资金流入方面，养殖ETF近10个交易日内有8日资金净流入，合计"吸金"1351.93万元，日均净流入达 135.19万元。 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13.51倍，处于近3年12.65%的分位，即估值低于近3 年87.35%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)。 猪"茅"绩后涨超8%，养殖ETF(516760)强势上涨1.9%8月21日早盘，生猪板块持续拉升，养殖 ETF(516760) 强势上涨1.32%，冲击5连涨，成交大幅放量。成分股牧原股份(002714)上涨8.29%，神农 集团(605296)上涨4.52%，晓鸣股份(300967)上涨3.22%，温氏股份(300498)，巨星农牧(603477)等个股跟 涨。 消息面上，8月20日晚间，牧原股份在深交所发布2025年半年度报告：公司实现营业收入约人民币812亿 元， ...

Group 1 - The Zhongzheng Modern Agriculture Theme Index (930662) rose by 2.42% as of August 21, 2025, with the Agricultural ETF E Fund (562900) increasing by 2.39%, marking a five-day consecutive rise [1] - Muyuan Foods reported a half-year revenue of approximately RMB 81.2 billion, a year-on-year increase of 187%, and a net profit attributable to shareholders of RMB 15.24 billion, a significant year-on-year increase of 1170.8% [1] - The company plans to distribute a cash dividend of RMB 15 per 10 shares, totaling approximately RMB 8 billion [1] Group 2 - Longjiang Securities highlighted Muyuan Foods' leading cost control capabilities and stable production performance, indicating the company has entered a phase of high-quality development [1] - The reduction in capital expenditure is expected to enhance the company's net profit center, with improved free cash flow levels becoming a core logic for valuation restructuring [1] - As the world's largest pig farming enterprise, Muyuan Foods' robust profitability and clear growth path provide significant reference for the industry amid an overall increase in profitability [1] Group 3 - The Agricultural ETF E Fund (562900) closely tracks the Zhongzheng Modern Agriculture Theme Index, which includes 30 listed companies involved in various agricultural sectors [2] - The index reflects the overall performance of listed companies in modern agriculture, covering areas such as crop production, breeding, animal health, and agricultural machinery [2] - The ETF offers a packaged investment in leading companies across the planting and breeding sectors, focusing on agricultural technology investment opportunities [2]

Core Viewpoint - A new company, Dengzhou Ranghe Zhiyuan Agricultural and Animal Husbandry Co., Ltd., has been established with a registered capital of 50 million yuan, focusing on recycling and processing of renewable resources [1] Company Summary - The newly established company is co-owned by Muyuan Foods Co., Ltd. and Dengzhou Muyuan Breeding Co., Ltd. [1] - The business scope includes recycling of renewable resources (excluding production waste metals), processing of renewable resources, and sales of renewable resources [1]

2025年8月21日，牧原股份(002714.SZ)发布2025年中报。 公司营业总收入为764.63亿元。归母净利润为105.30亿元。经营活动现金净流入为173.51亿元。 公司最新毛利率为19.02%。最新ROE为13.42%。 公司摊薄每股收益为1.96元。 公司最新总资产周转率为0.41次。最新存货周转率为1.53次。 公司股东户数为20.90万户，前十大股东持股数量为35.05亿股，占总股本比例为64.16%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 秦英林 | 38.1 | | 2 | 牧原实业集团有限公司 | 15.5 | | ന | 香港中央结算有限公司 | 2.72 | | 4 | 牧原食品股份有限公司回购专用证券账户 | 1.73 | | 5 | 孙惠刚 | 1.57 | | 6 | 钱瑛 | 1.18 | | / | 牧原食品股份有限公司-第二期员工持股计划 | 1.03 | | 8 | 中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金 | 0.89 | | g | 中信建投证券股份有限公 ...

Group 1 - Zhongliang Jiajia Kang (01610) saw a stock price increase of over 6%, currently up 6.63% at HKD 1.93, with a trading volume of HKD 47.69 million [1] - The company will hold a board meeting on August 25 to consider and approve its interim results for the six months ending June 30, 2025 [1] - The significant performance increase of "pig king" Muyuan Foods, which reported a revenue of CNY 76.463 billion for the first half of the year, represents a year-on-year growth of 34.46%, with net profit soaring by 1169.77% to CNY 10.53 billion [1] Group 2 - The major factors contributing to Muyuan Foods' performance include an increase in pig sales volume compared to the same period last year and a decrease in pig farming costs [1]

中粮家佳康(01610)涨超6%，截至发稿，涨6.63%，报1.93港元，成交额4769.11万港元。 消息面上，中粮家佳康将于8月25日(下周一)举行董事会会议，以(其中包括)考虑及批准公司及其附属公 司于截至2025年6月30日止六个月的中期业绩及其发布。值得一提的是，"猪茅"牧原股份（002714）昨 晚披露的2025年中报显示，该公司今年上半年实现营业收入764.63亿元，同比增长34.46%；归属于上市 公司股东的净利润105.30亿元，同比暴增1169.77%。业绩大幅增长的主要原因在于公司生猪出栏量较去 年同期上升导致收入上升，且生猪养殖成本较去年同期下降。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [8]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 76.463 billion yuan, a year-on-year growth of 34.46%, and a net profit attributable to shareholders of 10.53 billion yuan, a staggering increase of 1169.77% [2][5]. - The growth in performance is primarily attributed to the rapid expansion of the pig farming and slaughtering businesses, with the company selling 38.394 million pigs, a 32.5% increase year-on-year, and slaughtering 11.4148 million pigs, a 110.8% increase [5]. - The company has a significant cost advantage in pig farming, with the total cost of pig farming in 2024 estimated at around 14 yuan/kg, and a target to reduce this to an average of 12 yuan/kg for the year [5]. - The slaughtering business is also expanding, with the company establishing over 70 service stations across 20 provinces, achieving a capacity utilization rate of 78.72% in the first half of 2025 [5]. Financial Summary - The company’s total revenue is projected to grow from 137.947 billion yuan in 2024 to 161.475 billion yuan by 2027, with net profit expected to increase from 17.881 billion yuan in 2024 to 29.773 billion yuan in 2027 [6]. - The earnings per share (EPS) are forecasted to be 3.60 yuan for 2025 and 4.23 yuan for 2026, reflecting a positive growth trajectory [6].

Group 1 - The company reported a revenue of 76.46 billion yuan for the first half of 2025, representing a year-on-year increase of 34.5% [1] - The net profit attributable to shareholders reached 10.53 billion yuan, showing a significant year-on-year growth of 1169.7% [1] - For the second quarter of 2025, the company achieved a revenue of 40.40 billion yuan, up 32.1% year-on-year, and a net profit of 6.04 billion yuan [1] Group 2 - The company recorded a stable growth in the number of livestock, with 46.91 million heads sold in the first half of 2025, a year-on-year increase of 45% [2] - The number of commercial pigs sold was 38.39 million heads, reflecting a year-on-year growth of 32%, while the sale of piglets surged by 168% to 8.29 million heads [2] - The company is actively managing breeding costs and aims for high-quality development, with a reduction in the number of breeding sows to 3.431 million heads by the end of June [2] Group 3 - The company demonstrated strong financial health, with a debt-to-asset ratio of 56.06% at the end of Q2 2025, a decrease of 2.62 percentage points from the end of 2024 [2] - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, amounting to 47.5% of the net profit attributable to shareholders for the first half of 2025 [1] - As an industry leader, the company is expected to maintain stable performance amid capacity control measures, with improved operational quality and reduced capital expenditures [2]

Financial Performance - In the first half of 2025, the company achieved a revenue of 76.463 billion yuan, a year-on-year increase of 34.46% [4] - The net profit attributable to shareholders reached 10.530 billion yuan, a staggering year-on-year growth of 1,169.77% [4] - The net cash flow from operating activities was 17.351 billion yuan, up 12.13% year-on-year [4] - As of the end of Q2 2025, the company's debt-to-asset ratio was 56.06%, a decrease of 3.14 percentage points from the end of Q1 [5] Debt Management - The company aims to reduce its overall debt by 10 billion yuan this year, having already decreased its total debt by 5.6 billion yuan by the end of Q2, achieving over half of its target [5] Livestock Production - In the first half of 2025, the company sold 46.91 million pigs, including 38.39 million market pigs, 8.29 million piglets, and 225,000 breeding pigs [5] - The number of breeding sows as of June 2025 was 3.431 million, with plans to reduce this to 3.3 million by year-end [7][8] - The cost of pig farming has decreased to approximately 11.8 yuan/kg as of July, with a target of an average cost of 12 yuan/kg for the year [5][14] Slaughtering and Meat Processing - The company slaughtered 11.4148 million pigs in the first half of 2025, a year-on-year increase of 110.87%, with a capacity utilization rate of 78.72% [6] - The company reported a significant reduction in losses, down to approximately 100 million yuan compared to the previous year [6] Dividend Distribution - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, totaling 5.002 billion yuan, which accounts for 47.50% of the net profit for the first half of 2025 [6][10] Industry Response and Strategy - The company is actively responding to national measures for capacity regulation in the pig industry, including reducing the number of breeding sows and managing pig weights [7][8] - The company has halted sales of fattening pigs to secondary fattening customers to ensure all pigs are directed to slaughterhouses [8] Global Expansion - The company is advancing its global strategy through its Hong Kong stock issuance, with funds primarily allocated for global market expansion and R&D, not for domestic capacity increases [9] - An overseas business team has been established to explore international markets, leveraging existing technology and cost advantages [11][12] Cost Reduction Initiatives - The company has successfully reduced costs from 13.1 yuan/kg in January to 11.8 yuan/kg in July, with a target to further decrease to 11 yuan/kg by year-end [14] - Key cost reduction strategies include breeding improvements, health management, and employee training [14] Community Engagement - The company is enhancing its piglet sales and providing customized solutions for farmers, aiming to strengthen ties and share industry benefits [15]

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.37%。 公募基金方面，本期较上一期持股增加的公募基金共计25个，主要包括华泰柏瑞沪深300ETF、易方达 沪深300ETF、中欧时代先锋股票A、中欧新蓝筹混合A、中欧新趋势混合(LOF)A等，持股增加占比达 0.27%。本期较上一季度持股减少的公募基金共计41个，主要包括汇添富中证主要消费ETF、永赢长远 价值混合A、易方达稳健收益债券A、天弘中证农业主题A、富国中证农业主题ETF等，持股减少占比达 0.19%。本期较上一季度新披露的公募基金共计101个，主要包括华夏沪深300ETF、中欧价值智选混合 A、国泰富时中国A股自由现金流聚焦ETF、南方绩优成长混合A、中欧新兴价值一年持有混合A等。本 期较上一季未再披露的公募基金共计38个，主要包括深红利ETF、中庚价值品质一年持有期混合、嘉实 农业产业股票A、中庚价值灵动灵活配置混合、富荣沪深300指数增强A等。 2025年8月21日，牧原股份(002714.SZ)发布2025年半年度报告。截至2025年8月20日，共有193个机构投 资者披露持有牧原股份A股股份 ...