Investment Rating - The report provides a buy rating for Hai Da Group (002311.SZ) with an "A" rating, and a buy rating for Sheng Nong Development (002299.SZ) and Wen's Shares (300498.SZ) with a "B" rating. Other companies like Guai Bao Pet (301498.SZ) and Zhong Chong Shares (002891.SZ) are rated as "A" for increase, while Tang Ren Shen (002567.SZ), Shen Nong Group (605296.SH), Ju Xing Nong Mu (603477.SH), and New Hope (000876.SZ) are rated as "B" for increase [1]. Core Insights - The agricultural sector is experiencing a seasonal decline in pig prices, yet they remain within a profitable range. The report indicates that the pig price in the off-season is still maintaining profitability [2][4]. - The report highlights that the pig farming industry is entering a profitability cycle starting from Q2 2024, despite the average debt ratio still needing to decrease significantly. The market's expectations regarding the impact of rising pig production capacity on profitability may be overly pessimistic [4][5]. - The report emphasizes the potential for a recovery in the feed industry due to lower raw material prices and improving breeding conditions, particularly for Hai Da Group, which is expected to see an upward trend in its operational fundamentals [5]. Summary by Sections Pig Farming - As of March 7, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan are 14.85, 15.32, and 14.39 yuan per kilogram, reflecting increases of 0.07%, 0.99%, and 0.35% respectively. The average pork price is 20.81 yuan per kilogram, down by 0.24% [3][23]. - The average wholesale price for piglets is 28.00 yuan per kilogram, up by 2.75%, while the average price for two-yuan sows remains stable at 32.47 yuan per kilogram [3][23]. Poultry Farming - The weekly price for white feather broiler chickens is 6.59 yuan per kilogram, up by 8.03%, and the price for broiler chicks is 2.54 yuan per chick, up by 10.92%. However, the breeding profit is negative at -1.90 yuan per chick [31]. Feed Processing - The total industrial feed production in 2024 is reported at 31,503.1 million tons, a decrease of 2.1% from the previous year. The production of pig feed is 14,391.3 million tons, down by 3.9% [34]. Market Performance - For the week of March 3 to March 9, 2025, the Shanghai and Shenzhen 300 index increased by 1.39%, while the agricultural sector rose by 1.04%, ranking 20th among sectors. The top-performing sub-industries include food and feed additives, animal health, fruit and vegetable processing, pig farming, and chicken farming [2][17].

证券代码：000876 证券简称：新希望 公告编号：2025-10 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 2021年度第一期中期票据（乡村振兴）2025年付息公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载 、误导性陈述或重大遗漏。 5.发行总额：人民币20亿元 6.债券期限：3+2年 7.起息日：2024年3月19日 8.本计息期票面利率：3% 为保证新希望六和股份有限公司 2021年度第一期中期票据（乡村振兴） （债券简称：21希望六和MTN001(乡村振兴)，债券代码：102100490）付息工 作的顺利进行，方便投资者及时领取付息资金，现将有关事宜公告如下： 一、本期债券基本情况 1.发行人：新希望六和股份有限公司 2.债券名称：新希望六和股份有限公司2021年度第一期中期票据（乡 村振兴） 3.债券简称：21希望六和MTN001（乡村振兴） 4.债券代码：102100490 联系人：兰佳 联系方式：（010）53299899 2．主承销商：中国工商银行股份有限公司 9.本计息期登记托管面额：1.4亿元 10.本期应偿付 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [11] Core Insights - The pig sector shows slight inertia growth in breeding stock, highlighting the undervaluation and expectation gap in the sector [3][16] - The poultry sector emphasizes the fundamentals of white chickens and the marginal changes in breeding imports [17][18] - The feed sector recommends Hai Da Group due to its fundamental turning point and relatively low valuation [21] - The pet sector sees a rise in domestic brands and a positive trend in pet food exports [25][26] Summary by Sections Pig Sector - As of March 8, the national average pig price is 14.68 CNY/kg, remaining stable week-on-week, with a profit of approximately 154 CNY per head for self-breeding farms [1][15] - The supply side shows an average market weight of 127.06 kg for pigs, with a 4.23% share of pigs over 150 kg, indicating a potential seasonal decline in prices due to weak demand [2][15] - The sector is characterized by low valuations, with major companies like Muyuan and Wens below 2000 CNY per head, suggesting a historical low valuation [3][16] Poultry Sector - The white chicken sector faces uncertainty in breeding imports due to outbreaks of avian influenza, leading to a significant drop in domestic breeding stock [4][17] - Chicken prices have rebounded, with the average price for live chickens in Shandong at 3.30 CNY per bird, supported by positive restocking sentiment [4][18] - Investment recommendations include Shengnong Development and attention to Yisheng and Minhe [5][18] Feed Sector - Hai Da Group is recommended due to its market share increase and expected improvement in the aquaculture feed market after a prolonged downturn [21] - Prices for various aquatic products have shown significant increases, indicating a potential recovery in the aquaculture sector [21] Pet Sector - Domestic brands like Guibao Pet are expanding their market share through independent brand operations, targeting different price segments [25][26] - Pet food exports have seen a substantial increase, with a year-on-year growth of 26% in volume and 22% in value, reflecting a robust market [25][26] Agricultural Technology - The application of genetically modified technology is expected to accelerate, enhancing agricultural productivity and competitiveness among leading seed companies [23][24] - The low-altitude economy is projected to grow significantly, with policies supporting the development of smart agriculture and drone applications [23][24]

一、2025 年 2 月份生猪销售情况 证券代码：000876 证券简称：新希望 公告编号：2025-09 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 2025 年 2 月生猪销售情况简报 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"）下属子公司从事 生猪养殖业务。按照《深圳证券交易所上市公司自律监管指引第 3 号 ——行业信息披露》规定，深交所鼓励从事畜禽、水产养殖业务的上 市公司每月通过临时公告形式披露相关业务销售情况，公司将参照指 引相关规定执行。 公司 2025 年 2 月销售生猪 114.01 万头，环比变动-23.93%，同 比变动-12.89%；收入 16.47 亿元，环比变动-19.94%，同比变动 -10.30%；商品猪销售均价 14.64 元/公斤，环比变动-5.00%，同比变 动 5.63%。 | | 月份 | | | 生猪销售数量 | | 生猪销售收入 | | 商品猪价格 | | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - The article discusses the proposals and insights shared by Liu Yonghao, Chairman of New Hope Group, during a media communication meeting, focusing on agricultural development, support for the private economy, and rural entrepreneurship. Group 1: Proposals and Themes - Liu Yonghao plans to submit five proposals at the upcoming National People's Congress, focusing on "three rural issues," the private economy, poverty alleviation, and rural construction [1] - The call for subsidies for durable consumer goods and the issuance of consumption vouchers to stimulate consumption [2][9] - Suggestions to support young entrepreneurs moving to rural areas with subsidies, such as providing 10,000 yuan for university graduates starting businesses in rural areas [2][10] Group 2: Industry Insights - Traditional industries like meat, eggs, and dairy will not disappear; efforts should focus on expanding scale, introducing technology, optimizing varieties, and improving efficiency [2] - New Hope is exploring "AI + modern agriculture," aiming to enhance feed formulation, genetic testing in breeding, cold chain logistics efficiency, and disease prevention through AI [2][6] - The company is working to reduce reliance on imported breeding stock for pigs, developing high-quality local breeds like Sichuan fragrant pigs [6] Group 3: Financial Support and Performance - Financial institutions have continued to support New Hope during challenging times, with banks actively proposing to strengthen cooperation [2][7] - New Hope's revenue for 2024 is expected to be roughly flat compared to 2023, with a significant increase in profitability; projected net profit is between 450 million and 550 million yuan, representing an increase of 80.58% to 120.71% year-on-year [2][7] - The use of futures products, particularly in pig trading, is seen as a way to stabilize price fluctuations in the pig cycle, with New Hope participating cautiously [2][8]

证券代码：000876 证券简称：新希望 公告编号：2025-08 新希望六和股份有限公司 关于控股股东完成非公开发行2023年可交换公司债券 新希望集团分别于2025年2月5日、2025年2月6日及2025年2月7 日通过深圳证券交易所发布了关于"23希望E1"的购回实施公告， 拟购回债券票面金额为500,000,000元人民币，拟购回债券数量为 5,000,000张，购回申报期为2025年2月10日至2025年2月12日。购回 申报期结束以后，新希望集团收到购回有效申报的债券票面金额合 计为230,000,000元。新希望集团于2025年2月26日兑付了"23希望 E1"全部购回有效申报的债券票面金额合计230,000,000元及其利息。 本次购回后，"23希望E1"剩余债券票面金额为5,774,500,000元， 新希望集团将按照原有约定进行兑付。 后续新希望集团将及时注销购回的债券并和"23希望E1"受托 管理人一起向中国证券登记结算有限责任公司深圳分公司申请办理 解除"新希望－德邦证券－23希望E1担保及信托财产专户"中对应 数量的公司股份的担保及信托登记手续。 公司将持续关注控股东新希望集团"23 ...

2月24日，通过媒体披露，2024年9月，新希望草根知本集团旗下昇望基金完成对八马茶业6900万元的 Pre-IPO轮投资，以3%股权占比成为这家即将登陆港股的企业重要战略投资者。 继"茶叶第一股"澜沧古茶成功在港交所主板上市之后，2025年1月17日，八马茶业第四次向港交所递交 上市申请，计划募资用于生产基地扩建、品牌升级和数字化运营，华泰国际、农银国际、天风国际作为 联席保荐人。此前其多次冲击A股（创业板、主板）均因盈利能力不稳、研发投入不足等问题撤回申 请。 此前即有茶叶零售行业人士向21世纪经济报道记者表示，市场环境对上市时机选择非常敏感，此前冲击 创业板的时机与其企业的相关属性都有关系，八马茶业最大的优势在于各地实体店铺货运营能力。 坎坷上市路 作为中国最大连锁茶叶店，八马茶业在2013年至2022年期间曾三次冲刺A股市场，但均未成功。此 次"改道"港股，是公司第四次向资本市场发起冲击。 根据弗若斯特沙利文报告，按2023年末茶叶连锁专卖店数量计，八马茶业在中国茶叶市场排名第一；按 2023年销售收入计，八马茶业在中国高端茶叶市场排名第一，同时在中国乌龙茶和红茶市场亦排名第 一；截至2024年，八马 ...

Investment Rating - The industry rating is "Overweight" [4] Core Insights - In January 2025, the total number of pigs slaughtered by listed companies was 9.2002 million, showing a year-on-year decrease of 0.76% and a month-on-month decrease of 7.89%. The decline in slaughter volume is attributed to the earlier timing of the Spring Festival, which led to a general decrease in operational rates in the pig industry [10][19] - The revenue for listed pig companies in January 2025 was 14.430 billion yuan, an increase of 23.72% year-on-year but a decrease of 14.10% month-on-month. The significant year-on-year revenue growth is due to higher slaughter prices compared to the previous year, while the month-on-month decline is due to a drop in slaughter prices [2][10] - The average selling price of pigs in January 2025 decreased by 1.93% month-on-month but increased by 14.72% year-on-year. The average selling prices for leading companies were 15.77 yuan/kg for Wens Foodstuffs and 15.41 yuan/kg for New Hope, with both showing year-on-year increases [2][19] Summary by Sections Section 1: Slaughter Volume - The slaughter volume for listed pig companies in January 2025 was 9.2002 million pigs, with a year-on-year decrease of 0.76% and a month-on-month decrease of 7.89%. Leading companies like Wens Foodstuffs and New Hope reported slaughter volumes of 2.8997 million and 1.4987 million respectively, with year-on-year changes of +9.95% and -13.11% [10][12] Section 2: Revenue and Pricing - The revenue for listed pig companies in January 2025 was 14.430 billion yuan, reflecting a year-on-year increase of 23.72% and a month-on-month decrease of 14.10%. The average selling price of pigs was 15.69 yuan/kg, with a year-on-year increase of 14.72% but a month-on-month decrease of 1.93% [2][10][19] Section 3: Average Weight - The average weight of pigs slaughtered in January 2025 was 102.61 kg, showing a month-on-month decrease of 3.27% but a year-on-year increase of 1.58%. Leading companies reported average weights of 116.97 kg for Wens Foodstuffs and 89.07 kg for New Hope, with both showing month-on-month declines [3][19] Section 4: Investment Recommendations - The report suggests seizing opportunities in the pig farming sector, focusing on companies with strong growth in slaughter volume and stable operations. Recommended companies include Muyuan Foods, Wens Foodstuffs, Tangrenshen, Huazhong Agricultural, and Juxing Agriculture [3][10]

证券时报记者 唐强 作为新希望集团旗下专注于食品和现代农业领域发展的成员企业，新希望是首批中国农业产业化国家级 重点龙头企业之一。目前，新希望从事的业务包括饲料生产、畜禽养殖、屠宰及食品加工业务，并聚焦 于饲料生产、生猪养殖与屠宰两大业务板块，业务遍布全国及越南、菲律宾、孟加拉、印尼等10多个国 家和地区，拥有644家直接或间接控制的子公司及19家联营企业、7家合营企业。 2月17日，民营企业座谈会在北京召开，期间6位民营企业负责人发言，就新形势下促进民营经济发展提 出意见和建议。 作为农业领域代表，新希望控股集团有限公司董事长刘永好在发言中表示，新希望创立43年，一直聚焦 农牧食品，尽管面临消费结构调整和周期影响，但新希望紧跟国家战略，攻坚自主育种和粮食安全；顺 应消费变化，满足新鲜需求，经过几年的调整突破，让传统产业焕发出新的生命力。 在43年的发展历程中，新希望集团立足农牧行业并不断向上、下游产业延伸，形成农牧食品、乳品快 消、智慧城乡、金融投资等相关产业。 刘永好表示，新希望积极履行社会责任，依靠广阔农村，不仅做成了一家世界500强企业，更带动农民 增收致富，推动乡村发展。习近平总书记强调民营企业和民 ...

证券代码：000876 证券简称：新希望 新希望六和股份有限公司 New Hope Liuhe Co.,Ltd. （四川省绵阳市高新区） 2023 年度向特定对象发行股票 募集说明书 （修订稿） 保荐人（主承销商） （深圳市福田区福田街道福华一路 111 号） 二〇二五年二月 新希望向特定对象发行股票申请文件 募集说明书 声明 公司及全体董事、监事、高级管理人员承诺本募集说明书内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承 担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责，投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风 ...