Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that the recent increase in tariffs imposed by the US on Chinese imports, along with China's retaliatory measures, is expected to positively impact domestic agricultural product prices, particularly pork prices [5][15] - The average price of live pigs in China as of April 6, 2025, is 14.60 yuan/kg, showing a week-on-week increase of 0.05 yuan/kg, indicating a gradual upward trend in pork prices supported by improved demand and reduced supply pressure [6][18] - The report recommends actively allocating investments in the pig farming sector due to its defensive attributes amid macroeconomic shocks and the strengthening investment logic [6][28] Summary by Sections Weekly Observation - The US has imposed a 34% tariff on Chinese imports, leading to a cumulative tariff rate of 54% on Chinese goods, which is expected to benefit domestic agricultural prices [5][15] - The report notes that the dependency of key agricultural products on imports from the US is significant, with soybeans and beef having high foreign dependency rates of 81.49% and 25.22%, respectively [16][17] Weekly Market Performance - The agricultural index outperformed the market by 1.79 percentage points, with the agricultural index rising by 1.51% during the week [32][34] - Key stocks such as Huisheng Biological and Jinhai Biological saw significant gains, with increases of 39.96% and 18.80%, respectively [32][36] Price Tracking - As of April 4, 2025, the average price of live pigs is 14.60 yuan/kg, with a slight increase from the previous week, while the price of piglets has risen to 37.08 yuan/kg [39][40] - The report indicates that the price of beef has also increased, reaching 66.38 yuan/kg, reflecting a positive trend in meat prices [43][46] Recommendations - The report suggests focusing on the pig farming sector, with specific recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [7][28] - In the feed sector, companies like Haida Group and New Hope are recommended due to their potential benefits from the recovery in livestock and poultry production [28]

Investment Rating - The report recommends a selection of ten stocks across various sectors, indicating a positive outlook for these companies [4]. Core Insights - The report highlights the potential for double-digit growth in earnings for companies like China Biopharmaceuticals and Sichuan Road and Bridge, driven by strong market demand and innovative product pipelines [5][6]. - The report emphasizes the importance of product differentiation and market positioning for companies such as Maogeping and Transsion Holdings, which are expected to benefit from their unique offerings and market strategies [10][11]. - The report also notes the significant land value gains and high dividend yields for Shenzhen International, suggesting a favorable investment environment [14]. Summary by Sector 1. Pharmaceuticals - China Biopharmaceuticals (1177.HK) is expected to achieve nearly 50% revenue from innovative drugs by 2025, with a strong growth trajectory anticipated [5]. 2. Construction - Sichuan Road and Bridge (600039.SH) is projected to see a turnaround in performance due to new demand from infrastructure projects in central and western China, alongside attractive dividend yields [6]. 3. Media - Kaiying Network (002517.SZ) is building a solid foundation with nostalgic products and a rich pipeline of new games set to launch in 2025, alongside investments in AI-driven products [7][9]. 4. Electronics - Transsion Holdings (688036.SH) is focusing on emerging markets, with a projected shipment of 106.9 million smartphones in 2024, aiming to enhance its market position through increased R&D investment [10]. 5. Consumer Goods - Maogeping (1318.HK) is positioned as a leading high-end domestic cosmetics brand, with a strong product expansion strategy and high offline repurchase rates [11]. 6. Transportation - Shenzhen International (0152.HK) is expected to benefit from significant land value gains and maintain a 50% dividend payout ratio, enhancing its investment appeal [14]. 7. Agriculture - Haida Group (002311.SZ) is entering a phase of cash flow release, with domestic growth and overseas expansion expected to drive performance [15]. 8. Overseas - Weishi Jiajie (0856.HK) is a leading tech service platform in the Asia-Pacific region, benefiting from the AI wave and digital transformation trends [16]. - Yum China (9987.HK) is focusing on market share growth through strategic repurchase plans and robust governance [18]. 9. North Exchange - Minshida (833394.BJ) is the first domestic manufacturer of aramid paper, with a strong market position and growth potential in high-performance applications [19][20].

Core Viewpoint - The announcement details the pledge and release of shares by the controlling shareholder of Haida Group, highlighting the specific numbers and percentages involved in these transactions [1][2]. Group 1: Share Pledge and Release Details - Haida Group's controlling shareholder, Haida Investment, pledged 4,500,000 shares, representing 0.49% of its holdings and 0.27% of the company's total shares, to Huatai Securities on June 12, 2024 [1]. - On September 12, 2024, Haida Investment supplemented the pledge with an additional 500,000 shares [2]. - The total pledged shares by Haida Investment amounted to 52,700,000 shares, which is 5.79% of its holdings and 3.17% of the company's total shares [2]. Group 2: Release of Pledged Shares - The total pledged shares were fully released on March 25, 2025 [2]. - As of the announcement date, Haida Investment held a total of 910,589,359 shares, accounting for 54.73% of the company [2].

证券代码：002311 证券简称：海大集团 公告编号：2025-005 广东海大集团股份有限公司 关于控股股东部分股份质押及解除质押的公告 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"）于近日接到公司控股股东 广州市海灏投资有限公司（以下简称"海灏投资"）函告，获悉海灏投资将其所 持有公司的部分股份办理了质押及解除质押手续，具体事项如下： 一、股东股份质押及解除质押的基本情况 | | 是否为控股股 | 本次质押 | | | 是否 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 东或第一大股 | 数量 | 占其所持 | 占公司总 | 为限 | 为补 | 质押 | 质押 | 质权人 | 质押用途 | | 名称 | 东及其一致行 | （股） | 股份比例 | 股本比例 | 售股 | 充 | 起始日 | 到期日 | | | | | 动人 | | | | | 质押 | | | | | | 海灏投 ...

Investment Rating - The industry is rated as "Buy" [4] Core Viewpoints - The current market for pig farming shows a low price fluctuation, with the average price of live pigs at 14.57 yuan/kg, a week-on-week increase of 0.48% [19] - The average weight of pigs at slaughter is 127.92 kg, which has increased by 0.68 kg week-on-week, indicating a rising inventory level [19] - The report highlights a significant increase in piglet sales, with a year-on-year growth of 181.22% in the first two months of the year [2] Summary by Sections 1. Industry Performance - The agricultural sector outperformed the market, with the agricultural index rising by 2.84% compared to the Shanghai Composite Index's 1.39% increase [10] - The sub-sectors within agriculture showed varied performance, with aquaculture and animal health sectors leading the gains [10] 2. Key Data Tracking - The average price of piglets is 34.08 yuan/kg, reflecting a week-on-week increase of 4.03% [19] - The average weight of pigs sold has increased, indicating a trend towards higher weights in the market [19] - The inventory levels in slaughterhouses are rising, with a cold storage capacity utilization rate of 13.76%, up by 0.44 percentage points [19] 3. Investment Recommendations - The report recommends focusing on pig farming companies with high output and cost recovery, specifically mentioning Muyuan Foods, Wens Foodstuff Group, and Shennong Group [3] - It suggests that the feed and veterinary sectors will benefit from a rebound in pig prices, recommending Hai Da Group for investment [3] - The seed industry is highlighted as having investment opportunities due to stabilizing grain prices and advancements in genetically modified crops, with companies like Suqian Agricultural Development and Beidahuang being recommended [3] 4. Market Trends - The report notes that the pig farming sector is experiencing a significant increase in output, with a total of 2,806.15 million pigs sold in January and February, a year-on-year increase of 20.92% [2] - The prices of feed ingredients such as corn and wheat are showing upward trends, while soybean meal prices are declining, indicating a mixed outlook for feed costs [42]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report highlights that the pig farming sector shows value for low-positioning, with a recovery in profitability expected alongside consumer demand recovery. The current valuation of the pig farming sector is at a relatively low level, indicating potential for investment [6][25] - The report emphasizes the ongoing support for pig prices from the entry of supplementary breeding in Northeast China, which is expected to stabilize prices in the short term [4][11] Summary by Sections Weekly Observation - Recent supplementary breeding has entered Northeast China, which may support pig prices. As of March 14, the national average price for live pigs was 14.57 yuan/kg, up 0.12 yuan/kg from the previous week, with a week-on-week increase of 0.83% [4][11] - The average daily slaughter volume of sample enterprises was 142,500 pigs, down 90 pigs from the previous week, indicating weak demand [4][11] Weekly Perspective - The pig farming sector's low-positioning value is becoming apparent, with a recovery in profitability expected as consumer demand rebounds. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [6][25] - The pet food market in China is projected to grow at a CAGR of 9.64% from 2025 to 2028, driven by rising consumer spending and domestic brands gaining market share [6][25] Market Performance (March 10-14) - The agriculture index outperformed the market by 1.45 percentage points, with the Shanghai Composite Index rising by 1.39% and the agriculture index rising by 2.84% [31][33] - Key stocks that led the gains included Xue Rong Biological, Western Animal Husbandry, and Zhong Ji Health, with increases of 43.95%, 18.29%, and 13.13% respectively [31][35] Price Tracking (March 10-14) - The average price of live pigs was 14.65 yuan/kg, up 1.03% from the previous week. The average price of piglets was 33.87 yuan/kg, up 3.39% from the previous week [41][43] - The average price of white feather chickens was 7.11 yuan/kg, up 7.89% from the previous week, while the average price of yellow feather chickens was 10.45 yuan/kg, reflecting a price increase [40][46][47] Key News (March 10-14) - The USDA's March report adjusted global corn and wheat production upwards while lowering rice production forecasts. Corn production was increased by 1.7 million tons to 1.214 billion tons, and wheat production was increased by 3.44 million tons to 797 million tons [36]

Group 1: Company Overview - The company, Guangdong Haida Group Co., Ltd., reported a 9% year-on-year growth in total feed sales for 2024, surpassing the industry average [2][3] - The poultry and aquaculture feed segments achieved double-digit growth, while pig feed sales experienced a slight decline [2][3] Group 2: Strategic Planning - The company aims to enhance its core capabilities and expand its scale in the feed business, which is its primary focus [3] - The second core business includes breeding and animal health, with plans to invest more resources to expand product varieties, regions, and scale [3] - The company is exploring a light-asset pig farming model and industrialized shrimp farming, which will become key future business areas [3] Group 3: Market Insights - The price of common freshwater fish has been on an upward trend since the beginning of the year, while prices for specific varieties have shown some differentiation [4] - The recent price increase for common freshwater fish is attributed to a prolonged period of low prices and significant capacity reduction in 2023 [5] Group 4: Customer Structure and Adaptation - The company is adapting to the trend of smallholders exiting the pig farming market by enhancing its capabilities and adjusting its customer structure [7] - The focus is on developing partnerships with family farms that have strong farming advantages and profitability, as well as targeting medium to large-scale farming companies [7] Group 5: International Expansion - The company has set a target to achieve 7.2 million tons in overseas feed sales by 2030, employing targeted market expansion strategies in different regions [8] - Factors influencing overseas market selection include population size, stable development environment, rich farming resources, and potential demand for protein [8] Group 6: Risk Management - The company employs foreign exchange hedging to mitigate risks associated with currency and interest rate fluctuations [8]

Investment Rating - The report provides a buy rating for Hai Da Group (002311.SZ) with an "A" rating, and a buy rating for Sheng Nong Development (002299.SZ) and Wen's Shares (300498.SZ) with a "B" rating. Other companies like Guai Bao Pet (301498.SZ) and Zhong Chong Shares (002891.SZ) are rated as "A" for increase, while Tang Ren Shen (002567.SZ), Shen Nong Group (605296.SH), Ju Xing Nong Mu (603477.SH), and New Hope (000876.SZ) are rated as "B" for increase [1]. Core Insights - The agricultural sector is experiencing a seasonal decline in pig prices, yet they remain within a profitable range. The report indicates that the pig price in the off-season is still maintaining profitability [2][4]. - The report highlights that the pig farming industry is entering a profitability cycle starting from Q2 2024, despite the average debt ratio still needing to decrease significantly. The market's expectations regarding the impact of rising pig production capacity on profitability may be overly pessimistic [4][5]. - The report emphasizes the potential for a recovery in the feed industry due to lower raw material prices and improving breeding conditions, particularly for Hai Da Group, which is expected to see an upward trend in its operational fundamentals [5]. Summary by Sections Pig Farming - As of March 7, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan are 14.85, 15.32, and 14.39 yuan per kilogram, reflecting increases of 0.07%, 0.99%, and 0.35% respectively. The average pork price is 20.81 yuan per kilogram, down by 0.24% [3][23]. - The average wholesale price for piglets is 28.00 yuan per kilogram, up by 2.75%, while the average price for two-yuan sows remains stable at 32.47 yuan per kilogram [3][23]. Poultry Farming - The weekly price for white feather broiler chickens is 6.59 yuan per kilogram, up by 8.03%, and the price for broiler chicks is 2.54 yuan per chick, up by 10.92%. However, the breeding profit is negative at -1.90 yuan per chick [31]. Feed Processing - The total industrial feed production in 2024 is reported at 31,503.1 million tons, a decrease of 2.1% from the previous year. The production of pig feed is 14,391.3 million tons, down by 3.9% [34]. Market Performance - For the week of March 3 to March 9, 2025, the Shanghai and Shenzhen 300 index increased by 1.39%, while the agricultural sector rose by 1.04%, ranking 20th among sectors. The top-performing sub-industries include food and feed additives, animal health, fruit and vegetable processing, pig farming, and chicken farming [2][17].

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][5][39] Core Viewpoints - The report highlights the recovery potential of undervalued leading breeding companies and the long-term upward trend in rubber prices [1][3][14] - Key recommendations include focusing on high ROE value stocks in the breeding sector and identifying growth opportunities in the pet food market [1][3][39] Summary by Sections Investment Recommendations - Recommended stocks include: - For pets: Guai Bao Pet, Zhong Chong Co., and Rui Pu Biological [1][3][16] - For breeding: Mu Yuan Co., Hua Tong Co., and Wen's Food Group [1][3][39] - For rubber: Hainan Rubber, a leading global player in natural rubber cultivation and processing [1][3][22] Breeding Sector - The breeding sector is expected to maintain low volatility in production capacity, with overall supply-demand balance remaining stable [1][17][39] - Specific insights include: - Swine prices were reported at 14.46 CNY/kg, down 8.88% month-on-month, with a slight increase in average weight [2][25] - Poultry supply is at a low, with potential demand recovery as macroeconomic conditions improve [30][35] Planting Chain - The report emphasizes the importance of focusing on leading companies with R&D and integration advantages in the seed industry [1][19][39] - Key recommendations include: - Hainan Rubber, with significant production and processing capabilities [1][22] Market Trends - The report notes that the agriculture, forestry, animal husbandry, and fishery index increased by 0.20% in February, underperforming compared to the broader market [2][5] - The report also highlights the strong performance of specific stocks, such as Tianye Co. and Dayu Biological, with notable increases in their stock prices [2][5]

Summary of Key Points from the Conference Call on China Agriculture Industry Overview - **Industry**: China Agriculture - **Date**: March 5, 2025 - **Context**: China has announced additional tariffs on key US agricultural imports, effective March 10, 2025, impacting various products. Core Points and Arguments 1. **Tariff Details**: China will impose tariffs of 10-15% on US agricultural imports, with chicken, wheat, corn, and cotton facing a 15% tariff, while sorghum, soybeans, pork, beef, seafood, fruit, vegetables, and dairy products will incur a 10% tariff [2][3] 2. **Impact on Imports**: The overall impact on chicken, corn, wheat, pork, beef, and dairy products is expected to be minimal due to low import volumes from the US, which accounted for only 0.1-1.3% of total consumption in China in 2024 [3] 3. **Self-Sufficiency**: Chicken, corn, wheat, and pork are largely self-sufficient in China, with only 3.4%-7.4% of consumption needing to be imported [3] 4. **Higher Dependency Products**: Soybeans, cotton, and sorghum have a higher dependency on US imports, accounting for 17.4%, 10.8%, and 59.8% of total consumption in 2024, respectively [3] Stock Implications 5. **Cost Pressure on Hog Production**: The potential price increase of soybeans is likely to increase costs for hog production companies, where feed costs make up approximately 60% of total costs [4] 6. **Current Profitability**: Hog farming is currently profitable, with a net profit of Rmb120 per head, but rising raw material prices may compress these profits [4] 7. **Feed Companies**: Leading feed companies may benefit from cost-plus pricing mechanisms, allowing them to pass on costs to end users [4] Company Ratings and Valuations 8. **Haid Group**: A Buy rating is reiterated for Haid Group, expected to expand market share due to strong product offerings [5] 9. **Muyuan Foods and Wens Foodstuff**: Sell ratings are maintained for Muyuan and Wens due to bearish outlook on hog prices and rising costs from soybeans [5] 10. **Valuation Metrics**: - Haid Group: Price Target Rmb61.80, Current Price Rmb52.15, Market Cap USD 11,956 million, P/E 18.3x [6] - Muyuan Foods: Price Target Rmb32.80, Current Price Rmb37.07, Market Cap USD 27,312 million, P/E 12.3x [6] - Wens Foodstuff: Price Target Rmb12.50, Current Price Rmb16.51, Market Cap USD 15,133 million, P/E 18.9x [6] Risks Identified 11. **Agriculture Sector Risks**: - Unsustainable sourcing of raw materials could disrupt operations or increase costs [8] - Unfavorable commodity prices and fluctuations in hog prices can impact profitability [8] - Adverse weather conditions may increase farming costs and affect crop yields [8] - Rising feed ingredient prices, particularly for corn and soybean meal, can significantly impact production costs [8] 12. **Specific Risks for Companies**: - **Haid Group**: Risks include extreme weather or pandemics affecting livestock inventories, intensified competition, and rising feed grain prices [10] - **Muyuan Foods**: Risks include limited production cost savings and slower-than-expected hog sales volume growth [11] - **Wens Foodstuff**: Risks include limited production cost savings, lower-than-expected hog demand, and slower sales volume growth [12] Conclusion - The recent tariff imposition by China on US agricultural imports is expected to have a limited impact on certain products while increasing costs for others, particularly in the hog production sector. The analysis suggests a cautious approach towards companies like Muyuan and Wens, while maintaining a positive outlook on Haid Group due to its market position and product strength.