Group 1 - The poultry concept sector experienced a decline of 1.12%, ranking among the top losers in the market, with notable declines in companies such as Wens Foodstuffs, Xiaoming Co., and Shennong Development [1][2] - The poultry sector saw a net outflow of 299 million yuan from major funds today, with 19 stocks experiencing net outflows, and 11 stocks seeing outflows exceeding 10 million yuan [2][3] - Wens Foodstuffs led the net outflow with 69.59 million yuan, followed by Tiankang Biological, Tangrenshen, and Lihua Co., with net outflows of 33.68 million yuan, 27.93 million yuan, and 26.47 million yuan respectively [2][3] Group 2 - The top stocks with net outflows in the poultry sector included Wens Foodstuffs (-2.06%), Tiankang Biological (-1.66%), and Tangrenshen (-0.81%), with respective turnover rates of 0.95%, 2.15%, and 2.93% [3][4] - Other companies in the poultry sector that experienced declines include New Hope (-1.00%), Giant Star Agriculture (-1.26%), and Xiaoming Co. (-1.94%), with varying turnover rates [3][4] - Conversely, stocks such as Huaying Agriculture, Chunxue Food, and Hefeng Co. saw net inflows of 6.70 million yuan, 5.44 million yuan, and 4.36 million yuan respectively, indicating some positive movement within the sector [2][4]

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]

Group 1 - The recent shift in the live pig market is attributed to a change in market sentiment following a period of price increases driven by "anti-involution" expectations, leading to a decline in both live pig futures prices and pork-related stocks [1] - On July 23, the main live pig futures contract peaked at 15,150 yuan/ton but fell to around 14,320 yuan/ton on July 24, marking a decline of over 2% [1] - The pork concept sector in the stock market saw a slight increase on July 24, but after a high opening on July 23, it closed lower, with a cumulative increase of 7.32% from July 1 to the present [1] Group 2 - Concerns about continuous growth in live pig production capacity are prevalent, despite the fact that pig farming has been profitable for 14 consecutive months, leading to a lack of willingness for proactive production cuts [1] - The average price of external three yuan live pigs was 14.4 yuan/kg on July 23, down 0.04 yuan/kg from the previous day, indicating slight price declines due to a combination of oversupply and weak demand [1] - The current market is characterized by a tug-of-war between "loose supply and weak demand," with factors such as high temperatures in the north accelerating slaughter and large-scale enterprises increasing output, resulting in short-term supply surges [1] Group 3 - The national regulatory actions have intensified, with a meeting held on July 23 by the Ministry of Agriculture and Rural Affairs to discuss high-quality development in the live pig industry, involving major breeding and processing companies [2] - Since the second half of last year, various regulatory measures have been implemented, including a target to reduce the national breeding sow population by 1 million to 39.5 million [2] - The meeting in June set clear regulatory goals, marking the first significant capacity reduction plan since the African swine fever outbreak in 2019 [2] Group 4 - Despite the increasing regulatory policies, market expectations regarding their effectiveness remain cautious, as the existing profits reduce the motivation for companies to cut production [3] - Analysts have differing views on the market outlook, with some expecting a potential rebound in pig prices in the third quarter, while others predict increased supply and seasonal price fluctuations in the second half of the year [3]

Core Viewpoint - The article discusses the recent fluctuations in the pig farming industry, highlighting the active futures market for live pigs while the stock market for pork-related stocks has seen a significant decline. The overall sentiment in the market remains cautious due to potential increases in pig production despite ongoing profitability in the industry [1][2]. Group 1: Market Activity - On July 24, live pig futures prices fell further, with the main contract 2509 dropping to around 14,320 yuan/ton, a decline of over 2%. This followed a previous high of 15,150 yuan/ton on July 23, indicating volatility in the futures market [2][6]. - The pork concept stocks in the stock market also experienced a notable drop, with the Eastmoney Choice pork concept index falling to around 1,680 points, a decrease of over 1.3% on July 24 [6]. Group 2: Industry Dynamics - The Ministry of Agriculture and Rural Affairs held a meeting on July 23 to discuss high-quality development in the pig industry, involving major pig farming and processing companies. This meeting aimed to analyze the production situation and gather opinions for industry improvement [3][4]. - The government has signaled further control over pig production capacity, with specific targets set for reducing the number of breeding sows by 1 million to 39.5 million. This is part of a broader strategy to optimize production and manage supply [4]. Group 3: Price Trends and Projections - The average price of live pigs on July 23 was 14.4 yuan/kg, showing a slight decrease. The market is currently experiencing a balance between oversupply and weak demand, leading to downward pressure on prices [7]. - Analysts predict that while pig prices may rebound in the third quarter, the potential for significant increases is limited due to expected supply growth in the latter half of the year. Seasonal fluctuations are anticipated, particularly during the consumption peak from July to August [8].

Group 1 - Li Auto has completed the adjustment of payment terms for direct suppliers to 60 days, with monthly payments made twice [1] - China Resources Group reported a revenue of 437.6 billion yuan and a profit of 47.4 billion yuan for the first half of 2025, achieving double growth [1] Group 2 - Beijing will distribute 10 million yuan in movie viewing subsidies to stimulate urban consumption during the summer and National Day periods [2][3] - The range of "zero tariff" goods in Hainan Free Trade Port will expand to approximately 6,600 tax items, increasing coverage by nearly 53 percentage points [4] Group 3 - The Jiangxi Jingdezhen Taoyangli Scenic Area has opened its pedestrian street for free after criticism regarding its charging practices [5][6] - The ticket prices for the National Games in Hong Kong are expected to range from approximately 50 to 500 HKD, aiming to attract more spectators [7] Group 4 - The Ministry of Agriculture and Rural Affairs held a meeting to promote high-quality development in the pig industry, inviting major enterprises to discuss industry challenges and solutions [8] - ZhiYuan has launched its quadruped robot D1 ULTRA, designed for special applications, security inspections, and educational purposes [9][10] Group 5 - Aniplex reported that the new film "Demon Slayer" achieved a record box office of 5.52 billion yen in its first three days, surpassing previous records [11] - Taobao Flash Sale denied rumors regarding internal expert interviews and stated that all operational strategies follow normal business practices [12] Group 6 - The China Ride-Hailing Association issued an apology for misleading information regarding the ban on fuel vehicles in Beijing's ride-hailing platforms [13] - The commercial insurance premium for new energy vehicles exceeded 66.17 billion yuan in the first half of the year, showing a year-on-year growth of over 41% [14]