Group 1 - The China Livestock Breeding Index (930707) increased by 0.05% as of May 27, 2025, with notable gains from companies such as Ruip Bio (300119) up 1.68% and Yike Food (301116) up 1.44% [1] - The Livestock ETF (516760) rose by 0.16%, with a latest price of 0.63 yuan, and has accumulated a 0.64% increase over the past two weeks [1] - The Livestock ETF has shown a net value increase of 3.27% over the past six months, with a maximum single-month return of 17.22% since its inception [1] Group 2 - Sichuan Province has drafted ten measures to promote high-quality development in the livestock industry, focusing on strengthening leading enterprises and supporting their participation in large-scale projects [2] - The measures aim to enhance the capabilities of leading livestock enterprises to drive the development of farms and households [2] Group 3 - Short-term pig prices are expected to remain stable, with a balanced supply-demand situation anticipated in the second half of the year, leading to a more optimistic outlook for pig price expectations and profitability of pig enterprises [3] - Current pig prices allow for slight profitability for breeding enterprises, but the industry faces challenges in capacity reduction, with cost competition becoming a key focus [3] Group 4 - As of May 26, 2025, the Livestock ETF has experienced a maximum drawdown of 5.00% this year, with a management fee of 0.50% and a custody fee of 0.10% [5] - The Livestock ETF tracks the China Livestock Breeding Index, which has a current price-to-earnings ratio (PE-TTM) of 12.33, indicating a historical low valuation [5] - The top ten weighted stocks in the China Livestock Breeding Index account for 69.38% of the index, with companies like Haida Group (002311) and Muyuan Foods (002714) being the largest contributors [5]

Investment Rating - The report maintains an "Overweight" rating for the agriculture sector [3] Core Insights - The agriculture sector is experiencing a blend of traditional and innovative trends, with a focus on both stable consumption and growth opportunities [1] - The report highlights the resilience of meat protein prices and the potential for long-term investment opportunities amidst market pessimism [1][2] Summary by Sections Traditional Consumption - Meat protein prices remain strong, with pork prices averaging 15.1 CNY/kg from January to April 2025, up 1.4% and 2.7% compared to 2024 and 2023 respectively [9] - The average profit per pig has reached 87 CNY, marking the first profitable quarter since 2021 [9] - Poultry supply is increasing, with a recovery in breeding stock leading to improved profitability in the poultry sector [24][29] New Consumption - The new consumption trends are focusing on health and wellness, with significant growth in the pet-related industry, including pet food and healthcare [2] - The rise of sugar alternatives and health food concepts such as konjac and blueberries are highlighted as key growth areas [2] Investment Recommendations - The report suggests focusing on specific companies within various segments, including: - Swine farming: Muyuan Foods, Wens Foodstuff Group, and Shennong Group - Poultry: Sanquan Foods, Hewei Group, and Yisheng Livestock - Aquaculture feed: Haida Group - Pet industry: Guibao Pet and Zhongchong Co. - New consumption: Baolingbao Biology, Huakang Co., and Zhongxing Junye [2] Crop Production - The report notes that corn and soybean production is expected to be stable, with a slight increase in corn production to 290 million tons in 2025, up 0.4% from the previous year [64][69] - The impact of weather on crop yields is emphasized, particularly regarding the ENSO phenomenon and its potential effects on production [78] Market Trends - The report indicates a potential increase in beef prices as domestic and international supply decreases, with beef wholesale prices rising to 63.12 CNY/kg in May 2025 [39] - The overall outlook for the agriculture sector remains positive, with expectations of continued demand and price stability in key protein markets [63]

Group 1 - The "2025 China Brand Value Evaluation Information Release" event was held in Deqing, Zhejiang, attracting 1,068 brands for evaluation, with 779 brands' value information published [1] - Fujian Province had 52 brands listed, with Nanping City standing out with 11 brands selected across enterprise brands, independent innovation brands, and geographical indication regional brands [1] - In the agricultural brand category, Fujian Shengnong Development Co., Ltd. ranked first in the poultry processing industry with a brand strength of 903 and a brand value of 12.75 billion [1] Group 2 - In the machinery manufacturing sector, Nanping Sun Cable ranked 60th with a brand strength of 852 and a brand value of 1.507 billion, becoming a benchmark for industrial brands in northern Fujian [1] - In the independent innovation category, Nanping Shengnong Food ranked 6th nationally with a brand strength of 810 and a brand value of 3.803 billion; Zhengshan Tea and Fumao Liquor ranked 24th and 26th with brand values of 1.592 billion and 1.384 billion respectively [1] - The geographical indication regional brands in Nanping City are thriving, with Wuyi Rock Tea holding a brand strength of 915 and a brand value of 75.018 billion, ranking 2nd in the tea category and 3rd overall in geographical indications [2] Group 3 - Wuyi Red Tea reached a brand value of 12.136 billion, ranking 6th in the tea category and 28th overall in geographical indications; Zhenghe White Tea saw significant growth with a brand value of 7.336 billion, rising 11 places to rank 47th [2] - The public brand "Wuyi Bamboo Cube" from Shaowu City ranked prominently in the bamboo industry with a brand strength of 850 and a brand value of 22.324 billion, showing a year-on-year increase of 2.087 billion [2] - The rise of Nanping City's brand matrix indicates a shift from single product branding to an ecosystem approach, supporting rural revitalization and industrial integration [2]

Group 1 - The China Livestock Breeding Index (930707) has shown a slight increase of 0.18% as of May 19, 2025, with notable gains in stocks such as Xiangjia Co., Ltd. (002982) up by 6.62% and Yike Foods (301116) up by 1.73% [1] - The recent outbreak of highly pathogenic avian influenza in Brazil has led to a suspension of poultry imports from Brazil by Mexico, impacting the poultry market [1] - A report from Guojin Securities indicates that the price of white feather chickens has rebounded due to previous price drops and improved consumer demand, while the supply of breeding chickens has significantly decreased year-on-year [1] Group 2 - The macroeconomic policy adjustments are expected to gradually boost consumer demand, leading to an increase in poultry product consumption and a higher proportion of high-end products [2] - The dairy industry is anticipated to stabilize and recover in the second half of 2025, with ongoing low prices for raw milk and an acceleration in industry capacity reduction [2] - The top ten weighted stocks in the China Livestock Breeding Index account for 69.38% of the index, with companies like Haida Group (002311) and Muyuan Foods (002714) being the most significant contributors [3]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [5] Core Views - The company is solidifying its breeding advantages while continuously extending its deep processing business [1] - The company's gross margin has improved, with a 1 percentage point increase in 2024 and a 4 percentage point increase in Q1 2025, attributed to product structure optimization [2] - The company has successfully transitioned from low-margin raw meat processing to high-margin deep processing, leading to significant revenue and profit growth [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 18.586 billion yuan, a 1% increase year-on-year, and a net profit of 724 million yuan, a 9% increase [1] - For Q1 2025, total revenue was 4.115 billion yuan, a 2% decrease, but net profit improved to 148 million yuan from a loss of 62 million yuan in Q1 2024 [1] Cost and Profitability - The company's net profit margin increased by 0.5 percentage points in 2024 and 5 percentage points in Q1 2025, driven by the optimization of the new self-developed breeding stock "Shengze 901Plus" [2] - The company’s food processing business revenue grew by 10% in 2024, reaching 7.010 billion yuan, as it capitalized on its scale advantages and brand recognition [3] Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.83 yuan in 2025, 1.12 yuan in 2026, and 1.42 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 19, 14, and 11 times respectively [5] - Revenue growth is projected at 10.2% in 2025, 9.7% in 2026, and 9.1% in 2027, with net profit growth rates of 43.0%, 33.9%, and 27.7% for the same years [7]

Core Viewpoint - The State Grid Pucheng Power Supply Company is actively enhancing energy efficiency services to help clients reduce energy costs and improve energy utilization efficiency through tailored energy diagnostics and recommendations [1][3]. Group 1: Energy Efficiency Services - The company provides energy efficiency diagnosis services, focusing on identifying issues to enhance electricity efficiency and lower energy costs [1]. - Customized energy analysis is conducted for clients, including the preparation of power load demand response measures [3]. - The company assists enterprises like Shennong Development (Pucheng) Co., Ltd. by analyzing their energy consumption data and operational characteristics to identify high energy-consuming equipment and potential energy-saving opportunities [3]. Group 2: Implementation and Support - Specific energy-saving measures and suggestions are provided to enterprises, along with tracking services to ensure effective implementation of these measures [3]. - After each monthly electricity bill issuance, the company forms a dedicated energy efficiency service team to analyze the energy usage situation and create detailed energy efficiency bills for clients [3]. - The company has helped Shennong Development (Pucheng) Co., Ltd. earn a power factor electricity fee reward of 109,600 yuan this year [3]. Group 3: Future Plans - The company plans to continue conducting energy efficiency diagnosis services for industrial enterprises, utilizing online platforms to monitor client energy usage and assist in reducing energy costs and carbon emissions [5].

证券代码：002299 证券简称：圣农发展 公告编号：2025-033 福建圣农发展股份有限公司 2024 年年度权益分派实施公告 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 性陈述或者重大遗漏。 特别提示： 本次权益分派实施后，按公司总股本折算每股现金分红比例及除权除息参考 价计算如下：按公司总股本折算每股现金红利=实际现金分红总额÷总股本（含 从二级市场回购的股份 7,453,029 股）=247,189,453.20 元÷1,243,400,295 股 =0.1988011 元/股（最后一位直接截取保留小数点后七位），即按公司总股本（含 从二级市场回购的股份）折算的每股现金红利为 0.1988011 元。 本次权益分派实施后的除权除息参考价=股权登记日收盘价-0.1988011 元/ 股（按公司总股本折算每股现金红利）。 福建圣农发展股份有限公司(以下简称"公司"或"本公司")2024 年年度权 益分派方案已获 2025 年 5 月 7 日召开的 2024 年度股东大会审议通过。本次实 施的权益分派方案与公司 2024 年度股东大会审议通过的权益分派方案一致，即 以实施 ...

Investment Rating - The report initiates coverage of the agriculture sector with an "Overweight" rating, indicating a favorable outlook for the industry due to stable demand and strong policy support [3][5]. Core Views - The agriculture sector is seen as a defensive investment option amidst a complex external environment, with many meat protein and agricultural product prices currently in a recovery phase, suggesting potential for stable growth in leading companies [3]. - The report highlights that low costs are a core competitive advantage for listed pig farming companies, recommending a focus on firms with strong cost control or clear cost reduction paths [3]. - The report suggests monitoring specific companies across various segments, including pig farming, poultry, feed, and agricultural products, indicating a diversified investment approach [3]. Summary by Sections Market Review - The agriculture sector underperformed the market by 1.02 percentage points during the week of May 6-9, 2025, with the index closing at 2,619.30, reflecting a 0.99% increase [14]. - Among sub-sectors, the fishery sector performed best with a 3.87% increase, while the breeding sector saw a slight decline of 0.19% [16][18]. Key Industry Data Pig Farming - As of May 9, 2025, the average price of live pigs was 14.82 CNY/kg, down 0.13% from April 30, 2025, and down 0.74% year-on-year [1]. - The profit from self-breeding was 84.33 CNY per head, while the profit from purchasing piglets increased by 9.92 CNY to 58.46 CNY per head [1]. Poultry - As of May 9, 2025, the average price of broiler chicks was 2.91 CNY per chick, up 0.34% week-on-week, while the price of white feather broilers was 7.45 CNY/kg, down 0.40% [2]. Agricultural Products - As of May 9, 2025, the average prices for key crops were as follows: wheat at 2,460.67 CNY/ton (up 0.19%), japonica rice at 2,864.00 CNY/ton (up 0.21%), corn at 2,292.86 CNY/ton (up 1.78%), and soybean meal at 3,300.00 CNY/ton (down 5.08%) [2]. Company Announcements - Muyuan Foods reported selling 6.573 million pigs in April 2025, a year-on-year increase of 51.80%, with an average selling price of 14.66 CNY/kg [35][36]. - Shennong Development achieved a sales revenue of 1.533 billion CNY in April 2025, a year-on-year increase of 0.68% [37].

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].

Core Viewpoint - The CSI Modern Agriculture Theme Index has shown a mixed performance, with a recent decline despite a year-to-date increase, indicating volatility in the agricultural sector [1][2]. Group 1: Index Performance - The CSI Modern Agriculture Theme Index (CS Modern Agriculture, 930662) fell by 0.4% to 997.35 points, with a trading volume of 7.519 billion [1]. - Over the past month, the index has decreased by 5.59%, while it has increased by 5.31% over the last three months and by 1.82% year-to-date [1]. Group 2: Index Composition - The index comprises 30 listed companies involved in various agricultural sectors, including agricultural products, seed industry, feed, animal health and breeding, livestock products, fishery products, and agricultural machinery [1]. - The top ten holdings in the index are: Muyuan Foods (14.98%), Wens Foodstuff Group (14.78%), Haida Group (12.99%), New Hope Liuhe (6.27%), Meihua Holdings (6.23%), Dabeinong Technology Group (4.08%), Longping High-Tech (3.1%), Beidahuang (3.08%), Shennong Development (2.79%), and Hainan Rubber (2.29%) [1]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shenzhen Stock Exchange (74.03%) and the Shanghai Stock Exchange (25.97%) [1]. - In terms of industry composition, livestock products account for 39.61%, feed for 37.86%, agricultural products for 8.40%, seed industry for 7.29%, animal health and breeding for 5.99%, and agricultural machinery for 0.84% [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2].