Group 1 - Company has submitted an application for H-share listing on the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] - The funds raised from the listing will be used to expand global operations, enhance supply chain development in overseas markets, and invest in R&D to strengthen competitiveness in breeding, smart farming, nutrition management, and biosecurity [1] - Company is a technology-driven global leader in the pork industry, covering the entire industry chain from breeding to meat processing, and is the largest hog producer in the world since 2021, with a production capacity of 81 million hogs by 2024 [1] Group 2 - Revenue from commodity pigs accounted for 92.8%, 96.5%, and 95.2% of total revenue for the years 2022-2024, with average selling prices per hog of 1956.6 RMB, 1695.9 RMB, and 1902.6 RMB respectively [2] - Company achieved revenues of approximately 124.83 billion RMB, 110.86 billion RMB, and 137.95 billion RMB for the years 2022, 2023, and 2024, with net profits of approximately 13.27 billion RMB, -4.26 billion RMB, and 17.88 billion RMB respectively [2] - In Q1 2025, company reported revenue of 36.06 billion RMB, a year-on-year increase of 37.26%, and a net profit of 4.49 billion RMB, a year-on-year increase of 288.79%, driven by increased hog sales and lower breeding costs [2] Group 3 - Industry outlook for hog prices is cautious, with current prices at 14.79 RMB/kg and a significant supply pressure expected in the coming months [3] - Analysts indicate that the overall supply of hogs is high, and unless there is a notable increase in pork consumption, the potential for price increases before September 2025 is limited [3]

Group 1 - Company submitted a listing application to the Hong Kong Stock Exchange on May 27, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] - The purpose of the Hong Kong listing is to further promote overseas business development, with a subsidiary already established in Vietnam [2] - The company plans to leverage its experience in disease prevention and breeding technology to provide comprehensive solutions for pig farming overseas [2] Group 2 - The company announced a cash dividend of 5.72 yuan per 10 shares for 2024, totaling 30.83 billion yuan, with an overall cash dividend and share buyback amounting to 85.88 billion yuan, representing 45.38% of the annual net profit [2] - Despite a projected net profit recovery to 17.881 billion yuan in 2024, the company faces liquidity risks due to short-term debt maturity and declining asset turnover efficiency [3] - The company’s current liquidity ratios are concerning, with a current ratio of 0.8 and a quick ratio of 0.33, indicating potential financial strain [4] Group 3 - The company’s fundraising in the A-share market has been constrained, with a 60% reduction in the scale of private placements for 2024, while the potential P/E ratio in Hong Kong could reach 15 times compared to 8.56 times in A-shares [5] - The company aims to raise 1 billion USD in Hong Kong to cover 32.7% of a 21.4 billion yuan funding gap for 2025-2027, with additional funding through asset-backed securities and supply chain financial tools [5] - To comply with the EU's carbon border adjustment mechanism, the company needs to invest 1.2 billion yuan in upgrading biogas power generation facilities, which could be financed through green bonds [6]

截至2025年5月28日 10:22，中证畜牧养殖指数(930707)下跌0.55%。成分股方面涨跌互现，巨星农牧 (603477)领涨1.41%，星湖科技(600866)上涨0.00%，新五丰(600975)上涨0.00%；瑞普生物(300119)领跌 3.28%，兄弟科技(002562)下跌2.76%，溢多利(300381)下跌2.16%。 养殖ETF(516760)下跌0.63%，最新报价0.63元。 牧原股份此前公告显示，赴港上市旨在进一步推动海外业务发展。牧原股份相关人士表示，此前公司在 越南成立子公司，推进海外业务。目前，公司计划利用在克服包括非洲猪瘟在内的各类疾病过程中积累 的疾病防控经验、生猪养殖技术、智能化装备、数字化生产管理系统等优势，对外输出生猪养殖整体解 决方案。 此外，5月27日,全球首艘自航式水体自然交换型养殖工船"湾区伶仃"号在广东江门成功下水,标志着我国 深远海养殖迈向"科技牧海"新纪元。 方正证券认为，短期生猪价格或保持震荡，下半年行业或呈现供需紧平衡格局，猪价预期及猪企盈利表 现或可以乐观一些。 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 ...

Core Viewpoint - The consumer sector is expected to improve due to increased domestic demand policies and declining upstream raw material prices, leading to a potential recovery in the food and beverage industry [2]. Group 1: Market Performance - As of May 28, 2025, the CSI Major Consumer Index (000932) rose by 0.52%, with significant gains in constituent stocks such as BaiRun Co. (002568) up 5.42% and Dongpeng Beverage (605499) up 3.59% [1]. - The Major Consumer ETF (159672) also increased by 0.52%, with the latest price at 0.78 yuan [1]. Group 2: Industry Insights - The white liquor industry is currently in a destocking phase, with a potential recovery in business demand expected in 2025 due to economic stimulus policies. This includes a rebound in wedding banquets and graduation celebrations, which may alleviate inventory pressure [2]. - In the mass food sector, demand recovery and cost reductions are anticipated, with the restaurant industry's revival likely to boost the demand for the food supply chain. Certain sub-sectors are experiencing declining raw material costs, benefiting profit margins and overall performance [2]. Group 3: ETF Performance and Valuation - The Major Consumer ETF has recorded a maximum monthly return of 24.35% since its inception, with an average return of 5.36% during rising months [3]. - As of May 27, 2025, the ETF's maximum drawdown this year was 5.57%, with a management fee of 0.50% and a custody fee of 0.10%, making it one of the lowest in its category [3]. - The latest price-to-earnings ratio (PE-TTM) for the CSI Major Consumer Index is 19.72, indicating it is at a historical low, below 95.63% of the past year [3]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the CSI Major Consumer Index accounted for 67.16% of the index, including Yili Co. (600887) and Kweichow Moutai (600519) [3].

每日港股評析 港股早晨快訊 2025 年 5 月 28 日星期三 2012-01- 17 市場回顧 中港股市短期展望 恒指上望 24,300 點：中美在瑞士日內瓦經貿會談後發布聯合聲明，雙方 降低加徵關稅，互相保留加徵 10%關稅。美國對中國進口貨品關稅將由 145%降至 30%，中國對美國進口貨品將由 125%降至 10%，為期 90 日。 貿談進展超預期，局勢明顯降溫。加上，內地 5 月推出一籃子金融政策支 持穩市場穩預期，包括降準降息、加推結構性貨幣政策工具。市場預期為 新一輪政策周期開端，其他跟進政策將會適時加推，有助鞏固投資者對內 地經濟信心。若然貿談取進一步突破，恒指上望 24,300 點，相當於未來 12 個月預測市盈率 11 倍。 傳日本擬削減超長期國債發行量 債息急跌； 企業消息 ➢ 快手(1024)首季收入增11% 經調整溢利增4%勝預期 可靈AI加速變 現 單季貢獻1.5億收入； 小米(1810)首季收入按年增47.4% 經調整純利106.76億人幣 勝預 期； 阿里(9988)傳接觸投行 售中通快遞(2057)股份； 騰訊音樂(1698)斥14億 購SM娛樂約9%； 短期看好板塊 今日 ...

第 639 期 2025-05-28 焦点事件 牧原股份向港交所提交上市申请 5月27日消息，牧原股份向港交所提交上市申请书，联席保荐人为摩根士丹利、中信证券、高盛。牧原 股份本次港股上市，募集资金将用于拓展全球商业版图，加强海外市场的供应链发展，提升海外市场的 竞争力；用于战略举措推进，包括并购、战略联盟、合营企业合作或少数股权投资，以及加强研发投入 等。 河南一"小巨人"企业完成上市辅导 5月27日消息，河南嘉晨智能控制股份有限公司完成上市辅导，目前处于辅导验收阶段。该公司拟申请 向不特定合格投资者公开发行股票并在北京证券交易所上市。辅导机构中金公司认为，嘉晨智能已具备 成为北京证券交易所上市公司应有的公司治理结构、会计基础工作、内部控制制度。 嘉晨智能被认定为国家级专精特新"小巨人"企业、河南省第一批重点"小巨人"企业、河南省"瞪羚"企业 等，并入选工业和信息化部2024年度绿色工厂公示名单。 地产圈重磅！万科创始人王石表态要"出手" 王石要出手了？5月27日，大河财立方记者从知情人士处获悉，近日，万科创始人王石在朋友圈发布一 则长文。他表示，正在尝试和万科的决策层建立畅通的联系，为万科的平稳过渡，为保 ...

Group 1 - China Merchants Energy announced the termination of the restructuring plan for its subsidiaries, China Merchants Container Shipping and China Merchants Roll-on Roll-off, due to lack of consensus on transaction terms and changes in market conditions [1] - The company will maintain its current equity structure, while Antong Holdings will take over the controlling stake of the subsidiaries [1] - China Merchants Container Shipping operates 30 vessels with a total capacity of 47,678 TEU, ranking 34th among global liner companies [1] Group 2 - Muyuan Foods has submitted an application for the issuance and listing of H-shares on the Hong Kong Stock Exchange, with the application materials published on the exchange's website [1] - In 2024, Muyuan Foods achieved a revenue of 137.947 billion yuan, a year-on-year increase of 24.43%, and a net profit of 18.925 billion yuan, up 554.07% [2] - The company sold 71.602 million pigs, including 65.477 million market pigs and 1.2524 million slaughtered pigs, with pork product sales totaling 141,590 tons [2] Group 3 - Optoelectronics Co. received approval from the China Securities Regulatory Commission for its application to issue shares to specific investors [3] - Xingqi Eye Medicine plans to raise no more than 850 million yuan through a private placement of shares for research and development center construction and working capital [4] - Jinyang Co. intends to issue convertible bonds to raise no more than 980 million yuan for lithium battery precision components projects and working capital [5] Group 4 - Nanjing Chemical Fiber received approval from the Jiangsu Provincial State-owned Assets Supervision and Administration Commission for a major asset swap and fundraising plan [8] - Zhongcheng Co. plans to acquire 100% equity of Zhongji Jiangsu and raise funds from no more than 35 specific investors, enhancing its capabilities in energy storage projects [8] Group 5 - Guotai Haitong plans to increase its capital by 1.5 billion yuan to Guotai Junan Futures for net capital supplementation [9] - Zhinan Compass's chairman resigned due to personal reasons, with the vice chairman temporarily taking over the responsibilities [10] Group 6 - Youa Co. intends to acquire 100% equity of Shenzhen Shangyangtong for 1.58 billion yuan, marking a strategic shift into the power semiconductor sector [11] - ST Dongjing is planning a change in control, with stock suspension starting from May 28, 2025, due to negotiations with a third party [12] - Su Shi Testing plans to acquire 23.73% equity of its subsidiary Su Shi Yite for 336 million yuan, increasing its stake from 73.82% to 97.55% [13] Group 7 - Wangzi New Materials elected Wang Jinjun as chairman and appointed him as CEO for a three-year term [14] - Nanjing Public Utilities plans to merge its wholly-owned subsidiary to optimize management structure and reduce costs [14] - Western Securities plans to issue up to 1 billion yuan in technology innovation corporate bonds to supplement working capital [14] Group 8 - Lutianhua intends to acquire 100% equity of Luzhou Hongsheng Chemical Park Operations for 676 million yuan, facilitating its project implementation [15] - Camel Group elected Liu Changle as chairman during its board meeting [15] - Yapu Co. plans to purchase approximately 54.5% of Yingshuang Technology for about 578 million yuan to enhance its automotive parts strategy [15] Group 9 - Luoping Zinc Electric is planning a change in control, with stock suspension starting from May 28, 2025, pending regulatory approval [16]

支持民营企业发展的"春风"拂过华夏大地，多个省市相继发布关于促进民营经济发展的相关方案细则， 全面落实民营企业座谈会精神，一视同仁对待各种所有制企业，持续优化营商环境，激发市场活力。 民营企业家代表纷纷表示，要紧抓机遇谋发展，切实推动企业转型升级，健康发展、高质量发展，助力 中国式现代化建设。 高质量发展民营企业在行动 5月7日，恒力集团旗下恒力重工隆重举行3艘82000载重吨新造散货船命名仪式。仪式现场，3艘船依次 排开，蔚为壮观。这是恒力重工首次同时为3艘船举行命名仪式，也由此拉开了多类型船舶批量化建 造、节拍化交付的序幕。 "过去30年，我们靠实干创造了很多辉煌。未来，我们还要靠实干开创更多精彩。"恒力集团董事长、总 裁陈建华接受证券时报记者采访时表示。恒力集团进入纺织领域31年、化纤领域23年，进入石油化工、 新材料领域15年，进入造船领域2年多，一路敢想、敢干、敢闯、敢试，把很多不可能变为可能，把可 能变成现实。今年以来，恒力重工"海洋工厂"生产效率不断提升，"未来工厂"产能不断释放，已迎来高 效率建造、快速度发展的崭新阶段。 在参加民营企业座谈会后，牧原股份（002714）董事长秦英林表示："作为 ...

Group 1 - The core event in the agricultural and animal husbandry industry is the IPO application of Muyuan Foods for Hong Kong listing, marking a significant step towards international expansion [2][3] - Muyuan Foods aims to establish localized R&D centers and production bases in overseas markets with high growth potential, enhancing its global competitiveness [3][4] - The company has been recognized as the world's largest pig farming enterprise since 2021, with a global market share increasing from 2.6% in 2021 to 5.6% in 2024 [3] Group 2 - New Hope's chairman emphasized the company's international expansion strategy, which includes not only feed production but also other supply chain components [6][7] - New Hope plans to increase its overseas production capacity by 3 to 4 million tons over the next 3 to 5 years, focusing on core markets [7] - The company reported overseas revenue of 20.034 billion yuan, accounting for 19.44% of its total revenue, indicating its strong position in the overseas market within the pig farming industry [7] Group 3 - Shennong Group is also exploring international markets as a strategic consideration, indicating a trend among leading pig farming companies to pursue overseas opportunities [8]

5月27日，牧原股份向港交所提交H股发行上市的申请，联席保荐人为摩根士丹利、中信证券、高盛。 牧原股份此前公告显示，赴港上市旨在进一步推动海外业务发展。对此，牧原股份董秘秦军独家回应中 国证券报记者表示，此前公司在越南成立子公司，推进海外业务。目前，公司计划利用在克服包括非洲 猪瘟在内的各类疾病过程中积累的疾病防控经验、生猪养殖技术、智能化装备、数字化生产管理系统等 优势，对外输出生猪养殖整体解决方案。 覆盖全产业链 招股书显示，2022年至2024年，牧原股份分别有净流动负债155.888亿元、310.762亿元、241.579亿元， 主要为短期借款及应付账款。 财务表现方面，招股书显示，2014年至2024年，牧原股份总收入复合年均增长率为48.7%。2014年至 2024年，牧原股份净利润复合年均增长率为72.7%，平均年净利润率为19.0%。 2022年至2024年，牧原股份实现收入分别为1248.262亿元、1108.607亿元、1379.469亿元；实现净利润 分别为149.334亿元、-41.679亿元、189.25亿元。 除养殖业务外，牧原股份自2019年开始布局生猪屠宰肉食业务。根据弗若斯特 ...