截至2025年5月29日 10:55，中证畜牧养殖指数(930707)上涨0.22%，成分股溢多利(300381)上涨2.33%，播恩集团(001366)上涨1.37%，兄弟科技(002562)上涨 1.32%，温氏股份(300498)上涨0.87%，安迪苏(600299)上涨0.74%。 养殖ETF(516760)上涨0.16%，最新价报0.63元。拉长时间看，截至2025年5月28日，养殖ETF近3月累计上涨7.20%，涨幅排名可比基金1/4。 2025年4月，生猪价格延续震荡走势但整体偏强，主要受3月标肥价差收窄刺激行业提前出栏，部分透支4月供给，缓解了市场压力。养殖盈利方面，自繁自 养利润均值达69.4元/头，环比增长64%，外购仔猪利润31.7元/头，环比扭亏。 截至5月28日，养殖ETF近6月净值上涨2.27%。从收益能力看，截至2025年5月28日，养殖ETF自成立以来，最高单月回报为17.22%，最长连涨月数为4个 月，最长连涨涨幅为17.79%，上涨月份平均收益率为4.75%。截至2025年5月28日，养殖ETF成立以来超越基准年化收益为3.29%。 从估值层面来看，养殖ETF跟踪的中证畜牧 ...

证券代码：002311 证券简称：海大集团 广东海大集团股份有限公司投资者关系活动记录表 编号：2025-009 | | □特定对象调研□分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访□业绩说明会 | | 类别 | □新闻发布会□路演活动 | | | □现场参观 | | | 其他（券商策略会） | | 共 参与单位名称及 | 近期，公司前往宁波、上海参加券商策略会，国盛证券、中信证 券、富国基金、银华基金、汇添富基金、淡马锡投资等多家机构 位投资者参与。名单详见附件清单。 35 | | | 重要提示：1、参会人员名单由主办机构提供并经整理后披露。公 | | 人员姓名 | 司无法保证所有参会人员及其单位名称的完整性和准确性，敬请 | | | 投资者注意；2、本记录表所涉及公司业务规划目标等前瞻性陈述， | | | 不构成公司对任何投资者及相关人士的实质承诺，请投资者注意 | | | 投资风险。 | | 时间 | 2025 年 5 月 | | 地点 | 宁波、上海 | | 上市公司接待人 | 证券部经理李坦航 | | 员姓名 | | | 投资者关系活动 | 公司就投资者提出的问题 ...

Group 1 - The overall performance of the agricultural sector, particularly the pig farming industry, is currently under pressure, with the average pig price showing a decline in several key provinces [1] - The average price of pork is 20.95 yuan/kg, reflecting a slight increase of 0.05% week-on-week, while the average price of piglets remains stable at 28.00 yuan/kg [1] - The self-breeding profit stands at 48.21 yuan per head, while the profit from purchasing piglets is negative at -16.06 yuan per head, indicating challenges in the market [1] Group 2 - The feed industry is expected to see a recovery in its business environment due to falling raw material prices and improving conditions in the breeding sector, with Hai Da Group positioned for potential growth [2] - The current cycle in the pig farming industry is characterized by a focus on reducing debt rather than rapidly increasing production capacity, with expectations for profitability to begin in Q2 2024 [2] - The market may be overly pessimistic regarding the impact of rising pig production capacity on profitability, potentially overlooking the positive effects of declining raw material costs and anticipated demand recovery in 2025 [2] Group 3 - The poultry industry, particularly the meat chicken sector, may experience performance improvements driven by new demand in 2025, with Saint Agriculture positioned at the bottom of its performance and valuation cycle [3] - The year 2025 is anticipated to be crucial for pet food brands, with a focus on brands that can lead market trends and show profit improvements, recommending domestic brands like Guibao Pet and Zhongchong Co. [3]

Group 1 - The main consumption index (000932) has shown a slight increase of 0.14% as of May 27, 2025, with notable gains in stocks such as Yanjing Beer (2.89%) and Angel Yeast (2.85%) [1] - The major consumption ETF (159672) has risen by 4.04% over the past three months, indicating a positive trend in consumer sector investments [1] - Huatai Securities expresses optimism regarding the food and beverage industry during the economic transition towards consumption, supported by clear policies and steady growth in retail sales [1] Group 2 - The major consumption ETF closely tracks the main consumption index and is categorized into 11 primary and 35 secondary industries, providing a comprehensive analysis tool for investors [2] - Since its inception, the major consumption ETF has achieved a maximum monthly return of 24.35% and an average monthly return of 5.36% [2] - The current price-to-earnings ratio (PE-TTM) of the major consumption index is 19.75, indicating a valuation lower than 95.63% of the past year, suggesting historical low valuations [2] Group 3 - As of April 30, 2025, the top ten weighted stocks in the main consumption index account for 67.16% of the total index, with Yili (10.39%) and Kweichow Moutai (10.39%) being the largest contributors [3] - The top ten stocks include notable companies such as Wuliangye and Moutai, reflecting the concentration of market weight in a few key players [3][5]

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]

证券代码：002311 证券简称：海大集团 目前，公司水产料在越南市场的市占率已达行业前列，畜禽 料市占率相较于水产料略低。 3、公司海外饲料业务吨利润是否高于国内？ 由于饲料品种结构、市场竞争烈度等差异，海外饲料业务毛 利率高于国内。 广东海大集团股份有限公司投资者关系活动记录表 编号：2025-008 | | □特定对象调研□分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访□业绩说明会 | | 类别 | □新闻发布会□路演活动 | | | □现场参观 | | | 其他（券商策略会） | | 参与单位名称及 | 近期，公司前往杭州、上海参加券商策略会，广发证券、摩根士 28 | | | 丹利、景顺长城基金、施罗德投资、华泰柏瑞基金等多家机构共 | | | 位投资者参与。名单详见附件清单。 | | | 重要提示：1、参会人员名单由主办机构提供并经整理后披露。公 | | 人员姓名 | 司无法保证所有参会人员及其单位名称的完整性和准确性，敬请 | | | 投资者注意；2、本记录表所涉及公司业务规划目标等前瞻性陈述， | | | 不构成公司对任何投资者及相关人士的实质承诺，请投资者注 ...

证券研究报告 | 行业策略 gszqdatemark 2025 05 25 年 月 日 行业走势 -30% -20% -10% 0% 10% 20% 2024-05 2024-09 2025-01 2025-05 农林牧渔 沪深300 作者 农林牧渔 传统与革新交织，优选景气与成长——2025 年中期策略 过去半年，我们看到各肉类蛋白价格保持坚挺，消费有所回升，此外种植 业关注拉尼娜天气周期临近，作物丰产预期或将结束，均指向传统消费领 域景气度好于预期，在市场一致性悲观的时间段里潜在长线的配置机会。 传统消费之外，新消费的方向逐步走向清晰。从大类来看，增进健康与收 获快乐的新消费亮点频现。符合年轻一代快乐消费的主要方向就是宠物相 关行业，包括宠物食品、医疗等，国产品牌在中高端市场加速发力，业绩 与预期双重增强。而涉及健康领域的新方向，包括减糖意识深化带来代糖 产业崛起，健康食品概念的魔芋、金针菇，视力保护概念水果蓝莓等，都 有颇多亮点。 投资建议。基于各板块景气判断与策略，关注标的如下：生猪养殖：牧原 股份、温氏股份、神农集团等；家禽与其他养殖：圣农发展、禾丰股份、 益生股份、立华股份、光明肉业；水产饲料：海 ...

Core Viewpoint - Guangdong Haid Group Co., Ltd. has approved a proposal to engage in hedging activities in 2025, allowing for a maximum margin of 3 billion yuan for trading relevant futures and options contracts [2] Group 1: Company Overview - Haid Group was established in 1998 and listed on the Shenzhen Stock Exchange in November 2009, primarily engaged in feed production and sales, with a focus on commodities like corn, soybean meal, and live pigs [3] - The company has rapidly expanded its business scale, with feed production reaching nearly 1 million tons by 2006, highlighting the increasing impact of feed costs on profitability [3][4] - In 2024, despite intensified industry competition, Haid Group's feed sales are projected to be approximately 26.52 million tons, a year-on-year increase of about 9%, further solidifying its market leadership [4] Group 2: Risk Management and Hedging Strategy - The company has recognized the necessity of using futures tools to mitigate risks associated with price volatility in raw materials, which can fluctuate by over 10% annually [3][5] - Haid Group employs a centralized procurement model for major raw materials, which, combined with hedging operations, enhances procurement advantages and risk control [3][6] - The company has established a unified internal management system that integrates futures and spot business, ensuring that hedging positions do not exceed the scale of actual needs [6] Group 3: Futures Market Engagement - Haid Group began exploring the futures market in 2004 and has since built a dedicated hedging team, leading to significant operational success [4][9] - The company has increasingly utilized basis trading as a risk management strategy, with the proportion of trading completed through this method rising annually since 2013 [8] - The company has effectively managed price risks, with minimal losses from corn market fluctuations due to its disciplined approach to futures trading [8] Group 4: Operational Examples and Impact - In August 2023, Haid Group's trading team executed a sell hedging operation on the C2401 contract, which provided over 100 yuan per ton in price protection against fluctuations in the procurement costs of imported grains [7] - The company has implemented a centralized management system for futures trading accounts, ensuring that all trading activities are overseen by the group's vice president of futures business [9][10] - Haid Group emphasizes the importance of establishing a professional research team to support its hedging activities with fundamental data [10]

证券代码：002311 证券简称：海大集团 公告编号：2025-026 广东海大集团股份有限公司 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。 广东海大集团股份有限公司（以下简称"公司""本公司"）于 2025 年 4 月 18 日召开第六届董事会第二十四次会议和第六届监事会第十九次会议，审议通过了 《关于公司 2021 年股票期权激励计划首次授予第四个行权期及预留授予第三个 《关于公司 2024 年股票期权 行权期不符合行权条件并注销相应股票期权的议案》 激励计划第一个行权期不符合行权条件并注销相应股票期权的议案》和《关于注 销公司 2021 年股票期权激励计划和 2024 年股票期权激励计划部分股票期权的议 ，确定公司 2021 年股票期权激励计划首次授予第四个行权期及预留授予第三 案》 个行权期不符合行权条件，同意注销相应股票期权 9,719,550 份；确定公司 2024 年股票期权激励计划第一个行权期不符合行权条件，同意注销相应股票期权 名激励对象对应的 467,490 份股票期权；同意注销 2024 年股票期权激励计划因 离职或解除劳动关系的 1 ...

证券代码：002311 证券简称：海大集团 公告编号：2025-026 广东海大集团股份有限公司 关于公司股票期权激励计划部分股票期权注销完成的公告 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。 广东海大集团股份有限公司（以下简称"公司""本公司"）于 2025 年 4 月 18 日召开第六届董事会第二十四次会议和第六届监事会第十九次会议，审议通过了 《关于公司 2021 年股票期权激励计划首次授予第四个行权期及预留授予第三个 行权期不符合行权条件并注销相应股票期权的议案》《关于公司 2024 年股票期权 激励计划第一个行权期不符合行权条件并注销相应股票期权的议案》和《关于注 销公司2021年股票期权激励计划和2024年股票期权激励计划部分股票期权的议 案》，确定公司 2021 年股票期权激励计划首次授予第四个行权期及预留授予第三 个行权期不符合行权条件，同意注销相应股票期权 9,719,550 份；确定公司 2024 年股票期权激励计划第一个行权期不符合行权条件，同意注销相应股票期权 16,191,090 份；同意注销 2021 年股票期权激励计划因离职或 ...