临时股东大会审议通过了《关于回购注销部分限制性股票的议案》 同意公司回购注销 2022 年限制性股票激励计划(以下简称"2022 年 激励计划"）55 名激励对象所持有的未解除限售的合计 463.2 万股限 制性股票。 公司于 2023 年 10 月 27 日召开第九届董事会第二十次会议及第 九届监事会第十五次会议，并于 2025 年 4 月 3 日召 ...

证券代码：000876 证券简称：新希望 公告编号：2025-61 特别提示： 1、"希望转债"转股价格：调整前为 10.60 元/股，调整后为 10.61 元/股 新希望六和股份有限公司 关于可转债转股价格调整的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2、"希望转 2"转股价格：调整前为 10.60 元/股，调整后为 10.61 元/股 债券代码：127015，127049 债券简称：希望转债，希望转 2 3、转股价格调整起始日期：2025 年 7 月 7 日 一、关于"希望转债"、"希望转 2"转股价格调整的相关规定 新希望六和股份有限公司（以下简称"公司"、"上市公司"）于 2020 年 1 月 3 日公开发行了 40,000,000 张可转换公司债券（债券简 称：希望转债，债券代码：127015）、于 2021 年 11 月 2 日公开发行 了 81,500,000 张可转换公司债券（债券简称：希望转 2，债券代码： 127049）。根据《公开发行 A 股可转换公司债券募集说明书》发行条 款以及中国证监会关于可转换债券发行的有关规定，在可 ...

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 证券代码：000876 证券简称：新希望 公告编号：2025-60 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、新希望六和股份有限公司（以下简称"公司"）本次回购注销限制性股票 共涉及 526 名激励对象，合计 2,337.22 万股，占回购前公司总股本的 0.52%。 2、本次回购注销的限制性股票回购价格为 7.98 元/股。 关于 2022 年度限制性股票激励计划 回购注销限制性股票完成的公告 公司于 2023 年 7 月 25 日召开了第九届董事会第十六次会议和第 九届监事会第十二次会议，并于 2023 年 10 月 27 日召开 2023 年第二 次临时股东大会审议通过了《关于回购注销部分限制性股票的议案》， 同意公司回购注销 2022 年限制性股票激励计划(以下简称"2022 年 激励计划"）55 名激励对象所持有的未解除限售的合计 463.2 万股限 制性股票。 公司于 2023 年 10 月 27 日召开第九届董事会第二十次会议及第 ...

Group 1 - The core viewpoint indicates that the pig price is expected to maintain a central level above 15 yuan/kg in 2025 due to limited supply growth and cautious breeding practices [1][2] - The industry is experiencing a supply gap, with a notable increase in piglet losses due to a virus mutation, which is expected to drive up pig prices in Q3 2025 [1] - Recent government policies aim to regulate the pig industry, including measures to curb low-price competition and promote the orderly exit of outdated production capacity [1][2] Group 2 - The pig price is under significant downward pressure in H2 2025, but multiple government policies are expected to support price increases and alleviate CPI pressure [2] - The overall investment logic in the pig sector is improving due to supply contraction and macroeconomic catalysts, suggesting a positive outlook for investment [2] - The CSI Livestock Breeding Index reflects the performance of listed companies involved in livestock feed, veterinary drugs, and breeding, with the top ten weighted stocks accounting for 65.27% of the index [2]

Core Insights - The pig farming industry has experienced extreme fluctuations, transitioning from a period of high profitability to significant losses, highlighting the challenges faced by both established and new leaders in the sector [1][4][5] - The younger generation of pig farmers is adopting digitalization and innovative management philosophies to navigate the industry's challenges and explore new opportunities [1][14][22] Industry Overview - The pig farming sector has undergone a "super pig cycle," with peak profits in 2019-2020 where farmers could earn up to 3000 yuan per pig, followed by a prolonged downturn starting in June 2021, leading to cumulative losses over 21 months [4][5] - New Hope, a leading company in the industry, reported losses of 9.6 billion yuan in 2021 and 1.5 billion yuan in 2022, with expectations to emerge from the downturn by 2024 [4][5] Leadership Transition - The younger generation, represented by leaders like Liu Chang of New Hope, is facing unprecedented pressures and is actively seeking to innovate and revitalize their companies through a focus on efficiency and digital transformation [5][8][14] - Companies like Muyuan Foods are seeing a shift towards younger management teams, with over 40% of their leadership under 40 years old, emphasizing the importance of succession planning in the industry [9][13] Innovation and Digitalization - The adoption of digital tools and innovative practices is becoming crucial for survival and growth, with companies like Muyuan implementing ERP systems to enhance operational efficiency [13][14] - Younger leaders are exploring cross-industry opportunities, such as cultural IP development, to diversify their business models and adapt to changing consumer preferences [18][21] Future Outlook - The industry is witnessing a generational shift, with new leaders like Wen Jialong of Wens Foodstuffs entering the scene, focusing on brand development and cultural integration [16][18] - There is a growing recognition of the need for management philosophies rooted in Chinese culture, as the industry reflects on past practices and seeks sustainable growth strategies [22]

Group 1 - Independent director Peng Long of New Hope, Yuandong Bio, and Digital China is under investigation for serious violations of discipline and law [1][2] - Peng Long has held various academic and administrative positions, including professor and doctoral supervisor at Southwest University of Finance and Economics [1] - In 2024, Peng Long received pre-tax compensation of 100,000 yuan from New Hope, 240,000 yuan from Yuandong Bio, and 132,800 yuan from Digital China [2] Group 2 - All three companies confirmed that Peng Long only performed duties at the board level and did not participate in specific business operations [2] - New Hope stated that Peng Long "does not participate in the daily management of the company" [2] - Digital China and Yuandong Bio emphasized that his responsibilities "do not involve the daily operations of the company" [2]

IPO Dynamics - Luxshare Precision (002475.SZ) is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and financing capabilities. The details are yet to be confirmed, and the issuance will not change the control of the company [2] Corporate Governance - New Hope announced that independent director Peng Long is under disciplinary review and investigation for serious violations. This will not significantly impact the company's operations [3] - Digital China (000034.SZ) also reported that independent director Peng Long is under similar scrutiny, with no impact on daily management [10] Financing Activities - CITIC Securities (601066.SH) received approval from the China Securities Regulatory Commission to publicly issue perpetual subordinated bonds totaling up to 20 billion yuan. The approval is valid for 24 months [5] Mergers and Acquisitions - Hainan Highway (000886.SZ) plans to acquire a 51.0019% stake in Jiaokong Petrochemical, which will make it a subsidiary and is expected to constitute a major asset restructuring [7] Legal Matters - Tianci Materials (002709.SZ) has filed a lawsuit for trade secret infringement against several companies, claiming economic losses of 887 million yuan and legal fees of 1.15 million yuan [11] Corporate Announcements - Xue Ren Group (002639.SZ) has changed its stock name from "Xue Ren Shares" to "Xue Ren Group" to align with its group development strategy [13] - Guotian Group (002482.SZ) announced the resignation of Chairman Yu Qi due to work adjustments, which will not affect the company's operations [14] - Jiangnan Water (601199.SH) reported that shareholder Lianan Life increased its stake by 4.699 million shares, representing a 5.03% increase, without changing the major shareholder structure [15]