Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The agriculture industry achieved a revenue of 11,498.20 billion yuan in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to 466.39 billion yuan, an increase of 806.55% [4][14] - In Q1 2025, the industry reported a revenue of 2,706.77 billion yuan, a year-on-year growth of 6.79%, and a net profit of 133.13 billion yuan, up 795.07% year-on-year [4][14] - The profitability indicators showed improvement, with the gross profit margin at 12.91% in Q1 2025, up 5.74 percentage points year-on-year, and the net profit margin at 5.16%, an increase of 6.18 percentage points year-on-year [4][18] Summary by Sections Weekly Observation - The livestock sector saw significant year-on-year profit growth, with poultry farming, livestock farming, feed, and pet food sectors showing net profit increases of 1,109.96%, 389.01%, 230.88%, and 75.67% respectively in 2024 [5][20] - In Q1 2025, the net profit growth rates for feed, poultry farming, livestock farming, aquaculture, animal health, and pet food sectors were 962.42%, 588.35%, 254.62%, 117.28%, and 21.27% respectively [5][20] Weekly Perspective - The swine sector shows low-positioning value, with the recovery of profitability and consumer demand boosting the sector. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [6][24] - The feed sector benefits from the post-cycle of poultry and livestock, with strong overseas demand supporting prices. Recommended stocks include Haida Group and New Hope Liuhe [6][24] - The pet sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers, with recommended stocks including Guai Bao Pet, Zhong Chong Co., and Petty Co. [6][26] Market Performance - During the week of April 28 to May 2, the agriculture index underperformed the market by 0.08 percentage points, with the agriculture index down 0.56% [7][27] - The feed sector led the gains among sub-sectors, with individual stocks like Ruip Biotech, New Sai Co., and Daodaoquan leading the market [7][32] Price Tracking - As of May 2, the average price of live pigs was 14.84 yuan/kg, down 0.11 yuan/kg from the previous week, while the average price of white strip meat rose by 0.11 yuan/kg to 19.2 yuan/kg [8][37] - The average price of beef increased to 69.03 yuan/kg, reflecting a 0.74% rise [8][43] - The average price of bass rose to 35.30 yuan/kg, up 3.82% from the previous week [8][48]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The industry experienced a decline in revenue in 2024 but saw a significant increase in net profit, indicating improved profitability. The first quarter of 2025 showed a revenue growth of 6.79% year-on-year and a net profit increase of 795.07% [4][14] - The livestock sector, particularly poultry and pet food, demonstrated high growth rates in net profit, with poultry farming seeing a 1109.96% increase in 2024 and a 588.35% increase in Q1 2025 [5][20] - The report highlights the recovery of the pig cycle and the upward trend in pig prices, suggesting a favorable outlook for the livestock sector [6][24] Summary by Sections Weekly Observation - In 2024, the agriculture industry achieved a revenue of 11,498.20 billion yuan, a year-on-year decline of 3.68%, while net profit reached 466.39 billion yuan, an increase of 806.55%. In Q1 2025, revenue was 2,706.77 billion yuan, up 6.79%, and net profit was 133.13 billion yuan, up 795.07% [4][14] Weekly Viewpoint - The pig sector shows low valuation and potential for recovery, supported by consumption revival. Recommended stocks include Muyuan Foods, Wens Foodstuff, and others. The feed sector benefits from strong domestic and overseas demand [6][24] Market Performance - During the week of April 28 to May 2, the agriculture index underperformed the market by 0.08 percentage points, with the agriculture index down 0.56% [7][27] Price Tracking - As of May 2, the average price of live pigs was 14.84 yuan/kg, a slight decrease from the previous week. The average price of piglets was 36.88 yuan/kg, also down slightly [8][37]

Core Viewpoint - Liu Yonghao, the founder and chairman of New Hope Group, maintains a youthful appearance and vitality at the age of 74 through consistent exercise and a positive mindset [1][3]. Group 1: Exercise Habits - Liu Yonghao exercises for one hour every morning, including brisk walking, stretching, and simple strength training, regardless of his busy schedule [3][4]. - His exercise routine has been a long-term commitment, emphasizing that stamina and energy are crucial for entrepreneurs [4]. - He believes that exercise is not a burden but a way to recharge the body [3]. Group 2: Health Philosophy - Liu Yonghao's health philosophy combines self-discipline and balance, advocating for a healthy lifestyle that is accessible to everyone [7]. - He maintains a light diet, avoiding high oil and sugar foods, and prefers whole grains, vegetables, and quality proteins [8]. - Regular sleep patterns are crucial, with a commitment to going to bed before 11 PM to ensure seven hours of sleep, which he refers to as the best beauty treatment [8]. Group 3: Mental Attitude - Liu emphasizes the importance of a youthful mindset and curiosity, staying engaged with new technologies and trends even at an advanced age [8]. - He finds that exercise helps clear his mind, allowing him to think more clearly about company strategies [8]. - Maintaining a positive attitude and being open to new experiences are key components of his approach to aging [9].

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 ...

债券代码：127015、127049 债券简称：希望转债、希望转 2 证券代码：000876 证券简称：新 希 望 新希望六和股份有限公司投资者关系活动记录表 编号：2025-01 | 投 资 者 | □特定对象调研 | √分析师会议 | □媒体采访 | | | --- | --- | --- | --- | --- | | 关 系 活 | □新闻发布会 | □现场参观 | □其他 | | | 动类别 | | | | | | | 单位名称 | 人员姓名 | 单位名称 | 人员姓名 | | | 华泰证券 | 熊承慧 | 中邮证券 | 王琦 | | | 华泰证券 | 张正芳 | 华夏基金 | 李柄桦 | | | 华泰证券 | 季珂 | 海富通基金 | 赵晨凯 | | | 华泰证券 | 施琪 | 天治基金 | 王策源 | | | Pinpoint | 倪韬 | 北京止于至善投资 | 李韵舟 | | | 易知投资 | 王建 | Goldman Sachs | 史慧瑜 | | | 国泰租赁 | 田永新 | 长江证券 | 高一岑 | | | 鹏华基金 | 王力 | 星展银行 | 徐兆基 | | | 华源证券 | 顾超 | ...

Core Points - The "Private Economy Promotion Law" was passed by the 15th meeting of the 14th National People's Congress Standing Committee and will take effect on May 20, 2025, marking a significant step in optimizing the development environment for the private economy in China [1] - The law aims to enhance the legal business environment for private enterprises, boosting their confidence and development momentum [2][3] Group 1 - The law focuses on establishing a fair market access system for private economic organizations, including a nationwide negative list for market access and ensuring equal use of production factors and public services [3] - The promotion of fair competition and the reduction of monopolistic and unfair competition behaviors are key aspects of the law [3][4] - The emphasis on "equality" in the law signifies equal treatment for state-owned and private enterprises, which is considered a core point of the legislation [4] Group 2 - The law supports private economic organizations in participating in national technology research projects, which is expected to enhance the quality of development for private enterprises [5] - The involvement of private enterprises in major technological breakthroughs is seen as crucial for the country's economic transformation and upgrading [5] - The company plans to leverage current policies and technological advancements to address key challenges in agricultural modernization [7]

农林牧渔/养殖业 新希望（000876.SZ） 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 9.66 | | 一年最高最低(元) | 11.88/8.16 | | 总市值(亿元) | 437.21 | | 流通市值(亿元) | 434.67 | | 总股本(亿股) | 45.26 | | 流通股本(亿股) | 45.00 | | 近 3 个月换手率(%) | 81.68 | 股价走势图 -20% -10% 0% 10% 20% 30% 2024-04 2024-08 2024-12 新希望 沪深300 数据来源：聚源 相关研究报告 《生猪养殖利润修复，饲料业务经营 稳健—公司信息更新报告》-2024.11.4 《猪业饲料双轮驱动，周期上行盈利 修复—公司信息更新报告》-2024.9.1 《饲料业务量利稳增，生猪养殖推进 降本增效 —公司信息更新报告》 -2024.5.6 生猪养殖逐步优化，海外饲料拓展顺利 ——公司信息更新报告 | 陈雪丽（分析师） | 朱本伦（联系人） | | --- | --- | | ...

Core Viewpoint - The "Fresh Decade, Quality Leads the Future" event marks the 10th anniversary of the Quality Milk Project, showcasing the transformation of China's dairy industry from a "follower" to a "definer" of quality standards [1][3]. Group 1: Quality Milk Project Overview - The Quality Milk Project was initiated in 2008 in response to a trust crisis in domestic milk, with market share dropping from 94% to 63% due to imported milk [3]. - Over the past decade, the project has established a standardized technical system across the entire dairy supply chain, defining indicators for 318 key control points across 14 stages [3]. - The project has developed the first international standard for non-denatured lactoferrin detection, emphasizing natural active nutrition as a core indicator [3]. Group 2: New Hope Dairy's Role - New Hope Dairy has been a pioneer in the Quality Milk Project since 2015, with its subsidiary, Xuelan Dairy, being the first company to pass the project's standards in 2016 [4]. - The company has enhanced its breeding, sourcing, and production technologies, participating in the formulation of 31 quality standards for milk [4]. - New Hope Dairy has the highest number of brands passing the Quality Milk Project standards, with a market share of 97% for pasteurized milk [4]. Group 3: Fresh Strategy and Product Innovation - New Hope Dairy's "Fresh" strategy, initiated in 2010, focuses on low-temperature processing, differentiating itself from the ambient milk market [6]. - The company launched the world's first "24-hour fresh milk," breaking the traditional sales period of 5-7 days for pasteurized milk, promising "freshness sold the same day" [6]. - The 24-hour fresh milk product line has evolved from 1.0 to 4.0, with significant improvements in pasteurization processes and immunoglobulin content, achieving up to 25 times the levels found in regular fresh milk [6][11]. Group 4: Consumer Engagement and Transparency - New Hope Dairy has implemented a "same-day shelf" sales model, enhancing consumer trust through visible freshness [11]. - The company has established a digital quality safety loop, integrating with government regulatory platforms to ensure transparency from farm to table [11]. - Initiatives like the "Nutrition Education Park" and various community activities aim to educate consumers about dairy products, fostering a deeper understanding of milk consumption [11]. Group 5: Future Outlook - The event signifies a milestone for national dairy enterprises, with New Hope Dairy committed to leading the Quality Milk Project into the next decade [13]. - The company aims to continue innovating within the fresh milk sector, reinforcing its position as a leader in the domestic dairy market [13].

Group 1 - The core viewpoint of the news highlights a mixed performance in the livestock breeding sector, with the China Livestock Breeding Index experiencing a slight decline of 0.07% as of April 30, 2025, while specific stocks like Tiankang Biological and Tianma Technology showed gains [1] - The Agricultural and Rural Affairs Department has released an implementation plan aiming to reduce the proportion of grain used in livestock feed to 60% and soybean meal to 10% by 2030, promoting measures such as precise feed formulation and the development of high-quality forage [1] - The Livestock ETF has seen a 2.47% increase over the past month, ranking in the top quarter among comparable funds [1] Group 2 - According to a report from Guosheng Securities, the allocation of the livestock sector in fund heavy positions has significantly decreased, with a first-quarter heavy position ratio of 0.45%, down 0.06 percentage points from the previous quarter and 0.65 percentage points year-on-year, marking the lowest level in three years [2] - The current price-to-earnings ratio (PE-TTM) of the Livestock ETF is 12.89, indicating it is at a historical low, being below 98.82% of the time over the past year [2] - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock sector [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 69.05% of the index, with Hai Da Group, Wens Foodstuffs, and Muyuan Foods being the top three [3] - The weightings of the top stocks include Hai Da Group at 11.24%, Wens Foodstuffs at 10.10%, and Muyuan Foods at 10.08%, with Tiankang Biological showing a notable increase of 2.88% [5]

Core Viewpoint - The agricultural sector in Yili County, Xinjiang is experiencing modernization through the adoption of technology and the cultivation of new professional farmers, leading to increased productivity and income for local farmers [1][2][3] Group 1: Technological Adoption - Over 1.1 million acres of cotton in Yili County are entering the sowing period, with young farmers utilizing smart agricultural machinery to enhance productivity [1] - The use of unmanned high-power cotton sowing machines equipped with Beidou navigation systems is being implemented, showcasing advancements in precision agriculture [1][2] - The cooperative employs various sowing techniques such as "dry sowing and wet emergence" and "precision sowing" to improve efficiency and reduce resource consumption [1][2] Group 2: Economic Impact - A farmer in Yili County reported an income increase to over 300,000 yuan annually due to the combination of land leasing and agricultural machinery rental [1] - The establishment of the Xinjiang Bazhou Qiangsheng Agricultural Cooperative has led to the leasing of 18,000 acres of land, providing additional income opportunities for local villagers [2] Group 3: Workforce Development - Yili County is focusing on creating a new generation of professional farmers who are knowledgeable in technology and management, aiming to attract and train young individuals in agriculture [2][3] - The local government is enhancing training programs and promoting the application of technology to cultivate a skilled workforce that can effectively manage modern agricultural practices [3]