Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the profitability of the breeding chain is expected to see significant growth in H1 2025, with the pet sector maintaining its high prosperity [3][20] - The preliminary ruling on anti-dumping measures against EU pork imports is anticipated to drive domestic pork prices upward, presenting a good opportunity for investment in the pig farming sector [4][14] - The report emphasizes a dual driving force from both fundamental and policy aspects, suggesting that pig prices are likely to rise in H2 2025, improving the investment logic in the pig farming sector [20] Summary by Sections Weekly Observation - The Ministry of Commerce has announced preliminary anti-dumping measures on EU pork imports, with a guarantee deposit rate ranging from 15.6% to 62.4% [4][13] - The domestic pork and pork offal import volume reached 1.15 million tons in H1 2025, with EU imports accounting for 52% [14][16] Market Performance (Sept 1 - Sept 5) - The agricultural index underperformed the market by 0.15 percentage points, with the Shanghai Composite Index down 1.18% and the agricultural index down 1.32% [6][24] - The pet food sector led the gains among sub-sectors, with notable increases in individual stocks such as Yuegui Co. (+13.19%) and Honghui Fruits (+9.23%) [6][24][29] Price Tracking (Sept 1 - Sept 5) - The average price of live pigs was 13.77 yuan/kg, up 0.11 yuan/kg from the previous week, while the average price of piglets was 25.4 yuan/kg, down 1.74 yuan/kg [7][35] - The price of corn futures increased by 1.46% to 2219.00 yuan/ton, and soybean meal futures rose by 1.60% to 2536.00 yuan/ton [47][48] Key News (Sept 1 - Sept 5) - The Ministry of Agriculture reported a 5.3% month-on-month increase in the slaughter volume of designated pig slaughtering enterprises in July 2025 [30] - The report indicates that the domestic pig farming sector is expected to benefit from the anti-dumping measures, leading to a potential increase in domestic pork prices [4][14] Investment Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20] - In the feed sector, companies like Haida Group and New Hope Liuhe are recommended due to strong domestic and overseas demand [20][23]

Group 1 - Weisheng Information won four projects in August with a total amount of 85.5377 million yuan, accounting for 3.12% of the company's total revenue for 2024 [1] - Longqi Technology's shareholder plans to reduce its stake by up to 4.09%, equating to a maximum of 19.1916 million shares [1] - Guojin Modern's subsidiary received a drug registration certificate for injectable Nicardipine, used for treating unstable angina [3][4] Group 2 - SAIC Motor reported a total vehicle sales of 363,400 units in August, a year-on-year increase of 41.04%, with new energy vehicle sales reaching 129,800 units, up 49.89% [5] - Kuka Home plans to invest 1.124 billion yuan to build a self-owned base in Indonesia, aiming to enhance its international strategy [6] - Samsung Medical's subsidiary signed a contract for an intelligent meter project in Egypt worth 58.8 million USD, approximately 419 million yuan [8] Group 3 - North Vehicle Blue Valley's subsidiary reported a total production of 10,587 units in August, a year-on-year decrease of 15.13%, while sales increased by 3.47% [12] - Xianghe Industrial signed contracts worth 400 million yuan for railway fastener system components [13] - Hengrui Medicine's HRS9531 injection has received acceptance for its marketing authorization application [14] Group 4 - Hualu Hengsheng resumed normal production after completing maintenance on production facilities [16] - Shanghai Pharmaceuticals' hydrochloride verapamil injection passed the consistency evaluation for generic drugs [18] - Shanghai Construction received approval for debt financing tools with a registration period of two years [20] Group 5 - Kangli Elevator terminated the sale of its wholly-owned subsidiary due to the buyer's failure to obtain necessary approvals [21] - Times Wan Heng appointed Li Zhizhong as the new deputy general manager [22] - Hanma Technology reported a total truck sales of 1,051 units in August, a year-on-year increase of 58.05% [24] Group 6 - Wenzhou Hongfeng's subsidiary received a utility model patent certificate for a servo adjustment device [26] - Yibin Technology received a project designation from a domestic new energy vehicle company, with an estimated total sales of 243 million yuan over five years [28] - Star Ring Technology's H-share issuance application was accepted by the China Securities Regulatory Commission [30] Group 7 - Microchip Bio's vice president resigned for personal reasons [31] - Zhongxin Co. announced the resignation of a non-independent director due to personal reasons [32] - Changcheng Military Industry's vice chairman resigned due to retirement [35] Group 8 - Jiukang Bio received four invention patent certificates related to detection reagents [36] - Meino Bio's subsidiary changed its registered address [37] - Kuangda Technology announced a potential change in control due to a share transfer [38] Group 9 - China Rare Earth confirmed no undisclosed significant matters amid stock price fluctuations [72]

Investment Rating - The report indicates a positive outlook for the agriculture, forestry, animal husbandry, and fishery sectors, with a focus on improving profitability driven by declining feed costs and increased production scale [1][11]. Core Insights - The overall agricultural sector has seen a revenue increase of 6.12% year-on-year in H1 2025, reaching 614.8 billion yuan, with a significant profit increase of 198% to 27 billion yuan, primarily due to the recovery of the pig farming sector [1][11]. - The pig farming sector is experiencing a seasonal price decline, yet remains profitable due to reduced feed costs and increased production efficiency [2][28]. - The poultry farming sector has shown mixed performance, with revenue slightly declining by 0.29% in H1 2025, but net profit improved by 6.43% due to lower costs [3][21]. - The seed sector reported a revenue increase of 5.05% in H1 2025, although net profit turned negative, indicating challenges in seed sales due to falling grain prices [4][21]. Summary by Sections Industry Overview - Feed prices have been on a downward trend, improving overall farming costs. Pig prices have remained stable year-on-year, while poultry prices have been low but profitable across the supply chain. The agricultural product supply-demand balance is easing, with major product prices at low levels [1][11]. - In H1 2025, the sector achieved revenues of 614.8 billion yuan and net profits of 27 billion yuan, with significant contributions from the pig farming sector [1][11]. Pig Farming - In 2024, pig supply is expected to decrease, with prices showing seasonal trends. Despite a decline in prices post-October, the sector remains profitable. In Q1 2025, the average price was 15.01 yuan/kg, up 3.90% year-on-year, while Q2 saw a price drop to 14.56 yuan/kg, down 10.94% year-on-year [2][28]. - The pig farming sector generated revenues of 248.6 billion yuan in H1 2025, a 15.67% increase, with net profits soaring by 1551% to 17.1 billion yuan [2][28]. Poultry Farming - The poultry sector's revenue in H1 2025 was 33.7 billion yuan, a slight decline of 0.29%, but net profit increased by 6.43% to 1 billion yuan due to lower costs [3][21]. - The white feather chicken segment remains stable despite low prices, while the yellow feather chicken segment is recovering from previous losses [3][21]. Seed Sector - The seed sector reported revenues of 8.87 billion yuan in H1 2025, a 5.05% increase, but net profit turned negative, indicating challenges in the market [4][21].

北京商报讯（记者 郭秀娟 实习记者 王悦彤）8月31日，隆平高科发布公告称，近日公司董事张坚因工 作调动原因，已向董事会提交辞呈，辞去第九届董事会董事职务。卸任后，张坚不再担任公司及子公司 任何职务。张坚未持有公司股份，其辞职不会对董事会正常运行产生影响。公司将按程序尽快完成董事 补选工作。公告中表示，张坚自2016年起担任董事，公司在资本运作与风险管控等方面受益于其专业贡 献，董事会对此表示衷心感谢。 ...

Group 1 - The company announced a personnel change on August 31, with director Zhang Jian resigning from the ninth board of directors due to work relocation [1] - Zhang Jian has not held any shares in the company, and his resignation will not affect the normal operation of the board [1] - The company will promptly complete the director replacement process as per procedures [1] Group 2 - Zhang Jian has served as a director since 2016, contributing to the company's capital operations and risk management [1] - The board expressed sincere gratitude for Zhang Jian's professional contributions [1]

Core Viewpoint - Longping High-Tech (000998.SZ) announced the resignation of director Zhang Jian due to job relocation, and he will no longer hold any positions within the company or its subsidiaries [1] Summary by Sections - Resignation Details - Zhang Jian submitted his resignation report recently, citing job relocation as the reason [1] - After his resignation, he will not hold any positions in the company or its subsidiaries [1] - Shareholding Status - As of the date of the announcement, Zhang Jian does not hold any shares in the company [1] - There are no unfulfilled commitments that he is required to perform [1]

格隆汇8月31日丨隆平高科(000998.SZ)公布，公司于近日收到公司董事张坚先生提交的辞职报告。因工 作调动原因，张坚先生申请辞去公司第九届董事会董事职务。辞职后，张坚先生不再担任公司及子公司 任何职务。截至本公告披露日，张坚先生未持有公司股份，不存在应当履行而未履行的承诺事项。 ...

证券代码：000998 证券简称：隆平高科 公告编号：2025-59 特此公告 袁隆平农业高科技股份有限公司董事会 二〇二五年九月一日 袁隆平农业高科技股份有限公司（以下简称"公司"）于近日收到公司董事 张坚先生提交的辞职报告。因工作调动原因，张坚先生申请辞去公司第九届董事 会董事职务。辞职后，张坚先生不再担任公司及子公司任何职务。截至本公告披 露日，张坚先生未持有公司股份，不存在应当履行而未履行的承诺事项。 张坚先生原定任期至第九届董事会任期届满之日止。根据《中华人民共和国 公司法》及《公司章程》的有关规定，张坚先生的辞职未导致公司董事会成员低 于法定最低人数，其辞职不会影响公司董事会的正常运行，辞职报告自送达公司 董事会之日起生效。公司将按照相关规定尽快完成董事补选工作。 张坚先生自 2016 年担任本公司董事以来，忠实勤勉地履行董事的各项职责， 在资本运作、风险管控等方面发挥了积极作用。公司及公司董事会对张坚先生在 任职期间为公司所做的贡献表示感谢！ 袁隆平农业高科技股份有限公司 关于公司非独立董事辞职的公告 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 ...

Investment Rating - The industry is rated as "Buy" [4] Core Insights - In July, the Ministry of Agriculture and Rural Affairs reported a stable yet slightly declining breeding sow inventory at 40.42 million heads, with a significant increase in pig slaughtering volume, reaching 31.66 million heads, a month-on-month increase of 5.3% and a year-on-year increase of 30.4% [1][3] - The average price of commodity pigs showed a slight rebound to 14.84 yuan/kg in July, with a month-on-month increase of 1.9% but a year-on-year decrease of 21.6% [1] - The overall profitability of the industry remained marginal, with average profits per head for large-scale farms at 21 yuan and for smallholders at 6 yuan [1] Summary by Sections 1. Industry Performance - The agricultural sector outperformed the market, with the agricultural index rising by 2.02% compared to the Shanghai Composite Index's 0.84% increase [13] - The livestock farming sector saw a rise of 4.39%, while other sectors like animal health and fisheries experienced declines [13] 2. Key Data Tracking - The average price of live pigs was reported at 13.66 yuan/kg, down 0.65% week-on-week, while the average price of piglets was 27.14 yuan/kg, down 2.3% [22] - The average slaughter weight of pigs decreased to 127.83 kg, with a slight decline of 0.15 kg week-on-week [22] 3. Investment Recommendations - The pig farming sector is expected to enter a long-term profit upcycle, with recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [3][68] - The feed and animal health sectors are also highlighted for potential growth, particularly with the recent clinical trials of vaccines [3][68] - The planting chain is recommended for investment due to the upward trend in grain prices, with companies like Suqian Agricultural Development and Beidahuang being noted [3][68] - The pet food sector is experiencing growth, with recommendations for companies like Guibao Pet and Zhongchong Co., Ltd. [3][70]

Group 1 - The company Longping High-Tech (隆平高科) primarily focuses on the production of corn seeds, which are mainly used for feed corn cultivation, with a small portion dedicated to sweet corn planting [1]