Core Viewpoint - The livestock farming index in China has shown a slight decline, with specific stocks experiencing mixed performance, while external factors such as foot-and-mouth disease in South Africa are impacting the industry [1][3]. Group 1: Market Performance - As of May 13, 2025, the China Livestock Farming Index (930707) decreased by 0.38%, with stocks like Luyouli (300381) and Jinxinnong (002548) showing gains of 1.07% and 1.05% respectively, while Ruipubio (300119) led the decline with a drop of 2.66% [1]. - The Livestock ETF (516760) fell by 0.80%, with a latest price of 0.62 yuan, but it ranked first in weekly performance among comparable funds as of May 12, 2025 [1]. - The Livestock ETF had a turnover rate of 1.07% during the trading session, with a total transaction value of 1.4475 million yuan, and an average daily transaction of 4.6547 million yuan over the past year [3]. Group 2: Industry Insights - The South African Department of Agriculture confirmed the spread of foot-and-mouth disease to provinces like KwaZulu-Natal, prompting China's Ministry of Agriculture to urge livestock farmers to restrict animal transport and implement a 28-day quarantine for new animals [1]. - Everbright Securities identified three main investment themes: (1) Planting: Rising prices of staple crops like corn and wheat are expected to benefit major planting companies; (2) Seeds: Improved demand in the seed industry due to favorable planting conditions; (3) Agricultural Chemicals: Improved planting profits are likely to reduce agricultural input cost pressures, expanding the agricultural chemicals market [1]. Group 3: Valuation Metrics - The Livestock ETF closely tracks the China Livestock Farming Index, which includes companies involved in animal feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [3]. - As of May 12, 2025, the Livestock Farming Index's price-to-earnings ratio (PE-TTM) was 12.26, indicating it is at a historical low, being below 99.43% of the time over the past year [3]. - The top ten weighted stocks in the Livestock Farming Index accounted for 69.38% of the index, with Hai Da Group (002311) having the highest weight at 11.24% [3][5].

金融界5月12日消息，上证指数高开高走，中证现代农业主题指数 (CS现代农，930662)下跌0.4%，报 997.35点，成交额75.19亿元。 从中证现代农业主题指数持仓的市场板块来看，深圳证券交易所占比74.03%、上海证券交易所占比 25.97%。 从中证现代农业主题指数持仓样本的行业来看，畜牧产品占比39.61%、饲料占比37.86%、农产品占比 8.40%、种业占比7.29%、动物保健与育种占比5.99%、农业机械占比0.84%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 跟踪CS现代农的公募基金包括：易方达中证现代农业主题ETF。 数据统计显示，中证现代农业主题指数近一个月下跌5.59%，近三个月上涨5.31%，年至今上涨1.82%。 据了解，中证现代农业主题指数选取30只业务涉及农产品 ...

Investment Rating - The overall industry investment rating is "Positive" for planting, livestock, and agricultural product processing sectors, while "Neutral" for forestry and fishery sectors [2]. Core Views - Recent grain price increases indicate a potential bottoming out of the planting industry chain, while livestock prices remain low with potential for high-level capacity adjustments. The importance of domestic agricultural supply is highlighted by tariff countermeasures, suggesting a favorable policy environment for industry development [20][23]. Summary by Sections 1. Livestock Industry Chain - **Pork**: Production capacity growth has stagnated, with the sector's valuation at a historical low, indicating long-term investment opportunities. The average price of pork is 14.82 CNY/kg, down 0.02 CNY from last week. The demand is expected to weaken in the short term, leading to a potential weak fluctuation in pork prices [5][20]. - **Poultry**: Chicken prices are fluctuating, with the average price for white feather broilers at 3.75 CNY/jin, up 0.02 CNY from last week. The industry faces high production levels, but potential price increases may occur due to reduced imports from the U.S. following tariff impositions [9][21]. - **Yellow Chicken**: Prices are expected to rise as supply tightens and consumption recovers, with prices for yellow chicken at 11.2 CNY/kg, up 0.51 CNY from last month [10][23]. - **Animal Health**: The industry shows signs of recovery, with improved performance in Q1. The introduction of domestic vaccines is expected to drive growth in the sector [11][23]. 2. Planting Industry Chain - **Seed Industry**: The focus on food security is leading to improved policies for the seed industry, with expectations for transgenic technology to accelerate. The performance of leading companies is expected to improve as valuations are currently low [12][24]. - **Grain Prices**: Recent increases in grain prices, with corn at 2327 CNY/ton (up 30 CNY) and wheat at 2462 CNY/ton (up 10 CNY), suggest investment opportunities in the sector. The decline in grain imports in Q1 indicates a tightening supply [13][24]. 3. Recommended Companies and Ratings - **Companies with Buy Ratings**: Zhongchong Co., Muyuan Foods, and Suqian Agricultural Development are highlighted as recommended investments [3][52].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the pig price is expected to maintain fluctuations in the short term, with a slight increase in production capacity observed in April. The current pig price is 14.79 CNY/kg, with an average weight of 129.71 kg for market pigs [6][20] - The report suggests a shift from "cyclical thinking" to focusing on financial performance, emphasizing that the efficiency differences among companies are significant. It recommends focusing on leading companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, due to their strong profit certainty in 2025 [7][21] - The poultry sector is experiencing a rebound in chicken prices, with the latest prices for broiler chickens at 7.46 CNY/kg and chick prices at 3.1 CNY each. The report indicates that the industry is facing quality issues with breeding stock, leading to a concentration of profits towards upstream sources [8][22] - In the feed sector, the report recommends Haida Group due to its cash flow turning point and overseas growth potential. The fish prices have shown positive trends, with various species experiencing year-on-year increases [9][23][24] - The pet industry is noted for its continuous growth, with sales data indicating a decline in some segments but strong performance from certain brands like MaiFudi and Fuleijiate. The report emphasizes the importance of domestic brands and their market performance [13][25][29] - The agricultural products sector is expected to see price increases due to reduced imports and a focus on domestic supply, with the report highlighting the importance of improving farmers' income through price adjustments [16][31] Summary by Sections 1. Pig Industry - Short-term pig prices are expected to fluctuate, with a current price of 14.79 CNY/kg and an average weight of 129.71 kg for market pigs. The production capacity is slightly increasing, with a total of 40.39 million breeding sows reported [6][20] - The report suggests that the overall supply of pigs is expected to be high, leading to a weak price outlook in the medium to long term [20][21] 2. Poultry Industry - Chicken prices are rebounding, with broiler prices at 7.46 CNY/kg and chick prices at 3.1 CNY each. The report indicates that the industry is facing quality issues with breeding stock, leading to a concentration of profits towards upstream sources [8][22] 3. Feed Industry - The report recommends Haida Group due to its cash flow turning point and overseas growth potential. Fish prices have shown positive trends, with various species experiencing year-on-year increases [9][23][24] 4. Pet Industry - The pet industry is noted for its continuous growth, with sales data indicating a decline in some segments but strong performance from certain brands like MaiFudi and Fuleijiate. The report emphasizes the importance of domestic brands and their market performance [13][25][29] 5. Agricultural Products - The agricultural products sector is expected to see price increases due to reduced imports and a focus on domestic supply, with the report highlighting the importance of improving farmers' income through price adjustments [16][31]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the poultry industry, specifically focusing on the breeding of white-feathered chickens and the impact of avian influenza on breeding stock updates and pricing trends [1][2]. Core Insights and Arguments 1. **Decline in Breeding Stock Updates** - In April 2025, the domestic breeding stock updates decreased by 29% year-on-year, with a total of 12.4 million sets updated. This decline is attributed to the suspension of imports from the U.S. and New Zealand due to outbreaks of highly pathogenic avian influenza [1][2]. - The total breeding stock updates from January to April 2025 were only 308,000 sets, representing a 44% year-on-year decline, with less than 28% of these coming from overseas sources, primarily France [1][2]. 2. **Impact of Avian Influenza on Imports** - The only source for the domestic breeding stock currently is France, which has not exported to China for nearly a decade due to previous avian influenza outbreaks. This situation, combined with global avian influenza concerns and U.S. tariff expectations, is expected to lead to a decrease in total breeding stock updates and changes in breed structure for the year [2]. 3. **Decrease in Parent Stock Inventory** - The inventory of parent stock chickens has also decreased, with a 20.1% quarter-on-quarter decline in Q1 2025 and a 9.8% year-on-year decline. By April 2025, the inventory continued to drop by 4.9% quarter-on-quarter and 25.5% year-on-year [2]. 4. **Price Increase for Parent Stock** - The average price of parent stock chicken chicks increased by approximately 10% in May compared to April, reflecting the tightening supply and increased demand [3]. 5. **Market Dynamics and Future Outlook** - The industry has been in a bottoming phase for three years, with an increasing willingness to reduce production capacity. The ongoing disruptions in overseas imports necessitate a focus on the quantity and structure of breeding stock updates, suggesting a potential market reversal [3]. - Companies like San Nong Development, Yisheng Livestock, and Minhe Holdings are highlighted as key players benefiting from these market dynamics, with expectations of improved profitability due to rising prices and increased domestic breeding efforts [3]. Additional Important Points - The call emphasizes the importance of domestic breeding and the potential for local breeds to gain market share as overseas imports remain constrained. This shift could lead to a more resilient poultry industry in the long term [3].

Investment Rating - The investment rating for the poultry farming sector is "Strongly Recommended" for key companies such as Shengnong Development, Wens Foodstuff Group, and Lihua Co., Ltd. [2] Core Insights - The poultry sector is expected to see revenue growth in 2024, driven by improved breeding costs, leading to a recovery in profitability. The second half of 2025 is anticipated to witness a rebound in white chicken breeding prices, with significant profit elasticity expected after the peak season for yellow chicken prices. [1][8] Summary by Sections Review: Cost Improvement Drives Profit Recovery - In 2024, the poultry sector's total revenue decreased by 1% year-on-year, but the net profit excluding non-recurring items turned positive. In Q4 2024, total revenue increased by 6.7% year-on-year, while Q1 2025 saw a 6% increase in revenue year-on-year, despite a 15% quarter-on-quarter decline. [5][8] - The average price of white feather chicken chicks in 2024 was 3.25 CNY per chick, up 4.4% year-on-year, while the average price of chicken products fell by 12.2%. The average price of live chickens dropped by 13.6%. [12][13] - For yellow feather chicken, the average price of snow mountain chickens decreased by 11% year-on-year, and fast-growing chickens saw an 8% decline. Despite falling prices, the reduction in breeding costs led to significant profit improvements for leading companies. [12][13] Outlook: Breeding Sector Expected to Rebound - The breeding sector for white feather chickens is expected to see a tightening supply in the second half of 2025, which will impact the supply of commodity meat chickens in 2026. [26][35] - The current stock of parent breeding chickens has dropped to historically low levels, setting the stage for future price increases. The cost of yellow feather chicken breeding has decreased, and a price rebound is expected to significantly enhance profit margins. [27][37] Investment Recommendations - The report recommends focusing on the breeding sector for white feather chickens, with Shengnong Development highlighted as a key player benefiting from cost improvements. For yellow feather chickens, Lihua Co., Ltd. and Dekang Agriculture are recommended due to their potential for profit recovery as prices rebound. [35][37]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - Short-term consumption weakness has led to a slight decline in pig prices, but high prices for piglets and sows indicate optimistic expectations for the future [4][6] - The pig farming sector shows low valuation opportunities, while the pet sector continues to strengthen the logic of domestic brand rise [7][25] - The overall agricultural index underperformed the market by 0.93 percentage points during the week [29] Summary by Sections Weekly Observation - After the May Day holiday, consumer support was insufficient, leading to a slight decline in national pig prices. As of May 9, the average selling price of live pigs was 14.79 yuan/kg, down 0.02 yuan/kg week-on-week, a decrease of 0.14% [4][15] - The average daily slaughter volume of sample enterprises was 148,800 pigs, a decrease of 780 pigs from the previous week [4][15] Weekly Viewpoint - The pig sector shows low valuation opportunities, with the supply side not yet recovering to the levels of the same period in 2023. The demand side is supported by macro policies driving consumption recovery [25] - Recommended stocks include Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, Huadong Food, and Tiankang Biological [7][25] Market Performance (May 5-9) - The agricultural index rose by 0.99%, underperforming the market by 0.93 percentage points, with the fishery sector leading the gains [29][32] - Notable stock performances included *ST Jiawo (+13.47%), Guotou Zhonglu (+12.05%), and Xuelong Biological (+11.04%) [29][35] Price Tracking (May 5-9) - As of May 9, the national average price for live pigs was 14.82 yuan/kg, down 0.02 yuan/kg from the previous week. The average price for piglets was 36.87 yuan/kg, also down 0.01 yuan/kg [41] - The average profit for self-bred pigs was 84.33 yuan/head, a decrease of 0.72 yuan/head week-on-week [41] Key News (May 5-9) - Seven departments jointly issued an implementation opinion to enhance the overall effectiveness of the agricultural science and technology innovation system [36]

宁波富达：终止筹划重大资产重组事项 宁波富达(600724)公告，公司原计划以现金方式通过股权受让或增资方式取得宁波晶鑫电子材料有限 公司不少于45%股权，并保证上市公司拥有目标公司的表决权股权比例不低于51%。由于交易双方未 能就交易最终方案达成一致，经友好协商，各方同意终止进一步推进本次交易。终止本次重大资产重 组事项无需提交董事会、股东会审议。交易尚处于筹划阶段，未对上市公司现有生产经营活动、财务 状况和战略发展造成重大不利影响。公司承诺自公告披露之日起至少一个月内不再筹划重大资产重 组。 蓝黛科技：拟3411万元收购重庆台冠18%股权 2025.05. 09 5月9日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 卧龙地产：证券简称变更为"卧龙新能" 卧龙地产(600173)公告，公司证券简称将自2025年5月15日起由"卧龙地产"变更为"卧龙新能"，公司 证券代码保持不变。 蓝黛科技(002765)公告，拟收购殷文俊、刘健、孙刚、崔颖合计持有的公司控股子公司重庆台冠18% 股权，转让价款为3411万元。本次股权收购完成后，公司将持有重庆台冠100 ...

Group 1 - Yitong Century won a bid for a communication engineering construction service project from China Mobile, with a total bid amount of 228 million yuan (including tax) [1] - Zhiyuan New Energy plans to repurchase shares worth between 33 million and 66 million yuan, with a maximum repurchase price of 22.00 yuan per share [1] - GAC Group reported April automobile sales of 116,400 units, a year-on-year decrease of 12.66% [2] - JAC Motors reported April automobile sales of 30,764 units, a year-on-year decrease of 3.55% [3] Group 2 - Fosun Pharma's subsidiary received FDA approval for a clinical trial of a live biotherapeutic product aimed at treating androgenetic alopecia [4] - Liangxin Co. obtained multiple patent certificates, including 2 invention patents and 32 utility model patents [5] - Sainuo Medical's two products received medical device registration certificates in Mexico and Ecuador [5] - Huayu Pharmaceutical's two products received marketing approvals in France and Spain [6] Group 3 - Shengnong Development reported April sales revenue of 1.533 billion yuan, a year-on-year increase of 0.68% [6] - Hasi Lian's potassium chloride and sodium chloride injection passed the consistency evaluation [7] - Shapuaisi received approval for a supplemental application for levofloxacin eye drops [9] - Tianyu Biological reported April sales revenue of 59.32 million yuan from pig sales [10] Group 4 - *ST Weihai was pre-awarded a project worth 108 million yuan [12] - Luoniushan reported April sales revenue of 125 million yuan from pig sales, a year-on-year increase of 12.72% [13] - Minhe Co. reported April sales revenue of 68.30 million yuan from chick sales, a year-on-year increase of 0.51% [14] Group 5 - Double Ring Technology's application for a specific stock issuance was approved by the Shenzhen Stock Exchange [15] - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan [16] - Baolong Technology plans to repurchase shares worth between 100 million and 200 million yuan [17] Group 6 - Huasheng Technology's subsidiary plans to sell shares of a company for 200 million yuan [24] - *ST Gengxing's controlling shareholder plans to increase holdings worth between 30 million and 60 million yuan [25] - Ruihuatai's shareholder plans to reduce holdings by up to 1% of the company's shares [26] Group 7 - Foton Motor reported April commercial vehicle sales of 54,816 units, a year-on-year increase of 21.63% [20] - China Merchants Bank plans to invest 15 billion yuan to establish a financial asset investment company [22] - Jinchengxin plans to invest approximately 231 million USD in the Alacran copper-gold-silver mine project [23] Group 8 - Zhongji United's controlling shareholder plans to reduce holdings by up to 2% of the company's shares [30] - Ningbo Huaxiang signed a strategic cooperation agreement to strengthen collaboration in various areas [31] - SMIC reported a net profit of 1.356 billion yuan for Q1 2025, a year-on-year increase of 166.5% [32] Group 9 - FAW Fuwi received a project notification to develop seat products for a luxury brand, with a total sales amount expected to be 1.39 billion yuan [33] - Huakang Clean won a bid for a purification project worth 64.425 million yuan [34] - Lihua Co. reported April sales revenue of 1.125 billion yuan from chicken sales [35]