Investment Rating - The report maintains an "Increase" rating for the agricultural, forestry, animal husbandry, and fishery industry [5] Core Viewpoints - The overall allocation in the agricultural, forestry, animal husbandry, and fishery sector is currently low, below the standard allocation level. The report suggests focusing on leading companies in the breeding sector, which are expected to see continuous profit growth due to high-quality industry development [19][3] - The report highlights a significant increase in allocation towards the feed and breeding sectors, indicating a positive trend in the industry [13][19] Summary by Sections Fund Heavyweight Allocation - As of the end of Q2 2025, the heavy allocation of agricultural, forestry, animal husbandry, and fishery stocks is 1.36%, an increase of 0.37 percentage points quarter-on-quarter but a decrease of 0.38 percentage points year-on-year. This allocation is 0.14 percentage points below the industry average [11][1] - The breeding sector's heavy allocation is 0.41%, up 0.12 percentage points from the previous quarter but down 0.72 percentage points year-on-year. The feed sector's heavy allocation is 0.85%, up 0.28 percentage points quarter-on-quarter and up 0.34 percentage points year-on-year [13][11] Company-Specific Increases - Notable increases in allocation among the top 15 heavy stocks include Haida Group (+0.26 percentage points), Muyuan Foods (+0.1 percentage points), and others. The top five stocks with relative increases in holding value include Haida Group (+2.95%), Bangji Technology (+1.90%), and others [2][15] Investment Recommendations - For the breeding sector, the report recommends focusing on leading companies such as Muyuan Foods, Wens Foodstuffs, and Dekang Animal Husbandry, as well as seasonal price rebounds in chicken prices. For the feed and animal health sectors, it suggests looking at leading companies like Haida Group and Bangji Technology [19][3] - The planting sector shows strong profitability stability, with recommendations to focus on companies like Suqian Agricultural Development and Beidahuang. The seed sector is expected to gain attention due to the commercialization of genetically modified seeds, with potential growth opportunities in companies like Dunhuang Seed and Longping High-Tech [19][3]

Group 1 - Recent data indicates a surge in international capital reallocating towards Chinese assets, with nearly 60% of sovereign wealth funds prioritizing China as an investment market [1][2] - Korean investors have shown increasing enthusiasm for Chinese stocks, with a cumulative trading volume of $5.764 billion in 2023, making China the second-largest overseas investment destination for Korean investors [2] - UBS's survey reveals that 19% of global family offices plan to increase their allocation to Chinese assets, marking a 3 percentage point increase from 2024 [2] Group 2 - In July, five major overseas Chinese stock ETFs attracted over $2 billion in investments, with significant growth in assets under management for several ETFs [3] - Sovereign wealth funds are driven to allocate to Chinese assets due to attractive local returns, diversification benefits, and expanded market access for foreign investors [3] Group 3 - The Chinese economy's recovery has exceeded market expectations, bolstered by rapid policy responses to stabilize expectations and stimulate growth, enhancing international investor confidence [4] - China has made significant advancements in technology and innovation, leading to a re-evaluation of asset valuations by international investors [4] Group 4 - As of August 1, four A-share stocks have over 24% foreign ownership, indicating strong foreign interest in companies with global competitiveness [5] - Foreign investors are selectively investing in growth stocks, focusing on companies with sustainable performance and expanding market shares [6] Group 5 - Foreign capital is favoring high-dividend stocks and growth stocks, reflecting a dual strategy of defense and offense in investment [7] - High-dividend stocks are recognized for their stable cash flows and strong governance, while growth stocks represent long-term bets on China's economic transformation [8]

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][8]. Core Viewpoints - The report highlights a long-term revaluation opportunity for the pig industry, indicating that while pig prices are experiencing fluctuations, there is still downward pressure. The industry is expected to transition towards a self-regulatory and stable phase, benefiting leading companies such as Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [4][14]. - The poultry sector is currently facing low prices, but there are signs of marginal improvement in the cycle, with recommendations for companies like Shennong Development and Lihua Stock [5][24]. - The animal health sector is anticipated to see performance recovery and investment opportunities in pet medical services, with a focus on companies like Kexin Biological and Ruipuhua [6][34]. - The planting sector is experiencing a decline in the pig-to-grain price ratio, with ongoing commercialization of genetically modified seeds benefiting early adopters [7][37]. - The feed sector is witnessing price fluctuations, with recommendations for Haida Group and attention to He Feng Stock [7][42]. - The pet economy is thriving, with domestic brands gaining strength, and the report recommends companies in the pet food sector such as Guibao Pet and Zhongchong Stock [7][51]. Summary by Sections Pig Industry - The average price of pigs is currently around 14.08 yuan/kg, with fluctuations noted [14]. - The number of breeding sows has increased slightly, indicating a stable supply [14]. - Key recommendations include Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture, with a suggestion to pay attention to Dekang Agriculture [4][14]. Poultry Industry - The price of white feather chicken is low, with a focus on potential marginal improvements in the cycle [5][23]. - The report notes a significant update in the breeding stock, with a mix of imported and self-bred varieties [5][24]. - Recommended companies include Shennong Development and Lihua Stock [5][24]. Animal Health - The report anticipates continued recovery in animal health companies' performance, supported by stable profits in the pig farming sector [6][34]. - The approval of mRNA vaccines for veterinary use marks a significant technological advancement [6][34]. - Recommended companies include Kexin Biological and Ruipuhua, with additional attention to Huisheng Biological and Jinhai Biological [6][34]. Planting Sector - The pig-to-grain price ratio has decreased, with ongoing commercialization of genetically modified seeds [7][37]. - Recommendations include Suqian Agricultural Development and Longping High-Tech [7][37]. Feed Sector - Feed prices are experiencing fluctuations, with specific prices noted for different types of feed [7][42]. - The report suggests that the feed industry is likely to see increased concentration, recommending Haida Group and monitoring He Feng Stock [7][42]. Pet Industry - The pet market is growing, with a significant increase in consumption and brand development [7][51]. - Recommendations include Guibao Pet, Zhongchong Stock, and Peidi Stock in the pet food sector, as well as Ruipuhua in the pet medical sector [7][51].

Wind数据显示，截至8月4日15:30，共有83家A股上市公司披露2025年半年报，社保基金出现在13家上市公司前十大流通股东名单中。 2025年二季度，社保基金新进成为4家上市公司的前十大流通股东，对3家上市公司的持股数量增加。根据已披露的半年报，截至二季度末，社保基金合计持 股数量达1.60亿股，持股市值为41.26亿元（按照二季度末收盘价计算）。 从社保基金持仓市值排名看，社保基金对海大集团的持仓市值达12.32亿元，位居第一；藏格矿业、海信家电的持仓市值分居第二、第三位，分别达7.73亿 元、4.60亿元。此外，社保基金对东方雨虹持仓市值超4亿元，对宏发股份持仓市值超3亿元。 | 代理 | 名称 | | 培设量(同時) | | | | --- | --- | --- | --- | --- | --- | | | | 45.El. | (स्प्रेस) | 上期 | ↓本目 | | 002311.SZ | ：海大集团 | 2.103.4350 | 1.015.0118 | 1.088.4232 : | 123,240.26 | | 000408.SZ | ：藏格矿业 | 1,812.0000 | ...

Market Performance - On August 4, A-shares saw all three major indices rise, with the Shanghai Composite Index increasing by 0.66% to 3583.31 points, the Shenzhen Component Index rising by 0.46% to 11041.56 points, and the ChiNext Index up by 0.5% to 2334.32 points [1] Fund Manager Changes - In the past 30 days (July 5 to August 4), a total of 437 fund managers have left their positions, with 23 announcements made on August 4 alone. Among these, 7 managers left due to job changes and 2 due to product expiration [3] - Notable fund manager changes include Yang Huiliang from multiple Baoying funds due to job changes, and Wang Sha from the Shenwan Lingxin fund due to product expiration [4][5] Fund Manager Performance - Yang Huiliang currently manages assets totaling 709 million yuan, with the highest return product being Baoying Consumer Theme Mixed Fund, which achieved a return of 144.11% over 6 years and 285 days [4] - Li Shujian from E Fund manages assets totaling 4.963 billion yuan, with the highest return product being E Fund ChiNext Mid-Cap 200 ETF, which gained 77.58% over 1 year and 39 days [5] Fund Company Research Activity - In the past month, Huaxia Fund conducted the most company research, engaging with 48 listed companies, followed closely by E Fund and Bosera Fund with 48 and 47 companies respectively. The telecommunications equipment sector was the most researched, with 242 instances [6][7] - In the last week (July 28 to August 4), Defu Technology was the most researched company, receiving attention from 79 fund institutions, followed by Shijia Photon and Hikvision with 55 and 52 institutions respectively [8][9]

Core Insights - The feed sector experienced a rise of 0.99% on August 4, with Zhongchong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Summary by Category Stock Performance - Zhongchong Co., Ltd. (002891) closed at 58.43, with a gain of 6.33% and a trading volume of 116,900 shares, amounting to a transaction value of 677 million yuan [1] - Other notable performers include: - Guobao Pet (301498) at 92.49, up 2.09% [1] - Petty Co., Ltd. (300673) at 15.75, up 2.01% [1] - Lusi Co., Ltd. (832419) at 21.76, up 1.82% [1] Capital Flow - The feed sector saw a net inflow of 15.24 million yuan from institutional investors, while retail investors contributed a net inflow of 7.74 million yuan [2] - Notable capital flows for specific stocks include: - Zhongchong Co., Ltd. with a net inflow of 48.16 million yuan from institutional investors [3] - Guobao Pet with a net inflow of 19.14 million yuan from institutional investors [3] - Dabeinong (002385) with a net inflow of 2.24 million yuan from institutional investors [3]

Core Insights - The social security fund has revealed its stock holdings for the second quarter, showing a presence in the top ten circulating shareholders of 13 stocks, with new investments in 4 stocks, increased holdings in 4 stocks, unchanged in 1 stock, and reduced holdings in 4 stocks [1] Group 1: Stock Holdings Overview - The highest holding percentage by the social security fund is in Su Shi Testing, with a holding ratio of 2.94% of circulating shares [1] - The second highest is Dongfang Yuhong, with a holding ratio of 1.98% [1] - Other notable holdings include Hisense Home Appliances, Aide Biology, and Haida Group [1] Group 2: Detailed Stock Data - Dongfang Yuhong has the largest number of shares held, totaling 37.9341 million shares, followed by Haida Group with 21.0344 million shares and Cangge Mining with 18.12 million shares [1] - The second quarter data shows a decrease of 6.57% in Dongfang Yuhong's holdings, while Haida Group saw an increase of 93.26% [2] - New entries in the holdings include Su Shi Testing, Tuhua Pharmaceutical, and Xiangdian Co., with respective holding ratios of 2.94%, 0.97%, and 0.60% [2]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The pork market is experiencing an oversupply, leading to a continued decline in pork prices. The average price of external three yuan pigs is 14.13 yuan/kg, with a week-on-week decrease of 1.09% [2][12] - The Ministry of Agriculture and Rural Affairs emphasizes the need for quality improvement and efficiency enhancement in the pig industry, suggesting that outdated production capacity will gradually be eliminated [2][13] - The report highlights the potential benefits of genetically modified crops in increasing yield and self-sufficiency rates for key varieties, with specific companies recommended for investment [12] Summary by Sections Planting Industry - A meeting was held to discuss increasing crop yields in Northeast China, which is crucial for national food security. The region has seen improvements in planting density and technology, contributing to stable yield increases [1] - Companies such as Beidahuang and Suqian Agricultural Development are expected to benefit from these developments, along with seed companies like Dabeinong and Longping High-Tech [1][12] Pig Farming - The average price of pigs has shown a downward trend, with the average weight of slaughtered pigs decreasing for eight consecutive weeks. The number of breeding sows has also decreased slightly [2][12] - The report suggests focusing on companies with significant cost improvements and high future output elasticity, including DeKang Agriculture and Mu Yuan Co., Ltd. [13] Key Agricultural Product Data Tracking - Corn: The average price is 2406.65 yuan/ton, with a week-on-week decrease of 0.09% [27] - Wheat: The average price is 2440.86 yuan/ton, with a week-on-week decrease of 0.08% [30] - Rice: The average price of japonica rice is 2912.00 yuan/ton, with a week-on-week increase of 0.14% [35] - Soybeans: The average price is 3926.32 yuan/ton, remaining stable week-on-week [40] - Cotton: The average price is 15410.00 yuan/ton, with a slight decrease of 0.02% [47] Feed and Vitamin Prices - The average price of pig feed is 2.73 yuan/kg, with a week-on-week increase of 0.37% [53] - The average price of vitamin E is 68.00 yuan/kg, remaining stable week-on-week [62]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [8] Core Insights - The report highlights the low prices of piglets and the high average weight of market pigs, indicating a significant expectation gap in the pig sector [1][2] - The dairy and beef sectors are experiencing a potential new cycle, with a focus on the recovery of milk prices and the initiation of a beef super cycle [3][4] - The pet food sector is witnessing the rise of domestic brands and a positive trend in exports, reflecting the growth of the pet economy [5][6] - The poultry sector is facing challenges with breeding imports and demand recovery, particularly in the white and egg-laying chicken segments [7][8] - The planting sector emphasizes food security and the importance of biological breeding strategies [9][10] - The feed sector is recommended for investment due to market share growth and consistent performance of leading companies like Haida Group [11][12] Summary by Sections Pig Sector - As of August 2, the average price of pigs is 14.35 CNY/kg, down 3.1% from the previous week, with a profit of approximately 141 CNY per head for self-breeding [1][12] - The price of piglets has reached a new low for the year, with 7kg piglets priced at 429 CNY/head [1][12] - The report suggests focusing on undervalued companies with strong profitability in the pig sector, such as Muyuan Foods and Wens Foodstuffs [2][13] Beef Sector - The average price of live cattle is 26.49 CNY/kg, with a year-on-year increase of 11.6% [3][14] - The report indicates that the dairy industry is nearing the end of a capacity reduction phase, with significant losses expected to drive a rebound in milk prices [4][15] Pet Sector - Domestic brands in the pet food market are growing rapidly, with notable sales figures reported for cat and dog food [5][16] - Exports of pet food have increased, with a total of 16.79 million tons exported in the first half of 2025, reflecting a year-on-year growth of 5.7% [5][16] Poultry Sector - The report emphasizes the importance of breeding imports and the potential for price increases in yellow chickens due to recovering demand [6][7] - The average price of egg-laying chickens is expected to remain high due to import restrictions [7][21] Planting Sector - The focus is on achieving food security through improved agricultural practices and the promotion of biotechnology [9][23] - Key recommendations include investing in leading seed companies and agricultural resource firms [9][23] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and strong performance [11][24] - The report notes a significant recovery in the aquaculture and feed sectors after a prolonged downturn [11][24]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The agricultural sector is experiencing a marginal improvement in investment logic for live pigs, driven by both fundamental and policy factors, with expectations of a price increase in the second half of 2025 [26] - The pet sector is witnessing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with a projected market size growth of over 10% annually from 2025 to 2027 [28][29] Summary by Sections Weekly Observation - The national pig price is under pressure due to group weight reduction and increased market supply, with an average price of 14.02 CNY/kg as of August 3, 2025, down 0.57% from the previous week [5][14] - The average weight of pigs sold has decreased to 127.98 kg, reflecting a downward trend due to weight reduction policies and slow growth in high temperatures [16] Weekly Insights - The investment logic for live pigs is improving, with expectations of price support in the second half of 2025 due to a combination of fundamental and policy factors [26] - The feed sector is benefiting from a recovery in domestic livestock and poultry production, with a total feed output expected to reach 1.4 trillion CNY in 2023 [26] Market Performance - The agricultural sector underperformed the broader market by 2.03 percentage points, with the agricultural index declining by 2.97% during the week [30][31] - The animal health sector showed the highest gains, with stocks like Shenlian Biological and Huisheng Biological leading the performance [30] Price Tracking - As of August 1, 2025, the average price for live pigs was 14.33 CNY/kg, with a slight increase of 1.27% from the previous week [42] - The average price for corn was 2,296 CNY/ton, down 0.78% week-on-week, while soybean meal was priced at 3,004 CNY/ton, down 0.69% [60] Key News - The overall situation in China's livestock industry is stable and improving, with a reported production increase of 2.8% in meat output during the first half of 2025 [38] - The number of breeding sows has decreased slightly, indicating a potential reduction in pig supply, which may stabilize prices [38]