Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in the pig farming industry, with a focus on the potential for value reassessment of pig farming companies [2][5] - The agricultural sector has shown a mixed performance recently, with the overall index up by 2.02% week-on-week, while the pig farming segment has seen a notable increase of 4.39% [11][12] Livestock Farming Data Tracking - Pig prices have slightly declined this week due to sufficient supply and market sentiment being buoyed by government stockpiling efforts [7][16] - The number of breeding sows has shown a slight decrease, with July figures indicating a 0.02% month-on-month decline [20][22] - The average price for market pigs as of August 28 is 13.70 CNY/kg, reflecting a week-on-week decrease of 1.51% [30][36] - Profitability in pig farming remains positive for self-bred pigs, with a profit of 32.24 CNY per head, while purchased piglets show a loss of 148.41 CNY per head [38][41] Poultry Farming Data Tracking - The price of white feathered chickens remains stable, with an average price of 7.33 CNY/kg as of August 29 [39][42] - The ongoing avian influenza outbreaks in Europe and the U.S. create uncertainty in the supply of breeding chickens, which may benefit the white feathered chicken industry [39][40] Animal Health Data Tracking - The demand for animal health products is expected to rebound, driven by the recovery in livestock numbers and the introduction of new products [47] - Significant growth in the issuance of veterinary vaccine approvals has been noted, particularly for African swine fever vaccines, which may enhance market interest [47][51] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn have decreased slightly, with wheat at 2429 CNY/ton, soybean meal at 3071 CNY/ton, and corn at 2365 CNY/ton as of August 29 [52][53] - The USDA's August report indicates a decrease in global corn stocks for the 2025/26 season compared to the previous year, while soybean stocks are also projected to decline [54][56] Pet Industry Data Tracking - Pet food exports have seen a decline, with July figures showing a 3.0% year-on-year decrease, amounting to 930 million CNY [58][60] - Domestic sales in the pet food market continue to grow, with notable increases in sales for brands like Guai Bao and Pei Di [60][61] - The recent Asia Pet Expo showcased over 2600 exhibitors and more than 20000 brands, indicating a robust growth in the pet industry [61][62]

Investment Rating - The industry investment rating is "Recommended" with an expectation that the industry index will exceed the benchmark index by more than 5% in the next 3-6 months [53]. Core Insights - The report indicates that the prices of broilers and chicks have reached a bottom and are beginning to rebound, although the losses in the breeding sector have widened [1][2]. - In July, the loss from broiler farming was 2.59 yuan per bird, and the loss from hatcheries was 0.23 yuan per bird, both showing an increase in loss compared to previous months [2][43]. - The report highlights a recovery in chick prices after hitting a low of 0.73 yuan per chick, with a subsequent increase of 0.10 yuan per chick over 15 days due to supply shortages and rising broiler prices [8][11]. Industry Overview - The total market capitalization of the industry is approximately 1,331.25 billion yuan, with 101 listed companies [3]. - The absolute performance of the industry over the past month is 3.5%, with a relative performance of 3.9% [4]. Price Trends - The average price of white feather broilers in July was 3.21 yuan per kg, reflecting a year-on-year decrease of 12.30% and a month-on-month decrease of 8.55% [11]. - The average price of chicken products was 8535.88 yuan per ton, down 8.94% year-on-year and 3.04% month-on-month [11]. Sales Performance - In July, the sales volume of broiler meat for Shengnong Development was 15.87 million tons, up 22.83% year-on-year, while the sales volume for Xiantan Co. was 5.96 million tons, up 31.28% year-on-year [19][28]. - The sales revenue for Yisheng Co. in July was 1.01 billion yuan, down 46.39% year-on-year, while Shengnong Development's chicken meat sales revenue was 14.90 billion yuan, up 14.44% year-on-year [14][15]. Production Capacity - The average stock of grandparent stock chickens in July 2025 was 1.4 million sets, an increase of 7.3% year-on-year, while the stock of backup grandparent stock chickens decreased by 8.5% year-on-year [32][33]. - The average price of parent stock chicks in July was 47.66 yuan per set, with a slight decrease to 47.21 yuan per set in the latest week [35][37].

来源：证券时报 半年报密集披露，机构最新持仓动向曝光!二季度社保基金新进股共有72只。 目前共有3077家公司已经公布半年报，前十大流通股东数据透露出机构行踪。证券时报•数据宝统 计显示，社保基金共现身313只股，调仓动向方面，二季度社保基金新进72股、增持79股、减持102 股，社保基金持股量保持不变的有60股。 社保基金新建仓股票中，从前十大流通股东名单中社保基金家数来看，社保基金家数最多的是苏 试试验，共有3家社保基金出现在前十大流通股东名单中，即全国社保基金六零二组合、全国社保基金 六零一组合、全国社保基金五零二组合，分别位列公司第5大、第7大、第10大流通股东，持股量合计 为1486.20万股，占流通股比例为2.94%。 从持股比例看，新进股中社保基金持有比例最多的是佰奥智能，持股量占流通股比例为7.23%， 其次是中触媒，社保基金持股比例为3.45%，持股比例居前的还有北鼎股份、苏试试验、史丹利等。 (责任编辑：叶景) 市场表现方面，社保基金新进股7月以来平均上涨20.22%，涨幅跑赢沪指。具体个股看，大元泵 业累计涨幅128.49%，是新进股中表现最好的，果麦文化、高澜股份等分别上涨87.48% ...

Group 1 - The poultry concept sector rose by 2.87%, ranking second in terms of increase among concept sectors, with 20 stocks rising, including Xiaoming Co., Tianma Technology, and Jingji Zhino, which increased by 10.34%, 8.15%, and 6.16% respectively [1][2] - The leading stocks in terms of net inflow of main funds include Xiaoming Co. with a net inflow of 71.28 million yuan, followed by Huadong Co., Tianma Technology, and Tiankang Biological with net inflows of 49.64 million yuan, 47.57 million yuan, and 35.89 million yuan respectively [1][2] - The main fund inflow rates for leading stocks are Huadong Co. at 12.51%, Guanghong Holdings at 11.56%, and Xiaoming Co. at 9.64% [2][3] Group 2 - The overall market performance shows that the poultry sector is gaining traction, with significant interest from main funds, indicating a positive sentiment towards the industry [1][2] - Stocks such as Jinlongyu, Yike Foods, and Shuanghui Development experienced declines of 0.84%, 0.25%, and 0.24% respectively, highlighting some volatility within the sector [1][3] - The trading volume and turnover rates for leading stocks in the poultry sector suggest active trading, with Xiaoming Co. having a turnover rate of 24.77% [2][3]

Group 1 - The aquaculture sector experienced a significant increase of 4.51% on August 26, with Xiaoming Co. leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Xiaoming Co. saw a closing price of 24.86, with a rise of 10.34%, and a trading volume of 309,200 shares, amounting to a transaction value of 739 million yuan [1] Group 2 - The main funds in the aquaculture sector had a net inflow of 340 million yuan, while retail investors experienced a net outflow of 163 million yuan [2] - Among the stocks, Muyuan Foods had a net inflow of 163 million yuan from main funds, while Xiaoming Co. had a net inflow of 75 million yuan [3] - The trading volume for Muyuan Foods was 1,143,300 shares, with a closing price of 55.06, reflecting a rise of 7.16% [1][3]

Group 1 - The pig farming sector experienced a rise in stock prices, with the breeding ETF (516760) increasing by 1.72% and significant trading volume observed. Key stocks such as Muyuan Foods (002714) rose by 6.79%, Xiaoming Co. (300967) by 4.70%, and Shengnong Development (002299) by 3.88% [1] - The National Development and Reform Commission reported that the national average pig-to-grain price ratio fell below 6:1, prompting the government to initiate central frozen pork reserves. The China Storage Network announced a one-time pork reserve of 10,000 tons on August 25 and a rotational storage of 19,000 tons from August 26 to 29 [1] - The combination of government storage initiatives and previous factors such as outbreaks and large pig sales has led to a perception of bottoming pig prices, with expectations of a new upward trend in prices as supply decreases and consumption improves [1] Group 2 - The breeding ETF closely tracks the CSI Livestock Breeding Index, which includes listed companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of the livestock breeding sector [2] - The latest price-to-earnings ratio (PE-TTM) for the breeding ETF's tracked index is 13.71, which is below the historical average of 15.46%, indicating that the valuation is at a historical low, with sufficient safety margins [2] - The current industry outlook is at a bottom, with expectations of supply contraction and potential increases in corporate profitability and stability, suggesting that quality pig farming companies may see a revaluation [2]

以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 资金流入方面，养殖ETF最新资金净流入69.38万元。拉长时间看，近17个交易日内有9日资金净流入， 合计"吸金"1080.08万元。 养殖ETF紧密跟踪中证畜牧养殖指数，中证畜牧养殖指数选取涉及畜禽饲料、畜禽药物以及畜禽养殖等 业务的上市公司证券作为样本，以反映畜牧养殖相关上市公司的整体表现。从估值层面来看，养殖ETF 跟踪的中证畜牧养殖指数最新市盈率（PE-TTM）仅13.71倍，处于近3年15.46%的分位，即估值低于近3 年84.54%以上的时间，处于历史低位。当前板块估值仍在低位、板块安全边际高，建议积极关注养殖 ETF(516760.SH)。 8月26日早盘，生猪板块逆市拉升，养殖ETF(516760)现涨1.43%，成分股牧原股份(002714)上涨4.09%， 晓鸣股份(300967)上涨3.24%，圣农发展(002299)上涨2.72%，天康生物(002100)，温氏股份(300498)等个 股跟涨。养殖ETF(516760)上涨1.00%，最新价报0.71元。 8月21日发改委指出全国平均猪粮比价跌至6∶1以下，将于近 ...

Group 1 - The pig farming sector experienced a rise in stock prices, with the breeding ETF (516760) increasing by 0.43% and key stocks like Xinghuo Technology (600866) and Muyuan Foods (002714) rising by 2.04% and 2.02% respectively [1] - The National Development and Reform Commission reported that the national average pig-to-grain price ratio fell below 6:1, prompting the government to initiate central frozen pork reserves, with 10,000 tons to be stored on August 25 and 19,000 tons from August 26 to 29 [1] - The storage initiative is expected to boost market sentiment for pig prices, which are anticipated to rise due to previous factors such as outbreaks of disease and oversupply, leading to a reduction in supply and improved consumption at the end of the month [1] Group 2 - The breeding ETF closely tracks the China Securities Livestock Breeding Index, which includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2] - The latest price-to-earnings ratio (PE-TTM) for the breeding ETF is 13.71 times, which is below the historical average of 15.46%, indicating that the valuation is low compared to 84.54% of the time over the past three years [2] - The current low valuation of the sector suggests a high margin of safety, prompting a recommendation to actively monitor the breeding ETF (516760.SH) [2]

Group 1 - The stock of Shengnong Development closed at 17.26 yuan on August 25, down 0.10 yuan, a decrease of 0.58% from the previous trading day [1] - The company operates in the full industry chain of meat chicken breeding, slaughtering, processing, and sales, with main products including fresh chicken and deep-processed meat products [1] - Shengnong Development has been included in the 2025 mid-term report pre-increase concept stocks, indicating potential growth [1] Group 2 - The stock opened at 17.36 yuan, with an intraday high of 17.38 yuan and a low of 17.03 yuan, resulting in a fluctuation of 2.02% [1] - On August 25, the net outflow of main funds was 23.93 million yuan, accounting for 0.11% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 50.87 million yuan, representing 0.24% of the circulating market value [1]

Summary of Key Points Core Viewpoint - As of August 25, 1687 companies have released their semi-annual reports for 2025, with 977 reporting a year-on-year increase in net profit, while 710 reported a decline. Additionally, 1039 companies saw an increase in operating revenue, while 648 experienced a decrease. A total of 771 companies reported simultaneous growth in both net profit and operating revenue, while 442 companies saw declines in both metrics. Notably, 228 companies achieved a doubling of their performance, with Xinte Electric showing the highest increase at 49775.01% [1]. Company Performance - Xinte Electric (301120) reported earnings per share of 0.0100, with a net profit of 532.87 million and a year-on-year increase of 49775.01%. Its operating revenue reached 19265.03 million, reflecting a 16.10% increase [1]. - Fujilay (301258) achieved a net profit of 4307.66 million, with a year-on-year increase of 12430.96% and operating revenue of 22390.97 million, up by 3.36% [1]. - Taiji Holdings (300046) reported a net profit of 3972.84 million, with a year-on-year increase of 3789.41% and operating revenue of 17878.78 million, up by 4.18% [1]. - Other notable companies include: - Lian Di Xin (839790) with a net profit of 1012.23 million, a year-on-year increase of 3149.79%, but a decline in operating revenue by 8.10% [1]. - Shanda Holdings (603086) reported a net profit of 13603.97 million, with a year-on-year increase of 2561.58% and operating revenue of 142261.73 million, up by 11.82% [1]. Revenue and Profit Trends - A total of 771 companies reported simultaneous growth in both net profit and operating revenue, indicating a positive trend in the market [1]. - Conversely, 442 companies experienced declines in both metrics, highlighting potential challenges within certain sectors [1]. - The overall performance of companies shows a mixed landscape, with significant outliers achieving extraordinary growth while others face difficulties [1].