Group 1 - The Shanghai Composite Index is at 3463.25 points, above the annual line, with a change of 0.06% [1] - A total trading volume of A-shares today is 6235.95 billion yuan [1] - 20 A-shares have broken through the annual line, with notable stocks including Aima Technology, *ST Sunshine, and Qingdao Port, showing divergence rates of 1.97%, 0.84%, and 0.65% respectively [1] Group 2 - The stocks with the highest divergence rates from the annual line include: - Aima Technology (603529) with a price increase of 3.31% and a divergence rate of 1.97% [1] - *ST Sunshine (000608) with a price increase of 1.03% and a divergence rate of 0.84% [1] - Qingdao Port (601298) with a price increase of 0.80% and a divergence rate of 0.65% [1] - Other stocks that have just crossed the annual line include: - Jinghu High-speed Railway (601816) with a price increase of 0.35% and a divergence rate of 0.01% [2] - Tiankang Biological (002100) with a price increase of 0.32% and a divergence rate of 0.10% [2]

Group 1 - The core viewpoint indicates that the pig price is expected to maintain a central level above 15 yuan/kg in 2025 due to limited supply growth and cautious breeding practices [1][2] - The industry is experiencing a supply gap, with a notable increase in piglet losses due to a virus mutation, which is expected to drive up pig prices in Q3 2025 [1] - Recent government policies aim to regulate the pig industry, including measures to curb low-price competition and promote the orderly exit of outdated production capacity [1][2] Group 2 - The pig price is under significant downward pressure in H2 2025, but multiple government policies are expected to support price increases and alleviate CPI pressure [2] - The overall investment logic in the pig sector is improving due to supply contraction and macroeconomic catalysts, suggesting a positive outlook for investment [2] - The CSI Livestock Breeding Index reflects the performance of listed companies involved in livestock feed, veterinary drugs, and breeding, with the top ten weighted stocks accounting for 65.27% of the index [2]

Investment Rating - The industry investment rating is maintained as "Add" [6] Core Views - The agricultural sector underperformed the market by 1.15 percentage points during the week of June 23-27, 2025, with the Shenwan Agricultural Index closing at 2,661.46, reflecting a weekly increase of 0.80% [1][16] - The pig farming sector shows a bullish sentiment with pig prices continuing to rebound, reaching an average price of 14.72 CNY/kg, a week-on-week increase of 3.52% [2] - The poultry sector is facing downward pressure, with broiler prices remaining low due to high inventory levels in the downstream slaughtering sector [2] - Grain prices such as wheat and corn have seen slight increases, while soybean meal prices have decreased due to increased supply from oil mills [3] Summary by Sections 1. Market Review - The agricultural sector's weekly performance ranked 25th among 31 Shenwan first-level industries, with the fishery sector performing the best with a 4.90% increase [1][18] - The animal health, agricultural product processing, planting, and breeding sectors also saw increases of 3.13%, 2.10%, 1.44%, and 0.28% respectively, while the feed sector declined by 0.32% [1][18] 2. Industry Key Data 2.1 Pig Farming - The average profit for self-bred pigs is 50.25 CNY/head, up 30.84 CNY/head week-on-week, while the profit for purchased piglets is -131.71 CNY/head, an increase of 55.08 CNY/head week-on-week [2][24] 2.2 Poultry - The average price of broiler chicks is 1.70 CNY/chick, down 8.60% week-on-week, and the average price of white feather broilers is 7.01 CNY/kg, down 1.54% week-on-week [2][32] 2.3 Agricultural Products - The average price of wheat is 2,446.39 CNY/ton, up 0.19% week-on-week, and corn is 2,352.86 CNY/ton, up 0.43% week-on-week. Soybean meal prices have decreased to a range of 2,900-3,100 CNY/ton [3][35] 3. Investment Recommendations - The report suggests focusing on investment opportunities in the planting industry chain due to increasing geopolitical tensions affecting food security [4] - For pig farming, companies with strong cost control or clear cost reduction paths are recommended, including Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, attention is drawn to integrated industry leaders like Shengnong Development and Lihua Stock for their stable capacity expansion and cost advantages [4] - The feed sector is expected to benefit from the recovery of livestock inventory, with recommendations for industry leaders like Haida Group and Hefeng Stock [4] - For agricultural products, companies like Suqian Agricultural Development and Beidahuang are highlighted for their relevance to food security [4]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The supply contraction has reached a point where the average price of live pigs is expected to rise, with the national average price at 14.74 yuan/kg as of June 29, 2025, showing a week-on-week increase of 0.45 yuan/kg but a year-on-year decrease of 3.17% [4][13] - The profit of pig farming enterprises is expected to maintain high growth year-on-year in Q2 2025, driven by increased output, heavier average weights, and reduced costs [5][23] - The investment logic for the pig sector is improving due to supply contraction and macroeconomic catalysts, suggesting a positive allocation strategy [6][30] Summary by Sections Weekly Observation - In Q2 2025, the average price of live pigs is projected at 14.55 yuan/kg, a year-on-year decrease of 11.22%, while the cost of pig farming has decreased to 13.38 yuan/kg, a year-on-year decline of 2.92% [5][23] - The average weight of pigs at slaughter has increased to 128.99 kg/head, a year-on-year increase of 2.42%, with a projected year-on-year increase of 34.07% in the total output of 12 major listed pig companies [5][23] Weekly Market Performance - The agricultural index underperformed the broader market by 1.11 percentage points, with the Shanghai Composite Index rising by 1.91% and the agricultural index increasing by 0.80% [34][36] - The aquaculture sector led the gains, with notable increases in individual stocks such as Biological Shares (+9.83%) and Spring Snow Food (+9.82%) [34][38] Price Tracking - As of June 27, 2025, the national average price for live pigs was 14.72 yuan/kg, up 0.50 yuan/kg from the previous week, while the average price for piglets was 31.6 yuan/kg, down 0.25 yuan/kg [41][44] - The feed price ratio for pigs was recorded at 4.38:1, indicating the profitability dynamics in the sector [41] Recommendations - The report recommends actively allocating investments in leading pig companies such as Muyuan Foods, Wens Foodstuff Group, and others, as well as in the feed sector benefiting from strong overseas demand [6][30]

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-038 天康生物股份有限公司 关于控股子公司公开发行股票并在北交所上市申请获得 北交所受理的提示性公告 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。 天康生物股份有限公司（以下简称"公司"）控股子公司天康制药股份有限 公司（以下简称"天康制药"）为全国中小企业股份转让系统挂牌企业（证券简 称：天康制药，证券代码：874339），拟向不特定合格投资者公开发行股票并在 北京证券交易所（以下简称"北交所"）上市。现将相关事项公告如下： 一、天康制药公开发行股票并在北交所上市申请获得北交所受理的情况 特此公告。 1 天康制药于 2025 年 6 月 20 日向北交所报送了向不特定合格投资者公开发行 股票并在北交所上市的申报材料。 2025年6月23日，天康制药收到北交所出具的《受理通知书》（GF2025060019)， 北交所已正式受理天康制药向不特定合格投资者公开发行股票并在北交所上市的 申请。详见天康制药在全国中小企业股份转让系统（http://www.neeq.com.cn） 披露的相关 ...

关于控股子公司申请公开发行股票并在北京证券交易所上市 辅导验收完成的提示性公告 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。 天康生物股份有限公司（以下简称"公司"）控股子公司天康制药股份有限 公司（以下简称"天康制药"）为全国中小企业股份转让系统挂牌企业（证券简 称：天康制药，证券代码：874339）。公司于 2024 年 12 月 11 日召开的第八届董 事会第二十二次（临时）会议及 2024 年 12 月 30 日召开的 2024 年第六次临时股 东大会，审议通过《关于控股子公司拟申请向不特定合格投资者公开发行股票并 在北京证券交易所上市的议案》，同意控股子公司天康制药拟向不特定合格投资 者公开发行股票并在北京证券交易所（以下简称"北交所"）上市。现将相关事 项进展公告如下： 一、天康制药申请公开发行股票并在北交所上市辅导进展情况 2025 年 6 月 18 日，天康制药收到中国证券监督管理委员会江苏监管局(以下 简称"江苏证监局"）出具的《关于中信建投证券股份有限公司对天康制药股份 有限公司辅导工作的验收工作完成函》（苏证监函[2025]611 号） ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report indicates that after a rapid increase in pig slaughtering, pig prices have stabilized, with expectations of limited downward pressure in the short term. The overall supply of pigs is entering a contraction phase, leading to an upward trend in pig prices in Q3 2025 [4][13] - The Consumer Price Index (CPI) has shown a decline for four consecutive months, which may exert pressure on the CPI target for 2025. The report anticipates that policy measures will be implemented to support pig prices and mitigate their negative impact on CPI [5][21] - The investment logic for the pig industry is improving, with recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and others. The pet food sector is also highlighted for its growth potential, driven by domestic brands [6][33] Summary by Sections Weekly Observation - The average price of pigs in China as of June 13, 2025, is 14.02 yuan/kg, showing a week-on-week decrease of 0.05 yuan/kg and a year-on-year decrease of 4.73 yuan/kg. The report notes that the price has stabilized after a period of accelerated slaughtering [4][13] - The report discusses the impact of weather conditions, such as the "Bailu" typhoon and the rainy season in southern China, which have affected pig transportation and provided short-term support for prices [4][13] Market Performance - The agricultural sector outperformed the broader market by 1.87 percentage points during the week of June 9-13, 2025, with the agricultural index rising by 1.62% while the Shanghai Composite Index fell by 0.25% [6][36] - The pet food sector led the gains, with individual stocks such as Yuanfei Pet (+12.41%), Xiaoming Co. (+7.33%), and Shennong Group (+6.64%) showing significant increases [6][36] Price Tracking - As of June 13, 2025, the average price of pigs is 14.02 yuan/kg, with a decrease of 0.28% from the previous week. The average price of piglets is 32.89 yuan/kg, down 4.69% week-on-week [49][60] - The report also notes that corn and soybean meal prices have increased, with corn futures settling at 2370.00 yuan/ton, up 1.46% week-on-week, and soybean meal futures at 3048.00 yuan/ton, up 1.91% [60][64]

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-036 天康生物股份有限公司 关于监事辞职的公告 截至本公告日，刘江先生未持有公司股份，亦不存在应履行而未履行的承诺 事项,其辞职不会影响公司相关工作、生产经营的正常开展。根据《公司法》《公 司章程》等有关规定，刘江先生的辞职将导致公司监事会成员低于法定最低人数， 因此在改选出的监事就任前，刘江先生仍将依照法律、行政法规和《公司章程》 的规定履行监事相应职责。其辞职报告将在公司选举产生新任监事后生效。 刘江先生在担任公司监事期间恪尽职守、勤勉尽职地履行了各项职责，公司 监事会对刘江先生任职期间为公司作出的贡献表示衷心感谢！ 特此公告。 天康生物股份有限公司监事会 2025 年 6 月 14 日 1 本公司及监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。 天康生物股份有限公司（以下简称"公司"）监事会于 2025 年 6 月 12 日收 到公司监事刘江先生的书面辞职报告，刘江先生因其个人原因申请辞去公司监事 职务。辞职后，刘江先生不再担任公司及子公司任何职务。 ...

Core Viewpoint - The pork industry is facing significant pressure due to declining prices, with various companies reporting decreased sales revenue and a potential shift in policy aimed at stabilizing prices and improving profitability in the sector [1][2][3]. Group 1: Company Performance - In May, TianKang Biological (002100) sold 229,700 pigs, generating sales revenue of 345 million yuan, with an average selling price of 14.02 yuan/kg [1]. - From January to May, TianKang Biological sold a total of 1.2851 million pigs, a year-on-year increase of 12.49%, with cumulative sales revenue of 1.902 billion yuan, up 4.22% from the previous year [1]. - Despite low pork prices, TianKang Biological managed to keep its breeding costs below 13 yuan/kg, allowing for profitability even with market prices at 14.02 yuan/kg [2]. Group 2: Industry Trends - As of June 10, the wholesale price of pork has dropped to 20.3 yuan/kg, a decrease of 9.21% since the end of last year and nearly 27% from the peak in August of the previous year [1]. - The national pig-to-grain price ratio has been declining, falling from 7.95 yuan/kg to 6.29 yuan/kg, nearing the warning line for excessive decline [1]. - The government has initiated a reserve mechanism, with a plan to store 10,000 tons of frozen pork, marking the first storage action since 2025 [2]. Group 3: Market Outlook - Analysts predict that if recent policies to stabilize pork prices are fully implemented, the pig farming industry could return to normal profitability by 2025, with cost-competitive companies likely to achieve excess returns [2]. - The overall valuation of the pig farming sector is at historical lows, with the Shenyin Wanguo pig farming sector's price-to-earnings ratio below the 10th percentile historically [3]. - TianKang Biological's current rolling P/E ratio is 12.45, the lowest in the pig farming sector, indicating potential for growth as the market stabilizes [3].

Group 1 - The pork concept sector increased by 2.16%, ranking 7th among concept sectors, with 29 stocks rising, including Zhenghong Technology, which hit the daily limit, and Shennong Group, Dayu Biological, and Muyuan Foods, which rose by 7.70%, 5.06%, and 4.79% respectively [1] - The pork concept sector saw a net inflow of 251 million yuan, with 23 stocks receiving net inflows, and 12 stocks exceeding 10 million yuan in net inflow, led by New Hope with a net inflow of 54.25 million yuan [2][3] - The top stocks by net inflow ratio included Zhenghong Technology, New Five Farms, and Tianbang Foods, with net inflow ratios of 29.78%, 12.94%, and 12.65% respectively [3][4] Group 2 - The top gainers in the pork concept sector included Zhenghong Technology, which rose by 9.96%, and Shennong Group, which rose by 7.70%, while the biggest losers were Bright Food, which fell by 1.91%, and Jingji Zhino, which fell by 1.14% [1][5] - The trading volume and turnover rates for key stocks in the pork sector showed significant activity, with Zhenghong Technology having a turnover rate of 9.04% and New Hope at 1.38% [3][4] - The overall performance of the pork sector reflects a positive sentiment among investors, as indicated by the substantial net inflows and rising stock prices [2][3]