Investment Rating - The report maintains an "Increase" rating for the agricultural, forestry, animal husbandry, and fishery industry [4] Core Viewpoints - The overall allocation in the agricultural sector is currently at a low level, below the standard allocation ratio, indicating potential investment opportunities in leading companies and growth stocks within the breeding sector [3][18] - The breeding sector is experiencing a reduction in allocation, while the planting sector shows slight decreases, with the overall heavy allocation in the agricultural sector being the lowest in three years [1][10] Summary by Sections Heavy Allocation Analysis - As of Q1 2025, the heavy allocation in the agricultural sector is 0.92%, a decrease of 0.08 percentage points quarter-on-quarter and 0.74 percentage points year-on-year [10] - The heavy allocation in the breeding industry is 0.45%, down 0.06 percentage points from the previous quarter and 0.65 percentage points year-on-year, indicating a lack of clear direction in the sector [13] Company-Specific Allocation Changes - Among the top 15 heavy allocation stocks, most companies have reduced their allocations, with only Zhongchong Co., Ltd. increasing by approximately 0.03 percentage points [2][14] - The top five stocks with increased allocations include Zhongchong Co., Ltd. (+7.03%), Ruipubio (+1.24%), and Suqian Agricultural Development (+1.02%) [2][16] Investment Recommendations - For the breeding sector, focus on leading stocks such as Muyuan Foods, Wens Foodstuff Group, and Shennong Group, as well as yellow chicken stocks like Lihua Co., Ltd. [3][18] - In the breeding support sector, attention should be given to leading companies like Haida Group and Bangji Technology, which may benefit from the restructuring of the market [3][18] - The planting sector shows strong profitability stability, with recommendations to focus on companies like Suqian Agricultural Development and Beidahuang [3][18]

Investment Rating - The report maintains an "Increase" rating for the agricultural, forestry, animal husbandry, and fishery industry [4] Core Viewpoints - The overall allocation in the agricultural sector is currently low, below the standard allocation level, indicating potential investment opportunities in leading companies as costs decrease and performance improves [3][18] - The report highlights a significant reduction in heavy allocations in the breeding sector, while other segments show minor changes [10][13] Summary by Sections Heavy Allocation Analysis - As of Q1 2025, the heavy allocation in the agricultural sector is 0.92%, a decrease of 0.08 percentage points quarter-on-quarter and 0.74 percentage points year-on-year [10][11] - The breeding industry accounts for 0.45% of heavy allocations, down 0.06 percentage points from the previous quarter [13][14] Company-Specific Changes - Among the top 15 heavy allocation stocks, most companies have reduced their allocations, with only Zhongchong Co., Ltd. increasing by approximately 0.03 percentage points [2][14] - The top five stocks with increased allocations include Zhongchong Co., Ltd. (+7.03%) and Ruipu Bio (+1.24%), while the top five with decreased allocations include Quanyin High-Tech (-2.37%) and Lihua Co., Ltd. (-2.24%) [2][15][16] Investment Recommendations - For the breeding sector, focus on leading companies like Muyuan Foods, Wens Foodstuff Group, and Shennong Group, as well as companies related to yellow chickens like Lihua Co., Ltd. [3][18] - In the breeding support sector, attention should be given to leading companies such as Haida Group and Bangji Technology [3][18] - The planting sector shows strong profitability stability, with recommendations for companies like Suqian Agricultural Development and Beidahuang Group [3][18]

2025Q1农业板块公募基金重仓持股占比下降，中宠股份获逆势增持 2025Q1农业板块公募重仓持股环比下降，受中美关税升级催化，2025Q2农业板块公募重仓持股或环比 提升。2023Q4以来农业板块公募重仓持股环比持续下降，2025Q1农业板块总流通市值降至12367亿元， 环比-0.40%，占A股流通市值比重降至1.69%，环比-0.03pct。从公募重仓持股看，2025Q1农业板块重仓 持股市值占公募股票投资总市值0.40%(环比-0.03pct，自2023Q4高点-0.44pct)。2024年3月末以来中美互 加关税加码升级，农业板块避险属性凸显投资逻辑增强，预计2025Q2农业板块公募重仓持股或环比提 升。 细分板块看，2025Q1养殖细分板块公募重仓持股同比下降明显，其他子板块持股占比相对稳定。 2025Q1农业细分板块中养殖/饲料/种植/动保/农产品加工公募重仓持股占比分别为0.19%、0.17%、 0.03%、0.01%、0.003%，分别同比-0.31、-0.01、-0.03、-0.01、0.00pct，因持仓占比绝对点位已处低水 平，故各农业细分板块持仓占比环比均微降。受猪周期影响，养殖板块 ...

Group 1: Hai Da Group - Hai Da Group reported favorable prices for common freshwater fish, with significant price increases for special freshwater fish and South American white shrimp [1] - The company is focusing on developing family farms with breeding advantages and expanding into medium to large-scale aquaculture companies [1] - The pig farming sector is experiencing an increase in stock, leading to higher feed demand, with the industry currently in a favorable phase [1] - The feed industry has a secure and controllable supply chain, with stable and rich import channels to flexibly respond to price fluctuations [1] - The integration of the pig feed industry chain is beginning to show potential, although it has not yet formed a large-scale trend [1] - The company is exploring a light asset, low-risk, and stable pig farming model, which is gradually becoming clearer [1] - The business of South American white shrimp seedlings is seeing increased enthusiasm from farmers due to rising prices [1] - The feed industry is highly competitive, making survival difficult for small and medium-sized feed companies [1] - Factory-based shrimp farming is reducing costs and expanding scale through refined management and specialized operations [1] - The company plans to appropriately accelerate overseas capital expenditure under controllable risk conditions [1] Group 2: BOE Technology Group - BOE Technology Group indicated that the prices of mainstream LCD TV panel sizes will rise comprehensively from January 2025 to March 2025 [2] - The average operating rate of the LCD industry is expected to rise above 80% starting from November 2024 [2] - The company aims to ship approximately 140 million flexible MOLED panels in 2024, with a target of 170 million in 2025 [2] - Depreciation for the company is projected to be around 38 billion in 2024, with minimal fluctuations expected in 2025 and 2026 [2] - Capital expenditures will primarily focus on semiconductor display business and IoT innovations [2] - In 2024, the revenue breakdown for the company's display device business is projected to be 26% from TV, 34% from IT, and 40% from mobile and other products, with OLED business revenue accounting for 27% [2] - The company plans to repurchase minority shareholder equity based on operational conditions and cash flow [2] Group 3: Aide Biology - Aide Biology is expected to achieve total revenue of 1.109 billion in 2024, representing a year-on-year growth of 6.27%, with a net profit attributable to shareholders of 255 million [3] - The company's R&D team consists of 523 members, with R&D investment of 216 million, accounting for 19.49% of total revenue, and five new invention patents authorized [3] - Domestic market revenue is projected at 777 million, showing a year-on-year decline of 1.08%, but has shown signs of stable growth in Q1 2025 [3] - International sales revenue is expected to reach 332 million, reflecting a year-on-year growth of 28.61%, supported by a team of over 70 members focused on international markets [3] - The company collaborates with global pharmaceutical companies across various platforms, supporting multiple innovative oncology drug approvals [3] - The field of tumor gene testing is maturing and showing robust growth, with a clear trend towards industry compliance [3] - The company’s products have not yet entered the national medical insurance system, although some provinces have included them [3] - The international market primarily focuses on East Asia, Europe, and Southeast Asia, with an emphasis on managing key raw material suppliers [3] - The product range includes ADC drug CDx and common immunohistochemistry targets, with approved Class III products including PD-L1, HER2, ER, and PR antibody reagents [3] - The development of innovative drugs is driving progress in tumor treatment, directly increasing the demand for related gene testing [3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported strong performance in 2024 with a revenue of 114.6 billion yuan, a slight decrease of 1.3% year-on-year, and a net profit attributable to shareholders of 4.5 billion yuan, an increase of 64.3% year-on-year [1] - In Q1 2025, the company achieved a revenue of 25.63 billion yuan, up 10.6% year-on-year, and a net profit of 1.28 billion yuan, up 49.0% year-on-year [1] - The feed market share continues to increase, with total feed sales reaching 26.52 million tons in 2024, a growth of approximately 9% year-on-year [1] - The company expects to exceed 3 million tons in feed sales growth in 2025 due to strategic adjustments and resource investments [1] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 114.6 billion yuan and a net profit of 4.5 billion yuan, with a projected revenue of 130.34 billion yuan for 2025, reflecting a growth rate of 13.7% [3][8] - The earnings per share (EPS) for 2025 is estimated at 3.05 yuan, with a net profit margin of 3.9% [3][8] Market Position - The company has a strong presence in the overseas feed market, with overseas feed sales reaching 2.36 million tons in 2024, a growth of approximately 40% year-on-year [2] - The company has established competitive advantages in shrimp and tilapia farming in South America, contributing to the growth in overseas sales [2] Business Strategy - The company is focusing on a light-asset model for pig farming, which has led to a decrease in breeding costs and improved profitability [2] - The operational model includes purchasing piglets and collaborating with family farms to mitigate risks and secure profits [2]

Core Insights - The performance of equity funds with over 10 billion in assets has shown significant divergence in Q1 2025, testing fund managers' reallocation abilities and industry allocation strategies [1] - Liu Yanchun, once a leading figure in public funds, has seen his managed assets decline to approximately 41.02 billion yuan, down over 50% from a peak of 116.30 billion yuan in Q2 2021 [1] Fund Performance Summary - Liu Yanchun's flagship fund, Invesco Great Wall Emerging Growth A, reported a return of only 0.51% in Q1 2025, ranking 3490 among peers [2] - Over the past year, this fund has declined by 8.40%, and by 23.63% over three years, placing it at the lower end of its category [2][3] - Other funds managed by Liu Yanchun have also performed poorly, with declines exceeding 21% for several products over the past two years [3] Fund Manager Rankings - The top equity fund managers by assets under management include: - Zhang Kun: 60.82 billion yuan, +3.49% YTD - Liu Yanchun: 41.02 billion yuan, -0.19% YTD - Ge Lan: 40.45 billion yuan, +3.24% YTD [2] Portfolio Composition - As of Q1 2025, the top ten holdings of Invesco Great Wall Emerging Growth A include: - Shanxi Fenjiu, Kweichow Moutai, Wuliangye, and others, with a significant focus on the liquor sector [6] - The fund's allocation to the manufacturing sector is 81.53%, with a notable concentration in liquor stocks, which account for nearly 50% of the top ten holdings [7][8] Investment Strategy Analysis - Liu Yanchun's investment strategy reflects a strong value investment approach, with a focus on consumer sectors and responsiveness to policy signals [12][13] - However, the strategy's reliance on traditional paths and a lack of flexibility may pose risks, especially if market trends shift towards technology growth [13] - The fund's high management fee of 0.15% remains unchanged despite recent underperformance, indicating a potential lack of proactive management [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit for 2024, driven by a recovery in the pig farming business, with a year-on-year growth of 64.30% to reach 4.504 billion yuan [4] - The overseas feed business showed remarkable growth, prompting an upward revision of profit forecasts for 2025-2026 and the introduction of a new forecast for 2027 [4] - The company plans to distribute a cash dividend of 11 yuan per 10 shares, totaling 1.83 billion yuan [4] Financial Performance Summary - In 2024, the company's revenue was 114.601 billion yuan, a decrease of 1.31% year-on-year, while the net profit attributable to shareholders was 4.504 billion yuan, an increase of 64.30% [4][7] - For Q4 2024, revenue was 29.740 billion yuan, up 1.88% year-on-year, and net profit was 880 million yuan, up 79.74% [4] - In Q1 2025, revenue reached 25.629 billion yuan, a year-on-year increase of 10.60%, with net profit of 1.282 billion yuan, up 48.99% [4] Business Segment Performance - The feed business generated revenue of 91.202 billion yuan in 2024, down 4.95% year-on-year, with a gross margin of 9.74%, up 1.21 percentage points [5] - The company sold 26.52 million tons of feed in 2024, a year-on-year increase of approximately 9%, with a market share increase [5] - The pig farming business generated revenue of 18.826 billion yuan, up 21.52% year-on-year, with a gross margin of 18.28%, an increase of 12.05 percentage points [6] Profit Forecasts - The projected net profits for 2025-2027 are 5.144 billion yuan, 5.728 billion yuan, and 6.167 billion yuan respectively, with corresponding EPS of 3.09 yuan, 3.44 yuan, and 3.71 yuan [4][7] - The current stock price corresponds to P/E ratios of 17.7, 15.9, and 14.7 for 2025, 2026, and 2027 respectively [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit for 2024, driven by a recovery in the pig farming business, with a year-on-year growth of 64.30% to 4.504 billion yuan [4] - The overseas feed business showed remarkable growth, prompting an upward revision of profit forecasts for 2025-2027 [4] - The company plans to distribute a cash dividend of 11 yuan per 10 shares, totaling 1.83 billion yuan [4] Financial Performance Summary - In 2024, the company's revenue was 114.601 billion yuan, a decrease of 1.31% year-on-year, while net profit reached 4.504 billion yuan, an increase of 64.30% [4] - For Q4 2024, revenue was 29.740 billion yuan, up 1.88% year-on-year, and net profit was 880 million yuan, up 79.74% year-on-year [4] - In Q1 2025, revenue was 25.629 billion yuan, an increase of 10.60% year-on-year, and net profit was 1.282 billion yuan, up 48.99% year-on-year [4] Business Segment Performance - The feed business generated revenue of 91.202 billion yuan in 2024, down 4.95% year-on-year, with a gross margin of 9.74%, up 1.21 percentage points [5] - The company sold 26.52 million tons of feed in 2024, a year-on-year increase of approximately 9% [5] - The pig farming business generated revenue of 18.826 billion yuan in 2024, an increase of 21.52% year-on-year, with a gross margin of 18.28%, up 12.05 percentage points [6] Profit Forecasts - The company expects net profits for 2025, 2026, and 2027 to be 5.144 billion yuan, 5.728 billion yuan, and 6.167 billion yuan respectively, with corresponding EPS of 3.09 yuan, 3.44 yuan, and 3.71 yuan [4] - The current stock price corresponds to P/E ratios of 17.7, 15.9, and 14.7 for 2025, 2026, and 2027 respectively [4] Market Position - The company has increased its market share in the domestic feed market, with domestic feed sales reaching 22.06 million tons in 2024, up 5% year-on-year [5] - Overseas feed sales reached 2.36 million tons, a significant increase of 40% year-on-year, with notable growth in aquatic feed and poultry feed [5]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved revenue of 114.6 billion RMB in 2024 and 25.63 billion RMB in Q1 2025, with year-over-year changes of -1.3% and +10.6% respectively. The net profit attributable to the parent company was 4.5 billion RMB and 1.28 billion RMB, reflecting year-over-year increases of +64.3% and +49.0% [1][4] - The primary drivers for the high profit growth in 2024 and Q1 2025 are the profitability from pig farming hedging and the rapid growth of overseas feed business. The report is optimistic about overseas expansion, industry recovery, and cost advantages supporting feed sales growth [1][2] Summary by Sections Financial Performance - In 2024 and Q1 2025, the company's feed sales volume increased by 8.0% and 25% year-over-year, reaching 24.4 million tons and 5.95 million tons respectively. The overseas feed sales maintained a growth rate of around 40% [2][3] - The company achieved over 1 billion RMB in profit from pig farming through futures hedging in 2024, turning a profit of approximately 230 RMB per head. The overseas feed business also saw significant profit growth, estimated at 300-400 million RMB year-over-year [2] Market Opportunities - The company is actively expanding into the Asia-Pacific, Africa, and Latin America feed markets, with a solid foundation in countries like Vietnam, Indonesia, Ecuador, and Egypt. There is still potential for growth in per capita meat, egg, and milk consumption in certain countries [3] - The domestic business is expected to recover starting in 2025, supported by a rebound in fish and shrimp prices due to a decline in aquaculture seedling volume and a recovery in pig inventory [3] Profit Forecast and Valuation - The report maintains net profit forecasts of 5.02 billion RMB and 5.48 billion RMB for 2025 and 2026, respectively, and introduces a new forecast of 7.04 billion RMB for 2027. The target price is raised to 63.4 RMB, corresponding to a 21x PE valuation for 2025 [4][8]

Financial Performance - In 2024, the company achieved a revenue of CNY 114.601 billion, a slight decrease of 1.31% year-on-year, with a net profit of CNY 4.504 billion, an increase of 64.30% year-on-year [2] - In Q1 2025, the company reported a revenue of CNY 25.629 billion, a year-on-year increase of 10.60%, and a net profit of CNY 1.282 billion, up 48.99% year-on-year [2] Feed Sales and Market Share - In 2024, the company sold 26.52 million tons of feed, including approximately 2.1 million tons for internal use, representing a year-on-year growth of about 9% [2] - Domestic feed sales reached 22.06 million tons, a year-on-year increase of about 5%, while overseas feed sales were 2.36 million tons, up approximately 40% [2] - In Q1 2025, feed sales were approximately 5.95 million tons, reflecting a year-on-year growth of about 25% [2] Livestock Business - The company marketed approximately 6 million fat pigs in 2024, successfully turning around its pig farming business to profitability [2] - The company is focusing on a light-asset risk control model for its pig farming operations, which has yielded positive results [3] Industry Trends and Challenges - The aquaculture industry is experiencing favorable pricing for most fish species, with specific increases noted for certain varieties [3] - The exit of smallholders from the pig farming market is a significant trend, prompting the company to target family farms with strong profitability and larger-scale farming operations [3] - The feed industry is facing intensified competition, particularly in poultry feed, with smaller companies struggling to survive [4] Supply Chain and Raw Material Procurement - The company maintains a secure and controllable supply chain for feed raw materials, primarily sourcing corn domestically and soybeans from South America [3] - The company has a robust research and development team focused on animal nutrition and feed formulation, allowing it to adapt to fluctuations in raw material prices [3] Future Outlook - The company is exploring a light-asset, low-risk pig farming model, which is becoming increasingly clear [4] - Plans for overseas capital expenditures will proceed cautiously, with ongoing assessments in multiple countries [4]