Group 1 - The core activity of the event was to provide investors with insights into New Hope's competitive advantages in the agricultural and livestock food production sector [1] - New Hope, founded in 1982, has become a leading listed company in China's agricultural and livestock food industry, focusing on feed production, pig farming and slaughtering, and food processing and sales [1] - The company is leveraging its full industry chain advantages to significantly reduce costs and improve efficiency, utilizing modern technology for pig breeding and AI in cold chain distribution [1] Group 2 - The Shenzhen Stock Exchange (SZSE) is committed to promoting the ETF market through product innovation, service enhancement, and frontline regulation [2] - The SZSE aims to support the healthy development of the capital market and provide strong backing for the high-quality development of the real economy [2] - The exchange is focused on creating better investment services and value for investors through various investment strategies, including core ETF single product and combination investment strategies [2]

Group 1 - Alibaba's CEO Wu Yongming emphasized the need for the company to return to its entrepreneurial roots and adapt to the opportunities and risks presented by the AI technology revolution [3][4] - Alibaba has reportedly opened up internal network permissions, allowing employees from various business units to reconnect after two years, indicating a potential shift towards a more unified corporate culture [4] - Tmall's 618 shopping festival will feature a simplified discount structure, offering a 15% discount for single-item purchases, with additional coupons and price protection measures in place [4] Group 2 - TikTok's live streaming platform has intensified efforts to combat "emotional disguise" scams, recovering over 1,000 accounts in the first quarter for violating guidelines [5] - Dazhong Dianping has launched a reporting channel for users to report inducements for positive reviews and harassment for negative reviews, with significant numbers of complaints received during the recent holiday [6][7] - The e-commerce platform Dewu reported a doubling of annual sales for 6,120 brands, with a user base exceeding 500 million, primarily targeting the post-95 demographic in China [8] Group 3 - Xiangdao Travel has completed over 1.3 billion RMB in Series C financing and announced plans for an IPO in Hong Kong, focusing on personal and corporate travel services [9] - Shenzhou Car Rental has initiated a "dirty must compensate" service quality month, promising triple compensation for users who find vehicles not meeting cleanliness standards [10] - Google Pay has had its regulatory oversight lifted by the U.S. Consumer Financial Protection Bureau, reversing a previous decision made during the Biden administration [11] Group 4 - TSMC reported a 48.1% year-on-year increase in sales for April, reaching 349.57 billion NTD, with a 22.2% month-on-month growth [15] - Semiconductor foundry SMIC indicated that smartphone clients may lower inventory targets for Q3, facing price pressure in the foundry industry [14] - Ford has withdrawn its annual earnings guidance due to potential significant impacts from tariffs on net profits, despite reporting better-than-expected Q1 results [27] Group 5 - Panasonic Holdings announced plans to cut 10,000 jobs by 2029, representing about 4% of its global workforce of approximately 228,000 [32] - New Hope reported a sales volume of 1.596 million pigs in April, with a revenue of 2.278 billion RMB, reflecting a year-on-year decrease in revenue [34] - Shimao Group's contract sales for the first four months of 2025 reached approximately 9.07 billion RMB, with an average sales price of 12,209 RMB per square meter [37]

证券代码：000876 证券简称：新希望 公告编号：2025-48 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 关于举行 2024 年度及 2025 年第一季度网上业绩说明会 的公告 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"）将于 2025 年 5 月 15 日（星期四）15:00—17:00 在全景网举行 2024 年度及 2025 年第一 季度业绩说明会（以下简称"业绩说明会"），本次业绩说明会将采取 网络远程的方式举行，投资者可登陆全景网"投资者关系互动平台" （https://ir.p5w.net）参与本次业绩说明会。 出席本次业绩说明会的人员有：公司董事兼总裁陶玉岭先生、独 立董事谢佳扬女士、财务总监史涵女士、董事会秘书赵亮先生。 为充分尊重投资者、提升交流的针对性，现就公司业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可 于 2025 年 5 月 14 日（星期三）18：00 前访问 https://ir.p5w.net/zj ...

Group 1: Winter Wheat Irrigation in Shandong - The winter wheat in the North China Plain is currently in the critical grain filling stage, requiring sufficient moisture for optimal yield [1] - Farmers in Wucheng County, Shandong, are utilizing smart irrigation equipment to save water and enhance wheat production [1][3] - A mobile smart irrigation machine is being used, which can be remotely controlled via smartphone, eliminating the need for manual labor [3] Group 2: Quinoa Planting in Qinghai - The quinoa planting season is in full swing in Ulan County, Qinghai, with the planting area expected to exceed 10,000 acres this year [4] - Large machinery is actively working in the quinoa planting bases, ensuring efficient operations such as plowing, tilling, leveling, and sowing [7] - A complete industrial chain for quinoa, including breeding, planting, processing, and sales, has been established, enhancing the product's added value [7] Group 3: Watermelon Harvest in Xinjiang - Xinjiang's Turpan City is experiencing a watermelon harvest season, with farmers actively engaged in picking and transporting the fruit [8] - The area planted with early, mid, and late-maturing watermelon varieties is reported to be 58,300 acres, with additional sweet melon cultivation of 17,100 acres [12] - The early-maturing watermelons are grown using a double small arch shed model, resulting in early maturity and high sugar content [10] Group 4: Seaweed Harvest in Fujian - In Xiapu County, Fujian, 150,000 acres of seaweed are currently being harvested, making it one of China's main seaweed production areas [13][17] - Fishermen are utilizing a unique "aerial drying" method to extend the preservation time of harvested seaweed [15] - The total production of fresh seaweed is estimated to reach 1.6 million tons this year [17] Group 5: Seafood Supply in Jiangsu - Despite the seasonal fishing ban in the Yellow Sea, the seafood market in Lianyungang, Jiangsu, remains vibrant due to pre-stocking and classification measures [16] - Approximately 3 million pounds of various seafood are being temporarily stored to ensure supply during the fishing ban [21] - The market is experiencing stable prices and sufficient supply, indicating effective management strategies by local fishermen [16]

Investment Rating - The report maintains a positive outlook on the agricultural, forestry, animal husbandry, and fishery industry, highlighting significant profit recovery in 2024 and continued growth in 2025 [2][3]. Core Insights - The agricultural, forestry, animal husbandry, and fishery industry saw a substantial turnaround in 2024, with a total net profit of 39.648 billion yuan, a year-on-year increase of 694% [16][17]. - Key sub-sectors such as pig farming, poultry farming, and seed industry reported impressive profit growth rates of 321%, 261%, and 130% respectively in 2024 [2][16]. - The first quarter of 2025 continued to show strong performance, with a total net profit of 9.932 billion yuan, reflecting a year-on-year increase of 764% [20][21]. Summary by Sections 1. Overview of 2024 and Q1 2025 Performance - The agricultural, forestry, animal husbandry, and fishery sector achieved a net profit of 39.648 billion yuan in 2024, marking a significant recovery from losses in 2023 [16][17]. - In Q1 2025, the sector's net profit reached 9.932 billion yuan, continuing the positive trend from 2024 [20][21]. 2. Key Sub-Sector Performance 2.1 Pig Farming - The pig farming sector reported a total revenue of 387.9 billion yuan in 2024, with a net profit of 30.7 billion yuan, driven by rising pig prices and reduced costs [23][28]. - In Q1 2025, the sector maintained profitability with a net profit of 7.62 billion yuan, despite a slight decline in pig prices [40][45]. 2.2 Poultry Farming - The white-feathered chicken sector faced challenges with low demand and oversupply, resulting in a revenue of 31.69 billion yuan in 2024, while the yellow-feathered chicken sector saw a recovery in profitability [2][23]. - In Q1 2025, the poultry sector's net profit was 1.2 billion yuan, a significant increase compared to the previous year [2][20]. 2.3 Pet Food - The pet food industry experienced robust growth, with total revenue of 12.15 billion yuan in 2024, reflecting a year-on-year increase of 19.3% [2][3]. - In Q1 2025, the sector's revenue reached 3.09 billion yuan, continuing the upward trend [2][20]. 2.4 Feed Industry - The feed sector faced sales pressure but saw a recovery in gross margins, with total revenue of 156.62 billion yuan in 2024 [2][3]. - In Q1 2025, the feed industry reported a revenue of 35.63 billion yuan, indicating a positive growth trajectory [2][20]. 2.5 Animal Health - The animal health sector faced increased competition in 2024, leading to a decline in profitability, but showed signs of recovery in Q1 2025 with improved sales [2][4]. - The sector's revenue in 2024 was 16.472 billion yuan, with a net profit of 1.162 billion yuan [2][4]. 2.6 Seed Industry - The seed industry reported a revenue of 14.86 billion yuan in 2024, with a net profit of 370 million yuan, affected by declining grain prices [2][4]. - In Q1 2025, the sector continued to face challenges, with a revenue of 2.43 billion yuan and a significant drop in net profit [2][4]. 3. Investment Analysis - The report suggests focusing on leading pig farming companies for long-term value, as the sector is currently at a historical low valuation [3][5]. - The pet food sector is highlighted as a long-term growth opportunity, driven by increasing pet ownership and spending [3][6]. - The feed industry is expected to see demand recovery, supported by improved livestock numbers and stable raw material prices [3][4].

Core Insights - The Chinese feed industry has experienced significant fluctuations in investment and financing activities since 2015, with the highest financing amount reaching 3 billion yuan in 2022 and the most financing events occurring in 2024 with 7 instances [1][2]. Investment Scale - The investment scale in the feed industry is substantial, with the highest single financing amount recorded at 3 billion yuan in 2023, while the second-highest was 1.62 billion yuan in 2017 [2]. Development Stage - The feed industry is currently in a developmental phase, with financing amounts showing volatility. The largest single financing event in 2023 reached 3 billion yuan [2]. Financing Rounds - Financing rounds in the feed industry are primarily concentrated in angel rounds, A rounds, and strategic investments, with 14 angel rounds, 14 A rounds, and 10 strategic investment events recorded [5]. Regional Concentration - Investment activities in the feed industry are concentrated in Beijing, Guangdong, and Jiangsu, with Guangdong leading with 11 financing events, followed by Beijing and Jiangsu with 7 events each [6]. Investment Focus - The main focus of investments in the feed industry from 2021 to 2024 is on feed production, feed usage, and related construction [11]. Investor Composition - The primary investors in the feed industry are investment firms, with notable representatives including Zhongke Kexin and Jizhi Capital, while industrial investors include Guangfa Qianhe and Jinrui Biological [13]. Mergers and Acquisitions - The feed industry has seen horizontal mergers and acquisitions, with companies like Guangdong Feed focusing on acquiring to enhance product quality and output, while companies like Tangrenshen, Dabeinong, and New Hope are improving their supply chains through acquisitions [15][17].

Core Viewpoint - The collaboration between State Grid Corporation and Beijing Normal University aims to enhance education in Maduo County through targeted support and sustainable talent cultivation strategies, addressing the challenges of rural education revitalization [1][2][3]. Group 1: Educational Initiatives - The "Strong Teacher Project" involves experts guiding local teachers to improve course design and increase student interaction, making classes more engaging and effective [2][3]. - State Grid Corporation has signed a strategic cooperation agreement with Beijing Normal University, focusing on overall teaching quality improvement through innovative training models [2][3]. Group 2: Diagnostic and Support Activities - Experts conducted comprehensive classroom observations and provided detailed feedback on teaching design, student interaction, and classroom management, offering actionable improvement suggestions [3]. - The initiative includes selecting 30 motivated teachers for external training to enhance their teaching capabilities and leadership [3]. Group 3: Financial Commitment and Infrastructure Development - Since 2011, State Grid Corporation has invested 33.728 million yuan to improve educational conditions in Maduo County, with plans for additional projects to address high-altitude health issues for students [6]. - In 2025, the company plans to donate an additional 15 million yuan for various educational and healthcare initiatives, aiming to strengthen local talent development and self-sufficiency [6].

证券研究报告：农林牧渔 | 公司点评报告 发布时间：2025-05-07 股票投资评级 增持|维持 公司基本情况 | 最新收盘价（元） | 9.59 | | --- | --- | | 总股本/流通股本（亿股）45.26 / 45.00 | | | 总市值/流通市值（亿元）434 / 432 | | | 52 周内最高/最低价 | 11.04 / 8.24 | | 资产负债率(%) | 69.0% | | 市盈率 | 106.56 | | 第一大股东 | 南方希望实业有限公司 | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 新希望(000876) 降本增效成果显著，破除困局 ⚫ 事件： 公司发布 2024 年年报及 2025 年一季报，其中 24 年全年实现营 业收入 1030.63 亿元，同比下降 27.27%，归母净利 4.74 亿元，同比 增长 90.05%。2025 年一季度，公司实现营业总收入 244.17 亿元，同 比增长 2.13%，归母净利润 4.45 亿，同比扭亏为盈。 ⚫ 点评：降本增效成果显著，饲料及生猪业 ...

证券研究报告：农林牧渔 | 公司点评报告 发布时间：2025-05-07 股票投资评级 增持|维持 公司基本情况 | 最新收盘价（元） | 9.59 | | --- | --- | | 总股本/流通股本（亿股）45.26 / 45.00 | | | 总市值/流通市值（亿元）434 / 432 | | | 52 周内最高/最低价 | 11.04 / 8.24 | | 资产负债率(%) | 69.0% | | 市盈率 | 106.56 | | 第一大股东 | 南方希望实业有限公司 | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 新希望(000876) 降本增效成果显著，破除困局 ⚫ 事件： 公司发布 2024 年年报及 2025 年一季报，其中 24 年全年实现营 业收入 1030.63 亿元，同比下降 27.27%，归母净利 4.74 亿元，同比 增长 90.05%。2025 年一季度，公司实现营业总收入 244.17 亿元，同 比增长 2.13%，归母净利润 4.45 亿，同比扭亏为盈。 ⚫ 点评：降本增效成果显著，饲料及生猪业 ...

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 ...