Group 1 - The pig farming sector experienced a rise in stock prices, with the breeding ETF (516760) increasing by 1.72% and significant trading volume observed. Key stocks such as Muyuan Foods (002714) rose by 6.79%, Xiaoming Co. (300967) by 4.70%, and Shengnong Development (002299) by 3.88% [1] - The National Development and Reform Commission reported that the national average pig-to-grain price ratio fell below 6:1, prompting the government to initiate central frozen pork reserves. The China Storage Network announced a one-time pork reserve of 10,000 tons on August 25 and a rotational storage of 19,000 tons from August 26 to 29 [1] - The combination of government storage initiatives and previous factors such as outbreaks and large pig sales has led to a perception of bottoming pig prices, with expectations of a new upward trend in prices as supply decreases and consumption improves [1] Group 2 - The breeding ETF closely tracks the CSI Livestock Breeding Index, which includes listed companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of the livestock breeding sector [2] - The latest price-to-earnings ratio (PE-TTM) for the breeding ETF's tracked index is 13.71, which is below the historical average of 15.46%, indicating that the valuation is at a historical low, with sufficient safety margins [2] - The current industry outlook is at a bottom, with expectations of supply contraction and potential increases in corporate profitability and stability, suggesting that quality pig farming companies may see a revaluation [2]

以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 资金流入方面，养殖ETF最新资金净流入69.38万元。拉长时间看，近17个交易日内有9日资金净流入， 合计"吸金"1080.08万元。 养殖ETF紧密跟踪中证畜牧养殖指数，中证畜牧养殖指数选取涉及畜禽饲料、畜禽药物以及畜禽养殖等 业务的上市公司证券作为样本，以反映畜牧养殖相关上市公司的整体表现。从估值层面来看，养殖ETF 跟踪的中证畜牧养殖指数最新市盈率（PE-TTM）仅13.71倍，处于近3年15.46%的分位，即估值低于近3 年84.54%以上的时间，处于历史低位。当前板块估值仍在低位、板块安全边际高，建议积极关注养殖 ETF(516760.SH)。 8月26日早盘，生猪板块逆市拉升，养殖ETF(516760)现涨1.43%，成分股牧原股份(002714)上涨4.09%， 晓鸣股份(300967)上涨3.24%，圣农发展(002299)上涨2.72%，天康生物(002100)，温氏股份(300498)等个 股跟涨。养殖ETF(516760)上涨1.00%，最新价报0.71元。 8月21日发改委指出全国平均猪粮比价跌至6∶1以下，将于近 ...

Group 1 - The pig farming sector experienced a rise in stock prices, with the breeding ETF (516760) increasing by 0.43% and key stocks like Xinghuo Technology (600866) and Muyuan Foods (002714) rising by 2.04% and 2.02% respectively [1] - The National Development and Reform Commission reported that the national average pig-to-grain price ratio fell below 6:1, prompting the government to initiate central frozen pork reserves, with 10,000 tons to be stored on August 25 and 19,000 tons from August 26 to 29 [1] - The storage initiative is expected to boost market sentiment for pig prices, which are anticipated to rise due to previous factors such as outbreaks of disease and oversupply, leading to a reduction in supply and improved consumption at the end of the month [1] Group 2 - The breeding ETF closely tracks the China Securities Livestock Breeding Index, which includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2] - The latest price-to-earnings ratio (PE-TTM) for the breeding ETF is 13.71 times, which is below the historical average of 15.46%, indicating that the valuation is low compared to 84.54% of the time over the past three years [2] - The current low valuation of the sector suggests a high margin of safety, prompting a recommendation to actively monitor the breeding ETF (516760.SH) [2]

Group 1 - The China Livestock Breeding Index (930707) increased by 0.72% as of August 26, 2025, with key stocks such as Xinghuo Technology (600866) rising by 2.04% and Muyuan Foods (002714) by 2.02% [1] - Pig prices are showing signs of stabilization after a prolonged decline, with major quotes in northern regions remaining stable and leading enterprises in Henan experiencing slight increases [1] - The government plans to conduct a central frozen pork reserve collection, with a notice issued for a bidding transaction of 10,000 tons of frozen pork on August 25 [1] Group 2 - The livestock ETF (159867) closely tracks the China Livestock Breeding Index, which includes listed companies involved in livestock feed, veterinary drugs, and livestock farming [2] - As of July 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 64.83% of the index, with Muyuan Foods (002714) and Wens Foodstuff Group (300498) being the largest contributors [3] Group 3 - China Galaxy Securities emphasizes the importance of a balanced investment strategy in the pig farming industry, predicting a potential year-on-year decline in pig prices by 2025, while costs are expected to decrease, leading to better-than-expected profits for quality pig farming companies [1] - The price of yellow chickens is correlated with pig prices, and given the low supply side, there is potential for price increases in the future [1]

证券研究报告 非金融公司|公司点评|牧原股份（002714） 业绩表现亮眼，股东回报兑现 请务必阅读报告末页的重要声明 glzqdatemark1 2025年08月25日 证券研究报告 |报告要点 公司披露 2025 年中报，实现营收 764.63 亿元，同比增长 34.46%；归母净利润 105.30 亿元， 同比上升 1169.77%；拟向全体股东每 10 股派发现金红利 9.32 元(含税)。公司 2025 年上半年 度生猪养殖业务板块营收 754.46 亿元，同比增长 34.68%；公司共销售生猪 4691.0 万头，其 中商品猪 3839.4 万头，仔猪 829.1 万头，种猪 22.5 万头。2025 年上半年，公司生产成绩持 续改善，生猪养殖成本逐月下降，2025 年 6 月生猪养殖完全成本低于 12.1 元/kg。 |分析师及联系人 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 请务必阅读报告末页的重要声明 1 / 5 基本数据 | 总股本/流通股本(百万股) | 5,463/3,811 | | --- | --- | | 流通 A 股市值(百万元) ...

Group 1: Resident Deposit Migration - The report indicates that resident deposit migration is expected to begin, typically occurring 10-12 months after a market transition from bear to bull, with the current period being 11 months since the last transition [1][6][7] - Initial signs of deposit migration have emerged, with a notable increase in non-bank deposit growth turning positive, suggesting potential for significant market inflow [6][9] - Short-term market consolidation of 2-3 months is anticipated as deposits begin to migrate, based on historical patterns observed in previous bull markets [8][9] Group 2: Unmanned Sanitation Vehicles - The unmanned sanitation vehicle market is projected to reach a scale of approximately 123 billion yuan in 2024, with significant growth expected as the industry transitions from the 0-1 stage to mass production [12][14] - The economic benefits of unmanned sanitation vehicles are substantial, with potential labor cost savings of 12-16 million yuan per vehicle by replacing 3-4 workers, leading to a cost reduction of up to 66% under certain conditions [13][15] - The market for unmanned sanitation vehicles is estimated to be worth between 1.16 trillion and 2.91 trillion yuan, depending on the replacement rate of sanitation workers [14][15] Group 3: Semiconductor Equipment - The report highlights a significant growth potential in the semiconductor equipment sector, particularly in the context of domestic AI development and the need for self-sufficient supply chains [3][18] - The domestic semiconductor equipment market has an average annual scale of approximately 41.7 billion USD, with expectations for continued expansion driven by AI applications [19] - Key companies in the semiconductor equipment space are recommended for investment, including those involved in front-end and back-end equipment, as well as the photolithography supply chain [19] Group 4: Power Prediction Business - The company is recognized as a leader in power prediction, with a projected net profit growth of 40% to 27% from 2025 to 2027, supported by a strong market demand and technological barriers [4][22][24] - The number of service sites for power prediction has increased significantly, indicating robust growth in this segment, with a 55.14% increase in revenue from power prediction services [23] - The company is actively investing in strategic partnerships to enhance its market position in the renewable energy sector [24] Group 5: Wind Power Equipment - The company has reported a 41.26% increase in revenue for the first half of 2025, driven by a significant rise in wind turbine sales, which saw a 106.58% increase in sales capacity [32][33] - The company’s gross margin for wind turbine sales has improved, reflecting operational efficiencies and increased demand [33] - Future projections indicate continued growth in net profit, with expectations of 63.8% growth from 2025 to 2027 [35] Group 6: Lithium Battery Materials - The company has achieved a 28.97% increase in revenue for the first half of 2025, with expectations for further price stabilization and growth in the second half of the year [37][38] - The company is focusing on innovation in lithium battery materials, with significant investments in new technologies and production capabilities [38][39] - Projections for net profit growth from 2025 to 2027 are robust, with an anticipated increase of 68.5% [39]

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 [2] - The planting industry is focusing on pest control for autumn crops, which is crucial for achieving the annual grain production target of approximately 1.4 trillion jin [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] Summary by Sections Planting Industry - A national meeting was held to address pest control for autumn crops, emphasizing its importance for overall grain yield [11] - The autumn crop accounts for three-quarters of the annual grain production, making pest control critical [11] - The Ministry of Agriculture is promoting the protection of new plant varieties to support innovation in the seed industry [11] - Recommended stocks include Beidahuang and Suqian Agricultural Development in the planting sector, and major seed companies like Dabeinong and Longping High-Tech [11] Swine Farming - The average price of external three-breed pigs is 13.80 yuan/kg, with a slight weekly decrease of 0.07% [2] - Demand remains weak, and there are no immediate positive factors expected to boost demand [2] - The number of breeding sows has decreased to 40.43 million, down 370,000 from the peak last year [2] - Recommended stocks in the breeding sector include DeKang Agriculture, Jingji Zhino, Muyuan Foods, and Wen's Foodstuffs [2] Key Agricultural Products Data Tracking - Corn: The average price is 2385.10 yuan/ton, down 0.39% week-on-week [24] - Wheat: The average price is 2435.58 yuan/ton, down 0.10% week-on-week [27] - Rice: The average price for japonica rice is 2892.80 yuan/ton, down 0.66% week-on-week [32] - Soybeans: The average price is 3952.63 yuan/ton, up 0.27% week-on-week [37] - Cotton: The average price in Xinjiang is 15090.00 yuan/ton, up 0.18% week-on-week [42] Feed and Vitamin Prices - The average price of pig feed is 2.71 yuan/kg, down 0.37% week-on-week [49] - The average price of vitamin E is 67.50 yuan/kg, unchanged week-on-week [49]

Summary of Key Points Core Viewpoint - As of August 25, 1687 companies have released their semi-annual reports for 2025, with 977 reporting a year-on-year increase in net profit, while 710 reported a decline. Additionally, 1039 companies saw an increase in operating revenue, while 648 experienced a decrease. A total of 771 companies reported simultaneous growth in both net profit and operating revenue, while 442 companies saw declines in both metrics. Notably, 228 companies achieved a doubling of their performance, with Xinte Electric showing the highest increase at 49775.01% [1]. Company Performance - Xinte Electric (301120) reported earnings per share of 0.0100, with a net profit of 532.87 million and a year-on-year increase of 49775.01%. Its operating revenue reached 19265.03 million, reflecting a 16.10% increase [1]. - Fujilay (301258) achieved a net profit of 4307.66 million, with a year-on-year increase of 12430.96% and operating revenue of 22390.97 million, up by 3.36% [1]. - Taiji Holdings (300046) reported a net profit of 3972.84 million, with a year-on-year increase of 3789.41% and operating revenue of 17878.78 million, up by 4.18% [1]. - Other notable companies include: - Lian Di Xin (839790) with a net profit of 1012.23 million, a year-on-year increase of 3149.79%, but a decline in operating revenue by 8.10% [1]. - Shanda Holdings (603086) reported a net profit of 13603.97 million, with a year-on-year increase of 2561.58% and operating revenue of 142261.73 million, up by 11.82% [1]. Revenue and Profit Trends - A total of 771 companies reported simultaneous growth in both net profit and operating revenue, indicating a positive trend in the market [1]. - Conversely, 442 companies experienced declines in both metrics, highlighting potential challenges within certain sectors [1]. - The overall performance of companies shows a mixed landscape, with significant outliers achieving extraordinary growth while others face difficulties [1].

来源：证券日报 作者：梁傲男 食品饮料行业作为大消费产业的重要组成部分，依托其满足基本生活需求的刚需属性与独特的商业模 式，不仅在经济运行中发挥着关键作用，更被广泛视为抵御经济周期波动能力较强的行业。 今年上半年，在一系列促消费扩内需政策带动下，国内消费市场发展态势向好。国家统计局数据显示， 2025年上半年，我国社会消费品零售总额24.55万亿元，同比增长5.0%。其中，餐饮收入2.75万亿元， 同比增长4.3%。 Wind数据显示，截至8月24日，A股231家食品饮料行业上市公司中已有82家披露2025年上半年业绩。综 合来看，上述公司合计实现营业收入5508.42亿元，同比增长7.12%；实现归属于上市公司股东的净利润 821.28亿元，同比增长15.30%，行业整体呈现收入与利润稳健增长的良好态势。 以创新推动发展 今年上半年，在上述已披露财报的82家食品饮料上市公司中，50%的公司实现营收同比增长，86.59%的 公司实现盈利，53.66%的公司净利润同比上升。 从营收增长幅度来看，23家公司营收增幅超过10%。其中，宁夏晓鸣农牧股份有限公司表现尤为突出， 营收同比增长93.65%，达7.52亿元， ...

Group 1: North Exchange Specialized and Innovative Index - The North Exchange Specialized and Innovative Index focuses on innovative small and medium-sized enterprises, emphasizing "specialized, refined, unique, and innovative" small giants, providing differentiated value as a rare high-quality small-cap growth index in the market [11][12] - The index consists of high-quality underlying assets, with a market capitalization median of 3.74 billion yuan, lower than other indices, indicating a focus on smaller companies [11] - The index has shown high growth potential, with a revenue compound annual growth rate (CAGR) of 40.4% over the past three years, and a high research and development investment ratio of 6.2% [11] Group 2: Saint Bella (2508HK) - Saint Bella is a well-known company in the high-end confinement service sector, aiming to provide comprehensive family care services from pregnancy to elderly care, with a projected adjusted net profit of 117 million, 191 million, and 287 million yuan for 2025-2027 [3][14] - The company has established four core advantages: strong brand recognition in high-end confinement services, a light asset model with standardized training, vertical and horizontal expansion in family services, and international market penetration targeting overseas Chinese [17] - The family care industry in China is expected to grow from 392.8 billion yuan in 2019 to 711.3 billion yuan in 2024, with a CAGR of 12.6%, indicating a favorable market environment for Saint Bella [17]